Rosemary Heights in South Surrey is richest place in Metro Vancouver

August 30, 2011

Rosemary Heights in South Surrey

Rosemary Heights in South Surrey

The south Surrey neighbourhood of Rosemary Heights is the richest in Metro Vancouver, with a median income more than twice the regional average.

Based on the 2006 census, the median income in Metro Vancouver is $20,754, a figure which includes those who only work part-time.

In Rosemary Heights, located near 152nd St. and 32nd Ave., the median income is $44,301, the highest in the entire region.

Not surprisingly, the poorest area in Metro is in the Downtown Eastside, where the median income in one neighbourhood is just $12,154.

Overall, the data shows the richest parts of the region are in south Surrey, West Vancouver and Vancouver’s west side.

The poorest pockets, outside the Downtown Eastside, are in east Vancouver, north Surrey and central Richmond.

To see how your neighbourhood compares, you can check out an interactive version of this map, and many others, at vancouversun.com/vanmap/.

Source: Chad Skelton, Vancouver Sun

Tags:
Posted in South Surrey real estate | No Comments »

White Rock’s Renegades win national title

August 24, 2011

White Rock Renegades win national title

White Rock Renegades win national title

The White Rock Renegades ’95 went undefeated through five days of competition at 2011 Bantam Girls Canadian Fastpitch Championships last week in Winnipeg, capturing the national title with a 7-3 victory over Ontario’s Ajax Raiders in Sunday’s gold-medal game.

The national crown is the fifth for White Rock coach Chuck Westgard, who four times led the Renegades’ 91 to Canadian titles. Earlier this summer, many players from that ’91 team helped guide the Renegades senior ‘A’ team to a national title in Montreal, under head coach Wayne King.

White Rock advanced to the finals after again beating Ajax ­­– for the third time in the tournament – 4-3 on Saturday night.

That game needed eight innings to decide, with White Rock breaking the 3-3 deadlock in the bottom of the eighth.

Heading into the tournament, Renegades ’95 coach Chuck Westgard said how his team performed in their first two games – against the two tough Ontario seeds – would be indicative of whether or not they’d be contenders for the title.

It’s safe to say they passed the test. White Rock opened the tournament Wednesday with a convincing 10-2 win over the Brampton Blazers, then followed up later in the day with a 7-0 shutout of Ontario’s top-seeded Ajax Raiders.

Source: Peace Arch News

Tags:
Posted in White Rock news | No Comments »

Vancouver to blame for Canadian homes becoming less affordable

August 22, 2011

Vancouver's housing has become unaffordable for many

Vancouver's housing has become unaffordable for many

Housing in Canada became harder to afford in the second quarter, with Vancouver’s pricey market playing a major role in the deterioration, according to a report by Royal Bank of Canada today.

It was the second straight quarter in which the bank’s quarterly Housing Trends and Affordability Index dropped. The cost of housing rose nationally across all the housing types the index tracks in the second quarter.

The index measures the proportion of pretax household income needed to service the cost of owning a home. A rise in the measure indicates a loss of affordability.

For a detached bungalow, the measure rose 1.7 percentage points to 43.3 percent. For a standard condominium, it edged up 0.8 percentage points to 29.2 percent, and for a standard two-storey home it climbed 1.8 percentage points to 49.3 percent.

Vancouver, which has long seen exceptional growth in home prices compared with other Canadian cities, directly accounted for up to one-third of the deterioration in affordability on the national score, the RBC report said.

“Vancouver’s housing market is without a doubt the most stressed in Canada and is facing the highest risk of a downturn,” said chief economist Craig Wright.

Other local housing markets were reasonably affordable or at worst, slightly unaffordable, the report showed.

[If you are looking for affordability - check out South Surrey/White Rock's latest townhouse development at Pier 16 which is priced in the mid-$300,000s for a three-bedroom home.]

Housing sector observers generally see the overall pace of housing activity, from starts to resales, slowing in the coming months, partly due to tighter mortgage regulations introduced earlier in the year and as pent-up demand gets absorbed.

Source: Reuters

Tags:
Posted in Vancouver real estate | No Comments »

White Rock beach attracts paddle boarders

August 18, 2011

White Rock beach

White Rock beach

As sun-seekers flock to White Rock Beach for yet another beautiful, warm day last weekend, people were encouraged to try their hand at paddleboarding in the choppy waters of Semiahmoo Bay. The boards were made available for free last Saturday to beachgoers willing to take a stab at the surface-water sport.

