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Grandview VE, Vancouver East Real Estate
We have listed a new property at 1225 Garden DR in Vancouver.
4 Bedroom / 3 Bathroom, 1-owner (Italian) home in East Vancouver! This meticulous home is situated on a lovely corner lot in desirable block just steps to Nanaimo street shopping. The pride of ownership rings thru this beautiful home. Downstairs features not one, but TWO kitchens, laundry room, bedroom, large living room and separate entrance for a ready to go mortgage helper. Hand crafted tile work thru out, double paned windows, 2 car garage (half of garage converted to living space), cold storage room (cantina). Upstairs has 3 bedrooms up, with 2 bathrooms. Large master bedroom complete with 3 piece ensuite bathroom. Huge south- facing back deck perfect for after noon entertaining, and large garden beautifully maintained. Gas stove, Fridge w water, granite counters, and 2 wood fireplaces. New property listed in White Rock, SurreyWe have listed a new property at 939 Stevens ST in White Rock.
Lot size- 33 x 125
Total Sq Foot- 4125 Lot faces East, views are southwest of water.
No trees on property. Clean title.
Current House:
Sq Foot- 2054
Age- 1986
Description- 3 Bdrm, 1 Living Rm, 1 Kitchen, Separate Dining Rm, Solarium, Roof top deck.
Currently rented for $2300. Tenants take care of yard maintenance, and utilities except city utilities.
Current Plans:
Plans have been submitted to City Hall.
4200sq ft home with legal bsmt suite. Contemporary style home with reverse floor plan.
Amenities:
Peace Arch Elementary less than 5min drive.
Earl Marriott Secondary School less than 5min drive.
South Ridge School (Private from k-12) less than 10min drive.
Close to public transportation, rec centre, beach and shops.
Easy highway access. B.C. to target foreign real estate buyers with new 15% taxThe B.C. government plans to tax foreigners who buy residential property in the Vancouver area – an announcement that follows months of pressure to address foreign speculation that many have blamed for the region’s superheated housing market. Finance Minister Mike de Jong said the 15 per cent tax, which takes effect Aug. 2, will apply to the sale of all residential properties within Metro Vancouver, excluding treaty lands in the Tsawwassen First Nation. The tax will apply to buyers who are not Canadian citizens or permanent residents, as well as corporations that are either not registered in Canada or controlled by foreigners. Percentage of sales to foreign buyers
Mr. De Jong says the additional tax on a $2-million home would amount to $300,000. He said the law gives the province the ability to adjust the tax rate to between 10 and 20 per cent. The announcement is the latest in a series of measures aimed at addressing skyrocketing housing prices in the Vancouver region – an issue that is expected to become central to next spring’s provincial election. The debate has been overshadowed by concerns about foreign buyers and empty homes, as prices increased by more than 30 per cent in the past year alone.
For the first time since taking office, Premier Christy Clark said limiting the demand – not just increasing the supply of housing – could help make Metro Vancouver’s frothy housing market more affordable. “I want to keep home ownership within the grasp of the middle class in British Columbia,” Ms. Clark said at a Monday morning news conference in Victoria. Ms. Clark said growing the supply is the ultimate solution, but her government has always “kept an open mind” about strategies on cooling demand put forward by the Opposition New Democrats and academics. Her government is taking action now, she said, because of the results of statistics on foreign purchases collected last month, which showed about five per cent of purchasers in and around Vancouver were foreign buyers. Earlier this month, the province released the first batch of statistics on foreign purchases, which showed about five per cent of homes sold in the Vancouver region over several weeks in June went to foreign buyers. Updated figures released Monday indicated foreign nationals spent more than $1-billion on property in B.C. between June 10 and July 14, with 86 per cent being made on purchases in the Vancouver region. Last May, Mr. de Jong said he wasn’t in favour of a tax on foreign investment, saying he worried it would send the wrong message to Asia-Pacific investors. The B.C. Liberal government will also introduce legislation this week that will allow the City of Vancouver to impose a tax on vacant homes; and follow through on an earlier promise to end self-regulation of the real estate industry. Vancouver’s hot real estate prices force companies to get creative to lure talentEmployers are being resourceful and creative in order to lure top talent to Metro Vancouver in the face of the region’s steep residential real estate prices. Some seek outside help to make their hiring pitch more attractive, while others take a more direct approach and offer substantial housing subsidies aimed at prospective renters and owners. “I think it is increasingly difficult for companies to attract people to Vancouver,” said relocation specialist Antoinette Ridout. She helps ensure her clients hire somebody who feels comfortable with Vancouver and will stay for the long term. “Attracting talent especially from places like Dubai or places where taxes are lower — they just are used to more