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Metro residential land market shows signs of life in early 2020

 

Vote of confidence

Year-end housing data from Canada Mortgage and Housing Corp. (CMHC) earlier this month pointed to record housing starts of 28,141 units for Metro Vancouver in 2019. This was up 20% from a year earlier.

The activity was in sharp contrast to land sales in the region, which fell sharply.

Data from the Real Estate Board of Greater Vancouver indicated a 55% drop in the number of land sales through the third quarter versus a year earlier. The value of those sales dropped 64% to just $2.2 billion.

 
 

But there are signs of life in the market as 2020 gets underway.

Grosvenor Americas recently purchased a 4.8-acre parcel, currently home to a car dealership, for $167 million, completing the assembly of a 7.9-acre development site in the Brentwood area of Burnaby.

“This is a very sizable one, both in terms of price and in terms of size,” said Bob Levine, a principal in the Vancouver office of brokerage Avison Young.

More recently, brokers at Avison Young handled Bene Development Ltd.’s sale of a 3.4-acre mixed-use development site at 6851-6871 Elmbridge Way to Landa Global Properties Ltd. for $60 million.

“People very much believe in the long-term viability of the market,” Levine said. “The development community is certainly looking towards the future in terms of new potential developments in and around Greater Vancouver.”

Shift to rental

Situated opposite Brentwood SkyTrain station on Lougheed Highway between Alpha and Beta streets, the land assembly Grosvenor Americas recently completed is slated for a mixed-use development described in marketing materials as “a carefully curated mix of market condominiums, market rental homes, non-market rental homes and a variety of retail and office space.” The commercial space will total about 500,000 feet and could include a hotel.

But according to Mike Ward, senior vice-president and general manager for Grosvenor Americas, rental units will account for 60% of the residential space, or more than 1,200 units. This exceeds the city’s requirement of 20% and reflects a marked shift in the region towards rental units.

According to figures from CMHC, 24% of all housing starts in the region last year were rental. The previous year, the proportion was an all-time high of 27%. Since 2013, market and non-market rentals have consistently been 17% of starts or greater. The average for the period has been 21%.

“There’s going to be a need for a lot more residential accommodation, whether it’s rental or condo,” said Avison Young’s Levine.

But the chance of significant additions to the rental stock in Vancouver itself is slim because of the cost of land. Instead, developers are having to look outside the city, where lower costs and policies designed to encourage density on redevelopment sites are helping make the numbers work.

“The increased density that’s allowed reduces land costs per unit, and it allows you to give serious consideration to building rental,” Levine explained.

Ward credited the new housing policy Burnaby adopted last May with giving legs to its plans.

“[It] encourages rental housing, and on this site in particular, we’ve got unique zoning,” he said, noting that it’s a commercial zoning that “also allows market rental-residential.”

In short, the zoning supports a mix of uses that allows Grosvenor to make economic sense of a project that will meet the city’s requirements as well as its own desire for an investment property generating long-term income.

“There seems to have been a shift in the market where cities are encouraging rental density by providing and allowing more density on sites … and making it feasible,” he said.

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Some of these projects are approved, some are under construction and some are proposed

 

 

Vancouver House, Westbank’s 52-storey luxury residential tower, designed by Danish architect Bjarke Ingels of the firm BIG, is largely finished at the north end of Granville Bridge. The first phase of residential occupancy is complete.

Aside from this high-profile building, numerous other architecturally interesting developments are proposed or coming to Vancouver.  This isn’t an exhaustive look at upcoming projects but provides a peek at some of the buildings that will help shape the look and feel of the city in the future. 

  

THE BUTTERFLY

Rendering for The Butterfly building at 969 Burrard.Rendering for The Butterfly building at 969 Burrard.

Type: 57-storey, 331-unit luxury condo tower (556 feet).

 
 

Location: 969 Burrard St.

 

The building: It’s being built behind First Baptist Church. The sculpted facade features high-performance curved double glazing with high-quality insulated precast white panels. The building includes “sky gardens” in open-air breezeways on each level, and tree planters on every third floor.

Status: City council approved the tower in July of 2017. Construction started in December 2018 with an anticipated completion date of 2023.

Developer/Architect: Westbank is the developer. Venelin Kokalov, the design principal of Revery Architecture (formerly Bing Thom Architects), is the lead on The Butterfly. It’s one of the last projects Bing Thom of Bing Thom Architects was involved in before he died in 2016. Kokalov worked closely with Thom for 16 years.

