Posted on
February 27, 2017
by
Paul Liberatore
We have sold a property at 419 6888 ROYAL OAK AVE in Burnaby. Great location! Steps to Royal Oak skytrain, elementary & Burnaby South high school. Just blocks away from Metrotown shopping mall. Surrounded by restaurants, coffee shops, grocery stores. 2 bedrooms + den + 1 parking + 1 locker. Bright corner unit, with an open layout. Other features include granite countertops, laminate floors, soft close designer cabinets, and stainless steel appliances. Great value in Metrotown area! Open house 2:00- 4:00 pm Sunday Feb 19
Posted on
February 23, 2017
by
Paul Liberatore
![Vancouver B.C. June 12, 2016 A changing West End - An elderly woman walks past original houses slated for demolition in Vancouver's West End on June 9, 2016. Also other building set to be taken down- Mark van Manen/ PNG Staff photographer see ***Main for *** John Mackie Province Vancouver Sun News Features stories Web. stories. 00043675A [PNG Merlin Archive]](http://wpmedia.vancouversun.com/2017/02/vancouver-b-c-june-12-2016-a-changing-west-end-an-el.jpeg?quality=55&strip=all&w=840&h=630&crop=1)
An architecture professor at the University of British Columbia says about a quarter of detached homes in Vancouver could be torn down in just over a decade. MARK VAN MANEN / PNG
About a quarter of single-family, detached homes in Vancouver are at risk of being torn down between now and 2030 due to rising land costs, predicts University of B.C. architecture professor Joseph Dahmen.
He developed the “teardown index,” which compares the value of a residence to the value of the overall property, also known as its relative building value (RBV). The lower this RBV, the more likely a house will be torn down and replaced by a new one.
The RBV — based on municipal data and B.C. Assessment records on detached homes bought and sold between 2005 and 2015 — has been the single, most important predictor of whether a house will be kept or torn down, said Dahmen.
The scenario has persisted as land costs keep increasing, leaving what seem to be expensive and just-built homes quickly in jeopardy of being demolished again and again in order to keep pace, he said.
“I have been intrigued, cycling by many different (teardown) sites. The city is actively remaking itself,” said Dahmen, who grew up in Norway and studied in Boston before moving to Vancouver five years ago.
With the recent rise in real estate values, half of single-family homes in Vancouver have RBVs under 7.5 per cent, according to mathematician Jens von Bergmann of MountainMath Software, who collaborated with Dahmen.
A relative building value or RBV of 60 to 70 per cent would be considered healthy for a new building. One below 10 per cent means the likelihood of a home getting razed and replaced goes up significantly, they add.
“If you have $2 million in dirt, unless you build a $4-million house, which is hard to do, you can’t get to a RBV of 50 per cent. Most new builds only get 38 per cent. That’s the median. So they get demolished again,” said Dahmen.
“I have an outside perspective when it comes to single-family homes in Vancouver. It caught my interest seeing quite shabby single-family homes fetch high prices,” said von Bergnann, who grew up in Germany before moving to Calgary and Vancouver for school and work.
The two set out to first dig into the economics and extent of tearing down single-family homes in Vancouver. Eventually, they hope to examine the environmental and financial impact of constant construction and demolition.
Upgrading old housing stock that may be “poorly insulated and not airtight” improves energy consumption and makes homes more efficient, argues Dahmen. In the long run, this could lower carbon emissions. However, the buildings need to stand long enough for the cost of reconstruction to be recovered. Aside from waiting long enough to recoup expenses for materials, there is also a need to consider the energy poured into building a new home, he added.
An optimal way to add value to a residence, in order to raise its RBV, is to allow for more multi-family, low-rise homes in areas that are currently not zoned for this, said Dahmen.
The researchers acknowledged the city’s desire to expand areas where homes built before 1940 cannot be demolished, which would halt some of their forecast. “It’s not to take away from this. Architectural heritage is important, but we should do it with a clear eye, taking into account, competing agendas such as sustainability and affordability,” said Dahmen.
Courtesty - Vancouver Sun
Posted on
February 22, 2017
by
Paul Liberatore
First-time home buyers in British Columbia can now expect to pay less in property transfer tax when purchasing a new home. The BC government announced on Tuesday its 2017 budget and first-time homebuyers’ needs made the cut.
BC Finance Minister Mike de Jong announced that the property transfer tax exemption threshold for the First-Time Homebuyer’s Program will be increased to $500,000 from $475,000. The increase comes into effect today and could save first-time homebuyers up to $8,000 in property transfer taxes.
