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One of the largest Indigenous-led housing developments in Canada is a step closer to rising in the heart of Vancouver after members of a First Nation voted in favour of the proposal.


The Squamish Nation says members made history Tuesday by voting in a referendum to approve the land designation and business terms of a 50-50 partnership with Westbank Projects Corp.


The First Nation is planning to build 11 towers on a 4.7-hectare parcel of its reserve lands at the south end of the Burrard Bridge near False Creek, with the tallest building being 56 storeys high.


It says in a news release that construction is expected to begin in 2021 and the completed project will bring about 6,000 units into the housing market, of which 70 to 90 per cent will be rentals.


The development, known as the Senakw project, does not need the city’s approval to go ahead but the city says it looks forward to discussing ways it can support the project.


The First Nation says 87 per cent of voting members endorsed the land designation while 81 per cent voted in favour of the business terms of the Westbank partnership.


“The Squamish Nation council is thrilled with the outcome of this referendum, which was approved by a landslide. This is truly a landmark moment in our nation history,” Khelsilem, a councillor and spokesman who goes by a single name, said in a statement on Wednesday.


“The Senakw project will transform the Squamish Nation by providing immense social, cultural and economic benefits to Squamish Nation members for generations to come.”


The city says it will continue discussions with the nation to determine how staff may be engaged in the project and, if desired, how it could best work with it as a government partner.


It also says it looks forward to discussing how to integrate the project with the existing community and the development of surrounding transportation and utility service connections.


“I want to congratulate the Squamish Nation on this historic vote and taking another step forward towards building Senakw,” says Mayor Kennedy Stewart.


“This project not only affords Vancouver an opportunity to practice meaningful reconciliation as we work in partnership with the Squamish Nation, it will also bring 6,000 new homes to the city — many of them rental — helping us tackle the city’s housing crisis.”


This report by The Canadian Press was first published Dec. 11, 2019.



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VICTORIA – Many soon-to-be released property assessments will show a moderating market, with more modest changes in property values compared to previous years based on trends in the real estate market as of July 1, 2019.


"We first saw signs of moderation during the 2019 property assessments," says Assessor Tina Ireland. "For 2020 assessments, we are seeing a continued ripple effect of a moderating market expanding across the province."


The map* demonstrates the forecasted ranges of typical changes in 2020 property assessments by region and property type:

 

*All numbers are preliminary projections only and are subject to change. The final numbers will be released on January 2, 2020.


"Changes in property assessments really depend on where you live," says Ireland. "For example, assessed values of homes in many areas of Metro Vancouver will see a softening in value, while other markets and areas of the province will see minimal change and even modest increases over last year's values."


"Commercial properties continue to trend upwards in many parts of the province, but have stabilized within the Lower Mainland," adds Ireland."


Based on what was happening in the real estate market as of July 1 this year, the table* below provides examples of what percentage changes that property owners in various areas of the province can expect to see with their 2020 assessed values (listed by property type):

 
 

*All numbers are preliminary projections only and are subject to change. The final numbers will be released on January 2, 2020.


All British Columbia property owners will receive their annual property assessment notice in early January 2020. However, to make sure property assessments are fair, they are all calculated based on the same date of July 1st every year.


"When properties similar to your property are sold around July 1, those sales prices are used to calculate your assessed value," explains Ireland. "Our job is to make sure your assessment is fair and accurate as compared to your neighbours." 


During December, BC Assessment is providing notification letters to property owners whose assessments are changing significantly more than the average change.


The contents of this news release is based preliminary information only and subject to change when all confirmed 2020 property assessment information is finalized and released on January 2, 2020.


Visit bcassessment.ca on January 2 to access a variety of 2020 assessment information including searching and comparing 2020 property assessments as well as market movement trends.


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The speculation and vacancy tax website has been updated to:


- Clarify that spouses declare as individuals not as a partnership
- Clarify how the 10-year period applies in the away from home for other reasons principal residence exemption
- Clarify exemptions, including the secondary residence exemptions, previous residence exemption, and away from home for any other reasons
- Clarify details about the exemption for spouses who are separated or divorced

The government announced it intends to introduce new speculation and vacancy tax exemptions for:

- Canadian Armed Forces members and their spouses, where the military member is away from B.C. due to service requirements
- Homeowners whose property can only be accessed by water

The government also intends a longer phase-out for these temporary exemptions:

- The exemption for rental restricted stratas will now end December 31, 2021
- The exemption for strata accommodation properties will now end December 31, 2020
- The exemption for vacant land will end December 31, 2019

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Metro Vancouver’s sluggish residential real estate market has caused some developers to pull the plug on projects, while others either delay or “retool” housing developments or switch their firms’ focus to rental housing.


Pre-sale homebuyers at Richmond’s Alfa condominium project were left in the lurch in July when developer Anderson Square Holdings Ltd. sent them notices to say that it was cancelling their contracts for units in the under-construction building because the developer was “facing serious and significant circumstances beyond its reasonable control.”

 

Anderson’s executives were not available to comment on the decision to halt the Alfa project, but developers across the region are grappling with a sluggish housing market.

 

alfaThe Alfa development on Anderson Road at Buswell Street was recently halted. Photo Maria Rantanen/Richmond News

“The market is totally in the dumps right now,” said Holborn Group of Cos. CEO Joo Kim Tiah. “I don’t think people are aware or have a full grasp of what is going on. The B.C. economy is headed for tough times. The real estate economy is not going good.”

