Are you looking for a great community that is comfortable and convenient?

003This bright home has been fully upgraded with computer network wiring outlets in each room during building. The open space and hardwood floors make entertaining a
dream. There is room on the back deck for the BBQ and plenty of space for family or guests downstairs. The 2-car garage has side by side spaces with lots of room for storage! The convenient location has shopping and the library close by is
perfect for young growing families. Killarney Community Centre and transit are just around the corner! Call for an appointment today.

House Sized Townhouse has Plenty of Space for Your Family!

Great space for your family nestled next to the quiet walking trails of Stony Creek. This house size townhome has plenty of room for your family and is part of a fabulous community. Conveniently located close to Lougheed Mall, shopping and the Skytrain are close. Up the block from Stone Creek Elmtry and around the corner from Burnaby Mountain High and SFU. This home has nice updates including a gourmet kitchen, bathrooms, and flooring. The family room and storage downstairs will make life easy. The outdoor spaces and warm gas fireplace will make life fun and enjoyable for entertaining. Call for an appointment today or come by our Sneak Peek open Thursday 6-7pm or Open House Saturday 2-4pm.001

Beautiful Home Steps from Trout Lake Park

This beautiful and comfortable home situated on a large lot, offers an expansive backyard for the kids to play in. The reno’ed gourmet kitchen with open floor plan opens onto the large west facing deck with views of Trout Lake park. The reno’ed bathroom is bright and the refinished hardwood floors and warm wood burning fireplace are great features not to be missed. With ample storage and the large unfinished basement there are lots of options for kids to play or possibly a suite. Centrally located, this convenient home is steps away from Trout Lake Community Centre and walking distance to 3 Skytrain Stations. This home makes for a perfect balance of relaxed park living while being close to amenities. Open Wed. 5-6 and 3221_Garden_Drive-21642-001 (2)Sun 2-4pm.

 

Investors Alert! Perfect Downtown Rental Property

Convenient location steps to Yaletown, Gastown, Robson St, Seawall, & Skytrain station. This classy building has amazing features including: a gym, sauna, steam room, hot tub, party room, & theatre room. The open floor plan and convenient flex space give this unit versatile options as to how the space is used. This investment property is leased until the end of March 31 2018, so investor buyers only. Great tenant paying $1800. Turn key investment opportunity. 1 parking included, peek a boo view and amazing location make this a very easy rental. Pets allowed up to 25 pounds. Showings by appointment please allow notice.

 

2601_-_233_Robson_Street-21287-000

JUST LISTED! The Perfect Downtown Loft

LOFT, a unique space with 16 foot high ceilings. The open and smart deign leave room for extra storage and a den. LOCATION, conveniently located home, close to shopping, transit, and all that downtown has to offer. LIFESTYLE, this 14th Floor sky-loft has bright soaring windows! The current owner updated some appliances and painted and updated the floors 2 years ago. This building has great amenities including a gym, 360-degree view from the common rooftop deck, a second patio BBQ area and party room. INVESTOR ALERT! Reasonable Strata Fees, Rentals and Pets allowed. Current tenant would love to stay and is on a month -month lease.
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New listing!! 5606 Chester St, Vancouver

5606 Chester st, in East Vancouver is great family home. This comfortable, bright, starter home is move in ready with significant updating to the entire home. All you have to do is move in. Enjoy your own private oasis with mountain views on your huge 557 sq ft sun deck (built with permits). Sir Alexander Mackenzie Elementary School extends your backyard and the walk-able neighborhood has shops close by and transit to downtown or UBC right around the corner. This was going to be a forever home with significant upgrades to the windows, furnace, flooring, renovated bathrooms, updated pipes and completed every task on his inspection list. This home is great value do not miss out on a phenomenal home.

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Vancouver Real Estate and the Episode of the 15% Foreign Buyers Tax

Many of our Team Andruff clients want to know what the impact of the 15% Foreign Buyers Tax will be. One month in we are on a quest to find an appropriate answer. We listen to economists, review similar instances and rely on our experience to guide our clients and here is what we see so far:

Blog at a glance:

  • Markets were cooling before the tax was instituted.
  • We have seen a similar scenario with the transition from GST/HST – the market will adjust and rebound.
  • Higher end homes (one-million-dollars-plus) will be slowed down – Resale condo market still robust.
  • The fundamentals of supply have not changed while demand is on the sidelines in some cases but not in others.
  • BC Government was politically motivated to make this move but foreign buyers will have ways around the 15% tax and this may push affordability problems to other markets.
  • A strong Greater Vancouver and BC Economy with continued in-migration will still make Vancouver’s affordability a challenge over the long run.

