Vancouver Sun July 9th, 2011

4280 Craigflower Drive, Richmond

Type: 3-bedroom, 3-bathroom detached
Size: 2,574 sq. ft.
BC Assessment, 2011: $912,000
Listed for: $1.189 million
Sold for: $1.189 million
Sold on: May 11
Days on market: 2
Listing agent: Helen Pettipiece at Sutton Group – Seafair Realty
Buyers’ agent: Julie Wei at Macdonald Realty Westmar

The big sell: According to listing agent Helen Pettipiece, this family home had been lovingly cared for by the initial owner and was in its original 1979 condition except for the addition of a new roof 10 years ago. It has an outdoor swimming pool that three generations have enjoyed over the years, large reception rooms, a covered patio, a two-car garage, and a southwesterly aspect. One of the clinchers for the buyers was the opportunity-producing 70-by-121-foot lot. The other appealing factor was the location: Richmond’s popular Boyd Park neighbourhood is close to West Richmond Community Centre, Seafair shopping centre, schools, transportation and the pitch and putt golf course. As is the current trend with homes in desirable locations on large lots, this property will be demolished to make way for a new home.

1208 Gordon Ave, West Vancouver

Type: 5-bedroom, 4-bathroom detached
Size: 4,072 sq. ft.
BC Assessment, 2011: $1.966 million
Listed for: $2.495 million
Sold for: $2.7 million
Sold on: May 18
Days on market: 2 Listing agent: Tom Hassan at Prudential Sussex Realty
Buyers’ agent: Jenny He at Royal Pacific Realty Corp.

The big sell: This three-level custombuilt Ambleside home was designed with the family in mind. It has a spacious open floor plan on the main floor, complete with a gourmet kitchen with pantry, a den, living and dining rooms, an entrance hall, and a walkout deck. The upper level has a master bedroom with ensuite and features cathedral ceilings and a private balcony with panoramic views of Lions Gate Bridge, Vancouver’s skyline, the inner harbour and islands to the west. The lower floor contains a recreation room, a games room, and the fifth bedroom. There are topof-the-line finishings throughout, a two-car attached garage, and the yard is level and private. The property is situated just blocks from Ridgeview Elementary and West Van Secondary schools, and the waterfront at Ambleside.

4356 Quinton Place, North Vancouver

Type: 4-bedroom, 2-bathroom detached
Size: 1,350 sq. ft.
BC Assessment, 2011: $1.0048 million
Listed for: $889,800
Sold for: $1.105,000
Sold on: May 9
Days on market: 5 Listing agent: Alan Vlemmiks at Sutton Group – West Coast Realty
Buyers’ agent: Dave Watt at Royal LePage Northshore

The big sell: There were 13 bids on the first weekend of showing for this 1960s rancher in the Canyon Heights subdivision, with four that were more than $100,000 over asking. The winning bid came in at $200,000 over the listed price. What generated such a response? Listing agent Alan Vlemmiks explains that the property was listed under the assessed value to generate fast interest with offers instructed to be made immediately after the open house. Several builders were interested in the 72-by-110-foot lot in an area where new homes are replacing old, but so were families attracted by the home’s charm with original wide plank hardwood flooring, a private courtyard, a 400-square-foot detached garage, and proximity to schools and the Capilano Road feeder.

4827 Holland Creek Ridge Rd., Windermere

Type: 5-bedroom, 3-bathroom detached
Size: 2,926 sq. ft.
B.C. Assessment, 2011: $783,000
Listed for: $750,000
Sold for: $700,000
Sold on: May 21 Days on market: 37
Listing agent: Glenn Pomeroy at Maxwell Realty Invermere
Buyer’s agent: Glenn Pomeroy at Maxwell Realty Invermere

The big sell: According to agent Glenn Pomeroy, the location of Windermere in the East Kootenays makes it particularly attractive to Albertans looking for second homes. This property in the Lakeview Meadows complex is set up for a turnkey operation. It comes fully furnished with a low-maintenance yard, and has air conditioning, a hot tub, a comprehensive security system, and an oversized garage that has room for all the toys, as well as the car. There are large, bright rooms spread over three levels and a choice of decks from which to savour the mountain views. Having an easy-care home means that more time can be spent on the private beach, on the lake, or in the nearby recreation centre, which houses an indoor swimming pool.

