THURSDAY DEC 22, 2016 - JAN 5, 2017
VANCOUVER EASTSIDE
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YEAR IN REVIEW P
hew! What a year it’s been for Vancouver and BC real estate stories. From soaring values, to shadow flipping, to the foreign buyer tax, to tough mortgage changes and then Donald Trump’s US presidential election win… 2016 has seen it all. Here are the highlights of our year in real estate.
JANUARY January real estate news is always dominated by the New Year’s BC Assessment figures, which shocked everyone in January 2016. The value of residential real estate in Vancouver compared with the previous year went up by 16.96 per cent, with the most expensive properties to be found on Vancouver’s West Side – again. In other January news, Royal LePage predicted that home prices in Vancouver would rise another nine per cent across 2016.
FEBRUARY The big real estate story of February was the unethical application of contract assignments to deliberately inflate home prices – now known as “shadow flipping” – which started with a Globe and Mail story. The issue was later tackled by the BC government in various ways – see March and May. Also rocking the real estate world in February was the BC Budget, which sidelined first-time buyers in favour of subsidizing buyers of new homes. And first-time buyers were also shocked by the increase in the minimum down payment for homes above $500,000.
MARCH Following February’s shadow flipping stories, in March the BC government announced new rules intended to remove the potential profit of contract assignments
from real estate agent’s hands. Many in the industry supported the move, but the board’s then-president wrote to Premier Christy Clark that the BC government was overreacting in response to media stories. Meanwhile, the spring real estate market in BC was accelerating at a “breakneck pace,” according to the British Columbia Real Estate Association.
APRIL With the market at scorching levels, Central 1 Credit Union issued an April forecast that predicted Vancouver and BC home price rises would continue through to 2018. It seems the credit union did not foresee the drop in sales and policy interventions that would add to the slowdown of cooling market. Hoping to offset the market frenzy, the City of Vancouver approved in April the next steps for its new Affordable Home Ownership program to supply 300 belowmarket-priced units to Vancouver residents.
MAY A major meme in May was a series of media stories on the perceived exodus of local Millennials from Vancouver, over the lack of affordable housing – which was responded to by a Vancity survey of 500 local Millennials, which suggested this was far from the truth.
JUNE Reacting to a March vacant home study, Mayor Gregor Robertson announced in June that 10,800 empty homes was unacceptable and that he would launch a vacant home tax “with or without” the province’s backing. June also saw two federal red flags about Canada’s housing market, including finance minister Bill Morneau’s promise
to conduct a “deep dive” into expensive housing markets – this just a few months before introducing strict new mortgage rules – see October.
JULY The big news of July came right at the end of the month, when the BC government did a full 180-degree turn and announced that a new foreign buyer tax, would be imposed in early August. The announcement left the real estate industry scrambling to try to get as many overseas-buyer transactions through before the August 2 deadline as possible.
AUGUST The overseas buyer tax was implemented August 2, and immediately agents started reporting deals collapsing. There were also many tales of collateral damage of those buyers who had committed to a purchase and were suddenly hit with the new tax. Early August sales statistics suggested that Vancouver home sales could be down 63 per cent year over year.
SEPTEMBER The board’s MLS® resale statistics for August, issued early September, revealed that although home sales were indeed down in August, it was nowhere near the 63 per cent previously suggested. The collateral-damage victims of the tax banded together, launching a class-action lawsuit September 19 against the BC government for damages incurred.
OCTOBER Another policy-shocker in October, this one in the form of strict new mortgage qualification rules for all Canadians. This new “stress test” prompted a lot of criticism as it could push many first-time and
Happy Holidays
low-income buyers out of the reach of home ownership entirely. Forecasters were equally bearish in October, with the National Bank predicting a home price drop of 10 per cent following the recent slew of policy changes, and Royal LePage saying that Vancouver prices had seen their “final hurrah” – at least for now.
NOVEMBER If all of the above wasn’t enough, early November saw the victory of Donald Trump’s US presidential campaign. Immediately, Americans who had been threatening to move to Canada, should Trump win, seemed to be making good on their threats, with Lower Mainland home searches from US sources tripling the day after the election. In other news, the CMHC reported that rental vacancy rates had dropped even further in Vancouver, especially in investorheld condos.
