CMHC Report

New Home Construction to Stay at High Levels
Vancouver CMA
Solid homebuyer demand will keep
new home construction in the
Vancouver CMA robust into 2008,
with housing starts close to decade
and a half highs. Vancouver’s vibrant
economy is generating jobs and
drawing people to the region. While
homebuilders will continue to face
the challenges of labour availability, as
well as high land and material costs,
strong economic conditions in the
region will keep construction up
near 2006 levels in the year ahead.
As existing home sales moderate into
2008, and more listings come on line,
look for less spill-over into the new
home market. However, new
projects continue to sell out quickly,
and many will break ground within
the year.
On the heels of a modest one per
cent dip in new home starts in 2006,
construction in the Vancouver CMA
will remain at high levels over the
0
5
10
15
20
25
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008F
(000’s)
S in gle s M u ltip le s
Sourc e : CM H C
Con struction to R emain a t

Foreclosures – Vancouver Lowermainland

Have you ever wondered how you can purchase foreclosures in the Vancouver area.  I can tell you how it is all done.  Please view click here to see a recent batch of homes on the foreclosure block.  Unlike the United States where there are plenty of websites showing your foreclosure listings for a fee.  You can view them here on my website for free.  Please feel free to give Alex Lam of Royal Pacific a call if you have questions regarding how to purchase on of these foreclosures.

Condo Prices – Downtown Vancouver

It is amazing to see how the prices of condos have risen since the beginning of this year.  Now Bachelors apartments with less than 500 sq ft sell for just under $300,000.  One bedroom units range from $350,000 and up.   The question to ask ourselves is how much higher are the prices going to go?   New condos in the downtown area all have a starting price range of about $390,000 and up.  With the exception of the Smart Gas town.   Smart Gas Town has a starting price of $273,000.  Gas Town may prove to be a better buy than most people would think.  With the new Woodwards building going up, new retailers moving in to the area, Gas town maybe another Yale Town.  Oh did I mention, you may be able to get a view of the water, at a discounted price.

Please let me know your comments.

Vancouver Maps

VanMap is a Web-based map system that lets you have Vancouver at your fingertips. VanMap pulls together information and data from a variety of sources, and puts it into maps you can view, save or print out. It’s not your average road map either. There are dozens of features you can turn on and off with the click of a button. VanMap doesn’t just offer street names and intersections, for example it can show you:

• property lines
• zoning information
• sewer mains
• water mains
• addresses
• public places

Need zoning, sewer or street information for building or renovating? Thinking of moving and not sure where the schools are located? Trying to remember exactly where that great looking park is located? Have an appointment and want to make sure you get to the right place? VanMap can show you. VanMap also links you directly to community Web pages that offer details on amenities, services, and events in all Vancouver neighbourhoods. And look for more great features to be added in the future.

In just a few steps VanMap can be loaded on your computer. Please take a look at the links in the black bar above, particularly Setup and Help & Documentation, and when you’re ready, click here to start VanMap.

VanMap Home will always bring you back to this page. VanMap news and updates will be available from Recent News in the navigation bar. Check out the FAQs for browser, platform and troubleshooting information. We hope you enjoy using VanMap

Bowman Lofts

Bowman Lofts New Home Vancouver, BC

Bowman Block
Region: Vancouver, British Columbia
Address: 528 Beatty Street
Developer: The Salient Group <<

More Info – Regarding Purchasing Thru a Realtor.
Go to Development Website

Description
The Bowman Block is a complete heritage loft conversion featuring original 1906 architecture – painted brick façade – re-pointed turn of the century cornices and sills – sandblasted brick walls and timber beams – original Douglas fir wood floors – restored single and double hung sash windows. A contemporary two story addition completes the architectural juxtaposition of modern and original design. There is a roof top deck with direct elevator access including an outdoor gas fire place and a built in BBQ. Centrally located down the Street from Chamber, up the Street from Wild Rice – close to sky train station – surrounded by Downtown, Gastown, Chinatown, and Yaletown.

New No Downpayment Loans

Did you know that you if you have excellent credit and did not save enough down payment money you could still be eligible to purchase a new home. With new insurance initiatives from CMHC and Genworth Canada, a zero down payment loan is very possible. You can even combine a zero down payment loan with a 40 year amortization.

Since Vancouver prices have sky rocketed since 2001 without any signs of dropping till after 2010, most people have been stuck renting until either the prices drop or they can save a large enough down payment. If Vancouver condo prices do grow by 20% from now to 2010, it would make perfect sense to jump into the housing market now versus waiting till later.

