THURSDAY, FEBRUARY 4, 2016
VANCOUVER EASTSIDE
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How the Chinese Year of the Monkey Will Affect Vancouver Real Estate O
n February 8, 2016, the 4,713th Chinese year will begin. This will be the Year of the Monkey – linked with both economic turmoil and the potential for reaping profits from well-calculated risks – the idea of outsmarting the monkey. With China in the grip of financial upheaval, could this mean more bad news for the Metro Vancouver real estate affordability? Will our prices further escalate as wealthy Chinese buyers scramble to park their money in a secure location? According to most industry watchers and analysts, the answer is no – although consumers shouldn’t expect to see inventory shortages disappear any time soon, nor a drop in prices. The general consensus from industry insiders is that the finger of blame should not be pointed so intensely at money coming in from China, as there are plenty of other factors at play pushing up local housing prices. “There tends to be an overemphasis on the [impact of the] offshore buyer,” says Richard Bell, principal of Bell Alliance, a local law firm specializing in real estate and immigration. “Last year, 25 per cent of our conveyancing business came from local millennials. Baby boomers, too, are selling their family homes and often buying several homes – a condo for themselves, one for their kids and perhaps an investment property. These are all people who have lived here for years.”
Asian Does Not Equal Overseas Studies and marketing surveys consistently suggest there is actually far less ownership from Mainland China than the public perceives. In a recent report by BC Notaries, 33 per cent of notaries in Greater Vancouver said they had no foreign buyer transactions last year and a whopping 52 per cent said 10 per cent or less of their transactions represented a foreign buyer. At The Independent, Rize Alliance’s development in East Vancouver, 60 per cent of buyers registered a postal code within 10 kilometres of the building, including 40
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per cent who were within five kilometres. Only 2.2 per cent of the purchasers were from offshore and a further 1.1 per cent from outside Canada. “People forget that 48 per cent of Vancouver is of Asian origin,” says Bob Rennie, Vancouver’s wellknown marketing superstar. “So you will see plenty of black hair coming through the presentation centres. But it shouldn’t be about race and offshore money – it’s about supply and demand. And there is a shortage of supply, so prices will keep going up.”
The Trickle Factor There’s also what Bell describes as the trickle factor. “If you do have a wealthy off shore buyer willing to pay $4 million for a property previously worth $3 million, it will raise the price of surrounding properties. Those buyers may then have to spend $3 million on a property previously valued at $2.5 million, and the effect will keep tricking down.” Bill Szeto, president of Oakwyn Marketing, is quick to stress the same trickle-down result occurs when a downsizer sells, for millions of dollars, the home they purchased 40 years ago for $20,000. Once again, rising prices are a factor of supply and demand, not ethnic background, he says. “People say how ridiculous Vancouver prices are, but on the global scale, they aren’t,” Szeto adds. “My client from San Diego wanted to buy a Manhattan home at US$3,000 per square foot. If he came to Vancouver, he could find a $6 million property and get it at the equivalent of a 40 per cent discount thanks to the weakness of the Canadian dollar. It’s like buying at fire-sale prices.”
monitored and enforced. And what happens in the case of an elderly person who may be hospitalized for several months?” (In fact, the new vacant home tax recently proposed allows for such circumstances – go to REW.ca/News for details.) A tireless advocate of density as the best way to create affordability, Rennie is among the growing number of people who support a tiered tax on luxury properties. “What if we put a three or four per cent tax on properties over $3 million, and then repatriated that money as tax relief for first time buyers or properties under a certain amount?” It is another answer that won’t change the price of housing, but also isn’t influenced by the colour of a buyer’s skin.
Time for Taxation? One controversial solution that’s been making headlines is placing a tax on foreign ownership to bolster affordability for locals. But Tammy Morin Nakashima, president of BC Notaries, says, “Our survey results point to the need for careful consideration of any related legislative changes.” A tax has also been proposed for homes that are purchased and then sit empty. It’s a concept Bell says he struggles with. “It creates a bureaucracy that now needs to be measured,
Are You Ready for the New Minimum Down Payment Rules?
BC and Vancouver Home Sales Set to Drop in 2016 after Hot 2015
Ask the Expert: Do I Pay GST on a NeverOccupied Resale Condo?
