Anna Asi, M.A.

Vancouver home prices fall for fifth consecutive month

OTTAWA — Homes prices edged down 0.2 per cent in February from the month before but were still 6.1 per cent higher than a year ago, according to a well-watched housing index.

The month-over-month decline was the third such retreat in the past four months for the Teranet-National Bank National Composite House Price Index, released Wednesday, which measures price changes for repeat sales of single-family homes.

In January, prices rose 0.1 per cent.

Teranet's report showed prices falling from the previous month in six of the 11 metropolitan markets surveyed.

In Canada's two hottest real-estate markets, prices in Vancouver fell 0.3 per cent, the fifth consecutive decline, while prices in Toronto rose by just 0.1 per cent. On a yearly basis, however, Toronto prices were 10 per cent higher.

Nationally, prices were 6.1 per cent higher than a year ago. In January, prices were 6.5 per cent higher.

The data is likely to show up on the radar of Bank of Canada governor Mark Carney, who has repeatedly warned that Canadians are piling on too much debt as they buy homes whose prices keep rising.

At a House of Commons finance committee meeting Tuesday, Carney warned that house prices in relation to income levels are now running 35 per cent above historical norms.

Last week, the Canadian Real Estate Association reported that seasonally adjusted sales in March rose 1.6 per cent from year-earlier levels, although the national average home price declined 0.5 per cent to to $369,677.

"It is a fact that according to CREA (the Canadian Real Estate Association) data for March, five of the 11 markets covered were rather favourable to sellers (Toronto, Hamilton, Winnipeg, Halifax and Quebec City). Overall, the Canadian market is nevertheless balanced," said National Bank senior economist Marc Pinsonneault.

Metropolitan area % change m/m / % change y/y

Calgary / -0.6 % / +1.3 %

Edmonton / -1.0 % / +1.1 %

Halifax / +0.4 % / +2.3 %

Hamilton / -0.8 % / +7.5 %

Montreal / +0.2 % / +4.4 %

Ottawa / -0.4 % / +4.6 %

Quebec / +1.6 % / +5.6 %

Toronto / 0.1 % / +10.0 %

Vancouver / -0.3 % / +6.2 %

Victoria / -1.1 % / -1.7 %

Winnipeg / +0.2 % / +8.2 %

National Composite / -0.2 % / +6.1 %

Source: Teranet-National Bank National Composite House Price Index

Cat: Vancouver Real Estate

Vancouver Real Estate Market Monthly Newsletter by Anna Asi - March 2012

• Official Market Type Downtown: Sellers market with a 24% Sales Ratio translating to 1 in 4 homes selling
• Downtown is hot! Sales up 39% and Buyers paid 1.5% off list price on average keeping prices virtually unchanged
• Most Active Price Band +/- $1 mil: $300,000 to $400,000 with 2 in 5 homes selling; $1 to $1.25 mil with 1 in 5 homes selling
• Buyers Best Bet under $1 mil: Coal Harbour homes between $800,000 - $1 mil with 1 in 10 homes listed selling
• Hottest Neighbourhood: Yaletown with 3 in 10 homes selling

Vancouver West Side (House):

• Official Market Type Westside Detached: Balanced market with average 19% sales ratio (2 in 5 selling)
• Westside is feeling a spring chill. Sales & average sale price take a breather as Buyers also catch their breath slowing things
• Most Active Price Band: $1.25 to $1.5 mil (almost 50/50 selling); $2 to $2.25 mil (3.5 in 10 selling)
• Buyers Best Bet: Homes in Oakridge, SW Marine and Shaughnessy valued $3.5 mil and greater
• Sellers Best Bet: Homes to sell in Dunbar, Kitsilano, Southlands and University

Vancouver West Side (Apartment):

• Official Market Type Westside Attached: Balanced market continues with 2 in 10 homes selling
• Buyers are making Sellers dreams come true paying on average 11% more than February and above list price (100.3%)
• Most Active Price Band +/- $1 mil: $300,000 to $500,000 (3 in 10 sell); $2 to $2.25 mil and $2.75 to $3 mil (1 in 3 sell)
• Buyers Best Bet: Real estate between $500,000 to $600,000 and $1.75 to $2 mil in Cambie, Shaughnessy & University
• Sellers Best Bet: Real estate to sell in Kitsilano, Marpole and Point Grey

Sales increase over same period in 2010

Whistler and Pemberton offer best prices

Sales activity reported for the Whistler and Pemberton areas for the first three quarters of this year indicates a strong increase in the interest in real estate purchases as compared to the same period in the previous two years. All categories, other than single-family building lots, showed significant increases in unit sales volume as compared to the first three quarters of last year. Sales values continue to consolidate as the lack of buyer urgency and historically high number of properties offered continue to affect price negotiation.