3729 Powell Rd., Castlegar

Type: 4-bedroom, 3-bathroom detached
Size: 3,173 sq. ft.
B.C. Assessment, 2011: $157,000
Listed for: $494,900
Sold for: $498,894
Sold on: May 27
Days on market: 49
Listing agent: Simon Laurie at Castlegar Realty Ltd.
Buyer’s agent: Carmen Harris at Castlegar Realty Ltd.

The big sell: This is a custom-designed spec home in a new residential development, which has been recently completed with bespoke finishing and quality construction throughout. It is located on a 0.45-acre lot with outstanding Columbia River views that can be admired from the wall of picture windows, the expansive vaulted deck, and from the private window next to the soaker tub in the master ensuite. The floor plan is spacious and practical, with the main living area conducted on one floor, but with a fully finished walkout basement that could contain guests or a growing family. As stated on the B.C. Assessment website, the assessed value represents the property when it contained a general purpose shed.

For the full story, please click on Real estate sales in Richmond, West Vancouver and North Vancouver and Real estate sales in Windermere and Castlegar

The value of building permits in Canada soared in May after plunging the previous month, with non-residential activity again leading the swing.

Statistics Canada said Wednesday that permits jumped 20.9-per-cent during the month to US$6.4-billion, following a revised 21.5-per-cent drop in April.

The federal agency noted that higher construction intentions, particularly for commercial buildings in Quebec and Alberta and multi-family dwellings in Ontario, were behind the advance.

Economists had expected permits to rise by three per cent in May.

“While the increase, the largest in over two years, came in well above expectations, it simply reverses the preceding month’s surprisingly sharp decline,” said Peter Buchanan, at CIBC World Markets.

“The residential numbers are consistent with our call for a deceleration in that sector, while the strong rise in non-residential applications points to continued strength in business investment, one of the economy’s main drivers in Q1.”

Non-residential permits rose by 50.9-per-cent to $2.7-billion, following two straight monthly declines, with most of the activity focused on commercial developments in Quebec, Alberta and Ontario.

The residential sector increased 5.3-per-cent to $3.7-billion, after a 12.1-per-cent drop in April. Multi-family unit intentions in Quebec and Ontario accounted for much of the gain.

Karen Cordes Woods, at Scotia Capital, said [residential] housing permits have been declining as the Canadian housing markets start to moderate after reaching record levels or cycle tops in several housing metrics, including homeowner affordability, house prices and renovation spending.

Source: Financial Post

The Real Estate Board of Greater Vancouver has just released their latest findings for June that reported sales of detached, attached and apartment properties reached 3,262 – a 9.8-per-cent increase compared to the 2,972 sales in June 2010 – but a 3.4-per-cent decline compared to the 3,377 sales in the previous month of May 2011.

New listings totalled 5,793 in June, a 4.5-per-cent increase compared to June 2010 and 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June.

The benchmark price for all residential properties (the price of a typical home) in Metro Vancouver increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010, with the largest price increases on the west side of Vancouver and West Vancouver.

“Since the end of May, the benchmark price of a detached home rose more than $147,000 on the west side of Vancouver and over $80,000 in West Vancouver,” Setticasi said. “Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.”

Sales of detached homes in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, while the benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.

The benchmark price for a detached home on the west side of Vancouver was $2,068,000 in June and in West Vancouver, $1,793,000.

The Fraser Valley board said it received 2,762 new listings in June, a decrease of 12 per cent compared to the 3,153 new listings in June 2010. Total sales declined about one per cent since May, and 12.5 per cent since June 2010.

In June, the benchmark price for Fraser Valley detached homes was $528,060, an increase of 1.9 per cent compared to $518,355 in June 2010 and a slight drop from May.

Meanwhile, detached single family home sales on Vancouver Island north of Victoria are holding steady, with a one-per-cent decline in June compared to June 2010 and a 1.45 per cent decrease from May.

The Vancouver Island Real Estate Board said in a survey that the average price of a detached home was $343,422 in June, down one per cent from $345,269 in June 2010 and down 3.6 per cent from $356,403 in May.

In Victoria, a total of 618 homes were sold in June, up from 572 sales in May and close to the 625 sales in June of last year.

The average price for single-family homes sold in Greater Victoria in June was $629,292, with 23 single family home sales of over $1 million. The average price in June 2010 was $649,280.