THE STACK

Rendering for "The Stack" office building being built at 1133 Melville St.Rendering for "The Stack" office building being built at 1133 Melville St.

Type: 36-storey office tower.

Location: 1133 Melville St.

The building: Once completed, The Stack, will be the tallest office building in downtown Vancouver. The building features four stacked and rotated boxes with six outdoor decks and a roof-top patio for office tenants.

Status: City council approved the project at an April 2017 public hearing. Construction started in 2018. The building is expected to be completed by 2022.

Developer/Architect: It’s an Oxford Properties Group project. James KM Cheng Architects designed the building in collaboration with Adamson Associates Architects.

LULULEMON’S NEW HEADQUARTERS

A rendering of Lululemon's proposed new office building at 1980 Foley St.A rendering of Lululemon's proposed new office building at 1980 Foley St.

Type: Office with retail and restaurant uses at street level.

Location: 1980 Foley St. at Great Northern Way.

The building: Carved-out sections, greenery on the exterior, and the “brise soleil” shading system make the design of Lululemon’s new proposed 13-storey head office stand out.

Status: Lululemon is seeking a rezoning text amendment to allow additional height on the site, as well as retail and restaurant uses. No additional density is being sought. A public hearing started Jan. 23, and is expected to wrap up Jan. 30, to determine if it's approved.

Developer/Architect: Morphosis Architects, led by Thom Mayne and based in Culver City, Calif., is the design architect for the project, while Francl Architecture is the local architect.

OAKRIDGE CENTRE

Artist rendering of redevelopment of Oakridge Centre.Artist rendering of redevelopment of Oakridge Centre.

Type: Redevelopment of a shopping centre, which will include 10 towers of varying heights up to 44 storeys, midrise buildings with commercial, office and residential uses, a community centre, library, seniors’ centre, performance spaces, a daycare and a nine-acre public park.

Location: 650 West 41st Ave.

The building: Architect Gregory Henriquez has called the redevelopment a “mini-city” and “the biggest and most complex project I’ll ever work on in my life.”  Futuristic buildings will transform the site and neighbourhood. Housing being built includes 2,000 market condos, 290 market rental units, and 290 below-market rental apartments.

Status: Construction work has started on the project, which is being completed in phases. Some retail and office space could be completed in early 2022, while the first residences are expected in late 2022.

Developer/Architect: QuadReal and Westbank are developing partners in the project. Henriquez Partners Architects is the design lead and Wonderwall out of Tokyo is designing the interior of the mall.

FIFTEEN FIFTEEN

Building planned for 1500 West Georgia.Building planned for 1500 West Georgia.

Type: 42-storey tower with 220 market strata units.

Location: 1515 Alberni St.

The building: The developer has described it as a three-dimentional sculpture.

Status: Council approved rezoning for the site in January 2018. 

Developer/Architect: Bosa Properties and German “starchitect” Büro Ole Scheeren. Francl Architecture is the local architect.

NATURE’S PATH NEW HEAD OFFICE

Nature's Path's is positioned near the East Van cross.Nature's Path's is positioned near the East Van cross.

Type: 10-storey office building.

Location: 2102 Keith Dr.

The building: Nature’s Path, an organic food company, is building its new headquarters on a site near the East Van cross. It will replace the company’s existing head office in Richmond. The new building will feature a honeycomb-like exterior. It remains to be seen what happens to East Van cross, officially known as the Monument for East Vancouver. It may stay in its current location or be moved elsewhere. City staff told the Courier late last year that the city is consulting with those involved and working toward a decision about its future.

Status: The City of Vancouver’s Development Permit Board voted in favour of the development application for the building on Jan. 21, 2019. The project is in the permitting phase, so it’s unclear when construction will start.

Developer/Architect: Architectural firm Dialog is behind the design.

SQUAMISH NATION DEVELOPMENT

Early renderings of Squamish Nation project by Burrard Bridge.Early renderings of Squamish Nation project by Burrard Bridge.

Type: The project will feature about 6,000 units of mostly rentals in 11 towers. 

Location: An 11.7-acre Squamish Nation-owned site at the foot of Burrard Bridge near Vanier Park.

The project:  Initially, Squamish Nation was considering a 3,000-unit development, but news broke last November revealing the new plan for 6,000 units. Squamish Nation Coun. Khelsilem told Frances Bula of the Globe and Mail that the towers were designed “to echo elements of totem poles and reflect the mountains and sky of the North Shore.”

