"Station Hill" just steps from West Coast Express, Rec Centre, Library, schools, Gates Park, and shopping/restaurants in Downtown Port Coquitlam. Open concept kitchen, living, dining rooms. Kitchen features granite counters and stainless steel Whirlpool appliances. Spacious master bedroom, granite counters and tiled floors. Building features amenity room, fitness room, and patio area. BONUS: 2 parking stalls and 1 storage locker included
Sales of farmland in B.C. surged and prices jumped immediately after the provincial government announced a foreign buyer tax on residential land in July 2016, a Postmedia investigation shows.
The surge in agricultural land sales and prices — on property that is not subject to the 15 per cent foreign buyer tax — was largely driven by record-setting sales in the Fraser Valley, South Surrey and White Rock.
Data provided by Landcor for Postmedia’s investigation shows that in July 2016 there were 81 farmland sales in B.C., and the average price was $109,000 an acre. The B.C. Liberal government announced the new residential tax on July 25. In August, farm sales jumped to 144 across B.C., and the average price shot up to $140,000 an acre. Prices continued to rise, hitting an average of $151,000 an acre in September on 142 sales. Sales have fallen back to average levels in the following months, but prices have remained elevated.
By looking specifically at where prices and sales have surged, and reviewing anecdotal reports from realtors, a connection can be suggested between the jump in farmland sales after July 2016 and speculation by offshore investors. The B.C. government has been tracking foreign buyers of B.C. farmland since June 2016, but does not “provide the specific number of purchases” because the data sample is not big enough, Ministry of Finance spokesman Jamie Edwardson said.
Postmedia’s investigation suggests that a disturbing trend is accelerating. Farmland that is crucial to B.C.’s future food needs is increasingly falling into the hands of speculators and builders of luxury property, and farmers are getting priced out. Even before the introduction of the residential tax, a Metro Vancouver government investigation identified that 50 per cent of the region’s agricultural land is not being used for farming, and that many property owners are exploiting tax benefits meant for food producers.
The surge in B.C. farmland prices is a Metro Vancouver story. While prices remained fairly stable in other areas of B.C. after July 2016, farm prices were skewed higher by trends in Fraser Valley, South Surrey-White Rock, Richmond and Delta, Postmedia’s analysis shows. In these areas especially, according to realtors and a May 2017 staff report from Richmond city hall, farm prices are no longer attached to agricultural revenue, but instead are following red-hot Metro Vancouver residential land prices, and reflect a trend of “estate” building on country acreages.
FEARS CONFIRMED
Postmedia’s findings seem to confirm the fears of Richmond Mayor Malcolm Brodie.
Last year, Brodie said he expected the new foreign buyer tax to fuel speculation in farmland. On the day the tax was announced in July, Richmond warned the provincial government of its impacts.
“We said, ‘Why aren’t you applying this to all land?’” Brodie said in an interview. “If you are going to have this tax, it should be applied in a way that it doesn’t attract speculation to farmland. They said, ‘We hadn’t thought of it.’”
Speculators can avoid the 15 per cent tax on residential property by purchasing bare farmland and building a house on it, said Brodie. This kind of development has a number of attractions. First, buyers can obtain farm properties for less than residential zoned land. As a bonus, because of controversial zoning rules, buyers can build much larger mansions on farmland than they can on residential lots. They can also take advantage of very low property taxes on farmland that are meant to encourage food production, get a 50 per cent break on school and transportation taxes, and avoid property transfer tax if a constructed home is lived in by a family member for at least a year before it is sold.
“In the last three years, we have seen the number of transactions on farmland going up in terms of speculation,” Brodie said in an interview. “In Richmond, we are seeing a number of smaller farmland lots being bought because these are attractive to speculators. And we are seeing higher prices per acre. So the trend is up, the prices are increasing, and one of the pressures is the foreign buyers tax. People are buying these properties with farming as an afterthought, just to build estates.”
In January 2014, according to land title data gathered for the combined areas of Richmond and Delta, farmland averaged $540,000 an acre. But the prices exploded to an average of $1.3 million an acre in May 2014. In April 2015, farm prices peaked at $1.6 million an acre in these areas — seemingly in connection with an explosion of speculation across Metro Vancouver, which led to residential land prices surging by over 30 per cent. Prices across Richmond and Delta now sit at about $1.3 million an acre, on average.
In the Fraser Valley, there were 51 farm sales in August 2016 — far more than in any other region in B.C., and the highest monthly total for the Fraser Valley in recent history. Last August, the average price jumped to $550,000 an acre, compared to $510,000 in June 2016. By October 2016, the price hit $620,000 an acre. The prices have more than doubled since July 2014, when Fraser Valley farmland sold for about $250,000 an acre.
