Posted on
February 28, 2019
by
Fabrizio Zenone
Way out here on the Best Coast, it’s easy to think of ourselves living in something of a separated-off bubble – and that when it comes to real estate, the bubble looks to be deflating.
But the fact is that B.C.’s major cities are among many around the globe that are currently experiencing a real estate market slowdown.
Most of us are aware that the Greater Toronto Area is also in the property doldrums, with sales in 2018 down 18 per cent year over year (not as steep as Metro Vancouver’s 31.6 per cent annual decline). The average 2018 home resale price in our country’s biggest city is also down 4.7 per cent over the previous year.
But what about the rest of the world?
Property markets in major global centres are also on the slide, most notably in pricey cities such as Hong Kong, Shanghai, Beijing, Singapore, London and Sydney.
In Hong Kong and mainland China’s biggest cities, prices are steadily declining, with prices in Beijing and Shanghai around five per cent off their peak of around six months ago – largely due to a slowing Chinese economy affected by trade wars with the U.S. In London and across the U.K., uncertainty over Brexit has sidelined homebuyers, and London property prices have fallen for two consecutive years. In Australia’s biggest city, unsustainably high prices along with a pullback in demand from mainland Chinese buyers have combined to drag real estate markets down over the past year, with prices down more than 11 per cent in Sydney, according to CoreLogic. Plus, Singapore’s prices have been hit by increased taxation and new mortgage rules.
Bloomberg published a fascinating story on this topic Jan. 3, and identified that even as each slowing market has its own set of characteristics, most of them also have a few factors in common:
1) Tougher government regulations on mortgages and finances – these range from the mortgage stress test in Canada, to stricter loan-to-value ratios in Singapore, to limits on how much money can leave mainland China.
2) Rising interest rates – Canada is far from the only country to see increased borrowing costs. The Bank of England (led by former Bank of Canada governor Mark Carney) has been similarly making incremental hikes over the past year or so, and rates in Singapore have risen several times over the past year, with more hikes predicted in 2019. Australia’s Reserve Bank, however, has maintained record-low rates – and prices are still dropping there too.
3) Unpredictable stock markets – with the world’s markets fluctuating wildly, much of which uncertainty is linked to U.S./China trade wars, investors around the globe are unsure where things will land and are keeping a low profile.
4) Diminishing demand from China – property markets in most Pacific Rim cities, whether in North America, Australasia or Asia, are affected by the wobbling Chinese economy and a tightening of rules on how much money is allowed to flow out of mainland China.
Bloomberg cites an April 2018 International Monetary Fund study, which issued a warning on the effect of simultaneous global real estate market corrections. The IMF wrote that such a phenomenon could lead to “financial and macroeconomic instability.”
However, a glimmer of hope for global economic stability was issued today (Jan. 4) as major stock markets made a sudden recovery on the news of renewed trade talks between China and the U.S.
It may seem like some consolation that B.C. cities are not alone in their housing market decline – after all, it makes for a more level playing field, globally speaking. But from a macro-economic viewpoint, it’s not such a good thing.
Posted on
February 28, 2019
by
Fabrizio Zenone
I have sold a property at 3248 PINEHURST PL in Coquitlam.
Gorgeous 5 bedroom executive style family home located on a quiet cul-de-sac in beautiful Westwood Plateau, Coquitlam. Some highlights include vaulted ceilings in entrance and formal living room, gourmet kitchen with large island, office on main floor, 4 bedrooms up with large updated master bed ensuite, 1-2 beds down with a second kitchen, living & dining area, man cave with wet bar, separate entrance, several recently constructed outdoor patio spaces, fenced yard, triple car garage, new gutters & exterior paint... Too many updates to list, this house has been meticulously maintained both inside & out making it move-in ready for the next lucky family/owners! See video tour. Floor Plan available. Call & schedule your private viewing today!
Posted on
February 23, 2019
by
Fabrizio Zenone
I have sold a property at 1310 SHAUGHNESSY ST in Coquitlam.
Perfect home for families in a great location,with 3 good sized bedrooms up on the main floor. Spacious kitchen with eating area, dining room and living room with access to the large deck across the front of the home. New hardwood flooring, freshly painted, new kitchen appliances & the washer & dryer replaced in 2018. Double pane windows and roof replaced in 2017. Down you have a bright recreation room and flex area with access to the patio and den/office that could be used as an additional bedroom. Very easy to add a mortgage helper. Private fenced back yard. Close to Coquitlam River, Elementary School, Crystal Falls trail and shopping.
Posted on
February 20, 2019
by
Fabrizio Zenone
Please visit our Open House at 22 MACDONALD AVE in Burnaby.
