Gay Realty Watch: Vancouver, BC

Vancouver, BCWe continue our look into local real estate markets with large gay and lesbian communities. Today, Vancouver, BC, in our friendly neighbor to the north – Robson Street Shopping, Davie Street’s Gay District, and yes, Bubble Tea. Here’s a sampling of what’s going on in the Vancouver real estate market at the moment:

Canadian home prices post modest gain - Canadian existing home prices made their smallest gain in 16 months during August, according to the Teranet-National Bank Composite House Price Index. In a report released Oct. 27, Teranet-National Bank found that prices rose just 0.2 per cent in August from July. The index measures the prices of homes that have sold at least two times to track real estate activity in six major metropolitan areas, but provides no actual prices. The index also found that for the second straight month prices did not rise in all six markets. The Calgary index fell 0.5 per cent during August, while Vancouver slipped for a second straight month, down 0.4 per cent.

Only one quarter of B.C. boomers own their home mortgage-free - Boomers in British Columbia are the least likely in the country to own a home and be mortgage-free. Though nearly three-quarters of Canadians say it is important that they pay off their mortgage fully in time for retirement, the TD Canada Trust Boomer Buyers Report found that only 24% of B.C. boomers own their home mortgage-free. Nearly one third of B.C.’s boomer homeowners have more than 60% of their mortgage left to pay off.

Proposed Burrard Street real-estate project may include art gallery - A proposed $500-million real-estate development near the north end of the Burrard Bridge could provide the city with a new art gallery. Jon Stovell, president of Reliance Properties Ltd., told the Straight by phone that in return for obtaining higher density on the site, his company and Jim Pattison Developments Ltd. will have to provide amenities to the city.

Triple-tower project proposed for Vancouver - Downtown Vancouver’s skyline could be in for more change if rezoning is granted to a new development that would feature three new towers. The 774,000-square-foot development across 23 lots would see two residential towers of 36 and 48 storeys and one 13-storey office building constructed. Tagged Burrard Gateway, the Reliance-Pattison initiative would take at least four-and-a-half years to build, at a cost of about $500 million, its proponents say.

Canada’s real estate overvalued, survey says‎ – Canadian house prices are overvalued, but not as much as those in Australia, Hong Kong or France, according to a new worldwide survey. The data published in The Economist magazine’s annual survey shows Canadian homes cost on average 23.9 per cent more than they are worth. That’s somewhere around the middle of the pack. The scale ranged from Australia at the high end, where homes are 63.2 per cent overvalued, to Japan at the low end, where houses are 34.6 per cent undervalued.

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