Vancouver Real Estate News

BC Commercial Real Estate Sales hit Record $1 Billion for 2010

According to analysts at Avison Young, in the first half of 2010, the total value of all notable Commercial Real Estate transactions ($5M +) has crossed the $1 Billion mark, setting a new record. The last half of 2009 posted a $715M in sales, making it an increase of 43%. Since only transactions over $5M were counted, the majority of the sales were investors and institutions which include several high-profile shopping centre sales.

Article here:
Vancouver Sun Commercial Real Estate

Vancouver Real Estate News

PwC warns of Commercial Real Estate Woes

A report from PricewaterhouseCoopers warns that Canada’s Commercial Real Estate market will face foreclosures and defaults. Read more in the original article linked below from

Original Article:

Vancouver Real Estate News

News: BC Housing Starts Drop in July

CMHC released a news article regarding the drop in housing starts in July in Canada. BC in particular suffered a drop from 12,000 in June to 10,800 in July, seasonally adjusted. This refers to housing starts in British Columbia urban centres, which are areas with populations of 10,000 or more.

Canada overall suffered a drop of 137,800 in June, 2009 to 132,100 in July, seasonally adjusted.

Vancouver Real Estate News

News: B.C. Building Permits Rise 30.3% in June

While this is great news for Vancouver Realtors, the article in the Vancouver Sun does mention that there were increases in every sector except commercial and industrial sectors. This means that while Residential and Institutial building permits are on the rise, nothing else is.

Original Vancouver Sun Article

Real Estate Articles Vancouver Real Estate News

News: Canada Line Opens August 17, 2009

canadalineThe Canada Line opening date has been announced, and it is 4 months ahead of schedule! This is good news for everyone and will be a welcome new mode of transportation for many that live in Vancouver South and Richmond, and those that would like to be able to get to the airport from further regions.

There was a sneak peak open house at several stations a while back, and I have found some great photos of the open house posted on skyscraper page.

For more information also check out the Vancouver Sun article on the Canada Line Opening as well.

Multi-Family Real Estate Vancouver Real Estate News

News: Developers May Face New Electric Car Requirements

electric-chargeVancouver Condo Developers may be facing new requirements as Vancouver City Council decides whether or not to require installation of Electric Car Charging terminals in at least 10% of all new Condo developments. The vote will go through on thursday. Charging stations are common in Europe and several cities in the United States, which is prompting Mayor Gregor Robertson to address this issue.

The idea behind this is that requiring developers to invest in charging stations may serve as a catalyst to potential electric car buyers to purchase these types of vehicles, and reducing their carbon footprint.

Vancouver Sun Article

Interesting Projects Vancouver Real Estate News

Project News: Richmond Oval

richmondovalWhile not really a commercial property that anyone can count on selling, the Richmond Oval is a beautiful architectural masterpeice designed by Cannon Designs. The building houses the 400m Speed skating oval that will be used in the 2010 Winter Olympic Games.

Check out more on the facility and some photos here:
World Architecture News Richmond Oval

Vancouver Real Estate News

Avison Young Nabs Michael McKiernan from C&W

Avison-Young150Industry Veteran Michael McKiernan leaves Cushman and Wakefield to join Avison Young as Principal and Managing Director of Avison Young Chicago. McKiernan previous held the position of Executive Managing Director and Branch Manager for Cushman & Wakefield in Chicago. Avison is the largest independantly owned Canadian Real Estate Brokerage Firm. They operate offices across Canada and in Chicago, IL.

Link to News Release:…

Vancouver Real Estate News

Canadian Parking Rates Continue to Rise

According to a report on Colliers International website, Canadian Parking rates rise again for the sixth consecutive year. Parking rates nationwide went up an average of around 10%. Vancouver, while high in real estate property value, surprisingly does not have the highest parking cost. Here is the breakdown:

Canadian Market Daily Median Rate (CAD) Monthly Unreserved Median Rate (CAD)
Calgary, AB $22.00 $460.00
Edmonton, AB $14.00 $275.00
Halifax, NS $14.00 $153.00
Kitchener-Waterloo, ON $10.00 $100.00
Montreal, QC $17.00 $280.00
Ottawa, ON $17.00 $195.00
Regina, SK $8.00 $148.00
Saskatoon, SK $9.00 $158.00
Toronto, ON $22.50 $305.00
Vancouver, BC $17.00 $224.00
Victoria, BC $12.00 $185.00
Winnipeg, MB $18.00 $190.00
NATIONAL AVERAGE $15.04 $222.75

Vancouver Real Estate News

BC Commercial Real Estate to Bounce Back, Economists Say

According to Dave Hobden, an economist with Central 1 Credit Union, we should see a stabilization and aubsequent recovery of the Commercial Real Estate market in BC over the next 1-2 years.

Hopefully this is true, but we all know how often Economists are right!

Original Article here:

Full Report on Central 1’s Website here: