THURSDAY, SEPTEMBER 29, 2016
VANCOUVER EASTSIDE
info@rew.ca • 604-435-7977
RUBY CHEUNG, MORTGAGE BROKER LOOKING FOR A MORTGAGE? First time home buyers, renewals and self employed Honest, personal mortgage advice with more options Call for a free professional mortgage consultation
604.720.6176
www.rubycheung.ca
R E A L E S TAT E W E E K LY
421 Pacific St, Vancouver | Email: msrubycheung@gmail.com
Vancouver Home Prices Will Be Higher This Time Next Year: Leading Economist T he “policy shock” of the new foreign buyer tax has created a “temporary market disruption” that will play out over the next three to six months, after which “market fundamentals” will mean the market recovers, according to a leading economist. Speaking to a sold-out audience at the Urban Development Institute’s Foreign Buyer Tax luncheon and panel debate September 16, Helmut Pastrick, chief economist at Central 1 Credit Union, said that he expects house prices to recover so that they are higher this time next year than they are today. Pastrick said, “I fully expect September’s sales to be down again, yearover-year, probably by 30 or 35 per cent compared with last September. The average price will probably fall again, relative to August, and this will play out over the next three to six months – it’s a temporary market disruption. “After the market has absorbed this new 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.”
Long-Term Outlook Pastrick’s fellow panellist at the UDI lunch, Tsur Sommerville, associate professor at UBC’s Centre for Urban Economics and Real Estate, added, “In other markets where a foreign buyer tax was introduced, such as Hong Kong and Singapore, in both
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those markets, prices continued to rise.” Pastrick said later in the discussion, “I think home prices will begin to increase again, but at a slower rate. I expect to see higher prices until this economic cycle comes to an end, as all cycles do… But recessions only last a short while, and the cycle begins again. And in the long term, I would expect that over the next two or three decades, [Vancouver real estate] prices will double again, if not more than double. But there will be more economic cycles between now and then.”
Class-Action Lawsuit Filed against BC Government over Foreign Buyer Tax
He added, “Right now we don’t see any signs of an economic recession due to a shock event – we’re in a strong economic cycle.”
Increase in Demand Sommerville added, “In terms of the demand side, you’ve got the combination of the strong economic cycle, low interest rates, and a demographic profile where you’ve got a large number of young people ramping up into home ownership. There are more Millennials than any other group,
Dodging Vancouverʼs Vacant Home Tax Could Result in $10K Fines: City Staff
so you’re going to have a huge increase in housing demand, in a market where the ability to respond on the supply side is securely constrained.” Sommerville’s colleague Tom Davidoff, associate professor at UBC’s Sauder School of Business, who was also on the luncheon panel, said that despite the strength of the economy and demand, there was still a significant risk of a sharp correction in home prices due to the foreign buyer tax. He said, “A potential collapse in foreign buyer demand… could result in a less-bad version of what happened in the United States [in the sub-prime crisis of 2008]. There is a significant risk of an over-correction in prices – but I wouldn’t say that is the most likely outcome.” The fourth member of the panel was lawyer Arnon Dachner, a partner at Dentons LLP, who warned delegates that tactics to avoid paying the foreign buyer tax – even seemingly legal approaches, such as contract reassignment – could be defined as an “avoidance transaction” that could leave the party still liable for the payable tax or other monies lost to the BC government. The panel debate was moderated by Neil Chrystal, president and CEO of Polygon Homes, who recently told REW.ca that that he thought the overseas buyers’ tax was “morally and ethically wrong” and added, “I wouldn’t be surprised if it was challenged legally.”
Foreign Purchases of Local Homes Hit Brakes after Tax Introduction: New Data
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY S E PT E M B E R 29, 2 0 1 6
LAN 3447 WILLIAMS ST.
$1,399,000
ABOVE THE CROWD! 20 Years experience combined
JIN BAGRY 604-644-0495
SAM BAGRY 604-761-1664 CALL US FOR A FREE HOME EVALUATION
www.vancouver-homes-on-sale.com
Top 1% of all Realtors for 2014/2015 with over 200 Homes sold in 2 years! 322-7151 EDMONDS ST NEW LISTING
LOT 696 SF
1308 E 61ST AVE NEW LISTING
$239,999
• 1 bdrm, 1 bath, open layout condo • Well maintained with new plumbing, roof, light, carpet and painted exterior and common areas
$1,478,000 • 8 bdrms, 3 bthrms
7750 PRINCE ALBERT ST NEW LISTING
LOT 3,082 SF
NEW LISTING
4360 NANAIMO ST NEW LISTING
LOT 5,509.95 SF
$2,200,000 • Livable home in prime Collingwood area • Central location • Walk to Nanaimo Skytrain station • Must be sold together with 4320 & 4342 Nanaimo St.
LOT 4,800 SF
NEW LISTING
LOT 4,880 SF
LOT 4,983 SF
1694 E 22ND AVE
$1,949,000 • RT-11 duplex zone lot in Norquay Village area • Level lot with lane • 5 bdrms, 2 kitchens, central location • Move in ready or build 2 family dwellings (front and back duplex)
2054 PANDORA ST
NEW LISTING
LOT 5,952 SF
2040 PANDORA ST
$2,625,000 • Central location in thriving location • 5 bedrooms, 2 bathrooms • Build up to 11 units • Excellent development opportunity • To be sold in combination with 2040 Pandora St.
Bob Bracken
4320 NANAIMO ST NEW LISTING
• Steps away from Renfrew Skytrain Station, supermarkets, schools and parks
• Steps to schools, park, public transit and shopping area
5216 GLADSTONE ST
• Available to build laneway house • Great central location
NEW LISTING
• Solid 4 bdrm home in South Vancouver
$1,238,000 • 33 x 151 lot
• Plans available for a new house
• Hardwood floors, newer kitchen, window and washrooms
LOT 3,795 SF
3041 E BROADWAY ST
$1,088,000
NEW LISTING
LOT 7,198 SF
• Building permit from city of Vancouver is ready
$2,199,000 • Huge 5952 sq ft corner lot RT 10 zoned, Prime Cedar Cottage Area • Steps away from Little Cedar Montessori Preschool, shopping centre, transit, hold or build! • Do not miss out on this opportunity
$2,625,000 • Central location in thriving location • 6 bedrooms, 3 bathrooms • Build up to 11 units • Excellent development opportunity • To be sold in combination with 2054 Pandora St.
Real Estate Services Each office independently owned and operated.
410-650 W 41ST Avenue, Vancouver, BC V5Z 2M9
LOT 3,808 SF
$1,300,000 • 7 bdrm, 2 bath, 3 storey • Fully finished bsmt • Close to transit, restaurants & shopping • Must be sold together with 4342 & 4360 Nanaimo St.
4342 NANAIMO ST NEW LISTING
LOT 5,712.15 SF
$2,200,000 • 10 bdrm, 2 bath, 3 storey • Close to shopping & restaurants • Walking distance to Nanaimo Skytrain Station • Must be sold together with 4320 & 4360 Nanaimo St
2920 W 41ST AVE NEW LISTING
$3,000,000 • COMING SOON!! • Top quality built 3 level luxury home • Ready in Spring/ Summer 2017
LOT 4,455 SF
• Plans available for review
604.263.2823
bobbracken.com bob@bobbracken.com
Real Estate Investment Think Bob Bracken
MAIN / FRASER BIG CHARACTER LEGAL TRIPLEX
SOLD OVER ASK
LEGAL TRIPLEX
• Big 3377 SF, 3 Level Multifamily Bldg • 3 large Suites, one Suite on each floor • Mix: 2 Bdrm + Den, 2 Bdrm, 1 Bdrm + Den • Rents below market, Tenants Long Term • Potential Gr Inc $5,500+/mo or $66,000/yr • 3 Laundry, Meters, Furnaces, H/W Tanks • Character, Nice front & back gardens • Great for Owners wanting mtg helpers • Great Investment with rental upside • Developers, potential to add value, RM2 • Investors, Owner-Occupiers, Developers • 635 East 44th Avenue Vancouver • Asking $1,498,000
KITSILANO NORTH OF 4TH MULTIFAMILY BLDG
NORTH OF 4TH
6+ UNITS
• Big 3700 SF, Excellent Multiplex Bldg • Prime North of 4th Kitsilano Location • 6+ Suites, 3 Levels, Lots of Character • Cash Machine, Gross Income $128,145/yr • Great “do nothing” Investment Property • Great Condition, Newer roof, nice decks • Potential to return to Great Kitsilano Home • Lovely 33’X122’ RT-8 Lot, lane access • 1 Block to Beach, Double Garage, Views • Near Kits Shops, Restaurants,Transit • Investors, Owner-Occupiers, Developers 3536 West 1st Avenue, Vancouver • Asking $3,339,000
MOUNT PLEASANT LEGAL TRIPLEX
INCOME
LEGAL TRIPLEX