However, as price normally follows volume in our marketplace, the increasing levels of transactions indicate that further market-wide decline in value is unlikely. The current average sales value of a single-family home (after adjusting for outliers) is $1,295,600. For condominium hotels the average sales value is $325,000; for townhomes $649,000 and for quarter-shares $129,730. Single-family lots continue to lack sufficient sales to present a reliable picture of value trends.

Buyers of Whistler properties continue to focus on family orientated properties that they can use immediately, are in good repair, have quality construction, and have low annual ownership costs.

As lifestyle considerations are the primary motivation for the purchase decision, it is just as important to sell the experience of Whistler as it is to sell the features of the home.

The Pemberton market activity continues to be affected by the large amount of employee-orientated housing provided in the last two years in Whistler, although more rural properties and acreages continue to attract interest from both Whistler and Vancouver residents. The average sales volume in the area of a single family home is $473,800; a condominiums is $220,000; and a townhouse is $305,000. Pemberton continues to offer the best prices for a homebuyer in the Sea to Sky corridor.

Whistler Market statistics are heavily influenced by 'outliers' in activity that occur either in the bottom five or top five per cent of represented values. For the purpose of this article, the outliers have been removed from the analysis to give a better description of the general market.

Submitted by Pat Kelly, Broker/President, The Whistler Real Estate Co Ltd.

© Copyright (c) The Vancouver Sun

Cat: Whistler Newsletter

West Vancouver Real Estate Boom

Cat: West Vancouver Real Estate

Greater Vancouver housing market sees typical spring activity in April

VANCOUVER, B.C. – May 3, 2011 – Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.

Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.

“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline.

At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.

“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-todate market evaluation.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.

Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.

Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.

Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.

Cat: Vancouver Real Estate

West Vancouver Evelyn project up for grabs

Troubled development went into receivership in December, records show

West Vancouver's troubled Evelyn development is up for sale.

A Supreme Court order to place the property into receivership was made in December after the developer, Millennium Evelyn Properties Ltd., defaulted on a $72 million mortgage. Now creditors are awaiting its sale to collect their debts. That court decision had been sealed until earlier this week.

The Sentinel Hill development has been appraised at $100 million, but David Bowra, president of the Bowra Group, the newly appointed receiver for the property, said he's not sure how much it will actually sell for.

"I have no idea what it's worth; it's worth what someone will pay for it," said Bowra.

"I mean, it's a big chunk of real estate and it's a lot of money. There are probably a fairly limited number of people who could acquire a piece of property like that. And it's not just acquiring the property, it's developing it as well."

The City of Vancouver, which is owed money from Millennium Development Corp.'s Olympic Village project, is listed as one of the charge holders against Evelyn, but Bowra couldn't confirm whether or not the city will receive any money.

"I don't know if they're actually owed money or if their mortgage has been assigned, but . . . there are a lot of other people who would have to get paid ahead of them," he said.

As for the buyers who have pre-purchased 31 of Evelyn's 109 condominium units, their money is safe in a lawyers' trust, according to Bowra. And while they're free to get it back, most of them appear to want to see the project through, he said.

"The vast majority . . . are still very interested in buying a unit in the development; I think the number I heard was 80 per cent," he said.

"I'd like to think in the next 30 to 60 days, we'll have some definitive news for them, one way or another."

The District of West Vancouver is also eager to see the long-awaited project get rolling.

"I think the receiver, his job will be to deal with the property very quickly, as quickly as possible. So that, I would say, bodes well for moving ahead," said Geri Boyle, manager of community planning for the municipality.

"The community worked hard to come up with an agreement working with a developer and I think they've been disappointed to see it sit as sort of a construction site for so long."

In response to Millennium's claims that municipal approvals took longer to achieve than anticipated and "land lenders lost patience with the long process," Boyle partially agreed.

