- Real estate prices for much of the housing stock in the metro Vancouver area have risen above what average incomes can afford.
- Many buyers are having additional difficulty qualifying for a mortgage that will allow them to purchase...
While the mismatch persists between income and real estate prices (including rental rates) in metro Vancouver, creative real estate options are emerging as people find ways to adapt.
Housing affordability continues to be a major concern in our region. Key reasons:
SURREY CITY CENTRE'S TRANFORMATION
North Surrey is evolving fast and the changes are exciting. The City of Surrey, the Province, the Federal Government and private developers are all investing to rapidly transform the new City Centre.
Surrey is one of Canada's fastest growing cities. Its emerging "University District" is anchored by the Bing Thom designed Simon Fraser University, the new City Hall, Skytrain, Holland Park, the new Public Library and extensive shopping and recreation amenities. Also nearby is the developing "Innovation...
A Tale of Two Markets
Posted on April 23, 2018 by Kristina Eng
Posted in condo, detached homes, Metro Vancouver, Real Estate, townhouses
Real estate in the Lower Mainland is currently two distinct markets:
Condos and Townhouses:
For affordable condos and townhouses there can be multiple offers, bidding wars, and often subject free offers with fast sales putting upward pressure on prices at the lower end of the market. This is true everywhere from North Vancouver, through Vancouver, Coquitlam,...
Hot Off The Press - 2018 Speculation Tax Details
Posted on March 21, 2018 by Kristina Eng
Today, the Government of BC released more details regarding the new Speculation Tax. Essentially, the speculation tax will apply to:
In 2018, the tax rate for all properties subject to the tax is 0.5% of the property value.
In 2019 and subsequent years, the tax rates will be as follows:
Thinking about Buying Housing for your Post Secondary Student?
Posted on March 5, 2018 by Kristina Eng
Posted in studenthousing realestateinvestment
Feeling the pain of high rental costs for your kids attending university or college? Rather than paying someone else’s mortgage through high rents for the next few years, it’s worth checking out investment opportunities for purchasing a condo/townhouse for your student. Their friends could rent room(s) to help cover the mortgage.
I have a child who’s a first year university student so I know the costs first hand. I’m also anticipating my second to join her in a few years!...
BC Property Assessment
BC Property Assessment
It's that time of year. You've probably received your new property value assessment in the mail. If not, you can go online to https://www.bcassessment.ca/ Enter your address in the search bar to get the assessment for your property. You can also also look up your neighbours' assessments or the assessment of other properties in BC.
Why is this important?
The value assessed for your property is the basis for how much property tax you will pay in 2018. Property...
PROTECT YOURSELF: STRATA WATER DEDUCTIBLE REVIEW REMINDER
Posted on November 29, 2017 by Kristina Eng
Posted in insurance coverage, liability risk, water damage
The majority of strata Annual General Meetings are coming up over the next few months presenting an ideal opportunity for strata lot owners to verify that their home owner insurance policy water deductible coverage matches that of the strata corporation's master building policy and if not advise their insurance broker immediately.
METRO VANCOUVER BUYERS' MARKET FOR HIGHER END HOMES
Posted on November 8, 2017 by Kristina Eng
Posted in Buyers Market, Higher End Real Estate, Metro Vancouver, Real Estate
Higher inventory means more selection and more ability to negotiate vigorously with motivated sellers for homes that may include ocean views, are more luxurious, have more amenities, acreage and are in prestigious neighbourhoods.
The cut off price point from balanced market to buyer’s market varies by area, but in many areas, for example in South Surrey / White Rock and the eastside of Vancouver the pivot point is properties over $1.75 million.
The surge of investor buyers and offshore funded...
ABOUT ANTICIPATED MORTGAGE CHANGES
Posted on October 29, 2017 by Kristina Eng
Posted in Mortgage Rates, Real Estate
Proposed changes to mortgage qualifications are anticipated to take effect in January 2018.
How you may be affected?
