The Tsawwassen First nation’s historic and unprecedented development will feature 250 acres of residential development, comprising 1800 homes with a projected population of approximately 4000 people.

Additionally, the site will be home to 180 acres of commercial space which will be comprised of outdoor and indoor shopping malls on a scale the size of Metrotown. A key component of the site is the 330 acres of industrial development.
Amoung other developers, The Onni Group and The Aquilini Group are in application stage for residential development which should roll out 200 homes per year. The residential component will be a mix of single family, townhouse and condo housing, density to decrease as one move closer to the water.

The main attraction will no doubt be the Ivanhoe Cambridge commercial development, which will likely drive most of the local interest as retail choice has been an issue for so long. Ivanhoe Cambridge is a subsidiary of the massive pension fund from Quebec, The Caisse de Depot. The Caisse was amoung the first pension funds to diversify into real estate investments in the 1980s and is now amoung the top 10 in the world in terms of size and scope. Interesting times in Tsawwassen and Ladner as so many proposals face challenges within the communities.
That said, the development promises to be world class in every way as Ivanhoe Cambridge is a world leader and this $500,000,000.00 undertaking will be a jewel in their global portfolio.

This Thursday, February 2, myself and the realtors of South Delta will have the opportunity to hear first hand how the proposed malls and housing areas will look on the Tsawwassen First Nations land at Highway 17 and 56th Street.
We will be listening to the person in charge of the development, Chris Hartman, the CEO of the Band.
The planned development will include 1.8 million sq. ft. of retail space and 2000 new homes.
Stayed tuned for an update after Thursday’s meeting!

If you are planning on having a home built for you or you are buying a brand new home, visit www.hpo.bc.ca
Why?
It is the site of the Home Owner’s Protection Office, a branch of B.C. housing, where you can find a registry of licensed residential home builders
The home owner’s protection act provides for the licensing of builders and makes third party home warranty insurance mandatory on new home construction in B.C. The website also lists what is included in a 2-5-10 warranty.

Important to do your homework!

A second valuable website is www.tenants.bc.ca
It is great if you are a tenant AND if you are a landlord of a tenanted property. For both tenant and landlord, it is important to know your rights, and around the sale of the property, both parties should know the procedure to follow to evict the tenant or arrange for the tenant to stay.

Again, super important to do your homework!!

* If you want to appeal your assessment, visit www.bcassessment.ca . Each year, about 1.6% of all property owners appeal.

Buying a condo before it is built?! You can find some fabulous tips on the BCREA (British Columbia Real Estate Association) website. Here you will find a check list of things to note before you make any decisions.

Go to:
http://www.bcrea.bc.ca/docs/working-with-a-realtor-/presalecrossreflist.pdf

VANCOUVER, B.C. December 2, 2011 The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the regions Multiple Listing Service (MLS) reached 2,360 in November. This represents a 5.9 percent decline compared to the 2,509 sales in November 2010 and a 1.9 percent increase compared to the 2,317 sales recorded in October 2011.

Looking back further, last monthís residential sales total is 5.8 percent below the ten-year average for sales in November.

The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of year, Rosario Setticasi, REBGV president said. November activity helped put our market firmly in balanced territory.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 percent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 percent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS.

Looking back further, last months new listing total is 2.1 percent above the ten-year average for November.

The total number of properties currently listed for sale on the Greater Vancouver MLS sits at 14,090, a decline of 9 percent compared to October 2011 but an increase of 13 percent when compared to this time last year.

The MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 percent to $622,087 in November 2011 from $580,080 in November 2010.

Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 percent.

Sales of detached properties on the MLS in November 2011 reached 916, a decrease of 12.8 percent from the 1,050 detached sales recorded in November 2010, and a 21.3 percent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 percent from November 2010 to $890,204.

Sales of apartment properties reached 1,000 in November 2011, a 4.9 percent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 percent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 percent from November 2010 to $399,686.

Attached property sales in November 2011 totalled 444, a 9.1 percent increase compared to the 407 sales in November 2010, and a 15.1 percent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 percent between November 2010 and 2011 to $510,960.

