Welcome to my Burnaby Real Estate Blog!

I offer all sorts of useful information on the local market and am happy to put together both useful tips and reports on conditions in the marketplace. I feature news and information from Greater Vancouver in this section as well.

Wednesday November 30th, 2011 - Foreign Investment in Burnaby Real Estate Drives Up Prices

Just how much of the real estate in Burnaby is being bought up by foreign investors? An informal poll, done by the Real Estate Board of Greater Vancouver, shows that number to be between 10 and 12 percent. And of that, all but three percent are buying homes to live in, either for themselves or family members.

But it is that 12 percent of sales that is forcing the price of real estate in certain parts of the city to skyrocket. Some are asking for more restrictions placed on foreign home sales, but Rosario Setticast, with the local real estate board, thinks there is another way to keep prices down.

One way is to look at density. There is a finite bit of land in Vancouver. Once you get to the shoreline, that’s it. This is one other factor that keeps real estate prices on the high side. Setticast believes that by building more multiple home complexes, such as condos, home prices can be kept affordable for all.

As far as the restrictions on foreign sales, other provinces do have them, but most of them pertain to recreational or rural lands, and usually require the buyers to live on the property and work the farmland. Canadians that head south each winter to Florida face higher property taxes. Other countries that have restrictions include Australia, Japan and China.

Friday November 4th, 2011 - $8 Million Seaspan Contract a Boon For Graduates of BCIT

The awarding of the $8 billion federal shipbuilding contract last week to Seaspan facilities in both North Vancouver and Victoria are boosting the spirits of many in the area. One of those lucky workers is Cameron Ius, a student at the British Columbia Institute of Technology. Ius just happens to be a first-year millwright apprentice at Seaspan’s North Vancouver location.

The one-time carpenter switched to working with metal after several years of building walls and getting differing opinions on what was what. Ius’ move turned out to be one lucky break. The federal contract could mean more than 4,000 jobs in British Columbia, both at the shipyard and supporting companies. It also means that other graduates of that same BCIT have a better chance of finding well paid work.

Millwrights are sought after because they can adapt to different tasks. They have skills in not only metal fabrication, but in plumbing, electrical and a range of mechanical jobs. Seaspan uses all these skills in shipbuilding, and at present there are not very many certified journeymen millwrights available. Some may be persuaded to move to Seaspan with sizeable salary offers, but it is likely that Seaspan will be training quite a few new workers.

Effects are already being seen at BCIT. This year, in Ius’ Foundation class, almost half the class had jobs before the course was finished. In his prior class less than four students found work by the end of term. The dean of BCIT, Rod Goy, is encouraged. The Seaspan contract will mean there will be available work for decades.

Friday September 30th, 2011 - Metrotown, Shoppers Haven, Eyed By Developers

In Burnaby it’s all about the shopping. Dubbed Metrotown, the three shopping centres that line Kingsway do tempt those who window-shop or actually go inside and do a bit of serious buying. Add to that a convenient library, a new SkyTrain Station and an office tower and this shopping haven was considered the place to see and be seen.

Now it seems that this trendy neighborhood will be adding some condos to the mix. Bosa Properties is building Sovereign, a combination hotel-condo-retail development right in the middle of shopping central. The condos went on sale this past February and were sold in a single day, all $98 million worth. This was on spec, since the project won’t be finished until sometime in 2014.

Other developers are taking note. One is Gurkripa Holdings Ltd, who wants to build another condo tower with retail space at 6380 Silver Avenue. This is just a bit south of the SkyTrain Station. The application for rezoning has been submitted, and if it goes through, the new development will replace the vintage three-storey building already there.

Another development in the rezoning stage is at 4249 and 4265 Sardis Street. That developer, Otivo, is also trying to acquire a third lot, but as of now the owner doesn’t want to sell. Designers have altered plans so the two lots will work. Both rezoning applications will be considered on October 25th at a public hearing.

Wednesday August 24th, 2011 - Cool Spring and Summer in Vancouver Good for Air Quality and Fire Prevention

Vancouver has seen a cooler than normal summer so far. While that may put a frown on the faces of local residents at times, the upside is that the fire danger is diminished and the air quality is better. Forest fires have been minimal in the interior of the province. So far this year there have been no air quality advisories. Last year there were two that covered six days.

The hottest days so far this summer were those this past weekend. Abbotsford reached 30.6 C on Saturday and Metro Vancouver got to 27.4 C. That was Abbotsford first day with temps over 30 C all summer. Normal is about seven days by the end of August.

Environment Canada notes that both spring and summer this year have seen markedly lower temps. The lack of heat waves has kept the air quality good, and the hot dry air that fuels forest fires has not materialized. Ozone levels have been minimal.

Julie Saxon from that same agency notes that summer is still not over and it is possible to still get some hot weather through the middle of September. But so far, the mild temps are keeping forestry officials pleased. This fire season has logged only 469 fires covering 11,782 hectares. The average for a season is 2,000 fires, with roughly 100,000 hectares burned. Many of the provinces firefighters have been dispatched to other areas, including Alberta, Ontario and Alaska to help with fires.

