Economic Drivers of Real Estate in Vancouver – DELOITTE

untitled

Real estate market overview and current challenges

October, 2016
Stepping into 2017

Come join me as we learn from Jennifer Podmore-Russell of Deloitte, and her take on where is Vancouver’s real estate marketing heading as we step into 2017. This presentation brought to us courtesy of Wealthminds!

Click here for the full presentation.

I’ve also highlighted below some notable changes in our market which may affect you! Give us a call at (604) 629-7515 or fill out the form below if you’d like to learn more.

Changes in the market – BC’s Foreign Buyer Property Transfer Tax

On July 25, 2016, the BC government introduced legislative changes directed at BC’s residential housing market. The key changes include the introduction of an additional 15% property transfer tax (PTT), effective August 2, 2016, on transfers of residential properties within the Greater Vancouver Regional District (GVRD) to foreign entities or taxable trustees

Government Responses – Preventative Measures for a “Healthy, Competitive and Stable Housing Market”

Legislation release on October 3, 2016 included a “Mortgage rate stress test” for all insured borrowers and closing loopholes for the Principal Residence Exemption.

Advertisements

Exploring Passive House – Vancouver Island

The grandparents' living area on the ground floor opens onto a spacious patio. Each floor has a large overhang to give protection from the summer sun, when itÕs high in the sky. In the winter, when rays come at a lower angle, they are unimpeded by overhangs. Photograph By Derek Ford

The grandparents’ living area on the ground floor opens onto a spacious patio. Each floor has a large overhang to give protection from the summer sun, when itÕs high in the sky. In the winter, when rays come at a lower angle, they are unimpeded by overhangs. Photograph By Derek Ford

More than a thousand people have toured this home and they weren’t there because it was on an interior-design list or part of a fundraising effort. Hundreds of people — mostly government officials and building and industry professionals — have beaten a path to its vault-like door because they wanted to see how this building “performs” and precisely how it was constructed.

They were curious to check out Vancouver Island’s first house built to the International Passive House Standard, a level of energy efficiency said to offer unsurpassed thermal comfort and indoor air quality, with minimal operating costs.

“A lot of people talk about their houses in terms of passive heating — the term is thrown around very loosely, and they usually mean they receive solar gain through south-facing windows,” said co-owner Rob Bernhardt.

But this 3,800-square-foot house is the real deal, certified and built to a standard based on detailed scientific criteria and “functional efficiency” relating to a strict definition of kilowatt hours per square metres.

Simply put, this house consumes 90 per cent less heating-and-cooling energy than a typical house of the same size.

It took eight months to build and cost $200 a square foot including landscaping, which is astronomically cheap for a custom house, said Rob.

“And we aim to do better next time.”

The wall assembly features a two-by-eight wood-frame structural wall with plywood sheathing on the exterior, while the interior is sheathed in OSB board with the cavity filled with dense-pack cellulose insulation. Photograph By Derek Ford

The wall assembly features a two-by-eight wood-frame structural wall with plywood sheathing on the exterior, while the interior is sheathed in OSB board with the cavity filled with dense-pack cellulose insulation. Photograph By Derek Ford

He and his son Mark Bernhardt, who owns Bernhardt Contracting, researched the project together and Mark built it.

“It is a standard that is very popular in Europe and starting to become more common in North America,” said Mark, adding the European Union has decided that by 2020, all new buildings should be built at this level of efficiency.

It is a standard that is achievable today at a very affordable price, he said.

The total cost of this home was only three to four per cent higher than a traditional build — roughly $40,000 of the $750,000 total — and this expense was offset immediately in part because the house didn’t need a furnace or air conditioner, and heating bills are phenomenally low.

Since it was completed in 2013, heating bills have ranged from $160 to $210 per year. There are no expensive mechanical systems to maintain and they don’t even have a fireplace, as the house is so warm. (Interestingly they have no televisions either: “That’s yesterday’s technology,” said Mark.)

Continue reading →

Beaten to the Shadow Punch

1148949_1161202743898016_4077150343650959372_n

Stop… in the name housing affordability and supply!!

