If you are thinking about buying a house built on top of peat/bog/soft soil in Vancouver watch this segment from Global News.

There's Something About Vancouver...despite all the negative news on housing affordability, Metro Vancouver continues to witness internal migration. If you have been holding off on a home purchase, you may be interested to know that the recent announcement of increased immigration numbers for 2023 to 2025 in Canada, will cause the region to continue to grow and put pressure on the lack of housing supply.  As the market adjusts to the higher mortgage rates, buyers will return to the market, think fast as REBGV predicts home prices to end with a slight increase in 2023 than the end of 2022.

Link to the REBGV Residential Market Forecast article and graphs here.

For June 2016, a total of 41 units of strata homes, i.e. condos and townhomes, were sold in UBC.  This is a decrease from the 50 units that sold in May, and an increase from the 25 units that sold in June 2015.

Of the 41 units that sold last month, 4 were 1-bedroom homes, 29 were 2-bedroom homes, and 8 units were 3-or-more bedroom homes, including townhomes/duplexes.

The average sale price for 1-bedroom strata home in the UBC Campus in June was $560,000, a 2-bedroom strata home had an average sale price of $822,368 while a 3-or-more bedroom strata home had an average sale price of $1,129,475.

The majority of the total units sold last month is from the UBC’s newest and largest neighbourhood, Wesbrook Village with 23 units, 1 unit from Chancellor Place, 8 units from East Campus, 2 units from Hawthorn Place, and 7 units from Hampton Place.

I've lived in the UBC campus for over 10 years. I love this area and all it has to offer, and I enjoy sharing what I know about my home. As a REALTOR®, I also love to share my expertise in this area as well. If you are thinking of listing your UBC property, or for a FREE private consultation, please call me, Len Diaz, at 604-551-1323.

Sold units does not include single detached homes, pre-sale, under construction, and private (FSBO) sales.  All figures are taken from MLS.

For May 2016, a total of 50 units of strata homes, i.e. condos and townhomes, were sold in UBC.  This is an increase from the 45 units that sold in April, and an increase from the 32 units that sold in May 2015.

Of the 50 units that sold last month, 7 were 1-bedroom homes, 33 were 2-bedroom homes, and 10 units were 3-or-more bedroom homes, including townhomes/duplexes.

The average sale price for 1-bedroom strata home in the UBC Campus in May was $526,211, a 2-bedroom strata home had an average sale price of $793,966 while a 3-or-more bedroom strata home had an average sale price of $1,414,050.

The majority of the total units sold last month is from the UBC’s newest and largest neighbourhood, Wesbrook Village with 20 units, 4 units from Chancellor Place, 9 units from East Campus, 10 units from Hawthorn Place, and 7 units from Hampton Place.

I've lived in the UBC campus for over 10 years. I love this area and all it has to offer, and I enjoy sharing what I know about my home. As a REALTOR®, I also love to share my expertise in this area as well. If you are thinking of listing your UBC property, or for a FREE private consultation, please call me, Len Diaz, at 604-551-1323.

Sold units does not include single detached homes, pre-sale, under construction, and private (FSBO) sales.  All figures are taken from MLS.

The following were taken directly from the UBC Properties Trust website - www.ubcproperties.com

September 2014

UBC Leasehold FAQ

Al Poettcker, President and CEO of UBC Properties Trust, helps us understand the difference between fact and fiction, and why a UBC leasehold home makes solid economic, social and environmental sense.

Q: Many people aren't aware provincial law prohibits UBC from selling freehold properties, but what exactly is someone buying when they purchase a leasehold property? Is it really a tangible asset?

A: Absolutely. Leasehold properties are registered at the Land Titles Registry just like any other home. You can buy them, sell them, even will them to someone. So you have all the same rights as a freehold property owner for the length of the lease - which at UBC is 99 years.

Q: How do prices compare to a conventional home purchase?

A: Like freehold, prices are driven by what the market dictates. At UBC, prices are similar to any other condominium on the Westside. And, of course, homeowners will still pay City of Vancouver property taxes and strata maintenance fees. The main difference is that at UBC you're buying into a 'complete community'. When a developer purchases the ground lease in order to undertake a development, part of the proceeds is used for streets, infrastructure, and amenities like parks and community centres. A significant benefit is that homeowners will not be dependent upon any government for these amenities and infrastructure. In addition, a portion of property taxes are automatically set aside and administered by the University Neighbourhoods Association to provide reserves for the inevitable replacement and upgrading of this infrastructure in the future.

Q: But what if a developer doesn't complete their building?

A: We've negotiated more than 50 leases with developers, and every one of these developments has either been built or is under construction. In the unlikely event of a problem, however, homeowners would have the same rights as they would at any freehold development.

Q: It's tough to discuss leasehold without addressing the widely publicized Musqueam lands in south Vancouver several years ago where people were forced to sell their leasehold homes at devastating losses. Could this happen again at UBC?

A: UBC is quite different. Leases here are fully prepaid by the developer, and there are no rent reviews during the term of the lease. Wherever you have rent reviews during the course of a lease, there will be uncertainty - and risk - both for the lessor and the lessee. 

