Local News

There are currently 9 blog entries related to this category.


Image: Heritage School of Interior Design

It's not just Vancouver; Chinese buying drying up in Seattle too!

We knew there was going to be a sharp turn in the market coming into 2018 and now the numbers reflect it: the Real Estate Board of Greater Vancouver (REBGV) has just reported that July’s residential housing sales in Metro Vancouver reached their lowest levels for that month since the year 2000. Without a doubt, this has something to do with the Foreign Buyers Tax and the Additional Property Transfer Tax for Foreign Nationals. But what you probably didn't know is that our friends South of the border are experiencing the same cool down in their housing market.

Seattle has been one of the hottest markets in America and one of the greatest

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Declaration Due By February 2, 2018 March 5, 2018 

Only 1 in 10 homeowners in the City of Vancouver submitted their declaration form so the city has decided to extend the deadline for one month. If you live in the City of Vancouver, have you submitted your Empty Homes Declaration Form yet? We've provided the link below for quick reference on how to submit the form. Even if your home is occupied or is your primary residence, you are still required to submit the declaration. Otherwise, the city will assume that your home is empty. Submit before the new deadline! 

Why and How? 

According to the Canada Mortgage and Housing Corporation, the vacancy rate in Vancouver remains below 1% (0.9%) as of a report that was released on November 28, 2017.

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Goodbye 2017

Let's just dive right into it! 2017 was like sailing uncharted waters. 2015 and 2016 had some of the busiest activity we've seen in the Vancouver market since we've been in the real estate business but as soon as 2017 came around, it was clear that the tides had turned and things were not going to be as easy. The Greater Vancouver Real Estate Board (www.rebgv.org) - link to the article below - reported that there was a 9.9% decrease in activity compared to 2016 and a 15% decrease in activity compared to 2015. We've mentioned in a previous post that there were a few contributing factors to this decrease in 2017: (1) surprise interest rate early in the year; (2) continued drop in offshore money/investment; (3) bank tightening and

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The government announced new mortgage rules, including a stress test for borrowers last week, effective January 1. The stress test is designed to simulate a borrower's financial situation by assuming they would have to pay back the loan at the posted average — not whatever deal they were able to negotiate. So under OSFI's new rules, borrowers would be stress tested at either the 5-year average posted rate, or 2% higher than their actual mortgage rate — whichever one is higher.

So what does this all mean? Regardless of whether you have 20% down, you will have to qualify for a mortgage under the new stress test. If you are thinking about buying, especially as a new homebuyer, please take these new lending rules into consideration. Unless you have an

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Our clients look forward to attending the Home Shows each year - we know we do! The focus of the Fall Home Show is Interior Design and Decor. If you're looking to renovate or redesign your home, get some inspiration for future projects, or just want to see what the new trends are, this is the place to be! It will take place at the Vancouver Convention Centre (West) from Thursday to Sunday, October 26-29. The show is also featuring quite a few HGTV stars that will be offering their expert advice. 

We're giving away quite a few COMPLIMENTARY TICKETS on Facebook and Instagram this week so you and a friend can attend together! Give us a follow on either Facebook or Instagram (or both!) on the post, and tag someone you'd like to attend the Home Show with.

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Yes and No

Theo and I felt we could circle the 2nd last weekend of April as the day the market peaked.   It's just a feeling that comes from having your finger on the pulse of the market and not observing from a bank office in Toronto.

So we kinda agree with Paul Ainsworth of Capital Economics who is arguing it's not the Foreign Buyers Tax killing the market.  We feel the market was already slowing for a couple of reasons and the Tax just helped seal the deal.  It seems most homebuyers in the Lower Mainland don't feel the law of supply and demand will prevail in the local market but it DOES!   Check out the listed vs sold charts on the REBGV.org website...   

The wave of offshore money has peaked and passed.  Whether it be China clamping down or

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Yes 2016 Assessments were both a pleasure and a pain to homeowners.

Deferral can be an attractive option for some homeowners in the Greater Vancouver Area.

link to the official page to see the programs and qualifications.  

 

 The interest rate is currently 0.85% for the Regular program and you qualify if you're:

55 years or older during the current year

a surviving spouse of any age

a person with disabilities

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Attend an outdoor concert, visit the local Farmers' Market, participate in a community art project, or catch an outdoor movie at one of Burnaby's many summer events and activities. We've compiled a list of things to do in Burnaby this summer, with great options for the whole family! Check it out below!

Symphony In The Park

Symphony in the Park is an annual event that takes place at beautiful Deer Lake Park in Burnaby. Bring some folding chairs or a blanket, some snacks or a picnic, and enjoy a wonderful performance from the Vancouver Symphony Orchestra. Listen to classics and popular favourites such as O Canada, Star Wars III Imperial March, and 1812 Overture.

The event takes place on Sunday, July 12 from 7:00 pm to 9:00 pm. Admission to the

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Changes to Strata Property Act- majority(not 3/4) vote can approve depreciation report recommended work and strata can apply for court approval for special levies...   Good News for Owners that are frustrated by neighbors that don't want to do repairs or maintenance.

http://www.housing.gov.bc.ca/strata/regs/
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