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Low supply continues to limit Metro Vancouver home buyers

 

Low supply continues to limit Metro Vancouver home buyers

Reluctance amongst Metro Vancouver* home sellers is impacting sale and price activity throughout the region’s housing market.


Residential home sales in the region totalled 2,425 in February 2017. This is a -41.9% from the record 4,172 homes sold in February 2016 and +59.2% compared to January 2017 when 1,523 homes sold.


Last month’s sales were 7.7% below the 10-year February sales average.


“February home sales were well below the record-breaking activity from one year ago and in line with our long-term historical average for the month,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Limited supply and snowy weather were two factors hampering this activity.”


New listings for detached, attached and apartment properties in Metro Vancouver totalled 3,666 in February 2017. This represents a 36.9% decrease compared to the 5,812 units listed in February 2016 and an 11.4% decrease compared to January 2017 when 4,140 properties were listed.


This is the lowest number of new listings registered in February since 2003.


The total number of properties currently listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver is 7,594, a 4% increase compared to February 2016 (7,299) and a 4.9% increase compared to January 2017 (7,238).


The region’s sales-to-active listings ratio for February 2017 is 31.9%, a 10-point increase from January. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark for a sustained period, while home prices often experience upward pressure when it surpasses 20% over several months.


“While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand. This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets,” Morrison said. 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $906,700. This represents a 2.8% decrease over the past six months and a 1.2% increase compared to January 2017.


Sales of detached properties in February 2017 reached 745, a decrease of 58.1% from the 1,778 detached sales recorded in February 2016. The benchmark price for detached properties is $1,474,200. This represents a 6.5% decrease over the past six months and is unchanged compared to January 2017.


Sales of apartment properties reached 1,275 in February 2017, a decrease of 28.8% compared to the 1,790 sales in February 2016.The benchmark price of an apartment property is $526,300. This represents a 2.3% increase over the past six months and a 2.7% increase compared to January 2017.


Attached property sales in February 2017 totalled 404, a decrease of 33.1% compared to the 604 sales in February 2016. The benchmark price of an attached unit is $675,500. This represents a 0.3% decrease over the past six months and a 1.3% increase compared to January 2017.

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This is excellent news for everyone!!   #Vancouver B.C. is welcoming all of you!   


B.C.’s premier has announced on January 29 that the province is lifting the 15 per cent Foreign Buyers' Tax for anyone living in Metro Vancouver with a work permit.

The move is an effort to encourage people to come to the province. Those who live, work and pay B.C. taxes will now be exempt from the additional property transfer tax.


 “People who are seeking refuge around the world should be able to find safe haven here in our province. We believe the best and the brightest should be able to come to B.C.,” Clark said during a media scrum at the Chinese New Year parade in Vancouver Sunday.


The Foreign Buyers' Tax was implemented in July 2016 with an enormous amount of support from B.C. residents.

It has since contributed to falling residential real estate sales and a drop in prices, the first time in several years Metro Vancouver has seen a reprieve from a skyrocketing market.


As of 2015, there were almost 15,000 work permit holders through the Temporary Foreign Workers program and another 48,000 through the International Mobility Program in B.C.

 

When you are consider selling or buying real estate, please contact Eva Li anytime!


#realestate  #taxexempt


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 The cost of renting an apartment in Vancouver is up 4%, with renters asked to shell out a median price of $1,870 per month for a one-bedroom unit.


Data released by listings site PadMapper this week showed the city was once again the most expensive city for Canadian renters.


Based on listings for all vacant or available rental units in December 2016, the report showed the median price of a one-bedroom unit was up 3.9% from the previous month.

One-bedrooms were listed at a median rate of $1,870 last month, compared to $1800 in November. The rate for a two-bedroom unit was also up 4%, with a median listing price of $3,150.


Vancouver rates were significantly higher than those in the second-place city, Toronto, where one-bedrooms were available at a median rate of $1,550. Two-bedroom units were listed at a median of $1,970 – nearly $1,200 less than the Vancouver median.