One project indefinitely on hold is the redevelopment of the Bay parkade on Seymour Street — a site that is connected to the Bay department store by a skywalk above the street. Tiah’s family owns most of the block bounded by West Georgia, Seymour, Dunsmuir and Richards streets, and he has been eyeing redeveloping that land for years.

He told Business in Vancouver that he plans to keep his commitment to build a social-housing building at 155 East 37th Ave., on a 15-acre site that his company owns in Vancouver’s Little Mountain neighbourhood. Market condominium towers on the site, however, are delayed.

“I was hoping to bring [market housing in Little Mountain] to market in the spring of next year but it is now looking hopefully to be in the fall,” he said. “I don’t want the market to tank even further or to go even worse.”

Tiah blames the slowdown on taxes, including the longtime property transfer tax and the goods and services tax and new levies.

One new tax is the B.C. government’s 20 per cent charge to foreign buyers who purchase homes in certain parts of the province, including the Lower Mainland. Another is its so-called “speculation tax,” which is levied on second homes in certain regions of the province. For Canadian citizens and permanent residents the tax on second homes in the province is one per cent on the value of the home above $400,000. For non-citizens, and what B.C. Finance Minister Carole James calls “satellite families,” the second-home tax rate is two per cent on the value that exceeds $400,000.

The City of Vancouver separately has an empty-homes tax that is one per cent of the property’s value.

“Why would investors, or anyone, even want to invest in B.C. anymore?” Tiah asked. “The yields are so low and the taxes that you pay on an annual basis are higher than the yields are.”

Tiah said he fears that developers across the province will have to start laying off staff.

The good news, however, is that there was a 23.5 per cent bump in the region’s home sales in July, compared with the same month a year ago, although sales in every other month this year have been below the pace set last year. Even in July, sales were 7.8 per cent below the 10-year sales average for that month, according to the Real Estate Board of Greater Vancouver.

Altus Group vice-president Matthew Boukall told BIV that his company is tracking at least 19 Metro Vancouver projects that were supposed to launch either in late 2018 or in early 2019 and that have either delayed their opening date or shifted their marketing message to be “coming soon.”

Out of those projects, at least four have either approved or conditionally approved development permits, he said.

Boukall added that the delayed projects represent around 4,300 units that were supposed to come to market between Jan. 1 and June 1. About 8,700 units were brought to market during the same time period in 2018, he said. That means that the delayed projects have reduced the inventory of new homes entering the market by almost half, he said.

Not all projects are struggling in the current market.

Beedie Living managing partner Rob Fiorvento told BIV that his company sold about 80 per cent of the 39 homes at its Storia development in Burnaby in the two weeks after pre-sales launched July 13.

The development may owe its success to its many larger three-bedroom condos, he said.

Even Beedie has one project that is delayed, however. It had planned to launch pre-sales for its Slate development at Brentwood in September and has pushed that back to early next year.

The solution for some developers has been to pivot their businesses toward purpose-built rental housing.

Coromandel Properties, for example, has primarily built condominiums but plans to develop rental buildings on 41st Avenue near Oakridge.

“In 2016, we became uncomfortable with the home values that were being achieved for condominium product,” said Cressey executive vice-president Hani Lammam.

“We felt it was unsustainable so we shifted our business model at that time to do more rental and more office product, and to step away from condominiums.”

Municipal and federal incentives helped Cressey make that shift.

conradCressey's Conrad project at 3365 Commercial Dr. is under construction. Photo Chung Chow/Business in Vancouver

City incentives usually include lower development cost charges, higher maximum heights and densities and fewer required parking spaces, Lammam said. Federal perks from the Canada Mortgage and Housing Corp. can include lower interest rates and longer amortizations, Lammam added.

The result is that Cressey’s Conrad rental building at 3365 Commercial Dr. is well underway, and the company just started building its Wilkinson project at 1715 Cook St. in the Olympic Village neighbourhood. The City of North Vancouver also provides incentives for developers to build rental apartments, and Lammam said that Cressey is going through a rezoning process for a potential rental project on West Esplanade.

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Vancouver real estate prices have stopped surging on excessive expectations they will keep rising in the future


Vancouver’s housing market stability has gone from “highly vulnerable” to moderate for the first time in three years, according to the new assessment from Canada Mortgage and Housing Corp.


The shift comes as the CMHC has also dropped its red flag on real estate price acceleration in the Vancouver market, taking it from a “moderate” rating in May to “low” today.


These assessments, contained in CMHC’s third-quarter report released Thursday, won’t surprise anyone following the Vancouver real estate slump in which sales and prices started crumbling in early to mid-2018 after several years of stratospheric gains that had Vancouver among the frothiest markets in the world.


CMHC tracks long-term changes in each market by also considering indicators of overheating, overvaluation and overbuilding. In Metro Vancouver, the CMHC kept its low rating for overheating and overbuilding from May 2019 and also its moderate rating for overvaluation.


Price acceleration happens when there is speculative activity, said Eric Bond, a Vancouver-based senior specialist, market analysis at CMHC.


“Overvaluation is grounded in the idea that price levels are not justified considering employment growth and wage or income growth,” he said. “We continue to detect a moderate degree of overvaluation, but it’s down from a high degree which existed two quarters ago.”


