BURNABY
WEDNESDAY, WEDNESDAY, JANUARY AUGUST20, 3, 2016
TRI-CITIES
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R E A L E S TAT E W E E K LY
Overseas Buyers of Vancouver Real Estate to Pay Extra 15% Property Transfer Tax
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verseas-based buyers of Metro Vancouver homes have to pay an additional 15 per cent in Property Transfer Tax as of August 2, under new legislation announced July 25 by the BC government. Finance minister Mike de Jong said the tax is intended to tackle low rental vacancy rates and high home prices in the region. “The data we started collecting earlier this summer is showing that foreign nationals invested more than $1 billion into BC property between June 10 and July 14, more than 86% of it in the Lower Mainland,” said de Jong. “While investment from outside Canada is only one factor driving price increases, it represents an additional source of pressure on a market struggling to build enough new homes to keep up. This additional tax on foreign purchases will help manage foreign demand while new homes are built
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to meet local needs.” The group of legislative changes also allows the City of Vancouver to amend its community charter in order to introduce a vacancy tax, which Mayor Gregor Robertson said recently that the City would implement with or without the province’s support.
be accessible to middle-class families, and those who are in a position to rent should be able to find a suitable home. “These changes are about helping to make sure that British Columbians can continue to live, work and raise their families in our vibrant communities.”
A Change of Tune New Housing Fund The BC government also announced it is creating a new Housing Priority Initiatives Fund for housing and rental programs, details of which have yet to be announced. The fund will start with a cash injection of $75 million, and going forward will be topped up with some of the revenues from the Property Transfer Tax, including income from the new additional tax on foreign buyers. Premier Christy Clark said of the legislative changes, “Owning a home should
Ask the Expert: How Can I Stop My Sold Home Being Torn Down?
Victoria’s allowance of the charter change to permit the home vacancy tax was widely anticipated to be announced, but the new Property Transfer Tax for overseas buyers was less expected. The tax marks a change of tune for the BC government, which until now has largely shied away from intervening in the local housing market and foreign investment. Last year, de Jong said he did not support a tax on foreign investment, as he was concerned it would deter Asia-Pacific investors. Responding to the two changes, the
Foreign Nationals Bought 10% of Vancouver Homes in Five-Week Period
Urban Development Institute stated, “It is uncertain what combined impact these taxes will have on the housing market. The Urban Development Institute believes that taxes alone will not solve our affordability problems. “With three new taxes proposed it is now time to focus on creating more housing supply. A portion of the PTT tax revenues will be deposited in a new Housing Priority Initiatives Fund. If allocated wisely, these revenues could provide a real opportunity to increase the supply of both market and rental housing.” The announcement follows recent news that Property Transfer Tax revenues have increased 43.9 per cent over the past year to $1.53 billion a year – a figure that could rise even more dramatically under the new tax rules, unless overseas buyers are deterred from investing in Vancouver real estate.
Should Being Mortgage-Free Be Your Plan for Retirement?
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Monet TYLER
Sussex
2015
2015
#10 Royal LePage Realtor in BC 2015 #1 Royal LePage Realtor for Tricities in 2015
monet@monettyler.com NEW LISTING
❚
www.monettyler.com
NEW LISTING
116 600 Klahanie Drive
NEW
604.763.4307
❚
$483,800
107 Linden Court
$1,428,000
51-2200 Panorama Drive
$998,888
SOLD
Brookside Realty
$1,198,000
121 Fernway Drive
$1,058,000
Chad August
99 2200 Panorama Drive
$1,498,800
I need Homes and Townhomes to sell!
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PRIC
3582 Franklin Street, East Van
4 Aspen Court
SOLD
$798,000
www.dexterrealty.com
604.318.5254
604-689-8226 Yaletown 604-336-3539 Main Street 604-263-1144 Kerrisdale
WWW.CHADAUGUST.COM chadaugust@shaw.ca
$1,188,000
NEW LISTING ONE OF THE BEST SUITES YOU HAVE EVER SEEN
Taking our Listings Global NEW LISTING
$329,000
#18861 122B AVE., PITT MEADOWS • $1,079,900 MLS R2085593
FANTASTIC VIEW LOT!
