Metro Vancover Report
Greater Vancouver Report
Fraser Valley Report
September 8, 2016
SnapStats Market Videos
Metro Vancover Report
Greater Vancouver Report
Fraser Valley Report
September 1, 2016
Vancouver's Market Has Big Drop
Vancouver, Toronto and other major Canadian cities have had a huge drop the first half of 2016. The distance between what people earn pre-tax and what homes are costing now is ever increasing and detached homes and places to raise a family are hard to find. But the drop in the cost of higher end detached homes may only start to become reality later in the year if this trend continues.
This trend has started to encourage more townhouse and condo developments in outlying regions such as Maple Ridge where homes and condos have now separated by larger margins in terms of what people can afford.
Some analysists say that Vancouver is expected to receieve a small housing correction but nothing too alarming as the demand for homes and affordability in the Lower Mainland is ever present.
Even though Vancouver and some outlying cities have seen a small decline, the rest of BC has improved and continues to be a strong market.
August 29, 2016
Tesla's Gigafactory, under construction in Sparks, Nevada, will be the largest building in the world, by footprint, when it's finished. The batteries it produces are crucial to Tesla's plan to make affordable electric vehicles.
August 2, 2016
15% Foreign Buyer Tax
Government to introduce a 15 per cent foreign buyer tax effective August 2
The provincial government will implement a 15 per cent foreign buyer tax on all residential transactions effective August 2, 2016. The tax will be added to the Property Transfer Tax and will apply to all residential properties purchased by foreign nationals or foreign-controlled corporations.
The new tax will be payable on applicable transfers registered with the Land Title Office on or after August 2 regardless of when the deal was completed.
The tax will apply to any transferee that is a foreign national, foreign corporation, or taxable trustee. Foreign nationals are defined as people who aren’t Canadian citizens or don’t have permanent resident status in Canada. (Permanent residents will have a valid permanent resident card issued by the Canadian government.)
“Housing affordability concerns all of us who live in the region. Implementing a new real estate tax, however, with just eight days’ notice and no consultation with the professionals who serve home buyers and sellers every day needlessly injects uncertainty into the market,” Dan Morrison, Board president said. “Government has had a long time to take action on the affordability issue, yet they decide to bring this new tax in over a long weekend, with no notice, and no time to prepare. It would have been prudent to seek consultation from the people most knowledgeable about the impact.”
Under the new tax, for example, a foreign buyer or foreign-controlled entity will pay an additional $300,000 in tax on a $2 million home.
“To minimize short-term volatility in the market, we’re calling on government to exempt real estate transactions that are in the process of closing from this new tax,” Morrison said.
Foreign corporations are any corporation not incorporated in Canada, or are incorporated in Canada but controlled in part, or wholly, by a foreign national or corporation. Publicly traded companies are excluded.
Commercial properties are excluded, and mixed-use properties will only pay the tax on the portion of the property’s value that’s for residential use.
July 15, 2016
REBGV Market Update June 2016
July 15, 2016
THE WILD WITHIN: BRITISH COLUMBIA
Ancient rainforests, mountain peaks that touch the sky, and cities on the edge of nature; British Columbia is the epitome of wilderness travel and home to endless outdoor adventure. Discover how BC's untamed nature inspires travellers and locals alike, reconnecting them with a wild found within.
July 12, 2016
SnapStats Video Updates
July 1, 2016
OSFI Tightens Supervisory Expectations for Mortgage Underwriting
The Office of the Superintendent of Financial Institutions (OSFI) issued a letter this morning to all federally regulated financial institutions (FRFI). The letter expresses concern about the rising levels of household debt in Canada and serves to remind FRFIs of their obligations under Guidelines B-20 and B-21 to assess and underwrite mortgage loans and mortgage insurance in a prudent manner.
June 14, 2016
The Ancient Art of Keeping Birds at Bay
Falconry is one of the world's oldest sports. It also happens to be the most effective way of protecting airplanes from stray birds. Falcons, the "great white sharks of the sky," terrify smaller birds. Mark Adam, president of Falcon Environmental Services, trains them to scare away birds that might otherwise impact planes.
June 13, 2016
REBGV Market Update May 2016
June 3, 2016
Millennials Have Hardship Finding Home Ownership
For countless months the Vancouver real estate market has been booming, yet this market has been arguably reserved for the wealthy. Consequently, there has been a large portion of the Lower Mainland’s population left out in terms of purchasing real estate.