In other words, Vancouver real estate prices have stopped surging on excessive expectations they will keep rising in the future. However, they remain expensive compared to local economic conditions, even though the gap between the two is now closer than they had been.


Condo sales signal cooling market

Sales-to-Available ratio for condos at the end of May this year compared to the same time last year. The CMHC considers a balanced housing market to be from 10-18%.

Made with Flourish
 

The latest report said the CMHC originally detected price acceleration in the Vancouver market in the second quarter of 2016, but its model only indicates “price acceleration is present in a market if a significant price increase occurs in at least one quarter in the previous three years.”


Now, “with lower prices in the resale market in recent quarters, an evaluation of the trends in the most recent data provided sufficient evidence to end the watch on price acceleration” for Vancouver, according to the report.

“What does it mean? We are seeing a greater availability of homes. Buyers have more choices,” said Bond, who said it was difficult to guess what actions policy-makers might take or reverse as the Vancouver market goes from being heated to more balanced.


To compare, the CMHC report, which looks at 15 Canadian metropolitan areas, rated housing markets in Toronto, Victoria and Hamilton as having a high degree of vulnerability.


In Toronto, overheating and price acceleration and overvaluation are still under watch even though overvaluation is easing. In Hamilton, high ratings for all four factors were maintained as being at high degrees, even though overheating, price acceleration and overvaluation have eased since the first quarter of 2019.


The CHMC report focuses on the resale market, but there has also been a significant shift in the presale market where developers and realtors have been trying to coax potential buyers who show any modicum of interest.

There have been gimmicky promotions offering avocado toast and wine for a year, but now also some more significant cash offers or discounts such as covering mortgage, interest and tax payments for a year, said condo marketer Adil Dinani. He’s even driven potential, but non-committal buyers from a recent condo launch in East Vancouver to see the developer’s previous and finished projects in an effort to seal deals.


The latest report said the CMHC originally detected price acceleration in the Vancouver market in the second quarter of 2016, but its model only indicates “price acceleration is present in a market if a significant price increase occurs in at least one quarter in the previous three years.”


Now, “with lower prices in the resale market in recent quarters, an evaluation of the trends in the most recent data provided sufficient evidence to end the watch on price acceleration” for Vancouver, according to the report.

“What does it mean? We are seeing a greater availability of homes. Buyers have more choices,” said Bond, who said it was difficult to guess what actions policy-makers might take or reverse as the Vancouver market goes from being heated to more balanced.


To compare, the CMHC report, which looks at 15 Canadian metropolitan areas, rated housing markets in Toronto, Victoria and Hamilton as having a high degree of vulnerability.


In Toronto, overheating and price acceleration and overvaluation are still under watch even though overvaluation is easing. In Hamilton, high ratings for all four factors were maintained as being at high degrees, even though overheating, price acceleration and overvaluation have eased since the first quarter of 2019.


The CHMC report focuses on the resale market, but there has also been a significant shift in the presale market where developers and realtors have been trying to coax potential buyers who show any modicum of interest.

There have been gimmicky promotions offering avocado toast and wine for a year, but now also some more significant cash offers or discounts such as covering mortgage, interest and tax payments for a year, said condo marketer Adil Dinani. He’s even driven potential, but non-committal buyers from a recent condo launch in East Vancouver to see the developer’s previous and finished projects in an effort to seal deals.




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Millennials make up the largest cohort of today’s home-buying population. As Canadians find themselves in the throes of another busy spring housing market, many sellers are taking an age-specific approach to marketing their listing to this younger demographic. This is especially relevant in Vancouver – one of Canada’s hottest and most competitive real estate markets.


Millennials dominate the first-time buyer group in Vancouver, favouring the condominium market. This generation is tech-savvy and environmentally conscious, and both factors play a huge role in their decision-making process. It is important to keep this information in mind when showcasing listings to a prospective client.


So, what are Millennials in Vancouver looking for in a home?


Green, energy-efficient homesWell-designed, energy-efficient homes are crucial for a generation that cares about the climate crisis and their ecological footprint. Good insulation, efficient lighting and updated plumbing systems are important features that affect how large a house’s footprint is. For environmentally conscious buyers, it is important to demonstrate the long-term value of a home both in terms of energy savings and a reduced footprint.


Smart, connected homes: Smart home technology is growing with this buyer cohort. The ability to control the lights, home security upgrades and smart thermostats should all be integrated into a property.


Entertaining spaces: Today’s home buyers are looking for open and usable spaces to host friends and family. Open floor plans and functional outdoor spaces are key selling points – a view of Vancouver’s waterfront is a bonus!


The neighbourhood: When it comes to buying a home, it’s important to look beyond the property itself and think about the neighbourhood. According to the RE/MAX 2018 Spring Market Trends Report, Millennials prefer to live closer to work and have access to green spaces and parks. These are the factors they consider beyond the price of a home.


With more Millennials entering Vancouver’s real estate market, whether it’s a starter home or investment property, it’s important to keep the key features they’re looking for top of mind. Thankfully, Vancouver is a very liveable, so these features won’t be hard to come across in a house hunt!

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Metro Vancouver home sales 43% below April's 10-year average as buyers wait it out


April is usually the month when we see an uptick in real estate prices and sales, but that is not the case this year.  


April home sales in Metro Vancouver were 43 per cent below the 10-year average as many buyers continue to sit on the sidelines hoping that if they are patient, the market will continue to become less expensive.



