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Boffo Homes brings TowneWalk to life in a quiet, residential Burnaby neighbourhood that is close to everything ›› p.4

Metro Vancouver market

October 14, 2010

B.C. Real Estate Association chief economist Cameron Muir says the Metro Vancouver housing market will likely see a modest increase in sales and little to no movement on home prices during the next few months. Martin Knowles photo

Housing: ‘flat is the new up’ As prices flatten out, the Metro Vancouver market balances out TRICIA LESLIE Housing sales in Metro Vancouver are down, then they’re up. Same with home prices and housing starts. One week it’s a buyer’s market and the next, it’s a hot market for sellers.

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Homeowners can be passionate about following every single trend and headline related to the Metro Vancouver housing market – but when the headlines focus on decreases in local home sales or prices, many see that as a sign the local market isn’t doing well. But the local residential real estate market has fared better than most Canadian markets – and far better than any in the United States – especially during the recent global economic crisis and related recession.

“I think that part of what’s happened here is we’ve normalized the past few years,” says Canada Mortgage and Housing Corporation senior market analyst Robyn Adamache. “We’ve gotten so used to crazy hot market conditions, so when the market is balanced, people worry.” Indeed, at two current Metro Vancouver developments – Onni’s Ora in Richmond and Boffo Homes’ TowneWalk in Burnaby – CONTINUED ON P.2

Positive outlook at GVHBA event TRICIA LESLIE It’s a great time to be a homebuilder in Vancouver. At the Greater Vancouver Homebuilders’ Association annual election and awards dinner last week, Polygon president and CEO Neil Chrystal outlined the Top 10 Reasons why it is a great time to be a homebuilder in Metro Vancouver. First and foremost, Cwhrystal told the crowd, we live in a beautiful, safe city with world-class education and health care access in a stable political climate. “Don’t lose sight of that,” he said. Natural land constraints and a pro-busi“B.C. has ness government are the bounced next two reasons, Chrystal said, noting he is back hopeful the GVHBA and quite other industry organizastrongly.” tions are successful in their lobbies to mitigate the impact of the HST and property transfer taxes related to homes. The HST may have become “a bit of a crutch” for the residential real estate sector, as it is easy to lay blame for slower sales at the hated tax’s door, Chrystal said. An excellent infrastructure system, with several new projects underway, is another reason why it’s a great time to build in Metro Vancouver, Chrystal said, while positive job growth is the fifth reason. “B.C. has bounced back quite strongly,” Chrystal said, not only due to the Olympics, but to “continued momentum of job growth” in other sectors including tourism and infrastructurerelated employment. CONTINUED ON P.6

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