BURNABY
WEDNESDAY, WEDNESDAY, JANUARY MAY 17 20,, 2016 2017
TRI-CITIES
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R E A L E S TAT E W E E K LY
Hurt by New Mortgage Rules? You’re Not Alone M
isery loves company, and a problem shared is a problem halved. At least, that’s the thinking behind a new website that has recently been launched by a group of mortgage brokerages and other lending companies – newruleshurt.ca. The website shares numerous real-life examples of ways in which Canadians have been pushed out of the housing market because of onerous new mortgage qualification rules launched by the federal government last year. Known as the “stress test,” the rules require new mortgage applicants with less than a 20 per cent down payment to qualify at the Bank of Canada posted rate, no matter what their contracted interest rate is. This means affected applicants typically qualify for around 20 per cent less mortgage than previously, meaning that many cannot get a mortgage for the
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house that they want or need, according to mortgage brokers. The website says, “Through no fault of their own and without any warning, these prospective homebuyers were cruelly forced to alter, and in many cases, abandon their dreams of homeownership.” Dominion Lending Centres, Mortgage Architects, The Mortgage Centre and Mortgage Professionals Canada jointly set up the website to highlight the extent of real-life cases in which prospective home buyers have been hurt by the new rules. Vocal Objections Dominion Lending Centres has been particularly vocal in its objections to the new rules, and earlier in the year made an impassioned submission to the federal Standing Committee on Finance to plead for a softening of the stress test.
Vancouver Figures Nowhere on Global Luxury Real Estate Rankings
DLC wrote in its brief: “All new mortgages [with a down payment of less than 20 per cent] now need to qualify at the greater of either the Bank of Canada posted rate (4.64 per cent) or the contract rate. The net effect on first-time home buyers is that their purchasing power has been reduced by upwards of 20 per cent, which has significant impacts on many marginal buyers. Not only does the stress test reduce purchasing power, it makes housing less, rather than more affordable.” At the committee hearing, Dan Albas, Conservative MP for Central OkanaganSimilkameen-Nicola, said that many of his constituents were feeling the negative impact from the policy. “I’ve had people from around my riding, especially young people, who have felt that they were on a good path towards home ownership and, because
Editorial: Pondering Housing Possibilities of a BC Coalition Government
of these rule changes, that’s been pushed back. “Most of us would agree that home ownership has served Canadians quite well, and people can store away equity over the long term. This policy is preventing young people from having the benefits of home ownership enjoyed by 69 per cent of Canadians.” The objective of the new website is to use real-life examples of hardships created by the stress test to persuade the federal government to amend the rules. The group recommends, among other changes, “a more modest benchmark rate that sits halfway between the Bank of Canada posted rate and the current contract mortgage rate.” Home buyers who have experienced similar struggles are encouraged to anonymously submit their own stories at newruleshurt.ca/submit-your-story/.
$100m Beverly Hills Mansion Goes Viral with Racy “Trailer”
R E W.ca » B U R N A BY / T R I - C I T I ES » W E D N ES DAY M AY 17, 2 0 17
GEORGE GOMORY FREE HOME EVALUATIONS
604-765-7653
Call Now!
Spacious 5200 sq ft 6 Bedroom Home with room for the in-laws plus a 3 car garage. The 2 homes sit on just over a 1 acre lot. Bonus 2000 sq ft 2 bedroom Coach House provides instant rental income. The 2 homes are on opposite ends of the property ... ideal for possible future subdivision.
www.GeorgeGomory.com SELL YOUR HOME FASTER AND FOR MORE MONEY With George Gomory’s Guaranteed Homeselling System RE/MAX Central #1-5050 Kingsway, Burnaby (604) 433-2211 Office
The Week in Real Estate
131 Fern Dr., Port Moody - Anmore Estates $2,998,000
BURNABY & TRI-CITIES
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Median sale price** Detached
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$1,280,000 $582,000 Top sale price*** Detached
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$3,583,000 $1,117,000 Active Listings† Detached
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* Total units registered sold May 4-11 ** Median sale price of units registered sold May 4-11 *** Highest price of all units registered sold May 4-11 † Listings as of May 11 †† Median days of active listings as of May 11
Each Office Independently Owned & Operated
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HOME SALES*
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WANTED!
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WE HAVE SERIOUS BUYERS LOOKING FOR:
PANORAMIC VIEWS
3039 DAYBREAK AVE, COQUITLAM
Magnificent 5 bedroom Ranch Park home featuring panoramic views of Golden Ears & Mt. Baker.
CALLING ALL BUILDERS
SPACIOUS 2 BDRM CONDO
673 COLINET STREET, COQUITLAM
* DETACHED HOME W/ SUITE < $1.5M * AN INCOME PRODUCING DUPLEX * 1 BEDROOM CONDOS < $400K * 2 BEDROOM CONDOS < $600K * LAND FOR MULTI FAMILY DEVELOPMENT
1706-2979 GLEN DRIVE, COQUITLAM
Level 65x115 lot with LANE ACCESS Picturesque mountain views, floor to situated on one of Central Coquitlam’s ceiling windows, open concept, excelbest streets. Priced at LAND VALUE! lent location, 2 parking stalls.