disposable income.” Ridout tours short-listed job candidates, and sometimes their families, through neighbourhoods and cities and discusses issues they will face, everything from schooling to banking to child care and even obtaining a social insurance number. Most of her clients are mining and high-tech firms and she helps ease a worker’s move to an unfamiliar setting by managing the myriad details. Inevitably, the conversation turns to housing, and Ridout said she doesn’t candy coat the high cost of living a worker faces when moving here. “We really want them to be as realistic as possible about their move,” she said. As home prices have increased, Ridout has seen an increased willingness in recent years for potential transplants to look outside of Vancouver, and has relocated some to places like Coquitlam, Maple Ridge and Langley. She’s also noticed it takes longer and has become more difficult to find a suitable home for her clients today, compared to two or three years ago. Beauty outdone by price beast Relocation specialist Shelly Smee says biotech and engineering companies, among others, are quickly learning that Vancouver’s picturesque mountains and lifestyle offerings are no longer enough to lure specialized professionals to town because of soaring home prices. Local employers had been paying less for equivalent positions in big cities like New York and San Francisco, but bridged that gap by pitching the region’s natural beauty and recreational options. But the hot housing market has flipped that strategy on its head “I’ve done quite a few orientation tours, and they don’t end up taking the position,” Smee said. These last-minute rejections cost her clients tens of thousands of dollars, forcing them to start the time-consuming international-placement process all over again. As a result, more of her clients are weeding out prospective employees by addressing the housing issues first, she said. UBC offers home subsidies Instead of turning to people like Ridout for help with its faculty and staff recruitment challenges, the University of British Columbia rolls out a complete relocation department along with a significant housing subsidy program. The university’s rental and home ownership programs enticed Hedy Law to move from Dallas to Vancouver in 2012, after she applied for a position in the department of music. “When I came here, yes, I was very terrified. How am I going to be able to afford this city?” she said. For the first four years, her rent was subsidized by the university. Now she’s been approved for the home-ownership program, which gives her access to up to $330,000 in a zero-interest second mortgage for a home purchase. It doesn’t have to be repaid until after the home is sold. Retaining and recruiting faculty has been a priority for the university, said Michael White, UBC’s associate vice president of campus and community planning. More than 75 faculty have applied for the second mortgage home ownership program, he said. Nearly 500 one-, two- and three-bedroom condos have been built on campus for faculty and staff at 25 per cent below market rental rates, with 200 more of these restricted rental units under construction and hundreds more being planned. Offering housing on campus that’s within walking or cycling distance of their work, is also attractive because it reduces monthly transportation costs, he said. To further entice talent, UBC has built complete communities on campus that feature child care, parks, community centres and shopping amenities and services, all within walking distance of campus homes. But as house prices continue to climb, White said the university re-assesses what else it can do to remain competitive as an employer. “We are looking at ideas for addressing affordability and we continue to do so,” he said. The question isn’t just about what the university is doing, but how quickly it is acting in the face of the quickly-evolving real estate market. “We try to tackle the affordability issue on a number of fronts and that’s not saying that it’s still not a big challenge, because it is.” Whats coming to Brentwood in BurnabyREALTOR® helps find missing person![]()
BC Government Ends Real Estate Industry Self-Regulation Following Report![]() The self-regulation of the real estate industry will scrapped, with the industry governed by a new BC superintendent of real estate who will oversee a radically overhauled Real Estate Council of BC, Premier Christy Clark announced June 29. The announcement was in response to recommendations issued June 28 by the Independent Advisory Group (IAG), which was appointed to look into real estate misconduct and the handling of such matters by the RECBC. Clark’s radical changes go even further than the strong recommendations set out by the IAG, which suggested dramatically increasing misconduct fines for agents and brokerages. In addition to implementing these much stricter fines, the province will establish a new superintendent of real estate who will “take over the council’s regulation- and rule-making authority.” The RECBC will continue to exist, but it will be restructured to ensure most of its members come from outside the industry. Currently, 14 of the council’s 17 members are from within the real estate or property management industries. “After reading the report, our conclusion is that the privilege of self-regulation in the real estate industry must end,” said Clark in a statement. “This report examines shady practices and challenges plaguing the real estate market, particularly in the Lower Mainland, putting consumers at risk and tarnishing the reputations of honest professionals in the sector. We will act to protect British Columbians when they are making one of their most important family investments – purchasing a home.” The BC government announced that it fully accepts the recommendations of the IAG and will:
Clark told a media conference June 29 that the provincial government will start overhauling the system in the forthcoming weeks. Finance minister Michael de Jong said, “Government is assessing the best and fastest way to enhance transparency and consumer protection in the real estate industry.“We are working on legislation that will expand the powers of the superintendent of real estate to address these issues, ensure appropriate public representation on the board, and implement higher disciplinary and administrative penalties.” Update: The Real Estate Council of BC issued this statement Wednesday afternoon: "Today the BC Government announced their intention to end self-regulation in the real estate industry and to establish a dedicated Superintendent of Real Estate. "The Council is ready, willing, and able to work with Government to implement the steps announced today. "Yesterday the Real Estate Council of BC released its Independent Advisory Group’s Final Report. This report details 28 far-reaching recommendations to enhance consumer protection, all of which the Council fully supports." On July 30, British Columbia Real Estate Association president Deanna Horn said in a statement,“The vast majority of the 20,000 REALTORS® in BC do the right thing and we welcome a dedicated Superintendent of Real Estate to improve consumer protection in real estate transactions. “Our livelihoods depend on our reputations and I know that almost every REALTOR® in the province will be happy to see stronger penalties and enforcement for rule-breakers." We have sold a property at 408 20189 54 AVE in LangleyWe have sold a property at 408 20189 54 AVE in Langley.
WOW!! PRICE TO GO!! A MUST SEE SOUTH FACING TOP FLOOR UNIT CONDO, quiet area w/Beautiful landscaped on the outside. Open Bright top floor w/spacious layout, Laminate flooring, Master Bedrms is huge with walk in closets and full bathrooms. Total 2 bedrooms and 2 full bathrooms, an underground parking #11 and a storage locker #36. This condo is located in a quiet area yet near everything, school, mall, transit, park and with a beautiful view through living room's window or balcony, visitor parking in front of the Building. Don't Miss Out, call ASAP to view. REALTORS Care® Shelter Drive raises $47,000 for three local housing charitiesThe REALTORS Care® Shelter Drive set an all-time record this year, raising $47,329.49 for three housing charities in Metro Vancouver. 6 Unbelievable Facts About Vancouver’s Real Estate Market![]() There aren’t many asset classes in the world that have performed better than Vancouver real estate. June was an amazing month for folks who own property in the Greater Vancouver Area. The benchmark price hit $917,800–a new record high. Prices were up 3.2% compared to May and 32.1% over the past year. Vancouver real estate is among the most expensive in the world, and gains seem to be accelerating. In other words, the bubble is still very much alive. Here are six more amazing facts about Vancouver real estate. $3,500,000 If you thought an average price of more than $900,000 was impressive, you ain’t seen nothing yet. Detached prices are even higher. The price of a detached house in the market averaged $1.561 million in June, an increase of 38.7% compared with a year ago. Prices are even higher in certain neighborhoods; the average detached house in West Vancouver hit more than $3.5 million. In most parts of Canada, $3.5 million is enough money for people to quit their jobs and live a life of leisure. In West Vancouver, it gets you an average house. $4,400,000 According to projections from Vancity, British Columbia’s largest credit union, by 2040 we’ll all be reminiscing about cheap Vancouver real estate 15 years from now. Vancity predicts the price of an average detached house will hit $4.4 million by 2030, an increase of 182% compared with today. This means Vancity assumes prices will continue to increase by more than 7.5% per year for the next 14 years. 1,200,000 According to a study by Metro Vancouver, the population of the lower mainland is expected to swell considerably over the next 25 years. The study estimates approximately 1.2 million people will move in the the Vancouver area between now and 2041, increasing the population of the metro area to a little over 3.4 million people. That’s an increase of 50% more people than today. 3.5% Cap rates are what investors use to determine the profitability of a real estate investment. It measures the annual return on a property after the landlord has paid operating expenses, including property taxes, but before taxes on profits. These days, the average Vancouver cap rate is approximately 3.5%. After paying 2.5-3% annually in mortgage costs and taxes on the profit, there isn’t much cash flow left over. Investing in Vancouver real estate has become a bet on higher prices. Any anemic cash flow is just a bonus. 