Vancouver West, BC - Blog

Prices continue to hold their own in transitioning

jashanjot.singh@century21.ca — Mon, 17 Jun 2013 00:00:00 GMT

SURREY, BC – The Fraser Valley Real Estate Board’s Multiple Listing Service® (MLS®) processed 1,379 sales in May,a decrease of 15 per cent compared to the 1,616 sales in May of last year and 1 per cent more than were processed in April. By historical comparison, sales in May were the slowest for that month since 2001. Looking at inventory, the Board received 3,172 new listings in May – 4 per cent fewer than received during the same month last year – raising the volume of active properties to 10,651 the highest it’s been this year and 2 per cent lower than those available in May 2012.

Ron Todson, President of the Board, says, “We’re in a transitioning market. We’ve seen a significant improvement in activity compared to last fall, but by historical standards we’re lagging. Sales are about 20 per cent lower than normal for this time of year, while the number of new listings coming on stream is right on average. An industry standard for measuring the health of the real estate market is comparing the ratio of number of sales to the number of active listings. The British Columbia Real Estate Association describes the Lower Mainland market as balanced when that ratio is between 15 and 20 per cent. In the Fraser Valley, that ratio has favoured buyers hovering between 10 and 15 per cent for most of the last three years. Todson adds, “In order for there to be significant downward pressure on home prices, you need to have a sustained period of time when the ratio of sales prices are remaining relatively stable.”

In May, the benchmark price of single family detached homes in the Fraser Valley was $549,200, an increase of 0.2 per cent compared to $548,000 during the same month last year. For townhouses, the benchmark price was $298,000, a decrease of 2.9 per cent compared to $306,800 in May 2012 and the benchmark price of apartments was $203,400, virtually unchanged from $203,600 in May 2012.

“Real estate is specific to community and property type and conditions can change rapidly,” says Todson. “For example, the townhome market in Langley currently is brisk; the condo market in White Rock is not. The range in Fraser Valley alone is considerable, which is why it helps to have a local REALTOR® guide you and look out for your best interests.”

All numbers and details are provided by the Fraser Valley Real Estate Board

Seattle Mayor Acknowledges Discussions With NHL About Possible Franchise

david.hutchinson@century21.ca — Mon, 17 Jun 2013 00:00:00 GMT

Seattle may have missed out on returning an NBA team for now, but there are currently talks about bringing an NHL franchise to the Emerald City.

On Sunday afternoon, Seattle mayor Mike McGinn confirmed that he has indeed talked with NHL commissioner Gary Bettman about potentially bringing an NHL team to the Pacific Northwest, possibly the Phoenix Coyotes.

KING TV's Chris Daniels has the news:

According to TSN's Darren Dreger, the Gosbee group has a "handshake agreement" in place to purchase the Coyotes and keep them in Phoenix with a new 15-year lease, but the Glendale city council still has to approve the deal.

That crucial meeting will take place on June 25, per CBC's Hotstove report.

If that deal isn't accepted, then an investment group led by Ray Bartoszek and AnthonyLanza will purchase the franchise for $220 million, according to CBC.

And, as Daniels points out, that group would then have plans to bring the team to Seattle:

The new team would likely play at Key Arena initially, but the former home of the NBA's SuperSonics isn't ideal for hockey. Plans for a new arena, however, which would host both basketball and hockey, were put in place when investor Chris Hansen came close to purchasing the Sacramento Kings.

Seattle already in talks to bring in Coyotes

david.hutchinson@century21.ca — Mon, 17 Jun 2013 00:00:00 GMT

Plans to potentially relocate the Phoenix Coyotes to the West Coast this fall were set in motion weeks ago.

Seattle mayor Mike McGinn told NBC affiliate King 5 that he and city councillors met with potential investors Ray Bartoszek and Anthony Lanza two weeks ago about possibly bringing the embattled NHL franchise to the city for next season.

Discussions got serious enough that it led to a conversation between McGinn and NHL commissioner Gary Bettman last week.

"I let him know of the situation here, and that we were supportive of bringing the NHL to Seattle," McGinn said. "We have Key Arena, so we talked about the potential of them being in Key Arena while we continue to work on a new arena plan."

NHL deputy commissioner Bill Daly played down McGinn's meeting with Bettman, saying the discussion was "like any number of conversations the commissioner has all the time with a variety of people."

Seattle councillor Tim Burgess, however, said he believed a tentative deal had been reached on a lease agreement for an NHL team to play at Key Arena next season. The aging multi-sport arena, which opened in 1962, is capable of seating 11,000 for hockey.

The city has a deal in place with investor Chris Hansen to build a new arena that hinges on an NBA franchise coming to Seattle. Hansen, however, previously indicated he would be open to breaking ground if the first tenant were to be an NHL team.

If the Coyotes move to Seattle this fall, they would have to play at Key Arena for at least two years.

All of this, of course, depends on whether or not the City of Glendale and the Coyotes are able to reach a lease agreement for Jobing.com Arena.

The NHL, which owns the team, has a prospective buyer lined up in Renaissance Sports and Entertainment that would keep the franchise in Arizona. The league has given the city and suitor until June 25 to strike a deal. Bettman stated last week that if no deal is reached it's possible the team could relocate.

With that in mind, McGinn didn't want to get Seattle sports fans' hopes up.

"I really want to bring down expectations," he said. "We are very clearly Plan B for the NHL and this team."

David Stern mentions Vancouver as having interest for NBA team

david.hutchinson@century21.ca — Mon, 17 Jun 2013 00:00:00 GMT

In the press conference yesterday for the Seattle/Sacramanto relocation, David Stern mentioned that he is aware of interest from cities such as Vancouver, Seattle, Kansas City, Anahiem and Virgina Beach for a possible NBA team. I wonder how much interest Aquilini has shown with the NBA. You have to think that with the new collective bargaining agreement where almost every team should break even with revenue sharing, luxury taxes etc. it would appeal a lot more now than ever before.

Aquilini would be able to fill at least 45 additional dates in an arena that he already owns. He could leverage the Canucks with a new team with regards to season ticket packages and corporate sponsorship and appeal to a huge market that may be priced out for the Canucks.

I think with a successful product, the team could do very well in this market. The game is more global than ever with tons of foreign players that would love to play in Vancouver. The population of the city is 50% higher than when we last had a team and the dollar is at par vs. $.65 in the 90's. The NBA's 2nd largest market after the U.S. is China and Vancouver is a great gateway to that market.