historic-vancouver-home-still-for-sale-despite-millions-in-price-drops
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Historic Vancouver home still for sale despite millions in price drops

ByAmir Ali

A Vancouver home that has been listed on and off since 2018 still hasn’t found a buyer despite millions in price drops. The most recent assessed value, pegged by BC Assessment at $5,578,000, is much lower than the asking price. Located on 1416 Acadia Road, the Vancouver home is currently listed for $9,998,000. It has been listed numerous times since 2018, and the asking price has steadily dropped. Angell, Hasman & Associates Realty The ocean-view estate is in what the listing calls “Vancouver’s most coveted University Endowment Lands.” It features five bedrooms, six bathrooms, and 7,070 sq ft of space on a 20,800 sq ft lot. It’s massive. The listing also calls the home a “historic masterpiece,” which makes sense as it was built in 1935. Angell, Hasman & Associates Realty Interior shots reveal an exquisitely staged home, and it’s easy to see why the owner values it so highly. Despite the historic home’s size and design, BC Assessment only values the building at $712,000. Angell, Hasman & Associates Realty The home was listed for $18,980,000 in 2017, but that listing expired in 2018. The year after, it was listed again for $15,888,000, but that listing also expired. Angell, Hasman & Associates Realty In 2019, it was listed again with another price drop, down to $13,980,000. That listing expired in 2020 and stayed off the market for three years. It wasn’t listed again until 2023 when the asking price dropped to $10,500,000. That listing expired in 2024. After that, it was listed twice more at the same price. One of those listings expired, and the other was terminated this August. Finally, it was listed earlier this week for $9,998,000. Angell, Hasman & Associates Realty The home features walk-out access to a private garden terrace and an outdoor summer dining area overlooking Pacific Spirit Park. Angell, Hasman & Associates Realty The sink area in this bathroom is a sight to behold. Angell, Hasman & Associates Realty “The entire property has been [professionally] landscaped and is beautifully illuminated at night with dramatic effect,” the listing says. Angell, Hasman & Associates Realty If you had all the money in the world and could make a bid on this home, what would you offer?

over-900-homes-in-towers-up-to-39-storeys-for-downtown-eastside
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Over 900 homes in towers up to 39 storeys for Downtown Eastside

ByKenneth Chan

This three-tower project could fulfill roughly 10% of the Government of British Columbia’s total target of catalyzing affordable homes for middle-income households through the new BC Builds program. In the process, it would also revitalize the easternmost end of Vancouver’s Downtown Eastside, bringing new life to an area specifically named the East Village. The significant project would be the first of a number of major housing redevelopments envisioned for this segment of East Hastings Street towards Commercial Drive. The three properties for this particular project are located on an approximate one-city block stretch of East Hastings Street between Glen Drive and Vernon Drive. Tower 1 will be a 373-ft-tall, 38-storey building at 1030-1070 East Hastings Street, which is a vacant site immediately adjacent to the CN railway at the southwest corner of the intersection of Glen Drive and East Hastings Street. This site is the westernmost site of the three properties. Tower 1 will contain 382 secured purpose-built market rental homes, with a unit size mix of 135 studio units, 141 one-bedroom units, 93 two-bedroom units, and 13 three-bedroom units. Nearly 5,000 sq ft of retail/restaurant space will activate the building’s East Hastings Street frontage, and three live/work units will front Glen Drive. Three sites for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Three sites for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Tower 2 will be just around the corner from Tower 1. It will be located at 1115-1127 East Hastings Street, which is the northeast corner of the intersection of Glen Drive and East Hastings Street. Old, low-storey commercial buildings currently occupy this site. Tower 2 is envisioned as the tallest and largest of the three towers, at 390 feet and 39 storeys. Tower 2 will contain 383 secured purpose-built market rental homes, with a unit size mix of 165 studio units, 123 one-bedroom units, 77 two-bedroom units, and 20 three-bedroom units. There will also be nearly 8,000 sq ft of retail/restaurant space, primarily at ground level, to activate the building’s frontages with East Hastings Street and Glen Drive. Tower 1; Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Tower 2; Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Tower 2 (left) and Tower 1 (right); Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) While Tower 1 and Tower 2 are highly similar in uses and size, Tower 3 will be markedly different, with a shorter height of 195 ft and 19 storeys. Tower 3’s site of 1168-1180 East Hastings Street is the easternmost parcel of the three-site project, situated immediately east of Pink Peal Chinese Restaurant. Two low-storey structures currently occupy the site, including the 1905-built, three-storey Vernon Apartments SRO with 36 units. Tower 3 will contain 157 social housing units dedicated to seniors, with a unit size mix of 42 studio units, 79 one-bedroom units, and 36 larger one-for-one replacement SRO studio units. There will be higher levels of affordability with these homes rented at shelter, Housing Income Limits, and Low-and-Moderate Income Limit rates. There will also be a 2,300 sq ft social enterprise space fronting East Hastings Street. Tower 3; Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Tower 3; Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) All three towers will feature a combined total of 924 homes, including 767 secured purpose-built market rental homes for middle-income households in Tower 1 and Tower 2 and 157 units of social housing for seniors, which is purposefully equivalent to over 20% of the project’s market rental homes as a public benefit. Overall, about 80% of the homes across all three buildings will be considered affordable for households with incomes below $80,000. These three towers in the East Village are a joint partnership between local developer Westbank, local investment firm Promerita, and the provincial government through BC Housing. Westbank and Promerita will own and operate Tower 1 and Tower 2, and they have already transferred ownership of the Tower 3 social housing site to BC Housing for a nominal fee. Westbank will be the lead developer responsible for the rezoning, development, and construction process of all three towers. ZGF Architects is the project’s design firm. Each tower represents a different rezoning application, but they will be considered together. All three applications have been submitted, and the review process is now set to enter formal public consultation. “BC Housing, through BC Builds, is very interested in participating in the proposed creation of new rental housing at the East Village with Promerita, Westbank, and a future non-profit operator, however, BC Housing’s final participation is further contingent on City Council rezoning approval as well as settlement of the final negotiated business terms amongst the parties,” reads a letter of support written to the City by Mike Pistrin, the vice president of development and asset strategies for BC Housing. “One of these milestones have been achieved and BC Housing has certainty regarding the inclusion of affordable rental units being approved, final project approval by our executive committee and associated boards will

