THURSDAY, JANUARY 12, 2017
VANCOUVER EASTSIDE
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R E A L E S TAT E W E E K LY
2017 Real Estate Market Outlook
W
ith a seemingly softening housing market – whether due to various government interventions, or to self-correction – we’re heading into an interesting year for Greater Vancouver real estate. Here’s a summary and analysis of some of the expert outlooks for Vancouver and BC real estate over the next year. Home Sales Despite a record-breaking spring market, the slowing of Greater Vancouver home sales in 2016’s second half meant that 2016 was the third-busiest year for resale transactions, totalling 39,493 units. Across BC, strong growth in other major centres meant that the province’s total could break annual records, with more than 105,000 sales predicted. This is expected to slow in 2017, dropping more than 15 per cent to a total of 96,300 home sales across the whole province in 2017, according to the British Columbia Real Estate Association (BCREA). This is still well above the 10-year average of 85,000 sales a year. The Canada Mortgage and Housing Corporation had a similar forecast for British Columbia. Its Fall 2016 Housing Market Outlook predicted, “[After reaching more than 105,000 sales in 2016] MLS® sales are forecast to range from 88,900 to 99,300 transactions in 2017.” Home Prices Opinion on the direction of home sales may be consistent, but the likely effect
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of all the above on home prices in the region and province has experts divided. In October, the National Bank said, “We think Vancouver home prices will soon start correcting. We expect a decline over 12 months of 10 per cent overall and 20 per cent for detached homes… nine per cent for attached homes and five per cent for condos.” The prediction was echoed in December by Royal LePage, whose president and CEO Phil Soper said: “We’re looking at all these trends. If it’s not doubledigit [decline in Vancouver home prices], it’ll be close to it.” That said, even a 10 per cent drop in average prices, or a 20 per cent fall in detached-home prices, would only bring the market back to around March 2016 price levels. Re/Max predicted Vancouver home prices would slow in their growth, but still continue to rise in 2017, increasing on average another two per cent across all property types over the year. Another leading economist agrees with this trajectory. Helmut Pastrick, chief economist at Central 1 Credit Union, said in September, “After the market has absorbed this new [foreign buyer] tax regime, we will begin to see other market fundamentals come into effect. Prices will then continue to rise, and they will be higher this time next year.”
Greater Vancouver Property Values Up Nearly 30%: BC Assessment
The BCREA’s forecast for the whole of BC falls somewhere in the middle. It said, “While the [provincial] average MLS® price is forecast to decline 6.4 per cent in 2017, most of that change will be due to relatively fewer higher priced homes selling in highly populated regions.” Interest Rates and Financing According to the BCREA, a likely rise in interest rates will put much greater pressure on first-time and low-income buyers. The association echoed widespread predictions that the average five-year mortgage rate will rise in 2017, suggesting it will lift from 3.7 per cent to 3.95 per cent over the year. The five-year qualifying rate – the rate at which “stress-tested” homebuyers must now qualify – is predicted to rise 20 basis points from 4.64 per cent to 4.84 per cent by the end of 2017. However, the BCREA’s mortgage forecast was issued just before BC Premier Christy Clark announced the new program to offer down-payment-matching loans to first-time buyers. This program directly targets the “stress-tested” buyers, and seems to be a deliberate measure to offset the reduction in buying power created by the new federal mortgage rules. Conclusion With predictions of slightly softening prices but increasing interest rates, which may cancel each other out in terms of affordability, and of federal and provincial interventions offsetting the effects of each other, REW.ca believes it is likely that Vancouver and BC real estate will steady and remain stable at a stillelevated level across 2017.
More First-Time Buyers Turning to Parents for Down Payment Help: Survey
Infographics: Vancouver and Fraser Valley Real Estate, December 2016
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* Realtor Since 1984 *
BERRY MUIS PERSONAL REAL ESTATE CORPORATION
604-671-1767 www.berrymuis.com
www.dexterrealty.com
604-689-8226 Yaletown 604-336-3539 Main Street 604-263-1144 Kerrisdale 403-1188 QUEBEC ST.
$1,248,000
1806-111 E. 1ST AVE.
$1,950,000
Westcoast 604-273-2828
RARE 3 BDRM & DEN
FAMILY HOME in TERRA NOVA Four Bedroom Home on QUIET STREET in this sought after location. BRIGHT and OPEN PLAN on the main floor with newer LAMINATED HARDWOOD floors. KITCHEN has a built in Island, lots of cabinets and an eating area looking into the backyard. Master bedroom has a 5 piece Ensuite, walk in closet and make up area. Backyard faces south/west, lane access to double garage, with lots of storage. Lowest PRICED single family home in Terra Nova.
$1,699,000
Taking our Listings Global
3 BDRM WITH PRIVATE ROOFTOP TERRACE
Fantastic City Gate 1 built by Bosa. This is a rarely available 3 bedroom & den West facing unit with views of Science World, city skyline and the False Creek sunset. 1743 feet of living space with a large open plan kitchen, dining and main living room area. The bedrooms are a generous size and there is a huge 13 x 8 en-suite laundry storage area. There is a rooftop patio, gym, indoor pool and recreation facility. 2 parking spots and 1 locker and bike parking area. Amazing location close to skytrain, Olympic Village, restaurants and walks on the seawall. Currently tenanted. Please allow 24-48 hours for showings.
Brand new 3 bed Penthouse in the heart of Vancouver with exquisite views of downtown and the North Shore mountains. Steps from Olympic Village and right on the seawall to Downtown. Top of the line finishings. Extremely rare opportunity. Donʼt miss this gem of a home!
Tom Jones 604-722-1316
Lisa Findlay 778-378-8090
205 - 688 E. 17TH AVE.
632 E. 20TH AVE.
$599,000
1806-111 E.1ST AVE.
$1,180,000
6831 Robson Drive
★ OPEN SUNDAY 2-4PM CHOICE PROPERTY!! 450 EAST 57TH AVE.
$1,599,000
Invest & Builder Alert Oversized 33’ x 155’ lot. The home is original but well maintained with some updating. Three bedrooms up and 1.5 baths, the lower level two bedroom suite is accessed from the main floor or through the private entrance. Highly desired south facing back yard with views to Richmond.
SU-MARIE BAIRD cell 604-786-1305 off 604-263-1144 sumarieb@hotmail.com
DEXTER ASSOCIATES REALTY
MINUTES FROM DOWNTOWN!
BUILDING LOT BONUS… HOUSE
Like new, spacious 929 square foot 2 bedroom, 2 bathroom suite. Large master suite with walk-through custom closet. Large den that could be used as a 3rd bedroom. Granite counter tops, stainless appliances, maple cabinets.
Trendy Main/Fraser neighbourhood. Invest now, build later. Make this sweet deal the stepping stone to your perfect dream home. 2 beds, 1 bath, enclosed backyard.
Kevin Banno 604-300-3165
Evelyn Singer 604-314-4123
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“Your East Vancouver Real Estate Experts!” 1785 E.14TH AVE.
$1,125,000
Lisa MacIntosh
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Diane Kunic-Grandjean
TROUT LAKE - WESTCOAST MODERN SOUTH FACING 1/2 DUPLEX 3 BED - 2.5 BATHS A Westcoast flair & unusual layout, this South facing modern 1/2 duplex provides a well laid-out floorplan offering a very generous living room w/ fireplace & family area, a dining room able to host numerous guests, adjacent to a wonderfully appointed kitchen w/ custom cupboards, stainless appliances & granite countertops. Powder room and laundry also on the main. The top floor won't disappoint: 3 bed & 2 bath, of unusually ample size-especially the master bedroom & its ensuite! Fantastic amount of natural light, in-floor radiant heat, storage galore & a powder room on the main floor. BONUS: detached garage turned into a storage & office space! Enjoy a covered porch, large front garden & a short walk to Trout Lake & its Farmer's market. Just steps to the "Drive" and all it has to offer.
GREAT LOCATION CALLS FOR GREAT OPPORTUNITY! 525-527 MALKIN AVE.
$1,949,000
UPPER LONSDALE MILLION DOLLAR VIEW AT A THIRD OF THE PRICE
Calling all builders, Developers and forward thinkers alike! Nestled in a fantastic little pocket between Strathcona and The Drive are two RT-3 irregular lots forming a whopping 5,865 square feet! Facing South-West, these lots offer open views all the way to City Gate to the West and Terminal Avenue to the South. Across the street lays Trillium Park with its turf fields, playground and dog park. Further West will see the potential relocation of St Paul's Hospital. A truly unique opportunity in an ever growing neighbourhood! RT-3 zoning with potential of 3 dwellings. Build two 1/2 duplexes & an infill house, all 3 could potentially be stratified and sold separately (to be confirmed by Buyer with City of Vancouver). Drive-by first, then call us!
VERY UNIQUE 1 BEDROOM CORNER UNIT OF 702 SQ.FT. W/ FANTASTIC & PRIVATE OUTDOOR SPACE! 107-925 W. 15TH AVE.
$484,900
Set on the quiet North East corner, this 720 sq.ft. split-level 1 bedroom shares only one wall with its neighbor & is sure to impress you with a functional U-shaped self-contained kitchen, sizeable bedroom offering 2 closets & a window overlooking your very own deck. Step up to a sun-filled open concept space with beautiful Brazilian hardwood flooring throughout, a dining area easily hosting 10 people without forgetting an ample living area with a woodburning fireplace. UNIQUE BONUS: your very own private semi-covered wrap-around deck of nearly 300 sq.ft. overlooking the yard of a house! Where do you get this in the city? Insuite laundry, 1 parking, 1 cat or 1 dog (max 40lbs). All balconies done & depreciation report available. A delight to show!
320-3080 LONSDALE AVE.
$299,000
1 bed, top floor, West facing property in Upper Lonsdale 1 bath – 756 sq.ft. + 80 sq.ft. of covered balcony! When was the last time you stepped into a 836 sq.ft. (incl. balcony) 1 bed top floor West facing property in Upper Lonsdale! Enjoy cooking in your fully renovated modern kitchen w/ it’s unique pantry, while entertaining your guests in the adjacent extremely spacious dining room. Cozy up on your full-size sectional in the living room while taking in the views through big sliding doors letting in lots of natural light. A King size bed will easily fit your spacious bedroom w/ its very own walk-in closet! 80 sq.ft. balcony to BBQ away! Laundry on each floor and yours is across your hallway, including supplementary storage. Lots of in-suite storage, storage locker, one parking. 1 cat or dog allowed. Very well maintained bldg. with easy access to the fun that North Van has to offer. Bring your house-sized furniture, art for the expansive amount of wall space, and your fake tree as you well may be home for Christmas!
1925 CRAFTSMAN BEAUTY IN THE HEART OF KITSILANO – 4 BED, 2.5 BATH W/LEGAL SUITE 3444 W. 5TH AVE.
$2,950,000
Sitting across from McBride Park in the heart of Kitsilano, this 1925 Craftsman offers yesterday's cachet with today's comfort. Beautifully restored character home with all of the original Fir trim work lovingly refinished. The foyer's wainscoting sets the tone for the main floor: a spacious front reading room/den, a large living room with fireplace opening onto a dining room designed for entertaining. In the mood for a BBQ? Open your French doors and step onto your gigantic South facing deck! Upstairs offers 3 sizeable bdrms, the front bdrm has a unique attached crafts room. BONUS-a full height basement with a self-contained 1 bdrm suite (done with permits) with its own south facing patio. The front & back gardens are enjoyed from every window, creating an Urban Oasis on this 46x120 lot.
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
Bob Bracken
Real Estate Services Each office independently owned and operated.
410-650 W 41ST Avenue, Vancouver, BC V5Z 2M9
604.263.2823
bobbracken.com bob@bobbracken.com
HOUSES DUPLEX TRIPLEX 4PLEX 5PLEX 6+ UNITS APARTMENT BUILDINGS DEV SITES
COMMERCIAL DRIVE BIG INCOME PROPERTY REAL ESTATE WITH CASH FLOW - CALL BOB COMMERCIAL DRIVE BIG CASH MACHINE HOUSES WITH SUITES 6 5+ NEW INCOME DUPLEX, TRIPLEX, FOURPLEX LISTING UNITS UNITS 5PLEX, 6+ UNITS APARTMENT BUILDINGS LAND FOR RE-DEVELOPMENT IF YOU ARE THINKING OF 1727 GRANT STREET 1862 VENABLES STREET SELLING OR BUYING • Big 4 lvl Renovated Char Revenue Building, 4615 SF, Gr Inc $102,540/yr • Cash Machine, 3910 SF Multifamily Bldg, 5+ Units, Gr Inc $71,220/yr INCOME PROPERTIES • 6 Suites, 6 Parking, larger 36’X121’ RT-5 Corner Lot, Great Cap Rate 4% • 4 levels, Creative Financing, near “The Drive”, 33’X122’ RT-5 w lane • Investors, Owner-Occupiers, Shared Ownership Asking $2,198,000 • Investors, Owner-Occupiers, Developers Asking $1,650,000 CALL BOB BRACKEN 604-263-2823
Real Estate Investment Think Bob Bracken
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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
Your Experienced Local Realtors
GEORGE GOMORY FREE HOME EVALUATIONS
Sutton Group - 1st West Realty AN INDEPENDENT MEMBER BROKER
Marten Felgnar 604-250-4175 mfelgnar@shaw.ca
Call Now!
604-942-7211
604-765-7653
www.sutton1stwest.com
John Panrucker 604-230-7390
$719,900
jpanrucker@sutton.com
Orlando Johannson 604-803-4336 orlandoj@shaw.ca
21436 117 AVENUE, MAPLE RIDGE A rare opportunity in a quiet neighbourhood in West Central Maple Ridge - 21436 117th Ave. Top reason you need this home for your family. LOT: Sun drenched, south exposed - 8,856 Sqft. Room for gardens, private yard w/ mature trees, XL patio, fully fenced. UPDATES: You name it, it's got it tastefully updates in 2008 with renovations including windows/vinyl siding/ kitchen/carpet/tile and laminate floor. SPACE: 2035 Sqft. - 4 bedroom, 3 bathroom, xl rec room and full bathroom in basement - perfect for growing family or inlaws. LOCATION: Flat, no-thru street, family friendly neighbourhood. Close to a wealth of amenities - SCHOOLS, transportation and HOSPITAL. CALL NOW!
Marten Felgnar 604-250-4175
Jim Gwynn 604-880-0948 jgwynn@sutton.com
OPEN SATURDAY 2-4 PM #403-6055 Nelson Avenue, Burnaby $549,000 Spacious 1099 sqft 2 bedroom 2 bathroom condo. Steps to Metrotown and Skytrain. Indoor pool and gym. Showing by appointment Saturday 2-4 pm.
www.GeorgeGomory.com Heather Langis 604-720-0091
Linda Song 778-990-6322
Surp Rai 604-763-5263
Ivanka Culjak 604-736-1805
hlangis@shaw.ca
lsong@sutton.com
surpsrai@gmail.com
ivankac365@gmail.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 Each Office Independently Owned & Operated
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C O M IN G S O O N
THE CENTRE OF AT TENTION
REGISTER NOW:
polyhomes.com or 604.871.4192
Mantyla is the final collection of apartment residences within Windsor Gate, Polygon's vibrant master-planned community in the heart of central Coquitlam. Experience sophisticated two and three-bedroom homes and a private, five-star clubhouse within Coquitlam’s most sought-after community. Outside, a range of amenities await — from top-rated schools and the new Evergreen SkyTrain extension, to scenic Lafarge Lake and Coquitlam Centre.
This is currently not an offering for sale. Any such offering may only be made by way of a disclosure statement. E.& O.E.
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Welcome to your own private haven at Parker House, Polygon’s final collection of boutique apartment residences at Windsor Gate, ready to move into this winter. Only here do stylish, open-plan residences meet twenty-five acres of master-planned living and a lavish 18,000 square foot clubhouse inside Coquitlam’s most sought-after neighbourhood.
LARGE TWO BEDROOMS FROM $439,900
WINDSOR GATE
N LINCOLN AVE
KENSAL PLACE
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SALES OFFICE: 1151 Windsor Mews Open Noon to 5pm Daily (except Friday) 604.945.8741 parkerhouse@polyhomes.com
POLYGON PARKER HOUSE LTD.
POLYGON WINDSOR GATE LTD.
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VANCOUVER EASTSIDE
THURSDAY, JANUARY 12, 2017
Looking for a new home? Start here.
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BC Raises the Bar Once Again for New Home Construction Investment: StatCan BC
posted its highest-ever total investment in residential construction in October, according to Statistics Canada data published in late December. The expenditure of $1,149,222 on new housing builds was 1.5 per cent higher than the record-breaking month before, and a year-over-year rise of 31.4 per cent versus October 2015. Condo-apartment buildings once more led the growth and saw the biggest injection of cash, taking up close to half the province’s total investment at $564 million. This was a rise of 5.3 per cent since September and an annual jump of 45.8 per cent. New single-family home construction in the province posted an October investment of $455 million, which was down two per cent month over month but up 17.8 per cent compared with October 2015.
Investment in townhouses and other attached properties in BC totalled $96.9 million in October, down very slightly at 0.1 per cent compared with September, but 28.5 per cent higher than a year previously. Only $32.9 million was spent on building new duplex homes in BC in October, a year-over-year rise of 25.7 per cent but a drop of 3.5 per cent from September. National Picture As usual, despite raising the investment bar once again, BC was in second place out of all provinces and territories in terms of total dollar amount in new home construction investment, with Ontario spending $2.1 billion in residential construction. But, also as has been the recent trend,
BC’s growth in new home investment was once again much steeper than Ontario’s 13.9 per cent year-over-year increase. New home construction investment dropped on a year-over-year basis in seven of Canada’s 14 provinces and territories, with annual declines recorded in Newfoundland and Labrador (which are combined), Nova Scotia, New Brunswick, Quebec, Manitoba, Saskatchewan and Alberta. After also breaking a record in new home building investment in September, breaching the $5 billion mark for the first time, the nation as a whole slipped a little in October, spending $4.9 billion on new housing construction. This was
still a year-over-year rise of 4.9 per cent. Unlike in BC, as has also been the recent trend, Canada-wide new home investment was weighted in favour of single-family houses, which totalled $2.45 billion across the country –an increase of six per cent over the previous October. National investment in multifamily construction further slowed its annual growth rate, rising 2.1 per cent year over year to $1.8 billion. News of the continued increase in new home investment in BC came a couple of weeks after federal agencies reported a recovery in the number of housing starts and values of building permits issued in the region. The British Columbia Real Estate Association recently predicted that rising home completions in 2017 would lead to a “more balanced” housing market next year.
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