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Lululemon founder Chip Wilson’s $78.8-million Vancouver property tops B.C. housing list


vancouver most expensive

Lululemon Athletica founder Chip Wilson’s waterfront property on scenic Point Grey Road in Vancouver has an assessed value of $78.8-million as of July 1, 2017.

DARRYL DYCK/The Globe and Mail

Lululemon Athletica Inc. founder Chip Wilson's waterfront property in Vancouver valued at – take a deep breath – $78.8-million has topped the list of the most expensive residential properties in British Columbia for the fifth consecutive time.

The former chief executive officer of the yoga-wear retailer saw a one-year rise of $3,016,000 in his estate's assessed value, or a 4-per-cent increase, according to data released on Tuesday by BC Assessment for the period from July 1, 2016, to July 1, 2017.

On July 1, 2017, the assessment on Mr. Wilson's 15,694-square-foot house rang in at $26.1-million while the land value registered $52.7-million.

 

By Vancouver standards, it marked a notable slowdown in price growth. His total property value of $75.8-million in mid-2016 had jumped 18.7 per cent from $63.9-million in mid-2015.

Mr. Wilson's two-storey mansion along scenic Point Grey Road in Vancouver's Kitsilano neighbourhood is worth significantly more than when it was assessed on July 1, 2013, at $54.2-million.

Tuesday's statistics showed mixed results for Greater Vancouver detached properties, which ranged from slipping 5 per cent in value to climbing 25 per cent, said BC Assessment. For the Vancouver region as a whole, the latest assessments for detached houses showed the market cooling off compared with the previous one-year period's soaring values of roughly 15 per cent to 50 per cent.

While most of the detached market slowed, assessed values for condos and townhouses rose 5 per cent to 35 per cent, depending on the neighbourhood, in Greater Vancouver. For all types of residential housing, the average value went up 5.6 per cent in the region.

BC Assessment is the provincial Crown corporation that estimates values annually on behalf of B.C. municipalities, which use the data to help determine how much homeowners will pay in property taxes.

Analysts are watching Vancouver closely for clues on what to expect in 2018, noting that governments and regulators are continuing to seek ways to cool down prices, notably in the Vancouver and Toronto regions. "When looking at the Canadian housing and mortgage market, we think looking at the Vancouver market can be important when thinking about what may happen in the future in other parts of Canada," RBC Dominion Securities Inc. analysts Geoffrey Kwan and Scott Robertson said in a research note in December.

Housing prices slumped for several months after the B.C. government introduced a foreign-buyers tax in the Vancouver region in August, 2016, but began rebounding in early 2017.

The price of detached houses sold in Greater Vancouver in November averaged $1,733,899, up 7.5 per cent from $1,612,469 in the same month in 2016, according to the Real Estate Board of Greater Vancouver. But industry observers point out that price changes vary widely, depending on the neighbourhood.

Price gains for detached properties sold in Greater Vancouver have been relatively modest since BC Assessment compiled its data, while it has been a robust market for condos and townhouses, with prices for multifamily units reaching record highs recently.

In the City of Victoria, assessed values climbed 16.3 per cent on average from mid-2016 to mid-2017 for all types of housing, while they rose 11.4 per cent in the Vancouver suburb of Surrey.

Residential values in rural British Columbia, however, have decreased in several resource-based communities. They tumbled 17.9 per cent in Kitimat in the northwest, where proposals remain stalled for building terminals to export liquefied natural gas.

Assessed values increased 4.7 per cent in Prince Rupert, though the assessment date of July 1, 2017, was shortly before Pacific NorthWest LNG announced the cancellation of its nearby proposal on Lelu Island.

Values declined 9.3 per cent in Fort St. John in the northeast, where natural gas drilling has decreased.

On the luxury end, earning a spot on the list of British Columbia's 500 most expensive properties is getting harder. The lowest-valued home on the latest list is $12,635,000, up 3.7 per cent from $12,184,000 on July 1, 2016.

Mr. Wilson, who owns his top-valued property through 3085 Point Grey Road Holdings Ltd., has numerous neighbours within five kilometres on the top-tier list. The runner-up on the new provincial list is a property at 4707 Belmont Ave. in Vancouver. That home, owned by Pisonii (PTC) Ltd., increased 3.8 per cent in value to $71.8-million.

Read more...