Housing related news tidbits from the CMHC:
*CMHC expects housing prices to increase next year at the rate of inflation
* Interest rates will remain stable and low
* China’s economic growth is expected to slow down, B.C.’s to increase slowly
* The province saw 40,000 new jobs in September and held on to those gains in September
* Vancouver will account for most of the new housing starts in the province in 2012. Multiple – family construction will be the bulk of it

The CMHC, Canada Mortgage and Housing Corporation is forecasting a 9% increase in MLS sales in Greater Vancouver next year and projects the average resale price for detached houses to rise from $788,000 to $805,000.
Greater Vancouver continues to be a highly desirable location for buyers.
As well, it is predicted that Asian immigration will help fuel the lower mainland real estate market. Vancouver is the number one area for investor immigrants who must prove cash assets of $1.6 million.

We as realtors, often get asked to judge what the future may hold for prices in our industry. While there is ample information, and experts willing to put forth a guess and supportive theory, we are inclined to address this issue by using the wisdom of experts who are not attached to the rise or the fall of real estate.

I believe the most thorough and complete analysis comes from Price Waterhouse Coopers. They compile global statistical analysis in what is an exhaustive detail on real estate entitled Emerging Trends in Real Estate in 2012. By coincidence, our local Real Estate Weekly highlighted the salient points in this week’s publication. Key points from a top down perspective include Asian capital inflows, historically low borrowing costs, geographical limits such as mountains and the sea, political limits such as the ALR auger well for South Delta.

They single out the suburban detached house as the most precious real estate commodity ahead of retail malls, industrial business parks or office towers.

From a bottom up point of view, the build out of a major big box retail development on Tsawwassen First Nations land and its accompanying housing development, coupled with what has been identified in a recent market summary as Tsawwassen’s untapped value, translates into upward price pressure rather than the reverse. In our discussions lately with a significant developer, their acquisition strategy in Tsawwassen specifically highlighted the reasons above.

The recent price surge in White Rock/South Surrey was preceded by big box retail expansion and zoning changes which opened up that market. The same dynamic is at work in Tsawwassen, albeit 5 years later. This area more than most is now experiencing a major shift which will be price positive. Case in point is Tsawwassen Springs which has sold 95 units and sold out all of its single family units in a month.

Those who forecast declining prices point to two issues: rising interest rates and general deflation as global deleveraging continues from 2008. On interest rates, we are likely to see flat to falling rates as the bond market has flattened amid recent Euro fears and US rates have fallen as investors flock to the US dollar as a safe haven. On the bigger picture of global deflation the coming stimulous measures coupled with previous stimulous programs such as QE1 and QE2 are inflationary. The contagion as they say, is only manifesting more printing of money on a global basis. This era much like 1968 – 1982, is in mid cycle and rising real property values accompany such periods. On a contrary view, if I was considering paper assets such as stocks, then both history and flat interest rates suggest that paper falls while real assets rise. To properly assess when to exit real estate, my recommendation would be to understand the relationship between the 2 year and 10 year government bond as when the 10 year is materialistically higher than the 2 year then you may well be advised to keep to the sidelines…we are not anywhere close to that point in the cycle.

As we witness a small bungalow selling for 1.2 million on OAK St. in Vancouver, one can quite easily see why a large home in a quiet suburb for under $800,000 is good value.

How do we do that?
According to Bob Ransford, an urban designer who specializes in complex urban development and land use challenges, we build cottage homes in pocket neighbourhoods.
What are those?
A pocket neighbourhood is about 4 city-sized lots and contains eight 1 1/2 story detached cottage homes, each less than 1,000 square feet with 2 to 3 bedrooms and front porches.
They often have small private gardens, and share common gardens where fruits and vegetables can be grown and shared, and a common parking area.
These kinds of neighbourhoods are sustainable, walkable, healthier, and don’t contribute to urban sprawl on farmland, forest or wetland.
Smaller homes on smaller lots means more affordable homes.
Sounds like a great idea!