I have sold a property at 3344 VINCENT ST in Port Coquitlam.
Great family neighborhood and convenient location! Walk into the main floor open space and good size bedrooms upstairs. New flooring and new paint! Home is bright with natural light from the large windows. Kitchen has 3 yrs old S/S appliances. Very well managed complex with low maintenance fees, great for first-time buyers!! Roof is 4 years old and exterior was painted last year. Large yard in front and fenced in back yard, perfect for kids and a pet. Covered parking and storage locker. Walking distance to schools, Hyde Creek Recreation Centre, shopping, grocery store and other services. Just 2 blocks to public transit & easy access to Lougheed hwy.
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I have sold a property at 1102 1026 QUEENS AVE in New Westminster.
Don't miss this opportunity to own in a quality built concrete building in New Westminster. The location is unbeatable in this upper corner unit, boasting tons of natural light, impressive views, and a great layout for your all your creative ideas. 2 bedroom, 2 full baths and includes 1 covered parking stall and a storage locker as well. Well maintained concrete building w/newer roof, updated plumbing and elevators. Amenities include a heated outdoor pool, gym, garden, parking. Ideally located minutes walk to Skytrain and all public transportation, shops, restaurants, the New West Quay and Douglas College. A great place to live. Open House: Sun. 2-4pm. Rentals allowed. No Pets
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I have sold a property at 205 405 SKEENA ST in Vancouver.
Great value for this 2 bed 2 bath in popular Renfrew area. Open, spacious and bright unit that faces south, NOT FACING HASTINGS so very quiet. Features include granite kitchen & bathroom counters, gas stove, ample storage, electric fireplace, high ceilings and designer white shaker cabinets. Large master bedroom that fits a king bed, large walk in closet and 4 piece en-suite. This condo has been very well maintained. Worry-free building with Depreciation Report. 1 parking 1 locker. Open Houses Sept 17th and 18th 2-4pm.
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Vancouver's housing-bubble risk unmatched on the planet, says Swiss bank

City has gone into 'overdrive' in the last 2 years due to foreign investment, report says

By Dan Healing, The Canadian Press Posted: Sep 27, 2016 4:42 PM PT Last Updated: Sep 27, 2016 4:42 PM PT

In early September, the Real Estate Board of Greater Vancouver
said home sales fell 26 per cent in August compared with the same
month last year.

In early September, the Real Estate Board of Greater Vancouver said home sales fell 26 per cent in August compared with the same month last year. (Rafferty Baker/CBC)

 

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When it comes to overpriced real estate, Vancouver's "bubble risk" is unmatched on the planet, according to a report by
Swiss bank UBS.

 

The rise in Vancouver's average housing prices compared with the growth in average wages, rents and other economic factors make it the most likely to experience a sudden downward correction compared with 17 other large cities around the globe, according to the UBS Global Real Estate Bubble Index released this week.

The report also warned that investors are less likely to see growth in property value in high "bubble risk" cities.

Jon Woloshin, strategist at UBS Wealth Management Americas, said the report doesn't mean Vancouver is likely to experience a home price correction like the U.S. housing crisis that contributed to the 2008-09 recession. Rather, it's meant as a cautionary signal for potential real estate investors.

"Based on the different criteria that were factored into all these major markets, as we sit here today, Vancouver on a
risk-reward basis scored the lowest, which is why it's at the top," he explained.

He added that the province's move to control the city's overheated housing market by imposing a 15 per cent tax on foreign buyers of homes in Metro Vancouver as of Aug. 2 could reduce its bubble risk rating.

The UBS report was based on Vancouver data up to last spring, before the foreign buyers' tax was implemented.

"If the government cracks down and really goes after it, yeah, I think it will have an impact," Woloshin said in a telephone interview from New York. "If a lot of smart lawyers get involved, maybe it becomes less of an issue."

Last week, the British Columbia government credited its new tax in reporting that housing deals in Vancouver involving foreign buyersdropped to 60 between Aug. 2 and Aug. 31 after hitting 1,974 between June 10 and Aug. 1.

In early September, the Real Estate Board of Greater Vancouver saidhome sales fell 26 per cent in August compared with the same month last year. It reported that the composite benchmark price for all residential properties jumped 31 per cent to $933,100.

In its report, the bank places Vancouver ahead of London thanks to prices that it says have risen by 25 per cent since the end of 2014. Last year, in its first such report, UBS rated Vancouver fourth behind London, Hong Kong and Sydney, in that order.

The 2016 UBS report says Vancouver's housing has been overpriced since 2007 but has gone into "overdrive" in the past two years due to strong demand among foreign investors and low interest rates.

It adds bubble risk is also high in Stockholm, Sydney, Munich and Hong Kong, while homes in Singapore, Boston, New York and Milan are fairly valued. Chicago's housing is undervalued.

 

 

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Vancouver presales figures breaking records despite softening in real estate market

High-rise construction continues at Brentwood Town Centre in Burnaby. Almost 13,000 units were presold across Metro Vancouver in the first half of this year alone, surpassing the total for each of the years between 2010 and 2014, according to Fifth Avenue Real Estate Marketing.


