CREA just released a report detailing the most search Canadian cities by various countries around the world.

Vancouver is the second in popularity from Australia, Brasil,China,, Germany, Hon Kong, South Korea and the UK. Toronto was first is all these categories.

For the UAE and the US, Vancouver was third.

For India, Vancouver was fifth.


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JUST LISTED!

903-1228 Marinaside Crescent on Yaletown's waterfront. A wonderful Vancouver neighbourhood!

An amazing two bedroom and den corner condo with waterviews from every room. Features two full baths and one parking stall. The suite is in move in condition, with hardwood floors and stainless steel appliances.

Crestmark II features a concierge, indoor pool, sauna/steam and a gym.

Boasting a 98 walkscore you'll love the neighbourhood feeling of this location, close to restaurants , shops and urban fare, the Skytrain, Community Centre and Rogers Arena. Enjoy walks on the seawall.

Pets and rentals welcomed.

1152sf

$1.375.000.

View the Listing! Call Maggie 604-328-0077 for a showing!


Sneak Peak April 29th 5-6pm, Open House Apr 30th 1-3pm and May lst 1-2pm


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Between now and 2019, the federal government will provide $460.5 million to fund transit infrastructure in BC. It will also fund up to half the costs of future transit projects.

These funds are for phase one expenditures from the Government of Canada’s Public Transit Infrastructure Fund. Phase two expenditures on new major transit infrastructure will be announced next year.

The funding will also help decrease traffic congestion for the:

  • million new residents coming to the Metro Vancouver by 2041; and
  • key goods transportation sector.

This, in turn, will boost the economy since residents will have better access to jobs closer to home and an alternative to driving.

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Home buyer competition is intense in today’s housing market, and multiple-offer situations have become commonplace.

These trends have everyone wondering who is buying homes in Metro Vancouver today?1 Are millenials being priced out? Are retirees downsizing? Are investors driving the market?

To shed some light on these questions, we send a home buyer demographic survey each month to members who represented a buyer in a sale over the previous 30-day period2. Between 150 and 200 REALTORS® regularly complete the survey. Our analysis is based on an average of the last 12 months of responses.

“This feedback, while not scientific, gives us a deeper understanding of the trends in the marketplace,” says Dan Morrison, Board president. “We’ve conducted this poll over several years and some consistent themes have emerged.”

Home buyer trends (2015 - 2016 averages)

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Since 2015, first-time home buyers have, on average, accounted for 32 per cent of Metro Vancouver home sales, according to the survey, and 21 per cent of home buyers are people moving from one property to another similar property in the region.

Speculation of real estate investor activity is much discussed in social and traditional media today. Our survey finds that nearly one in five homes sold to real estate investors last year, with domestic investors (15 per cent) making up the largest portion of these purchases. Foreign investors make up less than five per cent of all property sales in the region.

Home buyer demographic

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Young families with children are active in today’s market. This group accounts for 34 per cent of all activity, and young couples with no children make up 18.5 per cent of all activity.

Retirees (eight per cent) and empty nesters (seven per cent) both represented less than 10 per cent of Metro Vancouver home sales according to the survey.

Home buyer residency

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The clear majority of buyers, around 82 per cent, are already living in Metro Vancouver when they make their purchase. The next largest group of buyers migrate from other areas in BC and Canada. Roughly eight per cent of home buyers come from outside Canada, according to the survey.

Financing trends

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On average, just over 60 per cent of buyers pay for their homes using traditional mortgages with at least a 25 per cent down payment. Cash purchases and high ratio mortgages make up the remaining 40 per cent in nearly equal proportions.

“While the volume of home sales has increased in recent months, the characteristics of people buying in our market remains relatively constant according to this monthly research,” Morrison says.

Footnotes

  1. Areas covered by the REBGV include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta. 
  2. Data collected from REBGV Market Survey, March 2015 - February 2016
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In the next 20 years, between 2.3 million and 6.1 million new households will be created across Canada, according to a recent Canada Mortgage and Housing Corporation (CMHC) forecast.

One person households will predominate; the median age will be older, increasing to between 54.7 and 56.2 years compared to the current relatively youthful 50.9 years.

In total, one third of all Canadian households will be seniors, and of these more than half will be a spry 75 years and older.

Owning a home will continue to be popular, according to the report. CMHC asserts that the annual growth for owner households will be five times that for renter households. 

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The Bank of Caanda says our economy appears to be achieving a growth rate of 2.5% during the first quarter, which is stronger than expected. However, the Bank does not expect this rate of growth to continue in the second quarter. The decrease in demand for natural resources will result in a slower economic growth. Fiscal spending announced in the recent Federal budget will have a positive effect on the economy.