Three other B.C. cities were included in the 25 markets PadMapper report, i.e. Victoria, Kelowna and Abbotsford:

Victoria was the 3rd most expensive city to rent in, with one-bedrooms listed 4.1% higher, at $1,270. The price of two-bedrooms was down 2%, at $1,490 for December.

Kelowna came in 9th, where one-bedrooms went for a median of $980 and two-bedrooms were listed at $1,400.

Abbotsford was in 22nd place, where residents pay a median of $790 for a one-bedroom and $930 for two.

Web Journalist Kendra Mangione, as quoted in CTV Vancouver


Selling or Buying Real Estate, always contact #EvaLi

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I have sold a property at 104 4160 SARDIS ST in Burnaby.
This bright and airy 2 bedrm 2 full bath unit is above ground level with a huge balcony. NW exposure has great outlook to evergreen trees makes this unit quiet and private. 984 sf totally renovated with brand new kitchen, bathrooms, flooring, windows, and sliding doors. High end stainless steel appliances, soft close kitchen cabinets, glass tile backsplash, Quartz countertops, undermount kitchen sink. 2 side by side parking stalls and a locker. Problem free bldg, has new elevators, new roof, building exterior repainted. Short walk to Central Park, Patterson skytrain, Burke elementary school. Bonsor community centre, Metropolis and Crystal Mall are nearby. 'Central Park Place' has an outdoor swimming pool, sauna, hot tub, gym & tennis court. No pets or rentals.
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A Heated Year Draws to a Close

 

A Heated Year Draws to a Close for Metro Vancouver Real Estate

 

The Metro Vancouver housing market had its third highest selling year on record in 2016, behind only 2015 and 2005.

 

Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a -5.6% from the 42,326 sales recorded in 2015, and a +20.6% over the 33,116 residential sales in 2014.

 

“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. 

 

“As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”

 

Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is a +0.6% compared to the 57,249 properties listed in 2015 and a +2.6% compared to the 56,066 properties listed in 2014. 

 

“The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.” 

 

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a -2.2% over the past six months and a +17.8% compared to December 2015. 

 

December Summary

 

Residential property sales in the region totalled 1,714 in December 2016, a -39.4% from the 2,827 sales recorded in December 2015 and a -22.6% compared to November 2016 when 2,214 homes sold.

 

Last month’s sales were 8.1% below the 10-year sales average for the month.

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a -35.1% compared to the 2,021 units listed in December 2015 and a -58.3% compared to November 2016 when 3,147 properties were listed.

 

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a +5.3% compared to December 2015 (6,024) and a -24.3% compared to November 2016 (8,385).

 

Sales of detached properties in December 2016 reached 541, a -52.4% from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents a +18.6% compared to December 2015 and a -1.8% compared to November 2016.

 

Sales of apartment properties reached 915 in December 2016, a -25.3% compared to the 1,225 sales in December 2015. The benchmark price of an apartment property is $510,300. This represents a +17.3% compared to December 2015 and a -0.3% compared to November 2016.


Attached property sales in December 2016 totalled 258, a -44.6% compared to the 466 sales in December 2015. The benchmark price of an attached unit is $661,800. This represents a +20.4% compared to December 2015 and a -0.8% compared to November 2016.


Buying or Selling Real Estate, Always contact #EvaLi

 

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Assessment values for B.C. condos and townhomes rise in double-digit percentages

 

Last month, B.C. Assessment warned owners of “typical” condos and townhomes that their latest assessed property values would increase in the range of 15 to 30 per cent. But for some, the rise captured at mid-2016, is even higher, mirroring trends of between 30-50% in the detached home market. A few outliers posted blistering surges of almost 60%.

 

Single-family home prices in Metro Vancouver had already been rising in double-digit percentages when, last January, there were the first signs of upward momentum in the condo market. Before this, condo prices had been flat or declining for years.

 

Now, B.C. Assessment is giving single examples of what it considers typical properties with much higher increases, even though these July 2016 snapshots are likely in flux as the market has since softened. These include a Lynn Valley townhouse, built in 1979, that posted a 38% gain. It cited a townhouse in the Citadel area of Port Coquitlam, built in 1994, with a 34% rise. In Port Moody’s Newport, a unit in a highrise, built in 2005, posted a 25% rise and a downtown New Westminster townhome, built in 1993, went up by 36%.