In yesterday’s budget speech, de Jong said the program has helped nearly 5,500 families save an average of $7,600 since it was introduced last year. Even though the provincial government has tried to address affordability issues facing first-time homebuyers, the British Columbia Real Estate Association (BCREA) says more due diligence needs to happen.
In a news release, BCREA says the new threshold, and all others related to the property transfer tax, should be indexed, with annual adjustments. During the government’s budget consultation in January, BCREA recommended a higher first-time buyer exemption threshold at $750,000, to align with the exemption for newly-built homes and with the BC Home Partnership Program. BCREA says this figure would also open up consumer choices, as the First Time Home Buyers’ Program exemption applies to all homes, rather than newly-built homes, which are usually unobtainable for first-time homebuyers.
This year, the BC government also says it will work with local governments to help ensure municipalities have the capacity, incentives and performance targets to efficiently process approvals and permits of housing development applications.
Posted on
February 22, 2017
by
Paul Liberatore
We have sold a property at 708 301 CAPILANO RD in Port Moody. Fabulous condo at The Residences by ONNI perfect floor plan with zero wasted space. Very private and fully functional one bedroom with large 95 sq ft balcony that provides access through the living area and bedroom. Enjoy beautiful park and green-belt views from all rooms. High end finishing, Stainless Steel Kitchen Aid, Gas Stove, high ceilings and plenty of in-suite storage. Cancel your fitness membership and relax in your very own Residences Club: Steam room, Sauna, Yoga studio, fitness, theater, pool table, conference/party rooms. This is the perfect lifestyle in Suter Brook Village. Price includes, one parking stall and 2-5-10 National Home Warrant. Quick possession possible.
Posted on
February 21, 2017
by
Paul Liberatore
We have sold a property at 4931 FRANCES ST in Burnaby. Large 63' x 137' level lot in prime area in North Burnaby. This lot is nestled on a great street with a south-facing front. Deep 137' depth, back lane access, close to Alpha Secondary, Burnaby North Secondary, Brentwood Mall, and Hastings street. Priced below assessed value. Builders dream lot on a block with beautiful homes. Call now!
Posted on
February 17, 2017
by
Paul Liberatore
Harcourts Canada, a newcomer to Metro Vancouver’s real estate scene, wants to make housing auctions a common and accepted way of buying and selling homes.
“It’s just an alternative option we want to make available to people,” said CEO Hayden Duncan.
Harcourts, a New Zealand company which set up its first Canadian office in North Vancouver’s Lower Lonsdale six months ago, has sold $10 billion worth of real estate around the world through property auctions, said Duncan.
In March, it will launch its first public auction in Canada with two properties on the auction block.
One is a 1,093-square foot luxury condo overlooking False Creek in downtown Vancouver with a starting bid of $1.5 million; the other, a two-bedroom unit in New Westminster with a starting bid of $400,000.
With auctions, “you’ll know you have a fair, transparent chance to purchase a property rather than what’s very common in Vancouver where people put bids or offers blind,” said Duncan.
Housing auctions are rare in British Columbia, but common in New Zealand and Australia, where about half of all property sales are sold through auctions.
The idea, said Duncan, is to “not focus on the price, but focus on what the property has to offer, and let (buyers) determine what they are willing to pay.”
Auctions would bring more transparency to the industry, especially in cases of bidding wars where buyers are left in the dark about the value of the competing bids. In Canada, realtors aren’t allowed to tell clients the amount of a rival bid, only that one is on the table.
Auctions also give buyers time to conduct due diligence, said Duncan. Information and documents about the property are available a few weeks before the auction date. Typically, several open houses are scheduled, allowing people to visit the unit, do their homework, and get their financing in order before the actual auction.
But auctions have a poor track record in B.C. Two auctions last summer — in Victoria and Burnaby — were flops.
One reason could be most people associate housing auctions with distressed properties which are under foreclosure or a short sale. But in Metro Vancouver’s competitive real estate market it’s more realistic to compare property auctions to auctions for art or high-end collectibles, said Duncan.
An auction can only be successful if both sellers and buyers are educated about the process and have all the information they need to feel confident to participate in the process, said Duncan.
Parties have to preregister with Harcourts and the auctions are subject to an undisclosed reserve price.
Sellers also retain the right to withdraw from the auction in case a buyer puts in a pre-auction bid that’s too good to turn down. About 60 per cent of Harcourts’ auctions in the U.S. sell before the auction — a sign, says Duncan, of a buoyant market.
Listing agent Theo Birkner said he has fielded a lot of interest about the two-bedroom unit in New Westminster. An open house will be held on Thursday, with another two scheduled this weekend, and two more next weekend.