Status: Squamish Nation members voted 87 per cent in favour of designating the land use for development in a Dec. 10 referendum, while 81 per cent voted in favour of the business terms for the development that will see Squamish Nation partner with developer Westbank. Construction for phase one could start in 2021.

Developer/Architect: Squamish Nation, Westbank and Revery Architecture.

NELSON STREET TOWER

The propsed Nelson Street tower (left) would sit near The Butterfly (right).The propsed Nelson Street tower (left) would sit near The Butterfly (right).

Type: Proposal for a 60-storey Passive House residential tower with a building height of 555.5 feet.

Location: 1059 to 1075 Nelson St.

The building: The proposal is to build the tower to Passive House standards — an international standard for energy efficiency. The project would be among the city’s highest buildings if it’s approved and it also promises to be the tallest Passive House tower in the world. It features a wavy shape with a curvy column of greenery down its centre, inspired by the peninsula, the inlet and green forests.

Status: The project is in the rezoning stage. City staff are reviewing the application and are in discussions with the applicant.

Developer/Architect: Henson Developments. Tom Wright of U.K.-based WKK Architecture designed the tower, while Vancouver-based IBI Group is the executive architect.

DELOITTE SUMMIT

Building planned for 400 West Georgia.Building planned for 400 West Georgia.

Type: 24-storey office tower with commercial space on the ground floor.

Location: 400 West Georgia.

The building: The tower itself features “several clusters of four-storey steel-framed cubes arranged around a central concrete core.” The project is envisioned as a “living sculpture.”

Status: Council approved the rezoning application in February of 2018. Currently under construction, it’s being built with a fast-tracked construction process where the steel components are fabricated at a manufacturing plant and then delivered to the site for installation. The project’s core is currently furthest along at level 24, with the steel structure at levels nine to 13 and the parkade is 70 per cent complete.

Developer/Architect: Westbank, Japanese architectural firm OSO and local architect Merrick Architecture.

ALBERNI BY KUMA

Rendering of Alberni by Kuma at 1550 Alberni St.Rendering of Alberni by Kuma at 1550 Alberni St.

Type: 43-storey residential tower.

Location: 1550 Alberni St.

The building: The developer describes it as “shaped by two emphatic scoops that form deep balconies furnished in wood.”

Status: Under construction. Workers are pouring slab for the lower levels of the tower.

Developer/Architect: Westbank, Kengo Kuma Architects and Associates and local architect Merrick Architecture.

GRANVILLE GATEWAY TOWER

The Granville Gateway tower (right) is proposed for 601 Beach Cres., which is opposite from where VaThe Granville Gateway tower (right) is proposed for 601 Beach Cres., which is opposite from where Vancouver House (right) was built.

Type: Proposal for a tower with 303 market residential units, 152 social housing units and commercial space at ground level.

Location: 601 Beach Cres.

The building: The tower would sit opposite Westbank's Vancouver House on the north end of Granville Bridge. The goal is for the two towers to create what's been dubbed the "Granville Gateway" in and out of downtown Vancouver.

Status: A revised rezoning application was submitted in October of 2019 based on feedback from the public, which staff is currently reviewing.

Developer/Architect: Pinnacle International and GBL Architects.

VANCOUVER HOUSE

Vancouver House. Photo Dan Toulgoet

Type: 52-storey tower with 407 residential units and a 10-storey podium with retail and 95 residential market units.

Location: North end of Granville Bridge

The building: Likely one of the most photographed buildings in Vancouver during construction.

Status: The first phase of residential occupancy is complete and the second phase of residents are expected to move in in the coming months. Fresh Market and London Drugs will open in February, while “House Concepts,” a 15,000-square-foot collective concept of four fitness studios under one roof, will open in the spring of 2020. University Canada West and Momofuku are expected to open in the summer.

Developer/Architect: Westbank and Danish “starchitect” Bjarke Ingels of the firm BIG (Bjarke Ingels Group). Dialog is the local architect.