LOWER MAINLAND SELLER’S MARKET
Posted on October 13, 2017 by Kristina Eng
Posted in Condos, Real Estate, Sellers Market, Vancouver Sun
There is continuing pressure from buyers for “more affordable” housing – condos up to about $500,000, townhouses up to about $750,000 (threshold prices vary by area).
The strong demand is coming from all sectors: families, downsizers, first time buyers, divorces, and investors. Given the limited supply of inventory in this range compared to demand, these types of housing in pretty much all areas of the lower mainland continue to get multiple offers and move quickly.
Listings at 20 Year Low
I thought this was an interesting article in the Vancouver Sun:
B.C. home listings fall to 20-year low, real estate association says.....
Click here for the whole article : BC Home Listings Fall to 20 Year Low
Fraser Valley Market Overview
Market Update April South Surrey White Rock
The spring market is picking up with some multiple offer situations in South Surrey and White Rock.
See below for the details for each neighbourhood in South Surrey and White Rock.
To see the full report for the Fraser Valley, click here:
2017 April Fraser Valley Snapstats Report
Strata Buyers are not responsible for previous owner's debt if not disclosed at purchase
Posted on May 20, 2016 by Kristina Eng
Posted in Strata
Here's a great article by Tony Gioventu, Executive Director of the Condominium Homeowners' Association, published in the Province newspaper. In it he discusses the importance of the Form B and Form F in strata purchases and sales, and what protections there are for sellers and buyers in terms of debts owed by others to the Strata.
2nd Annual Crescent Beach Community Garage Sale June 4
Get ready for the 2nd Annual Community Garage Sale
in driveways throughout Crescent Beach!
Saturday June 4,
9:00am to 2:00pm
I'm sponsoring the Community Event for the second year - providing signage, advertising and cookies!
It was such fun last year. Come as a customer to shop for treasures or call me to say you'd like to participate and be put on the Event Map.
Shadow Flipping: New Provincial Rules to Help Protect Sellers
New regulations that further protect sellers in residential real estate transactions have been approved and will take effect May 16, 2016, Premier Christy Clark announced today.
"Government will not tolerate unethical or predatory conduct in the real estate market," Premier Clark said. "These rules will increase transparency and make sure that sellers' best interests are protected. Real estate licensees must act in the best interests of the client - not themselves."
With these new rules,...
Analysis of the Federal Budget from a real estate perspective
Analysis by Dr. Sherry Cooper
Chief Economist Dominion Lending Centres
Budget 2016—Billed As ‘Growing the Middle Class’
Today’s budget included everything I expected and nothing that I feared. The fears first—there is no change in the tax treatment of capital gains or stock options, despite continued rumours and speculation. Indeed, in a press conference in the lock-up, Minister Morneau said that stock options tax changes are off the table because they are...
BC Home Sales Sizzle at Record Pace
BC Home Sales Sizzle at Record Pace Vancouver, BC – March 14, 2016.
The British Columbia Real Estate Association (BCREA) reports that a total of 9,637 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 44.7 per cent from February of last year.
This smashed the previous record of 8,157 unit sales for the month of February recorded in 1992.
Total sales dollar volume was $7.51 billion in February, up 76.4 per cent compared to...
B.C. will be the first Canadian jurisdiction with an online Civil Resolution Tribunal for small-claims disputes up to $10,000 and strata conflicts
There's an interesting article in today's Vancouver Sun by Ian Mulgrew. BC is following the lead of many countries in the European Union and making the small claims process more accessible, faster and cheaper for strata and other claims up to $10,000. 90% of small claims are self-represented. The process will now be going online. Here's the article....
Ian Mulgrew: Small claims and strata disputes to move online
Soon you will be able to settle squabbles without setting...
1st Annual Crescent Beach Community Garage Sale!
Over 20 households are participating on Saturday 6 June 2015 in the Community-Wide Crescent Beach Garage Sale. It's live on Craigslist and there's a featured ad on Kijiji. There will be a prominent ad in the Friday garage sale section of the Peace Arch News, and I'll be running around the community early on Saturday morning with signs and balloons! :)
There's going to be a cornucopia of treasures available, ranging from a stuffed giant marlin sculpture to furniture, tools,...