BC’s new top 10 most expensive residential properties


B.C. Assessment has released its list of the most expensive residential properties in the province and the house that came out on top won’t likely be a surprise.

Chip Wilson’s home, located at 3085 Point Grey Road in Vancouver, once again tops the list with an assessment value of $78,837,000. That’s up from $63 million in 2016, $57.6 million in 2015 and $54 million in 2014.

At 15,694 square feet, the Lululemon founder’s home sits on a waterfront lot on the exclusive “Golden Mile,” which houses many of the city’s most luxurious multi-million-dollar homes.

READ MORE: Chip Wilson’s Vancouver home now worth over $75 million

This assessment information was released on Jan. 2 but is based on market values as of July 1, 2017.

Once again at number two on the list is the property located at 4707 Belmont Ave., about an eight-minute drive away from Wilson’s home.

This house, which overlooks Spanish Banks, is an estimated 25,000 square feet.

 

4707 Belmont Ave.

4707 Belmont Ave.

In third place, again, is James Island, a privately-owned Southern Gulf Island.

The island now boasts a 5,000-square-foot principal residence, six guest cottages, private docks, an airstrip, pool house and manager’s residence.

READ MORE: Meet the billionaire who’s selling this B.C. island for $75M

The rest of the homes on the top 10 list are all located in Vancouver.

The residence at 4719 Belmont Ave. came in fourth with an assessed value of $46,684,000.

4719 Belmont Ave.

4719 Belmont Ave.

Wilson’s neighbour at 2815 Point Grey Rd. has the fifth priciest home in B.C. with an assessed value of $45,875,000.

Rounding out the top 10 in B.C. is:

6 – 4743 Belmont Ave. with a value of $42,952,000.

7 – 1388 The Crescent with a value of 42,494,000.

8 – 4857 Belmont Ave. with a value of 41,730,000.

9 – 4773 Belmont Ave. with a value of 40,276,000.

10 – 2999 Point Grey Rd. with a value of 38,684,000.

You can check out the value of your home and others’ online here.



Over 20% of new condos in Vancouver and Richmond owned by non-residents


Large variations from city to city when it comes to the percentage of non-resident buyers

By Justin McElroy, CBC News

vancouver real estate

Statistics Canada with Canada Mortgage and Housing Corporation examined Vancouver real estate numbers to "address data gaps related to housing." (Rafferty Baker/CBC)

Statistics on housing ownership captured for the first time by Statistics Canada show that when it comes to the impact of purchases by non-Canadian residents, geography and building type matter a lot. 

Figures published Tuesday, in a joint project with the Canada Mortgage and Housing Corporation, showed that non-residents owned 4.8 per cent in Metro Vancouver — but the number is much higher when it comes to condos, especially newer ones. 

"It's quite substantial when you look at the numbers," said Josh Gordon, an assistant professor at the Centre for Public Policy at Simon Fraser University.

"Non-residents" are defined by Statistics Canada as either a Canadian citizen who no longer lives in the country (but still owns real estate) or a non-citizen who owns property in Canada without using it as a primary residence.

While the percentage of non-resident buyers is still comparatively small, there are plenty of variations in the data worth highlighting. Here are four of them.

Condo fever

In most cases, the number of non-residents with property in Metro Vancouver is below 10 per cent. 

But there is one exception: condos built in and around Vancouver in the last two years. 

More than one in five condos built since 2016 in Richmond and Coquitlam are owned by non-residents, with 19.1 per cent in the City of Vancouver. 

"The main point when you look at the data is to distinguish the stock and the flow," said Gordon.

"That means a huge share of the market, in terms of who is buying in recent years, is non-resident owners. And that will have a major impact in your market."

https://infogram.com/non-residents-condos-1hxr4zmy9e952yo

Geography matters

Sift through the data, and there's a general rule of thumb: the closer the property is to Vancouver, the greater chance it could be owned by a non-resident. 

Non-residents made up 7.6 per cent of residential property owners in the City of Vancouver, 7.5 per cent in Richmond, 6.2 per cent in West Vancouver, and 5.0 per cent in Burnaby. 

But further afield, the figures were 1.9 per cent in Pitt Meadows, 2.0 per cent in Delta, 2.1 per cent in Maple Ridge, and 2.2 per cent in the Township of Langley. 