Open House on Saturday, February 23, 2019 2:00PM - 4:00PM
PRICED WELL BELOW ASSESSMENT VALUE! Central location in Vancouver Heights. Build your dream home on this flat 61' x 100' lot. Steps to St. Helens Church and Gilmore Elementary School. Close to the Shopping in the Heights and to downtown Vancouver. Open House Saturday Feb 23, 2-4 pm
Posted on
February 14, 2019
by
Fabrizio Zenone
Please visit our Open House at 1162 EAGLERIDGE DR in Coquitlam.
Open House on Saturday, February 16, 2019 3:00PM - 5:00PM
Perfect starter home for young families! This 3 level split home has a large, bright living room with fireplace, adjacent dining room, kitchen with eating area and a couple steps down to the family room with access to the patio and private rear yard. Laundry, bathroom and storage room round out the main. 3 bedrooms & 2 bathrooms are up, including a huge master with ensuite and a private sundeck. Bring the kids and pets to the west facing fenced back yard that backs on to Eagle Ridge Park. Walk to all levels of schools, close to shopping and recreation. Updated roof and windows and furnace. Tons of potential in this great neighbourhood. Open House Sat February 16, 3-5 pm
Posted on
February 12, 2019
by
fabrizio zenone
According to the city, 4,979 Vancouver property owners have yet to declare their property’s status. Photo Dan Toulgoet
Ninety-seven per cent of Vancouver property owners can pat themselves on the back for making their Empty Homes Tax declaration by the Feb. 4 deadline.
As for the remaining three per cent — or 4,979 property owners — they can make a late declaration, says the city.
In a press release, the city reminds residents that those who do not declare will have their properties deemed vacant by the city, and be subject to the tax at a rate of one per cent of the property’s 2018 assessed taxable value. They will also be charged a $250 bylaw fine.
This year ― the second year of Vancouver’s Empty Homes Tax ― the city is making late declarations available. Once the property owner pays the $250 late fee (or disputes the ticket), they can make their online declaration. Bylaw tickets can be paid at vancouver.ca/pay-ticket.
Once a late declaration of occupied or exempt has been submitted, the tax bill will be cancelled.
How to submit a late declaration for Vancouver’s Empty Homes Tax:
- One declaration per property is required. You can declare in a number of ways, including:
- Online at vancouver.ca/eht-declare. The online declaration process is simple and takes most people only a few minutes to complete. Online chat with an EHT representative is available.
- In person at City Hall. Residential property owners may visit City Hall where staff will be available to assist them with online declarations. City Hall regular hours are 8:30 a.m. to 5 p.m.
- Over the phone by calling 3-1-1. Residential property owners who need assistance making their online declaration can call 3-1-1 between 7 a.m. and 10 p.m. daily (outside Vancouver: 604-873-7000) and speak to a citizen service representative. Translation services are also available at 3-1-1.
Payment of the Empty Homes Tax levy is due by April 12, 2019 or an additional five per cent penalty will be applied. If payment is not made by Dec.31, 2019, the amount will be added to your property tax bill.
The City of Vancouver’s Empty Homes Tax is separate from the provincial government’s Speculation and Vacancy Tax; inquiries regarding the province’s tax may be directed to gov.bc.ca/spectax or by calling 1-833-554-2323.
Posted on
February 12, 2019
by
Fabrizio Zenone
I have listed a new property at 1911 IRONWOOD CRT in Port Moody.
Live in this quiet, Mountain Meadows cul-de-sac! Well maintained Tudor style 3 bedroom + den & 3 bathroom home. Enter into bright sky lit foyer. Living room features beautiful floor to ceiling wood burning fireplace and adjoins with the formal dining room. Bright kitchen features quartz countertops and stainless steel appliances. Family room has a cozy gas fireplace with sliding doors to the private deck outside. Upstairs features 3 bedrooms, den and 2 bathrooms. Low maintenance yards in the front and back. View of Fraser River and Mount Baker. Close to all levels of schools, shopping and recreation.
Posted on
February 12, 2019
by
Fabrizio Zenone
I have listed a new property at 1162 EAGLERIDGE DR in Coquitlam.
Perfect starter home for young families! This 3 level split home has a large, bright living room with fireplace, adjacent dining room, kitchen with eating area and a couple steps down to the family room with access to the patio and private rear yard. Laundry, bathroom and storage room round out the main. 3 bedrooms & 2 bathrooms are up, including a huge master with ensuite and a private sundeck. Bring the kids and pets to the west facing fenced back yard that backs on to Eagle Ridge Park. Walk to all levels of schools, close to shopping and recreation. Updated roof and windows and furnace. Tons of potential in this great neighbourhood.