I seem to have a lot of Christy Clark showing up in my blog feed these days. Today’s announcement, is that the province aims to implement rules that require the Seller’s consent for any assignment plus any profits made from assignments returned to the home-owner.  The announcement comes one day after NDP Leader John Horgan introduced two bills in the legislature in response to so-called shadow flipping and empty homes.

So what do you think? Is this likely to succeed? Will it in fact have any affect on the real issue which is housing affordability and supply?

Province to address “shadow flipping” abuse in real estate transactions

Premier Christy Clark has announced British Columbia is taking further action on realtor conduct, conflict of interest and housing affordability.

In the coming weeks, government will put new rules in place to prevent the potentially predatory practice of real estate contract assignment ─ so-called “shadow flipping.”

Government looks forward to the Real Estate Council’s independent advisory group recommendations on licensee conduct and potential conflict of interest, such as dual agency representation where one licensee acts for both the seller and buyer in a transaction.

Finance Minister Michael de Jong and Deputy Premier Rich Coleman will meet with Vancouver Mayor Gregor Robertson to discuss collaborative steps governments can take to further improve affordability in Vancouver.

Read the Premier’s full Press Release here

Want to learn more?:

Metro Vancouver home buyers set a record pace in February

Last month was the highest selling February on record for the Metro Vancouver housing market.

Residential property sales in the region totalled 4,172 in February 2016, an increase of 36.3 per cent from the 3,061 sales recorded in February 2015 and an increase of 65.6 per cent compared to January 2016 when 2,519 home sales occurred.

unnamed

Last month’s sales were 56.3 per cent above the 10-year sales average for the month and ranks as the highest February sales total on record.

“We’re in a competitive, fast-moving market cycle that favours home sellers,” Darcy McLeod, REBGV president said. “Sustained home buyer competition is keeping upward pressure on home prices across the region.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,812 in February 2016. This represents an increase of 7.1 per cent compared to the 5,425 units listed in February 2015 and a 30.8 per cent increase compared to January 2016 when 4,442 properties were listed.

“We’re beginning to see home listings increase as we head toward the spring market, however, additional supply is still needed to meet today’s demand,” McLeod said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,299, a 38.7 per cent decline compared to February 2015 (11,898) and a 10 per cent increase compared to January 2016 (6,635).

The sales-to-active listings ratio for February 2016 is 57.2 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $795,500. This represents a 22.2 per cent increase compared to February 2015.

Sales of detached properties in February 2016 reached 1,778, an increase of 37.2 per cent from the 1,296 detached sales recorded in February 2015. The benchmark price for detached properties increased 27 per cent from February 2015 to $1,305,600.

Sales of apartment properties reached 1,790 in February 2016, an increase of 43.9 per cent compared to the 1,244 sales in February 2015.The benchmark price of an apartment property increased 17.7 per cent from February 2015 to $454,600.

Attached property sales in February 2016 totalled 604, an increase of 15.9 per cent compared to the 521 sales in February 2015. The benchmark price of an attached unit increased 17 per cent from February 2015 to $569,600.

Poems of Reflection – Book Launch with 100 Success – March 2nd

The anticipation is building! We’ve come such a long way & it’s amazing to see how not just the volunteers, but the 100 Success community itself has come together to pitch in for Brian. #AllHandsOnDeck #BuildingACommunity

Brian’s book launch is just around the corner, please come and join us March 2nd at 6pm, 431 Princess Ave.

unnamed

Just a bit of background, some of you may know I’ve been working with 100 Success, a group of individuals who want to lend their support to the Downtown Eastside community by providing mentorship and encouragement for individuals who have completed recovery (Climbers) to connect their business ideas and social projects to advisers (Sherpas) and to potential clients.

Come join us this coming Wednesday for a glimpse into what we’ve been doing!

 

 

 

BC’s New PTT (Property Transfer Tax)

The new rules on BC’s Property Transfer Tax have been released with the potential to save up to $13,000 for some, and rate increases for others. The goal of the province’s 2016 budget to help put home ownership within the reach of more people, but you can weigh in – does BC’s New PTT achieve its stated goals?

Highlights

  • Exemption for buyers of new homes that priced at up to $750,000;
  • PTT increase to 3% from 2% for properties valued at more than $2 million;
  • Requirement that property buyers self-report their nationality when they register their property.

