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

Tasteful Townhouse that you’re going to want to see!

002The Madison is one of South Surreys finest buildings, this classy home features an open floor plan and private entrance. The California Closets and extra storage along with the outdoor patio and garden area extend your living space for a house like feeling. Centrally located, this convenient location is directly across from a park, walking distance to White Rock, Semiahmoo mall & transit. The chef in the family will appreciate the gas cook top and spacious kitchen. This building has great amenities with a fabulous community feel makes this unit the perfect place to live. Call today for an appointment or come and see us at our Sneak Peek Open House Thursday 5-6pm or Open Sunday 2-4pm.

Find out more at: http://www.vancouverpropertyfinder.com/listing/cms/1787-154/

 

JUST LISTED!! Yaletown Style at a Fraction of the Price!

11-4178 Dawson St.

$588,000

This unique, newly updated loft is in a private setting and has it all. The 17 foot floor to ceiling windows, creates a bright, open space. Shopping at Brentwood is just around the corner and the Skytrain is a stone’s throw away. This convenient location make life easy to get around town and has everything you need. This classy building has a great set of amenities include: clubhouse, exercise room, hot tub/sauna, steam room, and more. Yaletown style at a fraction of the price.Open House Thursday 5-6 and Sunday 1-3pm. Call Today! 259617022

Completely Renovated Stunner!

This classy home has brand new stainless steel appliances, in a gourmet kitchen. This well run complex, is very friendly and welcoming. The convenient location has Stony Creek school across the street, Burnaby Mountain around the corner and SFU up the hill, not to mention the Sky Train and Lougheed Shopping Centre are close by making life easy. Pets are welcome and rentals are not capped but do require a min 6 month lease. Wake up to a quiet, serene setting with trails on Burnaby Mountain close by. Sneak Peek Open House, Thursday 5-6pm and Open Sunday 1-3pm or call for an appointment.

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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.

 

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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.

Metro Vancouver home sales return to typical August levels

For the second straight month, home buyer demand in Metro Vancouver* moved off of the record-breaking pace seen earlier this year and returned to more typical levels.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential MarketUpdate_thumb.jpgproperty sales in Metro Vancouver:

Totalled 2,489 in August 2016,  ↓ 26%  compared to the 3,362 sales in August 2015

10.2%  ↓ than the 2,771 sales in August 2014

and 1% ↓  than the 2,514 sales in August 2013

August 2016 sales also represent a 22.8% ↓ compared to last month’s sales.

From a historical perspective, last month’s sales were 3.5 % below the 10-year sales average for the month.

“The record-breaking sales we saw earlier this year were replaced by more historically normal activity throughout July and August,” Dan Morrison, REBGV president said. “Sales have been trending downward in Metro Vancouver for a few months. The new foreign buyer tax appears to have added to this trend by reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers.

“It’ll take some months before we can really understand the impact of the new tax. We’ll be interested to see the government’s next round of foreign buyer data.”

New listings for detached, attached and apartment properties in Metro Vancouver:

Totalled 4,293 in August 2016.

an ↑ of 0.3% compared to the 4,281 units listed in August 2015

18.1 % ↓ compared to July 2016 when 5,241 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver:

8,506,  21.9% ↓ compared to August 2015 (10,897) and  1.9% ↑ from July 2016 (8,351).

The sales-to-active-listings ratio for August 2016:

29.3%. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12% mark, while home prices often experience upward pressure when it reaches the 20 to 22.5% range in a particular community for a sustained period.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver:

$933,100. This represents a 31.4% ↑ compared to August 2015 and a 4.9 %↑ over the last three months.

Sales of detached properties in August 2016:

715, ↓ 44.6% from the 1,290 detached sales recorded in August 2015.

The benchmark price for detached properties:

↑ 35.8 % from August 2015 to $1,577,300. This represents a 4.2% ↑ over the last three months.

Sales of apartment properties:

1,343 in August 2016, a ↓ of 10.1% compared to the 1,494 sales in August 2015.

The benchmark price of an apartment property:

↑ 26.9% from August 2015 to $514,300. This represents a 6.1% ↑ over the last three months.

Attached property sales in August 2016:

431, ↓ 25.4%compared to the 578 sales in August 2015.

The benchmark price of an attached home:

↑ 31.1% from August 2015 to $677,600. This represents a 7.1% ↑ over the last three months.