 

“This has been the talk of the town and I’ve been inundated with calls from residents concerned about the impact on property taxes and eligibility for the homeowners grant,” said Port Coquitlam councillor Brad West.

“The assessments highlight how detached the real estate market has become from the reality of most regular peoples’ lives. It’s clear to me that there must be a better way of assessing property values than a once-a-year calculation made at the very peak of the real estate market madness that occurred last year. It has produced a skewed valuation that looks good on paper, but is not real. It is an absolute necessity that the government raise the threshold on the homeowners grant.”

 

Mayor Richard Walton of the District of North Vancouver emphasized that while many assessments are up “dramatically in the 30% range…the critical factor (for homeowners trying to figure out how an increase will impact their tax bill) is how each property increase compares with the average tax increase for the community.”

He added: “As such, I have no report from our tax department what the average increase is. I know that my home was assessed 33% higher and I am not at all pleased. Even at the peak last summer, it was not worth that much and I will be appealing.”

 

For multi-family units on Vancouver’s westside, B.C. Assessment cited a low-rise unit, built in 2002, with a 25% gain and, on the east side, a highrise unit, built in 2003, with a 20% gain. In Burnaby, it highlighted a Metrotown highrise unit, built in 1999, with a 19% gain.

 

Postmedia took its own quick gauge, dipping into buildings and complexes to find several that exceed the ones highlighted by B.C. Assessment: At 1033 Marinaside in Yaletown, a lower unit posted a gain of 34%. At 2088 Madison in Burnaby, near Brentwood Town Centre, an upper unit saw a 35% rise. Buildings in areas where new zoning has sparked pricey sales and redevelopment activity, such as around Burrard Street in the West End, saw more extreme increases. A higher unit at 1330 Burrard Street saw a 60% gain, while a lower unit posted a 48% increase.

 

In the past, market analysts said that compared to single-family homes, there was a greater supply of condos and townhomes that are more affordable for a larger number of buyers and this was helping to keep a lid on prices. 

 

Said Michael Ferreira, managing principal at Urban Analytics: “It’s typical for the apartment/condo market to trail the detached market in terms of the amount of value increase. (There is) much more demand relative to supply in the detached market. You just need to look at the number of apartment/condo starts compared to detached starts … to illustrate that.”

 

“It’s “pretty crazy indeed. Amazing that people still suggest supply isn’t an issue in the market.”

In many of these areas, the fact there wasn’t any new development for several years allowed pent-up demand to be released when new product was put on the market.  Quick sales drove up prices, he said.

 

“This isn’t the only factor, but when you combine it with the arrival of new buyers in the market and a ‘fear of missing out’ mentality among buyers, you can see why prices have risen so considerably.”

 

Postmedia writer Joanne Lee-Young, as featured in the Vancouver Sun

 

Selling or Buying Real Estate, always contact #EvaLi

 

 

 

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No December slowdown in housing sales as search for homes expected to extend through Christmas


No December slowdown in housing salesIt won’t exactly fit under the tree but holiday shopping this year appears to include real estate in Canada’s largest housing market.


Sotheby’s International Realty Canada says the first couple of weeks of December have not seen any type of slowdown in the Toronto housing market — consumers are expected to keep searching and buying for property right up until Christmas day.


“We are continuing to see that (the housing market) doesn’t seem to be affected in any significant way by what’s going on in Vancouver or the new federal policies that have been put in place,” said Brad Henderson, the chief executive of Sotheby’s in Canada.


The British Columbia government slapped a 15% tax on foreign property transfers in September and that had some realtors suggesting overseas buyers could shift their focus to Toronto. The federal government also clamped down on credit in October by making it tougher to borrow with new rules forcing consumers with loans backed by Ottawa to qualify based on rates almost double those on their contracts.


“We are still seeing multiple offers,” said Henderson, adding there has been a modest increase in foreign buyer interest in Toronto but that includes inquiries from the United States following the presidential election.