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New property listed in Heritage Mountain, Port Moody
I have listed a new property at 134 PARKSIDE DR in Port Moody.
Quiet & desirable Heritage Mountain neighbourhood for this renovated family home. Bright and inviting with many recent updates to all those important items: roof, gutters, flooring, furnace and hot water tank. Main floor includes living room with vaulted ceilings, formal dining room, kitchen with SS appliances, granite, maple cabinetry, eating area and adjacent family room. Rounding out the main level are a den and laundry. Up are 4 bedrooms, master with W/I closet and totally updated 5 piece ensuite. Down is a self-contained 2 bedroom suite with its own entry and laundry. Beautiful yard includes a large patio with hot tub and gazebo and a play area. Close to great schools, shopping and recreation.
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Open House. Open House on Sunday, January 26, 2020 2:00PM - 4:00PM

Please visit our Open House at 134 PARKSIDE DR in Port Moody.
Open House on Sunday, January 26, 2020 2:00PM - 4:00PM
Quiet & desirable Heritage Mountain neighbourhood for this renovated family home. Bright and inviting with many recent updates to all those important items: roof, gutters, flooring, furnace and hot water tank. Main floor includes living room with vaulted ceilings, formal dining room, kitchen with SS appliances, granite, maple cabinetry, eating area and adjacent family room. Rounding out the main level are a den and laundry. Up are 4 bedrooms, master with W/I closet and totally updated 5 piece ensuite. Down is a self-contained 2 bedroom suite with its own entry and laundry. Beautiful yard includes a large patio with hot tub and gazebo and a play area. Close to great schools, shopping and recreation.
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Open House. Open House on Sunday, January 19, 2020 2:00PM - 4:00PM

Please visit our Open House at 1271 NESTOR ST in Coquitlam.
Open House on Sunday, January 19, 2020 2:00PM - 4:00PM
Investment opportunity! This revenue property is currently tenanted up and down and generates a good income. The New Horizon home is in a great location; steps to elementary school and close to Skytrain, Coquitlam Centre, and recreation at Lafarge Lake/Town Centre Park. Upper floor with 3 bedrooms, large living/dining area and kitchen with eating area and deck access. Down is a two bedroom suite with own laundry & separate entry. If you are not an investor then this would be a perfect starter home with a mortgage helper! Flat lot, fenced yard with newer roof and HW heater. Open House Sunday, Jan 19, 2-4 pm
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I have sold a property at 402 1415 PARKWAY BLVD in Coquitlam
I have sold a property at 402 1415 PARKWAY BLVD in Coquitlam.
Cascade, an unique concrete apartment adjacent to Westwood Plateau Village & Summit Middle School. This very well maintained home is situated on the best side of the building with spectacular city view. it features two bedroom & baths and an extra large balcony, upgraded granite finished kitchen counter top, stainless high quality appliances, high grade hardwood flooring on the living room. 2 parking stalls are located on the same level with unit, Convenient location to all levels of school, shopping, bus, golf course & trails, a must see.
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architecture, building, construction, real estate and home concept - close up of living house model on blueprint with repair tools


 
  


  • Home prices increase 2.2 percent in Q4 as buyers continue to move off the sidelines

  • Greater Toronto Area home prices heat up as demand outstrips supply

  • Greater Montreal Area sees the strongest appreciation rate in almost a decade

  • For what is believed to be the last time this business cycle, Greater Vancouver home prices decline year-over-year — and stabilize on a quarterly basis

TORONTO – BUSINESS – According to the Royal LePage House Price Survey released today, the aggregate1 price of a home in Canada increased by 2.2 percent year-over-year to $648,544 in the fourth quarter of 2019. Similar to the third quarter, potential buyers are continuing to come back to the real estate market. In the first half of 2019, buyers had remained largely at the sidelines waiting to gauge the potential impact of the federal mortgage stress test.

“We have successfully navigated the first significant national housing market correction since the Great Recession a decade ago,” said Phil Soper, president, and CEO, Royal LePage. “While the drop in the number of properties bought and sold during the 2018-19 downturn was large, the value of homes in Canada held up remarkably well, with only minor, single-digit declines in the areas of Ontario and B.C. that had experienced the most aggressive price inflation in recent years, and of course those regions still suffering from a downturn in the oil and gas sector.

“The federal government has signaled that changes could come to the mortgage stress test mechanism in 2020,” said Soper. “The stress test pushed people out of real estate markets across Canada temporarily. For the most part, buyers have adjusted, yet it still represents a significant hurdle as families pursue the dream of owning their own home.”

Soper added that the impact of the regulations-driven drop in demand is felt very differently in different parts of the country.

“We believe policymakers have the necessary experience to modify the tool to meet the reality of today’s Canada – that we have very different and varied economies, and by extension housing policy needs, from region to region,” said Soper.