DECEMBER After a full year of real estate media frenzy, December has so far been quiet, at least by the time REW.ca went to press. But in early December, a poll found – fairly unsurprisingly – that Vancouverites were largely opposed to the proposed 3.4 per cent hike in property tax, which is well above inflation. This was followed by a last-minute proposal to add an extra 0.5 per cent to that raise, in order to create a $3.5 million fund to help solve the fentanyl crisis sweeping the city (and, indeed, country). That total of a 3.9 per cent in-crease in property tax was approved in a (non-unanimous) council vote December 13, putting Vancouver home owners firmly on the hook for the opioid epidemic. For all these stories and much more, go to REW.ca/News.
Watch out for our next issue, published January 11, 2017. Happy Holidays to all our readers and customers! GO TO
REW.CA /NEWS
TO READ THESE STORIES AND MUCH MORE REAL ESTATE NEWS AND ADVICE
BC Government Offers New Loan Program to Match FirstTime Buyers’ Down Payments
City of Vancouver Approves 3.9% Property Tax Hike, Including 0.5% for Fentanyl Crisis
BC Home Sales Start to See Seasonal – and Yearover-Year – Decline: BCREA
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY D EC E M B E R 2 2 , 2 0 1 6 - JA N UA RY 5 , 2 0 17
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"There is magic in everything” Life is full of wonderful surprises and we hope this holiday season and the new year bring you the best of EVERYTHING! THANK YOU so very very much from all of us, The Watts family Christina, Veronika and Justine xoxoxo
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FASTER AND MORE MONEY
D L O S #
1
RE/MAX AGENT R IIN VANCOUVER
WESTSIDE
www.dannydeng.com
I would like to thank my clients for your continued support. I greatly appreciate your business and referrals to friends and families. Wishing everyone a very Happy Holiday and a Healthy and Prosperous New Year! 6750 CHURCHILL ST • $12,888,000 NEW LISTING
6411 ANGUS DR • $6,280,000 NEW PRICE
1708 WESTERN PARKWAY • $10,988,000 NEW LISTING
4855 PATON ST • $5,980,000 NEW LISTING
OLD TS O JUS T E CLOS E IC NG PR
LISTI
A Masterpiece by renowned builder
Custom-Built Home
An Architectural Masterpiece! Concrete-Built!
Stunning Mountain & City Views
Euro-Style 4 storey mansion in prime South Granville neighborhood. Beautifully landscaped 11768 sqft lot offers nearly 7500 sqft home. Grand foyer leads up to an elegant suspended round staircase, entertainment size principle rooms, a gourmet kitchen & a foldable window that opens up to a covered porch. 4 massive bedroom suites occupies the upper 2-storeys. A huge 3300sf basement & 2 bedroom suites to accommodate in-laws or guests. High ceilings, huge windows & generous rooms throughout. Top school catchment.
3 storey custom-built residence in the heart of South Granville. 6 bdrms + den, 5 ensuites bathrooms + 2 half bathrooms; entertainment-sized living, family, recreation rooms. Gourmet kitchen & wok kitchen comes with huge island, brandname SS appliances and custom made cabinetry. Desirable features includes A/C, HRV, high ceilings, vacuum built-in and more. Professionally landscaped garden. Top school catchment - Magee and Maple Grove.
This excellent concrete-built contemporary mansion is located in the heart of UBC on the most beautiful & quiet street facing green belt like private park. Huge 13800 SQFT lot offers 3-levels of luxury living spaces, well-manicured yard, deck & a lovely reflecting pool. Featuring top brand appliances, big windows & huge balconies for all the bedrooms up for the best look at the mountain and water view. Top school catchment - Uhill Elementary and Secondary.
Stunning mountain & city view, this well-maintained 3 storey home. Desirable Quilchena neighbourhood on a nearly 6400 sqft lot, this house offers 3000 sqft of, 5 bedrooms and 2 1/2 baths, generous sized principle rooms, huge patio, a walk-out rec room in the basement and an attached laneway access garage. Over sized picturesque windows, hardwood flooring, wood fireplace. Professionally landscaped front and sunny backyard. Walking distance to Prince of Wales Secondary, To school catchment.
