Condo living can have its perks – there are often on-site amenities to enjoy, building maintenance is taken care of, and you can experience the full benefits of a bustling urban lifestyle. Yet, one of the common gripes of condominium and apartment living is limited storage options, which can make it tricky to store your things. Luckily, there are a few solutions you can try to make the most out of the space in your condo suite.

Whether you’re looking to tuck away your holiday decorations, suitcases or off-season clothing, here are a few storage solutions you can try in your condo today. 

Opt for furniture with integrated storage

Double up on your storage options by investing in multi-functional furniture that has built-in storage space. There are a variety of ottomans, coffee tables, sofas and beds out there that provide hidden storage units and drawers, which can make storing your belongings easy and discreet. Similarly, you can opt to tidy away your things in bins and containers that can fit underneath your furniture so that extra items can be stored away out of sight. 

Bonus tip: Opt for furniture pieces that are lightweight or have wheels on the base so they can be easily moved around depending on the needs of your space. You can also invest in convertible furniture — a sofa that turns into a bed, or a work desk that can be folded up against a wall — to allow for more efficient use of your limited square footage. 

Make the most of vertical space 

When it comes to condo storage, blank and tall walls are your best friend. If your unit has limited floor space, utilize your walls to provide you with extra storage when you need it. This can be as simple as installing a few extra wall hooks for hanging coats, bags and kitchen utensils, or investing in some bookshelves for displaying your favourite collectables, artwork and framed photos. Think of unconventional vertical space too, such as doors or the insides of cupboards where caddies and over-door organizers can be hung. 

Introduce built-ins on the wall

Sometimes adding a wall hook or two isn’t enough to offer the extra storage space that you really need. Opting for a more customized approach through the use of built-in wall compartments and shelves can provide storage options that are specific to your condo’s unique size and layout, while improving overall functionality. Wall-to-wall and floor-to-ceiling built-ins in your living room, entryway and bedroom not only take full advantage of useful wall space, but also introduce seamless and integrated storage options to any room.

Use smart containers

When every inch of storage space counts, there’s no room – quite literally – to carelessly tidy away your things. By strategically choosing the right containers or bins, you can maximize the amount of storage space you can squeeze out of your condo. For example, stackable containers can more effectively utilize vertical space in your kitchen cupboards and bathroom vanities. Vacuum sealed bags are great for storing coats, bedding and other bulky linens in small spaces. Clear containers are also convenient for easily finding your supplies without having to open every lid or box. If the bins are not transparent, stick labels on the outside for convenience. 

Bonus Tip: When in doubt, consider off-site storage

Maybe you’ve decluttered and reorganized to your heart’s content, but still can’t find enough space for everything in your condo. Don’t underestimate off-site storage as an option. Sometimes we simply can’t find a solution to storing awkwardly-sized or heavy items. On-site condo lockers or paid storage units are a great alternative for locking away large belongings that aren’t used on a regular basis, such as off-season sports gear, balcony furniture, large tools and bicycles. 

Are you searching for the perfect gift for someone who has recently purchased a house or condo? With the holidays around the corner, now is the perfect time to give the new homeowner in your life something they’ll truly love and appreciate. Whether you want to splurge, buy something small, or give a group gift, this list has options for every budget.

Wooden cutting board

This is a popular gift, and for good reason. They come in many different sizes, shapes and materials, and can be used for food preparation or for serving charcuterie and other appetizers. Take it one step further and get the board monogrammed with the homeowner’s name.

Mini coffee maker

A modern mini espresso machine, milk frother, or coffee maker is always a great addition to any coffee-lover’s kitchen. And, there are so many unique styles and colours to choose from. Pick something that matches their personality.

Dutch oven

Today, every kitchen needs a dutch oven. This large quart pan/pot can be used for almost any type of baking, cooking, braising or roasting. With dozens of colours and sizes to choose from, a dutch oven can be kept on the stovetop as an accent piece in the kitchen.