We are at an impasse as sellers want last years prices (which were much higher) and buyers want tomorrow's prices (expecting them to be lower) — nobody wants to act first.


To get a deal done, we first need to understand what motivates people to buy and sell real estate. It often boils down to two emotions — greed or fear.



In our current market it's all about fear. Buyers hope to find a seller who has had a house on the market for some time and who is reading all the negative headlines about the housing market. They want a seller to agree to their low offer out of fear. Buyers need a compelling narrative, backed by data, to convince sellers that the longer they wait, the worse it could get.   


By feeding into the seller's fear of a price collapse, a buyer hopes they capitulate and take the "bird in the hand" low-ball offer. And buyers have a number of arguments at their disposal.


 
Buyers hope sellers will take a low-ball offer out of fear that the market will get worse. (Jonathan Hayward/Canadian Press)


B.C. Finance Minister Carole James vowed to stop money laundering which, in her words, has hiked real estate prices by 20 per cent in certain parts of Vancouver. This, combined with the mortgage stress test, the foreign buyer's tax, school and speculator tax, have all reduced demand.


Real estate is a numbers game. Many sellers reject initial offers they see as too low, so buyers need to continue to negotiate or just move on until they find the right deal. It's currently a buyers' market so there is no need to rush a purchase.


Values will rise


I believe that real estate values will continue to rise over time as it is very expensive to build a home or condo in the Lower Mainland.  Back in 2011, I built two homes at a build cost of $100 per square foot, not including the price of land. To build similar homes today it would cost over $300 per square foot. In just eight years the cost to build has tripled due to higher labour and material costs and new regulations.



Recently several developers cancelled or delayed projects citing cost as the reason. If this trend continues, once the current stock of condos is sold, we could experience a lack of housing inventory in a couple of years. It is at this point in the real estate cycle when demand outstrips supply and prices start to rise.


More choices for single family homes


One group that I believe should take advantage of our current market are the owners of two- or three-bedroom condos and townhouses who are looking to upgrade to single family homes.


Over the past three years, the price of townhouses has been increasing while single family homes were trending down. If these owners sell their townhouse, they would be able to buy a lot more house today than they could have two or three years ago. 


 
Construction crew working on laneway home in East Vancouver. The cost of building homes in the Lower Mainland continues to rise. (David Horemans/CBC)


Another group who should consider buying are those who are looking to buy a home to live in for at least five years. Prices could continue to trend down for a couple more years, but they will rebound. If you negotiate a good deal and are happy living in your home, then you needn't worry about the short-term fluctuations.


For people looking to be landlords, it's a much harder call. It is very tough to make the numbers work to justify the headaches of owning a revenue property. Unless you get an amazing deal or are an experienced landlord, you might want to take a "wait and see" approach.


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The mall is located across from Vancouver City Hall and sold for more than double its latest assessed value of $102 million


The shopping centre across the street from Vancouver City Hall has sold for $225 million.


The nearly 250,000-square-foot City Square Mall was purchased by Richmond-based Sun Commercial Real Estate Group (SUNCOM), according to a new retail market report by real estate firm CBRE


The blockbuster deal sold for more than double its assessed value of $102 million. The site’s impressive price tag is likely due to its redevelopment potential. The 3.3-acre property is located within the Broadway Corridor Plan, just a block from the Canada Line Broadway-City Hall Station and the future Millennium Line Broadway Extension.


The mixed-use commercial mall was designed with a European village feel, utilizing both heritage buildings and modern structures. The property includes 50 retail units and two six-storey office buildings.


The mall currently has a high vacancy rate. The mall lost its anchor tenant, Safeway, last year. The space has remained vacant since.


SUNCOM’s holdings include the Best Western Sands Hotel on Davie Street; Westwood Plateau Golf & Contry Club in Coquitlam, Mylora Sidaway Golf Club in Richmond. They did not respond to a request for comment on their acquisition.


The property is located at the northwest corner of Cambie Street and West 12th Avenue at 555 West 12th Ave.

 


 


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Money laundering Effect on Lower Mainland could be much higher

 
An estimated $5.3 billion of laundered money into B.C. real estate in 2018 hiked housing prices about 5 per cent, two special reports released May 9 by the provincial government show.
 
However, since the figures are for the entire province and based on incomplete data and methodologies, the effecct on specific regions, such as Greater Vancouver, could be much higher, noted Minister of Finance Carole James.
 
“Our housing market should be used for housing people, not for laundering the proceeds of crime,” said James, via a news release.
 
Conservative estimates from a report from professors Maureen Maloney, Tsur Somerville and Brigette Unger, titled Combatting Money Laundering in BC Real Estate, indicate there was $7.4 billion laundered in B.C. in 2018, of which two-thirds filtered through the housing sector.
 
The Maloney report notes: “If all the investment were residential property in the Lower Mainland and Fraser Valley, $5.3 billion of investment would represent 7.4 per cent of 2018 transaction volumes. Share transactions in the 4.6 per cent to 7.4 per cent range are sufficiently large to have an observable impact on real estate prices.”
 
The report actually estimates the annual impact on home prices thanks to money laundering to be between 3.7 per cent and 7.5 per cent. The overall national estimates are on the conservative end, as they peg money laundering in Canada at 2.1 per cent of GDP whereas the International Monetary Fund estimates global money laundering at between 2 per cent to 5 per cent of GDP. But the $5.3 billion going into real estate is on the high side, based on certain assumptions.
 
