The City of North Vancouver Council has approved a new $400 million waterfront neighbourhood on Harbourside Drive right on the Burrard Inlet. This mixed-use development now has the greenlight to go ahead and start development and construction. The entire area will constitute a new lifestyle and a dramatic change to North Vancouver's south side waterfront.
The entire development will consist of 18 buildings, 1.16 million square feet of development space built by Concert Properties on 12 acres of ocean front property. It will include the following:
This huge undertaking will be able the same equivalent development cost and timeframe as Vancouver's Olympic Village. North Vancouver is seeing a lot more attention due to it's relatively low density housing market and desirable living conditions. Since this development is not located near any large bus routes, Translink and North Vancouver may have to sit down to discuss future transit plans regarding the expected growth to the area.
Concert Properties is expecting to institute a private shuttle bus service from the Seabus to the area but that is still in development. We look forward to seeing how this new development will progress and what they will likely name it! If you are interested in learning about this or any other development in the region, please don't hesititate to contact me.
As we charge into the second quarter of 2014, the Vancouver housing market remains steady and at the top of the best Canadian Investment Cities. With Toronto second and Calgary third, this trifecta of Canadian investment power is steadily moving forward.
Resilience - the ability of a city to avoid or bounce back from an adverse event - comes from the interplay of vulnerability and adaptive capacity. — Grosvenor
The Grosvenor report ranks the top 50 cities around the world according to their vulnerability. This world report has been renowned in it's ability to judge good investment strategies in business and real estate.
Canadian cities rank well in this list due to our ability to bounce back well after;
All three cities have three fundamental features in common that place them ahead of the curve for future investment; which are:
With the fast and quick recovery Vancouver made from the market crash, it's no wonder that Vancouver is considered by many around the world to be a fantastic investment for living, real estate and business. Vancouver's innovative changes and green thinking make this a city to watch out for in the coming future.
The Real Estate Board of Greater Vancouver saw a very strong buyers and sellers market continue in March and into April. With total sales in March reaching as high as 2,641, this is up 12.5% from last year and 17.2% below the 10 year average. Regardless, with such a stagnent market for the last half of 2013 most buyers and sellers are excited to have a busy and strengthening real estate market. With a steady supply of 14,472 homes listed on the MLS as of March 2014 home sales are continued to charge ahead. Homes listed on the regions MLS have been steadily increasing since November of last year.
Moving into the second quarter of 2014, many buyers and sellers are starting to get a good grasp of what to expect on this modified activity. With many new developments popping up all over the GVRD, there is not rest in sight for new housing opportunities and renovation approvals offered by the city.
In March and April the real estate market saw the cheapest home for sale in Vancouver get listed for $599,000 and sell for $643,000, 7% over asking. This just goes to show that sellers are becoming more realistic in their pricing strategies and that buyers are buying well priced homes.
With a strengthening economy, recovering real estate market and low interest rates, it is exciting to imagine what will happen in the near future to the Greater Vancouver Real Estate Market.
Feel free to watch the REBGV March 2014 Market Update below:
Northeast False Creek (NEFC) is a budding hub of sports, culture, community, commercial and residential real estate. This large quanitity of land has been widely debated on what to do. The area in question stretches from Main and Prior west along Pacific avenue, down to the water and over past BC Place Stadium. NEFC is one of the largest undeveloped urban areas in the city with nothing but parking lots and unused open spaces.
The cities major goals for redeveloping this essential part of the city are:
This 9 acre section of the city has a long standing promise to be turned into parkland and a possible urban beach for the local community and city to utilize. Concord Pacific, the owner of the land, currently rents out the land for event parking and to productions such as Cirque du Soleil.
The city lowered the value of the land from the original price of $400,000 to just only $1 to lower the property tax that Concord Pacific was paying on it. This agreement was met on the idea that Concord Pacific would turn a portion of the land into usable park and beach space.
A lot of residents in the area are crying out for the park space due to the massive densification of the city and the lack of usable green space. There is currently a green-light campaign happening amongst residents that would like to see the empty urban space be turned into something beneficial for the whole community.