5788 Highbury St • $6,180,000 NEW PRICE
6730 CHURCHILL ST • $8,380,000 NEW LISTING
5775 ATHLONE ST • $4,988,000 NEW PRICE
1088 W 50TH AVE • $6,998,000 NEW LISTING
★ OPEN SAT 2-4 PM Quiet and Convenient Neighbourhood
Best Location in South Granville
SOUTH GRANVILLE GEM
Over 5051 SF Total Floor Area
BEST QUALITY & CRAFTSMANSHIP & in WEST DUNBAR LOCATION. Over 4,920 sf & sits on a 75 x 154.63 (11,597 sf) big lot. Grand foyer & high ceiling opening onto living & dining rms, extensive use of hardwood floor throughout. 7 generous sized bdrms, 4.5 baths, entertaining sized open gourmet kitchen with high-end cabinetry & top of line appls. Family rm & eating area overlooking extra deep park like backyard. CLOSE TO CROFTON & ST. GEORGE'S PRIVATE SCHOOLS, POINT GREY HIGH SCHOOL, UBC, SHOPPING, BUS.
Welcome to this South Granville gem. Well maintained and recently renovated 6000 sf deluxe home. Excellent quality workmanship throughout. Crystal chandelier and granite countertops. Balconies on second floor and patio in basement are special features. 2 master bedrooms on each main and second floors. 6 bedrooms, 4 ensuites and 2 common bathrooms. Huge basement with recreation room, media room and exercise room plus a bar. Top school catchment: Magee and Maple Grove. A must see!
5164 sq ft on a big 60 x145 sq ft lot in prime South Granville neighbourhood. 16" high ceiling grand entrance, generous sized principle rooms with open floor plan, a sunroom & two bedroom suites on the main floor, nearly 3000 sq ft of living spaces. Upstairs 4 more bedroom suites including one private master retreat + 3 secondary suites. Partial yet fully finished basement comes with an exercise room & a huge storage. An attached triple garage. Close to Oakridge and Kerrisdale shopping, eateries & more. Top school catchment.
Luxurious mansion in prime South Granville with picturesque views. Strategically designed and rebuilt by award-winning architect Kingsley Lo under old bylaw to maximize the ABOVE GROUND living space (4,080 SF instead of 2,887 SF allowed under new bylaw), total floor area is 5051 sf. Gated and fenced 62'x120' lot, this 5 bed 6 1/2 bath house is built with top quality finishes and excellent craftsmanship. Open concept layout, grand entrance w/ 17’ ceiling, extensive use of crystal chandeliers, separately controlled A/C in each bedroom, fully equipped with home theatre, wine cellar, sauna & steam, professionally landscaped, 3 fountains and 2 BBQs.
4164 PINE CRES • $6,188,000 NEW PRICE
434 W 12TH AVE • $4,888,000 NEW LISTING
6538 PINEHURST DR • $1,598,000 NEW LISTING
★ OPEN SAT 2-4 PM
4679 BLENHEIM ST • $2,950,000 NEW LISTING
★ OPEN SUN 2-4 PM
Character Home in Best Neighbourhood
Investors and Developers Alert!
VIEW VIEW VIEW!
Better than new! Move in ready
Well-maintained Craftsman home in the heart of prime second Shaughnessy with landscaped garden. 75 x 125 sq ft lot and nearly 5000 sq ft of living spaces.Bright and spacious main floor with attractive foyer and generous principal rooms. Architect designed kitchen with family eating area leading onto garden patios. Exceptionally spacious family room with feature brick fireplace. 6 bedrooms up. Top school catchment, easy access to Downtown, UBC, Kitsilano and Kerrisdale eateries and shopping.
Investors and developers alert! Near Cambie Corridor! High income rental property offers 4 levels of living spaces. Main level contains a common entry area and a self contained 2or3 bedroom suite with a front room, living room; kitchen with eating area; 2 bedrooms and a 3 piece bathroom (tub with shower). Second floor contains 2 studio suites; 2 housekeeping units and a common 3 piece bathroom. Third level contains a self contained suite consisting of entry area; living room; kitchen with eating area; one bedroom and a 3 piece bathroom. basement level contains a one bedroom suite. Great locationclose to shopping, Sky train, top schools nearby.
View view view! Back yard extend facing to the Lagoon! Rarely available, South facing, 1 level (rancher), duplex style Townhouse is located in the highly sought after quiet, peaceful Langara Estates. 2 bedrooms & nook + 2 full baths. Excellent floor plan with an attached 2 car private garage. Amenities include a clubhouse w/indoor pool, sauna & hot tub. One block to the Canada line, Langara College, YMCA, Langara Golf Course and Oakridge Mall nearby. Perfect moving condition, must see and own! Open House: Sun, Dec 11.
