Real Estate Blog

Home sale activity across Metro Vancouver* remained below long-term historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold.

Last month’s sales were 26.8 per cent below the 10-year October sales average.

“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition,

67 Views, 0 Comments

More Canadian companies embrace remote workers as solution to expensive office space, desire for flexibility

Five months ago, Alistair Vigier launched his all-virtual law firm, with a staff of eight who telecommute from a variety of locations across the country.

While Vigier is based in Victoria, ClearWay Law's lawyers are distributed around the Greater Toronto Area, and its admin and other staff are spread around Victoria, Vancouver and Regina.

All work from home, meeting their family law clients in their homes or at coffee shops when needed.

At a previous firm where Vigier was an investor, the company spent around $20,000 per month for office space, keeping with the industry's tradition of projecting an image of success through big

40 Views, 0 Comments

In 2005, everyone was buying houses. It was common knowledge you were stupid to wait. House prices flourished and loans flowed like drinks at an open bar. Lots of people made money—until they didn’t. In 2009 the music had stopped and people were frantically looking for someone to pass the hot potato to. By 2010, those “smart” people were the ones looking stupid. Foreclosures dominated the market place and the great real estate boom of ‘05 looked more like a ghost town as the real estate downturn hit full effect.

Fast forward to 2018 and it’s starting to look a little familiar. In Northern California, we frequently see homes sell significantly over asking price, regardless of appraisals or the condition of the home. Demand is outpacing supply, and

26 Views, 0 Comments

 

Most young families in Vancouver’s property market remain confident their property values will do as well or better than other investments, despite a recent slowdown in the market, according to a new survey commissioned by a property firm.

In total, 79 per cent of Vancouver respondents to the Mustel Group survey of urban residents, ages 20 to 45, reported they “believe that financial gains on their home will outperform or be on par with financial investments over the next five years.”

“I think that (expectation) is based on how much Vancouver real estate has appreciated,” said Brad Henderson, CEO of Sotheby’s International Realty Canada, the firm that commissioned the survey.

Sotheby’s commissioned the research to generate insight into

23 Views, 0 Comments

Mayor McCallum’s Langley Express

Let’s call Mayor McCallum’s proposal to scrap the LRT L-line for SkyTrain down the Fraser Highway for what it is: an express train to Langley.

No wonder the new mayor of Langley is heartily in support.  No wonder the Surrey Board of Trade isn’t.  The benefits will largely accrue to the businesses, real-estate developers and commuters up and down the 200th-Street corridor, east of the Surrey border.  Meanwhile, Guildford and Newton will have to settle for its B-line.

As Ken Ohrn mentioned below, transportation and land use go together – arguably, the latter being more the point than the former. We rarely travel just for the purpose or pleasure of moving; it’s to get to a place to do something.  The more places where you can stop along the way,

44 Views, 0 Comments

Vancouver housing market highly vulnerable despite easing prices: CMHC

The Metro Vancouver housing market is still exhibiting signs of overvaluation as home prices continue to outpace local income growth, according to a new Canada Mortgage and Housing Corporation (CMHC) report released October 25. 

The federal housing agency’s Housing Market Assessment for 2018’s second quarter said the region has been highly vulnerable for ten consecutive quarters.

Although home price growth is moderating in Vancouver, evidence of overvaluation and overheating remains high as prices have accelerated past what is affordable to most household incomes over the past few years. 

“House prices are higher than the price levels supported by the fundamentals,” the report said. “However, with price growth moderating and the young adult

34 Views, 0 Comments

'Industry is long overdue for another option' other than blind bidding, says expert

Transparent real estate bidding process benefits everyone, says OREA

When Vanessa Witkowski and her husband were tasked with selling his grandmother's home, they both knew they didn't want to do it the traditional way.

What they wanted was to have a more transparent process and to avoid wasting time "playing games" with potential buyers.

So, they decided to put the house up for auction.

"We really didn't like the traditional process. My husband and I would rather see the home sell to someone that truly loves it and values it, and not just have someone lose out on the bid because of any undisclosed information," said 47-year-old Witkowski.

"It just seemed very stressful, and in certain situations, unfair."

The

37 Views, 0 Comments

They are calling it the green rush. Some are invoking comparisons with the Wild West. The legalization of recreational marijuana has generated tremendous interest and investment from all quarters, and the world of real estate has been no exception.

Millions of square feet of commercial real estate are suddenly in play. The marijuana industry in Canada requires warehouse, greenhouse and retail space to meet the demand of a growing market. While the growth presents exciting opportunities, the tremendous hype and uncertainty about how big the market will be pose real risks for investors in the real estate space.

Nevertheless, many in the commercial real estate industry believe that marijuana legalization couldn’t have come at a better time, when

41 Views, 0 Comments

Real estate developers will have to change the way they do business, Vancouver’s new mayor warns

VANCOUVER—At 12:35 a.m. on Saturday night, Kennedy Stewart learned he would be Vancouver’s next mayor — and, as an independent, would head a council made up of four different political parties amid housing and overdose crises.

Sitting down at a Yaletown coffee shop on Tuesday, the former NDP MP told StarMetro how he plans to make it all work, including getting started on an ambitious housing plan, securing funding to extend a planned subway extension all the way to UBC and striking a task force on opioid overdoses.

“I do have a plan,” said Stewart, “but there’s all the details of the negotiations” with other councillors, other mayors in the region, the province and the federal government.

He added he’s already had a short but “pleasant” talk

52 Views, 0 Comments

Housing is ‘absolute priority,’ Vancouver mayor-elect says

Vancouver’s mayor-elect will lead a divided city council whose most pressing job, he says, will be to create affordable housing in Canada’s most expensive city.

Kennedy Stewart, the former NDP MP who won Saturday’s election with a margin of fewer than 1,000 votes, said accomplishing that goal will mean moving away from some of the priorities of outgoing Mayor Gregor Robertson and his Vision Vancouver party, which has been all but wiped out.

Mr. Stewart, who ran as an independent, said voters have clearly said they don’t want to continue on the path the city was on with Mr. Robertson. The mayor faced persistent complaints that his government was too cozy with developers and that a push to add density to the city only benefited the very wealthy.

44 Views, 0 Comments

Sign-up Here for Real Estate Updates!