Great Eats In Kitsilano

he Kitsilano neighbourhood has a wonderful variety of restaurants, ranging from all prices and from different cultures.Some of the inexpensive ones that I enjoy are:
Taco Shack in the 1900 block Cornwall. This block has lots of small health food restaurants which are convenient for eating in when you’re on your way back from the beach on a hot summer’s day.
Chianti’s at 1850 W. 1st. It’s been there for a long time, featuring good food and excellent value.
Greens and Gourmet at 2582 W. Broadway has a wonderful vegetarian buffet.
Khai Thai To Go at 2184 Cornwall serves up a super thai curry.
Nats New York Pizzeria at 2684 W. Broadway has been around for a long time and everything there is good, particularly the thin crust pizza. Super friendly service also.
Don’t forget Moderne Burger in the 2500 block of W. Broadway. You can get any kind of burger here and they’re all good.
Patisserie Lebeau at 1728 w 2nd has the best Belgian waffles.
Siegels Bagels on Cornwall has the best bagels, you can have lunch there or buy to go.

Viva Bakery on Yew is one of the best. There’s a great Italian ice cream parlour right across the street. As is Transylvania Bread in the 3400 block of W. Broadway, run by a Romanian who makes excellent rye bread. Then there’s Nottes Bon Ton Pastry and Confectionary which relocated a few years ago from Granville and Robson. It’s a very old Vancouver business.
The French Community Centre at 1551 w 7th has a very small but excellent restaurant where you can get a 3 course meal for $21. It’s extremely popular. Kits has lots of good sushi places, too. For dinner and entertainment you can’t beat Rossini’s on Yew. Good but inexpensive food and excellent live jazz music or just sit at the bar for a cocktail and make friends from the neighbourhood.
More expensive restaurants would include Feenie’s on Broadway (Vancouver’s best chef), and Quattro on 4th for some great Italian food, and of course Bishop’s on 4th.
Maria’s Taverna on 4th is my favourites for good Greek food. There are many other Greek restaurants on W. Broadway that are also good.

Go Fish in the 1500 block West lst has excellent seafood. Bistro Pastis at 2153 w. 4th has wonderful French brunches, lunches and dinners. Great service too.
Not to forget Epic at the corner of lst and Cypress. Enjoy a coffee or European-style lunch or more expensive dining upstairs. Truly wonderful.
And of course the list wouldn’t be complete without including Capers, which has a wonderful organic salad bar and home made soup. It’s one of my favourite lunch spots. Or drop by for a coffee and muffin. Excellent breads and bakery section or sandwiches or ready-made dinner to go.

Take a walk up 4th Avenue and W. Broadway or Cornwall and enjoy the Kitsilano food experience!

There is a great wine shop next to Capers and lots of inexpensive health food restaurants, such as the Naam which has been there since 1970s.

Recently opened:

The Noodle Box, 1867 w 4th
Fast, simple, tasty and cheap boode boxes. Pick your combo and have it cooked whilst you wait $9.50

Gastropod, 1938 W 4th
Just won Best New Formal Restaurant in Vancouver. Excellent modern French-centric cooking. Excellent food fairly priced

Fuel, 1944 W. 4th
First time restauranteurs Robert Belcham (ex-chef de cuisine at “C” and Tom Doughty (ex-sommelier at “C”) have created a ever-so elusive cool and casual feel so distinct to Kits and combined it with high quality food. Fine dining at its best.

Bistrot Bistro, 1961 W. 4th
A fine wine list, available by the glass and the menu is even better.

Rentals

Post your rentals here free!!

Just email alexlam@royalpacific.com, with a brief description, with minimum one photo. Please make sure to let me know when your rental is occupied. Thanks.

Conventional Mortgages Now 20% Downpayment

April, 23, 2007 - Effective immediately, the threshold triggering the requirement to pay high ratio mortgage insurance has changed to a 80% loan-to-value threshold from 75%.

Insurance premiums average anywhere from 1.0-1.6% of the mortgage depending upon qualification and mortgage terms. If you required a mortgage of $300,000 and your insurance premium was determined to be 1.5% – by not having to pay the premium, you would now save $4500.00. That is a substantial savings for homebuyers who previously had to scrimp and save for a down payment of 25% to avoid paying mortgage insurance fees.

Most if not all Canadian Lenders are on board with this new government initiative.

Millennium Water

The last piece of waterfront property being marketed by Rennie.   Here is a link from the REV about this project.

http://www.millenniumwater.com/documents/rew033007.pdf

Previewing Summer 2007

Contact Alex to view property during a special realtors open.  You can purchase units before the general public.   Hurry call 604-512-5118 more details