Paul Liberatore

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We have sold a property at 217 2484 WILSON AVE in Port Coquitlam.
Welcome to Verde by amazing builder ONNI ! A contemporary interpretation of west coast style & architecture situated across from Coquitlam River and trails, rec center, Gates Park & just minutes from Coquitlam Centre, schools & transit including the West Coast Express. This SOUTH FACING unit boasts Stainless steel appliances, granite countertops in the kitchen & bathrooms, & over-height ceilings. BONUS 2 Parking stalls come with this amazing unit and HUGE balcony, perfect for entertaining. Nothing to do but move in! Gym and amenity room in the building, and low monthly fees. Insuite storage. Open House Sunday 3-5pm
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New Zealand government has imposed a ban on non-resident buyers for resale homes – but will it help curb runaway prices?

 
 

New Zealand’s Prime Minister, Jacinda Ardern, is fulfilling her early promise to tackle the country’s soaring property prices.

Ardern – who seems to be taking over from Justin Trudeau as the global media’s latest, youngest, hippest nation leader du jour – promised last fall after her election that non-resident buyers would not be permitted to purchase existing homes anywhere in New Zealand (while also announcing a crackdown on immigration). It has just been confirmed, on August 14, that this policy will go ahead.

 
 

Just like in Canada, New Zealand’s larger cities have seen a severe housing supply shortage and home prices have soared in the past decade, rising around 18 per cent year over year in its capital, Wellington. The largest city, Auckland, was recently named by The Economist as the world’s second most overvalued city for real estate, with New Zealand the world’s most overvalued country. Only a quarter of adults in New Zealand own their own home, compared with half in 1991, according to an August 15 Guardian report (and compared with 63.7 per cent in Metro Vancouver and 66.5 per cent in Toronto, according to Canada’s 2016 Census).

 

And, just like in B.C.’s provincial election, affordability, lack of supply and foreign ownership and speculation (particularly from China) were key issues in the country’s general election last September. So Ardern was duty-bound to make a big move once in office.

The policy is bound to be popular among New Zealanders, many of whom feel they have been pushed out of the housing market. But the question is, will the ban make a difference?

The Guardian report says, “According to the latest figures from statistics New Zealand, 3.3 per cent of homes sold in the last quarter were to foreigners, with the bulk of the buyers Chinese, followed by Australians.”

This suggests that an outright ban would remove only three per cent of New Zealand’s property buyers, which is hardly likely to make a huge difference to the overall market.

Potential policy shock

What might make more of a difference to New Zealand’s housing market – at least in the short term – is a “policy shock” just like the one seen in Metro Vancouver following 2016’s introduction of the 15 per cent overseas buyer tax. Which is to say that, rather than only overseas buyers pulling out of the market, the entire system freezes temporarily as locals and non-locals alike wait to see what effect the new policy will have on prices. This has the self-fulfilling effect of halting sales, and price growth, until people get used to the “new normal” and the system unfreezes, as it is bound to do. After all, people still have to buy and sell homes.

It's also worth noting that overseas buyers will still be able to buy New Zealand presale homes off-plan, as the government doesn’t want to halt construction of new homes, with supply already so limited. What’s more, the ban doesn’t apply to residents of either Australia (which make up the second-largest group of New Zealand's overseas buyers) or Singapore.

Exemptions aside, it’s disconcertingly easy to get around these kinds of bans. Overseas buyers who still want in on New Zealand resale real estate can find loopholes such as using resident proxy buyers, New Zealand-based shell companies, and so on.

So it’s reasonable to expect that a large proportion of those three per cent of overseas buyers will still find a way to invest, whether it’s by reallocating their funds to presale real estate, or to commercial real estate, or simply by being exempt.

Could B.C. follow suit?

Naturally, leaders and industry insiders in B.C. are watching New Zealand with interest, to see if it will “work” in terms of making homes more affordable. According to a Global BC report published when the New Zealand ban was proposed in fall 2017, Green Party leader Andrew Weaver said he admired the policy and hoped B.C. would impose a similar ban. “It’s not about stopping people from owning homes who live here and pay taxes,” he said. “It’s about ensuring British Columbians can live in homes in British Columbia.”

But the same 2017 Global story also reported UBC Sauder School of Business professor Tom Davidoff as saying that he doubts the ban will be effective. “I tend to believe restrictions [and] bans are hard to enforce at times. We had it here in British Columbia even with the foreign buyer tax.” And in January this year, B.C. Premier John Horgan poured cold water on the idea of imposing a similar ban in B.C., instead widening and increasing the foreign buyer tax.