23.7 According to Numbeo, a website that measures the cost of living in cities around the world, it would take 23.7 years of rent for a tenant to pay for an average property in downtown Vancouver. The ratio does dip a bit if you move away from the city centre with the price-to-rent ratio coming in at 21.4 on properties further away from downtown. $7,532,000,000 Canadian Western Bank (TSX:CWB) is a big player in Vancouver’s real estate market. The company doesn’t break down the location of its loans on a city-by-city basis, but we do know it has more than $7.5 billion lent out to folks in British Columbia. We also know mortgages to B.C.-based borrowers were up 21% in the most recent quarter compared with the same quarter last year. If Vancouver’s real estate market really starts to tumble, investors will likely take it out on Canadian Western Bank. In other words, they’ll sell now and ask questions later. Experts seeing signs of market slow-down in VancouverSome analysts are detecting early warning signs of a slowdown in Vancouver's torrid real estate market.PHOTO BY MARK VAN MANEN The end of another month means one thing in real estate-mad Vancouver: word that housing prices have hit another jaw-dropping high. But behind the figures for June are some statistics that could suggest the market is finally slowing down. While the benchmark price for typical single-family homes rose to $1.56 million, according to the Real Estate Board of Greater Vancouver, the number of sales of those houses dropped by about 19 per cent. In east Vancouver, detached home sales declined by 26 per cent, and on the west side, by 36 per cent. Those declines come even as the number of listings rose. In the first six months of 2015, there were 72 sales for every 100 listings in east Vancouver. A year later, that dropped to 59 sales for every 100 listings. Similar changes were experienced in Burnaby, Richmond, South Delta and New Westminster. Academics are reluctant to make predictions without a few more months of data, but a pair of UBC business professors say that the signs for a possible slowdown are evident. “Declining sales matching with rising listings is exactly the type of first thing we start to see when markets start to change,” said Tsur Somerville. “We see sales changes, volume changes before we see price changes.” His colleague Tom Davidoff agreed, but he pointed out the Bank of Canada’s prediction last month of a possible “correction” to the nation’s housing market could have spooked some buyers. Still, there were already suggestions this spring from the Canadian Real Estate Association that the market may have “topped off” after a dip in sales in April. There’s no hint in the numbers of prices cooling off so far, but there is scattered anecdotal evidence of homeowners dropping their asking price after they fail to get the desired offers. Ian Tang of Oakwyn Realty noted that in one extreme example, the list price of an east Vancouver home was recently cut by about $400,000. “There are other instances where properties have been up for $1.2 million or $1.3 million, which seems reasonable in comparison to what’s been happening, but then they drop it (by) $100,000,” he said. Fewer buyers are viewing listings now than in the past eight months or so, Tang added. Although that’s typical for the summer months, it does mark a change from 2015. “Last year, we didn’t see a lull at all,” he said. “I was kind of expecting it to happen this year as well, but I think prices got to the point … that most people are kind of fatigued with the whole buying process.” A small handful of investors are ready to call Vancouver’s housing market a bubble that’s about to burst. American short-seller Marc Cohodes told the Province a year ago that he was already making targeted bets against some alternative mortgage lenders. Here in Vancouver, investor David LePoidevin of the LePoidevin Group says he is “nibbling” at shorting the real estate market by focusing on a handful of lenders. He blames spiralling prices on three factors: low interest rates, foreign investment from China, and consumer behaviour based on the assumption that rising prices are a permanent trend. “When you combine all three of those, it’s your classic bubble,” he said. “Right now, the numbers are so outstretched … that once it begins to turn, it could get nasty.” LePoidevin has been predicting a bubble for years, but he believes he previously underestimated the effect of foreign money on the market. “We might be getting to see the beginning of the money fleeing China slowing to a trickle,” he said. “The Chinese government are tripling their efforts to stop the flow.” If he had to gamble on it, LePoidevin said he’d bet that the market has passed its peak, and said his company has responded by avoiding investments in Canadian real estate and preferring to work in the U.S. dollar, anticipating a heavy toll on the Canadian dollar. We have sold a property at 101 15241 18 AVE in Surrey
Posted on
July 8, 2016
by
Paul Liberatore
We have sold a property at 101 15241 18 AVE in Surrey.
Cranberry Lane - Beautiful 2 bedroom, 2 bath unit, living room with corner gas fireplace. French door open to huge covered patio and private, fenced yard, large kitchen with eating area. Master bedroom with 3pc Ensuite and walk-in closet. New paint throughout, new tile floors, fixtures, lighting. Pet Friendly complex. Within walking distance to all amenities. We have sold a property at 330 2099 LOUGHEED HWY in Port CoquitlamWe have sold a property at 330 2099 LOUGHEED HWY in Port Coquitlam.
