Real Estate Advisor with Engel & Völkers Dundarave, West Vancouver, Canada

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Breaking News: BC Government Raises Homeowner Grant Threshold to $1.6M

cmhc risky markets 20160427

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. Read More ....

CBC News Posted: Jan 10, 2017 6:36 AM PT Last Updated: Jan 10, 2017 10:53 AM PT


BC government to offer down payment loans for first-time buyers


Premier Christy Clark unveiled a new loan program today to help first-time home buyers come up with their down payment.

The BC Home Owner Mortgage and Equity (HOME) Partnership program will offer qualifying home buyers loans of up to $37,500, interest and payment free, for five years.

The province will begin accepting applications on January 16, 2017.

To qualify, buyers must:

• be buying their first home;

• obtain a high-ratio, insured first mortgage for at least 80 per cent of the purchase price;  

• have a combined gross household income not exceeding $150,000;

• have saved a down payment amount at least equal to the loan amount;

• be a Canadian citizen or permanent resident for at least five years; and

• have lived in BC for at least the full year preceding their application.

The loans will be due in full if the buyer defaults on a payment, ceases to use the home as a principle residence or resells the home.

Key facts:

• The loans will match a home buyer’s contribution to a down payment up to five per cent of the home’s purchase price.

• The maximum purchase price to qualify for a loan is $750,000 (excluding taxes and fees).

• After five years, buyers can either repay their loan or enter into monthly payments at current interest rates.

• Loans through the program are due after 25 years.

“This program will boost sales to first-time home buyers. Without question, they’ll take advantage of it wherever they can,” said Helmut Pastrick, Central 1 Credit Union chief economist.

The province estimates this initiative will help at least 42,000 buyers or households province-wide over the next three years. About half of these buyers will be in the Lower Mainland, according to Pastrick.

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International Luxury Real Estate Firm Launches First Brokerage in Vancouver


International Luxury Real Estate Firm Launches First Brokerage in Vancouver

Engel & Völkers continues aggressive expansion into Canada

VANCOUVER, BC (November 5, 2015) – Engel & Völkers, a European-based premium real estate brand, announced today the opening of its first Vancouver office. Engel and Völkers is joining forces with Carros Group, a real estate brokerage that for more than five years operated as Sotheby’s highest-grossing Vancouver office.

“Working with Sotheby’s has been a great experience, but when Engel & Völkers approached me a few months ago, I saw this as an opportunity to grow and elevate client services in Vancouver,” said Greg Carros, President of Carros Group. “I was impressed with the Engel & Völkers brand, and to be frank, given the company’s stellar track record and reputation, I didn’t want to compete with them.”

Working with Engel & Völkers gives Carros an opportunity to own a franchise, an opportunity that didn’t exist with Sotheby’s. He estimates that his office has done $600 million in business over the last two years, an attractive proposition for Engel & Völkers.

“Well-known in the industry for serving exclusive clientele, the Carros Group has managed some of Vancouver’s most iconic properties,” said Anthony Hitt, CEO of Engel & Völkers North America. “The Vancouver team’s experience and innate knowledge of the city’s luxury marketplace will seamlessly combine with Engel & Völkers’ global network to best serve Vancouver’s premier real estate needs.”

This office will be the eighth Engel & Völkers to open in recent months across Canada.

“Engel & Völkers aggressive expansion into Canada – and now Vancouver – can be viewed as a positive statement,” said Jon Stovell, vice chair of the Urban Development Institute. “It shows that we are on the global stage for luxury real estate.”

The Carros team will operate from its same Yaletown office at 1152 Mainland, with the transition to Engel & Völkers being complete by December 1st

“We currently have 35 agents in our Downtown Vancouver office, and that number is expected to rise,” said Carros. “Engel & Völkers offers progressive training, technology and marketing tools, which will give our agents an edge over competitors.”

Carros is already planning to open offices on the West Side, East Vancouver, West Vancouver and North Vancouver.

Engel & Völkers’ current Canadian offices are in Toronto, York, Collingwood, Victoria, Calgary, Montreal and Nanaimo. U.S. cities include Atlanta, Austin, Houston, Beverly Hills, Los Angeles, South Bay, Minneapolis and Charlotte. Openings are planned in several new markets.

Engel & Völkers was established in Germany 37 years ago and has become one of the world’s leading companies in real estate.


About Engel & Völkers

Since its beginning in 1977 as a specialty boutique providing exclusive, high-end real estate services in Hamburg, Germany, Engel & Völkers has become one of the world’s leading companies specializing in the sale and lease of premium residential and commercial property, yachts and private aviation. Engel & Völkers currently operates a global network of over 6,000 real estate advisors in more than 650 brokerages spanning 36 countries across four continents, offering both private and institutional clients a professionally tailored range of luxury services. It established its North America corporate headquarters in 2007 and opened its first brokerage in the same year. Committed to exceptional service, Engel & Völkers supports its advisors with an array of premium quality business services; marketing programs and tools; multiple platforms for mobile, social and web; as well as access to its global network of real estate professionals, property listings and market data. Engel & Völkers is an active supporter of the Fair Housing Act and the Equal Opportunity Act. Each brokerage is independently owned and operated.

For further information please contact:

Charles Kim
Engel & Völkers North America
212-234-3100 ext. 9809
[email protected]


Renu Bakshi
Renu Bakshi Communications, Inc.
[email protected]

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