Victoria Chinatown

If you have been following our blog’s you know there are many projects in the Greater Victoria Real Estate Area. One of these projects is the Roundhouse project. This will be a very exciting project and will turn the Roundhouse site into a “Victoria’s Granville Island”. Like most project there are a lot of work to be done before it will get a green light. A recent article by Carolyn Heiman, Times Colonist reads:

In search of ideas for railway roundhouse site

Developer holding low-key meetings with Vic West residents

Ken Mariash estimates his company has talked to 5,000 people about development ideas for the historic railway roundhouse property off Esquimalt Road.

But if the developer has a concrete vision for the 4.25-hectare parcel, which includes a National Historic Site, he’s not saying much about it.

“Everything is in transition,” Mariash said this week. “We have been talking with the community for the last few years very softly. We are gathering input on roundhouse uses and how to make it a centrepiece for the Vic West community.”

Each week, Roundhouse Properties Limited Partnership, which has a contract to purchase the property from Canadian Pacific Railway, sends out invitations to Vic West residents and stakeholder groups such as heritage and transportation advocates. Some of the meetings attract just a few people, others 10 or 15.

“We don’t want to muscle or dominate the discussion,” said Mariash, who is also the head of Bayview Developments, now developing an adjacent parcel of land.

Mariash says he wants to focus on uses for the site, rather than shapes of buildings. “Will there be office space or not? Retail or not? That’s best done without physical shapes.”

Nonetheless, a rezoning submission to the city of Victoria in January gives a skeletal idea of options the company is toying with for the parcel, the site of E & N Railway Days celebrations this weekend.

In addition to revitalization of the five heritage railway buildings, the plan lays out options for residential towers south of the historic buildings. Restaurants, a pub, a railway interpretative area, food market, community offices and artisan spaces are on the list of uses. The plan also notes the possibility of a railway station should a long-dreamed-about rail service emerge between the Western Communities and downtown Victoria.

Mariash, who expects development of the project to take place over 10 years, has brought in architect Norman Hotson to work on the project. Hotson’s firm, Hotson Bakker Boniface Haden Architects + Urbanistes, worked on Vancouver’s Granville Island and rehabilitation of Vancouver’s 1888 CPR Roundhouse as a pavilion for Expo 86. That roundhouse building now serves as a community centre.

While Mariash shies away from project specifics, he is clear on one thing: It will cost a lot of money to develop the contaminated industrial site, which contains partially condemned heritage buildings.

The submission to the city puts the costs of remediating contaminated soil on the site at $12 million. Rehabilitation of the E & N Roundhouse buildings is estimated at between $8 and $11.3 million, with an additional $6 million for internal building improvements to accommodate new uses.

“New development must be concentrated largely on the lands south of the existing E & N rail corridor and must generate sufficient revenue to defray the costs of achieving the revitalization of the historic precinct…,” notes the report to the city.

In exchange for saving the rare intact railyard designed in 1912 — with industrial roots going back to the era of coal baron Robert Dunsmuir — the developer wants to build larger buildings than would normally be allowed on one part of the site. Mariash says the overall density wouldn’t exceed what’s already permitted in the Songhees area. The plan submitted to the city mentions buildings with heights of 16, 18 and 20 storeys, although a city planner said none of the project details has been finalized and the application is in “flux.”

Diane Carr, land-use chairwoman of the Vic West Community Association, is guarded about commenting on the proposal.

“We did some planning with [the developer] in the beginning but we didn’t get into issues such as [building] heights,” Carr said. “Probably the heights they are talking about will be a problem.”

But Carr notes the community is short of commercial development and some of Mariash’s ideas are welcome.

Heritage advocates met with Roundhouse Properties last week to discuss the project.

Rick Goodacre, executive director of the Heritage Society of B.C., said some people have talked about a railway museum on the site “but that’s not very realistic. The costs are large.”

Goodacre is primarily concerned that the five heritage railway buildings stay intact, but concedes developments have to be financially viable. “How it is going to do that is something the owner has to figure out,” he said, adding many heritage interpretation sites lose money. “That’s not a success story.”

Mariash said he commissioned a study that found a museum would require a $2-million subsidy.

He added, however, that he expects railway artifacts will be incorporated in the site, along with interpretive material. End of article.