host-first-nations,-bc.-govt-to-build-2,600-below-market-homes-in-vancouver
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Host First Nations, B.C. government to build 2,600 below-market homes in Vancouver

ByCharlie Carey

Posted September 19, 2024 9:39 am. Last Updated September 19, 2024 10:24 am. A new housing project on the lands of the  xʷməθkʷəy̓əm  (Musqueam),  Sḵwx̱wú7mesh  (Squamish), and  səlilwətaɬ  (Tsleil-Waututh) Nations will create 2,600 new affordable homes. CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE! The homes will be at Heather Lands, an 8.5-hectare (21-acre) lot between West 33rd and West 37th avenues on Heather Street, just east of Queen Elizabeth Park. The province says buyers will be able to purchase the homes at 60 per cent of market value — with 40 per cent of the cost covered by provincial financing. In an announcement Thursday, Premier David Eby explained the financing agreement isn’t a grant or a subsidy, it’s a loan from the province. “The 40 per cent is repaid at the end of 25 years, or when the owner sells. … What we have created here, together, is a financing tool that protects taxpayers, that minimizes impact on public budgets, and yet, at the same time, delivers affordable housing now,” Eby explained. “And when the loan is paid back by the homeowner, [it] protects affordability in the future,” he added. Eby shared that the homes will be sold as 99-year strata-leaseholds with Musqueam, Squamish, and Tsleil-Waututh Nations. “The unit prices will be determined at the time they actually go up for sale, but if they were for sale today, under current market conditions, a studio apartment on the site would sell for $620,000. Under this program we’re announcing today, that same studio apartment will sell for $370,000,” he said. “On this site today, the market price for a two-bedroom condo is $1.3 million. Under this program that we’re announcing today, that will be $780,000.” Eby added priority will be given to first homebuyers, and there will be “strict” criteria around income and asset ceilings for would-be purchasers. “I want to assure you that we will have strict rules and screening measures in place, and anyone who thinks that they can game the system when we detect that, there will be serious consequences.” The province says that to cover the 40 per cent of purchase prices, it will need to finance an estimated $670 million. If purchasers would like to buy out the remaining 40 per cent of the value of the home, Eby shared owners are able to do just that, “but if they exit in advance of 25 years, then they need to pay the appreciation in the value of the property as well.” “Say property values go up, they would have to pay that share of the government’s appreciation of the property as well. And say, property values go down, they would still have to pay the full amount back to the government that was loaned at the first instance,” he added. More to come.