"It was a complicated process, certainly getting through the zoning probably took longer than they anticipated," she said.

No building permits have been issued to date, but if a new developer were to buy the property they could proceed under the approved master plan.

Millennium Development Corp. is behind both the Evelyn Drive project and the Olympic Village development, which is also in receivership. The latter first ran into problems when its financial backer, Fortress Investment Group, pulled out in 2008 and was replaced by the City of Vancouver. The city has yet to recover its $740-million loan.

© Copyright (c) North Shore News

Cat: West Vancouver Real Estate

Mainland Chinese Are Buying Real Estate in Vancouver

Vancouver House Prices Rise - Seller's Market

Real estate market calm expected to follow hectic 2010 in Metro Vancouver

Home sales forecast to increase modestly across B.C. as prices stabilize

VANCOUVER - If there's one sentence to sum up B.C.'s real estate picture in 2011, it's probably "Let's take a breather."

While Metro Vancouver prices rose fairly sharply over the past year, the same wasn't true in the Interior and other parts of the province where prices were flat and sales stalled.

A combination of low interest rates, relatively stable prices throughout the province and a gradually improving economy helped by the 2010 Winter Olympics brought buyers -- especially first-time buyers -- back into the market after a recessionary slump.

Those conditions are expected to continue in 2011, although interest rates are predicted to gradually rise.

That may keep a lid on housing prices, which are also expected to rise a bit, although less than in 2010.

However, there will be no repeat of 2010's price bump.

"When you look at 2010, we saw fewer sales than 2009 [across B.C.]," Cameron Muir, chief economist for the B.C. Real Estate Association, said in an interview. "Since [July], we've seen a modest increase in consumer demand."

Muir said he expects the province will see that continue into 2011, although the sales numbers aren't expected to post any records or rise above the 10-year average.

"I'd expect housing sales to be around 80,000 to 82,000 units in 2011. We're likely to see a six-to seven-per-cent increase in housing sales this year compared to last year."

Muir said job growth and rising incomes will underpin demand, although higher interest rates in the second half of the year will partly offset the benefits of more economic activity.

"There will be a much more gradual increase in consumer demand and less volatility. There will be more stable market conditions this year."

Robyn Adamache, senior market analyst for Metro Vancouver with Canada Mortgage and Housing Corp., said in an interview that she doesn't see any huge changes this year over 2010.

"We're expecting a slight increase in sales, about five to six per cent, for 2011.

"For 2010, we were around 31,000 sales.

"For 2011, we're expecting 33,000 sales."

However, Adamache said Metro Vancouver should see much less price growth in 2011.

"In 2010, we saw a 14-percent increase in prices.

"We're calling for a three-percent increase in 2011."

Adamache said she expects that mortgage rates will creep up later in 2011, although not dramatically. "So, that will put a bit of a damper on sales."

Tsur Somerville, director of the centre for urban economics and real estate at the University of B.C.'s Sauder School of Business, said he doesn't like forecasting the future, but nevertheless believes that 2011's real estate picture will be largely determined by the speed of the recovery and the Bank of Canada's action on interest rates -- and how that reflects on mortgage rates.

Ron Antalek, a realtor with ReMax Ridge Meadows Realty, said in an interview that he's seeing an uptick in buyers who believe interest rates are heading north.

He believes there will be a modest increase in both pricing and demand this year.

"The vast majority of buyers are convinced that prices won't decline and that interest rates will rise.

"So, they feel their investment is safe.

"Sales are picking up." Mike McDougall recently took possession of a new detached home in Maple Ridge after moving to B.C. from Alberta.

"Hopefully, it was a good time to purchase," McDougall said in an interview.

"From what I hear, it was. I think there's still potential for rates to go up."

McDougall, who moved into his new home on Jan. 12 with his wife and two small children, said he was also comfortable with the price he paid.

Whistler Real Estate Prices

Building Too Close

Real estate lawsuit in Vancouver

First Nation Developments in Vancouver

Building Boom on Indian Land?

Vancouver Prices Soared in 2010

Average BC home price hits record high of $505,178 in 2010
BCREA: Sales fell 12%

VANCOUVER - The average price for a home in British Columbia reached a record high of $505,178 in 2010, the B.C. Real Estate Association says.

Home sales fell 12 per cent last year to 74,640.

The BCREA cited fewer active listings and increased consumer demand in a news release this morning.