Do you have any ideas about the Roundhouse site?

We would love to hear your comments. Just leave a comment below. If you have any questions about Victoria Real Estate in General, you can contact us anytime. 

Cheers, Anders

Anders Treiberg, Associate Broker, REALTOR®

Properties in Victoria Professionals-Royal LePage Coast Capital.

Anders Treiberg has been a REALTOR® in Victoria since 1990. He has extensive Real Estate Expertise and can be reached on his website  or via email at anders@PropertiesInVictoria.com

Often you hear about the Sinicization of Canada. But the Ugly Chinese Canadian thinks it is the other way around. We’re extending our culture to the other side of the big pond. The majority of the students studying in those Canadian education-for-money places, are students originating from China. While here, Chinese students learn a few words and [...]

Victoria and British Columbia’s economy is very strong and our unemployment rate is one of lowest in the country. A recent report by BCREA (British Columbia Real Estate Association) reports:

The provincial economy is still in the midst of a robust growth phase. Real GDP growth is forecast to hit 3.2 per cent this year and 3.0 per cent in 2008. The western provinces, particularly BC and Alberta, are Canada’s current economic engines. Strong domestic demand is fuelling retail sales in BC and, despite some challenges in the forest sector, the overall value of exports has slipped just 3 per cent over the first eight months of the year.

Employment growth is strong and appears only inhibited by the limited size of the workforce. As a result, the unemployment rate has fallen dramatically over the last few years and is forecast to average a low of 4.3 per cent this year, and 4.2 per cent in 2008. The goods sector is experiencing the largest employment gains, averaging a 7.3 per cent increase this year. Leading the way is mining (+20%), construction (+10%), and forestry (+14%). The service sector lags behind with employment increasing at a rate of 2.2 per cent. However, employment growth in transportation and warehousing, finance-related industry, and public administration are all exceeding the sector average.

Strong labour demand is putting upward pressure on wages. The goods sector is experiencing wage growth close to 6 per cent per annum, partly on the strength of BC’s construction boom, where wages are growing at a rate of 7 per cent per year. The service sector is not as prone to volatility in labour demand and as a result wages are increasing at a more modest rate of 2.2 per cent.

Low unemployment, job growth and rising wages are underpinning housing demand in the province. When the financial situation of BC households is improving, consumer confidence builds and consumer spending increases. Retail sales are forecast to rise 7.5 per cent this year and 7.2 per cent in 2008.

A robust provincial economy is a magnet for migration. While Alberta is maintaining its position as Canada’s preferred relocation address, BC is drawing an increasing number of migrants from other provinces. Net inter-provincial migration to the province is forecast to grow 7.3 per cent to 8,400 individuals this year, and a further 5.9 per cent to 8,900 individuals in 2008.

While this is a fraction of the 40,000 Canadians that migrated to BC in 1994, it is a marked improvement from the net losses recorded during the late 1990s. The natural rate of increase, the birth rate less the death rate, is not sufficient to sustain BC’s population. The provincial population would begin to decline around 2021 if not for migration. International migration is important to BC’s population growth, not to mention its role in bolstering the labour force.

Today, 80 per cent of total net migration is from international sources. Net international migration is forecast to increase 7.7 per cent to 39,000 individuals. The province’s robust economy is expected to continue attracting an increasing number of both inter-provincial and international migrants.

We would love to hear your comments. Just leave a comment below. If you have any questions about Victoria Real Estate in General, you can contact us anytime. 

Cheers, Anders Anders Treiberg, Associate Broker, REALTOR®

Properties in Victoria Professionals-Royal LePage Coast Capital.

Anders Treiberg has been a REALTOR® in Victoria since 1990. He has extensive Real Estate Expertise and can be reached on his website  or via email at anders@PropertiesInVictoria.com

Royal LePage release – Stronger than expected summer real estate activity characterized Vancouver and Victoria’s resale housing markets, prompting prices to rise significantly during the third quarter, according to a report released today by Royal LePage Real Estate Services.

The province’s strong and diversified economy and exceptional job market have continued to draw people west, driving demand for housing.

In Vancouver, the highest price appreciation experienced was among standard condominiums, which increased by 14.6% to $419,750, while the average price of a detached bungalow increased by 11.8% to $787,500, year-over-year. The average price of a standard two-storey property rose by 10.7% to $879,000, compared to the same period in 2006.