Source: Brian Morton, Vancouver Sun

While new data suggests that Asian foreign investment is not behind inflated home prices in Vancouver, a new report from CIBC World Markets Inc. Thursday argues that flaws in the numbers means foreign activity may actually be grossly underestimated.

Benjamin Tal, deputy chief economist with CIBC, obtained sales data from Landcor Data Corp. that showed only 10% of foreign transactions in Vancouver over the past five years were actually worth more than $1-million, and the average price was just under $600,000.

Mr. Tal said there are reasons why the data, which also shows only 2.6% of overall sales in Vancouver over the past five years involved foreign cash, does not actually match up with the Asian foreign investment theory.

“There are many reasons to believe that a significant portion of what is perceived to be buying by offshore investors is, in fact, driven by Chinese immigrants that are integrated into the community but still maintain strong links to Mainland China, with many residing and working in China while their family establishes roots in B.C.,” he said.

The key flaw in Landcor’s data is that it is based on where property tax assessments are mailed, which would exclude offshore buying on behalf of children or local proxies. This means what little data there is on foreign activity may be seriously underreported.

So there is some truth to the working theory that foreign investors, particularly those from Mainland China, are looking for places to park their cash and have settled on Vancouver, which boasts a sizeable Asian community and a stable economic climate.

“Many, including Bank of Canada Governor Mark Carney, point the finger at foreign — mainly Asian wealth — as the main driver here,” Mr. Tal said.

That said, the true reason for why Vancouver home prices jumped 25.7% year-over-year in May alone is likely more complex than any single theory.

The key then, is when the housing market will correct, and what that correction will look like.

“In Canada, a sharp and brisk tightening cycle is unlikely,” he said. This is because two triggers for a price crash, quick increases in interest rates and a high-risk mortgage market sensitive to changes, are not in play.

In particular, the weakest segment of the mortgage industry, households with both low equity positions and high debt-service ratios, accounts for only 4.6% of the total.

“Shock the system with a 300-basis point rate hike and that number would rise to a still-tempered 6.5%,” Mr. Tal said. “Historically, even in that group the default rate has been well below 1%. Short of a huge macro shock, there does not appear to be the risk of large scale forced selling that would typically be the trigger for a precipitous plunge in the national average house price.”

Source: Eric Lam, National Post

If there’s one word that describes Metro Vancouver and the Fraser Valley’s current housing market, it’s balanced.

“Right now we’re at 22 per cent [sales-to-listings ratio], which means 22 per cent of the homes for sale are selling,” Real Estate Board of Vancouver president Rosario Setticasi said in an interview Tuesday. “So, it’s balanced at the upper end and favours sellers, just barely.”

Setticasi noted that sales are below the 10-year average and home listings above what’s typical for June, and that means a closer alignment between supply and demand in the marketplace.

He said the sales-to-listings ratio is falling — and with it, upward pressure on prices.

“We were at 26 to 29 per cent when the market was really moving [and] last month it was at 24 per cent, so it’s dropped a bit. If it drops further it will be more to the buyers’ advantage because there’s more listings, and vendors are competing for buyers.”

Tsur Somerville, director, centre for urban economics and real estate, Sauder School of Business at the University of B.C., said in an interview that he senses a slight “step back” in sales following sharp increases earlier in the year.

As well, he said, sellers are responding to the higher prices through increased listings.

“If listings are growing faster than sales, it’s a lower sales-to-listings ratio, which is more favourable to buyers,” he added.

Vancouver Sun June 25, 2011

4763 West 2nd Avenue, Vancouver

Type: 4-bedroom, 5-bathroom detached
Size: 5,043 sq. ft.
B.C. Assessment, 2011: $6.078 million
Listed for: $7.68 million
Sold for: $7.16 million
Sold on: May 17
Days on market: 267
Listing agent: Bryan Yan at Regent Park Realty Inc.
Buyers agent: Bryan Yan at Regent Park Realty Inc.

The big sell: This Point Grey house was totally remodelled in 1992 with an understated elegance. It is on an estate measuring more than 32,000 square feet in an enclave north of Fourth Avenue and close to UBC’s Endowment Lands. Its new design boasts three levels that take advantage of the city and water views. The Italian-style garden has an outdoor, stone swimming pool, hot tub, tennis court and patios. The interior showcases a modern chef’s kitchen with granite countertops, Sub-Zero and Kohler appliances, dark oak wood flooring, vaulted ceilings, skylights, and a sundeck of almost 500 square feet. Tall, mature trees surround the property and provide complete privacy.