The Royal LePage National House Price Composite is compiled from proprietary property data in 64 of the nation’s largest real estate markets. When broken out by housing type, the median price of a two-story home rose 2.3 percent year-over-year to $761,817, while the median price of a bungalow increased modestly by 0.7 percent to $537,622. Data analyzed contains both resale and new build transactions, provided by Royal LePage’s sister company, RPS Real Property Solutions.

Across Canada, condominiums remained the fastest appreciating housing type, with the median price rising 3.3 percent year-over-year to $487,525. Largely, condominium data is weighted towards the country’s largest urban centres where the majority of them are found. The median price of a condominium rose 7.8 percent year-over-year to $565,919 in the Greater Toronto Area and 4.4 percent year-over-year in the Greater Montreal Area to $338,148 during the fourth quarter. However, national price gains were offset by year-over-year declines in Greater Vancouver’s real estate market where the median price of a condominium decreased 3.4 percent to $645,607. Nationally, after significant price gains in recent years in the condominium segment, double-digit gains have become rarer as the price of a detached home is now more attractive as the gap between the two segments tightens, especially for millennials looking for more space for their growing families.

According to the Royal LePage Market Survey Forecast, released in December 2019, the aggregate price of a home in Canada is expected to increase by 3.2 percent year-over-year in 2020, rising to $669,800. The company’s 2020 forecast is dependent on consistent economic conditions, assuming no new housing policy changes. Royal LePage’s 2020 forecast includes regional aggregate and housing type forecasts.

MARKET SUMMARIES

Greater Toronto Area

Low supply, population growth and increased consumer confidence continued to fuel home prices in the Greater Toronto Area. In the fourth quarter, the aggregate price of a home in the region increased by 4.8 percent year-over-year, rising to $843,609. During the same period, the median price of a standard two-storey home and bungalow increased 4.4 and 2.4 percent to $982,944 and $806,977 while condominiums rose 7.8 percent to $565,919.

“The Greater Toronto Area is at a pivot point where we are seeing signs that prices could begin to rapidly increase,” said Kevin Somers, Chief Operating Officer, Royal LePage Real Estate Services Limited. “The region has a very low supply of listings while we are seeing more potential buyers trying to enter the market.”

Home price growth varied significantly across the region. While some areas showed stabilizing prices and healthy price growth, many regions, including the city centre, showed the potential for rapidly accelerating appreciation rates driven by high demand and low inventory. Significant price gains were seen in Pickering and Mississauga, where the aggregate price increased 9.7 percent and 7.9 percent year-over-year, respectively. The aggregate price of a home in the City of Toronto increased by 6.6 percent year-over-year.

The cities of Ajax and Oshawa were the only two areas to show a year-over-year decline in aggregate price. The aggregate price of a home in Ajax and Oshawa decreased by 1.2 percent and 1.8 percent to $661,049 and $524,423, respectively.

Greater Montreal Area

In the fourth quarter of 2019, the aggregate price of a home in the Greater Montreal Area increased 6.3 percent year-over-year to $433,993, the highest rate of appreciation since the fourth quarter of 2010. High demand coupled with low inventory fueled two-storey and bungalow home prices as their median prices rose 7.2 percent and 5.9 percent respectively to $548,374 and $336,981. The median price of a condominium in the region increased 4.4 percent year-over-year to $338,148, posting the lowest increase among the three property types surveyed in the fourth quarter.

“The fourth quarter is historically the least active, but demand remained intact until the end of the year in the Greater Montreal Area,” explained Dominic St-Pierre, vice-president, and general manager of Royal LePage for the Quebec region. “This increased competition has not only reduced inventory, but it has also changed seller behaviour. Sellers are more likely to wait until they find their next home before listing their current home. At this point, the seller is experiencing the same frustration as the buyer with little selection to choose from and escalating prices. This exacerbates the inventory problem.”

St-Pierre added that the upward trend in price appreciation over the past three years in the region stems from the continued good economic performance driving growth in demand across all buyer segments.

“We are currently in a ‘perfect storm’ for an exceptionally competitive spring market: interest rates are low; employment rates are healthy; listing inventory is limited; and, all buyer segments are active, including first-time buyers, baby boomers, newcomers and foreign buyers,” said St-Pierre.