“The calls really spiked in relation to the foreign buyers tax,” Langley realtor Danny Evans said. “I was getting a lot more calls on acreages, and I just see the prices going up.”
As in Richmond, it is the smaller farmland parcels of about two to five acres that speculators are targeting in the Valley. Depending on the location and desirability for estate building, these properties are now selling for between $1.5 million and $1.8 million, Evans said. The prices have roughly doubled in the last few years, land title data shows.
“People are not that interested in the farming aspect but they want the tax benefits, and the qualifications are very low. So you put out some beehives or blueberries, and you get about a 70 per cent property tax break,” Evans said. “Investors seek the highest and best use out of the property, so that’s why in Richmond and Langley you see these large homes on farmland.”
In South Surrey and White Rock, there were four farm sales in June 2016, and just one sale in July. In August 2016, there were eight farm sales, followed by seven in September. Prices in this area fluctuated between $300,000 and $600,000 from 2010 to 2015. In July 2016, the average price in South Surrey-White Rock was $1.26 million an acre. In August it was $1.32 million, and by December it had jumped to a startling $1.75 million.
CHINESE, SAUDI BUYERS
Popular two-term Delta independent MLA Vicki Huntington, who chose not to run for re-election this year for health reasons, spent much of her time in office pressing the B.C. Liberal government to protect B.C.’s Agricultural Land Reserve. In the absence of provincial data on foreign ownership, she had her staff digging into land title records. The project took several years, and researchers sometimes had trouble discovering the true beneficial owners, Huntington said, because of opaque ownership structures such as numbered and shell companies.
But Huntington says her staff’s research established a growing trend of farmland purchases in B.C. by offshore interests in countries including Mainland China and Saudi Arabia. There are foreign companies that appear to be holding land for long-term agricultural needs and others buying land strategically near potential port developments, Huntington says. She says her research also pointed to concerns about the building of mega-mansions on ALR land, and foreign and local developers leaving farmland fallow, while holding out for industrial or residential rezoning.
Huntington, who came from a career in RCMP security services, said she is concerned about money laundering, and Canada’s national interests being subverted.
“We are very concerned with the levels of foreign buying of farmland in specific areas like Delta and the lower Fraser Valley, and we think there is trouble brewing,” she said. “Mainland China is certainly part of it, and it is concerning because they are deliberately acquiring land to support their national agricultural needs. They understand the incredible value.”
Vicki Huntington stands on a farm field in Ladner. As an independent MLA until retiring recently, she researched foreign buying of Metro farmland and wants limits on foreign ownership to preserve farms for the growing of food.ARLEN REDEKOP / PNG
Huntington believes that B.C., like other jurisdictions including Alberta, Saskatchewan, Manitoba and Quebec, should restrict foreign ownership of farmland.
Another Metro Vancouver politician, Richmond Coun. Harold Steves, a farmer in that city, has argued for years that ALR land is endangered by speculators looking for tax breaks. These days he doesn’t have to make the case because the real estate ads he collects speak for him.
He points to a November 2016 ad from offshore-focused firm New Coast Realty that says: “In recent years many investors prefer to purchase agricultural land in Richmond, Surrey and Langley … with a big piece of land, build a luxurious house … swimming pool, tennis court … with the same amount you can only get a 2,000-square-foot house in other areas of Richmond.”
The ad also encourages speculators to buy B.C. farmland and apply to have it rezoned for residential development, citing potential windfall profits.
An ad from Royal Pacific Realty advertises a small acreage in Richmond with building plans for a 12,000-square-foot mansion: “Set up your own private driving range, swimming pool or tennis court. It’s all permitted on ALR land and because of the farm status, you pay no property tax,” the ad says.
Steves also uses the example of a recent ad posted by a Richmond realtor.
“He says that you can build your 20,000-square-foot dream home, and he will lease some land back from you and grow blueberries, and harvest them for you, and you can collect the tax break,” Steves said. “In my opinion, this is a scam.”
As an example of surreal price gains for a specific size and type of Richmond farmland since the foreign buyers tax on residential land was introduced, Steves pointed to one property listed for $340,000 an acre in 2016, and now on the market for $700,000 an acre. Smaller acreages — with new homes already built on them — are now selling for over $1.5 million an acre, he said.
Recent Richmond city staff reports on the monster home issue in Richmond say that “many ALR sites may be viewed only as residential parcels … consequently, legitimate farmers have difficulty acquiring and farming these properties.”