4230 196th Street, Langley

Type: 4-bedroom, 3-bathroom detached
Size: 2,519 sq. ft.
B.C. Assessment, 2011: $505,000
Listed for: $549,900
Sold for: $548,000
Sold on: May 6
Days on market: 6
Listing agent: Jeremy Sutton at RE/MAX Treeland Realty
Buyers agent: Will Rempel at RE/MAX Treeland Realty

The big sell: This Brookswood home is on a 81-by-135-foot lot on a no-through street with designated parkland opposite.The property was built in 1975 and expanded with family conveniences in mind, resulting in a larger kitchen and family room on the main floor, both with sundeck access to the front and rear of the house. Oak is a central theme throughout, and has been incorporated into the staircase design, the crown mouldings, the living area floors and the kitchen cabinets. Noteworthy details include the stained-glass window in the dining area, gas fireplaces on both levels, a double garage with workshop extension and side access for RV parking, and new appliances, windows, furnace and hot water tank, as well as a large, fenced rear garden.

614 East 11th Avenue, Vancouver

Type: 5-bedroom, 3-bathroom detached
Size: 2,283 sq. ft.
B.C. Assessment, 2011: $769,000
Listed for: $899,000
Sold for: $1 million
Sold on: May 3
Days on market: 6
Listing agent: Patrick Weeks at RE/MAX Select Properties
Buyers agent: Teresa Comeau at RE/MAX Select Realty

The big sell: This 1911 heritage house in the South Main neighbourhood sold for $1 million in just six days. The property provides an attractive combination of old and new. Original claw foot bath tubs, hardwood floors, and wood-trim windows showcase the history of the home, but there’s a nod to 21st-century design, with an open-concept plan on the main level that allows design opportunities for a growing family.As well, the home has been divided and contains a two-bedroom mortgage-helper on the lower floor. The south-facing position allows plenty of light and there is copious backyard space for children, dogs and barbecues.It is close to the popular shops and restaurants of Soma.

2448 Sutton Road, Williams Lake

Type: 3-bedroom, 3-bathroom detached
Size: 3,300 sq. ft.
B.C. Assessment, 2011: $523,000
Listed for: $569,900
Sold for: $563,900
Sold on: May 3
Days on market: 2
Listing agent: Tanya Rankin at Tanya Rankin Ltd.
Buyer’s agent: Tanya Rankin at Tanya Rankin Ltd.
The big sell: According to agent Tanya Rankin, lakeshore properties such as this secure some of the highest prices in this area. It is easy to see why, as the home is just feet away from the water, and the lure of water-skiing and beach activities. Set on a gently sloping lot, the rancher has a fully finished basement. The main reception rooms – including the master bedroom – are positioned so that the views pour in, and an oversized deck provides a venue for entertaining and summer gatherings. The sellers lived in the property for the past 30 years and there is evident pride of ownership.

2336 Selkirk Drive, Kelowna

Type: 4-bedroom, 3-bathroom detached
Size: 3,335 sq. ft.
B.C. Assessment, 2011: $570,000
Listed for: $669,000
Sold for: $650,000
Sold on: May 3
Days on market: 85
Listing agent: Krista Suchar at MacDonald Realty Kelowna
Buyer’s agent: Eric Prehofer at MacDonald Realty Kelowna

The big sell: This was a show home built by Dilworth Homes in 2006 on a private lot backing on to the edge of Dilworth Mountain to the north of downtown Kelowna. The interior has a contemporary design with espressocoloured cabinetry – a theme that reoccurs in many rooms throughout the home. An open-concept kitchen – with pendant and recessed lighting, a breakfast bar and Corian countertops -flows into the dining and family rooms, which have floor-to-ceiling windows that frame the expansive valley views below. There are ceramic tile and hardwood floors, carpeting in the bedrooms, a built-in vacuum, two gas fireplaces and balconies. The property has almost a quarter of an acre and has a double garage and parking for further vehicles.

For the full story, please click on Real estate sales in Vancouver and Langley and Real estate sales in Williams Lake and Kelowna

The London-based research firm Capital Economics Ltd. has added a new spark to Canada’s housing debate with its assessment that the country’s real estate market is a bubble that is about to pop.