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Archives

Friday July 22nd, 2011 - Public Speaker from Burnaby in World Competition Event

Thursday June 23rd, 2011 - The Weather This Spring Made It One To Forget

Thursday May 26th, 2011 - Safeway Canada Selling South Burnaby Property

Friday April 29th, 2011 - Day of Mourning in Burnaby Honours Canadian Workers

Monday March 28th, 2011 - With Water Policies, Burnaby Qualifies as Canada’s First Blue Community

Thursday February 24th, 2011 - Burnaby Approves Relocation, Preservation of Historic Gate and Walls

Thursday February 3rd, 2011 - Burnaby Sees Increase in Industrial Land Sales In 2010

Wednesday January 26th - Burnaby Mountain May Get Its Own Gondola

Wednesday January 19th - Burnaby’s Property Assessments Total More Than $57 Billion

Friday January 7th, 2011 - Burnaby Property Assessments See Substantial Increases

Thursday December 28th, 2010 - Burnaby Heights Bike Routes May See Lower Speed Limits

Tuesday December 21st, 2010 - B.C. Real Estate Is On the Road to Recovery

Friday December 10th, 2010 - British Columbia Real Estate Shows Small Gain for 2010

Thursday November 30th, 2010 - Buying a Home in British Columbia Is Slightly Less Expensive These Days

Friday November 26th, 2010 - What Is That White Stuff Closing SFU? It’s Snow…and More Snow

Friday November 19th, 2010 - Time Once Again for the Realtor’s Care Blanket Drive

Wednesday November 9th, 2010 - Port Moody Has a New Pair of TV Dragon Tamers

Friday October 29th, 2010 - The Biking Life Is Catching On In Canada

Friday October 22nd, 2010 - Burnaby General Hospital’s ER Getting $1.25 Million In Additional Funding

Thursday October 14th, 2010 - RRSP Withdrawal Limits May Change If Introduced Bill Passes

Tuesday October 5th, 2010 - Burnaby’s Cactus Club Wins Canada’s Top Toilet Award

Friday September 24th, 2010 - Voter Turnout Crucial to Influence HST Referendum Results

Thursday September 16th, 2010 - Burnaby Home Sales Take A Slight Dip, But Still Balanced Market

Wednesday September 1st, 2010 - Burnaby Service Groups Receive Long Awaited Gaming Grants

Monday August 23rd, 2010 - It Huffed and It Puffed and the HST Blew British Columbia’s Economy Down

Tuesday August 17th, 2010 - Glentel, Inc Enters the Wireless Market South of the Border

Monday August 9th, 2010 - No Lights, No Cameras, But Plenty Of Action In Afghan Training Scenarios

Thursday July 29th, 2010 - Provincial Minister Pen Stewart Questions Municipal Salary Hikes

Wednesday July 21st, 2010 - Pacific Assistance Dog Society Is Seeking Foster Puppy Parents

Tuesday July 13th, 2010 - Two Burnaby Men Receive Honours From Rome

Monday July 5th, 2010 - Laneways Bring Mixed Reactions

Saturday June 26th, 2010 - Burnaby Senior Challenges Trash Pick-Up Change and Wins

Thursday June 17th, 2010 - Puppy Police Patrolling Pooch Parks

Wednesday June 9th, 2010 - Bright Employment Future For Metro Vancouver

Wednesday June 2nd, 2010 - British Columbia Has Its Own Oil Leak, And Possible Cover-Up

Monday May 24th, 2010 - Essay Contest Nets Burnaby Student First Hybrid Plug-in Bus in Canada

Wednesday May 12th, 2010 - Organizers Reporting Success in Anti-Harmonized Sales Tax Petition Drive

Tuesday May 4th, 2010 - New Westminster Real Estate a Relative Bargain, For Now

Monday April 26th, 2010 - Beautiful, Seductive, Captivating….and Expensive…Vancouver

Wednesday April 21st, 2010 - B.C. Looks for Economic Recovery

Tuesday April 13th, 2010 - HST seminar aims to help small businesses transition

Wednesday April 7th, 2010 - Higher Rates And New Rules May Be Challenging For Home Buyers

Saturday March 27th, 2010 - From Old Brownie Cameras to the Pixel Picture Possibilities of Today

Wednesday March 24th, 2010 - Burnaby City Council comes clean, financially speaking

Tuesday March 16th, 2010 - New Home Prices Show Slow but Consistent Progress

Thursday March 4th, 2010 - Evaluating the Future of Vancouver’s Olympics Venues

Wednesday February 17th, 2010 - Could Vancouver's Housing Market Slow Down A Bit This Year?

Tuesday February 9th, 2010 - 2010 Olympics Set to Showcase Vancouver as Opening Ceremony Draws Near

Thursday February 4th, 2010 - Debate Over Olympic Influence of Whistler Real Estate Market Continues

Thursday January 28th, 2010 - Journalists Picked for Olympic Torch Procession

Wednesday January 20th, 2010 - Bank of Canada Sees No Bubble

Friday January 15th, 2010 - Experts Offer Conflicting Advice for 2010 Investing Options

Tuesday January 12th, 2010 - Vancouver Market Feels Good for 2010

Tuesday December 29th, 2009 - Local RCMP Officer Out Of The Hospital Following Christmas Car Crash

Monday December 21st, 2009 - Are We In A Housing Bubble Or Is The Market Just Heated?

Tuesday December 15th, 2009 - Greater Vancouver real estate prices end year on high note

Tuesday December 8th, 2009 - Builders Almost Meet CMHC Expectations

Thursday November 26th, 2009 - Government Raises HST Rebate Threshold to $525,000

Friday November 20th, 2009 - Translink CEO Resigns

Thursday November 5th, 2009 - Designing on a Budget

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