Greater Vancouver

While Greater Vancouver continued to show a year-over-year decline in home prices, the fourth quarter showed signs of a market-moving towards recovery. The aggregate price of a home in Greater Vancouver decreased by 4.8 percent year-over-year to $1,107,719 in the fourth quarter of 2019. In comparison, in the third quarter of 2019, the aggregate price of a home in the region had decreased 5.2 percent compared to the same period in the previous year.

Broken out by housing type, the median price of a standard two-storey home and bungalow in Greater Vancouver decreased 4.7 percent (-4.2% in Q3) and 6.7 percent (-7.6% in Q3) year-over-year to $1,443,918 and $1,195,003, respectively, while the median price of a condominium in the region decreased 3.4 percent (-5.9% in Q3) year-over-year to $645,607.

“Sales volume is up and inventory is decreasing. This is a good sign of a recovery on the horizon,” said Randy Ryalls, general manager, Royal LePage Sterling Realty. “We’re likely to see some moderate price growth after last year’s decline in prices. The window of opportunity for buyers to get a deal is closing quickly for most typical buyers. There remain some excellent opportunities in the luxury market.”

Ryalls added that Greater Vancouver’s real estate market was fairly balanced in the fourth quarter.

“Sellers were able to purchase a new home and then sell their current property in a pretty short window,” said Ryalls. “It was a healthy market for both buyers and sellers.”

Ottawa

Low inventory and a tight rental market continue to put upward pressure on Ottawa home prices. The aggregate price of a home in Ottawa had a healthy year-over-year increase of 5.3 per cent in the fourth quarter of 2019, rising to $493,947. The median price of a two-storey home increased 4.4 per cent year-over-year to $521,524 while the median price of a bungalow saw a strong increase, rising 10.1 per cent year-over-year to $501,195. During the same quarter, the median price of a condominium saw an increase of 2.1 per cent year-over-year to $329,828.

Ottawa’s real estate market saw healthy sales activity through December,” said Kent Browne, broker and owner, Royal LePage TEAM Realty. “If demand continues to outstrip supply, we expect to see further price growth this spring.”

Browne added that Ottawa’s strong local economy, supported by good employment, entices Canadians from other regions looking to move.

Calgary

While the recovery of Calgary’s real estate market has been slow, quarter-over-quarter price trends have been encouraging for homeowners. The aggregate home price in Calgary decreased 2.3 per cent year-over-year to $469,916 in the fourth quarter of 2019. However, in the last six months of 2019, the aggregate price of a home in Calgary increased 2.1 per cent, from $460,089 in the second quarter of 2019.

Broken out by housing type, the median price of a two-storey home decreased 1.0 per cent year-over-year to $514,139, while the median price of a bungalow decreased 4.1 per cent year-over-year to $488,521. Meanwhile, the median price of a condominium decreased 6.9 per cent year-over-year to $265,488.

“Sales have improved and inventory has gone down in both detached houses and townhomes. Buyers are taking advantage of reduced prices, primarily in the single-family home segment,” said Corinne Lyall, broker and owner, Royal LePage Benchmark. “There is still a surplus of condos available offering excellent choice for buyers looking at turnkey properties with little maintenance.”

Edmonton

Home prices in Edmonton were relatively flat in the fourth quarter. The aggregate price of a home in Edmonton decreased 0.7 per cent year-over-year to $379,426. Broken out by housing type, the median price of a standard two-storey home increased 1.2  per cent year-over-year to $435,426 and the median price of a condominium remained relatively flat, increasing 0.3 per cent to $230,969. During the same period, the median price of a bungalow decreased 5.1 per cent year-over-year to $361,943.

“Home buyers in Edmonton have adjusted to the mortgage stress test and sellers are making appropriate compromises,” said Tom Shearer, broker and owner, Royal LePage Noralta Real Estate. “Sellers are optimistic when meeting buyers that they are ready to make a purchase.”

Shearer added that he expects to see moderate growth in home sales this spring but price growth will be modest in 2020.

Halifax

The aggregate price of a home in Halifax remained relatively flat in the fourth quarter of 2019, decreasing 0.6 per cent year-over-year to $318,768. The median price of a two-storey home increased 0.4 per cent year-over-year to $336,353. The median price of a bungalow was flat with a decrease of 0.2 per cent year-over-year to $267,036, while the median price of a condominium saw a decrease of 3.7 per cent year-over-year to $319,897.

“Momentum and consumer confidence is building in Halifax,” said Matt Honsberger, broker and owner, Royal LePage Atlantic. “Rental inventory is tight, and inventory among homes listed for sale is a little over half of what it would have been last year. That’s the formula for price growth in the spring when demand escalates.”