The reports also show that building permit applications for mega-mansions on ALR land have exploded after the foreign buyer tax was introduced. From Jan. 1 to April 3, 2017, 45 residential construction permits on Richmond ALR land were submitted, compared to just 17 permits in 2015 and 18 in 2016. The average size for the homes proposed in 2017 was 12,900 square feet. The largest was almost 40,000 square feet. Brodie and Steves believe some of the largest applications in Richmond are meant to be illegal hotels.
Richmond staff recommend that council impose a 5,400-square-foot limit for mansions built on farmland. Last week, after public hearings, council opted for an 11,000 square-foot limit instead.
“This permits about 1,000 parcels of farmland that have not had new houses built yet to eventually become (luxury) properties,” Steves said.
DECREASING USE OF FARMLAND FOR FARMING
Reports from Metro Vancouver regional government show the use of farmland for its intended purpose is rapidly dropping. A 2013 report found that 28 per cent of farmland in Richmond, Delta, Langley and Surrey was not used for farming, and said “significant intervention” was needed.
A September 2016 report, based on an earlier farm tax investigation, found that only 50 per cent of Metro Vancouver farmland is used for agriculture, and this is threatening food security in B.C.
Metro Vancouver has asked the provincial government to eliminate tax breaks that are believed to encourage non-farm uses, but the regional government has not received a response because of the recent election, spokeswoman Sarah Lusk said.
“There are an increasing number of property owners in the ALR who are using it for other purposes than farming,” the 2016 report says. “Property owners that do not farm themselves, but rather lease their land to a farmer, receive benefits intended for farmers, including significantly lower taxes.”
The report compares tax and different methods of assessing values on two similar houses, one on ALR land, and one on urban residential zoned land. The home on ALR land is assessed at $750,000, and property tax is $3,800. The home outside the ALR is valued at $4.2 million, with property tax of $13,600.
The report says the provincial government should raise the farm revenue threshold that property owners must claim to obtain major tax breaks on small farms, from $2,500 to at least $3,700. Also, Metro Vancouver wants elimination of a 50-per-cent tax exemption in school, transportation and other taxes that people who build homes on ALR land can receive. In 2015, school exemption taxes reduced ALR property taxes in Metro Vancouver by $4 million. Residences on un-farmed ALR land claimed $3.12 million of the reduced taxes. In addition, the report says, the building of homes on ALR land increases the demand for municipal services, which increases the tax burden for citizens who live in urban residential zoned areas.
GREENS COULD FORCE CHANGES
Mega-mansions on farmland, tax breaks for non-farm uses, and foreign ownership of agricultural land are set to be a hot-button issue in B.C.’s new, uncertain provincial government. The B.C. Liberals have resisted pressure to reform tax breaks and outdated zoning laws for ALR land, and have weakened ALR rules in favour of non-farm uses, says former MLA Vicki Huntington.
In the last term, Green Leader Andrew Weaver proposed legislation to prohibit foreign entities from purchasing Agricultural Land Reserve property over five acres without permission from the provincial cabinet.
Before the May election, he stated: “Since the introduction of the 15 per cent foreign buyers tax on residential real estate in Metro Vancouver, speculators have targeted other areas of the province and our agricultural land. Investors are taking advantage of tax breaks meant to encourage farming — building mansions and using the land for speculative purposes. As a result, farmland is being taken out of production and prices are skyrocketing, making farmland unaffordable for local farmers.”
Weaver, with his new influence on the balance of power in government, could conceivably force action on the farmland speculation issue.
“The issue of the monster homes being built to avoid the foreign buyers tax and the exploitation of tax credits that are meant for farmers is something that any new government will have to address,” NDP MLA David Eby said. “And that goes for B.C.’s housing crisis, in general.”
Have you heard the one about how supply is going to solve the great Canadian housing crisis?
If you’ve listened to the real estate industry or our political leaders, you likely have. A lack of supply is the great culprit behind soaring prices and the lack of affordable homes. Just build more condo towers and presto, problem solved.
Well, they’re building them in Metro Vancouver and Greater Toronto – lots of them. The Onni Group is now marketing a building in downtown Vancouver with units starting at $1.7-million. Another developer, Intracorp, is advertising Belpark, on the city’s west side, where you can get a two-bedroom, plus a den for $1.5-million. And on it goes.
These prices are not dissimilar to what people are being asked to pay for the stock going up in downtown Toronto.
This is the so-called supply that is going to solve our housing crisis.