Let’s go back and recognize the PTT as a major source of BC’s revenue, Vancouver accounting for nearly one-quarter of the government’s $1.15-billion windfall from B.C.’s property transfer tax in the past fiscal year.

The property transfer tax was introduced in 1987 as a “luxury tax,” however thresholds have not changed since then, meaning it has turned into a revenue generator for the province.

Just Sold! 103 – 3075 Primrose

We have just sold this gem nestled in a resort-like complex. Welcome to Lakeside Terrace! If you missed this great opportunity, email us on the form below to get in contact today.262049031-3

The perfect balance of elegance and charm greet you as you enter the foyer, and continues into the large kitchen & open concept dining/living room. The tastefully decorated master suite has two closets/ 4 piece ensuite with separate shower.

262049031-4

A huge private deck is your oasis perfect for entertaining. With water features/lagoon, and manicured gardens you are surrounded by beauty. Workout in the gym, dip in the pool or relax in the hot tub/sauna. A short stroll to mall/T&T, all levels of great schools, the West Coast Express, Lafarge Lake, Aquatic Center, and soon the Skytrain.

 

New social-housing project opens in Vancouver

Rich Coleman, minister of natural gas development and housing, tours the Budzey Building, a newly completed structure providing 147 apartments for women or women with kids who are homeless or at risk of homelessness, in Vancouver on Thursday. Photograph by: NICK PROCAYLO , PNG

Rich Coleman, minister of natural gas development and housing, tours the Budzey Building, a newly completed structure providing 147 apartments for women or women with kids who are homeless or at risk of homelessness, in Vancouver on Thursday.
Photograph by: NICK PROCAYLO , PNG

Minister Rich Coleman tours the Budzey Building, near Oppenheimer Park

Reblogged from STEPHANIE IP | POSTMEDIA NEWS

VANCOUVER — Women and children first is the key to the province’s latest social-housing project, the success of which will hopefully draw more federal support for other projects in B.C.

On Thursday, minister Rich Coleman toured the Budzey Building, near Oppenheimer Park in Vancouver’s Downtown Eastside. The building provides long-term permanent housing for women (including transgender and cisgender) and women-led families.

The Budzey was opened in July 2015 and was gradually tenanted throughout the fall. Only just recently did the building finally reach capacity.

According to Amelia Ridgeway, an associate director at RainCity Housing, the organization partnered with B.C. Housing to interview prospective tenants, ensuring that the residents being moved into the Budzey are from the surrounding community. As well, there was a focus on women who had been longtimetenants at nearby SROs (single-room occupancy) facilities.

Read 354 more words here

Just Sold! 3493 David

We have just sold one of the best SOUTH view HOMES on Burke Mountain. If you missed this great opportunity – email me below to find out about other similar homes in your neighbourhood that are coming up for sale! Find the Full Listing information here.

894

857

Place for your family and more.

922

Stunning VIEWS. Master bedroom retreats with spa-inspired Ensuites. Built by MOSAIC.

853

Upgraded appliances, a master-planned community to be complete with play space, green space and shopping village. Massive kitchen islands, spacious laundry rooms, double-door ensuite bathrooms, walk-out backyards, mud rooms for gear, window lounges, closet space to spare. No CARPET AT ALL. Located in Quite side of David Ave.

868

860

Just Sold! 7437 Moffat Rd #117

I have just sold this clean, cozy and move-in ready 2 bdrm, 2 bath unit in Colony Bay North. If you missed this great opportunity – email me below to find out about other similar homes in your neighbourhood that are coming up for sale!

V1097155_101_12

Great location within the building, this unit features an updated kitchen with newer appliances, newer cabinets, counter tops, and undermount lighting. Pantry/ Laundry features lots of storage and newer frontload washing machine and dryer. Italian tile throughout entrance, kitchen, hall and both bathrooms. Hunter Douglas blinds, window screens and phantom roll screen on door leading to one of the 2 lovely balconies on the quiet side of the building. Huge storage locker with private entrance. Cozy gas fireplace, new light fixtures throughout. Master features a generous walk-in closet. Building has a brand new roof and has been re-piped.