“It’s a fantastic opportunity for the Vancouver marketplace to see an addition to the way homes are sold,” said Birkner. “Lots of people are excited about it after they wrap their minds around it.”
The Harcourts auction will be held March 2 at a downtown Vancouver location.
Greg Klemke of Macdonald Realty Westmar will be watching how the auctions go.
Klemke, the listing agent for the Burnaby home that went on auction last summer, believes Vancouver was ready for auctions and was baffled by the property’s failure to sell, despite tens of thousands of dollars spent on advertising by Able Auctions, which conducted the auction. It only got one bid, which failed to reach to reserve price.
“Maybe people weren’t ready for it,” he said. “It’s too aggressive. Or progressive.”
Klemke said he’d be open to doing it again, but would do some things differently. He’d require buyers to get pre-registered, hold it indoors instead of out on the lawn, and not allow media, which he speculated could have intimidated buyers, to attend. “We didn’t do it right because we didn’t sell it.”
Duncan, however, is confident Canadians are ready to embrace auctions as a new method of buying and selling property.
“Consumers are screaming out for transparency and real estate prices that are clear, concise and fair,” he said. “It’s something I think will resonate well with Canadians.”
Time, and the market, will tell.
Since the story was published, the downtown Vancouver property has been withdrawn from the market. Harcourts Canada CEO Hayden Duncan said the property was withdrawn from the sale late Wednesday “due to the owner’s instructions changing.”
Posted on
February 14, 2017
by
Paul Liberatore
We have sold a property at 306 4888 BRENTWOOD DR in Burnaby. FITZGERALD at BRENTWOOD Gate developed by award winning developer Ledingham McAllister. Concrete HIGH RISE building, very well maintained building with full rain screen. Corner unit with quiet & peaceful northeast exposure. 2 separate bedrooms, 2 full baths, open kitchen with granite countertop, stainless appliances, insuite laundry. Includes 2 parking stalls, 1 storage locker. Amenities exercise room and swirlpool are available in this central located building. Steps to Brentwood Mall & Skytrain, restaurants, close to SFU, BCIT, transit to UBC, shopping mall, & Costco. Secured building still under balance of new home warranty. 2 parking #5 & #221. 1 locker #16.
Posted on
February 13, 2017
by
Paul Liberatore
Sold out two years ago at around $670 per square foot, condos at East Vancouver’s Independent project are now being offered at more than $900 per square foot prior to its completion this year | Rize Alliance
As overall price increases flatline in Vancouver’s more regulated housing market, assignment sales of uncompleted highrise condos – which are exempt from B.C. assignment and foreign-buyer tax regulations – might offer the best hope for speculators in 2017.
More than 87% of the 8,955 new concrete condos started in Greater Vancouver in 2016 were pre-sold, according to an MLA Canada study released at a recent Vancouver real estate conference.
A separate Urban Analytics survey found only 31 new concrete condos complete and unsold as of 2016’s third quarter, the lowest Metro inventory in five years.
This year, a further 10,700 new concrete condos will begin marketing in Metro Vancouver, but at much higher prices, the Urban Development Institute’s annual real estate forecast luncheon was told, due to rising costs for land, labour and construction materials.
Excluding land value, the hard construction costs to build a new highrise condo tower in Vancouver is now $290 per square foot compared with $230 a year ago, according to appraisal firm Altus Group.
However, land values for Vancouver residential development sites have rocketed up as much as 260% from a year ago, based on 2017 assessments. Some developers are paying up to $1,000 per square foot for Vancouver building sites with high-density potential.
The result has been a surge in assignment sales of condos in sold-out but uncompleted Vancouver towers, with investors hoping to catch the uplift in value since the condos were first sold.
Strathcona Village, now under construction on East Hastings Street, where one-bedroom condos originally sold two years ago for $450 per square foot to $497 per square foot. The condos are now being advertised as assignments for $770 to $787 per square foot.
The Independent project at Main Street and East Broadway, a Rize Alliance tower that sold out in 2015 at an average price of $672 per square foot, has assignments being offered at more than $900 per square foot. One two-bedroom is listed by Rennie & Associates at $991 per square foot. The Independent is scheduled to be completed this fall.
Last week, 58 Metro Vancouver condo assignment ads were posted on Craigslist, some offering multiple units in Vancouver towers from downtown Vancouver to Surrey. Most are listed by real estate agents.
Assignment sales are exempt from B.C. anti-flipping legislation. Enacted in May 2016, it stipulates that sales contracts can’t be assigned without the written consent of the seller and that any profit from an assignment goes to the initial seller.