Non-residents Stats Can data

Chart by Tara Carman

Non-residents own pricier properties

Overall, a non-resident property owner in Metro Vancouver is more likely to own a more expensive property than the average citizen.

The median value of a single-detached house owned by a resident is $1.26 million, while it's $1.62 million for a non-resident. 

That also varies from municipality to municipality: in the City and Township of Langley, there's virtually no variation in values in median values between residents and non-residents. But in the City of Vancouver, there's a 45 per cent gap — $3.24 million for single-detached homes of non-residents, and $2.23 million for residents. 

Million dollar homes no more in Vancouver

Finally, anecdotal evidence and monthly sales figures have made it clear for quite some time that it's virtually impossible to find a single-detached home in Vancouver for less than a million dollars, but these new figures prove it. 

Statistics Canada provides data for 276,274 detached homes in Metro Vancouver, and about one-third (93,511) were valued at under a million dollars. 

Of those 93,511 sub-million homes, just 136 of them were in the City of Vancouver. 

In many other parts of Metro Vancouver, detached homes under a million dollars can still be had, but you might have to travel a bit: only in the Fraser Valley are a majority of detached homes worth six figures.

https://infogram.com/value-of-single-family-homes-in-vancouver-1h7j4d0g7edx2nr



Foreign buyers may not live in Vancouver, but their money sure does: StatsCan


WATCH: Statistics Canada has released surprising new housing numbers that show what foreign buyers are investing in. It's a small percentage of the overall housing market. But it doesn't account for a loophole. Robin Gill reports.

For years, foreign money has been identified as a key factor jacking up Vancouver’s home prices beyond anything that local residents can bear.

On Tuesday, Statistics Canada and the Canada Mortgage and Housing Corporation (CMHC) gave an extensive, if incomplete, picture of just how many of the city’s homes are owned by people from elsewhere — and how much higher they’re valued than the ones owned by locals.

The data, which looked at Vancouver and Toronto, contained many revelations about the share of non-resident ownership throughout Metro Vancouver.

Non-residents were defined as people whose principal residences were outside Canada.

One of the revelations was that single-detached and condominium apartment units owned by non-residents were worth far more than those belonging to Canadians.

The following chart shows the average value of single-detached homes owned by residents and non-residents across Metro Vancouver:

Across Metro Vancouver, a single-detached home owned by a resident was worth an average of $1,568,100, while for non-residents, it was worth $2,275,900 — about 45 per cent more.

There was also a noticeable gap in municipalities.

In the City of Vancouver, a single-detached home owned by a resident was worth $2,882,600 on average, while one owned by a non-resident was worth $3,638,500 — about 26 per cent more.

Non-residents are also interested in bigger homes — on average, the size of a single-detached home owned by people whose principal residence is elsewhere was close to 4,800 sq. ft., or over 32 per cent bigger than those owned by residents.

The following chart shows the average values of condominium apartments owned by residents and non-residents across Metro Vancouver:

The data also identified a value gap between condominium apartments owned by residents and non-residents.

Across Metro Vancouver, an average resident-owned condominium apartment was worth $530,800, while for non-residents, they were worth $692,000, about 30 per cent more.

In the City of Vancouver, a resident-owned condominium apartment was worth $741,000, and a non-resident-owned unit worth $930,600, approximately 26 per cent more.

READ MORE: New Vancouver mortgages took a ‘significant’ hit after foreign buyers tax, data show

The study was compiled by looking at information such as land titles, census of population, property assessments and tax and business register data, while CMHC derived info through telephone interviews of property management companies or building superintendents.

But there were gaps in the research, said Andy Yan, an urban planner and director of SFU’s City Program.

Read more...

 



City of Vancouver proposing 3.9% property tax increase in 2018 budget


CKNW

vanclover globaltv

As the year winds down, Vancouver City Council is holding a special meeting on Wednesday to talk about next year’s budget.

According to a report, the city is proposing a 3.9 per cent property tax increase. That means an extra $87 for a median single family home, and an extra $29 for a median strata unit.

READ MORE: City of Vancouver approves tax hike to tackle opioid crisis

But that’s not all. The city is also proposing an increase of an average of $40 for sewage, $37 for water and $23 for garbage.

As part of the budget, Vancouver police is also asking for $700,000 to build a new drug-handling facility.

According to Sgt. Jason Robillard, the new facility would be built at the VPD’s existing Glen Drive office and would allow officers and staff who handle seized drugs to work with them in a safe environment.