White Rock is known for it’s sandy beaches, stunning sunsets and fair weather. The 1,500 ft. long White Rock pier is a favorite destination spot for tourists and esidents, and the 2.5km long beach promenade promises strollers a refreshing walk and connects west beach and east beach at the ocean’s side. West Beach is the hip and trendy Laguna Beach of the lower mainland, with ocean view bistros, fine restaurants, live music waterfont musicians, artists and fabulous shopping that extend along Marine Drive.

Crescent Beach in nearby South Surrey, is located at the end of Crescent Road near the northern end of Semiahmoo Bay and the mouth of the Nicomekl River. This beach has a more rustic, natural feel with a graveled seaside promenade, quaint ocean side homes, and a variety of bistros that will please most every palate.

Tags:
Posted in White Rock news | No Comments »

Canada’s average home price drops $10K in July

August 16, 2011

Canadian home prices drop slightly in July

Canadian home prices drop slightly in July

Average home prices in July were lower than they were in June, but sales numbers and average prices are still up sharply compared to the same month a year ago, new data showed today.

The Canadian Real Estate Association said the national average price for homes sold in July 2011 stood at $361,181, which is the lowest level since January. In June, the average price was $372,700. Despite the slowdown, prices have nonetheless gained 9.3 per cent in the past 12 months.

“Earlier this year, the national average price was being skewed upward by sales in some expensive Vancouver neighbourhoods, but this factor is now diminishing,” CREA’s chief economist Gregory Klump said. “Upward skewing of the national average price is also shrinking due to overall sales trends in Vancouver, and most recently in Toronto.”

The pullback was expected, as most economists have been forecasting for months that prices and sales will moderate somewhat through 2011 after an exceptional run following the recession that ended in 2009.

“Sales should ultimately find support from a continuation of exceptionally low borrowing costs,” Bank of Montreal economist Doug Porter said in a note Tuesday morning.

Tags:
Posted in Canada real estate market | No Comments »

White Rock joins the international stage

August 12, 2011

Cal Ripken world series

Cal Ripken world series

Proof that there are international opportunities waiting for White Rock youngsters is the news that the 12-year-old White Rock Selects will soon be representing their country at the Cal Ripken World Baseball Series.

The tournament, which features some of the top youth players from across the globe, begins with opening ceremonies Aug. 12 and the games wrap up Aug. 21.

White Rock earned the right to represent Canada at the event after defeating the Calgary Coyotes in a best-of-three series last month.

The group has been together since June, when the Little League regular season ended, and though they usually spend their summer playing in tournaments throughout the Pacific Northwest, this year’s eastward journey is a welcome change of pace.

“Oh yeah, this is the biggest thing we’ve done, for sure,” White Rock head coach Ed McLaughlin said. “This is the chance of a lifetime for these boys, and I’m very excited about taking them.”

Cal Ripken Baseball differs from the Little League variety in a handful of ways – base-paths are 50 feet rather than 40, pitchers pitch from further away and base-runners are allowed lead-offs on the bases.

On the field, they will face some very stiff competition through playing Japan, Mexico, Korea, Australia and the Dominican Republic. In preparation for the challenge, the Selects have been practising and playing against older competition.

“For most of these guys, this will be the highest level of ball they’ll ever play in their life, so we’ve just told them that being nervous is normal, but they need to just take a deep breath, don’t squeeze the bat so tight, and just give it your best and have a good time.” said McLaughlin.

To follow the White Rock Selects’ progress in Aberdeen, visit the Cal Ripken World Series website, http://crws.ripkenbaseball.com.

Tags:
Posted in White Rock news | No Comments »

Homebuyers benefit as interest rates remain the same

August 10, 2011

No rise in interest rates forecast by Bank of Canada

No rise in interest rates forecast by Bank of Canada

Good news for homeowners and buyers as the deepening financial turmoil in the US and Europe has all but derailed Bank of Canada Governor Mark Carney’s plans to raise interest rates this fall.

Less than a month after Mr. Carney began hinting interest rates would be going up soon, the market is now betting against such a move. Trading activity in money markets indicates that many investors now believe his hands will be tied until at least the end of the year, and possibly into early 2012.