Shaughnessy Square! This apartment is located in a vibrant urban community filled with local amenities, entertainment, recreational facilities, schools and shopping. Direct access to Lougheed Highway and West Coast Express allows for easy commute to Vancouver, Coquitlam, Pitt Meadows, and Maple Ridge. Steps to Coquitlam Center for shopping. Close to Douglas College, Terry Fox Secondary School and James Park Elementary School. Gas fireplace, south facing deck, covered balcony, exercise center in the building, 1 parking and storage locker. Pet friendly! Buy A Condo With No Down PaymentA B.C. developer is pitching affordable condos with no money down — an idea that concerns housing experts. The Strand condo project in the Vancouver suburb of Port Moody is expected to feature one- and two-bedroom units with mountain views, and commercial space on the ground floor. The developer, Townline, is hoping that the Canada Mortgage Housing Corporation (CMHC) will allow buyers to purchase units without making a down payment.
If the housing authority gives approval, it would mean that units could be sold foreight per cent below market value, and mortgage lenders such as banks would finance the purchase in full. "It's just a different spin on, 'How do we provide an affordable home ownership option to buyers who otherwise can't get into the market?'" Chris Colbeck, Townline's vice-president of marketing, told CBC News. There are some restrictions. A family's maximum income has to be $65,850 for a one-bedroom unit, or $92,430 for a two-bedroom home. Owners must live in the home as a "principal residence" for at least two years before it can be sold, but they would never have to pay back the eight per cent that was taken off the price.
The CMHC could permit this under its "Flexibilities for Affordable Housing" program, which allows numerous options for paying down a mortgage. They include allowing buyers to make down payments by performing labour, or by borrowing cash. While Townline’s website boasts that CHMC is a partner in its program, the federal body told Global News that the developer's proposal is still under review. “CMHC offers flexibilities for affordable housing… This is not the same thing as requiring no down payment," said a statement from CMHC. “CMHC offers flexibilities for affordable housing… This is not the same thing as requiring no down payment." Townline's proposal has given some real estate experts pause. UBC professor Thomas Davidoff told CBC News that the CMHC wants buyers to put some money down on their properties "because they want to know if the property value falls, the buyers will still have some equity and not default on the loan. "Otherwise CMHC has to pay the difference to the lender upon a default. ... If there is a large price decline CMHC is in a first loss position."
The proposal is being supported by BC Housing, which is providing "low-cost construction financing" conditional on 90 per cent of The Strand's units being sold before it's built, Global News reported. Townline's proposal comes at a time when Canadian household debt is reaching record highs, and financial experts are warning people to be careful about borrowing too much money. The ratio of household debt to disposable income jumped from 163 per cent to 164.6 per cent in the first and second quarters of last year. Such a ratio meant that Canadians, on average, owed $1.65 for every dollar they earned. The growth in the ratio was blamed, in part, on feverish real estate activity in B.C. and Ontario. Open House. Open House on Sunday, July 3, 2016 2:00PM - 4:00PM
Please visit our Open House at 330 2099 LOUGHEED HWY in Port Coquitlam.
Open House on Sunday, July 3, 2016 2:00PM - 4:00PM
Shaughnessy Square! This apartment is located in a vibrant urban community filled with local amenities, entertainment, recreational facilities, schools and shopping. Direct access to Lougheed Highway and West Coast Express allows for easy commute to Vancouver, Coquitlam, Pitt Meadows, and Maple Ridge. Steps to Coquitlam Center for shopping. Close to Douglas College, Terry Fox Secondary School and James Park Elementary School. Complete concrete construction for peace of mind, gas fireplace, south facing deck, covered balcony, exercise center in the building, 1 parking and storage locker. Open House Sunday, July 3rd, 2 - 4 pm.
New property listed in Glenwood PQ, Port CoquitlamWe have listed a new property at 330 2099 LOUGHEED HWY in Port Coquitlam.
Shaughnessy Square! This apartment is located in a vibrant urban community filled with local amenities, entertainment, recreational facilities, schools and shopping. Direct access to Lougheed Highway and West Coast Express allows for easy commute to Vancouver, Coquitlam, Pitt Meadows, and Maple Ridge. Steps to Coquitlam Center for shopping. Close to Douglas College, Terry Fox Secondary School and James Park Elementary School. Complete concrete construction for peace of mind, gas fireplace, south facing deck, covered balcony, exercise center in the building, 1 parking and storage locker. Open House Sunday, July 3rd, 2 - 4 pm. |