Winnipeg

Winnipeg home prices saw strong gains in the fourth quarter. The aggregate home price in the region rose 7.4 per cent year-over-year to $321,346. During the same period the median price of a bungalow rose 5.3 per cent year-over-year and the median price of a condominium rose 1.1 per cent year-over-year to $306,293 and $232,875, respectively. The median price of a standard two-storey home increased 10.2 per cent year-over-year to $353,536.

“Sales are up across the detached home market, and sales of homes above $800,000 have been especially brisk,” said Michael Froese, managing partner, Royal LePage Prime Real Estate. “While demand has been strong, there is ample inventory, providing buyers a choice and maintaining affordability.”

Regina

The aggregate home price in Regina decreased 2.8 per cent year-over-year to $314,937 in the fourth quarter. The median price of a two-storey home increased 1.2 per cent and the median price of a bungalow decreased by 4.6 per cent year-over-year, to $387,892 and $286,402, respectively. The median price of a condominium decreased 15.0 per cent year-over-year to $200,261.

“Resale two-storey homes were struggling to compete against new build homes in 2018 as builders reduced prices to encourage sales,” said Mike Duggleby, managing partner, Royal LePage Regina Realty. “Now that the oversupply of new build homes is under control, resale homes are beginning to regain some of those price concessions.”

For more regional analysis, visit Royal LePage’s media room to find city-specific releases. The media room also contains royalty-free assets, such as images and b-roll, that are free for media use.

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New property listed in Westwood Summit CQ, Coquitlam
I have listed a new property at 1412 MAGNOLIA PL in Coquitlam.
Welcome to this great neighborhood! This spacious family home sits on a private lot and a cul-de-sac. Main floor includes a huge kitchen with stainless steel appliance, granite counters, breakfast bar and adjacent family room with F/P and access to your large patio and nicely landscaped yard. Sunken living room with gas fireplace and adjacent dining room, an office and laundry round out the main. Up are 3 bedrooms; incl master with 4 piece ensuite and a private deck. Down is the recreation room with F/P and wet bar, office and another large bedroom. A/C, in ground sprinklers, H/W flooring and plenty of storage. Awesome location close to shopping, great schools and recreation.
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Open House. Open House on Sunday, January 12, 2020 2:00PM - 4:00PM

Please visit our Open House at 1412 MAGNOLIA PL in Coquitlam.
Open House on Sunday, January 12, 2020 2:00PM - 4:00PM
Welcome to this great neighborhood! This spacious family home sits on a private lot and a cul-de-sac. Main floor includes a huge kitchen with stainless steel appliance, granite counters, breakfast bar and adjacent family room with F/P and access to your large patio and nicely landscaped yard. Sunken living room with gas fireplace and adjacent dining room, an office and laundry round out the main. Up are 3 bedrooms; incl master with 4 piece ensuite and a private deck. Down is the recreation room with F/P and wet bar, office and another large bedroom. A/C, in ground sprinklers, H/W flooring and plenty of storage. Awesome location close to shopping, great schools and recreation.
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Open House. Open House on Sunday, January 12, 2020 2:00PM - 4:00PM

Please visit our Open House at 1271 NESTOR ST in Coquitlam.
Open House on Sunday, January 12, 2020 2:00PM - 4:00PM
Investment opportunity! This revenue property is currently tenanted up and down and generates a good income. The New Horizon home is in a great location; steps to elementary school and close to Skytrain, Coquitlam Centre, and recreation at Lafarge Lake/Town Centre Park. Upper floor with 3 bedrooms, large living/dining area and kitchen with eating area and deck access. Down is a two bedroom suite with own laundry & separate entry. If you are not an investor then this would be a perfect starter home with a mortgage helper! Flat lot, fenced yard with newer roof and HW heater.
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Open House. Open House on Saturday, January 11, 2020 2:00PM - 4:00PM