Pantry stocker gift basket or subscription to a prepared meal service

Moving is a huge undertaking, and it can take months to feel settled and get into a routine. A subscription to a prepared meal service, or a gift basket filled with non-perishable essentials, dried goods and snacks can be a big help to a new homeowner in those first weeks after moving.

Drink coasters

New home likely means new furniture. It may not be at the top of the priority list, but any new homeowner will appreciate a set of coasters to help prevent drink rings on table surfaces. These don’t have to be boring. Pick up a set of coasters that look great on display and can enhance the decor of a room.

Scented candles and soaps

There’s nothing like a warm and inviting scent to make a place truly feel like home. Gift a new homeowner a scented candle for the living room, or a luxurious soap and moisturizer set for the guest bathroom. They are sure to appreciate items that they wouldn’t necessarily buy for themselves.

Bluetooth speaker

Having a speaker in every room, including the bedroom and bathroom, is a great way to listen to music, podcasts or audible books. Whether they’re folding laundry or making meals, the new homeowner on your list will love this gift!

Welcome mat

A new homeowner wants their place to feel warm and welcoming to guests. An indoor or outdoor welcome mat is a great way to make a front entrance feel inviting. As an added touch, get it personalized with a family name, address or custom message to elevate the look of their front door.

A gift card is always appreciated

Getting settled into a new place comes with a long list of expenses, from essentials to nice-to-haves. Giving a little something to help with those purchases will always be appreciated. Don’t be afraid to simply give a gift card to the new homeowner’s favourite home store, and pair it with some gourmet treats or a bottle of bubbly to celebrate.

Whatever you decide to give your friends or family, a huge congratulations on their accomplishment and sharing in their joy is likely the best gift you can give.

A NEW HOME for a NEW YEAR! Welcome to Churchill Park Gated 55+Complex.

This lovely duplex town home has had many updates through the years. Elegant living & dining room with valued ceilings + hardwood flooring.

Living room with gas fireplace. Family room with vaulted ceiling + gas fireplace & sliders to patio.

Kitchen with wood cabinets,lots of easy glide drawers+pantry+centre island+granite counter tops.

Main floor primary bedroom with walk-in closet.5-piece ensuite+storage under stairs.

Laundry room on main.

2 bedrooms up, 1 with cheater door to main bath.

Newer windows & windows coverings.Lots of windows to let in the natural light.

Double garage.

Great club house with seasonal pool & hot tub.Exercise room, large party area with fireplace/pool table/library&kitchen.

Easy to show.

http://www.listings.360hometours.ca/15861

When renovating a home, the major concerns are often making the space more functional, stylish, and cozy. But when you have a pet, or are planning to get one, some of those design considerations may change to best suit your four-legged family member’s needs.

Here are a few tips to help make your home more pet-friendly:

Avoid carpet flooring

Carpets can gather dirt and stains like no other. Many pets shed, and some may feel the occasional need to relieve themselves in the wrong place. Plus, animals can easily tip over glasses and plates with their tails while exploring tabletops. Avoid a time-consuming and potentially expensive clean-up, and opt for durable and easy-to-clean flooring like laminate, vinyl, stone, or ceramic.

Get washable, wipeable furnishings

When it comes to your couch and other furniture, choose fabrics and textures that are less of a magnet for pet fur and, if necessary, are somewhat claw-resistant. Consider certain types of synthetic fibres that can be more resistant to damage. You may also want to apply a protective layer of wipeable paint… just in case you end up with paw prints on your walls.

Design a ‘pet pad’

As a way to minimize mess and not give the impression that you have a Tasmanian devil for a pet, consider setting up a designated play area for your furry friend. Retrofit a small portion of your home with a comfy bed, bowls for food and water, a storage bin for toys, and scratch pads. If they feel like they have their own space, it may keep your pets from spreading toys around the house and taking things from other rooms. This can also help contain any potential messes to one area of your home… preferably one that has durable floors.