The growing threat of another economic slowdown has left the Bank of Canada with little choice but to put off planned hikes for fear of damaging the recovery further, market watchers say. That means temporary relief for homeowners concerned about a jump in their monthly mortgage payments, but it also means low returns on savings and deposits. Low interest rates are usually a symptom of tepid economic growth.

The Bank of Canada has held its overnight interest rate at 1 per cent since last fall, and was poised to revisit an increase on Sept. 7. Boosting rates to tighten credit in Canada has been seen as one of the next steps Mr. Carney would take to control inflation and return the country to a more normal monetary policy.

“I think it’s clear that there are a lot of serious problems still in the world and it’s more likely that we’re setting the stage for a sustainably low level of interest rates for a very long time – and that the initial tightening by the Bank of Canada [last fall] was unnecessary,” said Peter Gibson, chief portfolio strategist at CIBC World Markets.

In fact, Mr. Gibson added, the possibility of rates being lowered is now more realistic than before.

Source: Grant Robertson, Globe and Mail

Tags:
Posted in Mortgage rates | No Comments »

South Surrey to merge with White Rock?

August 8, 2011

Crescent Beach stroll

Crescent Beach stroll

The idea of amalgamating South Surrey with White Rock – championed by some in the early 1990s – is getting support from a White Rock councillor.

Coun. Grant Meyer says amalgamating what has always been an emotionally unified Semiahmoo Peninsula community makes sense, but would have to be driven by South Surrey residents.

“If people from Ocean Park and Crescent Beach wanted to be part of White Rock, I wouldn’t be opposed to it. But it would have to come from them.”

“I think it could be the way to go in the future,” he said. “People who live in South Surrey have always considered themselves part of White Rock. It would create a better tax base for White Rock, but geographically this area has always felt more like one community.”

Meyer also said there are many South Surrey residents who are not happy with rampant growth in the larger city, and might appreciate White Rock’s slower and steadier growth patterns.

There’s also an appeal to being part of a smaller city, he said.

“I know there’s always a lot of people who like being in towns like Port Moody and White Rock – they feel that they’re counted more than in cities of 600,000 like Burnaby.”

“I think a more central location would have served all of its citizens better. In this case, annexing the Semiahmoo Peninsula section of Surrey into our vibrant community would provide a more central city hall for all Peninsula residents.”

But before the day dawns when Metro Vancouver swallows all Lower Mainland communities, amalgamating South Surrey with White Rock would provide benefits for both, he said.

Meyer recognizes however that Surrey is not likely to relinquish South Surrey without a gargantuan battle.

“Surrey would definitely be against it,” he said. “It would probably have to come through the province. It would take all the people of the Surrey side of the Peninsula to get together and make it an issue.”

Source: Alex Browne, Peach Arch News

Tags:
Posted in South Surrey real estate, White Rock news | No Comments »

Canadian real estate market sees “steady” growth

August 3, 2011

Canadian property market sees steady growth

Canadian property market sees steady growth

House prices and sales volumes in Canada continue to increase in a strong but manageable manner says the Canadian Real Estate Association (CREA).

Its latest market trends report says that year-to-date sales “remain in line with the 10-year average” and that Vancouver leads the market.

Seasonally adjusted national home sales activity rose 2.6% in June 2011 and major markets that saw noteworthy gains over May included Calgary, Montreal, Ottawa, London, Hamilton, and Victoria.

The national average price for Canadian homes sold in June 2011 was $372,700, up 8.7% from the same month last year. “The national average price is becoming less affected by the overall number of sales in some expensive Vancouver neighbourhoods, but is still being pitched higher by the value of those sales,” says CREA.

“Canadian housing demand remains resilient, thanks to low interest rates, job growth, and home buyer confidence in the economy,” CREA president Gary Morse told OPP.

“The Canadian housing sector remains on a solid footing. The rise in monthly home sales activity at the end of the second quarter, upbeat business sentiment and hiring intentions, and signs that the Bank of Canada is in no rush to raise interest rates bode well for home sales activity and prices going into the second half of 2011,” added Gregory Klump, CREA’s chief economist.

Source: Overseas Property Professional

Tags:
Posted in Canada real estate market | No Comments »