The Musqueum leases are on reserve land and were prepared by the federal government. They did not have pre-payment options and were subject to a rent review after 30 years. The original lease rates were so nominal, the potential affect of future rent reviews was probably not fully reflected in the resale prices. The problem came in year 30 when lease rates were allowed to be set to market value - meaning in some cases rents suddenly increased to $10,000 or more per annum.

Another example is False Creek, where some leases have a 60 year term with a rent review in the 30th. While that rent review period has passed, the issue now facing owners or potential buyers is the diminishing amount of time that remains on the lease. That affects things like what kind of renovations you might choose to do - or not.

In contrast, UBC leases are for a 99-year term, are prepaid in full by the developer, and have, on average, over 90 years left. So as a homeowner, you have complete certainty there will be no further lease payments for the balance of the term.

Q: Pure math indicates most UBC lease won't expire until well into the first decade of the 22nd Century. But what does happen at the end of 99 years?

A: At the end of the lease, the university can d o one of two things - negotiate an extension of the lease or pay the leaseholder fair market value for improvements to the property. The key point, though, is that over the next eight or nine decades, the number of people who want to live and work on campus will continue increasing. The university has a vested interest to ensure people are making a sound investment when they buy a home here and to do everything possible to retain this area as a vibrant, dynamic place to live.

Excerpt from the Metro Vancouver New Condo Guide, September 5-19, 2014.

Link to the original page here.

For April 2016, a total of 45 units of strata homes, i.e. condos and townhomes, were sold in UBC.  This is an increase from the 39 units that sold in March, and an increase from the 31 units that sold in April 2015.

Of the 45 units that sold last month, 8 were 1-bedroom homes, 30 were 2-bedroom homes, and 7 units were 3-or-more bedroom homes, including townhomes/duplexes.

The average sale price for 1-bedroom strata home in the UBC Campus in April was $515,000, a 2-bedroom strata home had an average sale price of $763,796 while a 3-or-more bedroom strata home had an average sale price of $1,424,142.

The majority of the total units sold last month is from the UBC’s newest and largest neighbourhood, Wesbrook Village with 15 units, 4 units from Chancellor Place, 12 units from East Campus, 5 units from Hawthorn Place, and 9 units from Hampton Place.

I've lived in the UBC campus for over 10 years. I love this area and all it has to offer, and I enjoy sharing what I know about my home. As a REALTOR®, I also love to share my expertise in this area as well. If you are thinking of listing your UBC property, or for a FREE private consultation, please call me, Len Diaz, at 604-551-1323.

Sold units does not include single detached homes, pre-sale, under construction, and private (FSBO) sales.  All figures are taken from MLS.

For March 2016, a total of 39 units of strata homes, i.e. condos and townhomes, were sold in UBC.  This is an increase from the 38 units that sold in February, and an increase from the 23 units that sold in March 2015.

Of the 39 units that sold last month, 5 were 1-bedroom homes, 29 were 2-bedroom homes, and 5 units were 3-or-more bedroom homes, including a townhouse/duplex.

The average sale price for 1-bedroom strata home in the UBC Campus in March was $513,580, a 2-bedroom strata home had an average sale price of $785,648 while a 3-or-more bedroom strata home had an average sale price of $1,479,000.

The majority of the total units sold last month is from the UBC’s newest and largest neighbourhood, Wesbrook Village with 14 units, 3 units from Chancellor Place, 6 units from East Campus, 7 units from Hawthorn Place, and 9 units from Hampton Place.

I've lived in the UBC campus for over 10 years. I love this area and all it has to offer, and I enjoy sharing what I know about my home. As a REALTOR®, I also love to share my expertise in this area as well. If you are thinking of listing your UBC property, or for a FREE private consultation, please call me, Len Diaz, at 604-551-1323.

Sold units does not include single detached homes, pre-sale, under construction, and private (FSBO) sales.  All figures are taken from MLS.

For February 2016, a total of 38 units of strata homes, i.e. condos and townhomes, were sold in UBC.  This is an increase from the 15 units that sold in January, and an increase from the 15 units that sold in February 2015.

Of the 38 units that sold last month, 4 were 1-bedroom homes, 18 were 2-bedroom homes, and 16 unit was 3-or-more bedroom homes, including townhouses.

The average sale price for 1-bedroom strata home in the UBC Campus in February was $488,250, a 2-bedroom strata home had an average sale price of $834,947, while a 3-or-more bedroom strata home had an average sale price of $1,457,173.

The majority of the total units sold last month are tied with 9 units each from Hawthorn Place and Hampton Place, 8 units from Chancellor Place, 4 units from East Campus, and 8 units from Wesbrook Place.

I've lived in the UBC campus for over 10 years. I love this area and all it has to offer, and I enjoy sharing what I know about my home. As a REALTOR®, I also love to share my expertise in this area as well. If you are thinking of listing your UBC property, or for a FREE private consultation, please call me, Len Diaz, at 604-551-1323.

Sold units does not include single detached homes, pre-sale, under construction, and private (FSBO) sales.  All figures are taken from MLS.