The truth is the problem of high costs, and access to reasonably priced accommodation in our two major cities is not being addressed. That is a simple fact. People will say that the condo towers I highlighted are in downtown Vancouver, so what do you expect? Well, the fact is those prices set a standard for the region. They are driving up the cost of housing miles away.
The Canada Mortgage and Housing Corp. sounded this alarm just this month in a new report. “Increases in home prices in the city of Vancouver had a spillover effect in surrounding British Columbia municipalities,” the corporation said. And that effect was “measurable,” it reported.
The same thing is undoubtedly happening in Toronto.
Here is the other brutal reality about the great supply argument: vast swaths of these units are being built and presold to foreign purchasers. These buyers, in turn, are either flipping the properties for a profit before they are even finished or hanging on to them as safe investments and renting them out. Sure, that might help bolster the rental stock, but why are locals who earn incomes in Canada and pay taxes here being shut out from buying these homes?
The problem is this type of foreign-investment activity is helping drive up prices. Everyone knows it and yet little is being done about it. Some of these offshore purchasers are, in fact, flipping the condos for a profit before final sale and avoiding paying the 15-per-cent foreign-buyers tax in the process.
No, there is lots of “supply” in Vancouver and Toronto. That isn’t the issue. It’s who’s getting access to that supply that is a big part of the problem. And it’s also the type of “supply” being built.
Many of the condos being constructed are designed to be purchased by wealthy investors, the Lamborghini crowd. They aren’t being built for a couple of young professionals starting a family. Not unless you consider $1-million for 1,000-square-feet on the 10th floor of a tower in suburban Burnaby, B.C., reasonable. No, somehow, some way, governments need to encourage developers, through incentives or whatever it takes, to start building housing that the middle class can afford.
Right now, developers are getting everything their way. They are putting pressure on local politicians to speed up the approval process so they can erect more towers, more quickly, but they are doing nothing – nothing – about the costs of the units they are constructing. In fact, you could argue they are engaging in activity that is helping ensure the costs keep going up.
It’s ridiculous.
I understand that governments are reluctant to intervene in the normal ebb and flow of the market place. That is why the 15-per-cent foreign-buyers tax applied in Vancouver and Toronto was seen to be so controversial. But governments did it because they have an overriding obligation to the people they represent.
Right now, not enough is being done to protect the interests of average citizens as it concerns access to reasonably priced housing. The foreign-buyers tax had a momentary impact on prices in B.C.; now they are starting to escalate again, especially condos, which young people have been told is their housing of the future. Forget a detached home. So what is happening?
No, the great supply argument is a myth, a dodge. It is not solving anything. On housing, our political leaders continue to fail us.
Maynard's Block! South East facing spacious and open 1 bedroom and flex room (den or storage) in the convenient South East False Creek neighbourhood. Plenty of living space with an open kitchen, stainless steel appliances, beautiful laminate floors & meticulously selected materials throughout. 1 parking stall included as well as a gym, meeting room/lounge & Concierge. Conveniently located, walk to Skytrain station, shopping
"Station Hill" just steps from West Coast Express, Rec Centre, Library, schools, Gates Park, and shopping/restaurants in Downtown Port Coquitlam. Open concept kitchen, living, dining rooms. Kitchen features granite counters and stainless steel Whirlpool appliances. Spacious master bedroom, granite counters and tiled floors. Building features amenity room, fitness room, and patio area. BONUS: 2 parking stalls and 1 storage locker included
Open House on Thursday, May 18, 2017 5:00PM - 7:00PM
Rare 3 bedroom / 3 bathroom CORNER unit TOWNHOUSE in Brentwood Park. Tons of natural light in this newly updated spacious home. Granite counter tops, Stainless steel appliances, formal dining room, private fenced patio off kitchen. Large master bedroom has 4 piece ensuite. 2 balconies upstairs with gorgeous views. 9 ft ceiling thruout. Updates include: HW tank /stove / backsplash 2015, Flooring, paint, closets, doors, blinds, 2016. Backsplash, New Washer/Dryer 2017. Amenities include gym, outdoor pool and a a couple blocks from the Amazing Brentwood and soon to be built Linear Park. Steps to Save on Foods, Skytrain, Cactus Club. Pets and rentals allowed! 2 side by side parking stalls, and 1 storage locker included. This townhome has it all. Open House Thursday 5-7pm, Saturday/Sunday 2-4pm.