Read More ...



November 2017 Housing Market Update Real Estate Board of Greater Vancouver


REBGV President Jill Oudil provides a summary of the November 2017 housing market statistics.

 



CMHC market update


Attached you will find crucial stats on the Greater Vancouver market which I thought might be useful information. Note the history of the price increases in the outlining areas...

Click Here for CMHC market update stats

cmhc stats



Condominium sales drive August activity


newsflash red

Condominium sales drive August activity 

Competition for condominiums and townhomes pushed Metro Vancouver* home sales above typical levels in August.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,043 in August 2017, a 22.3 per cent increase from the 2,489 sales recorded in August 2016, and a 2.8 per cent increase compared to July 2017 when 2,960 homes sold.

Last month’s sales were 19.6 per cent above the 10-year August sales average.

“First-time home buyers have led a surge this summer in demand in our condominium and townhome markets,” Jill Oudil, REBGV president said. “Homes priced between $350,000 and $750,000 have been subject to intense competition and multiple offers across the region.”

There were 4,245 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2017. This represents a 1.1 per cent decrease compared to the 4,293 homes listed in August 2016 and a 19.2 per cent decrease compared to July 2017 when 5,256 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,807, a 3.5 per cent increase compared to August 2016 (8,506) and a 4.2 per cent decrease compared to July 2017 (9,194).

For all property types, the sales-to-active listings ratio for August 2017 is 34.6 per cent. By property type, the ratio is 16.3 per cent for detached homes, 44.8 per cent for townhomes, and 76.3 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Conditions in our detached home market are distinct today from the dynamic in our condominium and townhome markets,” Oudil said. “Detached homes have entered a balanced market. This means there’s less upward pressure on prices and that buyers have more selection to choose from and more time to make their decisions.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,029,700. This represents a 9.4 per cent increase over August 2016 and a one per cent increase compared to July 2017.

Sales of detached properties in August 2017 reached 901, a 26 per cent increase from the 715 detached sales recorded in August 2016. The benchmark price for detached properties is $1,615,100. This represents a 2.2 per cent increase from August 2016 and a 0.2 per cent increase compared to July 2017.

Sales of apartment properties reached 1,613 in August 2017, a 20.1 per cent increase compared to the 1,343 sales in August 2016. The benchmark price of an apartment property is $626,800. This represents a 19.4 per cent increase from August 2016 and a 1.7 per cent increase compared to July 2017.

Attached property sales in August 2017 totalled 529, a 22.7 per cent increase compared to the 431 sales in August 2016. The benchmark price of an attached unit is $778,300. This represents a 12.8 per cent increase from August 2016 and a 1.9 per cent increase compared to July 2017.

Click here to download the full package.



Metro Vancouver sees fewer home sales and more listings in July


Metro Vancouver sees fewer home sales and more listings in July

Home buyer activity returned to more typical summer levels in Metro Vancouver last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

Last month’s sales were 0.7 per cent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an eight per cent increase compared to June 2017 (8,515).

“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.

For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,400. This represents an 8.7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017.

Sales of detached properties in July 2017 reached 949, a decrease of 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase from July 2016 and a 1.5 per cent increase compared to June 2017.

Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 per cent increase from July 2016 and a 2.7 per cent increase compared to June 2017.

Attached property sales in July 2017 totalled 543, a decrease of 0.7 per cent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 per cent increase from July 2016 and a 2.4 per cent increase compared to June 2017.

Click here to download the July 2017 stats package

Editor’s Note: Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.



The $63-million Vancouver mansion with a view


vcr home22rb2

Even by Vancouver standards, it is a high-end sales pitch. Philanthropist couple Joseph and Rosalie Segal are asking $63-million for their mansion, a record list price in the city during a rebound in the residential market.

 

 

The Segals are co-owners of the property at 4743 Belmont Ave. – a scenic street where many of the most expensive properties in British Columbia are located.

The house contains nearly 22,000 square feet of space and is on 1.28 acres of land in Vancouver’s posh Point Grey neighbourhood. Built in 1992, the three-level house features five bedrooms, 12 bathrooms, an elevator and an indoor swimming pool, and can handle 100 guests for a private concert. There is a six-car garage and an in-law suite.

Read more...