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY F E B RUA RY 4, 2 0 1 6
Bob Bracken
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410-650 W 41ST Avenue, Vancouver, BC V5Z 2M9
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COMMERCIAL DRIVE 8 UNIT APARTMENT BUILDING MOUNT PLEASANT UPDATED LEGAL DUPLEX CAP RATE 4.1%
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2313 VICTORIA DRIVE
Commercial Dr 8 Unit Building! • Legal 6613 SF Apartment Building • Built 1908 by Architect A. J. Wilkinson • 8 Suites, 4 Levels, Original Character • Bannisters, High Ceilings, Bay Windows • Income $147,768/yr, Cap Rat 4.1% • 1 X 3 Bdrm, 3 X 2 Bdrm, 4 X 1 Bdrm Units • Larger 45’ X 110’ RT-5 Lot, fenced yard • 9 Electric Meters and 9 Gas Meters • Near Commercial Drive Shops, Transit • Signature Property with Cash Flow • Investors, Owner-Occupiers • Asking $2,980,000
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• Big 3452 SF Income Property • 5 Suites, Character, 3 Levels • Income $71,580/yr, Coin Laundry • 1 X 3 Bdrm, 2 X 1 Bdrm, 2 Bachelor • Larger 47’ X 124’ RT-5 Lot • Extensively Renovated in 2000 • Fully Sprinklered, 5 Electrical Meters • New Furnace, H/W Tanks, Windows • Close to Shops, Transit, Skytrain • 1 Open Parking & 3 Single Garages • Investors, Owner-Occupiers • Asking $1,878,000
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Mount Pleasant Legal Duplex! • Like New, Character, Legal Duplex • 2 X 2 Bdrm Suites, Bright, Modern • Plus Additional 3 Bdrm Accom • 3 Lvls, 2596 SF, 7 Bdrms, 3 Baths • Totally Renovated with Permits • Income $3,800/mo, $45,600/yr • Potential $5,500/mo, $66,000/yr • Landscaped Yard, 3/4 Parking • Mount Pleasant Neighbourhood • Close to Shopping, Transportation • Investors, Owner-Occupiers • Asking $1,598,000
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• Big 5 Bdrm, 2 Bath Family Home • Plus 2 Big Suites Down • Larger 51’ X 122’ R10 Lot • Suite mix: 1 X 5 Bdrm, 1 X 2 Bdrm, • Plus 1 X 2 Bdrm & Den Units • Newer Windows, Roof, Furnace, • Hot Water Tanks, Drain Tile • Lots of Open Parking at back • Excellent Holding Property • Close to Brentwood Mall, Transit • Investors, Owner-Occupiers • Asking $1,388,000
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1103 CONFEDERATION DRIVE Solidly built 3-level residence in Port Coquitlamʼs CITADEL HEIGHTS area. RS1 ZONED. This home has a 1600 sqʼ upstairs with 2 LARGE BEDROOMS + den, kitchen & 2 full baths + VIEW FROM LIVING ROOM. Main floor has 2 powder rooms, laundry, living, dining, family room, kitchen & den. Basement has 1-1/2 baths, GAMES & REC ROOM + PLAYROOMS. Main floor & basement are used as a SUCCESSFUL MONTESSORI SCHOOL since 1997. Double garage. BEAUTIFUL 5635 SQʼ CORNER LOT. By appointment only.
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view interior photos at www.randylarsen.com Rancher w/Bsm’nt Invest or Live in - Asking $1,398,000 Open House Saturday Feb 6 1:00-4:00 pm. 2226 East 1st Avenue Just Listed Nicely updated 1957 Bungalow with lots of character! 3 bedrooms upstairs and 2 bedroom suite in basement currently rented for a combined $3,500/ month. Original hardwood floors have been restored. All new double windows and Energy upgrade in 2010 including new furnace and insulation. Beautiful wooden deck and detached garage in fenced backyard. Almost 5,000 sq. ft. lot which is larger than most in the area. Great for family or for investment. Area has potential for zoning change to allow for higher density. $1,398,000. Open. Please call Randy Larsen (604-290-2650) or Laura Naputi (604-446-5324) for details
Your one-stop source of lower mainland home listings and real estate news. RESALE HOME LISTINGS | NEW HOMES FOR SALE | AGENT PROFILES | REAL ESTATE MARKET NEWS | HOME BUYING & SELLING ADVICE
R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY F E B RUA RY 4, 2 0 1 6
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY F E B RUA RY 4, 2 0 1 6
FINELY CRAFTED AND INDIVIDUALLY CURATED HOMES
With 4 homes and a coach house, THE COLUMBIA will be an enviable place to live. Included are two 1 bedroom garden suites, two 3 bedroom homes above and one 2 bedroom and den coach house.
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PRE-REGISTER at liveatcolumbia.com Quality built by
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Ruthie Shugarman 604.879.2941 • Paige Kraft 604.603.3475 DEXTER
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This is currently not an offering for sale. Any such offering can only be made with a disclousre statement. E.&O.E.