The Toronto Real Estate Board confirmed that over the first two weeks of December, there were 3,196 sales — a +17.8% from the 2,713 a year earlier.


Normally, December is when real estate shuts down. “Buyers usually start shutting down the second or third week of December at the latest. People pull their houses off the market in December because they wouldn’t want it to linger over the holidays. Now people are just inclined to leave their houses on,” said Henderson. “We think this December will probably be a record when compared to other Decembers.”


TREB said this month that homebuyers are frustrated by the lack of listings in the city. The imbalance led to overall year-over-year price growth of 20.3% in November while detached home prices climbed 32.3 during the period in the city of Toronto to an average of $1,345,962.


Royal Bank of Canada said Wednesday that Toronto is closing the gap on Vancouver in terms of not being affordable. RBC’s affordability index shows it takes 63.7% of median pre-tax household income to carry the average home, those costs including mortgage, principal and interest, property taxes and utilities. Toronto jumped three percentage points from the previous quarter and reached a level not seen since the spring 1990.


Vancouver remains the most expensive city in the country at 92%, up 2.2 per percentage points from the previous quarter. RBC’s aggregate affordability measure for Canada was up for the sixth consecutive quarter, rising by 1.3 percentage points to 44.3% — the most stressed affordability level in eight years.


The mood across the country is not as optimistic about the market being as robust in 2017. The Canadian Real Estate Association, which represents about 110,000 realtors across the country, is calling for the first national price decrease since 2008. CREA says prices will drop 2.8% nationally in 2017, driven by a 12.2% decline in sales in British Columbia where prices will also drop 7.8%.


Geoff Willis, managing broker with Vancouver-based Origin Mortgages, said his marketplace was starting to slow even before some of the recent mortgage rule changes.

“We are still beginning to deal with that but we still have an inventory issue in Vancouver. We have no product to sell so it’s tough to tell whether buyers have cooled because there’s not much product to choose from,” said Willis.


The Real Estate Board of Greater Vancouver reported November new listings were down 20.9% from just October and were 1.2% below the 10-year average for the region for the month. Sales were off almost 37.2% from a year ago while the board’s index price for all homes decline 1.2% in one month. This month, British Columbia’s provincial government announced a program that matched the amount of down payment for first-time buyers — up to $37,500, or five per cent of a home’s purchase price.


Phil Soper, chief executive of Royal LePage Real Estate Services, thinks British Columbia will be the exception to another expansionary year for most of the country.

“I just can’t see a correction in the Ontario market, I can see it slowing down from 20% (annual prices increases) to single digit — that makes perfect sense,” said Soper, adding the economy is still expanding and interest rates remain low. “I don’t think Alberta is a good news story but I expect some growth off a very low base after two plus years of market retraction there. And Quebec continues to get stronger.”


Re/Max has also forecast an improved 2017 with the average residential sale to rise by 2% on a national basis. In Vancouver prices are forecast to rise by 2% in the coming year and 8% in Toronto.

 

Financial Post writer Garry Marr covers the real estate beat and personal finance.

 

Selling or Buying Real Estate, always contact #EvaLi 

 

 

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I have listed a new property at 104 4160 SARDIS ST in Burnaby.
This bright and airy 2 bedrm 2 full bath unit is above ground level with a huge balcony. NW exposure has great outlook to evergreen trees makes this unit quiet and private. 984 sf totally renovated with brand new kitchen, bathrooms, flooring, windows, and sliding doors. High end stainless steel appliances, soft close kitchen cabinets, glass tile backsplash, Quartz countertops, undermount kitchen sink. 2 side by side parking stalls and a locker. Problem free bldg, has new elevators, new roof, building exterior repainted. Short walk to Central Park, Patterson skytrain, Burke elementary school. Bonsor community centre, Metropolis and Crystal Mall are nearby. 'Central Park Place' has an outdoor swimming pool, sauna, hot tub, gym & tennis court. No pets or rentals.
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The upsides of B.C.’s Foreign-Buyer Tax outweigh its downsides


The upsides of B.C.’s foreign-buyer tax outweigh its downsides

When Vancouver’s residential housing market overheated and Greater Vancouver house prices climbed to stratospheric heights – unrelated to local salary levels and construction costs – high foreign demand was identified as the main cause. On August 2, the provincial government responded by introducing the 15% foreign buyer tax, giving rise to heated debates revolving around questions as to who would benefit and whether this policy was appropriate. 