 

The Rest of the Story

On an anecdotal note, leading up to summer, there was a sense of a turn in the market. The market was taking a more “traditional approach” or what would have been a more typical response to a hard press in pricing than what we had seen in the last few years of accelerated prices. There was some seasonality to the market where people took a step back and simply enjoyed their summer (which a few years ago was normal).

The Senior Economist with Central 1 Credit Union, Bryan Yu, indicated the tax will put further downward pressure on a market that already had a slowing, after a very strong spring. He further prognosticated the new tax on foreign buyers will cause a substantial but temporary 10 per cent drop in Metro Vancouver sales that will extend into 2017.

This is not unlike the transition from the GST to HST scenario in 2010.  The market pulled back to see what would happen and then slowly returned to business as before.

We again get back to the tale of two markets (foreign and domestic). What we are seeing today is the higher end of the one-million-dollar-plus homes are slowing considerably (mainly affected by foreign money).  While my experience over the last month is the resale condo market (read local market) remains fairly robust.  The reasoning behind this is many (of course not all) foreign buyers were more involved in the higher end of the market and the new construction coming to market.

The 15% tax therefore is having less impact on the…let’s say…one-million-dollars-or-less type of properties, (mainly condos and mainly “locals”) and so we are still seeing things move at a fairly strong pace.  The fundamentals of supply and demand are still driving the resale condo side of the market for the most part.

 

I dare say that The Foreign Buyer Tax was not all that well conceived. It appears to be a political, knee-jerk response by the BC Government. Dr. Sherry Cooper, Chief Economist for Dominion Lending Centres share this sentiment stating, “Housing affordability is a hot-button political issue, so it is not surprising that the B.C. Government, facing an election in less than a year, has felt compelled to do something to dampen the fervor.”

A few of the flaws as I see it:  It will have a mushrooming effect on non-Metro-Vancouver areas like for example Kelowna, and Victoria on Vancouver Island. By pushing the foreign money further out from Metro Vancouver, this potentially is passing the buck and creating affordability issues in these other areas too, perhaps even as far away as Toronto. Also, some of the buyers of presale condos are finding local friends or family members in order to assign their contracts, and hence sidestepping the 15% tax.

At the end of the day, some foreign funds will still be invested in the Vancouver Real Estate market. They still can and will.  For now, there will be a shock to the system.  Arguably the market is naturally correcting already which is good and healthy for the market.  Remember there are always two sides to the story, and while Sellers have had their turn with a Sellers’ Market, now Buyers may see some opportunity. As density remains a focus at city hall and in-migration remains a reality with a strong local economy both in Greater Vancouver and BC, the underlying lack of affordability will likely remain.  However, at this time the pace of the market will be slower.

Vancouver Real Estate Numbers are Being Manipulated by the Liberal Government

I think it’s pretty clear to see that Mike de Jong and the Liberals are “Gerrymandering” or foregin buyersmanipulating the numbers to suite their agenda and get a good head line.  Since when was 3 weeks in the month a good measurement of time. June 10-29th clearly is cutting out the most active period of time that Vancouver Real Estate transactions happen (the beginning and end of the month.) Oh and by the way, the BC Land Titles Office is closed on weekends so Saturday’s and Sunday’s don’t count for evaluating when transactions are recorded so by starting on the 10th (a Friday) it makes the sample size of days look bigger but they really just padded their timeline. As well, why only look at June when March, April and May are much stronger months for sales?  The government has the data why not give a larger sample? This is very hollow attempt to look at numbers and I think it’s pretty plain to see the Liberals are doing everything but look at the Elephant in the room when it comes to Vancouver Buyers and the Foreign Investor. They are trying to say that Foreign Buyers are only 3% of the market when it’s really more like 10% or possibly even more according to the recent Business in Vancouver article. Mike de Jong and the Liberals are controlling the message due to conflicts of interest like Bob Rennie being the campaign fund raiser for the Liberal party and it is wrong.

