Proposed development surge in BC Place vicinity.

Proposals are before Vancouver Municipality which would see several new developments in the area near BC Place, Flagship, Mariner and Cooper's Lookout and Pointe.
- the largest casino in western Canada with two hotel towers
- four high rise towers with almost 900 condos

Later this year two more developers are expected to bring forward proposals for additional residential units in the area.

These proposals are very positive as they signal a high level of confidence in the local economy and the prospect of substantial job creation.

http://www.christinelouw.com/
http://www.falsecreeknorthcondos.com/
http://www.vancouver-condos.net/

Important mortgage rule changes

Finance minister Jim Flaherty has made changes to the rules governing mortgage financing which will be effective from 18 March 2011 onwards:
- the maximum amortization period for high ratio mortgages (in excess of 80% of the property value) has been reduced from 35 to 30 years
- maximum loan to value (LTV) of refinances has been reduced from 90 to 85%
- maximum financing on HELOC (line of credit products) reduced to 80% LTV
There is still some time to buy your new property and complete by 17 March to take advantage of the present mortgage rules.
http://www.christinelouw.com/

Vancouver prices and number of sales keep increasing

The Real Estate Board of Greater Vancouver reports that in March 10 compared to March 09
- the benchmark price of a residential properties is 20.3% higher and 2.8% above the previous high point of May 2008.
- the number of listings is 7.6% lower but 19% higher than in February 2010 (my comment: this was very much influenced by the Olympics)
- the number of sales was 38.5% higher but only 4.7% higher than in March 08 and 12.4% lower than in March 07.

The Erickson in False Creek North, Vancouver

False Creek North's star building "The Ericksen" has finally completed on the last waterfront site in the area and the first owners are moving in. When designing this building Arthur Erickson was in the phase when he designed "twisting" buildings - like the Ritz Carlton on W Georgia and the buidlings he designed for the Olympic Village. This makes "The Erickson" very attractive looking and a welcome variation from the surrounding straight up and down steel and glass towers.
The lobby is luxurious and welcoming and the reception staff is excellent.
Some properties at "The Erickson" are for sale. Contact me for information or to arrange a showing.