"Tighter credit conditions and expended pent-up demand curbed home sales during the first half of 2010,” Cameron Muir, BCREA chief economist, said in the release.

“However, low mortgage interest rates and improved economic conditions buoyed home sales in the latter half of the year.”

"The inventory of homes for sale peaked at 53,375 units in May before declining 14 per cent to 46,000 units by December,” added Muir. “The combination of fewer active listings and increased consumer demand has improved market conditions in many areas."

Below is the district-by-district breakdown of average home prices in BC:

BC Northern: 192,971, down 5.8 %
Chilliwack: 264,266, down 13.8%
Fraser Valley: 444,258, down 0.5%
Greater Vancouver: 700,773, up 11.7%
Kamloops: 288,009, down 5.5 %
Kootenay: 256,013, down 8.4%
Northern Lights: 175,403, down 19.5%
Okanagan Mainline: 393,512, down 3.6%
Powell River: 275,732, up 19.8%
South Okanagan: 282,308, down 19.3%
South Okanagan: 282,308, down 19.3%
Victoria: 496,814, down 4.9%

Courtesy of Vancouver Sun.

Vancouver property taxes to rise 4.2 per cent
City’s operating budget climbs to $1.03 billion

VANCOUVER — Vancouver city council approved on Tuesday a modest 2.2-per-cent increase in its tax levy, breaking the $1-billion benchmark for its operating budget.

That increase will translate into a 4.2-per-cent property tax increase for homeowners and a tiny 0.2-per-cent increase for businesses. The disparity is a result of city council’s decision to continue shifting one per cent off the business tax base every year as part of a long-standing policy to rebalance residential and business tax rates.

In a surprise amendment Tuesday, Vision Vancouver councillors added $1 million to next year’s $1-billion operating budget, making minor adjustments to police, fire, library, parks board and homelessness programs.

The changes came after department heads had scrambled to cut $20 million from their budgets as part of a council directive to keep tax increases to two per cent.

The changes, which were not unanimously approved by council, include funding to help Vancouver Public Library restore hours at five branches. It also adds $200,000 to the Vancouver police department to deal with overtime issues arising from increased gang problems.

The fire department, which is trying to keep its firefighters current with changing safety rules, will get another $190,000 for training and expanding its diversity initiatives. Another $275,000 will boost the city’s plans to end street homelessness by 2015. The largest cuts restored went to the park board to amortize loans owed to the city and keep public washrooms open.

The city faces its largest operating budget ever of $1.03 billion. In November the city also approved a 2.75-per-cent increase in user fees, primarily related to sewer, water and waste utility services. Some of those services were provided by Metro Vancouver.

The city’s frail financial picture — made so by the still-struggling economy and the fact that the city is exposed to a $1-billion debt involving the Olympic Village — was not lost on most councillors.

Mayor Gregor Robertson said this last budget was the toughest for the Vision Vancouver-dominated council, which came into office in 2008 with great ambitions, only to weather a worldwide financial crisis and discover the city was on the hook for the Olympic Village. “I am hopeful we are on a positive track to the next term’s budgets being easier,” he said.

Coun. Suzanne Anton accused Vision Vancouver councillors of “cherry-picking” items they want in the budget.

David Cadman and Ellen Woodsworth, the two Coalition of Progressive Electors councillors, wanted council to suspend the property tax transfer from businesses to residences, saying Vancouver businesses already enjoy the lowest taxes in the country. Their motion was ruled out of order.

Courtesy of Vancouver Sun

Housing Market Recovers from Summer Doldrum

Vancouver, BC – December 14, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 20 per  cent in November from October 2010, on a seasonally adjusted basis. Compared to November of last year, MLS® residential unit sales were down 21 per cent to 5,647 units. The average MLS®  residential price rose 9 per cent to $523,394 in  Nove ber compared to the same month last year.

“Improved economic conditions and low mortgage interest rates have contributed to a 46 per cent  increase in home sales since July,” said Cameron  Muir, BCREA Chief Economist. Employment in  BC eclipsed the July 2008 record by 2,600 jobs last  month, while the unemployment rate dipped to 6.9  per cent, the lowest recorded since January 2009. 

“The inventory of homes for sale has trended lower  since last spring, improving market conditions in many areas of the province,” added Muir. Vancouver and Victoria climbed back into balanced market conditions in last month.