VIEW...VIEW...VIEW...Fantastic property in the desirable area of Cape Horn with HUGE VIEW LOT over 10,800 sq.ft. Main level offers living room, dining room, kitchen, 3 good sized bedrooms. Enjoy breathtaking views on the wrap-around balcony overlooking the Fraser River and Port Mann Bridge! Lower level offers a 1 bedroom suite on one side and a large workshop/storage area on the other. This home requires signi cant renovations/ TLC or is a perfect opportunity to buy and build your dream home! Centrally located, close to Hwy 1, minutes from Burnaby, Vancouver, and Surrey. Don't miss out on this one!
1985 WILTSHIRE AVENUE Maria Zavaglia 604-202-4124
-Over 3800sq ft of living space on 2 levels -7 or 8 Beds (Amazing 3 or 4 bedroom over 1700sq ft daylight inlaw suite) -Pitt Meadows Cul De Sac, steps from Highland Park -Large Over 7200sq ft lot
NEW LISTING
$449,900
EXCELLENT ONE BEDROOM Axis, a concrete building in the heart of Highgate. Open oor one bedroom with mountain & city view. Pet and rental friendly. . 1102-7225 ACORN AVENUE The Go Team 604-263-1144 PRICE REDUCED
$218,800
COMING SOON • 43 TOWNHOMES 1300 sqft - 2000 sqft (3 Bed Plus)
From $374,900 Call for priority registration and information **this is not an offering for sale any such offering may only be done by Disclosure Statement E.&E.0.
TWICE AS NICE!!
COURT ORDER SALE!
IMPRESSIVE 2 Bedroom + 2 bath + 2 parking + 2 storage locker suite in STATION. 886 sq.ft. beautifully appointed with CONTEMPORARY H/W oors, Quartz counter, Upscaled S/S appliances. Wide FLOOR PLAN = lots of natural light & sunshine. GEOTHERMAL heating & cooling. Close to West Coast Express, Evergreen Line, Rocky Point Park, shopping and restaurants = GREAT LOCATION. Pets & rentals welcomed. An OUTSTANDING HOME in an EXCEPTIONAL BUILDING! Visit www.fannywong.ca for photo tour.
COURT ORDER SALE - ATTENTION RENO-VATORS AND INVESTORS - FANTASTIC DOWNTOWN NEW WEST CONDO being sold "As is, Where is". This bright, large, one bedroom unit is completely ready for ALL your finishing touches – in a catfriendly (no dogs), modern and well maintained fully rainscreened strata building. Private ground level patio and garden area. Complete this unit yourself for immediate up-side potential. Amazing central location blocks away from all amenities on an outstanding tree-lined street! The Buyer/s should independently verify all listing information. Unit is tenanted and difficult to show – please give at least 48 hours’ notice to view
507-95 MOODY STREET FANNY WONG 604-263-1144
104-210 CARNARVON STREET David Young 604-263-1144
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By Appointment Only Sat & Sun (August 6-7, 2016) Check this out!
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Over 26 years of award-winning sales and service! Mark
Sheryl
Let’s talk about real estate: www.dawsonrealtyexperts.com
Alice
Brokerage: Royal Pacific Realty Corp.
DEANS DAWSON LIN
Mark 604.328.7891 | Sheryl 604.209.3118 | Alice 604.617.6821
Burnaby Hospital Area Well appointed, exceptionally clean, spacious one year new home. Main floor (1482 sf), 3 bedrooms, 3 bathrooms. Lower floor (1576 sf), 2 bedrooms, 2 bathrooms. Hardwood floors, AC, gourmet kitchen and more. Bring the entire family. Easy access to shopping, transit, parks and schools. North facing with mountain views. 50’ x 120’. Call now for details.
MICHAEL K. CHIANG (C) 604-657-7266 Sutton Group - West Coast Realty
RARELY AVAILABLE COMMERCIAL PROPERTY! 1351-1359 MARINE DR. WEST VANCOUVER - AMBLESIDE! INCOME + DOUBLE LOT - ASKING ONLY $6.998M!
NEW LISTING - 927 KELVIN ST. COQUITLAM! EXCEPTIONAL FAMILY HOME ON LARGE LOT! IN AREA OF MILLION $ HOMES - ASKING $1.29M! d! ce du e R ice Pr
NEW LISTING: This property has been in the same family since 1954! An amazing, rare, opportunity to own in a prime Commercial property in tony West Vancouver! This property is directly across from new the multi-million dollar Grosvenor development! It simply doesn’t get any better than this. PLEASE DO NOT DISTURB TENANTS. Thank you. Contact us for a package & further details today.