High-rise construction continues at Brentwood Town Centre in Burnaby. Almost 13,000 units were presold across Metro Vancouver in the first half of this year alone, surpassing the total for each of the years between 2010 and 2014, according to Fifth Avenue Real Estate Marketing.NICK PROCAYLO / PNG

 
 

Presales of brand new condos in Vancouver have never been stronger, even as recent figures show a slump in real estate sales in the wake of B.C.’s new 15 per cent tax on foreign buyers.

 

Almost all of the presale units in projects under construction downtown are spoken for and sales so far this year have broken records, according to developers. Industry watchers say it’s too soon to tell when or how a slowdown in the resale market will catch up with presales.

 

At the end of the second quarter there were just 42 presale units for sale in downtown Vancouver, none of which were listed for less than $1 million, according to Fifth Avenue Real Estate Marketing’s second quarter report.
 

 

However, such figures are rarely represented in statistics describing the Vancouver real estate market.

Metro Vancouver real estate sales are usually measured by the sale of new and old detached homes plus resales of older condos, apartments and townhouses as listed in the realty industry’s multi-listing service (MLS). But, according to developers and the Canada Mortgage and Housing Corp., MLS doesn’t capture the sales of new condos, usually sold as presales before construction is complete or post-construction by the developer through its own on-site sales centre.

 

And those sales broke records in the first half of this year, according to Fifth Avenue, which analyzed every project under presale.

 

“This is all the stuff that hasn’t been owned before,” said Fifth Avenue developer Scott Brown. “Years ago, 50 or 60 per cent of the units would be sold at the opening of presales and the developer would sell the rest of the units over the months and after completion. 


“Now, more and more people are buying prior to completion.
 The demand for multi-family units is growing and the supply can’t keep up.”

 

Almost 13,000 units were presold across Metro Vancouver in the first half of this year alone, surpassing the total for each of the years between 2010 and 2014, Brown said.

 

From West Vancouver to Aldergrove, the number of presales for the first six months of the year in various multifamily buildings under construction or planning was 53 per cent higher than the same period in 2015.

 

Brown said presales are on track for more than 18,000 units this year and could even hit 20,000 for the first time. 
He said if there’s a downturn in the market for presales in coming years, it will likely be due to a lack of project launches than the effect of the foreigner tax.

In its report, Fifth Avenue listed several projects across Metro Vancouver, noting three sold out in downtown

 

Vancouver in the second quarter, including Addition, at Hornby and Helmcken, The Jervis at Jervis and Davie, and Concord Pacific’s The ARC Sky Collection.

 

An “overwhelming number of these sales are not recorded in MLS data” and don’t make it into MLS sales activity figures, said Fifth Avenue.

 

Robyn Adamache, a senior analyst at CMHC, said the federal housing agency does not record presales, and only records purchases as sales once the building is complete and ready to move into.

She said in July there were only 296 recently completed units for sale across Metro Vancouver, compared with the five-year average of 1,617 available units, confirming Fifth Avenue data. “There’s a very strong demand” for just-built condos, she said.

 

At the end of July, 99 per cent of completed condo units had been sold — compared with a 76-per-cent average over the previous five years — while 89 per cent of brand new townhouses had been sold, compared with the five-year average of 67 per cent, Adamache said.

 

At the same time, according to Fifth Avenue Real Estate Marketing’s second quarter report, there were no brand new units available in completed buildings in downtown Vancouver — from the West End to Chinatown — except for the penthouse at the Private Residences at the Hotel Georgia, coming in at $18 million.

 

Urban Development Institute president Anne McMullin.

Urban Development Institute president Anne McMullin. NICK PROCAYLO / PNG

 

The sales activity is driving up the per-square-foot price at the high end for downtown Vancouver properties to an “unheard-of” $1,700 per square foot, according to Urban Development Institute president Anne McMullin. That translates to $1.2 million for a 700-square-foot suite.

 

McMullin said the new 24-storey Cardero high rise in Coal Harbour, at Cardero and Georgia streets, sold out in two weeks in July at that price per square foot, well above the average of $1,500-$1,600.

She said MLS shows the market has “softened” since May, before news of the foreigner tax, but added that presales aren’t included in those numbers because they don’t fit the criteria of a sale.

 

“We tried to put the numbers together but because they’re presales and they haven’t closed, it’s apples and oranges,” she said.

The UDI is waiting to see post-tax sales figures to see what effect, if any, the tax will have.

 

“The softening had started already so it will be hard to say if (a further drop) is because of the tax,” McMullin said.

Brown said the quick presales and low remaining inventory shows considerable demand for new multi-family homes is still present.

He estimated that only one per cent of buyers of presales are foreign investors, and said he’s optimistic the

 

“hangover” from the shock of the foreigner tax will start to lighten by the middle of this month.

slazaruk@postmedia.com

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