A host of buyers flocking to the market in the third quarter included first time purchasers who were taking advantage of relatively low interest rates, as well as move up buyers who were cashing in and leveraging their equity.

“With the high levels of in-migration that Vancouver experiences, demand for homes in all price ranges and in all parts of the city remains high, while inventory levels remain the same as last year,” said Bill Binnie, president, Royal LePage Northshore, Vancouver.

“Consequently, it’s a sellers market with multiple offers occurring frequently. Despite the fact that affordability is eroding in Vancouver, the housing market remains as vibrant as ever, with the condominium market remaining the city’s bright spot.”

The average price of a standard two-storey in North Vancouver experienced the highest appreciation in the area with an increase of 16.4% to $710,000, year-over-year. The average price of a detached bungalow rose by 15.5% to $670,000, while the price of a standard condominium increased by 14.8 per cent to $310,000, year-over-year.

In West Vancouver, the average price of a standard condominium increased by 12.2% to $415,000, followed by a detached bungalow which increased by 10.6% to $885,000, year-over-year. The average price of a standard two-storey home in the area rose by 12.5% to $990,000, year-over-year.

In Vancouver East, standard condominiums experienced the highest price appreciation with an increase of 19.6% to $329,000, year-over-year. The average price of a detached bungalow home rose by 16.2% to $595,000, while the average price of a standard two-storey home increased by 14.9% to $616,000, year-over-year.

In Vancouver West, the average price of a standard condominium increased by 13.6% to $625,000, year-over-year. The average price of a detached bungalow appreciated by 8.1% to $1 million and the average value of a standard two-storey home increased to $1.2 million, a 4.3% rise, year-over-year.

Victoria

A strong economy, low unemployment rates and high consumer confidence contributed to the strength of Victoria’s housing market, which experienced higher than usual activity in the typically slower summer months. While inventory increased slightly from the same period in 2006, demand continues to be strong.

Steady buyer demand was evident in all housing types; however, condominiums received the most notable attention as first time homebuyers were drawn to the affordability of this sector. Although there has been an increase in inventory in the third quarter, multiple offer situations still exist in the market when properties are competitively priced, although they are less frequent.

“All property types are experiencing healthy sales activity but condominiums are the hot buys and will only get hotter thanks to inexpensive mortgages and good price points available to first time buyers,” said Judy Gage, president, Royal LePage Coast Capital Realty, Victoria. “Baby boomers are showing no signs of slowing down as they upgrade to higher end condominiums or purchase a pied-à-terre in addition to having a home in another city.”

While affordability is becoming an issue in Victoria, the market is expected to remain active and sustainable for the remainder of the year.

In Victoria, the average price of a standard two-storey house increased by 9.2% to $440,000, yearover-year. The average price of a standard condominium increased by 17.9% to $270,000, while a standard detached bungalow increased by 6.7% to $400,000, year-over-year.

The Royal LePage Survey of Canadian House Prices is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey, which highlights house price trends for the three most common types of housing in Canada in 80 communities across the country.

A complete database of past and present surveys is available on the Royal LePage Web site at www.royallepage.ca, and current figures will be updated following the end of the third quarter. A printable version of the third quarter 2007
survey will be available online on November 15, 2007.

Housing values in the Royal LePage Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts.




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UBC release – St. John’s College at the University of British Columbia, together with the Chinese Canadian Historical Society of British Columbia and University of British Columbia press, will be launching a speaker series interrogating the state of contemporary Asian Canadian culture starting September 27th, 2007.

As the first in the series of events examining Asian Canadian culture, Dr. Xiaoping Li, the author of Voices Rising: Asian Canadian Cultural Activism, will be visiting the University of British Columbia for a panel discussion at St. John’s College’s Lecture Hall from 7:30pm – 8:45pm.

Li will be leading a discussion on Asian Canadian cultural activism and launching her new book, Voices Rising: Asian Canadian Cultural Activism, an examination of Asian Canadian political and cultural activism in the late twentieth century. “Asian Canadians have made an indelible mark on both the Canadian and international cultural landscapes,” said Li.

“My book offers an elementary account of this creative energy burgeoning in Asian Canadian communities.”