Research put forth by Vancity has determined that 61% of Vancouver millennials (aged 18 - 24), are still living at home in addition to having the lowest discretionary income in the country - disputing the longstanding argument that millennials have an inability to effectively save their money. Despite the fact that Vancouver led Canada in job creation in April of 2016 and the unemployment rate has dropped significantly, a frustrating truth is realized.
National Bank Financial put forth that a down payment on an average Vancouver property equates to approximately 9 years of saving. Because of this, it leads individuals to wonder whether it is worth it to stay in the Vancouver area. This is why we see an upswing of young professionals and recent graduates spending a few years in a rental property to gain work experience, before relocating to a more affordable housing market.
In the Vancouver area, it is more cost effective for millennials to consider purchasing a townhouse or condominium to increase their discretionary income. The issue being, there is a distinct lack of these types of properties available to those who cannot afford to purchase a home.
A poll administered by CIBC discovered that 75% of Canadians believe that entering the housing market is more difficult for millennials than it was for previous generations. Additionally, something should be done to ease the financial burden millennials face in buying a home.
May 16, 2016
The Purrfect Cafe
Vancouver’s Catfé is targeted at those whose leases or strata's don’t permit pets, cat lovers who can’t get enough feline time and those looking for the beneficial de-stressing cats can provide. All Catfe cats are looking for a forever home and since opening Catfe has placed over 55 cats.
May 11, 2016
REBGV Market Update April 2016
May 2, 2016
Concord Pacific Buys Molson Coors Brewery
The Molson Coors brewery, a three hectare industrial property, at 1550 Burrard Street in Vancouver has been officially purchased by Concord Pacific for $185 million, following confirmation late last year that the property was in the process of being sold for an undisclosed amount to an unknown buyer.
Presently, the Molson Coors brewery is zoned for industrial use only, and the city of Metro Vancouver has stated on numerous occasions that they have no plans to rezone the site. Protection policies put forth by the city stress the importance of the brewery’s location, as it provides accessible industry jobs for individuals living in the city.
Consequently, it may be no easy feat to get the property rezoned.
Concord Pacific, a chiefly residential developer, has arranged to lease back the property to Molson Coors over the next two years while a new brewery is constructed elsewhere. Despite the City’s desire to keep the brewery an industrial zone, Concord Pacific plans to apply for rezoning. As of April 11th, 2016, the City of Vancouver had yet to receive an application to rezone, nor do they intend on rezoning the brewery for anything non-industrial.
Local economists are concerned about the repercussions rezoning may have on the City of Vancouver. For an economy to properly function, it is imperative that a given city has a balance of residential and industrial development.
Considering that the Molson Coors brewery is the last protected industrial property in Vancouver, it is arguable that a
rezone is unlikely to happen.
Concord Pacific’s vision for the property is to create a “knowledge-based work centre” coupled with a residential development - transforming the property into a vibrant and multidimensional attraction in Vancouver. For now, Molson Coors will continue to operate out of the brewery until at least 2018.
April 22, 2016
Leadership Prayer Breakfast Vancouver
April 12, 2016
REBGV Market Update March 2016
April 6, 2016
Didn't Use a REALTOR?
April 5, 2016
Arbutus Corridor Purchased by City of Vancouver
The City of Vancouver has recently purchased the Arbutus Corridor - a 9 kilometre railway that
has not been used since 2001 - for $55 million.
Vancouver has made several attempts in the past to negotiate with CP Rail to purchase the
Arbutus Corridor, as the unused tracks became popular amongst locals utilizing the green
space. When Canadian Pacific began clearing community gardens in 2014 to prepare for the
tracks to be used again, the City of Vancouver intensified negotiations to stop the project. These
negotiations proved to be a delicate balance of keeping both CP Rail and Vancouver happy.
The agreement reached provided CP Rail a fair return on the corridor, as well as ensured them
a portion of funds garnered from selling development and land within the corridor.
Gregor Robertson believes that it will take between $25 and $30 million to transform the corridor
into a greenway, with work beginning in the next year. This unheard of opportunity to acquire
such a large parcel of land in Metro Vancouver will provide the area with pedestrian lanes and
bike paths amongst plentiful green space. Additionally, there are talks of developing a light rail
system along the stretch.
This undertaking will be monumental for the surrounding area, as the Arbutus Corridor runs
through False Creek, Kitsilano, and the Westside. These areas boast some of the most valuable
property in North America, and the development of an urban greenway will likely increase
property value further.
March 25, 2016
February 2016 Housing Market Update
Metro Vancouver home buyers set a record pace in February. Watch for a summary of the February housing market and a look at what it means to be a home buyer in a seller's market.
March 11, 2016
SnapStats® Market Videos per Area