The legislation does not apply to new developments, including pre-sale condos, even if a licensed realtor sells the assignment, according to Ministry of Finance spokesman Jamie Edwardson.
Pre-sale condo assignments are exempt from the B.C. foreign-buyer tax regulations that came into force last August and are based on the transfer of title. Therefore, an investor could buy a pre-sale condo, flip it as an assignment during construction and not appear as either a buyer or a property owner on provincial government documentation, Edwardson confirmed.
In an email to BIV, Edwardson noted the original investor is required to report the transaction to the Canada Revenue Agency, and “may be required to pay income tax on the profits.” He said it’s the final buyer of the assignment who would be liable for provincial property transfer taxes when the building completes, not the investor who sold the assignment.
Posted on
February 12, 2017
by
Paul Liberatore
The low-interest loan program introduced by the B.C. government to help first-time home buyers get into the market appears to be having a big impact on entry-level condos.
While government intervention in the real estate market put a chill on prices this summer, it looks like the new loan initiative is heating up prices again.
Bidding wars have returned, and some experts believe Victoria bears some of the blame.
Realtor Steve Saretsky said last month a full 25 per cent of deals went into multiple offers. In Vancouver "it's basically anything under $700,000 that's really moving quite quickly. We're seeing a lot of multiple offers," he said.
The multiple offers are almost exclusively on small condos, the most affordable option in a very pricey market.
A few examples of note include a 415-square-foot Yaletown studio that sold for $24,000 over asking, a one-bedroom in Coal Harbour that went $31,000 more than list price and a studio in Kitsilano that raked in $53,000 over asking.
"The kind of people active in the market right now is mostly first-time buyers," said Saretsky.
Although the early evidence is still anecdotal, observers say the price point of the sold properties is significant.
Where there seems to be multiple offers happening is below $750,000 – the maximum amount borrowable through the province's new home loan program.
The province has now approved 356 applications for the interest-free down-payments, and experts say that's enough to have an impact on condos prices. That's in contrast to some detached, single-family homes on the city's West Side that have been sitting on the market for months – many with price drops – in the wake of the foreign buyers tax.
"What seems to be clearly the case now is the top of the market is getting absolutely clobbered, [with] single family detached, the more luxurious, the worst the impact," said UBC Sauder School of Business Economist Tom Davidoff.
Saretsky echoes that sentiment: "You have two markets that are almost going what appears to be in different directions."
This one-bedroom condo in Coal Harbour went $31,000 over the list price.
Bidding wars cause stress on those just getting into the market, especially those who lose out on their desired property just when they thought they could finally buy in, he adds.
The question of whether or not to jump into this unpredictable real estate market is one that's difficult for even seasoned experts.
First-time buyers need to weigh staying on the sidelines with the possibility of being priced out of the rental market, and also the fact Vancouver remains a very desirable area to buy in.
"The long run is so great here, but the volatility in the short term is tremendous," said Davidoff.
Another factor consider: Low inventory. The number of new listings for attached and apartment properties dropped almost seven per cent last month compared to 2016, according to figures from the Real Estate Board of Greater Vancouver.
Royal LePage recently forecasted an 8.5 per cent price correction in Greater Vancouver this year.
U.S. think tank Demographia says Vancouver is the world's third most unaffordable housing market, just behind Hong Kong, which ranked number one, and Sydney, Australia, in second.
Posted on
February 9, 2017
by
Paul Liberatore
We have listed a new property at 708 301 CAPILANO RD in Port Moody. Fabulous condo at The Residences by ONNI perfect floor plan with zero wasted space. Very private and fully functional one bedroom with large 95 sq ft balcony that provides access through the living area and bedroom. Enjoy beautiful park and green-belt views from all rooms. High end finishing, Stainless Steel Kitchen Aid, Gas Stove, high ceilings and plenty of in-suite storage. Cancel your fitness membership and relax in your very own Residences Club: Steam room, Sauna, Yoga studio, fitness, theater, pool table, conference/party rooms. This is the perfect lifestyle in Suter Brook Village. Price includes, one parking stall and 2-5-10 National Home Warrant. Quick possession possible.
Posted on
February 7, 2017
by
Paul Liberatore
Cultural centres around the Lower Mainland are sitting on valuable, large plots of real estate, and Vancouver’s Italian Cultural Centre is exploring a dramatic redevelopment proposal that will likely serve as a model for others.
The centre, also known as Il Centro, has been open since 1977, the result of 13 Italian associations banding together to build one centre.
After forty years of serving the community with everything from Italian classes to an on-site Montessori school, the centre requires millions of dollars of renovations and upgrades.