The series also reflects changes in the culture of the city. “The emergence of a vibrant Asian Canadian culture over the past few decades has gone hand-in-hand with the rise of a global Vancouver,” said Chris Lee, Junior Faculty Fellow and organizer of the series at St. John’s College.

“This series at St. John's College aims to introduce and connect students and members of the community to the Asian Canadian cultural scene in Vancouver.”

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Is BC Real Estate ready for another record? There is a lot of activity here in Victoria with new condominium projects being built all over the city. Yesterday we had a preview of “The Radius” and today we looked at “The Hudson”, two very interesting projects.

We predicted last year we would set record high prices and record sales. The forecast from BCREA (British Columbia Real Estate Association) confirm this trend. Here is the latest release:

BC Home Sales to Surpass 100,000
BCREA Fall Housing Forecast

Vancouver, BC – September 27, 2007. The British Columbia Real Estate Association (BCREA) released its fall 2007 Housing Forecast today.

BC Multiple Listing Service® (MLS®) home sales are forecast to break the 100,000 unit mark for only the second time in history. BCREA forecasts that BC MLS® residential sales will hit 101,000 units this year, up 4 per cent from 2006. The highest number of MLS® sales in the province was recorded in 2005, when a total of 106,310 homes were sold. The ten-year average is just under 78,000 units.

“Exceptionally strong consumer demand over the summer months has changed the outlook for this year from declining home sales to the second highest on record,” said Cameron Muir, Chief Economist. “While eroding affordability is squeezing some potential buyers out of the market, the housing stock is increasingly diverse, providing a mix of home types that appeal to a wide consumer market.”

BC home prices are also on the rise. The average MLS® residential price is forecast to climb 12 per cent to $437,000 this year. “While home prices continue to face upward pressure, the rate of growth is expected to moderate,” added Muir. The BC average MLS® price increased 18 per cent last year, and is forecast to rise at a more modest 8 per cent in 2008.  

BC housing starts are forecast to decline 7 per cent to 33,900 units in this year and a further 4 per cent to 33,000 units in 2008. While single detached housing starts are trending down, multiple housing starts are holding firm at 21,000 units this year. Multiple housing starts now comprise 62 per cent of all new residential construction activity in the province. 

The BCREA Housing Forecast is a semi-annual publication produced in the spring and fall of each year. The report contains forecasts and analysis of the BC economy and housing markets, including detailed forecasts by home type of the province’s 12 real estate board areas. End of Article. More details of the release is available from BCREA

We would love to hear your comments. Just leave a comment below. If you have any questions about Victoria Real Estate in General, you can contact us anytime. 

Cheers, Anders

Anders Treiberg, Associate Broker, REALTOR®

Properties in Victoria Professionals-Royal LePage Coast Capital. Anders Treiberg has been a REALTOR® in Victoria since 1990. He has extensive Real Estate Expertise and can be reached on his website  or via email at anders@PropertiesInVictoria.com

Many people think that the Sub Prime Mortgages will effect our Victoria and British Columbia Real Estate Market.  We don’t think it will effect the Victoria market. Only about 8 -10% of our business is from south of the border. A recent article by British Columbia Real Estate Association (BCREA) sheds some light on the Sub-prime issue.

Sub-prime primer

• Sub-prime mortgages are mortgage loans to borrowers who have tainted or bad credit histories. While the terms and conditions of sub-prime mortgages can vary widely, one common form offers an introductory two-year term interest rate before resetting to a much higher interest rate (the combination of the index rate plus a margin).

• In Canada, a prime mortgage is known as a conventional mortgage; Canadian prime mortgages are comparable to US prime mortgages. A home-buyer with a down payment less than 20 per cent (high ratio mortgage) needs to secure mortgage insurance like the kind provided by Canada Mortgage and Housing Corporation (CMHC). Conventional and high ratio mortgages in Canada and the United States use similar underwriting practices. However, sub-prime underwriting is far less comprehensive south of the border, creating a higher risk. US sub-primes don’t require mortgage insurance.

• The benefit to the borrower is that the initial two-year period allows them to build credit and, as long as home prices rise quickly enough, the increase in equity allows them to refinance with a prime mortgage instead of suffering the consequences of the interest rate reset. 

