CREA: Toronto and Vancouver fuel home price growth in Canada in March

In March, the average price for a home in Canada rose to $439,144, a 9.4 per cent increase over the same time last year according to the latest data from the Canadian Real Estate Association (CREA). Removing the tight markets of Toronto and Vancouver, the numbers are far less dramatic: the average price shrinks by more than a $100,000 to $332,711, a slight 2.4 per cent increase over the previous year.

The MLS Home Price Index (HPI) for Canada rose 4.95 per cent year-over-year in March. According to CREA, the increase was the first boost of less than 5 per cent since May 2014 and the smallest overall gain since January 2014.

But once again, the priciest markets outdid Canada-wide growth. The GTA recorded a 7.85 per cent increase, the biggest surge of all the markets. It was followed closely by Greater Vancouver where the index rose 7.19 per cent.

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$94K micro-condo in Surrey attracts hordes of home buyers

List a brand new condo for under $100,000 in Metro Vancouver’s red-hot housing market, and the hordes of home buyers will come – judging by a frenzied scene in downtown Surrey on Saturday.

Hundreds of people waited in line to snag a piece of the new, 35-storey Evolve tower, located on the corner of 133 Street and 103A Avenue.

Despite some nasty exchanges between staff and impatient customers, Evolve sold 300 homes worth about $70-million in a mad hour-and-a-half-long rush.

“You don’t see that under $100,000 every day,” said Curtis Honey, who drove all the way from Edmonton with his twin brother to pick up a 316-square-foot microsuite“It is pretty small, but I think there’s ways to work around it and maximize the space.”

Watch the news coverage on the event on CTV.

Kick your coffee habit, own a home in Metro Vancouver from $93,900

Vancouver is notorious for its high cost of living, especially when it comes to real estate. With prices continually on the rise, and no signs of letting up anytime soon, the reality of owning a home is becoming grimmer by the day for the city’s Millennial population.

In light of inflated housing prices around the Metro Vancouver core, more and more people are moving eastward in search of affordable housing. Cities like Coquitlam and Surrey have experienced an influx of movers, cementing them as the up and coming players in the housing market. As a matter of fact, Surrey might just be the holy grail for Millennials looking to trade in their high monthly rent costs for a luxury condo suite.

Enter Evolve, the second of six towers to be built in the West Village by WestStone Group. With units starting at a jaw-dropping price of $93,900, it’s almost too good to be true. Perhaps the cherry on top of it all is just how affordable Evolve’s mortgage payments are shaping up to be.

Read the full story on Vancity Buzz.

Developer buy-downs the next big mortgage trend?

You’ve heard of brokers buying down rate but how about developers? One is offering a promotion that will allow clients to pay as little as $1 per day to live in its upcoming condo development.

WestStone Group — in partnership with Platinum Project Marketing —  is currently offering a special promotion for the first 200 buyers of its Evolve development in Surrey, B.C. and certain condos can be had for as little as $365 for the first year. The offer is open to all qualifying mortgage holders, regardless of which lender their mortgage is with.

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Bold Condo Sales Incentive: First Year’s Mortgage Starts At A Dollar A Day

In Greater Vancouver’s competitive real estate market, WestStone Group has upped the ante. WestStone, working with their lenders and Macdonald Realty Platinum Project Marketing announced a promotion to the first 200 purchasers of a luxury condo at Evolve in Surrey: own for as little as one dollar per day.

On January 20th, the project held a news conference unveiling its futuristic sales tools and a jaw-dropping starting price of $93,900. This is yet another incentive for shoppers to purchase a concrete home in Evolve as the development readies for sales day.

“Canada’s best-valued luxury concrete tower just got better,” says Bill Morrison, President, Platinum Project Marketing. “Now you can own an Evolve home starting at just a dollar a day – or $30 a month, for the entire first year of mortgage payments.

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Dollar-a-day mortgage offered by B.C. condo developers

As Canadian banks slash their mortgage rates to new lows, a developer in BC is offering a dollar-a-day mortgage to interested home buyers in the Metro Vancouver region as incentive to buy in. WestStone Group and Platinum Project Marketing are offering the deal for buyers of a luxury condo in the Vancouver suburb of Surrey.

After the first year, buyers must start paying down the rest of their mortgage at the regular rate.

Vince Taylor, of Platinum Project Marketing, said the move is critical to entice prospective buyers who are savvier than ever. “If we’re not one step ahead; if we’re not fully prepared; if we’re not ready to go a mile further than the next guy, we won’t sell any condos,” he said.

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Evolve tower’s attractive pricing sets tone in Surrey’s City Centre

In a region where the prospect of owning a home is a distant dream for many young people, WestStone Group’s Evolve tower in Surrey is offering buyers a chance to secure a foothold in the rapidly developing Surrey City Centre neighbourhood.

Attractive pricing, coupled with innovative technology being used to market the homes, is translating into interest from first-time buyers and investors alike. Sales will launch in early spring, but the sales centre has already received upwards of 2,500 visitors.

Read the full story in the Vancouver Sun.