My guess as to whether the New Zealand ban will help with housing affordability? I agree with Davidoff on this one. I think that, like in Vancouver, and once any potential policy shock is out of the way, New Zealand’s desirability and convenient Pacific Rim location will mean that buyers will just keep on buying. If anything, Ardern’s immigration crackdown may have more of a long-term effect on the housing market, if population growth stalls and local demand softens.

In the meantime, the popular young Prime Minister will earn some kudos from her adoring voters for addressing the housing crisis. We’ll see…



C/O Vancouver Courrior

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Avoid common landscaping disasters and learn how to fix them.

 
 
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14 Secret Landscaper Tips and Tricks

These tools and techniques are used by professional landscapers to make quick work of yard and garden tasks. Steal their ideas and make more efficient use of your gardening time and money.

 
 
 
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We have sold a property at 501 7151 EDMONDS ST in Burnaby.
Welcome Home! This AMAZING penthouse unit shares the top floor with only 1 other unit. Complete privacy with a huge South facing private sundeck, all to yourself. 2 bedrooms / 1 bathroom in the heart of South Burnaby. Mount Baker views, New kitchen (2014) with Stainless Steel Samsung appliances, New cabinets with soft close drawers, new paint, new carpet and laminate flooring, new crown moldings and baseboards. Great building with new hardyplank siding. walking distance to everything including shopping, transit and parks. Live in caretaker, 1 parking and 1 storage locker. Facing peaceful quiet side of the building. Nothing to do but move in! Open House Saturday 12-2pm
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Please visit our Open House at 1979 WADDELL AVE in Port Coquitlam.
Open House on Saturday, August 18, 2018 3:00PM - 5:00PM
Gorgeous home in Port Coquitlam's most desirable area. Stunning 2-level updated home boasts 4 bedrooms (3 upstairs) and 3 bathrooms. Master Bedroom has its own 3 piece ensuite for ultimate convenience. New roof (2017), New carpets, real hardwood flooring in living areas, Huge Master bedroom that comfortably fits a king sized bed, 2 fireplaces (1 electric / 1 gas) with updated hearts and culture stoned face. Quartz / Granite counters, SS appliances, New Stove / Dishwasher, all bedrooms have built in closet organizers, with fresh landscaping just completed as well as a brand new paint job! This house is an absolute must see. Set on a semi-cul-de-sac on a quiet street. Home is also easily suiteable, for a mortgage helper, if wanted. Easy to show anytime! Open House Saturday 3-5pm
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We have listed a new property at 306 6742 STATION HILL CRT in Burnaby.
2 bedroom + 2 full baths in a natural surroundings, tranquility + convenience at Wyndham Court. Facing onto a greenbelt where you can enjoy sunshine from your private balcony. Spacious floor plan with extensive renovations including a wall taken out to open up the entire condo! Stainless steel appliances, renovated bathrooms, new carpets, gas fireplace, large closet, access to balcony from both bedrooms, facing quiet side. Steps to skytrain, all schools, daycare, Choices Market, parks, Metrotown, etc. Open House Sunday 12-2pm
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Please visit our Open House at 306 6742 STATION HILL CRT in Burnaby.
Open House on Sunday, August 19, 2018 12:00PM - 2:00PM
2 bedroom + 2 full baths in a natural surroundings, tranquility + convenience at Wyndham Court. Facing onto a greenbelt where you can enjoy sunshine from your private balcony. Spacious floor plan with extensive renovations including a wall taken out to open up the entire condo! Stainless steel appliances, renovated bathrooms, new carpets, gas fireplace, large closet, access to balcony from both bedrooms, facing quiet side. Steps to skytrain, all schools, daycare, Choices Market, parks, Metrotown, etc. Open House Sunday 12-2pm
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Please visit our Open House at 18 1219 BURKE MOUNTAIN ST in Coquitlam.
Open House on Saturday, August 18, 2018 12:00PM - 2:00PM
Gorgeous 3 bed/3 bath town house in highly sought after "REEF" complex. Middle floor garage level entrance w/ two bedrooms + full bath. Rarely available END unit with 2 car SIDE BY SIDE garage. Below features large master bedroom with large walk-in closet, spa like ensuite & opens to a fenced yard. Tons of parking right outside your door. Top floor boasts an open floor plan w/ powder room, patio off living room, spacious kitchen with modern cabinetry, quartz counter tops, stainless steel appliances & many windows through out providing lots of natural light. A bathroom on every floor, and being walking distance to parks, schools & transit this home has it all. Open House Saturday 12-2pm
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Please visit our Open House at 2508 CONGO CRES in Port Coquitlam.
Open House on Sunday, August 19, 2018 3:00PM - 5:00PM
Custom designed home in Riverwood. This well cared after family home has vaulted ceilings, bright south/west exposure = lots of natural light. Formal dining area, gas fireplace. This home boasts a spacious, fully equipped kitchen, ceramic tile flooring with an eating area & family room that have patio access to the fully landscaped backyard - or relax upstairs in the master bedroom & ensuite. this home is steps from all levels of schools, close to shopping centres, recreation, as well as Carnoustie Golf Club. Call to schedule a private showing today! Open House Sunday 3-5pm
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Please visit our Open House at 18 1219 BURKE MOUNTAIN ST in Coquitlam.
Open House on Sunday, August 12, 2018 12:00PM - 2:00PM
Gorgeous 3 bed/3 bath town house in highly sought after "REEF" complex. Middle floor garage level entrance w/ two bedrooms + full bath. Rarely available END unit with 2 car SIDE BY SIDE garage. Below features large master bedroom with large walk-in closet, spa like ensuite & opens to a fenced yard. Tons of parking right outside your door. Top floor boasts an open floor plan w/ powder room, patio off living room, spacious kitchen with modern cabinetry, quartz counter tops, stainless steel appliances & many windows through out providing lots of natural light. A bathroom on every floor, and being walking distance to parks, schools & transit this home has it all. Open House Sunday 12-2pm
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Please visit our Open House at 501 7151 EDMONDS ST in Burnaby.
Open House on Saturday, August 11, 2018 12:00PM - 2:00PM
Welcome Home! This AMAZING penthouse unit shares the top floor with only 1 other unit. Complete privacy with a huge South facing private sundeck, all to yourself. 2 bedrooms / 1 bathroom in the heart of South Burnaby. Mount Baker views, New kitchen (2014) with Stainless Steel Samsung appliances, New cabinets with soft close drawers, new paint, new carpet and laminate flooring, new crown moldings and baseboards. Great building with new hardyplank siding. walking distance to everything including shopping, transit and parks. Live in caretaker, 1 parking and 1 storage locker. Facing peaceful quiet side of the building. Nothing to do but move in! Open House Saturday 12-2pm
Read full post

