The City of Vancouver has a desire to redevelop the Cambie Corridor and launched the three-phase planning program in 2009 with the purpose of guiding long-term, transit-oriented growth. The Cambie Corridor is located in central south Vancouver and encompasses approximately 2,471 acres. This area extends 6km from West 16th Avenue to the Fraser River and is bordered by Oak Street and Ontario Street. The Cambie Corridor has roughly the same population as the West End, but five times the land area. 4 out of the 9 Canada Line stations are within the Cambie Corridor. Map view can be found below.

Source: City of Vancouver, Cambie Corridor Phase 3 Community Profile

Currently, Phase 3 is underway by building on the plan, focusing on land use and new housing opportunities while remaining within close proximity to the Canada Line stations. On June 12, 2017, the City announced that there are 11,500 new homes planned for the Cambie Corridor, of which more than 4,000 are intended to be "affordable" homes, including social and rental units that are linked to residents' incomes.

“The third phase of the Cambie Corridor Plan is the first of many exciting steps that puts the City’s Housing Strategy into action with vision for the neighbourhood that delivers a housing mix that meets peoples’ needs,” said Vancouver Mayor Gregor Robertson. “I’ve heard loud and clear that people want a mix of housing – rental, townhomes and row houses – near schools, parks and transit in Vancouver’s low-density neighbourhoods. This plan for the Cambie Corridor provides that and more.”

According to the City, the new interim 10-year housing targets will create housing that is "based on what people can afford, in new locations, and in housing forms that will meet the needs of our diverse population". These housing targets will be refined throughout the fall and will form part of the final Housing Vancouver Strategy.

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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While it has been an ongoing trend that demand has been outpacing supply, residential sales have not been slowing down. In the latest market stats released mid-June by the British Columbia Real Estate Association (BCREA), there continues to be a month-over-month surge in residential sales. There has been a 26% increase in sales from April 2017 to May 2017 with a total of 12,402 residential home transactions. If it weren't for the low supply, 20-year low as a matter of fact, sales figures may even be higher than actual figures. This amount is 8% lower than May 2016 when the market was hot.

As you can see below, as a result of 9 of 11 real estate boards in BC having a home sales to active listings ratio above 20%, this has resulted in a seller's market. The BCREA states that anything greater than 20% for a sustained period is a seller's market. The Greater Vancouver region, the Fraser Valley, Chilliwack and Victoria all have seen ratios of over 50%.

Source: British Columbia Real Estate Association

In May 2017, MLS® recorded a total of 12,402 residential unit sales and an average MLS® residential price in BC of $752,536 which is a 7.9% decrease and 4.2% increase, respectively, from the same period last year. Total sales dollar volume amounted to $9.33 Billion which is a 4% decrease from May 2016. 

For a detailed look at residential statistics for May 2017, read our previous blog here. For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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Following suit with previous months, housing demand is still continuing to outpace supply. In May 2017, MLS® recorded a total of 12,402 residential unit sales and an average MLS® residential price in BC of $752,536 which is a 7.9% decrease and 4.2% increase, respectively, from the same period last year. Total sales dollar volume amounted to $9.33 Billion which is a 4% decrease from May 2016. 

“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale,” said Cameron Muir, BCREA Chief Economist. “The supply of homes for sale in the province has fallen 50 per cent over the past five years.

There is a shortage of housing supply in the entire southern portion which consequently results in upward pressure on home prices. Total active listings has decreased by 11.1% in comparison to May 2016 and totals 28,404 units. The ratio of home sales to active listings was over 20% in 9 of the province's 11 real estate boards and over 50% in Vancouver, the Fraser Valley, Chilliwack and Victoria.

Below you will find a comparative chart showing May 2017 and May 2016 figures for average residential price, active listings, sales-to-active listings, dollar volume and residential units sold in BC. (Click to enlarge photo).

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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The Canadian Mortgage and Housing Corporation (CMHC) has useful tools for homebuyers to get a better understanding of the housing market.

Mortgage Calculator

Some homebuying tools the CMHC has includes the Debt Service Calculator which gives homebuyers the opportunity to evaluate their current financial situation in order to determine how much they can comfortably afford to spend on a mortgage. Another tool is the Mortgage Payment Calculator that calculates the mortgage amounts and their frequency. For a look at more tools, click here.