• Big 4 Lvl Multifamily Bldg, 2728 SF • 2X1 Bdrm, 1X 2 lvl 3 Bdrm Suites • Good Condition, Mountain Views • Income $4,000/mo, $48,000/yr • Rental upside, Coin Laundry • 33’X122’ RT-5 Lot, high off street • Open Parking for 3 Cars off lane • Great Tenants, fenced rear yard • Mount Pleasant Neighbourhood • Close to Shopping, Transportation • Investors, Owner-Occupiers • 628 East 12th Avenue Vancouver • Asking $1,398,000
REAL ESTATE WITH CASH FLOW HOUSES WITH SUITES DUPLEX, TRIPLEX, FOURPLEX 5PLEX, 6+ UNITS APARTMENT BUILDINGS LAND FOR RE-DEVELOPMENT IF YOU ARE THINKING OF SELLING OR BUYING INCOME PROPERTIES CALL BOB BRACKEN 604-263-2823
HOUSES DUPLEX TRIPLEX 4PLEX 5PLEX 6+ UNITS APARTMENT BUILDINGS DEV SITES
R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY S E PT E M B E R 29, 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 S E PT E M B E R 29, 2 0 1 6
Cheryl Solomon 604.813.8001 cell. Superb Selling Since 1987 cherylsolomon@shaw.ca www.cherylsolomon.com
3 Bed & Flex in MONDELLA! $799,000
OPEN SATURDAY 2-4 PM #216-688 East 17th Avenue A Special Find! A very rare 3 bed with flex and 2 bath renovated home with a large western facing deck which is over 200 sq.ft! This immaculate corner unit is 960 sq.ft., renovated with hardwood floors, kitchen cabinets, tiling and quartz countertops. Gracious 9 ft ceilings with floor to ceiling windows and a lovely outlook to a tree lined suite. Flex room can be used as in suite storage, pantry, home office ... Also included, in suite laundry and electric fireplace. One secured parking stall in this well maintained building which is just blocks away from the Main Street action and close to public transit and great schools.
GARRY DARRED Royal Pacific Realty
www.dexterrealty.com
604.729.7049
Open House Sunday Oct. 2nd, 2-5
604-689-8226 Yaletown 604-336-3539 Main Street 604-263-1144 Kerrisdale 1806-111 E. 1ST AVE.
$2,188,000
Taking our Listings Global 104-228 E14th Ave
$599,000
Sharply Priced: $3,899,000 Luxury and Quality lives in this brand New 3 level home in the heart of Kitsilano. This home is situated on a beautiful tree lined quiet and level street. 2800 square foot on 3 levels with media room. Top notch fixtures and very functional and spacious floor plan. Pride of ownership. See you at open house.
2877 West 15th Ave.
Only $1,798,000 Lot: 40×110
2539 East 19th Ave. In our life time we do wish to have a dream home at a dream location. Well, here is the opportunity to make your dreams come true. This lovely home comes with all the bells and whistles. This fully renovated home has brand new engineered hardwood flooring upstairs. It comes with 3 bedrooms up, 2 full bathrooms up and a huge deck at the back for your entertainment. Rec room with bar downstairs and 2 piece bath for upstairs use and 2 store rooms. One bedroom unauthorized basement suite down stairs with its own laundry, one car attached garage and an automatic gate at the back. This beauty is just perfect from every angle. Only 3-5 mins walk to Lord Beaconsfield Elementary school. (Your kids don’t have to cross any busy roads). 5-7 mins walk to World famous Trout Lake and Nanaimo Skytrain station. You can’t ask for more. See it yourself this weekend. Be the first one to grab it. Oh, did I mention that this home comes with HRV system?
★
OPEN SAT/SUN 2-4PM THE TRUE MEANING OF LUXURY!
Brand new 3 bed Penthouse in the heart of Vancouver with exquisite views of downtown and the North Shore mountains. Private rooftop patio perfect for entertaining. Top of the line finishings. Extremely rare opportunity. Donʼt miss this gem of a home! 1806-111 E.1ST AVE. Lisa Findlay 778-378-8090
632 E. 20TH AVE.
$1,288,000
★
OPEN SAT/SUN 2-4PM HUGE GARDEN PATIO!
