March 2018

Found 38 blog entries for March 2018.

A survey of 535 real estate professionals suggests that moves by the B.C. government to crack down on housing speculators will lead to a broader decrease in consumer confidence.

The survey, released by real estate agency Royal LePage, found that 85 per cent of the professionals polled believe “the new tax policies have hurt consumer confidence in residential real estate across the province.”

Additionally, 78 per cent of respondents think home sales will decrease within the next three months (57.3 per cent say prices will also go down in that time period).

Asked if the new regulation will cool interest from overseas buyers, 77 per cent said it would, but only 11.3 per cent believe those buyers will feel the biggest impact of the new

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A new report into the 2015 global luxury real estate market ranks Vancouver as the top performing city worldwide.

In a top 100 list that includes Shanghai, San Francisco and Monaco, Vancouver is the clear leader, with prices accelerating 24.5 per cent last year.

Sydney, ranked second, grew just 14.8 per cent in the same time period. Toronto placed at number 12, with an eight per cent rise.

U.K.-based property consultants Knight Frank's The Wealth Report ranks cities in what they call their Prime International Residential Index (PIRI), which, they say, tracks the most sought-after property markets around the world.

They define prime property as "the most desirable, and normally most expensive, property in a defined location," generally the

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Condos that will soon sit on the Mount Pleasant lot where Bean Around The World used to be are now for sale — which you can afford if you give up about 200,000 lattes or have $800,000 kicking around.

Vancouver condos Mount Pleasant pre-sale

 

The development at Main Street and East 20th Avenue in Vancouver’s Mount Pleasant — named Main & Twentieth — is being marketed to pre-registered prospective buyers, and a quick glance at the floor plans and their prices is enough to make most people do a spit take.

Previously, the lot was home to Bean Around The World, where it had operated for the last 16 years. The coffee shop closed last summer to make way for Landa Global to begin construction on the development, after it had purchased the land for about $11.4 million back in 2015.

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A new unique redevelopment in New Westminster will integrate with SkyTrain by building over a portion of the elevated guideway.

Earlier this year, New Westminster City Council approved an application by City Point Real Estate Development Inc., in partnership with Brook Pooni Associates, to redevelop a site at 618 Carnarvon Street – the southwest corner of the intersection of Carnarvon Street and Sixth Street – into a mixed-use redevelopment.

 condo tower in New Westminster

The site is currently occupied by a vacant parking lot and retail buildings up to three storeys high.

Continue reading Approved condo tower in New Westminster will 'encapsulate' SkyTrain tracks at Daily Hive Vancouver website

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Throughout history, politicians and the public have hated speculators on the grounds that they create scarcities, raise prices and cause hardships for consumers. This view is behind the recent decision by the B.C. government to impose a tax on unoccupied housing presumed to be owned by speculators and which is expected to lower the cost of housing.

The implementation of this policy has run into a number of problems that can be solved by some tweaking of the law, but it will do nothing to reduce prices in the long-run. Speculators raise house prices when they buy and keep them empty or rent them out. The speculators realize profits only when they sell them later, at which time they lower prices. In effect, speculators do not add to the demand for

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VICTORIA — B.C. Finance Minister Carole James will exempt the Gulf Islands and cottages in rural areas from the government’s new speculation tax, part of a suite of reforms she unveiled Monday to respond to weeks of criticism that the new tax unfairly penalized British Columbians.

The changes include limiting the geographic areas of the tax to Nanaimo and Greater Victoria, exempting Parksville, Qualicum Beach, the Gulf Islands and Juan de Fuca areas that had originally fallen under the regional districts in both areas that were to be subject to the new tax.

Metro Vancouver’s scope is tightened too, with the original Fraser Valley location being reduced to Mission, Abbotsford and Chilliwack, meaning Kent, Hope and Harrison Hot Springs are now

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Two leading Vancouver developers are selling several adjacent buildings in the city’s downtown for $105-million to a Hong Kong-based buyer, one of the biggest land deals in the region in the past two years.

Vancouver real estate hot market

In 2015 and 2016, Westbank Corp. and Bosa Properties Ltd. had independently set out to buy up units in a seven-storey condo building at 1075 Barclay and four adjacent townhomes in the city’s West End, a largely residential neighbourhood on the downtown peninsula that has seen a recent push for increased density. Together, the land at and beside 1075 Barclay could be rezoned for a tower of some 50 storeys under the City of Vancouver’s new West End Community Plan, which allows for major redevelopment on the area’s main streets.

But the rival

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As Vancouverites continue to fret about the impact of foreign buyers on both the local and national real estate markets, it bears mentioning that Canadians often purchase homes abroad as well.

A new study from international real estate search portal Point 2 Homes ranks the top 30 home-buying destinations for Canadians. 

The research is based on Canadian users’ Google searches conducted from January 2017 to January 2018, using keywords regarding homes in the Americas for sale abroad. The countries have been ranked by monthly search volume.

According to the study, Canadians love Mexico. As with a similar report released by Point 2 Homes in 2015, Mexico stands out as the first choice for Canadians buying abroad.

Continue reading Mexico, U.S.

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B.C.’s commercial investment value set a new record-high of $7.5 billion in 2017 – up nearly 83 per cent over 2016’s $4.1-billion value. 

bc commercial real estate

A new year-end investment review from Avison Young Commercial Real Estate notes commercial real estate deals and dollar volumes have continued to rise astronomically since 2015. Avison Young cites a number of reasons behind this acceleration – primarily a divergence of market opinion between vendors and purchasers that has led to more assets for sale by owners and more demand for purchase among investors. 

Continue reading B.C. commercial real estate investment up 83% year-over-year Real estate sales over $5 million hit a new dollar volume high in 2017, led by institutional buyer demand at Western Website

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A home in Vancouver's West End that's nearly 100 years old and needs some fixing up is currently on sale for $6.98 million – more than $3 million over its assessed value.

The aging three-storey house at 1511 Barclay Street includes two bedrooms and a bathroom on the main floor, plus separate one-bedroom suites on the top floor and in the basement.

But the basement is only "partly finished," according to the listing by Sydney Deng of Royal Pacific Realty Corp.

"Great opportunity for investment and self-use," it reads.

The 2,542-square-foot house, which Deng describes as beautiful but in need of "a little TLC," was built in 1922, making it 96 years old.

It last sold in October 2015 for $2.8 million, and was most recently assessed at a

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