3 years old new house which is full renovated in 2013. Tastefully renovated, move-in-ready character home in the heart Dunbar neighbourhood. Main floor open living & dining area, a dream kitchen + a den. Upstairs master retreat with an ensuite and 2 sizable secondary bedrooms. Downstairs with 2 bedrooms and a living area. Extra desirable features include beautiful walnut floors, custom cabinets, stainless steel Kitchen Aid appliances, high end electrical fixtures, and recently installed heat pump. Top school catchment- Lord Kitchener Elementary & Lord Byng Secondary; close to Crofton House & St. George; easy access to UBC.
1143 W 64TH AVE • $2,280,000
4580 W 1ST AVE • $4,188,000 NEW LISTING
NEW LISTING
2969 W 41ST AVE • $3,188,000 NEW LISTING
5612 CHANCELLOR BLVD • $12,888,000 NEW LISTING
LD T SAO S Y JUIS N 23 D Rare Find
View View View!
2 year new house with a View!
Defines luxury. World class View
Rare find this already subdivided lot with seller offering to sell half of the lot (33 x 112 sq ft) on the west side of the original house, lot only. Golden opportunity to build, for live-in, or investment. This lot is situated in the nice quiet area in desirable Marpole neighborhood with walking distance to Oak Street and Granville eateries and shopping. Top school catchment.
Updated character beach house in pristine Point Grey neighbourhood with one of the best views. 33x110 total 3630 SF. This 5 bedrooms 3 baths residence comes with updates such as plumbing, wiring, kitchen and appliances, fully renovated basement, new paint inside and outside. Steps to top private & public schools: West Point Grey, LORD Byng Secondary, Queen Mary. Close to shopping, UBC, Jericho Beach & Pacific Spirit Park.
Prestigious Kerrisdale neighbourhood. Offers more than 2600sf of living space with quality finishings and high end materials. Triple glazed windows, SS appliances, granite countertops, hardwood flooring, big windows. 3 bedrooms upstairs, master bdrm w/vaulted ceiling, spa style ensuite w/jet tub, rain & steam shower, crystal light fixtures. Basement with theatre room, sauna, wine cellar and 1 bdrm suite. Professionally landscaped yard. Top school catchment- Kerrisdale & Point Grey. Close to UBC, Crofton House. Easy access to Kerrisdale eateries.
Prestigious UBC neighborhood, this mansion holds the most breathtaking mountain and water view. Premium class A property on a 14,430 sqft lot. Over 6200sqft luxury interior living with 4 spacious bdrms+4 ensuites. Elevator, sauna/steam room, & a cozy hot tub to enjoy in the winter! Exquisite interior finishes reflect superb materials & workmanship. Extensive use of top designer brand appliances throughout. Over 10ft high ceilings. Beautiful private backyard & professionally landscaped garden & private gated entry way. Top school catchment - UBC, U-hill Elementary & Secondary.
525 ROBIN HOOD RD • $6,300,000 NEW LISTING
28-5880 HAMPTON PL • $1,308,000 NEW LISTING
1394 CAMRIDGE RD • $4,380,000 NEW LISTING
8660 ODLIN CREST • $2,298,000 NEW LISTING
High Side. Excellent View!
Golden Opportunity
Prestigious Westhill/British Properties
Investment Potential
Huge lot with big mansion in the high side of the area with total privacy and view! Walk to Capilano Golf Course and Collingwood Private School. Gorgeous dbl-height foyer leads to entertainment-sized cross-hall formal living & dining areas. Beautiful millwork, polished marble & carpeted flrs & custom moulding. Gorgeous gourmet island kitchen, eating area & family rm, Wok kitchen, pantry & sun filled terrace w/ BBQ area, priv office & separate study. 7 sizable bdrms incl 5 up w/gorgeous master feat a dressing area & spa-like ensuite. Down has rec rm, games rm, 2 guest rms, ample storage, gym, media rm & access to an oversized 4-car garage.
