The Point Grey landmark — which is rated Heritage A, Vancouver’s highest ranking — has one of the great views in the city
A large log house at 4686 West 2nd Ave. has been a Point Grey fixture since it was built in 1917.
The property stretches over three lots and boasts some giant trees, creating a park-like vibe. Sitting on the porch feels like being transported to another era.
But being located on three 33-foot lots makes it a prime site for redevelopment. Developers Munish Katyal and Sapna Rani Katyal purchased the property in November 2022 for $8.5 million, a steep drop from the original listing price of $16 million.
“There are three permit applications for single detached homes in progress for 4686 West 2nd Ave.,” said an email from city staff.
“The existing Heritage A building is being reviewed as a part of the permit review process. This building straddles two lots, which creates challenges for retention because it would be difficult to comply with regulations while retaining the building.
“At this time, the demolition permits are pending development permit and building permit approval.”
Some developers may have been scared off because the log house is on Vancouver’s heritage register. It is rated Heritage A, the highest ranking, which means tearing it down will probably require some serious negotiations with the city.
“(The developer) cannot get a demolition permit until he has new development permits in place,” said former Vancouver planner Sandy James.
“Secondly, he has to get a director of planning agreement to demolish the house, and that would have to be for very significant reasons.”
“The normal practice is that the development permit would be knocked up to one of the city’s architects, who can work with the developer to assign the same density that they would have with three lots, but (retain) the house,” she said.
New owner Munish Katyal runs KVA Developments in Surrey. Phone calls to the company were not returned this week.
Heritage expert Don Luxton said allowing a Heritage A building such as this to be torn would send a message to developers.
“In general, the city has had a pretty effective heritage program, given the lack of support of senior levels of government and all those other issues,” he said.
“We know the city is left on its own. But it also has the tools under the Vancouver Charter to negotiate, and it has a lot of power. It always kind of drew the line at A-listed buildings. We never really lost many over the years.
“(But) if it can happen that quickly and that easily on this site, that would send a huge message, that it would be easier to demolish now.”
It may seem unusual that the developers want to build single-family homes on the property, given that under the new density rules introduced by the city and province you could build multiple units on each lot.
But in pricier areas such as Point Grey, single-family homes still bring the most money.
“The truth is, there’s always going to be more money in property that is sold for detached family housing,” said James. “It will always be more expensive, and it will always be more exclusive. That’s shown with this example.”
If the developer is allowed to tear down the heritage home and build three new houses, they got a bargain. The Katyals paid $8.5 million, or $2.83 million per lot.
A search on B.C. Assessment shows that the four houses on 33-foot lots east of the property have an assessed value for the land alone of $4.5 million per lot.
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
The Canadian Press. All rights reserved.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
The Canadian Press. All rights reserved.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
The Canadian Press. All rights reserved.
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