Safeway site at Edmonds in Burnaby

According to Burnaby Now, Safeway is selling approximately 42 acres of land in South Burnaby, next to Byrne Creek Secondary School in the Edmonds area of Burnaby. This is prime Burnaby real estate. The property site is located between 11th and 14th avenues and from 15th to 18th streets, and is very large covering around eight square city blocks. According to the article in Burnaby Now, the Safeway property went up for sale on June 1, with no listed price. Safeway plans to take offers until July 5. You can read the full article on the Burnaby Now website.

The City of Burnaby has the area listed as multi-family residential in its official community plan. According to the Edmonds Town Center Plan (which was last updated April 2009), the site is marked as 'long term potential' and zoned as 1/2/6 and 3 on the plan.

  • 1 means 25 units per acre maximum - Ground - Oriented Multiple Family Dwellings
  • 2 means 40 units per acre maximum - Low Rise Apartments / Ground - Oriented Multiple Family Dwellings
  • 3 means 40 units per acre maximum - Low Rise Apartments
  • 6 means 12 units per acre maximum - Townhouses

According to the City of Burnaby website, Burnaby's Official Community Plan (OCP), is about defining directions. These directions will guide Burnaby's development and meet its anticipated needs over the next decade and beyond. They will also help ensure that Burnaby is an even more desirable place to live, work and invest in the future. According to the website, the OCP for Burnaby is primarily concerned with policy direction for the next 10 to 15 years. Burnaby's OCP envisions a more complete community, an environmentally aware community, a community of economic opportunity, a community with increased transportation choice, an involved community and a community within a livable region. This is all positive news for Burnaby and for the Greater Vancouver real estate market in general. No doubt real estate will continue to develop in Burnaby, and it is great to see that the city is planning and looking towards the future.

You can read more about Burnaby's Official Community Plan (OCP) on the City of Burnaby website.

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Property Photo: 204 2925 GLEN DR in Coquitlam

Here is an amazing property just listed at 204 2925 GLEN Drive in Coquitlam.

This two bedroom corner unit is very spacious at 963 square feet. This unit has updated kitchen countertops, cabinets and stainless steel appliances. Insuite laundry and gas is included. This property has an extra large outdoor deck with access from the master bedroom, second bedroom and living room.

This is a great opportunity to buy into a piece of Coquitlam real estate. The building itself was rainscreened in 2001, and a new roof was installed in 2000. Rentals are allowed (it was rented for $1225/mo). The location of this property is great--transit is right in front of the building, and Coquitlam Centre is directly across the street. West Coast Express is two blocks away. Glen Eagle School, Douglas College and Coquitlam Leisure Centre are also nearby. The Evergreen Line is coming to this area in a couple of years and this is likely to further increase value in this area. This is a great time to buy in! Click here for more pictures or watch the video tour by clicking here.

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Despite home prices still falling in the U.S. and talks of a double dip in house prices, things are looking a lot rosier this side of the border here in Canada. The Greater Vancouver real estate market sees no sign of slowing as the Real Estate Board of Greater Vancouver's (REBGV) monthly press release showed increases residential property sales of detached, attached and apartment properties. According to their report, residential property sales reached 3,377 in May 2011, up 7% on May 2010 and up 4.7% on April 2011 which had 3,225 sales.

New listings for detached, attached and apartment properties in Greater Vancouver were up 1.4% at 5,931 in May 2011. However this was a decrease of 15.4% compared to May 2010 numbers. However May 2010 was an exceptional month, as that was the second highest total for any May on record. May 2011 home sales were at a more typical level. In terms of active listings, the total number of residential property listings on the MLS® was up by 2% in May compared to April, but was down by 16% on May 2010 numbers.

According to the REBGV's MLSLink Housing Price Index, every area within the Board's jurisdiction seen an increase in detached house prices, except Port Moody and the Sunshine Coast (year-on-year). Richmond seen the biggest price increase at 25.8%, West Vancouver was next at 20.1%, and Burnaby real estate prices were third in the list with a 15.1% increase. Coquitlam, Port Coquitlam and Maple Ridge all saw increases under the 10% range, but all areas increased nonetheless.

For attached properties, every area saw an increase in prices year-on-year, except Coquitlam (-1.5%) and Maple Ridge & Pitt Meadows (-0.2%). These decreases are very insignificant however, and will most likely increase again in the coming months. The biggest gains in price levels for attached properties were Richmond (+8.2%), Vancouver East (+6.3%), and Vancouver West and Burnaby which were both at (+4%).

For apartments or condos, every area saw an increase in prices year-on-year, except Maple Ridge & Pitt Meadows (-4.2%), Port Moody (-4.1%), and North Vancouver (-3.4%). The areas with the biggest price increases for apartments or condos were Richmond (+5.7%), Burnaby (+3.9%), and Vancouver East (+2.7%).

These numbers are all based on the benchmark price, which is the estimated sale price of a benchmark property, and represent a typical property within each market.

For more details on the May 2011 real estate stats and figures, see the Real Estate Board of Greater Vancouver website.

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