Generally, every government offers public services, such as a proper law system and security, which taxpayers demand, and for which no one pays directly. All taxpayers expect a government to work efficiently and to impose efficient taxes. Because taxing house transactions does not dramatically reduce the number of transactions and still cools the market, it is an efficient tax.


It is also directly linked to a related public service and therefore is a fair tax. When a government transfers agricultural titles to construction land titles and the land price shoots up, the government, not the landowner, creates additional value. The same is true for house prices. Vancouver’s modern infrastructure, nicely maintained local environment and secure investment climate brought the recent astronomic price increases, not individual homeowners.


The foreign-buyer tax made it more expensive for foreigners to buy a house in Vancouver and, as a result, the total demand and the average house price dropped. Because foreigners are still coming to Vancouver and buying, the tax creates extra public income and helps make the market more affordable. Meanwhile, the risk of an abrupt change from boom to bust seems low as many potential sellers live in their homes, and leaving a home or even a city is not that easy. Potential buyers, however, are more flexible. Without government intervention, house prices could have climbed higher – and so would the probability of a sudden crash. If the self-fulfilling prophecy of increasing house prices changes to expectations of lower prices, buyers would stop buying. In this case not only homeowners and government would suffer but also the business community because of widespread bankruptcy.


Because buyers are more flexible than sellers, a tax imposed on buyers is mostly paid by the sellers (through lower prices) and not by the buyers (rule of tax incidence). The tax reduces the number of foreign buyers and therefore the total demand. With an inflexible supply, this leads to lower supply prices for all buyers and fewer transactions. Domestic buyers buy more but foreign buyers buy even less because they still have to pay the 15% on top of the seller price. Is that bad? Not for young Canadians who want to buy a house in Vancouver; not so bad for sellers who owned a house for some years. But it’s tough for people who bought around the peak in February 2016, because the situation has seriously worsened. If they become over-leveraged with a fixed mortgage but a lower house price, they face a problem when renewing their mortgage. Another problem for many buyers could be higher interest rates on their mortgage. However, this has little to do with the extra tax. The new mortgage rules for first-time buyers are designed to mitigate this risk.


Is the government taking sides against the older homeowners in favour of younger buyers? Unlikely, because homeowners still get windfall profits, and the price rises of recent years cannot be sustained indefinitely, anyway. The government’s role is to calm economic fluctuations – which is what we see already happening.


Is the government discriminating against foreigners? To a certain extent, yes, because only non-residents have to pay the tax. But immigrants are normally the biggest winners in international voluntary migration, benefiting from all kinds of arbitrage possibilities and better common goods in their destination country.


Greater Vancouver house prices might rise again in the long run if the demand overcomes the supply. In the meantime, while some may regret the short-term development of price reductions (estimates are about 10%) caused by the foreign-buyer tax, from an economic point of view a policy to break the stratospheric price trend was long overdue. Ultimately, the tax is a beneficial policy that protects the interests of the public and those of individual businesses in the Greater Vancouver area. •


Business in Vancouver Contributing writer, Erich Buerkler, is an economics professor at the University of Applied Sciences in Basel, Switzerland, and a former telecom-sector strategy consultant and CEO of companies in Europe and Southeast Asia. He is on sabbatical at Capilano University.


Selling or buying Real Estate, always contact #EvaLi

 

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BC HOME OWNER MORTGAGE and EQUITY PARTNERSHIP PROGRAM


BC HOME OWNER MORTGAGE and EQUITY PARTNERSHIP PROGRAM

BC Premier Christy Clark has just announced the details regarding a home owners down payment matching program coming January 2017 to help our first time buyers.