Open House on Saturday, May 20, 2017 2:00PM - 4:00PM
Rare 3 bedroom / 3 bathroom CORNER unit TOWNHOUSE in Brentwood Park. Tons of natural light in this newly updated spacious home. Granite counter tops, Stainless steel appliances, formal dining room, private fenced patio off kitchen. Large master bedroom has 4 piece ensuite. 2 balconies upstairs with gorgeous views. 9 ft ceiling thruout. Updates include: HW tank /stove / backsplash 2015, Flooring, paint, closets, doors, blinds, 2016. Backsplash, New Washer/Dryer 2017. Amenities include gym, outdoor pool and a a couple blocks from the Amazing Brentwood and soon to be built Linear Park. Steps to Save on Foods, Skytrain, Cactus Club. Pets and rentals allowed! 2 side by side parking stalls, and 1 storage locker included. This townhome has it all. Open House Thursday 5-7pm, Saturday/Sunday 2-4pm.
Open House on Sunday, May 21, 2017 2:00PM - 4:00PM
Rare 3 bedroom / 3 bathroom CORNER unit TOWNHOUSE in Brentwood Park. Tons of natural light in this newly updated spacious home. Granite counter tops, Stainless steel appliances, formal dining room, private fenced patio off kitchen. Large master bedroom has 4 piece ensuite. 2 balconies upstairs with gorgeous views. 9 ft ceiling thruout. Updates include: HW tank /stove / backsplash 2015, Flooring, paint, closets, doors, blinds, 2016. Backsplash, New Washer/Dryer 2017. Amenities include gym, outdoor pool and a a couple blocks from the Amazing Brentwood and soon to be built Linear Park. Steps to Save on Foods, Skytrain, Cactus Club. Pets and rentals allowed! 2 side by side parking stalls, and 1 storage locker included. This townhome has it all. Open House Thursday 5-7pm, Saturday/Sunday 2-4pm.
The 2017 PNE Prize Home in Vancouver on Tuesday.ARLEN REDEKOP / PNG
If home ownership in Vancouver seems out of reach, you might have a better chance at winning this year’s PNE prize home.
The 2017 PNE Prize Home is a $1.6-million, 3100-square-foot, West Coast modern-style home that will be located in Naramata.
It’s a three-bedroom home with 2 1/2 bathrooms and “floor-to-ceiling living space.”
Don’t forget the “hotel-inspired” master bedroom with personal espresso machine, walk-in closet and ensuite.
This is the bedroom’s built-in espresso machine. No more walking to the kitchen for you.
But the kitchen is pretty awesome … if you do make it out of your bedroom.
A loft offers you a bird’s-eye view of your stylish living room.
There is plenty of living space outside, as well.
No dream house is complete without a wine cabinet.
The laundry room has a washer AND a dryer. It truly is a dream home.
You can’t see it in these photos, but the bathrooms do indeed come with toilets.
This year’s prize home was unveiled today and if it’s anything like years past, folks will be scrambling to buy raffle tickets, which start at two for $25.
Before we visit the new home, let’s take a trip down PNE prize-home memory lane, shall we?
2016
Who could forget last year’s wine cabinet? Is this what they mean by floor-to-ceiling living space?
The 2016 PNE Prize Home boasted energy-efficient and environmentally sensitive materials, contemporary design elements and details.MARK VAN MANEN / PNG
Or perhaps you’re hoping this year’s home will feature a bevy of technological additions and a full suite of entertainment options.
James Rosowsky, CEO of Karoleena Homes, shows off the high-tech side to the 2015 PNE Prize Home.JENELLE SCHNEIDER / PNG
2014
And of course, 2014’s prize home was designed by local design darling, host of Love It or List It, and former Bachelorette, Jillian Harris, so you just know that home was trendy as heck.
Interior designer Jillian Harris at the 2014 PNE Prize Home that is in Kelowna. The 80th anniversary prize home was worth over $1.3 million.JENELLE SCHNEIDER / PNG
2013
The 2013 home even had a billiards table, for those times when you want to not only impress your friends with your digs, but show them you’re a pool shark in addition to being a homeowner.
The 2013 PNE Prize Home. WAYNE LEIDENFROST WAYNE LEIDENFROST / PNG
Surveillance video released by police shows a man wanted for questioning in connection to a number of thefts at West Vancouver open houses. photo suppolied, CrimeStoppers
Homeowners and real estate agents in West Vancouver are being warned that one lookie loo was checking out more than marble countertops and high-end appliances at recent open houses.
Local agents were recently sent a warning after valuables in three West Van homes went missing following public open houses.