Posted on
February 8, 2019
by
Fabrizio Zenone
Please visit our Open House at 9284 GOLDHURST TERR in Burnaby.
Open House on Sunday, February 10, 2019 2:00PM - 4:00PM
Beautifully maintained duplex style townhome in desirable Forest Hills. You will love the many upgrades to this home including new flooring throughout; Maple engineered HW, vinyl plank, tile & carpeting, fresh paint & totally renovated kitchen, ensuite and powder room. Spacious living room features a bay window & cozy gas fireplace. Kitchen with quartz counters, stainless steel appliances & Maple shaker style cabinetry including built-in pantry & china cabinet. Rounding out the main floor is a large dining room with access to the deck & den. Up are 3 bedrooms, master with tons of closet space & ensuite with heated flooring, glass shower, separate tub & quartz counters. Downstairs is a rec room, bedroom, laundry/bath & wet bar. Double garage, built-in vacuum. Close to SFU, Production Skytrain Station and bus. Also within half hour walking distance to Stoney Creek Community Elementary and Burnaby Mountain Secondary Schools.Open House Sunday Feb 10, 2-4 pm
Posted on
February 7, 2019
by
Fabrizio Zenone
I have listed a new property at 1122 HOWSE PL in Coquitlam.
PRIME FOR INVESTORS OR BUILDERS! Fantastic location for this 2 level home with a 2 bedroom & den legal suite. Main floor with large open concept living and dining area, kitchen with eating area. 3 bedrooms on the main including a master with walk in closet and ensuite. Down is the suite with separate entry & access to the laundry. Private yard with a large deck for the main and patio for the suite. Close to all levels of schools and shopping, recreation, restaurants and entertainment. Newer roof, sundeck and exterior paint.
Posted on
February 6, 2019
by
Fabrizio Zenone
Please visit our Open House at 22 MACDONALD AVE in Burnaby.
Open House on Saturday, February 9, 2019 2:00PM - 4:00PM
PRICED WELL BELOW ASSESSMENT VALUE! Central location in Vancouver Heights. Build your dream home on this flat 61' x 100' lot. Steps to St. Helens Church and Gilmore Elementary School. Close to the Shopping in the Heights and to downtown Vancouver.
Posted on
February 5, 2019
by
fabrizio zenone
For those considering an elevated kitchen renovation—or really any renovation—these ten questions will make your life—and your interior designer and contractor’s life—easier. By having these ten questions answered before you call your contractor, you’ll be able to have a more productive, streamlined experience.
- What is your goal?
Are you planning to sell your home in the next few years? Are you intending to upgrade your home for that sale? Or are you simply seeking to make the best of your kitchen decor?
- How long do you plan to live in your home?
If you see yourself living there for only a few years, you should probably consider a different type of renovation, something that’s maybe not as expensive or something that’s more timeless and traditional in your favored aesthetic. However, if you’re going to be living there longer, then naturally you’ll be spending a bit more to design something that sings to you.
- Do you have children?
If you do, where are you going to store everything out of their reach? Resilient, easy-to-clean materials, are ideal for kid-friendly kitchen ideas.
- Do you have allergies and health issues?
If someone in your family suffers from asthma or other breathing issues, consult your contractor and have them avoid high-gloss lacquers and urea and phenol formaldehyde.
- Will you be residing in your home during your renovation?
If so, keep in mind that it will add to the lead time and construction duration, as well as adding to the level of protection and cleanliness that needs to be maintained during the renovation process.
- What is your budget?
Answer this question for yourself so you can better understand what amount of money you can spend comfortably. It’s crucial to be honest with the experts you hire about what that number really is.
- What have people in similar homes accomplished?
Getting to the answer of ‘Can I do it?’ is helpful in beginning the process.
- What can you remove to open up your kitchen?
Ask yourself and your contractor about exploring every possibility to make the best use of your kitchen remodel.
- What’s behind those walls?
You do need to keep in mind that every kitchen has concealed utility risers that will ultimately limit the amount of room you have to work with.
- When can you get started?
Because a well-planned project is a well-executed project, take your time to properly plan every move you make during the kitchen renovation process.