Additionally, the report notes that if countries, such as China, are under-reporting incidences of crime, then inflows of money will be underestimated.
 
“Estimated money laundering in B.C. will be particularly underestimated if crime reporting, especially for tax avoidance and corruption, by some East Asian countries that have close ties with B.C. … is incomplete,” the report states.
 
In the Greater Vancouver area, real estate prices have risen 59.5 per cent over the past five years.
 
Overall, the report’s authors were comfortable enough to conclude that money laundering has helped to decouple local incomes from real estate prices, fuelling an affordability crisis in the province. And a comprehensive anti-money laundering regime will result in “clear gains” in affordability, even if they are not large in magnitude.
 
The Maloney report was released alongside Dr. Peter German’s report titled Dirty Money – Part 2, which goes into detail on some money laundering methods that appear to be employed in B.C.
 
While on their own they may not be an outright indication of money laundering, combined, German said these widespread activities present red flags: nominee purchasers, unfinanced purchases, flipping, quickly discharged mortgages, over and undervalued listings and buying sprees.
 
In many instances, German suggested drawing conclusions involves an element of not knowing what one doesn’t know. He called B.C.’s real estate market “opaque” and took aim, in particular, at agencies that handle financial transactions but who are not required to report suspicious ones to FINTRAC.
 
“It is believed that much of the overseas capital used for private mortgages transits through Canadian ‘gatekeepers,’ such as lawyers, thereby skewing any data with respect to overseas investment in real estate,” noted German’s report.
 
In assessing land title data, German determined about 9 per cent of residential mortgages in B.C. are held by 18,570 private lenders, who are not reporting entities to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
 
German added: “Reporting of suspicious transactions to FINTRAC by realtors has been dismal at best.”
 
James said the government’s plan to rollout a beneficial ownership registry via the Land Owner Transparency Act next year should assist government agencies in tracking property ownership. As well, the province is working more closely to share income data with Canada Revenue Agency, said James.
 
Attorney General David Eby said a decision on a public inquiry into money laundering in B.C. is imminent.
 
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More condo owners in West Vancouver have appealed their property assessments this year than homeowners across B.C. as a whole

About 3.5 per cent of West Vancouver’s 3,452 condo owners are appealing their assessments this year, according to figures released by BC Assessment. | North Shore News
A larger percentage of condo owners in West Vancouver have appealed their property assessments this year than homeowners across B.C. as a whole.
 
About 3.5 per cent of West Vancouver’s 3,452 condo owners – 122 owners – are appealing their assessments this year, about four times the number who appealed last year.
 
In the City and District of North Vancouver less than one-half of a per cent of condo owners appealed their assessments.
 
Rates of assessment appeals launched by single family homeowners in West Vancouver were also higher than those of surrounding detached homeowners in North Vancouver.
 
About 1.5 per cent of West Vancouver’s approximately 12,000 single-family homeowners appealed their assessments this year compared to about half a per cent of detached homeowners in North Vancouver.
 
The figures were recently released by BC Assessment.
 
Considered in total, about one per cent of all homeowners on the North Shore are disputing the value assigned to their property.
 
Across B.C., about 1.6 per cent of property owners are appealing their assessments.
 
The deadline for requesting an appeal this year was Jan. 31.
 
BC Assessment sets a value on all property in the province, based on a date of July 1 each year.
 
Since then, the assessed value of properties was set, home values have generally been falling across the region – although that is not considered a factor in an appeal.
 
Latest figures from the Real Estate Board of Greater Vancouver put the “benchmark price” of a typical West Vancouver condo at about $1.1 million and the price of a detached home at $2.5 million.
 
Prices of benchmark homes in North Vancouver are about $567,000 for an apartment and $1.5 million for a single-family home.
 
 



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Nationally, home sales down 4.6% and prices fell 0.5% from a year earlier.


Canadian home sales and prices rebounded in March from a dismal showing a month earlier, but remained below historical averages.


Home sales rose 0.9 per cent nationally while the benchmark price rose 0.8 per cent, the Canadian Real Estate Association said Monday from Ottawa. While the results are an improvement from February, both sales and prices were down from a year earlier as homebuyers grapple with stricter mortgage rules and rising rates.


Sales activity remains at some of the lowest levels recorded in the last six years, CREA said. It’s the latest in a string of data that show sluggishness in the housing sector after policy makers tightened borrowing regulations, partially in a bid to slow runaway growth in Toronto and Vancouver.


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1办公楼成新宠



近年来,温哥华逐步成为北美西海岸新的科技金融中心亚马逊、苹果、谷歌等知名企业纷纷入驻温哥华,并在此设立分公司或办事处,极大的推动了当地的就业局势,为温哥华吸引更多的人才涌入。商业办公楼的需求也随之增加,办公楼的空值率逐步下降。同时,由于商业楼盘可以豁免多项税收,如空值税,投机税,海外买家税,学校税等等, 越来越引起大家的关注,成为投资新热点。


商业机构Devencore指出,温哥华市中心所有办公楼的空置率已降至4.5%,低于一年前的5%。甲级办公室的空置率甚至更低,为3.9%。与此同时,A级平均总租金继续攀升,每平方英尺超过$51加元。