Please visit our Open House at 134 PARKSIDE DR in Port Moody.
Open House on Saturday, January 11, 2020 2:00PM - 4:00PM
Quiet & desirable Heritage Mountain neighborhood for this renovated family home. Bright and inviting with many recent updates to all those important items: roof, gutters, flooring, furnace and hot water tank. Main floor includes living room with vaulted ceilings, formal dining room, kitchen with SS appliances, granite, maple cabinetry, eating area and adjacent family room. Rounding out the main are a den and laundry. Up are 4 bedrooms, master with W/I closet and totally updated 5 piece ensuite. Down is a self-contained, 2 bedroom suite with it's own entry and laundry. Beautiful yard includes a large patio with hot tub & gazebo and a play area. Close to great schools, shopping and recreation.
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New property listed in Coquitlam West, Coquitlam
I have listed a new property at 502 607 REGAN AVE in Coquitlam.
LOVELY 1184 SQ FT CONDO WITH HUGE PATIO. 2 BED and DEN located steps from the Burquitlam Skytrain Station, makes it an easy commute to downtown Vancouver, colleges, SFU, entertainment, recreation and shopping throughout the lower mainland. A contemporary building, the best floor plan, a common rooftop patio and timeless interior design! At Regan West you are just a short stroll from parks shopping and new community amenities. Also comes with 1 parking stall and 1 storage locker. Estimated completion is summer 2020. RENTALS ALLOWED.
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Open House. Open House on Saturday, January 4, 2020 2:00PM - 4:00PM

Please visit our Open House at 1412 MAGNOLIA PL in Coquitlam.
Open House on Saturday, January 4, 2020 2:00PM - 4:00PM
Welcome to this great neighborhood! This spacious family home sits on a private lot and a cul-de-sac. Main floor includes a huge kitchen with stainless steel appliance, granite counters, breakfast bar and adjacent family room with F/P and access to your large patio and nicely landscaped yard. Sunken living room with gas fireplace and adjacent dining room, an office and laundry round out the main. Up are 3 bedrooms; incl master with 4 piece ensuite and a private deck. Down is the recreation room with F/P and wet bar, office and another large bedroom. A/C, in ground sprinklers, H/W flooring and plenty of storage. Awesome location close to shopping, great schools and recreation. Open House Sat. & Sun., Jan 4th & 5th, 2-4:00 pm
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Open House. Open House on Sunday, January 5, 2020 2:00PM - 4:00PM

Please visit our Open House at 1412 MAGNOLIA PL in Coquitlam.
Open House on Sunday, January 5, 2020 2:00PM - 4:00PM
Welcome to this great neighborhood! This spacious family home sits on a private lot and a cul-de-sac. Main floor includes a huge kitchen with stainless steel appliance, granite counters, breakfast bar and adjacent family room with F/P and access to your large patio and nicely landscaped yard. Sunken living room with gas fireplace and adjacent dining room, an office and laundry round out the main. Up are 3 bedrooms; incl master with 4 piece ensuite and a private deck. Down is the recreation room with F/P and wet bar, office and another large bedroom. A/C, in ground sprinklers, H/W flooring and plenty of storage. Awesome location close to shopping, great schools and recreation. Open House Sat. & Sun., Jan 4th & 5th, 2-4:00 pm
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Open House. Open House on Saturday, January 4, 2020 2:00PM - 4:00PM

Please visit our Open House at 1271 NESTOR ST in Coquitlam.
Open House on Saturday, January 4, 2020 2:00PM - 4:00PM
Investment opportunity! This revenue property is currently tenanted up and down and generates a good income. The New Horizon home is in a great location; steps to elementary school and close to Skytrain, Coquitlam Centre, and recreation at Lafarge Lake/Town Centre Park. Upper floor with 3 bedrooms, large living/dining area and kitchen with eating area and deck access. Down is a two bedroom suite with own laundry & separate entry. If you are not an investor then this would be a perfect starter home with a mortgage helper! Flat lot, fenced yard with newer roof and HW heater.
Read

Open House. Open House on Sunday, January 5, 2020 1:00PM - 3:00PM

Please visit our Open House at 134 PARKSIDE DR in Port Moody.
Open House on Sunday, January 5, 2020 1:00PM - 3:00PM
Quiet & desirable Heritage Mountain neighborhood for this renovated family home. Bright and inviting with many recent updates to all those important items: roof, gutters, flooring, furnace and hot water tank. Main floor includes living room with vaulted ceilings, formal dining room, kitchen with SS appliances, granite, maple cabinetry, eating area and adjacent family room. Rounding out the main are a den and laundry. Up are 4 bedrooms, master with W/I closet and totally updated 5 piece ensuite. Down is a self-contained, 2 bedroom suite with it's own entry and laundry. Beautiful yard includes a large patio with hot tub & gazebo and a play area. Close to great schools, shopping and recreation.
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