How to be a battle hardened Vancouver Property Buyer

In the current marketplace there are many stories about the unsuccessful multiple bids of some bkeysuyers. Clearly they have every reason to feel jaded toward the Vancouver real estate market. The following is a prescription for curing the “I don’t got no Vancouver real estate blues”. While this list is primarily aimed at the condo buyer, most of it will also relate to detached properties.

 

 

How to be a battle hardened Vancouver Property Buyer

  • Have your realtor show up with a bank draft attached to your offer (you’re committed right?)
  • Be prepared to spend upfront money, with risk for appraisals and property inspections
  • Have your offer include the sellers preferred dates (or provide the offer with blank dates)
  • Make a non-subject offer (with appropriate buyer protection clauses)
  • Prepare to “slay the dragon”, depending on the number of offers, you may have to spend $000’s over the list price
  • Get into the property ASAP (sneak previews get you off and running)
  • Prior to offer day, have your finances in order, read all strata documents, and inspect.

If mentally and financially, you are not into this type of (the few, the proud, the brave) buying, and hey, this is not every ones’ cup of tea, there is a work around. A capable buyer’s agent can help steer you through the Vancouver real estate battle field. Ask us how we help our clients buy real estate.

 

Will the Vancouver Real Estate Bubble Burst in 2016? Part 1

Who wants to talk about Vancouver’s current favourite subject?!

Many people I talk to all want to know, “If I buy now will there be a bubble? They say this can’t last for ever…” (And it won’t). “Things have to change don’t they? Should I buy, sell or just give up?”
Well, I love the topic of Vancouver Real Estate and often talk all day about the ideas swirling around this subject. There are several pieces and parts we want to look at. So to avoid a long-winded essay on the topic, I have broken down the idea into five shorter installments that will be released over the next few weeks.
In the first installment I will cut to the chase and start off by noting, I don’t believe there is a bubble and I am on record saying this as early as 2010 in my previous blog entitled, Debunking the Bubble.
What I will share with you is simply my experience and knowledge as a Vancouver Realtor. Yes, I make my living by helping people buying and selling homes, which is why I can share with you the “behind the curtain” point of view of what is going on. My opinion is based on experience rather than just making a sensational headline. I will also point out that as a leading edge Millennial, many of my friends and clients are looking at the affordability of Vancouver, and how to work within the current framework of this issue. So this topic hits close to home (pardon the pun) and is something that I help people with everyday.

Part 1 of 5: The Economics.

To start with, I feel it’s important to look at the basic ‘Economic 101 {factors} of Supply and Demand.’ Before we get into the economics, let’s get “the lay of the land” on a quick geography lesson.
The lower mainland Metro area is a collection of twenty-two municipalities. In reality it is not just Vancouver that is being affected, but the over-all region, which has seen a tremendous demand for housing. Mark Twain quipped, “Buy land, they’re not making it anymore.” When it comes to Vancouver we are abundantly aware of our special restrictions. We have mountains to the North, water to the West, the USA Boarder to the South and Agricultural Land Reserve (ALR) to the South and East. So there is not a lot of room to expand. We have sprawled out as far as we can. Hence, we can agree the supply of land is geographically restricted. The result is that we are now going up. We are building higher density and as old houses get knocked down for town homes and condos, the landscape is changing. Okay nothing new and many of you don’t need a Geography lesson so what are we talking about Real Estate wise.

It is estimated that 30,000 people will be moving to Vancouver every year and will need somewhere to live. The graph below compares the number of listings in April 2015 vs April 2016, and the percentage of change:

Area  2015 2106 % change
DT 728 354 -51%
VWS Houses 681 552 -18%
VWS Attached 894 398 -56%
VES Houses 327 389 -19%
VES Attached 510 186 -63%

In many cases over the last year we have seen a striking decline in the housing inventory on the market, coupled with large buyer demand – outpacing the available inventory. What does this mean when we go back to our ‘Economics 101 of Supply and Demand?’ When there is a shortage of supply, prices go up. I know this is not rocket science but as long as there are more people looking to buy into this market than there are options available to buy, the prices become subject to upward pressure. When looking at the numbers, in this context prices are not dropping nor is the bubble bursting.

(Here are the recent BCREA numbers put forward by Cameron Muir.)

So you’re going to say, “Okay, but it’s not that simple!” At the very basic level it is but your right there is so much more to it. What about all the Macro economic factors? Well, you will just have to read the next blog when we get into that!

Look for Part 2 Coming out Wednesday Morning!