Please visit our Open House at 2508 CONGO CRES in Port Coquitlam.
Open House on Saturday, August 11, 2018 3:00PM - 5:00PM
Custom designed home in Riverwood. This well cared after family home has vaulted ceilings, bright south/west exposure = lots of natural light. Formal dining area, gas fireplace. This home boasts a spacious, fully equipped kitchen, ceramic tile flooring with an eating area & family room that have patio access to the fully landscaped backyard - or relax upstairs in the master bedroom & ensuite. this home is steps from all levels of schools, close to shopping centres, recreation, as well as Carnoustie Golf Club. Call to schedule a private showing today! Open House Saturday 3-5pm
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Please visit our Open House at 1979 WADDELL AVE in Port Coquitlam.
Open House on Sunday, August 12, 2018 2:00PM - 4:00PM
Gorgeous home in Port Coquitlam's most desirable area. Stunning 2-level updated home boasts 4 bedrooms (3 upstairs) and 3 bathrooms. Master Bedroom has its own 3 piece ensuite for ultimate convenience. New roof (2017), New carpets, real hardwood flooring in living areas, Huge Master bedroom that comfortably fits a king sized bed, 2 fireplaces (1 electric / 1 gas) with updated hearts and culture stoned face. Quartz / Granite counters, SS appliances, New Stove / Dishwasher, all bedrooms have built in closet organizers, with fresh landscaping just completed as well as a brand new paint job! This house is an absolute must see. Set on a semi-cul-de-sac on a quiet street. Home is also easily suiteable, for a mortgage helper, if wanted. Easy to show anytime! Open House Sunday 2-4pm
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Please visit our Open House at 7222 16TH AVE in Burnaby.
Open House on Saturday, August 11, 2018 2:00PM - 4:00PM
Welcome home! This half duplex has it all! Shows like a detached home, this 1/2 duplex has 3 bedrooms upstairs (with enclosed patio off Master) and 2 bathrooms upstairs. Master bedroom has its own Ensuite. Downstairs features an open concept living plan, large living room, 1 bathroom, attached 1 car garage, gas fireplace granite counters, SS appliances, pot lights and more. There is also a MORTGAGE HELPER! 1 bedroom with full 4 piece bathroom currently rented out for $800 per month! Beautiful South facing back yard for ultimate peace. Easy to show, call today! Open House Saturday 2-4pm
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Please visit our Open House at 217 2484 WILSON AVE in Port Coquitlam.
Open House on Sunday, August 12, 2018 3:00PM - 5:00PM
Welcome to Verde by amazing builder ONNI ! A contemporary interpretation of west coast style & architecture situated across from Coquitlam River and trails, rec center, Gates Park & just minutes from Coquitlam Centre, schools & transit including the West Coast Express. This SOUTH FACING unit boasts Stainless steel appliances, granite countertops in the kitchen & bathrooms, & over-height ceilings. BONUS 2 Parking stalls come with this amazing unit and HUGE balcony, perfect for entertaining. Nothing to do but move in! Gym and amenity room in the building, and low monthly fees. Insuite storage. Open House Sunday 3-5pm
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Joannah Connolly Glacier Media Real Estate

 

Foreign buyers, population growth, shadow flipping and money laundering are mainly to blame for the Metro Vancouver housing crisis, according to respondents of an Insights West poll released August 2.