Exceptional, executive, family home in one of the most desirable areas & streets in Coquitlam! A lovely home with a stately street presence situated on a large, level, fenced “homes & gardens” back yard with an inground sprinkler system & accent lighting. A separate in-law or nanny accommodation is simply outstanding! Close to schools, golf course & skytrain. Only 30-35 min to Vancouver. VIEW BY APPT. Call now.
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209-3420 Bell Avenue $239,900 LOCATION! LOCATION! LOCATION! Spacious 1 bedroom condo in Bell Park Terrace. Centrally located, this unit is filled with updates. The Living /Dining area leads out to a large deck perfect for summer BBQ’s, facing the lush courtyard on the quite side of the building.
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1410 1500 Howe Street $603,000
Welcome to THE DISCOVERY. Waterfront seawall, & marina location. This large 1 brdm unit has been completely renovated with an entirely new chef’s dream kitchen. All new top of the line appliances and hardwood floors. Large master bedroom, spacious balcony overlooking the city. Steps to aqua bus, 1st class restaurants & beaches.
1202-1499 West Pender St $2.408M
COAL HARBOUR, rarely available 02 unit in awardwinning “West Pender Place”. This luxurious sky home offers picturesque views of Burrard inlet, North Shore Mountains, Stanley Park and the harbour from all rooms. Enjoy Gaggenau and Sub Zero appliances, kitchen cabinetry from Dada of Italy, quartz counter tops, marble appointed ensuite and powder room. Building features full amenities and 24/7 concierge.
THINKING OF SELLING? PUT OUR EXPERTISE TO WORK FOR YOU! CONTACT US FOR A FREE PROPERTY MARKET EVALUATION!
IN PRINT AND ONLINE Your go-to source for the latest Lower Mainland listings, news and advice
Looking for a New Brokerage? Receive the highest level of support from our experienced Managing Broker. NO FRANCHISE FEES THREE EXCELLENT FEE PLANS STRONG SUPPORT
Roloff Veld Managing Broker
Contact Roloff at 604-782-7327 or roloff@evergreenwestrealty.com 206-1120 Westwood Street, Coquitlam BC, V3B 7K8 T: 604 942 1389 www.evergreenwestrealty.com
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R E W.ca » B U R N A BY / T R I - C I T I ES » W E D N ES DAY AUGUST 3 , 2 0 1 6
TAMMY MATSON 778.938.5599 www.tammymatson.com ❚ tmatson@eastlink.ca Thinking of a move??? Your home might be worth more than you think!!! Call me for a FREE MARKET EVALUATION! NO obligation & NO rush!
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SOLD!
5147 8A Avenue, Tsawwassen
4925 Weaver Drive, Tsawwassen
14134 60 Avenue, Surrey
102-1369 56 Street, Tsawwassen
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1262 Pacific Drive, Tsawwassen
5323 3A Avenue, Tsawwassen
526 Erin Place, Tsawwassen
5163 1A Avenue, Tsawwassen
Call me for confidential & personalized real estate service! SERVICE THAT WILL MOVE YOU!!! Sutton Group - Seafair Realty - 1625 56th Street, Tsawwassen, BC
Success Through Customer Satisfaction... Think Green! $1,108,000
Colleen Unlic. Assistant
Great Family Home 4968 10A Avenue Seafair Realty
www.susangreen.ca susan@susangreen.ca susan@susangreen.ca
This 2078 s.f. Scandia split level is bright with lots of big windows, skylights, and sliders to the 8095 s.f. south-facing yard. 3 large bedrooms and 3 baths, including an ensuite. Attractively landscaped and located in a quiet neighbourhood near schools, golf course and Tsawwassen Center. Call Susan
WE NEED TO PLACE A PICTURE OF YOUR WONDERFUL HOME HERE!
$1,299,900
5320 Wallace Avenue Excellent and highly desired location in Pebble Hill overlooking the border with Pt. Roberts. 1982 s.f. 2-level with 3 bedrooms and 2 baths up and 1 bedroom plus bath down. Extensively updated with new windows, roof, Hardiplank siding, hot water tank, furnace and more. Huge deck off the kitchen overlooking the gorgeous sunny south-facing 8019 s.f. lot. Call Susan
We will explain All the Beau ful A ributes and Features of Your Family Home from the Lovely Front Garden to the Warm and comfortable floor plan, the large rooms and number of bathrooms. Then we will move on to the Great rear Garden. Then we will move on to Your Special Loca on, Address and Price to Sell.