Don't pass on the golden opportunity to own this gorgeous english courtyard townhome inside UBC's Thames Court. With functional layout, you will find 1763 sq ft of comfort space. Spacious living and dining rooms are great for entertaining guests, and a good-sized eating area in the kitchen makes it a perfect townhome for families. There are 2 bedrooms upstairs & they all are ensuites. The entertainment room in the basement could be a 3rd bedroom. You will also enjoy having breakfast in the sun-drenched, fenced backyard. Quiet inside unit. CLowe to U Hill High School, golf courses, tennis courts, shops & UBC.
Situated high above the world in the most prestigious Westhill / British Properties area in West Vancouver lays this magnificent 14,500 sqft private property beyond your dreams! Showcasing picturesque views of Point Grey, UBC, & sweeping landscape off to the Islands through the Georgia Straight. A lovely 3,700 sqft 2-level home features 5 bedrms, gleaming white kitchen with adjoining family room opening out to an entertainment size deck, formal sunken living room & adjoining dining room, 3 wood burning fireplaces. Downstairs offers a cozy log cabin wood panelled rec-room. Professionally landscaped matured terraced grounds, sport court, are the crown jewel of this treasure nestled in the Westhill / British Properties area!
Much potential for investment or hold to build! 4 bdrms, 2 baths, 2000 sqft. home. Welcome to check out this huge lot nearly 15000 sq ft situated on a quiet yet central location. Current 1/2 duplex offers approximately 2000 sq ft of living spaces, updates done in 2013 include new kitchen floor, new bathroom. Don't miss out!
Danny Deng’s Professional Sales Team can help you sell your home faster and for more money. Danny lives, understands and loves the “Westside” - Loyal, Reliable and Experienced Call Danny at 778-808-9288 or visit www.dannydeng.com
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BY ZENTERRA. A STEP ABOVE THE REST! EACH HOME HAS A PRIVATE ROOF TOP PATIO.
SOHO is a collection of townhomes located in the heart of South Surrey’s Morgan Crossing neighbourhood. Our homes feature transitional-contemporary architecture with many extras included in every home.
SOHO Sales Centre: 30-2411 160 St. Surrey Open daily 12 to 5 PM
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VANCOUVER EASTSIDE
THURSDAY DEC 22, 2016 - JAN 5, 2017
Looking for a new home? Start here.
R E A L
E S T A T E
W E E K L Y
Warmest Wishes for the Holiday Season REW.ca would like to offer heartfelt season’s greetings to all of our readers and customers, and here’s to a healthy and prosperous 2017
A
t this time of year, we at REW.ca love to look back on the year in real estate news and sales – and 2016 has certainly been a fascinating and extremely controversial one. Record home sales and prices, shadow flipping, the foreign buyer tax, government intervention in the housing market – there has been no shortage of excitement. Some of our readers will find our 2016 Year in Review article on the front cover of this week’s issue (depending on which geographical edition you receive) – so for those who don’t, go to REW. ca/News to see the full-length article. There you will also find our 2016 Home Sales and Listings of the Year article, a fascinating deep-dive into resale transactions and listings that reveal the year’s hottest properties, from the highest prices paid, to the biggest homes sold, to those sold most over asking price, and more. Both stories, with the benefit of their 20:20 hindsight, reveal a year of surprises. The spring market of 2016 saw such a frenzy of home sales that it was impossible to imagine what would come later in the year – although many predicted that something must bring the situation to a breaking point. In fact, the market rapidly started to self-correct, months before the BC government brought in the 15 per cent foreign buyer tax, and the feds introduced strict new mortgage
qualification rules to try to cool the market. And the government intervention in the housing market does not stop there. As REW went to press for this edition, Premier Christy Clark had just announced a new loan program matching the down payments that first-time buyers have saved, up to $37,500 or five per cent of the home’s value. With next year bringing us a provincial election, we can expect to see more policy changes designed to appeal to voters, whose number one concern is housing affordability, according to polls. Then there’s the issue of new development in our fair city and wider region. With a new director of planning in situ at the City of Vancouver, many will hope that processes will improve next year and housing supply shortages eased – but there will continue to be many opposed to densification changing the character of much-valued local neighbourhoods. So who knows what 2017 will bring in our real estate world? Early forecasts are divided on the likely trajectory of Lower Mainland home sales and prices. Take a look at our first edition on January 11, 2017, for our 2017 Real Estate Outlook article, also on REW.ca/News. In the meantime, happy holidays and best wishes for a wonderful New Year to you all. Next issue: January 11, 2017
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