Nine in 10 agree (with 64 per cent strongly agreeing) that the region is in a major housing crunch – rising to 98 per cent among residents earning less than $40,000 a year and 97 per cent among those renting their home (97%). No matter what the income level, respondents had strong opinions about what was the cause of this problem.

 

Foreign buyers were cited by a whopping 84 per cent of the respondents as a key cause, followed by population growth in the region (80 per cent), shadow flipping (76 per cent) and money laundering (73 per cent).

 

There were other factors cited as key reasons for the housing crisis, although to a lesser degree. These included municipal zoning bylaws restricting housing supply (63 per cent), immigration (58 per cent), lack of available land due to the natural geography (53 per cent) and interprovincial migration (46 per cent).

Insights West housing crisis poll

Steve Mossop, president of Insights West, said, “There is no doubt that Metro Vancouver residents believe that we are in a major crisis when it comes to housing, and the issue is dominating public opinion and the public agenda.

“What is surprising, though, are the misconceptions that exist with respect to the culprits and causes of this crisis. As the housing situation reaches crisis proportions, there is no shortage of scapegoats to blame, despite studies that show foreign buyers and money laundering are minor factors in the equation.”

Housing affordability is seen as the number one issue currently facing British Columbia by 48 per cent of Metro Vancouver residents, with those aged 18-34 notably more concerned (72 per cent) about the issue than older respondents (41 per cent of those aged 35-54 and 33 per cent of those aged 55 and above).

However, despite many homeowners benefitting from rising home prices, only 26 per cent feel that the housing situation has had a positive impact on them, with 33 per cent saying there is no impact at all, and the remaining 41 per cent believing it has impacted them in a negative way.  

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We have listed a new property at 7222 16TH AVE in Burnaby.
Welcome home! This half duplex has it all! Shows like a detached home, this 1/2 duplex has 3 bedrooms upstairs (with enclosed patio off Master) and 2 bathrooms upstairs. Master bedroom has its own Ensuite. Downstairs features an open concept living plan, large living room, 1 bathroom, attached 1 car garage, gas fireplace granite counters, SS appliances, pot lights and more. There is also a MORTGAGE HELPER! 1 bedroom with full 4 piece bathroom currently rented out for $800 per month! Beautiful South facing back yard for ultimate peace. Easy to show, call today!
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Please visit our Open House at 306 6742 STATION HILL CRT in Burnaby.
Open House on Sunday, August 5, 2018 2:00PM - 4:00PM
2 bedroom + 2 full baths in a natural surrounding, tranquility + convenience at Wyndham Court. Facing onto a greenbelt where you can enjoy sunshine from your private balcony. Spacious floor plan with extensive renovations including a wall taken out to open up the entire condo!, Stainless steel appliances, renovated bathrooms, new carpets, gas fireplace, large closet, access to balcony from both bedrooms, facing quiet side. Steps to skytrain, all schools, daycare, Choices Market, parks, Metrotown etc. Open House Sunday 2-4pm
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We have sold a property at 3144 BOWEN DR in Coquitlam.
Welcome Home! This fantastic open and bright renovated family home is located in the heart of Coquitlam in New Horizons. Steps to Lafarge lake, close to skytrain, bus routes, coquitlam center mall, Town Center park, and Douglas College. Updates include: Newer windows, roof (approx 2016), hot water tank (2015) , quality furnace (Lennox), Kitchenaid top end Stainless appliances, Suite was rented for $1100 / monthly, Partial plumbing replaces (copper/pex), Quartz counters, French doors downstairs, New exterior paint, large backyard, potlights, Suite has its own Washer/dryer (2 in 1). With amazing rental income, this home is a dream! Open House Saturday 2-4pm
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We have listed a new property at 217 2484 WILSON AVE in Port Coquitlam.
Welcome to Verde by amazing builder ONNI ! A contemporary interpretation of west coast style & architecture situated across from Coquitlam River and trails, rec center, Gates Park & just minutes from Coquitlam Centre, schools & transit including the West Coast Express. This SOUTH FACING unit boasts Stainless steel appliances, granite countertops in the kitchen & bathrooms, & over-height ceilings. BONUS 2 Parking stalls come with this amazing unit and HUGE balcony, perfect for entertaining. Nothing to do but move in! Gym and amenity room in the building, and low monthly fees. Insuite storage.
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