VANCOUVER — The Globe and Mail
Published Thursday, Jun. 22, 2017 5:07PM EDT
Last updated Friday, Jun. 23, 2017 8:56AM EDT

 



Metro Vancouver Market Highlights for February 2017


metro vancouver market highlights february 2017



It was an eventful year in real estate for Metro Vancouver in 2016


It was an eventful year in real estate for Metro Vancouver in 2016. REBGV President Dan Morrison takes a look at the trends and highlights of the year.



Metro Vancouver Market Highlights for December 2016


metro vancouver market highlights december 2016



Home sales and listings just below 10-year average


VANCOUVER, BC – December 2, 2016 – Home buyer and seller activity remains near
historical averages in the Metro Vancouver* housing market.
 
Residential home sales in the region totalled 2,214 in November 2016, a decrease of 0.9 per cent
from the 2,233 sales recorded in October 2016 and a decrease of 37.2 per cent compared to
November 2015 when 3,524 homes sold.
 
Last month’s sales were 7.6 per cent below the 10-year sales average for the month.
 
“While 2016 has been anything but a normal year for the Metro Vancouver housing market,
supply and demand totals have returned to more historically normal levels over the last few
months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president.  
 
New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,147
in November 2016. This represents a decrease of 20.9 per cent compared to the 3,981 units listed
in October 2016 and a 7.2 per cent decrease compared to November 2015 when 3,392 properties
were listed.
 
Last month’s new listing count was 1.2 per cent below the region’s 10-year new listing average
for the month.
 
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase
compared to November 2015 (8,096).
 
The sales-to-active listings ratio for November 2016 is 26.4 per cent. This is up two per cent
from last month (24.4 per cent).  
 
Downward pressure on home prices can occur when the ratio dips below the 12 per cent mark for
a sustained period, while home prices can experience upward pressure when it surpasses 20 per
cent over several months.
 
“Demand, relative to supply, for detached homes is lower right now than demand for townhomes
and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes
and apartments, while detached homes are seeing modest month-over-moth declines.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $908,300. This represents a 1.2 per cent decrease compared to last month
and a 20.5 per cent increase compared to November 2015.
 
Sales of detached properties in November 2016 reached 638, a decrease of 2.1 per cent from the
652 detached sales recorded in October 2016 and a 52.2 per cent decline over November 2015.
The benchmark price for detached properties is $1,511,100. This represents a 2.2 per cent decline
compared to last month and a 23 per cent increase compared to November 2015.
 
Sales of apartment properties reached 1,200 in November 2016, an increase of 1.9 per cent
compared to the 1,178 sales in October 2016 and a 22.7 per cent decrease compared to
November 2015.The benchmark price of an apartment property is $512,100. This is unchanged
from last month and is an 18 per cent increase compared to November 2015.
 
Attached property sales in November 2016 totalled 376, a decrease of 6.7 per cent compared to
the 403 sales in October 2016 and a 40.9 per cent decline compared to November 2015. The
benchmark price of an attached unit is $667,100. This represents a 0.3 per cent decrease
compared to last month and a 23 per cent increase compared to November 2015.
 
*Editor’s Note:  Areas covered by Real Estate Board of Greater Vancouver include: Whistler,
Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New
Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge
and South Delta.
 
-30-    
 
The real estate industry is a key economic driver in British Columbia. In 2015, 42,326 homes changed ownership in
the Board’s area, generating $2.7 billion in economic spin-off activity and an estimated 19,000 jobs. The total dollar
value of residential sales transacted through the MLS® system in Greater Vancouver totalled $39 billion in 2015.
The Real Estate Board of Greater Vancouver is an association representing more than 13,000 REALTORS® and
their companies. The Board provides a variety of member services, including the Multiple Listing Service®. For
more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit
www.rebgv.org.       
 
For more information please contact:  Click Here to View full report
 
Craig Munn
Manager, Communication
Real Estate Board of Greater Vancouver 
604.730.3146



Metro Vancouver Market Highlights November 2016


metro vancouver market highlights november 2016



Vancouver approves Empty Homes Tax in effort to increase rental housing supply


vacant homes feature "In Vancouver's rental housing crisis, the city can't afford to sit on the sidelines while more than 20,000 empty and underused homes hold back badly-needed longer-term rentals," says Mayor Gregor Robertson.