Posted on
February 5, 2019
by
fabrizio zenone
Posted on
February 5, 2019
by
fabrizio zenone
METRO VANCOUVER MARKET HIGHLIGHTS
JANUARY 2019
DETACHED
- Active Listings:
- 4,974
- Sales: 339
- Benchmark Price:
- $1,453,400
- Avg. Days On Market:
- 64
TOWNHOUSE
- Active Listings:
- 1,719
- Sales:
- 205
- Benchmark Price:
- $800,600
- Avg. Days On Market:
- 52
APARTMENT
- Active Listings:
- 4,115
- Sales:
- 559
- Benchmark Price:
- $658,600
- Avg. Days On Market:
- 47
January 2019
1,103
Sold
(-39.3%)
Residential property sales in Metro Vancouver
Home listings continue to increase across all housing categories in the Metro Vancouver* housing market while home buyer activity remains below historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018.
Last month’s sales were 36.3 per cent below the 10-year January sales average and were the lowest January-sales total since 2009.
"REALTORS® are seeing more traffic at open houses compared to recent months, however, buyers are choosing to remain in a holding pattern for the time being."
Phil Moore, REBGV president
There were 4,848 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2019. This represents a 27.7 per cent increase compared to the 3,796 homes listed in January 2018 and a 244.6 per cent increase compared to the 1,407 homes listed in December 2018.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,808, a 55.6 per cent increase compared to January 2018 (6,947) and a 5.2 per cent increase compared to December 2018 (10,275).
For all property types, the sales-to-active listings ratio for January 2019 is 10.2 per cent. By property type, the ratio is 6.8 per cent for detached homes, 11.9 per cent for townhomes, and 13.6 per cent for condominiums.
Sales-to-active listings ratio - January 2019
Total 10.2%
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Home prices have edged down across all home types in the region over the last seven months,” Moore said.
The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,019,600. This represents a 4.5 per cent decrease over January 2018, and a 7.2 per cent decrease over the past six months.
“Economic fundamentals underpinning our market for home buyers and sellers remain strong. Today’s market conditions are largely the result of the mortgage stress test that the federal government imposed at the beginning of last year,” Moore said. “This measure, coupled with an increase in mortgage rates, took away as much as 25 per cent of purchasing power from many home buyers trying to enter the market.”
Sales of detached homes in January 2019 reached 339, a 30.4 per cent decrease from the 487 detached sales recorded in January 2018. The benchmark price for detached homes is $1,453,400. This represents a 9.1 per cent decrease from January 2018, and an 8.3 per cent decrease over the past six months.
Sales of apartment homes reached 559 in January 2019, a 44.8 per cent decrease compared to the 1,012 sales in January 2018. The benchmark price of an apartment property is $658,600. This represents a 1.7 per cent decrease from January 2018, and a 6.6 per cent decrease over the past six months.
Attached home sales in January 2019 totalled 205, a 35.7 per cent decrease compared to the 319 sales in January 2018. The benchmark price of an attached unit is $800,600. This represents a 0.5 per cent decrease from January 2018, and a 6.2 per cent decrease over the past six months.
* Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.
Posted on
February 5, 2019
by
Fabrizio Zenone
I have listed a new property at 22 MACDONALD AVE in Burnaby.
PRICED WELL BELOW ASSESSMENT VALUE! Central location in Vancouver Heights. Build your dream home on this flat 61' x 100' lot. Steps to St. Helens Church and Gilmore Elementary School. Close to the Shopping in the Heights and to downtown Vancouver.
Posted on
February 1, 2019
by
Fabrizio Zenone
I have listed a new property at 701 2789 SHAUGHNESSY ST in Port Coquitlam.
Come and enjoy all that The Shaughnessy has to offer! High end finishing throughout the suite with quartz counters, stainless steel appliances including gas stove and built in oven & microwave. Open floor plan, kitchen with breakfast bar and adjacent dining area and living room with deck access. Enjoy TWO decks to take in the views. Fantastic amenities in the building including an exercise centre, playground, garden area and Club House. Great location, only steps to shopping, Lions Park and the trail beside the Coquitlam River. Walking distance to the downtown shops and restaurants. Close to transit including the West Coast Express.
Categories:
Albion, Maple Ridge Real Estate
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Anmore, Port Moody Real Estate
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Arbutus, Vancouver West Real Estate
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Barber Street, Port Moody Real Estate
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Bear Creek Green Timbers, Surrey Real Estate
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Belcarra, Port Moody Real Estate
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Bolivar Heights, North Surrey Real Estate
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Brookswood Langley, Langley Real Estate
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Burnaby Hospital, Burnaby South Real Estate
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Cloverdale BC, Cloverdale Real Estate
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College Park PM, Port Moody Real Estate
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Coquitlam East, Coquitlam Real Estate
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Downtown NW, New Westminster Real Estate
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Forest Hills BN, Burnaby North Real Estate
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Fraserview VE, Vancouver East Real Estate
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Kitsilano, Vancouver West Real Estate
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Simon Fraser Univer., Burnaby North Real Estate
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