Ready Set Home

This mobile app put out by the CMHC allows homebuyers, especially first-time homebuyers, to make informed choices during the homebuying process. This is available to iOS, Android and Blackberry.

Housing for Newcomers

This resource provides information for newcomers in regards to renting or purchasing a home in Canada.

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.

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Please visit our Open House at 2755 27TH AVE E in Vancouver.
Open House on Saturday, June 17, 2017 2:00PM - 4:00PM Host Agent: Amalia Liapis Contact: 604-618-7000
MUST SEE - Solid, well maintained 4 Bedroom / 2 Bathroom home in tranquil residential neighbourhood with stunning views of downtown and mountains! Open layout and large principal rooms throughout. Main floor includes two bedrooms, 1 bathroom and below is a finished 2 bedroom, 1 bathroom self contained suite with a separate entrance. All windows replaced, newer roof, gas / forced air heating, external laundry room, HUGE back patio and large carport. Centrally located and just minutes walking distance to Skytrain, John Norquay Elementary, Slocan Park and more. Don't miss this one! Open House Saturday, June 17, 2-4pm
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I have listed a new property at 2755 27TH AVE E in Vancouver.
MUST SEE - Solid, well maintained 4 Bedroom / 2 Bathroom home in tranquil residential neighbourhood with stunning views of downtown and mountains! Open layout and large principal rooms throughout. Main floor includes two bedrooms, 1 bathroom and below is a finished 2 bedroom, 1 bathroom self contained suite with a separate entrance. All windows replaced, newer roof, gas / forced air heating, external laundry room, HUGE back patio and large carport. Centrally located and just minutes walking distance to Skytrain, John Norquay Elementary, Slocan Park and more. Don't miss this one! Open House Sunday, June 11, 1-3pm
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Please visit our Open House at 2755 27TH AVE E in Vancouver.
Open House on Sunday, June 11, 2017 1:00PM - 3:00PM Host Agent: Kane Ryan 778-223-5961
MUST SEE - Solid, well maintained 4 Bedroom / 2 Bathroom home in tranquil residential neighbourhood with stunning views of downtown and mountains! Open layout and large principal rooms throughout. Main floor includes two bedrooms, 1 bathroom and below is a finished 2 bedroom, 1 bathroom self contained suite with a separate entrance. All windows replaced, newer roof, gas / forced air heating, external laundry room, HUGE back patio and large carport. Centrally located and just minutes walking distance to Skytrain, John Norquay Elementary, Slocan Park and more. Don't miss this one! Open House Sunday, June 11, 1-3pm
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Come join Kane Ryan for our open house on Sunday June 11th from 1 to 3pm at 2755 East 27th Avenue. This spacious 2,100SF home located in a tranquil residential neighbourhood boasts of stunning views of downtown and mountains. We look forward to seeing you there!
 
More details: 2755 East 27th Avenue
 
For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca.
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The Commercial Leading Index (CLI) provides insight on early signals of turning points between expansions and slowdowns in commercial real estate. The BCREA CLI "forecasts changes in broad commercial real estate activity. [Their] research shows that the variables that compose the CLI reliably forecast BC commercial real estate activity at a lag of two to four quarters. The index is revised each quarter, due to revisions in the underlying data". 

For the fifth consecutive quarter, the CLI has seen another rise in index points of 0.5 from the 2016 Q4 to 2017 Q1. The index is now 128.0 which is a 4% increase from a year ago and a 0.4% increase on a quarterly basis. The economic activity and employment components of the CLI have been contributing factors to the economic and employment growth in the province and BC has been continually leading all provinces in this type of growth. There are indications of further growth in investment, leasing and other commercial real estate over the next two to four quarters as signaled by the CLI trend.

The increase in the CLI is reflective of the economic growth in BC with its real GDP growth exceeding 3%, which is the second time this has occurred in the past 37 years. This can be attributable to key commercial sectors such as retail and wholesale trade along with the increase in manufacturing sales. As for employment, 2016 ended on a high note with an increase of over 3% in employment which has trickled into 2017.

For all your commercial and residential real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively at amalia@wesellvancouver.ca

Source: British Columbia Real Estate Association

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