The first time an open house was interpreted rather literally was in July, when jewelry and a laptop computer went missing following a real estate open house in the 300 block of Mathers Avenue. The pattern was repeated on Oct. 2, when a laptop, watches, credit cards and other personal items apparently walked away from an open house in the 2300 block of Lawson Avenue.
Someone also took the opportunity of attending an Oct. 9 open house in the 4800 block of Vista Place as an invitation to check out more than the million-dollar view. A tablet computer, costume jewelry, rings and watch all vanished from the home following an open house there.
“We are investigating,” said Const. Jeff Palmer, spokesman for the West Vancouver Police. But he warned homeowners that it behooves them to be cautious if they don’t want to see their possessions pocketed by strangers.
“You are inviting strangers to come to your home and wander around and have a look,” he said, which means people with criminal intentions also have “a lawful way of seeing a house and seeing what’s in there.”
Homeowners should make sure they stash all valuables in secure storage if they don’t want to risk those items walking out the door, said Palmer.
“We certainly recommend not to have any personal items of value out,” he said. “Even if someone signs in, you don’t know it’s their real name.”
Police are interested in identifying a man captured on surveillance video after he stopped in at another open house in the area. That person may have also been present at one or more of the three homes where items went missing. The man is described as Persian, in his late 20s to early 30s, who wore sunglasses and carried a cellphone.
At one open house in early October, real estate agents reported the man made comments about his wealth and made some inquiries but appeared to quickly lose interest when told the home had been staged and didn’t contain owners’ personal possessions.
Open House on Sunday, May 14, 2017 2:00PM - 4:00PM
Rare 3 bedroom / 3 bathroom CORNER unit TOWNHOUSE in Brentwood Park. Tons of natural light in this newly updated spacious home. Granite counter tops, Stainless steel appliances, formal dining room, private fenced patio off kitchen. Large master bedroom has 4 piece ensuite. 2 balconies upstairs with gorgeous views. 9 ft ceiling thruout. Updates include: HW tank /stove / backsplash 2015, Flooring, paint, closets, doors, blinds, 2016. Backsplash, New Washer/Dryer 2017. Amenities include gym, outdoor pool and a a couple blocks from the Amazing Brentwood and soon to be built Linear Park. Steps to Save on Foods, Skytrain, Cactus Club. Pets and rentals allowed! 2 side by side parking stalls, and 1 storage locker included. This townhome has it all. Open House Sunday 2-4pm.
Rare 3 bedroom / 3 bathroom CORNER unit TOWNHOUSE in Brentwood Park. Tons of natural light in this newly updated spacious home. Granite counter tops, Stainless steel appliances, formal dining room, private fenced patio off kitchen. Large master bedroom has 4 piece ensuite. 2 balconies upstairs with gorgeous views. 9 ft ceiling thruout. Updates include: HW tank /stove / backsplash 2015, Flooring, paint, closets, doors, blinds, 2016. Backsplash, New Washer/Dryer 2017. Amenities include gym, outdoor pool and a a couple blocks from the Amazing Brentwood and soon to be built Linear Park. Steps to Save on Foods, Skytrain, Cactus Club. Pets and rentals allowed! 2 side by side parking stalls, and 1 storage locker included. This townhome has it all. Open House Saturday and Sunday 12-4pm.
Open House on Saturday, May 13, 2017 12:00PM - 4:00PM
Rare 3 bedroom / 3 bathroom CORNER unit TOWNHOUSE in Brentwood Park. Tons of natural light in this newly updated spacious home. Granite counter tops, Stainless steel appliances, formal dining room, private fenced patio off kitchen. Large master bedroom has 4 piece ensuite. 2 balconies upstairs with gorgeous views. 9 ft ceiling thruout. Updates include: HW tank /stove / backsplash 2015, Flooring, paint, closets, doors, blinds, 2016. Backsplash, New Washer/Dryer 2017. Amenities include gym, outdoor pool and a a couple blocks from the Amazing Brentwood and soon to be built Linear Park. Steps to Save on Foods, Skytrain, Cactus Club. Pets and rentals allowed! 2 side by side parking stalls, and 1 storage locker included. This townhome has it all. Open House Saturday and Sunday 12-4pm.
Finding the perfect home can be exhausting and emotional – just like training for a marathon. But it’s worth it, says agent Lindsie Tomlinson
When I was in my twenties, I spotted an ad that invited me to raise money for a charity by running a “destination” marathon. The idea was that you’d train with a group in Vancouver and raise a minimum amount for a good cause, and then you’d travel with the group to a destination like Honolulu to participate in a 26.2-mile (42-kilometre) marathon.
I had never run a day in my life.