Il Centro approached several developers about exploring options for the site that would allow the centre to continue to serve the community from updated, state-of-the-art facilities, and make the centre financially sustainable over the long term.
They decided to work with local developer Bosa Properties and Henriquez Partners Architects.
 Rendering showing open space at heart of development. Rendering showing museum. Interior showing performance space and gym in background. Rendering of cafe. Sunken piazza. Rendering show dining and banquet space.
Luca Citton, president of Il Centro, says Bosa was not only interested in working with the centre to redevelop the property, but also shared their vision for what it could become.
“It’s not a secret to say, (the building) is 40 years old, and there’s a lot of work to be done if we don’t do this.”
Nicole Riglietti, admistrator at Il Centro, says the proposal is a great way to keep the centre relevant to the younger generation.
“With this opportunity it will give us a chance to evolve and turn into something unique and amazing.”
Initial plans include a theatre, recreational amenities, child care facilities, restaurants, shopping, open air piazzas, gardens, classrooms, a museum, kitchens, a library, a sub-dividable hall for receptions and events, and purpose-built rental housing.
The architecture will incorporate Italian influences in its design and materials.
Over the following decades, the centre’s location at Slocan Street and Grandview Highway has become increasingly attractive. The Millennium Line SkyTrain runs past the site, and the Renfrew SkyTrain Station is located across the street.
Nearby is the Broadway Tech Centre, with thousands of employees working at BCLC, clearly.ca, the Vancouver Film School and others. Postmedia News, publishers of the Vancouver Sun, The Province and 24 Hours newspapers, will move into a new building this fall.
This video takes you through the new Centre’s entrance and down into the lobby and atrium.
 Rendering of redevelopment of Italian Cultural Centre. Rendering of overall development. Overall form of development.
 Italian Cultural Centre redevelopment by Bosa. Rendering of the development showing towers of purpose-built rental apartments. Outdoor plaza in shopping area, showing Italian food retailer. Interior piazza.
If all goes as planned, construction on the new Il Centro is expected to begin in Spring 2019, with completion in 2021. Members will vote this March on whether or not to proceed with the proposal.
No rezoning application has been filed with city yet. An open house for members is scheduled for February 18, from 10am-2pm in the “Trattoria” at the Italian Cultural Centre.
Posted on
February 7, 2017
by
Paul Liberatore
We have sold a property at 107 33960 OLD YALE RD in Abbotsford. Old Yale Heights. Could be your first home or your first investment in real estate. Close to all amenities. Quiet side of building with Great views of historic downtown. First floor but feels like top floor. Great layout as well with 2 bedrooms, insuite laundry, big windows. I'd hurry on this one.
Posted on
February 4, 2017
by
Paul Liberatore
We have sold a property at 4031 PARKER ST in Burnaby. Meticulously kept 5 bedroom home in the heart of North Burnaby. Sitting on a 50 foot level lot with soaring views of downtown Vancouver from the back deck. The pride of ownership shines thru this 1-owner European home. Shining parquet flooring upstairs, both front and large rear deck, cold storage room / cantina, 2 fireplaces, plenty of parking, ability to add another garage are just some of the many features of this beautiful family home. Close to transit, all levels of schooling, and shopping. Easily suite-able with a kitchen both upstairs and down! A true beauty, rarely available. Open House Sunday 11am-1pm
Posted on
February 2, 2017
by
Paul Liberatore
Posted on
February 2, 2017
by
Paul Liberatore
VANCOUVER, BC – February 2, 2017 – Home sales and listings trends are below long-term averages in the Metro Vancouver* housing market. This is due largely to reduced activity in the detached home market. Residential property sales in the region totalled 1,523 in January 2017, a 39.5 per cent decrease from the 2,519 sales recorded in January 2016 and an 11.1 per cent decrease compared to December 2016 when 1,714 homes sold. Last month’s sales were 10.3 per cent below our 10-year January sales average. “From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.” New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,140 in January 2017. This represents a 6.8 per cent decrease compared to the 4,442 homes listed in January 2016 and a 215.5 per cent increase compared to December 2016 when 1,312 properties were listed. The total number of homes currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,238, a 9.1 per cent increase compared to January 2016 (6,635) and a 14.1 per cent increase compared to December 2016 (6,345). The sales-to-active listings ratio for January 2017 is 21 per cent. This is the lowest the ratio has been in the region since January 2015. 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. “Conditions within the market vary depending on property type. The townhome and condominium markets are more active than the detached market at the moment,” Morrison said. “As a result, detached home prices declined about 7 per cent since peaking in July while townhome and condominium prices held steady over this period.”
Posted on
February 1, 2017
by
Paul Liberatore
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.