City Council has approved a program that will introduce a 1% tax on empty homes. Targeting as many as 22,000 empty or under-utilized homes in Vancouver, the Empty Homes Tax will apply to those properties that are neither an owner's principal residence nor being rented on a long-term basis. Vacant residential land will also be subject to the Tax.

"In Vancouver's rental housing crisis, the city can't afford to sit on the sidelines while more than 20,000 empty and underused homes hold back badly-needed longer-term rentals," says Mayor Gregor Robertson. "The Empty Homes Tax won't solve the rental crisis, but it's one piece of the puzzle to boosting rental supply and bringing relief to renters by turning thousands of empty and underused homes into rental properties. In this tough housing market, it's unacceptable for so much housing to be treated as a commodity when people are desperate for an affordable, secure place to live."

Most Vancouver homeowners, including snowbirds, will not have to pay the Empty Homes Tax. Principal residences—whether of the registered owner or his/her family member—are not subject to the Tax, nor are properties that are rented for six months of the year or more, in periods of at least 30 consecutive days. Read more ...

 



Metro Vancouver Market Highlights for October 2016


metro vancouver property market1016



Realtor Report October 2016 Vancouver East and West



Metro Vancouver Market Highlights for September 2016



Despite Vancouver's foreign buyer tax, it's proving to be a seller's market for townhomes


townhouses on commerical street east vancouver street

'After the long weekend it went crazy — 30 people in one open,' says townhouse shopper Henrik Karlsson

Photo of Salma NurmohamedSalma Nurmohamed · CBC News October 1, 2016
The scene is pretty standard for what happens when a quality home in a good neighbourhood hits the market in Vancouver — dozens of house hunters at the open house, offers restricted to a single night, and, in the end, a property that goes well over the asking price after seven bidders fight for the title. Earlier this year few home hopefuls in Vancouver would have thought this was unusual.

But this scene took place 10 days ago — late September, and nearly two months after the 15 per cent foreign buyer real estate tax was brought in by the B.C. Liberals in an attempt to cool the market and increase home affordability.

Townhouses and rowhomes in East Vancouver are in high demand despite a foreign home buyers tax. (CBC)

"After the long weekend [in September] it went crazy — 30 people in one open," said potential homebuyer Henrik Karlsson, 33. "I expected it to be less busy."

Karlsson and his wife, Emilia Gustafsson, 28, hoped it would be easier to upgrade from their 631-square-foot one-bedroom and den apartment with the tax in place.

But they lost the bidding war — the two-bed, two-bath, 1,150-square-foot townhouse in a pretty pocket of East Vancouver went for $70,000 over the asking price at $908,000. Read Full Story...

 



Incomeless students spent $57-million on Vancouver homes in past two years


web nw bc real estate stude a

Nine students with no apparent source of income bought $57-million worth of single-family homes in Vancouver’s tony Point Grey neighbourhood over the past two years, according to records compiled by British Columbia’s Opposition New Democrats.

The NDP said the purchases are more evidence that authorities have let the region’s housing market overheat beyond the reach of most locals. The properties include a $31-million mansion that Canaccord Genuity founder Peter Brown sold earlier this year to a buyer whose occupation was listed on the title document as “student.”

Four of the sales to student buyers were covered by mortgages from three major banks – a fact that underscores how Canada’s banks are inflating the region’s housing market, said NDP housing critic David Eby, who provided data from his provincial riding. Read More...

by Mike Hager VANCOUVER — The Globe and Mail, Published Thursday, Sep. 15, 2016 6:00AM EDT

 

 



August 2016 Housing Market Update as prices return to more typical levels - The Real Estate Board of Greater Vancouver




Metro Vancouver Market Highlights for August 2016


metro vancouver property market



The motivation behind Vancouver’s foreign tax is pure political survival


A sold sign is pictured outside a home in Vancouver, B.C., Tuesday, June, 28, 2016. (JONATHAN HAYWARD/THE CANADIAN PRESS)

The motivation behind Vancouver’s foreign tax is pure political survival

It was not long ago that the real estate community in Metro Vancouver held an unequivocal view of the notion foreign nationals from China were buying up the region in bulk and forcing house prices obscenely skyward in the process: It was unadulterated bunk.

The number of homes bought by people living abroad was an inconsequential fraction of the total, the real-estate association insisted. British Columbians with mean annual family incomes of $60,000, we were expected to believe, were behind the unprecedented feeding frenzy we were witnessing: Average Joes and Janes bidding hundreds of thousands more than asking for teardowns suddenly worth $2-million or more.