The Bank forecasts the economy will grow 1.7% this year and 2.3% next year and 2% in 2018. this suggests a return to a 2% target for inflation over the same time frame.

If economic growth and job creation continue to surprise on the upside then the Bank may begin to raise rates toward the end of 2017 and potentiall see mortgage rates rise toward the end of this year, in anticipatio of tighter monetary policy

April 13, 2016

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Concord Pacific's new ARC development at the foot of Cambie Street bridtge will be the first in North America of its scale to be 100% EV ready. The development will also be the first in the city to have both a tuchless and manual carwash for the exvlusive use of its residents.

Soon after Concord announced their EV parking commitment, the city of Vancouver adopted the policy for all future condo buildings, due to the advancements in electric vehicle technology and demand in Vancouver.

The EV plugs in Concord's ARC building will all have a 210 volt capacity, allowing for quicker charging capabilities - up to 50 kilometres worth of charge in an hour

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Last September Vancouver city council voted unanimously to approve the First Shaughnessy Heritage Conservation Area – Vancouver’s first-ever heritage conservation area.

The goal is to protect from demolition the 300 remaining pre-1940s homes in the First Shaughnessy neighbourhood. The area extends from West 16th Avenue to King Edward Avenue (West 25th) and from Arbutus Street to Oak Street. (Read a previous article summarizing the history of this decision.)

Council adopted the heritage area zoning after a process which included three consultation sessions where hundreds of residents and stakeholders (including REALTORS®) spoke in response to concerns about:

  • the more than 200 homes that had been demolished from 2005-2014; and
  • the increasing number of requests for demolition permits.

The neighbourhood includes 595 properties, of which 315 were built before 1940. Eighty of these homes are so important to Vancouver's history that they’re listed on the Vancouver Heritage Register.

In January, Jane Pickering, acting general manager of planning and development services, recommended that council amend the First Shaughnessy Heritage Conservation Plan to make the standards and guidelines easier to understand according to a policy report.

On March 9, 2015, council reviewed bylaw amendments and again unanimously approved the First Shaughnessy Conservation Area.

The amendments don’t weaken the protections in the conservation area.

Parking

In the First Shaughnessy area parking is to be primarily accommodated in accessory (detached) garages.

If the parking is attached to the home, parking will be allowed below grade only in limited circumstances such as a slope, a difficult site configuration or where there would be a loss of heritage features.

Permit applications

A permit application isn’t required to remove a property from the list of homes with heritage value in First Shaughnessy.

The assessment and determination of whether a property has heritage character or value occurs at the inquiry stage and takes approximately two weeks once all the information is received.

There may be costs for the owner to hire a consultant to prepare a heritage value assessment.

Property with no heritage value

After the assessment, if a property has no heritage character, city staff would initiate the process to remove the property from the list of heritage homes at no cost to the owner.

A request to remove the property is then presented to council at a public hearing. If all agree that the property has no heritage value, the removal is finalized. This process takes two to three months.

Property with heritage value

If the director of planning determines the property has heritage value and the property owner disagrees, then a development permit application must be made and refused by the director of planning before reconsideration by council can be requested. A decision on a development application in First Shaughnessy takes approximately 14-16 weeks. A decision by council to reconsider takes two to three months.

The goal is to conserve the pre-1940s homes in First Shaughnessy. It's council’s view that since it has included the 300 heritage properties within the heritage conservation plan, then it’s only fair that council can remove them from the plan.

Applicants pay the development permit costs and the city is responsible for reporting an owner's reconsideration request to council.

Incentives

To offset the costs of maintenance, under the new rules, the city will now allow owners to convert their property into multi-unit buildings with secondary suites, or, depending on the lot size, to add coach houses and infill buildings.

Watch these video clips (clip 1 and clip 2) of council’s discussions on the First Shaughnessy Heritage Conservation Area amendments.

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Please visit our Open House at 204 1146 HARWOOD ST in Vancouver.

Open House on Saturday, April 2, 2016 3:30 PM - 4:30 PM

Attention Investors, pied-a-terre and first time buyers! Welcome home to the sought after LAMPLIGHTER, a concrete strata in the heart of the Sunset Beach/Davie St neighborhood with no rental restriction, a pro-active council and onsite caretaker. This northeast facing one bedroom has just been completely renovated with new laminate floors, quartz countertops, updated bathroom and kitchen, new Blomberg washer/dryer, new appliances and is available immediately. Open balcony overlooking the beautifully manicured gardens. Includes storage locker and parking for $35/month. Refurbished lobby and common areas, recently re-plumbed, renewed parking membrane, new boilers and landscaping. No pets. Walk Score - 95. OPEN HOUSE: April 1st 5:00-7:00pm and April 2nd 3:30-4:30pm.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.