median-luxury-home-price-in-vancouver-down-1.8-per-cent-from-2023:-report
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Median luxury home price in Vancouver down 1.8 per cent from 2023: report

ByCharles Brockman

Posted September 19, 2024 10:46 am. Vancouver’s luxury home market is still soft, according to the latest report from Royal LePage, but that doesn’t mean prices are dropping. The real estate group says sales in the segment are down almost 40 per cent through the first eight months of the year, compared to the same time last year. But prices barely fell — by less than two per cent — to a little under $7 million. The report considers $ 5.5 million to be the entry-level price for Vancouver’s luxury market. It says from January to the end of August, the median luxury home price in Vancouver was $6,975,000 — the highest in the country. For comparison, the median in Toronto over the same period was $5,820,000. “In Vancouver’s luxury segment, it seems everyone is trying to time the bottom of the market. As such, we’ve seen a slowdown in activity of late. After all, buyers love to buy when others are buying,” said a sales representative for the company. He says a “pullback” in Vancouver’s luxury market began about eight years ago, and activity has never fully rebounded. “The implementation of the 2023 foreign buyer ban, which has limited residential real estate purchases by non-Canadians, has reduced demand, although it has not had a material impact on prices,” he added. Royal Lepage expects moderate activity levels through the fall, despite the likelihood of additional interest rate cuts.

should-the-bc-government-create-the-ministry-of-construction?
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Should the BC government create the Ministry of Construction?

ByKenneth Chan

Ahead of the October 2024 provincial election, two organizations representing the construction industry in British Columbia are calling on the province’s political parties to commit to creating a new provincial government Ministry of Construction. According to the Vancouver Regional Construction Association (VRCA) and the BC Construction Association (BCCA), such a dedicated ministry led by its own cabinet minister would work with the Ministry of Housing to accelerate the construction of affordable housing. They would also collaborate with the Ministry of Labour and Ministry of Education to address the skilled labour shortage, as well as liaison and advocate for new and improved regulations that streamline construction and public procurement practices, and improve environmental sustainability. Both organizations suggest that the construction industry needs its own cabinet role, given that this particular industry contributes $27 billion to the province’s GDP and the total current value of construction projects is approximately $160 billion. This new minister would be the “ultimate project manager” for cutting through the red tape and making the construction process in BC more efficient. “Given the importance of BC’s construction industry, not to mention its size, complexity, and impact on communities across the province, we remain steadfast in asking for this commitment,” said Chris Atchison, the president of BCCA, in a statement. VRCA President Jeannine Martin adds, “Construction isn’t just about buildings. It’s about communities, infrastructure, and the future of this province. We need a minister who will ensure our industry gets the voice and attention it deserves. It’s time we had someone in charge of this vital, economy-driving, entrepreneurial industry.” Both associations are also urging for the creation of “Prompt Payment Legislation” that would help ensure timely payments for construction contractors and subcontractors, which they say would provide greater financial security and stability and help mitigate cash flow challenges faced by small- and medium-sized businesses. According to the VRCA and the BCCA, the Northern Regional Construction Association and the Southern Interior Construction Association fully support the creation of a Ministry of Construction. Atchison notes the idea is not new, as the BCCA has been advocating for the creation of such a Ministry since 2019. Currently, the Ministry of Transportation and Infrastructure delegates the responsibility of managing and overseeing major transportation infrastructure projects to the provincial Crown corporation Transportation Investment Corporation (TI Corp), which was previously the agency responsible for collecting tolls on the Port Mann Bridge. TI Corp oversees about $15 billion in major provincial-led transportation infrastructure projects, including the replacement Pattullo Bridge, the replacement George Massey Tunnel, SkyTrain’s Millennium Line Broadway Extension, SkyTrain’s Expo Line Surrey-Langley Extension, and the fourth phase of the Kicking Horse Canyon Project. This also comes at a time when the provincial government is seeing significantly higher costs for its various major construction projects.

bc-government-orders-three-metro-vancouver-cities-to-add-8,600-homes
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BC government orders three Metro Vancouver cities to add 8,600 homes