• Unbeatable location! • A new life? • A new relationship? • A new baby? • Rarely available! Philip Rogers 604-808-4623 403-1188 QUEBEC ST.
$1,248,000
RARE 3 BDRM & DEN MAIN/FRASER CHARMER Trendy Main/Fraser neighbourhood. Updates include plumbing, electrical, roof, kitchen and bathroom. Notable features: heritage style claw foot tub, shower and vanity and stainless steel appliances, gas stove, quartz counters, tile backsplash and newer kitchen cabinets. Enclosed South facing backyard, close proximity to shopping, schools and transit. Did I mention charm and character which aptly describe this home. Evelyn Singer 604-314-4123
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. Tom Jones 604-722-1316
R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY S E PT E M B E R 29, 2 0 1 6
“Your East Vancouver Real Estate Experts!” NEW LISTING
$2,999,900
Lisa MacIntosh
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Diane Kunic-Grandjean
KITSILANO'S TATLOW PARK 4 LEVEL 1912 CHARACTER HOUSE WITH 3 SUITES! 7 BED - 3 BATHS - 3360 SQFT Unique 1912 four level Character home North of 4th at Tatlow Park in Kitsilano! Come discover 3 sizeable, comfortable suites comprising of a 3 bed garden level (847 sqft), 1 bed & den on the main floor (976 sqft) and an owner-occupied eclectic top 2 level 3 bedroom suite of 1537 sqft! In-suite laundry on each floor, lots of mechanical updates over the past 28 years, this Grande Dame offers not only an inviting private front yard for your al fresco dinners, but a large enclosed backyard & decks on each level from which to take in the North shore views. This part of 3rd now being a cul-de-sac, you'll come for the quietness but will stay for the funkiness of this lady in pink & ease of access to a secluded beach via beautiful Tatlow park. 2831 W. 3RD AVE.
STEPS AWAY FROM TROUT LAKE, SOUTH FACING 1925 CRAFTSMAN BEAUTY IN THE HEART OF FRONT ½ DUPLEX - 3 BED UP, 2.5 BATH & DETACHED GARAGE KITSILANO – 4 BED, 2.5 BATH W/LEGAL SUITE 1785 E.14TH AVE.
$1,149,900
This is not your usual South facing ½ duplex: step inside to a well-laid out floor plan offering a refreshingly expansive living room with fireplace, a dining area able to host numerous guests & a wonderfully appointed kitchen with shiny white cupboards, s/s appliances & beautiful black granite countertops. The top floor will wow you with its 3 bedrooms & 2 bathrooms of unusually ample size – especially the master bed & its ensuite! Fantastic amount of natural light throughout, storage galore & a powder room on the main floor. BONUS: detached garage turned into a storage & office space! Feel right at home with its Westcoast flair, covered porch, large front garden and a short walk to Trout Lake & its Farmer’s market.
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!
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.
TROUT LAKE & THE DRIVE – FANTASTIC FRONT ½ DUPLEX - 3 BED & 2.5 BATH! 1656 East 13th Avenue
$1,149,900
Fabulous front 1/2 duplex on a 33x127 lot, a stone throw away from Trout Lake and The Drive! It has it all: 3 spacious bed on the upper floor, including a master bed with large window with North Shore Mountain views, a newly renovated en-suite and 2nd full bath with jetted tub. The main floor offers a unique layout: very airy, spacious living room with substantial ceiling height, gas fireplace and a bay window overlooking the front yard. Sizeable dining area easily welcoming a party of 8, adjacent to a well-appointed U-shaped kitchen with plethora of storage and granite countertops. Separate large pantry-laundry room. Enjoy the front & side gardens which sizes can rival that of a house. New windows throughout, new fence & front stairs. Transit, Restaurants, Fun, Parks all at your doorstep. This is East Van living at its best!
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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www.
OUTSTANDING AGENT
604-275-9787 patsy@patsyhui.com WESTCOAST
... OUTSTANDING RESULTS
119 Sales so far in 2016!
RECIPIENT OF RE/MAX LUMINARY OF DISTINCTION AWARD
$1,899,000
6-BDRM 2-LEVEL HOME
6688 CULLODEN STREET 202 – 161 E1st Ave
$478,000
304-4815 ELDORADO MEWS $499,000
Convenient, Compact & Lifestyle
2 BED WITH A VIEW
Block 100 Onni. Brand new community in False Creek. Great for investors and 1st time buyers. Parking and locker!
