Where are Western Canada's biggest hotspots for real estate investment in 2019? If you have some funds burning a hole in your pocket, you would be advised to take a look outside of the usual suspects of Vancouver and the Capital region.
Here are our sister publication Western Investor's picks for the top five Western Canadian cities to invest in real estate over the next year.
Read on to find out!
If you cannot afford a house in Vancouver but still want the luxurious lifestyle, developers are bringing some fun ammenities to their designs:
1. designated hot and cold food storage rooms for food delivered before you make it home from work
2. designated spot for Uber and Lyft rides (not yet in Vancouver!)
3. a high-tech shared working space for those who want to work from home
4. an exercise room outfitted with a gym system that mixes arcade-style activities with fitness.
In 2014, condo developer Tridel partnered with Vancouver-based social networking business Bazinga, which runs a platform that lets condo residents chat with each other and building staff, book amenities, access important documents and receive news about their community.
As developers reflect on all the high tech they want in their own homes, they are bringing those ideas to their projects. It will be interesting to see what they bring to Vancouver in the future!
Read on....
A 55-unit, six-storey residential building is proposed for a land assembly near the Little Mountain development site.
The proposal, for which a rezoning application has been submitted, involves property from 4906 to 4970 Quebec St.
A 55-unit, six-storey residential building is proposed for a land assembly near the Little Mountain development site.
Read on...
A proposal for a five-story, mixed-use building at 4464 Dunbar St. will be reviewed by the City of Vancouver’s Urban Design Panel Oct. 3
Under the site’s existing C-2 zoning, the application is conditional, so while it may be allowed, a decision by the Development Permit Board is required. The Urban Design Panel advises city council and staff about development proposals or policies, including major development applications, rezoning applications or other projects of public interest.
IBI Architects, in conjunction with Qualex Landmark Ltd., is involved in the Dunbar project.
An open house about was held in the community on Sept. 20 and a decision on the permit is expected from the Development Permit Board on Nov. 26.
The site sits between West 28 and 29th streets and the plan is for 48 market strata units, 10,869 square feet of commercial area, a height of up to 52.9 feet, a total floor space area of 76,907 square feet, and two levels of underground parking with 129 parking spaces.
Everyday, as I peruse the listings on our industry MLS site, I am astonished at the terrible photos my colleagues choose to use to sell their clients home online! EVERYONE starts their home search online so first impressions are key.
The potential Buyer is looking at the features of your home - not your stuff. They want to see if your kitchen counter is marble or laminate. Put your dirty dishes, dish cloths, tea towels, rotting bananas, and jars of spices, lentils etc. away. They are very distracting in a photo. Instead, if you have a beautiful espresso machine, leave that out and add a simple bowl of crisp green apples.
Bathrooms should be immaculate, with all personal items away, brand new towels out, and toilet seat down!
Bedrooms - clothes away, beds made, closets tidy - no one wants to be hit in the head with a tennis racquet when they open a closet door.
Small floor mats in ANY room should be removed for photos - they look like small patches of color in photos - again very distracting. I could go on..... Easier to give me a call!
Once your home is listed online, go and look at the photos. Would you buy it based on what you see?!
Read on...
Property analysts are predicting that the Greater Vancouver real estate market will continue to cool.
Read more....
On September 18th, at one of the last meetings before the Vancouver civic election, there will be a public hearing held on plans to allow duplex zoning in almost every city neighbourhood.
This is a final move by Mayor Gregor Robertson to add even more density, and in the future, the new council will consider further density with fourplexes and townhomes.
Some believe that these new types of housing in current single detached home zoned areas will be unaffordable for most residents - especially on Vancouver's west side. Duplexes on the west side are selling in the $2,000,000 to $3,000,000 range.
Homes in Vancouver which are unoccupied for 6 full months of the year or more, will be subject to the 1% EMPTY HOMES TAX.
The tax is equal to 1% of the property's taxable assessed value in addition to the existing property tax and will be applied annually.
Who won't be subject to the tax?
Residences being used as a principal residence by the owner, a family member, a friend or any other person occupying with the permission of the owner but is not a tennant or sub tennant, will NOT be charged the tax.
Nor will properties that are rented long term (with a written tennancy agreement) for at least 30 days in a row for a minimum of 6 months in aggregate over the course of a year.
For greater detail and how this particular tax applies to you, it is always important to seek proper advice such as with an accountant or lawyer. More info also available at:
https://vancouver.ca/home-property-development/empty-homes-tax.aspx
Do you have a basement suite or a laneway house and you don't want long term tenants?
As of September 1st 2018, in Vancouver, you are permitted SHORT TERM RENTALS in principal residences only - the home where you live.
Anyone operating a short term rental must have a business licence and include it in all the listings.
The registration period to comply with the regulations ends after August 31st. After this date, you can still apply for a licence but all short term rentals listed without a licence will be fined $1000.
For more info go to vancouver.ca/short-term-rentals
July 2018
Typically, the real estate market will slow down in the summer months, with an increase slightly in mid - September and then take a slower turn as it approaches November. Below are the statistics for July 2018 in comparison to July 2017.
Detached Properties: One year Change
Total Active Listings 858 +6.3%
Sales 57 -23%
Days on Market Average 54 +50%
MLS HPI Benchmark Price $3,356,500 -8.4%
Condos:
Total Active Listings 1203 +20.2%
Sales 295 -25.5%
Days on Market Average 17 +52.9%What does all this mean?
In the detached home market on the west side of Vancouver, prices are down around 8% from last year, sales activity is down as well, and listings are up. All of this creates a BUYER'S MARKET - great time to BUY!
For condos, activity continues to be strong, with prices up, listing numbers up, but activity down in the summer months. It is a SELLER'S MARKET.
For townhomes, which is a small market on the west side, listings are up, sales slightly down but prices still on the rise. One reason for this is lack of supply and high demand, especially amonst the down sizing crowd. This is a BALANCED MARKET.