Read Full Article



July 2016 Housing Market Update - The Real Estate Board of Greater Vancouver




Stanley Realty Vancouver Real Estate Highlights July 2016


vancouver real estate



Stanley Realty Real Estate Vancouver Media Stats June 2016


stanley realty real estate vancouver  media stats june 2016



'We are going to end the right of the B.C. real estate sector to self regulate,' premier says


"The real estate sector has had 10 years to get it right and they haven't."

By Jason Proctor, Karin Larsen, CBC News

B.C. Premier Christy Clark promised to crack down on the real estate practice of 'shadow flipping,'  at a Friday morning announcement in Vancouver's Stanley Park.

B.C. Premier Christy Clark says the government is ending self regulation for the B.C. real estate industry.

"The real estate sector has had 10 years to get it right on self regulation and they haven't," said Clark at a Vancouver new conference. 

Clark said the right to regulate the industry will be taken away from the Real Estate Council of B.C.and put into the hands of a newly established and dedicated superintendent of real estate.

"The point of regulation is to protect people, to protect consumers," she said. "Self regulation is a privilege."

The announcement comes a day after a special advisory group issued a damning report on a decade of self regulation, which recommended several measures, including raising maximum fines for misconduct from $10,000 to $250,000 for agents. Read More



Vancouver West May 2016 Real Estate Report



Vancouver East May 2016 Real Estate Report



April 2016 Market Summary


Last month was the highest selling April on record for Metro Vancouver. President Dan Morrison gives a quick summary of April housing events.



March 2016 Market Summary


Metro Vancouver home sales eclipsed 5,000 in March for the first time on record. President Dan Morrison gives a quick summary of the March housing record as well as a look at the ups and downs of market cycles.



Vancouver's housing market vulnerable to money laundering says federal agency


Scores of real estate firms in Greater Vancouver aren't complying with federal anti-money laundering regulations that compel them to identify clients and keep precise records, according to the federal agency that enforces these laws.

Last summer, the Financial Transactions and Reports Analysis Centre (FINTRAC) began to look closely at the real estate sector in Vancouver, quadrupling the number of examinations it carries out. By Jane Armstrong, CBC News
Read more...

interest rates 20100420



Vancouver West January Real Estate Report



January 2016 Housing Market Update - Real Estate Board of Greater Vancouver


A summary of January 2016 housing market for Metro Vancouver. In the REALTOR® View, REBGV President Darcy McLeod reviews the three key factors driving home buyer demand in today's market.



Real Estate Peaks in Vancouver!


REBGV President Darcy McLoud gives us the December market statistics as well as a look at the year that was in 2015.



2016 is now in motion!


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Properties seem to be soaring still in the hot property market here in Vancouver, Vancouver West Side, Vancouver East, Burnaby, North Burnaby, South Burnaby, Central Burnaby, Coquitlam, Port Moody, Surrey, Langley, and as far as Abbotsford and Mission. 
 
This year like to take my floor plans to a new level, using the innovative technologies that allow all online browsers, and shoppers to see the floor plan in 3D. With the help of pictures, virtual tours, Google Earth, and the 3D Floor plans, I figure clients can cut their time in half when going out to property shop. Don’t hesitate to contact me for a free market evaluation – even if you are thinking of putting your place on the market in Spring:-)


Its that special time of the year again!


christmas

As another year comes to an end and the holidays are upon us, I would like to take this opportunity to wish you a merry christmas and a happy new year for 2016.

I look forward to coming back and enjoying the hot property market with my sellers, buyers and browsers looking for real estate in the metro Vancouver area, in Burnaby North, burnaby South, Central Burnaby, Coquitlam, New West, Port Moody, Downtown Vancouver and all along the Coast and Sea to Sky.

 



Sharp rise in property assessments in the new year


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BC Assessment is sending out warning letters to about 37,000 property owners — mostly in Greater Vancouver — to brace themselves for a sharp rise in their property assessments in the new year.

"Increases of 15 to 25 per cent will be typical for single-family homes in Vancouver, the North Shore, Burnaby, Tri-Cities, New Westminster, Richmond and Surrey," says B.C. Assessor Jason Grant.

And some of the increases will be even more, according a list of examples released on Wednesday morning.