The boom in Canadian real estate has “resulted in the largest rises in house prices ever seen in Canada,” the firm says. “And the trigger of an increase in the Bank of Canada’s trendsetting interest rates could result in a 25-per-cent drop in property values.”

The organization released the research earlier this year in a report for its subscribers, and it received new currency with Bank of Canada Governor Mark Carney’s statement earlier this week warning Canadians that they should expect real estate prices to moderate.

However, while Carney did not use the word bubble, Capital markets wasn’t shy about doing so.

“We think [a bubble] exists and we expect a major correction in Canada’s housing market of up to 25 per cent over the next three years,” Capital Economics wrote June 15 in its response to Carney’s remarks. “The decline in prices is likely to be most severe in Vancouver.”

Capital Economics’ report hasn’t generated a consensus, but it does add fuel to the discussion about what is likely to happen next, particularly in markets such as high-priced Metro Vancouver, which has well-known problems with real estate being unaffordable for many.

Affordability is the crux of Capital Economics’ argument.

It found that housing values rose seven per cent per year on average between 1999 and 2010, triple the rate of income growth over the same period.

By 2010, the average price for a two-storey home on a national basis hit $314,000, which was roughly five times the $58,347 average disposable income per person. That is well above the long-term historical average of prices equalling 3.5 times average disposable income.

The monthly cost of home ownership compared with rent payments for similar properties has also reached the highest level since the peak of Canada’s last housing boom.

With both measures so high, Capital Economics argues prices are “probably unsustainable,” and should lead to a period where housing inflation slows or turns negative.

“In theory, the house-price-to-income ratio could adjust through a long period of stagnant house prices coupled with continued income growth,” Paul Ashworth, a Capital Economics’ economist wrote in a note to The Sun.

“But when the ratio gets this out of whack, that’s not how it happens in practice.”

However, some other analysts do not concur that the imbalance of prices to income will necessarily lead to a sudden correction, particularly for a city like Metro Vancouver.

Housing markets can diverge from a balance between prices and incomes and remain out of balance for a long time, argues housing economist Tsur Somerville, director of the centre for urban economics and real estate in the Sauder School of Business at the University of B.C.

“The fact they’re out of balance, in an economic sense, doesn’t mean they’re going to get back into balance on anybody’s particular timeline,” Somerville said.

Somerville argues that for Metro Vancouver in particular, using the price for a two-storey house — which would be more than double the national average — isn’t indicative of the kinds of housing people are living in and the decisions they make about where they live.

And while Canada and Metro Vancouver continue to deal with problems of housing unaffordability, Helmut Pastrick, chief economist for Central 1 Credit Union, argues long-term demographic trends indicate those problems will continue to persist long into the future, and not just in Canada.

“The world population is seven billion, climbing to 10 billion, and the planet isn’t growing,” Pastrick said.

“Something has to give,” he added, which is the price of land.

Over the long run, Pastrick said he expects people will have to spend larger portions of their income for shelter in an increasingly crowded world.

Source: Derrick Penner, Vancouver Sun

The British Columbia Real Estate Association forecasts that the average residential price in the province will increase 13 per cent to $571,000 this year, before edging back 2.5 per cent to $557,000 in 2012.

In a news release issued today, the BCREA also predicted a moderate increase in housing this year and next.

“After declining 12 per cent in 2010, residential unit sales through the Multiple Listing Service in B.C. are forecast to rise by five per cent to 78,200 units in 2011 and a further three per cent to 80,700 units in 201,” the release said.

However, the BCREA also said that home sales will remain below their 10-year average of 87,600 units both this year and next.

“Home sales will post some modest gains over the next two years,” Cameron Muir, BCREA chief economist, said in the release. “However, positive housing fundamentals like job growth, rising wages and an expanding population base will be somewhat offset by higher borrowing costs over the next eighteen months.”

Source: Vancouver Sun

Canada’s central bank may need to keep interest rates low as the economy faces “substantial headwinds,” Bank of Canada Governor Mark Carney said in an interview published on Friday.

“Monetary policy may still need to be stimulative in order to close the output gap and in order to get inflation back to target,” Carney is quoted as saying in an interview with the Wall Street Journal.