2办公楼盘价格逐年上升


办公楼的空置率降低,供不应求,特别是高档写字楼,促使写字楼价格飙升。


One Burrand Place

$1,000-1,200 /sqft

开盘日期:2016年底



Bosa Waterfront

$1,500 /sqft

开盘日期:2017年底



3Oakridge办公楼闪亮登场



  • 预计完工时间:2023年

  • 楼盘数量:142单位

  • 用途:

    • 普通-74 单位, 

    • 健康医疗-68 单位

  • 楼层:5层 (2-6)

  • 管理费:$0.79/sqft




几十年来,Oakridge始终是温西重要的核心区,温西是温哥华传统名流社区,四周被大海环抱,海景处处,环境优美。街道整齐划一。温西聚集了众多名校,是华人最爱的社区之一。


这里与南北高速公交线路相连,15分钟即可直线达到Downtown和国际机场,温哥华最重要的东西向交通走廊之一。Oakridge全新的社区改造将把这里打造成一个更完美的生活、办公、购物一体化的新城市中心,这里无疑将成为温哥华人,甚至是全球有识之士趋之若鹜的地方。


橡树岭区位

  • 项目将带来6000名新居民,100万平方英尺的零售,50万平方英尺的办公室

  • 温哥华第二大图书馆,日托中心,室内外音乐场所以及世界一流的表演艺术学院,拥有本地和全球最好的厨师的尚厨汇

  • 由6个特色小公园组成的占地近10英亩的公园

  • 未来十年橡树岭周边地区将有大约三倍人口的增长

  • 项目完工后橡树岭每年预计将吸引超过4200万游客

  • 以各种形式将人文体验达到极致的文化中心



其中,50万平方英尺的办公空间,是温哥华城市中心最高效、灵活、应变和健康的工作空间。这也是温西地区唯一一个AAA级办公楼!


首推两栋位于41街和甘比街交叉口的3号楼及4号楼的办公空间,楼层位于2-6层。3号楼办公空间对所有类型的租户开放,4号楼则是专属于医疗和牙科专业人士。这里是温哥华健康医疗圈最核心区,是众多医疗和牙科领域专业人士执业的理想之地。



专属的医疗办公空间是橡树岭办公楼的一大特点,这里有最先进的诊所空间,随着这些和其他服务的扩大,上班族、居民和游客都可以在几步之遥方便地享受的世界级医疗设施。


Oakridge办公空间主要特色:


  • HVAC暖通空间系统改善空气质量,加速新鲜空气循环;

  • 配备三层玻璃幕墙,所有外部玻璃窗上均建有标准手动百叶窗,显著改善噪音环境为患者提供一个安静舒适的医疗环境;

  • 主入口和公园入口处门对讲系统,租户可用专用的安全卡进出,集成电梯读卡器提供安全的指定到达楼层访问;

  • 所有建筑入口、大堂和电梯均提供24小时高清视频监控系统,同时所有楼梯间门和大厅均提供电子读卡器和电动门锁;




  • 定制B&B Italia步入式地毯,商业用综合式厨房,B&B Italia定制橱柜和内置电器美诺速热炉、全集成冰箱、咖啡机等),打造专属的空间品质;

  • 办公楼设有独立的大堂入口,和直通社区公园的独立大堂,最大限度的保证所有在这里办公的人和居民之间的私密性

  • 专业的团队协助租赁

  • 精装修办公空间或提供全套装修服务(视办公空间面积计费)

  • 停车位租赁和代客泊车服务


Oakridge办公空间将是交通最便捷,设计最好的项目之一。对于想在充满活力的城市核心区寻求理想优质工作空间的租户来说,它将成为城市中最理想的选择。


对于那些希望投资加拿大房地产的人来说,温哥华的橡树岭办公空间无疑是最好的选择。 温哥华的办公楼市场是加拿大发展最快的市场之一,由于创意经济和高科技企业不断涌入该市,其需求远远超过供应。由于像市中心等核心区域的空置率已破纪录的处于历史低位,租赁率相应较高且不断上升。市中心写字楼市场的竞争虽已白热化,人们对高端新型写字楼的需求却仍在不断高涨,预计2021年之前,写字楼市场都将供不应求。


无论您是考虑投资,或是有医疗或者其他办公商业打算,Oakridge办公空间都是进入温哥华商业地产市场最佳的选择!并且绝对不能忽视的是,温哥华的商业地产并没有海外买家税,这将节省一笔极大地开支



如对此楼盘感兴趣,希望在交通便捷四通八达的温哥华新城市中心和文化中心获取专属办公空间,欢迎联系PRINCESS PAN专业团队, 竭诚为您出谋划策,以便于您做出最明智的抉择。



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Development application for three buildings to be presented at March

Henriquez Partners Architects has filed a development application for three more buildings planned for the sprawling Oakridge Centre redevelopment.


They include a 32-storey tower (building six) and a 17-storey tower (building seven), which will face Cambie Street between West 43rd and West 45th avenues. The buildings would house 329 residential units and would sit atop a podium with retail and office spaces.

A third building, a 34-storey tower (building eight) with 286 units, would also sit atop a podium with retail spaces.


In addition, the development application features a portion of the future nine-acre park and a two-storey “accessory” building with retail uses.

The plans will be presented at an open house from 4 to 7 p.m. at the Oakridge presentation centre, where Zellers used to be located, March 7. The application is currently scheduled to go before the Development Permit Board on May 13.Comments on the development application can be submitted before April 5.

Oakridge Centre is among Canada’s top three most profitable malls.