We are pumped as the government anticipates this will help an estimated 42,000 families over the next 3 years.


Under the program, the BC government will match down payment funds for eligible first-time buyers up to $37,000 with a 25-year term second mortgage.


As an example, a buyer purchasing a $500,000 home can put down 5% using $12,500 of their own funds and $12,500 from the BC Home Partnership Program. No payments are required on the second mortgage and no interest will accrue until the sixth year of the mortgage term. The total amount of matched funds will not exceed 5% of the purchase price.


Before all previous home buyers get too upset that they were not eligible please remember this will only continue to drive your home prices up further. This helps all BC home owners significantly.

Buyers must:
- Reside in the home they are purchasing
- Be a first-time home buyer
- Be a Canadian citizen or permanent resident for 5 years
- Have resided in BC for at least one year
- Have a combined gross income of $150,000 or less
- Have at least half of the minimum down payment required to purchase (2.5% down payment from self for 5% total)
- Be purchasing a property under $750,000
- Must live in the property for first five years (to be eligible for interest free loan)


To be eligible, buyers much be pre-qualified for an insured high-ratio mortgage (mortgage down payment is less than 20% of the home price). On completion of the sale, program funds will be advanced and the loan will be registered as a second mortgage on the property's title.


Home owners can repay the second mortgage to the Partnership Program part or in full at any time in the first five years with no penalty. After five years the interest will start to accrue and home owners will need to start making monthly payments of principle and interest. The interest rate will be outlined in the conditional loan approval letter.

The program starts Jan 16th, 2017 and is will run for three years until March 31, 2020.


Congratulations to all the first-timer buyers!


Selling or buying Real Estate, always contact  #EvaLi


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UBC becoming a New Frontier for Family Housing


Campus’ Wesbrook Village planned community adding up to 800 residents per year

 

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Like many parents with children, Eric Jan and his partner have given up the idea of owning a house in the increasingly expensive Vancouver.


“I’ve always known Vancouver to be expensive,” said Jan, originally from Toronto. “But I didn’t think it was going to be this expensive.”


But Jan and his partner – who have a three-year-old daughter and are expecting another child any day now – were able to find a happy compromise for a family home just outside Vancouver city limits at the University of British Columbia (UBC). The campus is evolving from a location solely for education to a residential community.


Jan and his partner live in a two-bedroom apartment at the campus’ Wesbrook Village area of homes and businesses. They expect to move into a three-bedroom place, also in the area, in a year and a half.


Jan, an associate professor in UBC’s department of biochemistry and molecular biology, wanted to stay close to the school. He checked out house prices on Vancouver’s west side, but they seemed out of the question.


“Obviously in the last few years we’ve been priced out of areas like Dunbar or Point Grey,” he said.


July 2016’s benchmark price for a detached house on the west side was about $3.6 million, according to the Real Estate Board of Greater Vancouver. And, dollars aside, the City of Vancouver has recognized a scarcity in two- and three-bedroom units for families.


“Adequate, affordable and attractive for family households with parents in their 30s and 40s is a necessity if the city is to ‘attract and retain talent’ and foster economic investment and development,” read a June 2016 city report.


The city is considering a new policy that will require 35% of units in new strata buildings to be family units (25% two-bedroom, 10% three-bedroom). The policy carries similar requirements for rentals.


City staff noted a decline of families in census data: between 2006 and 2011, Vancouver gained only 100 new families, the first decline since 1991.


New Westminster, meanwhile, is the first city in Metro Vancouver to take this kind of action. A recent bylaw requires a minimum of 30% family units in new strata buildings.

At UBC, the place Jan’s family will be moving into has an ample supply of family homes.


The building by developer Adera has only two- and three-bedroom units, starting at $700,000 and $900,000, respectively. They range between 1,300 and 1,600 square feet, with up to 250 square feet of patio space.


“We’ve had increasing demand for larger homes,” said Eric Andreasen, Adera’s vice-president of marketing and sales. “The reality is it’s tough to get single-family homes from going off the Richter scale in Vancouver. So families are adjusting. Everyone’s figuring out how to make ends meet in a smaller space – in a more effectively, more efficiently planned space.”