The bank has kept its key interest rate on hold at 1 percent since last September, after lifting the it from a rock-bottom 0.25%. Its next rate decision is July 19.

Most market players surveyed by Reuters on May 31 forecast the bank would resume rate increases in September, but some have since pushed their forecasts even further out.

Carney named the U.S. economic slowdown and the strong Canadian dollar as two major factors that could hinder Canada’s economic expansion.

“We see the headwinds both in our export performance and in the inflation data,” he said, referring to the currency.

The Canadian dollar is currently trading around $0.98 to the U.S. dollar, or US$1.02.

Carney said the bank may not need to raise rates to a “neutral” level just as the economy reaches its production capacity, and repeated the idea that the neutral rate, which he declined to specify, might be lower than it was before the global financial crisis.

Carney has raised concerns in recent comments about possible overheating in the Canadian housing market, where prices in some cities, such as Vancouver, have skyrocketed.

Higher short-term interest rates could be a tool to curb high housing prices, he said, but he added that regulatory action should be the first option.

Vancouver Sun May 28, 2011

5918 Chancellor Blvd., Vancouver

Type: 5-bedroom, 3-bathroom detached
Size: 2,030 sq. ft.
B.C. Assessment, 2011: $1.457 million
Listed for: $1.569 million
Sold for: $1.569 million
Sold on: April 3
Days on market: 24
Listing agent: Lailey Wallace at One Percent Realty Ltd.
Buyers agent: Lailey Wallace at One Percent Realty Ltd.

The big sell: This Douglas Park home already has an impressive pedigree, having been featured in the Spectacular Homes of Western Canada publication. It was custom-built in 2007 for the owner of an award-winning design group, so standards are high and attention to detail paramount. The character exterior of the property is combined with a modern interior, which includes spa-inspired bathrooms, a “floating” glass staircase, a contemporary kitchen and clean lines throughout. The upper floor has a large office, and a master bedroom with a semi-open ensuite bathroom and walk-in closet. As well, there is plenty of built-in storage space throughout the home. The lower level has a two-bedroom secondary suite with its own access and laundry, while outside, there is a single garage and a south-facing rear garden.

880 West 23rd Avenue, Vancouver

Type: 5-bedroom, 3-bathroom detached
Size: 2,030 sq. ft.
B.C. Assessment, 2011: $1.457 million
Listed for: $1.569 million
Sold for: $1.569 million
Sold on: April 3
Days on market: 24
Listing agent: Lailey Wallace at One Percent Realty Ltd.
Buyers agent: Lailey Wallace at One Percent Realty Ltd.

The big sell: This Douglas Park home already has an impressive pedigree, having been featured in the Spectacular Homes of Western Canada publication. It was custom-built in 2007 for the owner of an award-winning design group, so standards are high and attention to detail paramount. The character exterior of the property is combined with a modern interior, which includes spa-inspired bathrooms, a “floating” glass staircase, a contemporary kitchen and clean lines throughout. The upper floor has a large office, and a master bedroom with a semi-open ensuite bathroom and walk-in closet. As well, there is plenty of built-in storage space throughout the home. The lower level has a two-bedroom secondary suite with its own access and laundry, while outside, there is a single garage and a south-facing rear garden

#212 8720 No. 1 Rd., Richmond

Type: 2-bedroom, 2-bathroom apartment
Size: 1,120 sq. ft.
B.C. Assessment, 2011: $245,600
Listed for: $269,000
Sold for: $252,000
Sold on: March 31
Days on market: 19
Listing agent: Ron Smith at HomeLife Benchmark Walnut Grove
Buyers agent: Harris First at Macdonald Realty Westmar

The big sell: The Apple Greene Park building has an advantageous location, close to the Seafair shopping centre, the West Richmond Community Centre, and transit, schools, golf and tennis facilities. Residents are also provided with indoor and outdoor swimming pools, a recreation centre, a Jacuzzi, and games and meeting rooms. This two-bedroom unit is on the second floor, and has a quiet, northern exposure. It has benefited from some updates in the form of new paintwork, tile flooring, carpeting, crown moulding, wood baseboards, fixtures and shelving. The kitchen has an eating area, pantry, updated countertops and cabinets, and a new sink and fridge. There is in-suite laundry, five closets and an enclosed, carpeted balcony that runs the length of the apartment.

For the full story, please click on Real estate sales in Vancouver and Richmond.