Year-to-date, BC residential sales dollar volume declined 4 per cent $35.5 billion, compared to  the same period last year. Residential unit sales declined 11 per cent to 70,382 year-to-date,  while the average MLS® residential price climbed 9 per cent to $504,042 over the same period. 

Region's property values keep climbing

Greater Victoria single-family house assessments are expected to climb from 1.3 per cent in Langford to 12.6 per cent in Sidney, says a company that crunches B.C. real estate data.

The predicted numbers were calculated by Landcor Data Corp. of New Westminster. B.C. Assessment will release official figures on Dec. 31.

B.C.'s real estate market is "still pretty stable," Rudy Nielsen, Landcor president, said Friday. "I predict sales of $48 billion for B.C. this year. Last year, we were at about the same. B.C. is holding its own. Best year we have ever seen was 2007 with $64 billion."

Many factors can influence assessments. If a large number of similar new housing units is developed, particularly over a number of years, that tends to balance out percentage increases, Landcor said. In Langford, for example, builders have been busy in recent years putting together large small-lot subdivisions.

Compare that to long-established and smaller Sidney which has not seen the same boom in housing construction.

Like B.C. Assessment, Landcor numbers refer to assessed values of properties as of July 1, so they do not necessarily reflect a property's current market value. The percentage difference compares 2010 with 2009.

To determine values, a range of criteria is used such as location, nearby sales, a home's age, quality, condition, recent improvements, finish and more.

In Greater Victoria, the average sale price for a single-family house was $636,634 in November, with a median of $530,000.

Landcor forecasts that the city of Victoria will see assessments rise by 12 per cent for single-family homes, and by 2.4 per cent for condominiums.

If a community has a high number of condos available for sale, that would tend to limit percentage changes, Landcor said. The capital region experienced a boom in multi-family construction before the recession hit in the fall of 2008.

Lake Cowichan's assessments are predicted to drop the most on the Island, by 28.5 per cent. That community has lacked a major employer since the Youbou mill closed in 2001.

Around B.C., upscale West Vancouver will likely have the largest percentage increase for detached houses, at 27.7 per cent, Landcor predicts.

John Barry, B.C. Assessment's communications manager, said assessments covering 1.9 million properties, will be mailed Dec. 31. People who signed up for electronic delivery could receive notices that day.

B.C. Assessment's website (bcassessment.bc.ca) will start showing assessments Jan. 1 to 3, allowing property owners to see basic information, he said.

Assessment notices include a personal access number allowing property owners to go online to obtain detailed information on up to eight properties. A wide range of information relating to the latest assessments will also be posted on the website.

© Copyright (c) The Victoria Times Colonist

MLS® stats show more sales, fewer property listings in November

Greater Vancouver residential home sales improved in November compared to the previous four months, with the number of sales posted on the Multiple Listing Service® (MLS®) coming in slightly higher than the 10-year average for that month.

The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,509 in November 2010. This represents a 7.4 per cent increase compared to October 2010 and an 18.6 per cent decline from the 3,083 sales in November 2009.

Looking back further, last month’s residential sales represent a 187.1 per cent increase over the 874 residential sales in November 2008, a 13 per cent decline compared to November 2007’s 2,883 sales, and a 6.4 per cent increase compared to the 2,358 sales in November 2006.

“Housing sales numbers were fairly typical for a November and indicate a fairly balanced market. Activity on the buyer side has been stable, with slight increases, over the last few months while the number of homes listed for sale in our region has declined each month since we reached a peak in June,” Jake Moldowan, REBGV president said.

Total active residential property listings in Greater Vancouver currently sit at 12,384, a 12.1 per cent decline from last month and a 12 per cent increase from November 2009. New listings for detached, attached and apartment properties declined 17.1 per cent to 3,030 in November 2010 compared to November 2009 when 3,653 new units were listed.

“Home values have been relatively stable over the last five months compared to the summer period when we were seeing some downward pressure on prices,” Moldowan said. “It’s the homes priced accurately for today’s market that are receiving a lot of attention and selling right now.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 4.1 per cent to $580,080 in November 2010 from $557,384 in November 2009. This price has remained virtually unchanged since June of this year.