Jan’s future home is Adera’s 10th project in Wesbrook.


On top of family housing, Wesbrook also has activities geared towards young families like Jan’s: story times, holiday celebrations, outdoor concerts and movie showings. A community centre opened last year.


And though Wesbrook isn’t officially located within the city of Vancouver’s boundaries, the Vancouver School Board relocated University Hill Secondary School to Wesbrook in 2013 and also opened Norma Rose Point elementary in 2014. “There are four playgrounds within walking distance,” Jan said. “It’s a great place to raise kids.”


UBC’s planned community Wesbrook opened in 2009 and is located on the east end of campus. It’s population was about 4,000 as of last year, and it adds 600 to 800 new residents each year.


It is a growing community of homes and businesses with major retail chains but also “village”-feel spots like a fish market, a bakery and even a traditional barbershop.

“You can steal away from the hustle and bustle of the city as soon as you pass through Pacific Spirit park,” said Brennan Cuff, the village barber.


Cuff opened University Barbershop on Wesbrook Mall in 2013. His clientele hints at Wesbrook’s diversity.


“I think the youngest haircut we ever did was three months old, and the oldest is somewhere between 95 and 100,” said Cuff. “We as a barbershop obviously benefit, as our demographic is everybody.”


- The above article, written by Christopher Wong, was featured recently in Business in Vancouver

 

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Home Sales and Listings just below 10-year Average

 

Home buyer and seller activity remains near historical averages in the Metro Vancouver housing market.


Residential home sales in the region totaled 2,214 in November 2016, a -0.9% from the 2,233 sales recorded in October 2016 and a -37.2% compared to November 2015 when 3,524 homes were sold.


Last month’s sales were 7.6% below the 10-year sales average for the month.


“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president. 


New listings for detached, attached and apartment properties in Metro Vancouver totaled 3,147 in November 2016. This represents a -20.9% compared to the 3,981 units listed in October 2016 and a -7.2% compared to November 2015 when 3,392 properties were listed.


Last month’s new listing count was 1.2% below the region’s 10-year new listing average for the month.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).

The sales-to-active listings ratio for November 2016 is 26.4%. This is up 2% from last month (24.4%). 


Downward pressure on home prices can occur when the ratio dips below the 12% mark for a sustained period, while home prices can experience upward pressure when it surpasses 20% over several months.


“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”


Home buyer and seller activity remains near historical averages in the Metro Vancouver housing market.


Residential home sales in the region totaled 2,214 in November 2016, a -0.9% from the 2,233 sales recorded in October 2016 and a -37.2% compared to November 2015 when 3,524 homes were sold.


Last month’s sales were 7.6% below the 10-year sales average for the month.

“While 2016 has been anything but a normal year for the Metro Vancouver housing market, supply and demand totals have returned to more historically normal levels over the last few months,” said Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president. 


New listings for detached, attached and apartment properties in Metro Vancouver totaled 3,147 in November 2016. This represents a -20.9% compared to the 3,981 units listed in October 2016 and a -7.2% compared to November 2015 when 3,392 properties were listed.


Last month’s new listing count was 1.2% below the region’s 10-year new listing average for the month.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,385, an 8.3 per cent decrease compared to October 2016 (9,143) and a 3.6 per cent increase compared to November 2015 (8,096).

The sales-to-active listings ratio for November 2016 is 26.4%. This is up 2% from last month (24.4%). 


Downward pressure on home prices can occur when the ratio dips below the 12% mark for a sustained period, while home prices can experience upward pressure when it surpasses 20% over several months.


“Demand, relative to supply, for detached homes is lower right now than demand for townhomes and apartments,” Morrison said. “This is causing prices to remain stable, or flat, for townhomes and apartments, while detached homes are seeing modest month-over-moth declines.”