Open layout 2 bed / 1 bath with mountain view in Collingwood. Only 3 years young. Great for investors and first time buyers. Pet & rental friendly.
Lovely 2204 sqʼ BRIGHT & SPACIOUS family home in desirable SOUTH VANCOUVER location. 9ʼ ceiling on main floor. MAPLE FLOORING in living & dining room. MAPLE CABINETS & GRANITE COUNTERTOPS in kitchen. Gas fireplace in living room. TILE ROOF & RADIANT HOT WATER HEATING THRU-OUT. 3 bedrooms, 2 full baths on main. Downstairs has a 1-BEDROOM SUITE & 2-BEDROOM SUITE WITH SEPARATE ENTRANCE. Close to transit & schools. A pleasure to show!
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R E W.ca » VA N COU V E R E ASTS I D E » T H U RS DAY S E PT E M B E R 29, 2 0 1 6
SSusan Ninow
604-909-0111 www.SusanNinow.com Susan@SusanNinow.com
Westside 201-2107 West 40th Ave.
IN PRINT AND ONLINE
PREC
Personal Real Estate Corporation
Top 10 of Royal Lepage National Network of Realtors
NORM FLOCKHART
MASTER
(604) 261-7275
6 Years
13 Year Member of MLS Medallion Club
OPEN SAT 3-5!
$1,480,000
Your go-to source for the latest Lower Mainland listings, news and advice
Modern Vancouver Special! 4775 Victoria Drive $1,498,000 Kensington-Cedar Cottage ONE-OWNER family home! Featuring exceptional living space with over 2350 SF of comfort on 2 levels! Fabulous space for your extended family with 5 BD, 4 BATH. Potential for 2 mortgage helpers. Boasting toasty radiant heated floors & 9 Foot high ceilings. Bonus-DOUBLE HEIGHT Attached Garage for all the Car Guys! Ready for you to move in! Just steps to shopping and Vancouver's 2nd Chinatown in this new up & coming Victoria Drive Neighbourhood! Steps to transit, restaurants, groceries and banks! Be anywhere in 10-15 min! View www.SusanNinow.com/402. Call Susan for your private viewing!
“Results through Experience and Integrity”
2396 SQ.FT. HOME! 6 BR'S, 3.5 BATHS! This clean family home is over-built by today's by-laws! 3 BR's, 1.5 Baths on Main. Bright Family Room. 3 BR's & 2 Baths in high, ground level Bsmt. 2nd Kitchen down. Vinyl double-glazed windows & newer gutters. Next to 37th Ave Greenway! 5333 Ross St., Van.
NOW $1,299,900!
Linda McNeill Westburn Realty 604-437-1123
604-728-9725
"Helping Home Buyers & Sellers Since 1977" 7"
www.lindamcneill.com ~ lindaannemcneill@gmail.com 224 North Garden (corner of Cambridge and Nanaimo)
OPEN THURS. SEPT. 29TH 5:30-7, SAT/SUN 2-4, OCT 1 & 2 Stunning 644 One BR, main floor suite. With over 700 hundred square feet for the patio on the SW corner, in a pet friendly building, nestled in East Vancouver. Close to Bus, Hastings East Village: with shopping, dining etc. Walks & views, abound. A deluxe suite, with Custom built kitchen, that has soft-close bamboo cabinets, quartz countertops, appliance garage, & a built in kitchen nook with under drawer storage. Plus-renovated blue tile bathroom has a claw foot tub & shower. The floors, are a mix of rosewood & grey concrete tiles. Built-in suite storage. The wrap around partly covered deck stretches this 1 BR for all season outdoor enjoyment. A unique pet & people haven in the heart of East Vancouver. You need to see it: Open House October 1st & 2nd 2-4pm at the (corner of Cambridge Ave, & North Garden Drive.)
QUIET, NON-THRU STREET! 3 BR's & DEN! 1930 Home feats lots of original woodwork, brick-faced fireplace & high ceilings on Main. Easy to suite the unfinished Bsmt. Upgraded wiring & panel. Walk to buses on Fraser or 41st! Nr South Memorial Pk. 33' x 98' Lot. 5251 St. Catherines Street.
NOW $1,399,000!