I told my then-boyfriend I was considering running a marathon. He immediately told me I couldn’t do it: “That’s like running from here to Hope! You think you can do that?”
(He was wrong, of course. Hope, BC, is 154 kilometres from Vancouver. I only wanted to run 42 kilometres.)
So after I dumped Mr. Negativity, I signed up with Joints in Motion to raise money for the Arthritis Society while training for my first marathon. I showed up for our first group run of five kilometres, determined to do this.
It wasn’t easy. I was slow, I was out of breath, and at times I wanted to stop putting one foot in front of the other. But I did it. I ran five kilometres! That accomplishment felt like I had run a marathon already.
During the course of my four months of training and then running the actual marathon itself, I learned that marathons are often more of a mental challenge than a physical one.
The same can be said for buying a home in Vancouver.
Many people either think they can’t do it, or when they start to consider it are told by others that it’s impossible.
Once they decide to try, looking at dozens of properties can soon become exhausting.
You may get confusing advice from ill-informed sources, such as parents who may live in a small town far from Vancouver and don’t understand this market.
You may fall in love with a place that that you can’t buy because it’s already sold.
You will probably lose out on a bidding war (or five!) because your offer wasn’t strong enough to beat the other 12 offers on the condo that you imagined as your first home.
You are going to look at sale prices that are thousands of dollars over asking prices.
And so on.
I compare buying real estate to training for (and running) your first marathon. In either scenario, you are going to go through the following emotions:
● Despair. You’re going to feel overwhelmed. You’ll think “I can’t do this.” You’re going to get excited about a place, only to get disappointed. Other people are going to tell you that you can’t do this, or give you their opinion about why you shouldn’t do this.
● Hope. At other times, you are going to feel very confident in your decision. This might occur after your mortgage broker informs you that you qualify for more than you expected. This may happen after you fall in love with the perfect condo in the perfect location and start planning your housewarming in your head. Or it may happen after you talk with a co-worker who recently sold their first condo for $175,000 more than what they paid for it three years ago. (Or, depending how you look at it, this one might just lead you back to “I can’t do this.”)
● Fear. Taking on the responsibility of home ownership is going to feel scary. Having mortgage payments, along with paying property taxes (and usually strata fees) feels a lot more scary to some people than paying rent. And you might be nervous about the thought of living in the same place without the ability to give 30 days’ notice and move on.
● Excitement. Finding the perfect home in the right neighbourhood, the place where you know you would be very happy living, is exciting. Actually buying that home is even more exciting!
● Disappointment. Finding that your perfect home was also perfect for other people and losing out in a multiple offer for it can be a crushing experience. If you’re lucky, (and have the right realtor), you won’t have to experience this multiple times.
● Frustration. Not being able to find your perfect home in your budget and having to make allowances in location or features can be intensely frustrating. So can finding your perfect home again and again and losing out again and again.
● Nervousness. When you finally purchase your home, you’ll probably start feeling seriously nervous. You might be worried about making higher monthly payments than you did previously. The thought of packing and moving may feel daunting. Being the one responsible to fix your own toilet (or pay for the plumber), instead of calling the landlord, can be an unnerving change.
● Guilt. You may feel guilty about moving from being a renter who once viewed the Vancouver real estate market as “a game I don’t want to participate in” to being on the other side as a property owner.
At every emotional stage you go through on your journey to buying real estate, remember what motivated your decision to do so in the first place. Allow yourself time to deal with the feelings that will inevitably come up – the positive ones and the negative.
You don’t wake up one day and run a 42-kilometre marathon without spending months training for it. During your months of training, there will be days when you want to stop putting one foot in front of the other, when the goal seems too far away and too difficult to achieve.
But once you cross that finish line and finally purchase your own piece of Vancouver real estate, you’ll have an incredible sense of accomplishment – and your very own place to call home
The Columbia is the latest addition to Brewery District, an established walk-to everything community located right on rapid transit. This 1 bed, flex, 1 bath West facing home is efficiently laid out with 725 SQFT of living space. Homes feature open layouts with quality finishes including a KitchenAid gas range, AEG hood fan, quartz counters and Kohler faucets. Additional features include a spacious bedroom, large walk-in closet and a linen closet. Includes access to 10,000+ SQFT of private indoor amenities at Club Central. The Presentation Centre is located at 285 Nelson's Court in New Westminster and we are open daily 12-5pm including Friday.