• Mortgage funds for sub-primes are typically raised from investors. Sub-prime portfolios are often repackaged according to risk and resold. The so-called credit crunch is a result of the inability to raise funds from investors in light of sharply rising defaults. The most popular mortgage-backed securities in Canada are pooled mortgages that are fully backed by mortgage insurance from CMHC.

• Approximately 20 per cent of US mortgage origination’s are of the sub-prime variety. Falling home prices combined with a wave of interest rate resets have dramatically increased the number of American borrowers in arrears and facing foreclosure.

• The US mortgage industry is different than Canada’s when it comes to sub-primes. Canadian sub-prime mortgages represent less than 5 per cent of mortgage origination’s, and less than one in four of them have more risky variable rates. While US home prices are falling on average, home prices in Canada continue to rise. The economic fundamentals in Canada remain strong.

• The impact of the US sub-prime problem likely won’t directly impact BC home-buyers. Prime or conventional mortgage funds in Canada are not facing problems with liquidity. US sub-prime defaults are expected to peak in the first quarter of 2008, as the largest number of interest rate resets will occur at that time. Longer term, lower US consumer confidence has the potential to indirectly impact BC households through a possible reduction in the quantity of BC’s exports and slow growth in tourism.

We would love to hear your comments. Just leave a comment below. If you have any questions about Victoria Real Estate in General, you can contact us anytime. 

Cheers, Anders

Anders Treiberg, Associate Broker, REALTOR®

Properties in Victoria Professionals-Royal LePage Coast Capital.

Anders Treiberg has been a REALTOR® in Victoria since 1990. He has extensive Real Estate Expertise and can be reached on his website  or via email at anders@PropertiesInVictoria.com

I don’t know how all this blog ranking stuff works. But I’ve received a few queries about posting ads or something. Apparently, this goofy blog has been ranked among the top three in a Google blog search for “Chinese-Canadian” over the past half year or so. Anyways, I’m kind of humbled that this ugly blog is [...]

BC Gov release - Changes in the Provincial Nominee Program (PNP) to lower the investment threshold and fast-track the process will make it easier for business immigrants to start up new business ventures, and will give B.C. an edge in the global competition for entrepreneurial talent and investment, announced Economic Development Minister Colin Hansen.

"By making these changes, we expect to attract more entrepreneurs and investment into the kinds of innovative and higher value-added sectors that contribute most to sustainable economic development and stronger regional economies," said Hansen.

Recognizing that most business immigrants create small, start-up ventures, new minimum investment requirements have been set for the PNP's three business categories. The new minimum investment is $400,000 for Business Skills, $200,000 for Regional Business and $500,000 for Strategic Projects.

Applicants will still be required to create a minimum number of new jobs for Canadians - three in a Business Skills enterprise, one in a Regional Business enterprise and three for each nominee applicant involved in a Strategic Projects venture.

To encourage more investment outside of the province's fastest growing and most developed region, eligibility in the Regional Business category will now be limited to immigrants who locate their business outside of the Vancouver and Abbotsford metropolitan areas.

The business ventures eligible for the lower investment thresholds are:

• Increasing destination tourism
• Increasing R&D and technology commercialization
• Increasing value-added manufacturing/processing and exporting
• Developing innovative and creative approaches to traditional businesses
• Transferring technology, skills and specialized know-how to theprovince
• Servicing underserved local or regional markets

Special consideration will be given to business proposals that contribute to:

• Expanding business with the Asia-Pacific region
• Utilizing wood infected by the mountain pine beetle
• Diversifying the economies of communities affected by the mountain pine beetle
• Creating business partnerships with the province's First Nations
• Developing the province's emerging technology industries: clean technologies, information technology, new media, and life sciences

Finally, the program will now offer a fast-track option for entrepreneurs who post a $125,000 performance deposit in return for immediate nomination so that they can move quickly to make their investment and set up their business in British Columbia. This option is available to Business Skills and Regional Business applicants, and the $125,000 performance bond is in addition to the minimum investment for these categories.

Since the PNP was established in March 2001, over 3,394 skilled and business immigrants plus their dependents have made this province their home through the program. Last year alone, the province attracted over 1,300 skilled workers and entrepreneurs - 3,700 new immigrants if PNP includes their family members.

From the time the business category was introduced in 2002, the PNP has approved 330 nominee candidates who have committed to invest over $450 million and create almost 1,700 new jobs.

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