3 BDRM FAMILY HOME! SUNNY CORNER LOT! Clean & tidy family home w/ 3 BR's & 1 Bath on Main. Fir floors under carpets, eat-in Kitchen, & Conservatory at the back. Inside or outside access to the ground level Bsmt. Easy to Suite. Hi-eff furnace, newer roof! 33ʼ x 122ʼ lot! 1003 East 38th Avenue.
www.normflockhart.com
Intelligent living BY ZENTERRA DEVELOPMENTS
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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
Phase 2 Release Oct 1st Select from over 40 new lots and purchase now for Spring 2017 cottage delivery. COTTAGE SHOW HOMES OPEN DAILY 11 - 4 53480 BRIDAL FALLS RD, BRIDAL FALLS, BC 604.745.4104
DiscoverBridalFalls.com
The best value in the Lower Mainland WYNNBROOK’S HOMES ARE LESS EXPENSIVE THAN COMPARABLE HOMES IN MAPLE RIDGE AND NEIGHBOURING COMMUNITIES - EVEN WHEN YOU INCLUDE GST!
AVERAGE HOME PRICES
$1,500,000 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
COQUITLAM $1,000,000 _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _LANGLEY _______________ NORTH SURREY $800,000 _ _ _ _ _ _ _ _ _ _ _ _MAPLE _______________________________ RIDGE WYNNBROOK $600,000 _ _-MAPLE _ _ _ RIDGE______________________________________
W Y N N B RO O K Single Family Homes from $789,900 incl. GST BUY BEFORE THE GRAND OPENING & SAVE EVEN MORE HARD HAT TOURS AVAILABLE ON WEEKENDS Sales Office: 604.380.4708 | Open daily (except Friday) Noon - 6pm 23952 104th Ave, MAPLE RIDGE
mstarhomes.com Based on comparable MLS listings for September 2016
Parkside Living For Active Families
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VANCOUVER EASTSIDE
THURSDAY, SEPTEMBER 29, 2016
Looking for a new home? Start here.
R E A L
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New Home Sales in Metro Vancouver Predicted to Break Records in 2016: Expert
T
he trend for new home sales in Metro Vancouver is looking like it will be a record-breaking year, despite a slower August than last year, according to real estate marketing firm Fifth Avenue. Speaking to REW.ca editor Joannah Connolly on the Real Estate Therapist show on Roundhouse Radio 98.3FM September 10, Scott Brown, president of Fifth Avenue, said that between 18,000 and 20,000 new homes are expected to be sold across the whole year, outstripping even the 10-year high of 2015’s 17,000-plus sales. The real estate marketing company’s second-quarter report says that 12,968 new multi-family homes were sold in Metro Vancouver from January 1 to June 30, 2016 – “possibly the greatest half year total ever,” according to the August 31-released analysis. This first-half total represents more multi-family sales volume than the fullyear figures posted from 2010 to 2012, which were in themselves considered
“healthy” years, said Brown. Brown added that early figures suggest that July’s new home sales were “reasonably strong” and then there was a cooler August, which he described as a “hangover” from the introduction of the foreign buyer tax August 2. “The hangover is now lifting,” he told the Real Estate Therapist show. “We think that this August will be more like August of 2014, rather than last August, which was a really hot August with no seasonality. “We’re expecting that demand will lift again and absorption will rocket through the fall. We’re already starting to see it at the sites that we monitor. Some sites didn’t even see a quieter August, so it varies neighbourhood by neighbourhood.” He added, “We won’t be talking about the tax through October and November. What we will be talking about is that prices now have stabilized. The price gains we have seen will be sustained but we won’t continue to see those
incredible price increases. Buyers will realize that they don’t have to buy immediately, but that they do need to buy, because the supply of new housing is still so constrained and standing inventory of new homes is at all-time lows.” Brown pointed out that most of the media coverage of real estate is focused on resale figures, and that it lacks the balance of additional statistics on new home sales. “I’ve been involved in the real estate industry for the best part of three decades, and there’s is no other industry where you would rate the success or health of the industry based on the sales level of a used product,” Brown pointed out. “Yes, homes trade, and it’s an important indicator of market growth
and conditions. But last year, there were 17,000 new, never-owned homes sold, and the majority of those were never reported about in the media, and the vast majority of them never appear on the MLS… And we need to be looking at that segment of the market and saying the new home market is extremely healthy, and why is nobody looking at that?” To listen to the full discussion, go to roundhouseradio.com, and click on “Ways to Listen” and “Listen on Demand” then use the drop-down menu. The Real Estate Therapist show airs on Roundhouse Radio 98.3FM Saturdays 9am-10am and streams on roundhouseradio.com.
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