The new Willingdon Linear Park will extend 13 blocks and run along the east side of Willingdon Avenue between Brentwood Towne Centre and Hastings Street. This scenic urban trail will include landscaping, street furniture, pedestrian lighting and public art, along with infrastructure upgrades including water main replacement, road and sidewalk rehabilitation, pedestrian signals and a new left turn bay at Parker Street.
Two unique pocket parks will be located in this linear park. The pocket park at Charles Street will include circular pathways, an open lawn and water sculptural features – a great place to relax and take a break. The other pocket park at Parker Street is more active and interactive and will feature a plaza and a large art sculpture in the form of a community hammock – an oversized net for visitors to sit, for children to play or a photo opportunity.
The construction of a new linear park is set to commence in 2017. Find out more about the Willingdon Linear Park.
This project is supported in part by the City of Burnaby and the Western Economic Diversification Canada through the Canada 150 Community Infrastructure Program
As home sales jump from the previous month, sales-to-listings ratio returns to levels seen in hot market last spring
Spring may have been slow to take hold in terms of the weather this year, but in terms of real estate sales it was a typically busy spring market in March.
Home sales in the Greater Vancouver region last month surged by nearly 50 per cent compared with February, showing the third-busiest March in at least the past 10 years, according to statistics published by the Real Estate Board of Greater Vancouver (REBGV) April 4.
Sales on the MLS® in March were nearly 30.8 per cent lower than the record-smashing March 2016, which was the peak of home sales ever recorded, but they were still 7.9 per cent higher than the 10-year average for the month (see infographic below).
As with the Fraser Valley, and also in both regions last month, a very limited supply of new inventory seems to be preventing the market from recovering even further. In turn, active listings as of the end of March were up a meagre 3.1 per cent year over year and were even lower than February’s.
Just like in February, March’s monthly increase in sales with no similar increase in supply, pushed the market even further back into seller’s market territory in March, with the sales-to-listing ratio jumping dramatically to 47.2 per cent.
“While demand in March was below the record high of last year, we saw demand increase month-to-month for condos and townhomes,” said Jill Oudil, the Real Estate Board of Greater Vancouver (REBGV) president. “Sellers still seem reluctant to put their homes on the market, making for stiff competition among home buyers.”
March's composite benchmark price was $919,300. This is 1.4 per cent up from the previous month, and 12.7 per cent higher than March 2016, according to the board.
Sales and Listings
After a slow start to the year, there were 3,579 residential sales on the Greater Vancouver MLS® in March, a drop of 30.9 per cent compared with March 2016, but a rise of 47.6 per cent over February’s 2,425 home sales.
March’s transaction total was 7.9 per cent higher than the 10-year average for the month.
As usual, however, the figures varied significantly when broken down by property type. Some 1,150 single-family homes exchanged hands in March – a drop of 46.1 per cent from the record-breaking detached home market of last March, but a leap of more than 54 per cent over February this year.
Townhome, row home and duplex properties saw 588 unit sales in March, a 25.2 per cent decrease from March 2016, but a 45.5 per cent rise month over month.
Condo sales kept their upward trajectory, with 1,841 units sold in March. This was a decline of 18.3 per cent compared with March 2016, but a 44.4 per cent increase since February.
Potential sellers were still somewhat reluctant to list their homes in March, with 4,762 new listings coming up for sale – 24.1 per cent less than in March 2016. However, there were some signs of spring movement, as the figure is nearly 30 per cent higher than this year’s very slow February.
Active listings as of the end of March totalled 7,786 homes, a slight 3.1 per cent increase compared with March 2016 and almost flat with February at a 0.1 per cent decrease.
Once more, due to sales rising month over month but supply remaining comparatively constrained, the overall sales-to-active listings ratio is firmly in seller’s market territory at 47.2 per cent, up another 15 points over February’s jump.
Benchmark Prices
The combined residential benchmark price (all property types) in Greater Vancouver in March was $919,300 – an increase of 1.4 per cent from the previous month, and 12.7 per cent higher than March 2016, but just under a percentage point lower than the price peak of around six months ago.
This slight six-month decline, however, is entirely led by single-family home benchmark prices. Last month these were 10.9 per cent higher than March 2016 at $1,489,900 – and one per cent higher than February’s price, but five per cent lower than six months ago.
Attached home benchmark prices saw another year-over-year rise, up 16 per cent to $685,100, an increase of 1.4 per cent since February and higher than six months ago by 1.3 per cent.
Condo-apartment prices saw the biggest month-over-month rise, and also took the prize for annual increase, at $537,400. This is 16.1 per cent more than a year ago, up 2.1 per cent over February and an impressive 5.2 per cent over the past six months.
“Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.
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.
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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.