Safety-proof your yard

Outside of the home, plant only pet-friendly flowers and plants in your garden, avoiding toxic vegetation like tulips, lilies and certain kinds of mulch. Provide your pet with an outdoor shelter and some shade for hot summer days. Ensure you build a sturdy fence around the yard to help keep them from running away. This should also prevent skunks, raccoons and other critters – including your neighbours’ pets – from setting up shop on your property and harming or disturbing your furry friend.

5 thrifty DIY fix-ups to help sell your home

When preparing your home for the market, it’s great to know there are some relatively inexpensive improvements that can make a big impact with buyers.

A few well-placed pieces of décor and a clutter-free home are simple things you can do on a budget to bump up interest in your home. Once the fundamentals of a well-maintained home are taken care of, these easy initiatives can seal the deal.

1. Clear the decks. Counter space is extremely important for buyers. Be sure to store kitchen and bathroom items off the counters. Purchase storage baskets in several different sizes to help you clear the decks in a hurry and minimize clutter.
2. Brighten up storage spaces. Closets and cupboard space are important selling features. You can make the most of what you have by purging unused items and painting a light colour inside cupboards and closets. Adding battery-operated lighting is also an inexpensive way to brighten a dark closet.
3. Replace interior room doors. Quickly and inexpensively brighten hallways and rooms by replacing interior doors and hardware. New white panelled doors and hardware can quickly freshen the home. Look for sales at your local building centre.
4. Tear up dingy broadloom. You may be pleasantly surprised by what’s underneath. Even if you don’t like what you see, replacing broadloom is one of the most economical improvements you can make when you consider overall return on your dollar.
5. Paint. Even high-end interior paints are a bargain when you look at what can be achieved with a fresh new finish. Opt for neutral colours in matte or eggshell finishes to camouflage flaws in walls. Trim is best handled with a white shade of satin, semi-gloss or high-gloss finish.

Canada’s luxury real estate markets have shown varying performances in the first half of 2023, signalling a departure from the unified national trends witnessed during the recent housing boom and market normalization period.

Sotheby’s International Realty Canada’s Top-Tier Real Estate: 2023 Mid-Year State of Luxury Report sheds light on the distinct dynamics that have shaped each major metropolitan market.

Vancouver

The ultra-luxury residential real estate market in Vancouver experienced a notable upswing in the first half of 2023, buoyed by improved consumer sentiment and increased sales transactions. Legacy wealth planning and generational wealth transfer have contributed to enduring demand in the city’s luxury segment, leading to a 38 per cent rise in sales of properties priced over $10 million on MLS. However, chronic housing shortages have limited potential transactions, and rising mortgage rates have affected some prospective buyers, resulting in a 25 per cent year-over-year decline in residential sales over $1 million.

Toronto

Despite a slow start to the spring market, Canada’s largest luxury real estate market, Toronto, gradually gained traction in the first half of 2023. The city’s position as the nation’s economic hub and primary destination for immigration has continued to attract buyers and investors. However, housing supply challenges have persisted, impeding potential sales and frustrating prospective homebuyers.

Residential real estate sales over $4 million in Toronto declined by 32 per cent year-over-year, and properties sold over $10 million on MLS reduced to five from seven properties in the same period last year. In the GTA, an influx of spring inventory led to more balanced market conditions, resulting in a 35 per cent year-over-year decrease in residential sales over $4 million and a 29 per cent decline in sales over $1 million.

Montreal

The luxury real estate market in Montreal experienced a slowdown in the first half of 2023, with residential sales volume over $4 million declining by 39 per cent compared to the same period in 2022. The market also saw a 28 per cent decline in residential sales over $1 million. Active listings remained below historical averages, and luxury buyer activity waned, particularly in the city’s condominium market. This shift prompted an increase in conditional offers, price adjustments, and days on the market, as prospective buyers gained negotiation leverage.