SIMMY SANDHU 604-897-5880 DEXTER ASSOCIATES REALTY
FABULOUS INVESTMENT OR DEVELOPMENT OPPORTUNITY! DONʼT MISS THIS! House on a large 40ʼ x 140ʼ lot with back lane access, on a quiet street. School is walking distance a few blocks away and in a great family oriented neighbourhood. House is currently rented. Great investment property or development opportunity! 2268 E.40TH AVE.
www.dexterrealty.com
604-689-8226 Yaletown 604-336-3539 Main Street 604-263-1144 Kerrisdale NOT ON MLS!
$1,599,000
868 KINGSWAY
Taking our Listings Global $355,000
2995 TURNER ST.
$2,588,000
West Coast Condominium – your essential guide to condo life in the Lower Mainland.
THE TRUE MEANING OF LUXURY Brand new 3 bed penthouse in the heart Vancouver with exquisite views of downtown & mountains. Private rooftop patio. Extremely rare opportunity, not even listed on MLS - avoid bidding wars by acting fast! 1806 - 1695 MAIN STREET LISA FINDLAY 778-378-8090
Location, location, location! Wake up to fabulous North Shore mountain views in this newly renovated 2 bed/2 bath condo just minutes away from downtown. DONʼT MISS THIS GEM OF A HOME! 309-868 KINGSWAY LISA FINDLAY 778-378-8090
66’ X 132’ CORNER LOT (HASTINGS SUNRISE) RSI prime corner level unit in Hastings Sunrise. Need I say more? Excellent location, close to schools, transit, shopping. 3 bdrm home in good condition with new roof & furnace. Please call for details. MARILOU APPLEBY 604-318-9566
Get the latest news, stats and inside information on the region’s vibrant condo market: • Neighbourhood stats and current sales • Expert condo buying and selling advice • New development previews • Investment essentials • Condo décor and home solutions
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY F E B RUA RY 4, 2 0 1 6
“Your East Vancouver Real Estate Experts!” NEW LISTING
$599,000
Lisa MacIntosh
Diane Kunic-Grandjean
BEST HIDDEN GEM IN MOUNT PLEASANT – 2 BDRM, 1.5 BATH, 2 BALCONIES & 2 PARKING! Best hidden gem in the heart of SOMA! Positioned on the North East & West corner with city & mountain views, this 2 bedroom unit is filled with natural light coming through windows on all 3 sides! An entertainer’s delight with its well-appointed modern kitchen opening onto a large dining area & a very roomy living room with gas fireplace & balcony perfect for BBQing (bring your housesized furniture). Spacious master bedroom with its own 2 piece en-suite, and a 2nd guest bedroom with access to a large balcony. Both bedrooms are set away for utmost privacy. Bonus: 2 parking! Insuite laundry, lots of in-suite storage, separate storage locker and pet-friendly, all in a very well-cared for building with depreciation report, roof (2010) & exterior paint (2012). 206-2621 QUEBEC ST.
HASTINGS SUNRISE$1,389,900 – UNIQUE CHARACTER HOME WITH NORTH SHORE VIEWS 2520 TRIUMPH ST.
$1,389,900 A very special and unique 1910 character home in the heart of Hastings
Sunrise with superb panoramic views of the North Shore Mountains. Offering over 3,200 sq.ft., this 4 level, 7 bedroom and bathroom home is divided into two suites: basement and main floor (4 bedrooms) with large bay windows, fir floors, detailed trim, mouldings and high ceilings – currently rented at $2,200. The 3rd & 4th floors are owner occupied with 2 bedrooms on the 3rd floor together with a distinctive and large spiral staircase leading to its one-of-a-kind Master Bedroom. This is where you’ll take in the amazing view of the North Shore mountains while sipping your coffee in the generous sitting area of your bedroom. This home could easily be converted into a grand 3 level home, with a basement suite. South facing backyard with gardening beds await your crops and there’s a new deck on the main floor. Walking distance to the numerous cafes, restaurants, grocery stores, library, community centre and Hastings Elementary w/ French immersion. A unique character home in a fantastic neighbourhood.
1914 HASTINGS SUNRISE FAMILY HOME $1,198,800
Beautifully renovated 1914 character home with fantastic VIEWS towards the Mountains. Entertainerʼs kitchen with granite countertops, S/S appliances with gas stove. Lots of original character including w/b fireplace, Fir mouldings, coved ceilings & 2 claw foot tubs. 3 bdrms on main & 2 bdrms & den down for the garden level suite. Fenced backyard w/ full veggie garden. Fantastic Hastings Sunrise location, 1 blk from restaurants & shopping. Laneway house potential. 2727 FRANKLIN ST.
