Real Estate Blog

The problem of housing affordability is, of course, complex and multivariate. There are many conflicting reports and no shortage of opinions on the nature of ownership in the “VanRe” housing market. The reality is that there is not a good base of information. There are many ideas on what controls – or not – are needed regarding the purchase of housing. What we do need is accurate information on the acquisition and disposition of interests in real estate. The current system of “self-reporting” at the time of disposition is not working. The CRA did not enforce it for many years. Confusing requirements impose significant burdens on the wrong parties. For example, the recent v. 29 of the Property Transfer Tax Form requires buyers to certify the tax residency…
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Being a first-time home buyer without guidance from qualified professionals is like using the internet to diagnose a serious illness -- it’s not going to end well. That’s the advice Toronto real estate agent and industry expert Karyn Filiatrault gives to millennials looking to enter the housing market. She joined CTV’s Your Morning on Tuesday to warn against some of the biggest mistakes she sees real estate rookies make, even when they are getting help from the pros. Not getting pre-approved by an experienced mortgage broker.Online calculators can help buyers get a rough idea of how much housing debt they can handle, but Filiatrault recommends using a mortgage broker to find the rate and terms that are best for you. She adds that younger buyers often make…
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A local politician wants the city of Vancouver to pressure the B.C. government to take drastic measures to improve housing affordability. Vancouver city councillor Adriane Carr plans to introduce a motion Tuesday asking council to support restrictions on foreign buyers in the real estate market, a property tax surcharge on existing foreign owners, and a ‘flipping tax.’ The motion echoes the B.C. Green Party's demands on housing. “These are very desperate times for people,” said Carr, a Green Party councillor. “As long as housing is treated as a speculative investment, we will never have affordable housing for the people who live and work here."Vancouver has implemented a one-per cent empty homes tax and the province introduced a 15-per cent foreign-buyer…
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Skyrocketing real estate and rental markets across much of the country have some families choosing small spaces over suburban sprawl — and finding unexpected benefits. Adrian Crook lives with his five kids in a one-thousand square-foot condo in downtown Vancouver.He says living small requires some creativity, but also allows the family to easily walk to parks, galleries and libraries, and teaches the kids about diversity that they may not see in the suburbs. Crook says people have a mistaken idea that kids need a lot of space, when what they really need is to be loved and have opportunities to be creative.

Original news retrieved from Global News
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I need you to do something for me. On the next sunny day, go stand at the corner of 10th Avenue and Cambie Street and gaze down the sloping strip that connects to the Cambie Bridge and continues in to downtown.See the snow-capped North Shore mountains in the distance? Beautiful, right? Most people would think so. Well you may or may not have heard the view will change sometime within the next 20 years—likely a lot sooner once and if council approves rezoning applications from provincial Crown corporation PavCo and private developer Concord Pacific. The developers want to build three really tall residential towers—Concord two and PavCo one—that will partially obstruct your view of the mountains from that spot at 10th and Cambie, which is what the city…
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B.C.'s top lawmaker says the province will bring in new, concrete measures to "close the loopholes" that allow lenders connected to the fentanyl trade to launder money by granting large cash loans and mortgages to Vancouver-area property owners. Attorney-General David Eby said possible changes include requiring private lenders to provide proof of how the money they are loaning was obtained and provide more information about who they are, before they can register a mortgage or claim against real estate. "For too long it's been too easy to do business in B.C. under a cloak of secrecy," Mr. Eby said. "I can reassure British Columbians we are fully engaged in this issue. We are formulating the policy work to ensure that our responses are as bullet proof as…
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Vancouver's in the midst of a serious housing crisis, that much is clear. What's less clear is what, exactly should be done about it. The voices calling for drastic action are growing louder. For many, the idea of a ban on foreign buying of real estate is no longer considered a radical idea – neither is revolutionizing property taxes, or joining forces with Beijing tax collectors. The cry is to simply do something big enough that it will turn this runaway train around. BC Green Party Leader Andrew Weaver released a document last month that outlined a host of housing measures, including a ban on foreign buyers purchasing existing housing in B.C. The idea is that foreigners can continue to purchase new builds, pumping money into the economy by investing in…
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In a report from real estate company CBRE, Metro Vancouver’s industrial vacancy rate dropped from 3.9 per cent to 2.3 per cent between 2016 and 2017, and they predict that by the end of 2018 it will fall to a historic 1.7 per cent. The report says rent is up 13.6 per cent year-over-year in Metro Vancouver, at an average $10.23 per foot by the last quarter of 2017.Senior vice president of industrial, Chris MacCauley, said that small businesses wanting to expand may be pushed out of the province. “People are gonna have to go to not maybe an ideal spot for their business. They’re gonna have to go down the list.”

real estate metro vancouver

Original news retrieved from Global News
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Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.

The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.

Last month’s sales were 7.1 per cent above the 10-year January sales average. By property type, detached sales were down 24.8 per cent from the 10-year January average, attached sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period.

“Demand remains elevated and listings scarce in the attached and apartment markets

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Canadian real estate sales just fell off a cliff. Canadian Real Estate Association (CREA) numbers show a decline of buyers in January. The decline is one of the largest in Canadian history. Some agents claim this is temporary, but it’s in line with the estimated declines we posted earlier. Canadian real estate sales drop over 13 per cent Canadian real estate sales made large declines. CREA reported 39,609 sales when seasonally adjusted for January. This a 13.8 per cent decline from December, and represents a 6.2 per cent decline compared to last year. Unadjusted, that number was just 24,931 sales. It’s normal for a monthly decline in January, but the size should be of concern. CREA noted this is the first time since 2015, that sales have fallen below the…
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