QuadReal and Westbank are partners on the redevelopment project, which, once completed, will feature 10 towers of varying heights up to 44 storeys, as well as midrise buildings.

Plans include 2,000 market condo units, 290 market rental units, 290 City of Vancouver-owned below-market rental units, the redevelopment of the shopping centre, commercial and office space, a community centre, a library, a seniors’ centre, performance spaces, a daycare and a nine-acre park.

Pricing for market residential units in buildings three and four, which face 41st Avenue, range from upwards of $800,000 to $5.7 million


View looking up at building seven. Henriquez Partners Architects

View looking up at building seven. Henriquez Partners Architects


View looking west at site. Henriquez Partners Architects

View looking west at site. Henriquez Partners Architects

View from Cambie street looking north at buildings six and seven. Henriquez Partners Architects


View from park looking south towards the fitness pool and summer house. Henriquez Partners Architec


ts

View looking north at site. Henriquez Partners Architects


View of top of stairs looking into park. Henriquez Partners Architects


Aerial view looking north. Henriquez Partners Architects

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R

 

Real estate prices in the Vancouver region have gone up too much too quickly, creating conditions ripe for sharp declines, the author of a report on the country’s most expensive real estate market says.

 

“Prices have accelerated sharply, especially at the beginning of 2016, and many more people were priced out of the market,” Marc Pinsonneault, senior economist at National Bank of Canada, said in an interview. “Prices were overshooting.”

 

The Teranet-National Bank House Price Index, which tracks overall change in price for various housing types, last month reached a record 249.53 (which means prices have climbed almost 150 per cent since June, 2005) in the region, but could fall 10 per cent over a 12-month period, Mr. Pinsonneault said. For all housing types, that would bring the broad index back to where it was in April.

 

Within that index, the value of detached houses could tumble 20 per cent over a 12-month period, likely to begin in late 2016, Mr. Pinsonneault estimates. For detached houses, it roughly translates into values that could retreat to levels last seen in October, 2015.

 

Sales of detached houses, condos and townhouses have been falling in the region since peaking at a record high in March of this year.

 

Several measures have combined to dampen sales activity, including the B.C. government’s new luxury tax on properties in the province that sell for more than $2-million. That tax took effect in February.

 

The provincial government also implemented a 15-per-cent tax on foreign home buyers in the Vancouver region, effective Aug. 2, although it is unclear how much of the sales decrease since is due to the tax. Another factor to consider is the impact of the federal government’s decision to tighten mortgage lending rules effective Oct. 17.

 

The Teranet-National Bank House Price Index for the Vancouver region has gained 24 per cent over the past year, despite the recent sales slowdown.

 

The index shows pricing trends based on a large sample of the sales of properties registered at the land titles office.

 

“The index prices are different than average prices,” Mr. Pinsonneault said. The real estate industry’s benchmark prices, which represent the sale of typical properties, remain strong. The benchmark price for detached homes sold last month in Greater Vancouver hit a record $1.58-million – 33.7 per cent higher than in September, 2015.

 

But with fewer high-end properties selling, that has dragged down the average price for detached houses sold in Greater Vancouver, compared with the spring. Last month, the price for detached houses sold in the region averaged $1.53-million, down 15.7 per cent from April, according to the Real Estate Board of Greater Vancouver.

 

By contrast, the Teranet-National Bank House Price Index has continued to roar ahead in the region this year. “The reason the sharp drop in sales has yet to translate into [an index] price decline is that the resale market remained tight despite the drop in sales,” Mr. Pinsonneault wrote.

 

He said it is unclear whether a significant number of foreign buyers are shifting their attention to the Greater Toronto Area.

 

“China’s anti-corruption campaign is suspected of crimping the flow of capital from that country,” he said in his report, which notes that both the Vancouver and Toronto metropolitan markets are at risk of experiencing price declines in 2017.

 

The GTA faces a 3-per-cent overall drop its home price index next year, especially with condos expected to be plentiful in supply, Mr. Pinsonneault said. He believes the anticipated price decrease for detached houses in the GTA will likely be in line with his overall forecast.

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home prices

Mark your calendar, because a major bank has set a date for Vancouver and Toronto real estate to cool off, if only a little bit.

 

TD Economics issued its quarterly economic forecast on Thursday, and it has some promising news for anyone who hopes to see housing simmer down in those cities in the near future.

 

The bank said the twin factors of affordability and higher borrowing costs could lead to a "cooling in domestic and foreign housing demand."

 

But it added that any slowdown is unlikely to happen until next year, unless governments introduce new regulatory measures to bar property speculation in 2016.

 

TD also said that, even with a slowdown, "There tends to be a lag before weaker resale demand translates into a moderation in building activity."

 

Nevertheless, "the party will come to an end," TD said.

toronto condos


TD chief economist Beata Caranci said that home prices such as those that have been seen in Vancouver are usually "followed by a period where prices cool," The Globe and Mail reported.

 

B.C. prices could fall as much as two to four per cent next year, she noted.

 

"Given the high levels, this is pretty small and will maintain elevated levels," Caranci said, adding Ontario could also become a "sideways market" next year due to "affordability erosion."

 

vancouver condos
Condos in Vancouver. (Photo: Christian Kober/Getty Images)


The housing analysis came as part of a report that predicts Canada's economy will grow by 1.3 per cent this year.