FOR DETAILS CONTACT US TODAY
604.340.4400
info@reimers.ca
www.reimers.ca
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IFTIKAR ASIN
Your Experienced Local Realtors
604.783.5305
FRASERIDGE REALTY
iftikar.realestate@gmail.com
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Sutton Group - 1st West Realty AN INDEPENDENT MEMBER BROKER
iftikarasin.com
604-942-7211
Welcome home to 32893 Trenholm Ave, Mission, BC!!! Viewings only during Open house Sat May 20, Sun, May 21, 2-4,
www.sutton1stwest.com
Orlando Johannson 604-803-4336 orlandoj@shaw.ca
$688,800
offers reviewed May 23 at 6pm No foreign Tax in Mission! Gorgeous executive home. Perfect use of marble flooring, quartz counters, crown moulding etc.... Walking distance to school and transit. 3 bedrooms up and 2 bedroom mortgage helper and 6th bedroom/media room downstairs. Come view this home this long weekend! Elderly owner wishes to sell and downsize. MLS no. R2165481
Jim Gwynn 604-880-0948
If you are looking to Buy or Sell, give Me a call for Excellent Service
jgwynn@sutton.com
#12-32929 MISSION WAY, MISSION
RON ITTERMAN 604-802-8304
Sutton Group West Coast Realty
ritterman@sutton.com ❚ www.RonItterman.com
Fantastic business opportunity!! Highly visible 2 strata title industrial units #12-13 combined to form 1 large unit (over 4000 sq.ft.) professionally built and permitted mezzanine ads ample additional square footage in addition to the showcase room. Office and retail area at front. 200 amp three phase power with potential to increase capacity. 2 bay doors with electronic roll-up openers. Excellent location with great highway access. Business license and over $100,000 inventory to facilitate legal indoor grow operation. Potential is unlimited.
1653 SPYGLASS CRESCENT, DELTA OPEN HOUSE MAY 20TH, SAT. 2-4 PM
Orlando Johannson 604-803-4336
Imperial Village! Beautiful turnkey home in Tsawwassen’s sought after neighborhood. New appliances, new hot water tank, radiant in floor heating, California shutters, crown molding, hardwood & tile flooring, 9’ & 10’ ceilings add class & elegance to this must see. 3 skylight allow for a ton of natural light. You can enjoy the afternoon sun in a new & fully furnished gazebo surrounded by 9’ cedar hedges giving you 100% privacy. Quick access to Hwy 17 & BC ferries. Strolling distance to cafes, shops, restaurants, golf course, fitness centre and park/playground, South Pointe Academy, Cliff Drive School, Tsawwassen Mills/Commons & transit. This home/location is second to none.
Ivanka Culjak 604-736-1805 ivankac365@gmail.com
John Panrucker 604-230-7390
Marten Felgnar 604-250-4175
Heather Langis 604-720-0091
Surp Rai 604-763-5263
jpanrucker@sutton.com
mfelgnar@shaw.ca
hlangis@shaw.ca
surpsrai@gmail.com
www.dexterrealty.com
604-689-8226 Yaletown 604-336-3539 Main Street 604-263-1144 Kerrisdale
Taking our Listings Global
BUILDERS & INVESTORS ALERT! FIRST TIME ON THE MARKET! FULL DUPLEX - R4 ZONING Colleen Unlic. Assistant
OPEN HOUSE SAT & SUN 2-4PM
WONDERFUL LEVEL LAND WITH SOUTH + WEST EXPOSURE + PROTECTED 9.47 ACRES
$3,388,888
$2,188,000
BUY, HOLD OR BUILD…the possibilities are endless!! This rare property comes with 3 bedrooms up, 2 bedroom basement suite on each side and 3868 sq ft of comfortable living space. Sitting on a massive 72’ x 126’ lot minutes from SFU, Burnaby North, Lochdale Elementary, Kensington Shopping Centre, Burnaby Mountain Golf Course and much more. 1111 Duthie Avenue KAREN CHANG 604-700-8092
Looking for a New Brokerage? Receive the highest level of support from our experienced Managing Broker.
Perfect for Growing Most Any Crop You Love. Plus Expansion room into your 8 Stall Barn and Loads of room for more... and the hired hands! 9.47 Acres! It has 3 Separate Homes + Work Shop + Huge Storage area! With 5 acres of Back Field!