For example one house in East Vancouver built in 1983, which was assessed under $1 million last year, is now assessed at nearly $1.3 million, for a total increase of 28 per cent.

A similar increase of 27 per cent is coming for the owners of a 1971 Burnaby home in the Buckingham neighbourhood, which saw its value rise from $1.47 million to $1.86 million.

Sample single-family home assessments

The increased assessments don't mean property taxes will go up the same rate, because municipalities normally adjust their tax rate based on the change in property assessments.

But homeowners whose assessed values increase more than the average in that municipality — owners of single family homes in most cases, as strata assessments will jump less than 10 per cent — will end up paying a greater share of property taxes.

That's why BC Assessment is sending out early notification letters to about 37,000 property owners who will see their assessments rise by at least 15 percentage points more than the average increase in their municipality.

"We want to ensure impacted property owners are aware of the significant increases and we welcome them to contact us if they have any questions or concerns."

Full assessments out in January

The full assessments, which are based on the estimated value of the properties in July, 2015, will be mailed out to property owners starting Jan. 4. They will also be posted online at bcassessment.ca.

Commercial property values are also on the rise, up 10 to 25 per cent, with those slated for eventual redevelopment even exceeding those rates.

Increases for the rest of the province are less dramatic, typically between zero and 10 per cent, said the statement.

The total assessed value of all real estate in B.C. rose 5.84 per cent to $1.2 trillion since 2014, according to BC Assessment.

BC Assessment is a Crown corporation that provides property assessments and collects property information for nearly two million properties across the province.

Correction : A previous version of this story mistakenly said early notification letters are being sent to property owners who will see their assessments rise by at least 15 per cent. In fact the letters are being sent to property owners who will see their assessments rise by at least 15 percentage points above the average increase in their municipality.(Dec 09, 2015 2:16 PM) Article written by: CBC News December 9th!



Beautiful Vancouver British Columbia!


I spent the morning finalizing the SOLD details on a beautiful condo in the heart of Vancouver, ADDRESS: Beach Avenue.

beach avenue vancouver a

Just steps away from the marina, beach, restaurants, transit and so much more, this gorgeous condo came fully furnished and priced to sell! They didn't give it the name Beautiful British Columbia for nothing. It is truly a magical place to live.

Many residents in Vancouver enjoy a lifestyle that is somehow catered for in every season of the year. If the sun is shining, the boats are taken out, and sails, set sail! If the snow is falling, then the ski’s  and snowboards are packed and ready for the slopes. The many trails, and bike paths allow for residents of all ages, and visitors alike, to enjoy and marvel in the beautiful city of Vancouver at any given time. There never seems to be a time that may be left open for boredom or nothing to do. It is an out door place to venture at any given time, and close proximities allow for a convenient and comfortable lifestyle.

The condo that sold on Beach Avenue this morning has a prime location, and is beautifully positioned for the new owners to enjoy the lifestyle that Vancouver has to offer 365 days of the year!



Housing demand remains strong despite diminishing supply


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Housing demand remains strong despite diminishing supply, November stats are in from the REBGV.

Home sales reached near record levels in November even as home listings began the traditional year-end decline.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Metro Vancouver reached 3,524 on the Multiple Listing Service® (MLS®) in November 2015. This represents a 40.1 per cent increase compared to the 2,516 sales recorded in November 2014, and a 3.3 per cent decrease compared to the 3,646 sales in October 2015.

Last month’s sales were 46.2 per cent above the 10-year sales average for the month and rank as the second highest November on record for residential property sales.

“November is typically one of the quietest months of the year in our housing market, but not this year,” Darcy McLeod, REBGV president said. “The ratio of sales to home’s available for sale reached 44 per cent in November, which is the highest it’s been in our market in nine years.”

New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,392 in November. This represents a 12.5 per cent increase compared to the 3,016 new listings reported in November 2014.

The total number of properties listed for sale on the real estate board’s MLS® is 8,096, a 35 per cent decline compared to November 2014 and a 15.4 per cent decline compared to October 2015.

“Demand remains strong and there are housing options at different price points throughout the region,” McLeod said. “It’s important to work with your REALTOR® to understand your options before you embark on your home buying journey.”

All across the greater Vancouver region, including Burnaby, and the Fraser Valley, Stanley Realty can help you with your Real Estate transactions.



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