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Blog › January 2017

BC Hydro May Fund Construction of School in Coal Harbour


bc hydro seed proposes to fund schools park upgrades

 

From Metro:

BC Hydro proposes to fund new schools and park upgrades

Local policymakers are waiting for public feedback before making a decision on the proposal which could fund two schools and several park upgrades

 
One of the projects that could be funded with BC Hydro’s Seed proposal is a renovation of Emery Barnes Park in exchange for the park board leasing the land to the BC Hydro so that they can build a substation underground.

BC HYDRO/CONTRIBUTED

One of the projects that could be funded with BC Hydro’s Seed proposal is a renovation of Emery Barnes Park in exchange for the park board leasing the land to the BC Hydro so that they can build a substation underground.

Vancouver could receive funding for two new schools and several park upgrades if local policymakers approve BC Hydro’s proposal of funding community amenities in exchange for a lease agreement that would allow it to build two underground substations in the downtown area.

The city centre’s demand for electricity is projected to grow by more than 75 per cent in the next 30 years and two aboveground substations will soon be de-commissioned due to age, according to a BC Hydro release. Meanwhile, the Vancouver School Board has said it intends to ask for provincial funding for at least two downtown schools to meet enrolment demand in the coming years.

The so-called “Seed” proposal, which would see the electricity provider paying for park upgrades and schools, is the first of its kind in North America, according to BC Hydro.

It’s a plan that could work if all stakeholders, including the public, are fully consulted, said Park Board chair Michael Wiebe.

“They are talking about threading the needle. If all the pieces fall into place, this would be a great win-win.”

More:

He says the board wants more details from BC Hydro, including information about financial return and health concerns of building a substation in a densely populated area. The proposal would fund a “refurbishment” of Yaletown’s Emery Barnes Park and to-be-decided lump sum that the park board could use to build new parks or community centres. Wiebe confirmed the deal would be worth “tens of millions” of dollars.

Another large project listed in the proposal is the construction of substations under new schools, which would satisfy the region’s power needs while creating more classroom space for children in the West End and Coal Harbour.

 

A Coal Harbour school could be built by 2020 and a West End school, next to the current Lord Roberts Annex, in 2025, according to BC Hydro. The substations underneath would be built at the same time.

 When asked how much money BC Hydro was offering in total, a spokesperson told Metro it was too early to say.

The Vancouver School Board’s 2017-18 capital plan puts the potential budget for a Coal Harbour school at $21 million.

The new West End school would replace the aging Lord Roberts building, the school board confirmed.

BC Hydro says it needs to build two new substations in downtown to meet the region's growing demand for electricity.

BC HYDRO/CONTRIBUTED

BC Hydro says it needs to build two new substations in downtown to meet the region's growing demand for electricity.

One of the first changes Vancouverites could see as a result of the proposal, if approved, is a complete facelift for Cathedral Park, which was built on top of an underground substation.

That substation is the first underground site in North America, according to BC Hydro.

Both the park board and City of Vancouver are encouraging residents to participate in BC Hydro’s consultation process.

“The City is very interested in the public’s input on BC Hydro’s proposal, and encourages residents to participate in BC Hydro’s engagement process,” a spokesperson told Metro in an emailed statement.

BC Hydro is accepting public feedback on the proposal through an online form and open houses until Feb. 28.

The park board and school board will vote on the proposal on March 27th

BC Hydro open houses

Yaletown 

Wednesday, February 1, 2017

5:00-8:00 p.m.

Elsie Roy Elementary School 

150 Drake Street, Vancouver

West End 

Saturday, February 18, 2017

10:00 a.m.-1:00 p.m.

St. Paul’s Anglican Church 

1130 Jervis Street, Vancouver



Homeowner Grant Threshold Raised


From CBC

 

The government of B.C. has increased its homeowner grant threshold from $1.2 million to $1.6 million — a 33 per cent increase.

The province says the increase will ensure that most homeowners who received the grant in 2016 will qualify for it again in 2017.

The government expects to spend $821 million on homeowner grants in 2017-18, compared to $809 million in 2016-17, according to a release from the province.

According to the release, 91 per cent of B.C. homes will remain below the new threshold despite recent steep increases in values from B.C. Assessment.

The province says 83 per cent of Metro Vancouver homes are below the new threshold.

NDP says increase too little, too late

David Eby, MLA for Vancouver Point Grey and housing critic for the B.C. NDP, says the move is another stop-gap measure from the government.

"They're reacting to patch things up two years too late, and it's a giant mess," Eby said.

Eby said that, though the on-paper wealth of many B.C. homeowners has skyrocketed in recent years along with home prices, so too have taxes and other associated costs.

The result, he said, is a lot of financially-strained families who have no way of accessing that value without selling and moving.

"The idea that there are all these really rich homeowners that are somehow leeching off the system is a bit of a fiction," Eby said.

The homeowner grant reduces property taxes on the owner's principal residence. The basic grant is worth up to $570, or up to $770 if the home is in a northern or rural area.

Additional grants are available for seniors, people with disabilities, spouses of veterans and those who qualify as low income.

 

 


Paul Merrick, Westbank Development in Horseshoe Bay


Horseshoebay, a new development by Westbank promises to modernize Horseshoe Bay while respecting its inherent beauty and the natural contours of the hillside.  The project is being offered first to locals before outlying buyers. It is designed by one of the West Coast's notable architects, Paul Merrick.  The property will feature a wonderful boathouse at its waterside entrance.  Villas are: oceanfront, bay view, forest or cherry blossom outlooks.  There are also ocean "pavillion" villas.

horseshoebay



December Stats from Real Estate Board of Greater Vancouver


January 4, 2017

A heated year for Metro Vancouver real estate draws to a close

The Metro Vancouver housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.

Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 per cent decrease from the 42,326 sales recorded in 2015, and a 20.6 per cent increase over the 33,116 residential sales in 2014.

“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. 

“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”

Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 per cent compared to the 57,249 properties listed in 2015 and a 2.6 per cent increase compared to the 56,066 properties listed in 2014. 

“The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.” 

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a 2.2 per cent decrease over the past six months and a 17.8 per cent increase compared to December 2015. 

December summary

Residential property sales in the region totalled 1,714 in December 2016, a decrease of 39.4 per cent from the 2,827 sales recorded in December 2015 and a decrease of 22.6 per cent compared to November 2016 when 2,214 homes sold.

Last month’s sales were 8.1 per cent below the 10-year sales average for the month.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a decrease of 35.1 per cent compared to the 2,021 units listed in December 2015 and a 58.3 per cent decrease compared to November 2016 when 3,147 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a 5.3 per cent increase compared to December 2015 (6,024) and a 24.3 per cent decrease compared to November 2016 (8,385).

Sales of detached properties in December 2016 reached 541, a decrease of 52.4 per cent from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents an 18.6 per cent increase compared to December 2015 and a 1.8 per cent decrease compared to November 2016.

Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 per cent compared to the 1,225 sales in December 2015.The benchmark price of an apartment property is $510,300. This represents a 17.3 per cent increase compared to December 2015 and a 0.3 per cent decrease compared to November 2016.

Attached property sales in December 2016 totalled 258, a decrease of 44.6 per cent compared to the 466 sales in December 2015. The benchmark price of an attached unit is $661,800. This represents a 20.4 per cent increase compared to December 2015 and a 0.8 per cent decrease compared to November 2016.

Download the full December 2016 stats package by clicking here