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Please visit our Open House at 46 7488 SOUTHWYNDE AVE in Burnaby.
Open House on Saturday, December 3, 2016 2:00PM - 4:00PM Sunny and bright SE facing one level 2 bdrm & den townhome at South Slope. Freshly painted. 2 large patios at front and back of the unit. Hardwood floor in the living/dining room. Near transit, hiking trails, schools. Allowed 2 pets /rentals.
Open 2-4 pm Dec 3&4 Sat/Sun. Sunny and bright SE facing garden level 2 bdrm & den townhome at South Slope. Ledgestone by ADERA. Great layout with no wasted space. Freshly painted. 2 large patios at front and back of the unit. Hardwood floor in the living/dining room. Open floor plan offers kitchen with maple cabinets, crown mouldings and breakfast bar overlooking dining room and living room. Electric F/P. Master bedrm has a walk in closet and a large window bench. 2nd bedroom could fit a queen size bed. Den is a great size for a home office. Cheater bathroom is big and have a soaker tub. In suite laundry. Nested in a quiet family oriented setting. Steps to schools, shops, transit and hiking trails. Well run complex with strong contingency fund. Allowed 2 dogs/cats, no size restriction. Quick possession OK.
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Please visit our Open House at 46 7488 SOUTHWYNDE AVE in Burnaby.
Open House on Sunday, December 4, 2016 2:00PM - 4:00PM Sunny and bright SE facing one level 2 bdrm & den townhome at South Slope. Freshly painted. 2 large patios at front and back of the unit. Hardwood floor in the living/dining room. Near transit, hiking trails, schools. Allowed 2 pets /rentals.
Open 2-4 pm Dec 3&4 Sat/Sun. Sunny and bright SE facing garden level 2 bdrm & den townhome at South Slope. Ledgestone by ADERA. Great layout with no wasted space. Freshly painted. 2 large patios at front and back of the unit. Hardwood floor in the living/dining room. Open floor plan offers kitchen with maple cabinets, crown mouldings and breakfast bar overlooking dining room and living room. Electric F/P. Master bedrm has a walk in closet and a large window bench. 2nd bedroom could fit a queen size bed. Den is a great size for a home office. Cheater bathroom is big and have a soaker tub. In suite laundry. Nested in a quiet family oriented setting. Steps to schools, shops, transit and hiking trails. Well run complex with strong contingency fund. Allowed 2 dogs/cats, no size restriction. Quick possession OK.
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I have sold a property at 403 3811 Hastings ST in Burnaby.
Don't miss out on this rare back unit in boutique concrete lowrise "Mondeo". This unit boasts brand new wide plank gray laminate flooring, new designer paint, open plan with spacious kitchen, gas range, granite countertop and more. Two full baths and a good sized covered balcony with some mountain views. Very quiet as it’s at the back of the building far away from Hastings Street. Excellent Vancouver Heights location, close to all amenities, shops, restaurants and easy for commuting to Downtown, the North Shore or easy highway access as well. Pets and Rentals allowed in this newer rain screened building.
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Please visit our Open House at 46 7488 SOUTHWYNDE AVE in Burnaby.
Open House on Saturday, December 3, 2016 2:00PM - 4:00PM Sunny and bright SE facing one level 2 bdrm & den townhome at South Slope. Freshly painted. 2 large patios at front and back of the unit. Hardwood floor in the living/dining room. Near transit, hiking trails, schools. Allowed 2 pets /rentals.
Open Oct 15 Sat 2-4. Sunny and bright SE facing garden level 2 bdrm & den townhome at South Slope. Ledgestone by ADERA. Great layout with no wasted space. Freshly painted. 2 large patios at front and back of the unit. Hardwood floor in the living/dining room. Open floor plan offers kitchen with maple cabinets, crown mouldings and breakfast bar overlooking dining room and living room. Electric F/P. Master bedrm has a walk in closet and a large window bench. 2nd bedroom could fit a queen size bed. Den is a great size for a home office. Cheater bathroom is big and have a soaker tub. In suite laundry. Nested in a quiet family oriented setting. Steps to schools, shops, transit and hiking trails. Well run complex with strong contingency fund. Allowed 2 dogs/cats, no size restriction. Quick possession OK.
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For prompt, polite and professional service, always contact Eva Li of RE/MAX Central Realty