All Blog Entries by Michael La Prairie

Found 327 blog entries published by Michael La Prairie.

China-based realty portal, local agents say rush of foreign buyers looking to snap up a deal could mean this sub-market has already hit bottom

Fuelled by a sudden spike in China-based buyers, the West Vancouver luxury housing market is bouncing off the bottom, according to China’s largest real estate portal and West Vancouver agents.

This month a West Vancouver “cabin” sold for $3.4 million – $600,000 over its assessed value – to a Beijing buyer, and the largest Chinese real estate search engine for global properties has seen a surge in inquiries for West Vancouver homes. This, agents say, is indicative that after a 40 per cent price plunge from the peak, B.C.’s premiere luxury housing market could be coming back.

 

Carrie Law, CEO and

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Realtor says grant could benefit those looking to buy in suburbs

The federal government's attempt to help first-time home buyers enter the real estate market won't help many would-be homebuyers in the pricey Vancouver market, a realtor says.

"I think it's more window dressing than anything," said Steve Saretsky, realtor and author of real estate blog, Vancity Condo Guide.

The so-called shared equity mortgage plan was announced in this week's federal budget.

It would apply to first-time buyers whose household income is less than $120,000 per year. It works like an interest-free loan where a would-be buyer is able to pay a five-per-cent down payment, and the Canada Mortgage and Housing Corporation (CMHC) would kick in up to 10 per cent of

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V.I.A. sister publication Business In Vancouver is hosting one of their BIV Talks on “Surviving the Slump in Real Estate” this week.

An expert panel will guide an informative discussion this Tuesday, March 26 at the Vancity Theatre on Seymour Street. The panelists will guide the audience to opportunities in the housing market, and also what to avoid. Further, they will underscore how your investment plan can make the most of the challenging times.

Cynthia Jagger, Principal, Goodman, will be one of the panelists. As an appraiser, she’s consulted and analyzed tens of billions of dollars’ worth of commercial real estate in B.C. and hundreds of rental apartment buildings.

W. Scott Brown, President & CEO, Fifth Avenue Real Estate Marketing, will…
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2019 federal budget includes incentives for first-time home buyers

New federal home buyer rules could increase house prices, Sudbury real estate agent says Social Sharing

A Sudbury, Ont. real estate agent says federal changes to entice first-time home buyers could increase the price of housing.

On Tuesday, the 2019 federal budget was released. In it, a new program called The First Time Home Buyers.

The government is earmarking $1.25 billion over three years for something it's calling a "shared equity mortgage." That means the Canadian Mortgage and Housing Corporation would buy up to a 10 per cent stake in the purchased home, reducing the size of the mortgage.

Buyers would see their monthly mortgage payments reduced, and the government would get its stake back when the house is later sold.Home buyers would also be able to borrow a bigger

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Are you among the lucky few considering the purchase of a new home? Don’t worry, you’ve got time.

Homebuyers appear to be the ones with power in the current market, according to the latest figures from the Real Estate Board of Greater Vancouver.

February saw more supply from homesellers and below-average demand from homebuyers, meaning buyers are likely taking their time and considering their options.

Residential sales last month totalled 1,484, a 32.8-per-cent drop from the same month in 2018 (2,207 sales), but a 34.5-per-cent increase from January 2019 (1,103 sales). However, February remained 42.5-per-cent below the 10-year February sales average.

 

“For much of the past four years, we’ve been in a sellers’ market. Conditions have

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METRO VANCOUVER MARKET HIGHLIGHTS

Home listings increase while buyers remain in holding pattern

Home listings continue to increase across all housing categories in the Metro Vancouver* housing market while home buyer activity remains below historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018.

Last month’s sales were 36.3 per cent below the 10-year January sales average and were the lowest January-sales total since 2009.

"REALTORS® are seeing more traffic at open houses compared to recent months, however, buyers are choosing to

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VICTORIA - The British Columbia government says it has launched Canada's first registry aimed at cracking down on pre-sale property flipping and tax evasion in B.C.'s real estate market.

The Ministry of Finance says the Condo and Strata Assignment Integrity Register will improve fairness and transparency in property transactions.

Finance Minister Carol James says in a news release that the register will take "real action to moderate the condo market," and is already starting to see results in Metro Vancouver.

Condo developers will be required to securely gather and report the identity and citizenship of anyone completing a contract assignment in a project.

A contract assignment occurs when a buyer sells, or "flips," their purchase contract

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Canadian real estate sales are off to a weak start in 2019. Canadian Real Estate Association (CREA) numbers show dollar volumes have made a sharp decline in January. The drop makes this month one of the weakest the country has seen in years.

Real Estate Dollar Volume

Dollar volume is a less popular, but very important, indicator to help determine market liquidity. A rise in dollar volume indicates more money, which generally means more liquidity. Falling dollar volumes mean less money, and generally a decline in market liquidity. By itself, it’s hard to actually extract much meaning. Instead you should combine your takeaway with sales, inventory, and prices to get a better overall market picture.

Canadian Real Estate Dollar Volumes Drop Over

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Host Stuart McNish speaks with President and CEO of the Urban Development Institute Anne McMullin and Adjunct Professor at the Center for Sustainable Development Michael Geller about this year's provincial budget.

President and CEO of the Urban Development Institute Anne McMullin and Adjunct Professor at the Center for Sustainable Development Michael Geller join host Stuart McNish to discuss measures taken in the B.C. NDP budget to impact the housing market.

Can government’s plan to target the demand side of the housing equation lead to lasting results?

Continue reading Housing Matters podcast: Can real estate market be taxed into submission? at Vancouver Sun Website

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Cooling prices, smart tech and the suburbs are in the cards for Canada

After a roller-coaster market, 2019 is pressing the reset button on housing and starting fresh. That’s the word from Engel & Völkers, the Germany-based international luxury real estate firm, in a list of five trends it expects to shape the Canadian industry this year.

Homebuyers don’t like interest, but it sure is fond of them. First, banks will probably raise interest rates with several hikes throughout 2019, Engel & Völkers reckons. Those increases will likely be enough to cool down the inflated markets in places such as Vancouver and Toronto. The Canadian Real Estate Association (CREA) expects that the average price for homes across Canada will rise by a soft 1.7 percent,

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