BUILD YOUR DREAM HOME HERE!! 3749 ARTHUR DRIVE
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 M AY 17, 2 0 17
1073 Shaman Crescent, Tsawwassen • $1,768,000
#207-4808 Linden Drive • $499,900 G
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Beautiful Family home in the sought after “Village” neighbourhood in upper Tsawwassen. 5 Bed 4 Bath home is sure to impress. Entertainers delight with an open concept kitchen, dining area over looking the beautiful private backyard fantastic for BBQ’s and Botchy. Beautiful original hardwood floors. Many updates over the years including roof, flooring, windows, furnace. Backyard has a pool with new heater, hot tub, pergola and still plenty of yard space for the kids. The exterior of the house has been recently painted. New Fence. 200 amp service.
Centrally located 6 year young 2 Bed 2 Bath South facing TH in Keira Gardens. 1040 sqft with your own private entrance. Granite counters, SS appliances shows like new and low strata fees.
For a no obligation market evaluation please call Vipin today. sutton group - seafair realty 100-5000 Bridge Street, Delta, B.C.
604.839.7547
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NOW SELLING DON’T MISS OUT…
MORE HOMES BEING RELEASED THIS WEEKEND
Dewdney Trunk Rd Lougheed
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MAPLE RIDGE Downtown Ha
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GOLDEN
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Kanaka Way
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Slatford St
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Wynnbrook gives you single family home living in a parkside setting. Set between lush nature and the Albion Sports Complex, it’s the perfect location for active families. Enjoy football, soccer, baseball and a kids’ water park all within walking distance from your front door. Add to that open green space, easy highway access, great schools, and convenient shopping – perfect for today’s busy families.
104 Ave
(Except Friday)
604.380.4708 | mstarhomes.com
Lou
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240 St
Sales Centre Open: Noon - 6pm
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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 M AY 17, 2 0 17
R E W.ca » B U R N A BY / T R I - C I T I ES » W E D N ES DAY M AY 17, 2 0 17
The most valuable real estate in Metrotown.
At the centre of it all in Metrotown. Don’t miss out on this rare opportunity to make an investment in location and luxury.
Presentation Centre 101 – 4211 Kingsway, Burnaby
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BURNABY • TRI-CITIES
W E D N E S DAY, M A Y 1 7 , 20 17
Looking for a new home? Start here.
R E A L
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W E E K L Y
Serene Riverfront Living at Richmond’s ViewStar
O
ffering serene riverfront living on the banks of the Fraser River, ViewStar is a luxury masterplanned community that is set to become a landmark in Richmond. Brought to you by the well-respected Yuanheng Holdings, once completed ViewStar will encompass 11 towers showcasing 850 upscale residences, an offi ce tower and retail shops. The spacious one- to four-bedroom condominiums and townhomes, some with waterfront and mountain views, will feature stunning rooftop gardens, a private elevated central park, exclusive amenities, and a state-of-the-art community centre for the City’s use. “Everyone dreams of living on the waterfront,” says Ronald Leung, VP of Marketing at Yuanheng Holdings. “ViewStar off ers luxury riverfront living in a master-planned community, close to everything an urbanite needs.”
The thoughtfully designed homes, ranging from 500 to 1,800 square feet, are distinguished by bright, spacious kitchens with high-end stainlesssteel appliances, including a Liebherr integrated refrigerator and freezer, and a Fisher & Paykel gas cooktop with dual wok burner and wok stand. Then, when you need to unwind, relax poolside at the indoor club or head to the sauna or steam room to rejuvenate yourself. Then, journey to the elevated central park courtyard, where you’ll feel like you are on vacation at a luxury resort. The courtyard, with private terraces, fire pits and heat lamps, Tai Chi area, and outdoor dining section with gas barbecue overlooking the Fraser River and mountain peaks, provide the perfect backdrop. The list of conveniences goes on and on at ViewStar. There will be private resident-only dining and entertainment
rooms for large gatherings with family and friends, sound-proof music rooms and quiet study rooms with custombuilt workstations to prepare during exam time. Yuanheng Holdings, a premier developer with more than a dozen years of experience crafting quality homes in the Lower Mainland, has committed to building the 35,000-square foot Community Centre, complete with a full-court gymnasium for basketball, volleyball, and badminton, running track, Children’s Exploratorium, creativity lab, art studio as well as meeting and multi-purpose rooms. Besides the community centre, Yuanheng is building a 4,277-squaremetre city-owned riverfront park and dike. The new public space will provide scenic views of the river. ViewStar’s location in the Capstan Village neighbourhood – one of the
city’s most coveted postal codes – is just steps away from shops, services and the marina as well as parks, trails and athletic fields. Conveniently located within easy access to the airport and Vancouver, as well as a future Capstan Canada Line Station across the street, getting around is fast and easy, whether you are commuting to work or heading downtown for a night out. “It won’t be long before people realize they’ve bought into some of the best and most coveted real estate in Richmond,” says Leung. River views, endless cycling and walking trails, quality finishes and in Richmond… that’s ViewStar living. For more information or to register, call 604-285-9983, email info@ viewstar.ca or visit www.viewstar.ca. Estimated completion is mid to end 2020.
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