Please allow us the opportunity to make this a Wonderful Experience!
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Intelligent living BY ZENTERRA DEVELOPMENTS
Beautiful spacious cottages in a natural setting, an exclusive clubhouse with pool, and abundant recreational possibilities makes Bridal Falls a one-of-a-kind resort ownership opportunity in Canada
IF YOU’RE READY TO DOWNSIZE, BUT NOT READY FOR A CONDO, OR LOoKING TO PURCHASE a second home getaway, WE have it all. COTTAGE SHOW HOMES OPEN DAILY 11 - 4 53480 BRIDAL FALLS RD, BRIDAL FALLS, BC 604.745.4104
DiscoverBridalFalls.com
224,900
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Artist’s Rendering - Mahogany Plan B-2
VANCOUVER LUXURY. ABBOTSFORD PRICES. FROM THE HIGH $200’S MAHOGANY, A SPECTACULAR NEW COLLECTION OF LUXURY HOMES. WITH 26 STOREYS OF CONCRETE CONSTRUCTION, GENEROUS AMENITIES AND INCREDIBLE VIEWS OVERLOOKING BEAUTIFUL MILL LAKE, MAHOGANY IS TRULY THE NEW HEIGHT OF LIVING. TO LIVE HERE IS TO LIVE WELL. Presentation Centre is open daily (except Fridays) from 12 - 5 pm 2180 Gladwin Road, Abbotsford
LIVINGMAHOGANY.COM 778.255.9990 Artist’s Rendering - Mahogany at Mill Lake
Marketed by GLOBEWEST - Multiple Realty Ltd. and Quantum Realty Inc. Managed by the Quantum Properties Group of Companies. This is not an offering for sale. Any such offering may only be made by disclosure statement. The developer reserves the right to modify plans, prices, features and specifications without notice as may be necessary and at their sole discretion. E. & O. E.
R E W.ca » B U R N A BY / T R I - C I T I ES » W E D N ES DAY AUGUST 3 , 2 0 1 6
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BURNABY • TRI-CITIES
WEDNESDAY, AUGUST 3, 2016
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R E A L
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W E E K L Y
Condo-Apartment Construction Investment Leaps by 53%: StatCan ew housing construction investment in BC was up 31.9 per cent year over year, according to the latest Statistics Canada figures, led by a leap of 53 per cent for apartment-condo buildings. Apartment-condos overtook detached homes as the housing type with the most investment in the province in May, up 4.3 per cent from April of this year to $419 million. May’s total new housing construction investment in BC of $937 million was just shy of April’s record-breaking $945 million, but still well above the previous record of $874 million from October 2015. The 0.9 per cent monthly dip
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was primarily caused by a 7.3 per cent decrease in single-family home construction from April’s high of $430 million to $399 million in May, although investment in this home type was still up 17.4 per cent year over year. Townhouse and row house construction was up 35.5 per cent year over year to $90 million, a 5.1 per cent increase from April. Year-over-year duplex investment dropped again, down 6.3 per cent to $27.8 million, although this was up 3.8 per cent month over month. BC’s new housing construction investment was second only to that of Ontario, which spent $1.7 billion in May. However, the yearover-year percentage increase was larger for BC, with Ontario seeing
24.3 per cent growth. In contrast to the strong yearly gains in BC and Ontario, investment in new housing construction fell in more than half of Canada’s provinces and territories: Newfoundland and Labrador, Nova Scotia, Quebec, Manitoba, Saskatchewan, Alberta and Nunavut all saw year-over-year declines. Alberta’s 31.4 per cent drop was its 11th consecutive yearover-year decline. The gains in Ontario and BC pushed national new housing construction up five per cent year over year to $4.2 billion in May, although this was a dip of 2.3 per cent from
April. Most of the yearly gain came from higher investment in apartment-condominium construction, which rose 17.2 per cent year over year to $1.5 billion nationwide. Row house construction also increased nationally, rising 13.4 per cent to $454 million. Like the previous month, yearover-year investment in duplexes was down nationally, dropping 10.7 per cent to $206 million. Investment in single-family homes was also down year over year for the first time since February, dipping 2.6 per cent to $2 billion for the country as a whole.
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