Sales of detached properties on the MLS® in November 2010 reached 1,050, a decrease of 9.8 per cent from the 1,164 detached sales recorded in November 2009, and a 226.1 per cent increase from the 322 units sold in November 2008. The benchmark price for detached properties increased 5.6 per cent from November 2009 to $799,312.

Sales of apartment properties reached 1,052 in November 2010, a decline of 24.6 per cent compared to the 1,396 sales in November 2009, and an increase of 156.6 per cent compared to the 410 sales in November 2008.The benchmark price of an apartment property increased 1.9 per cent from November 2009 to $389,168.

Attached property sales in November 2010 totalled 407, a decline of 22.2 per cent compared to the 523 sales in November 2009, and a 186.6 per cent increase from the 142 attached properties sold in November 2008. The benchmark price of an attached unit increased 4.1 per cent between November 2009 and 2010 to $488,733.

Metro Vancouver housing became more affordable in the third quarter of 2010, according to the RBC Housing Affordability Index.

Or rather, the unaffordability of Metro Vancouver housing became less severe, because the notion of "affordability" in Vancouver's high-priced markets is always a relative term.

The latest edition of RBC's regular report noted that in the third quarter of 2010, Metro Vancouver's home ownership costs declined between 2.2 and 5.4 percentage points following five straight quarters of increasing costs.

That, report author Robert Hogue noted, was the biggest decline among major Canadian markets, "but is unlikely to change the perception that this is an expensive market to enter, because affordability remains very poor."

The RBC affordability measure is a calculation that estimates what percentage of the median family income in each market would be required to carry all the costs associated with home ownership (including payments on a standard 25-per-cent down, 25-year mortgage, property taxes, utilities and insurance).

In Metro Vancouver, a standard bungalow, with a purchase price of $672,500, would require 69 per cent of that median income to carry all its costs, which is down 5.4 percentage points from the previous quarter.

The standard two-storey home, with a purchase price of $766,300, would require 78 per cent of that median income, down 4.7 percentage points from the previous quarter.

Metro Vancouver condos are the most affordable with the average price of $390,400 taking up 40 per cent of that median family income, which was down just 2.2 percentage points from the previous quarter.

For comparison, however, in Toronto a standard bungalow with an average price of $466,600 requires 47 per cent of that city's median family income to cover ownership costs.

In Montreal, a typical two-storey home with an average price tag of $355,300 requires 51 per cent of that city's median family income carry its mortgage, utilities and taxes.

In Calgary, the standard condominium with an average price of $246,700 needs 23 per cent of the city's median family income to pay for it.
Relatively speaking, ouch.

In the report, Hogue said "such high ownership costs continue to weigh on demand, which remains fairly weak despite a modest pick-up in home resales in September and October."

And across B.C. in general, Hogue noted that B.C.'s housing affordability measures are "significantly above long-term averages,"

SALES on the troubled Evelyn Living project in West Vancouver have been suspended after financial backers filed to push the developers into receivership last week.

"For the time being, sales are suspended," said Lesli Boldt, a spokeswoman representing Rennie Marketing, the company that has been conducting pre-sales for the luxury development project.

Boldt said the real estate company has got in contact with the 31 buyers who have put down deposits and informed them about the court action. She said the deposits have been kept in a trust account and "are safe."

Last week, financial backers of the project including Peoples Trust Company, bcIMC Construction Fund Corporation and bcIMC Specialty Fund Corporation filed petitions in B.C. Supreme Court seeking a declaration the developers have defaulted on their $75-million mortgage. In the lawsuit, the backers ask the court to appoint a receiver and grant an order giving the backers control over the property to recoup their loans.

Tsur Sommerville, director of the Centre for Urban Economics and Real Estate at U.B.C.'s Sauder School of Business, said it's not clear yet what the receivership petition means to the future of the development, but "it's clearly a project that's in trouble."

Typically, a receiver will seek out a company that can take over the project the run it in the interests of the lenders. Usually that will mean proceeding with the project, but often dropping the price on the units to generate sales.

The first phase of the Evelyn project includes 109 units. But sales on the high-end units -- which range in price from $650,000 to $1 million -- have stalled in recent months.

Grant McRadu, chief administrative officer for the District of West Vancouver, said on Friday the municipality is aware of the petition filed by Millennium's backers, but hopes to see the development go ahead.

BY JANE SEYD, NORTH SHORE NEWS