OCEAN, MOUNTAINS & CITY VIEWS, 2 BED, 2.5 BATH TOWNHOUSE, 1 BLOCK FROM KITS BEACH NEW LISTING
$874,900
Ocean, mountains & city views from this 2 bed, 2.5 bath NE corner townhouse on two levels located a block away from Kits beach (North of 4th). Sweeping views from every angle of the open concept top floor with its well-appointed kitchen and adjacent spacious dining room, comfortable living room with cathedral ceiling & skylight. Cozy up in from of your wood-burning fireplace while enjoying your views through large windows & French doors opening onto one of your two large covered balconies. Downstairs offers the master bedroom w/ ensuite & views, a guest bedroom w/ custom built Murphy bed & desk. Both bedrooms access your 2nd covered balcony. 1 pkg & 1 big storage, minutes away from all that Kitsilano has to offer! This is comfort living at its best. 13-1620 BALSAM ST.
ABSOLUTELY CHARMING CHARACTER HOME $1,198,000
Charming character home in the heart of Hastings Sunrise. Perfect family home w/ 5 bdrms, huge master bdrm & a very bright 2 bdrm suite Original fir floors, wood burning f/p & tons of windows, offering a lovely country cottage feel. The master bdrm is truly a retreat with 10 ft. vaulted ceilings, 4 pce en-suite & a stunning VIEW to the Mountains. Detached Artistʼs studio in the back yard. currently used as a workshop & rented for $700/month. Steps to shopping & schools. 2559 WILLIAM ST.
L i s a M a c I n t o s h Te a m - D e x t e r A s s o c i a t e s R e a l t y Medallion Club - Top 10% of Realtors in Greater Vancouver Photos & Visual Tours at: www.lisamacintosh.com Email: lisa@lisamacintosh.com Tel: 604-263-1144
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY F E B RUA RY 4, 2 0 1 6
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7• R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY F E B RUA RY 4, 2 0 1 6
VANCOUVER EASTSIDE
THURSDAY, FEBRUARY 4, 2016
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THE ARC will forever change Central False Creek’s skyline Buyers are flocking to Concord Pacific’s iconic new downtown condo development
T
he ARC will mark the Central False Creek Skyline become the next big urban neighbourhood to live, work and play. In the epicenter of this new to become one of the most iconic condominium projects ever seen – Concord Pacific’s The ARC. “This is the most central gateway to Downtown Vancouver. The ARC’s strikingly unique architectural façade will be the landmark of the neighbourhood at the northern foot of the Cambie Bridge,” says Grant Murray, Vice-President, Sales of Concord Pacific. “Concord Pacific has a reputation for placing special emphasis on creating an environment where residents have a sense of community.”
Designed by Francl Architecture, The ARC feature two unique tower forms, 29 storeys high-bridged by a massive span beginning at the 19 floor. Concord Pacific’s bold design on the exterior is matched by intelligently planned extended view suites. The ARC homes, r anging from 496 to 1,350 square feet, will embrace classic beauty and elegance with modern amenities. The ARC will feature 560 one-, two- and three-bedroom homes with quality finishes that rival pricier residences – extra thick windows to block out downtown noise, a Miele stainless steel appliance package, marble flooring in the bathrooms and a flex wall for
expansive entertainment space. Homes will also feature unique elements, such as an Al Fresco deck doors, blurring the line between indoors and outdoors, (in the majority of suites), a flex wall that transforms the bedroom and opens up more space for a living room, a queen size bed that converts into a couch complete with built-in cabinetry, and an outdoor patio deck that will take in spectacular city, mountain and ocean views. Then there are the private country club resort-style amenities elevated to the 20th floor with glass bottom indoor swimming pool and a Sky lounge complete with catering kitchen, outdoor patio deck and a state-of-the-art fitness facility.
The pool is an engineering to wow residents and visitors to the City alike he says. Besides the pool and Sky lounge, The ARC will be the first tower in North America to feature 100 percent electric charge parking stalls with Touchless Auto Carwash facilities. On the second level we will have a Cappuccino Lounge and rooftop garden with a child’s play area,” he says. “In addition, the lobbies are inspired by hotels, with full time concierge. The list of incredible amenities just goes on and on,” adds Murray. With prices starting in the low $400,000 range, these functional condos are attracting everyone
from the urban yuppies to young professional families right up to seniors. The ARC is in the middle of a community near Yaletown Marinaside with expansive views of the downtown skyline, North Shore Mountains and the ocean. The Concord’s Arc is set to help define the next era of Vancouverism. “We are accepting registrations online now and the public preview begins in early February,” adds Murray. “This is a wonderful opportunity for prospective buyers to see how gorgeous these suites are.” THE ARC Sales Centre 88 Pacific Boulevard, Vancouver Open daily from 10 am - 5 pm 604-899-8800. Call to book an appointment.
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