 

That's down from growth of 2.4 per cent in the first quarter alone. It has largely been attributed to slackening economic activity from the end of the quarter, and a slowdown in oil production due to the Fort McMurray wildfire.

 

Canada's economy could "rebound" to two per cent next year, TD said.

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Prime Minister Justin Trudeau is scheduled to meet with a round table of experts on Vancouver’s housing affordability crisis on Friday, just as new data are released showing the extreme nature of the city’s escalating housing problem.

 

Planner and analyst Andy Yan, who will attend the meeting, has released a comprehensive set of maps that show the rapid rise of assessed house prices over the past decade. Strikingly, his data show prices have spiked considerably within the past two years.

 

At least one academic at the gathering plans to make the case that Vancouver’s sudden escalation of house prices is timed perfectly with the mass exodus money from China. None of the academics interviewed was given any specifics as to what would be on the agenda, other than a general discussion of housing, so they plan to bring their wish list of recommendations to the table.

 

Josh Gordon, an assistant professor in public policy at Simon Fraser University, said in an interview on Thursday that he plans to make the case that the inflow of Chinese money has pushed Vancouver home prices out of range for the average person.

 

For example, in 2013, online real estate portal Juwai facilitated $5-billion (U.S.) worth of global real estate deals for its Chinese clients. In 2014, that number soared to $52-billion.

 

Prof. Gordon argued that that corresponds with a major increase in the number of houses assessed at more than $1-million (Canadian) in Vancouver.

 

The number of houses priced below $1-million dropped from 41 per cent in assessment year 2014 to 9 per cent by 2016, according to Mr. Yan’s data. Prior to the exodus of Chinese money, assessment figures show the market was levelling off. “Then all of a sudden it explodes,” Prof. Gordon said. “It shows so clearly what is going on is being driven by that kind of a factor. And we do have pretty good data on flows of capital out of China.”

 

The province announced in its February budget that it will begin gathering data on foreign investment in British Columbia’s real estate market, requiring all new purchases to list the buyer’s nationality. However, Finance Minister Mike de Jong has played down the idea that the role of foreign buyers in Vancouver’s affordability crisis is significant.

 

But Prof. Gordon said there is also solid data on the flow of Chinese money into Australia, where house prices have also soared. He questioned why Vancouver would be any different.

 

“We are a very similar target – if not a more enticing target – because we have such low property taxes, and we make such limited effort to track the nature of money and enforce money-laundering rules.”

 

Mr. Gordon said he also planned to make it clear to the Prime Minister that the high-end market is not operating in isolation to the rest of the market. It’s a common argument put forward by the real estate industry that foreign wealth is only driving luxury property prices.

 

Mr. Yan’s maps clearly illustrate the ripple effect spreading from the more affluent west side of the city to the east. The average price for a detached house that sold in the city of Vancouver is $2.96-million, according to recent figures supplied by Landcor. That’s a 19.8-per-cent increase since January. The average price of a condo is $719,434, a 7.88-per-cent increase in the same period. Throughout the region, prices have risen 20 to 35 per cent over all in the last year.

 

“The point I want to make in the public debate is that a lot of the other things we are seeing right now – including speculation, fear of missing out, loans from the bank of Mom and Dad, all these different things that we are talking about in terms of driving prices – these are all in a sense knock-on effects of foreign money,” Prof. Gordon said.

“They are not independent causal factors; they are occurring as a result and in reaction to the foreign money that is flowing into the city.”

 

Mr. Yan said he will emphasize with participants that they need to look at demand. “Clearly ,global capital is part of this,” said the acting director of Simon Fraser’s City Program. With these patterns, we have price and the supply, but we need to look at demand. And in terms of housing, we need to ask, ‘What are the kinds of demand we want to support? And what are the behaviours we want to discourage?”

 

University of British Columbia geography professor David Ley, who’s studied Asian global capital flows for 16 years, said he will suggest to Mr. Trudeau that Ottawa attempt to cool off the top end by taxing it, which would quell the entire market. He said he will also suggest a tax on foreign property purchases. “It would be a bolder move, and I think there’s quite an appetite for that. But that would be a bigger ask, and a complicated ask, as you can’t always easily tell what is a foreign purchase.”

 

He said he’ll also ask for regulation of the real estate sector, including measures against money laundering. Indebtedness tied to high mortgages is another one of Mr. Ley’s concerns he’d like to discuss with the Prime Minister.

 

“I’m going to raise the issue that we need to protect what we already have – the housing from the ’70s and ’80s, such as the government-subsidized rentals, whose subsidies are expiring and, not surprisingly, are in need of repair. I think it’s an easier task to conserve what you already have,” he said.

 

Jean-Yves Duclos, the minister responsible for housing, will follow up the Prime Minister’s round table with more in-depth meetings on June 26 and 27, according to his communications director, Mathieu Filion.

 

Vancouver and Toronto prices have also recently caused the Bank of Canada and major banks some concern. Bank of Canada Governor Stephen Poloz and economists have recently cautioned consumers that rising prices are unsustainable.

 

“It’s incredible, really,” Prof. Gordon said. “We’re numb to it now, but if you think about how much income you need to have a $1-million house, you realize how crazy things are.”

 

Prof. Gordon said he plans to tell Mr. Trudeau that there is no time to waste and that immediate action needs to be taken.

 

“They need to start cracking down on money laundering, which is within their jurisdiction, and they need to end the Quebec Immigration Investor program, and seriously look at taxation of foreign investors.”

 

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