Bymichael

Another 10 cities across British Columbia have been issued new housing supply target orders. This represents the third set of municipal governments required to catalyze the completion — rather than just the approval — of a net gain in new homes over the next five years, through 2029. “The best way to solve the housing crisis and build more homes for people is by working together,” said Ravi Kahlon, BC Minister of Housing, in a statement today. “Our government is working closely with municipalities to ensure more homes are built in communities with the greatest needs. By having these targets, all levels of government will be able to align to address the housing crisis and help build more affordable housing for people in these communities for years to come.” The third set of cities includes the three Metro Vancouver jurisdictions of the City of New Westminster, City of Port Coquitlam, and City of Langley, which have a combined total target order of nearly 8,600 net new homes. The largest of the target orders is for the City of New Westminster, which has been given a quota of 4,432 new net homes to meet, including 2,133 ownership units and 2,298 secured purpose-built rental units, with 1,109 market rental units and 1,189 below-market units. As well, the municipal government should catalyze 67 supportive housing units. The overall unit size mix of the target order is 2,423 studio and one-bedroom units, 832 two-bedroom units, and 1,176 three-bedroom units. “The City of New Westminster has always valued our partnership with the Province in advancing our work to realize the needs of our community,” said New Westminster Mayor Patrick Johnstone in a statement today. “And now more than ever we need to work shoulder-to-shoulder to create communities that not only offer the necessary housing options for our citizens, but also provide the required and necessary services that residents need and deserve.” According to the municipal government’s standalone release in reaction to the provincial government’s announcement, the provincial target order for New Westminster is higher than the City’s 2021 Council-endorsed target of 5,841 net new units over 10 years, which was based on a provincially-mandated Housing Needs Report. The City of New Westminster also noted that the ambitious housing targets also require significant investments in infrastructure, park spaces, schools, and high-quality amenities. The provincial government notes that its set target orders are based on 75% of the provincial government’s estimated housing need for each municipality. The second largest target order of 2,279 units was provided to the City of Port Coquitlam. This includes 1,277 ownership units and 1,002 secured purpose-built rental units, with 494 market rental units and 508 below-market rental units, plus 50 supportive housing units. The overall unit size mix is 1,244 studio and one-bedroom units, 422 two-bedroom units, and 612 three-bedroom units. In reaction to the target order given to his municipal government today, Port Coquitlam Mayor Brad West criticized the provincial government’s focus on catalyzing smaller sized units, as opposed to more family-friendly units, which are defined as units with at least two bedrooms. “The Province’s one-size fits all housing order demands an overwhelming focus on studio/one bedroom units which it defines as 470 sqft & is already being cited by developers who’ve disliked our efforts to see family-friendly, livable homes,” wrote West on a post on X. There have been growing grumblings from numerous municipal governments over the impacts to local control over community planning and municipal revenue levels to fund public benefits and infrastructure. The City of Langley was provided with a target order of 1,844 units, including 1,034 ownership units and 810 secured purpose-built rental units. The provincial government has further prescribed a purpose-built rental housing tenure mix of 390 market rental units, 420 below-market rental units, and 23 supportive housing units, and a unit size mix of 987 studio and one-bedroom units, 348 two-bedroom units, and 508 three-bedroom units. “With Langley City’s forward-thinking official community plan, we are well on our way to meeting our provincial housing targets,” said Nathan Pachal, Mayor of Langley, in a statement. “These targets ensure that all local governments are doing their part to meet the housing needs of current and future British Columbians. Our housing targets identify the need for investment in affordable housing for people transitioning out of homelessness, workers, seniors, and families. We look forward to working with the Province to achieve these goals.” Before the end of this decade, Langley City Centre in the City of Langley will become the Expo Line’s new easternmost terminus station following the completion and opening of the new Surrey-Langley SkyTrain extension. While this opens up the potential for transit-oriented development, the developable building forms across a larger area of this particular jurisdiction are limited by the flight path height restrictions of the nearby Langley Regional Airport. The other seven cities in the third set of municipal government with target orders are the Fraser Valley jurisdiction of Mission (1,798 units), West Kelowna (2,266 units), Colwood (940 units), North Cowichan (1,233 units), Prince George (1,803 units), View Royal (585 units), and North Saanich (419 units). The combined target order for all 10 cities in this third set is a net gain of 17,599 new homes by 2029, which represents a 58% increase in overall housing to be built when compared to historical trends, according to the provincial government. Municipal governments will be evaluated after six