Calgary

In contrast to the other major cities, consumer sentiment in Calgary remained optimistic throughout the first half of 2023. The city’s luxury housing market continued to remain active, with steady momentum in the spring driven by strong buyer and investor demand. Economic optimism and attractive luxury housing prices have also attracted in-migration and real estate investment from other parts of Canada. While overall residential real estate sales over $1 million and $4 million declined nominally by 10 per cent and 20 percent, respectively, the luxury condominium market in Calgary experienced an impressive 100 per cent gain in $1 million-plus sales compared to 2022 levels.

Don Kottick, president and CEO of Sotheby’s International Realty Canada, noted that the Canadian luxury housing market demonstrated resilience despite rising interest rates and economic uncertainties.

“Canadian luxury market performance has started to diverge, at times unpredictably, between major cities, neighbourhoods and housing types. Vancouver and Toronto’s urban luxury single-family home markets experienced some of the most pronounced improvements in spring activity; however, inadequate supply continued to frustrate potential sales and to undermine the housing needs of locals,” Kottick says.

“Over the past few years, Calgary has emerged as one of Canada’s most upbeat luxury real estate markets, and in the first half of 2023, its condominium market surpassed expectations with annual percentage sales gains that outstripped other major cities’ performance.”

He highlighted a growing disparity between luxury and conventional buyers’ behaviour since the Bank of Canada began raising interest rates in March 2022. Wealthier luxury buyers have been quicker to adapt to rising mortgage rates, re-engaging in property searches and strategic investments. In contrast, conventional buyers have been more cautious, waiting for greater certainty and more favourable market conditions, which experts caution could carry considerable risks given the current unpredictability of the housing market.

Article from REM Magazine Online

Our wonderful clients have just purchased this beauty. Thank you DB from Sutton West Coast for all your help. The seller has really cared for this condo and decorated it beauitfully. 

MUST SEE ground level 2 bedroom & 2 bathroom condo completely renovated in 2013 but still looks and feels like new. Enjoy the large 400 square foot patio garden area fully fenced with separate entrance gate that makes it feel like a townhouse. Inside this beautiful home you will find over 1200 square feet of indoor living space. Quality renovations include tiger wood engineered hardwood in the great room and halls. Porcelain tile in the laundry and bathrooms, complete kitchen and bathroom renovations including electrical, light fixtures and plumbing fixtures. Kitchen Craft cabinets and granite countertops throughout plus quality stainless steel appliances. Centrally located concrete building just a few minutes walk from Semiahmoo Mall and everything White Rock centre has to offer.

Welcome to 406 at “The BENJAMIN.” This top floor cutie is perfect for a 1^st time purchaser, an investor & an empty nester. With high vaulted ceiling & windows that allow the natural light to flow through + lots of wall space for your art collection. The kitchen has stainless steel appliances and quartz counter tops. Bedroom with large closet for extra storage. Chic 4-piece bath the soaker tub & rain shower head. Insuite stackable washer & dryer. Fabulous deck for summer dining. This unit has air conditioning. One parking spot. Great location to stroll to shopping, transit, and walking trails. Don’t miss your chance on this cutie…

http://www.listings.360hometours.ca/15850

Prices continue rising across Metro Vancouver as home buyer confidence returns

With listing activity remaining below historical norms, home sales in Metro Vancouver have mounted a surprising comeback, rising near levels seen last spring, before eight consecutive interest rate hikes eroded borrowing power and brought home sales activity down along with it.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,741 in April 2023, a 16.5 per cent decrease from the 3,281 sales recorded in April 2022, and 15.6 per cent below the 10-year seasonal average (3,249). 

“The fact we are seeing prices rising and sales rebounding this spring tells us home buyers are returning with confidence after a challenging year for our market, with mortgage rates roughly doubling,” Lis said. “The latest MLS HPI® data show home prices have increased about five per cent year-to-date, which already outpaces our forecast of one to two per cent by year-end. The year is far from over, however, and it remains to be seen if these price increases will be sustained into 2024.” 

There were 4,307 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2023. This represents a 29.7 per cent decrease compared to the 6,128 homes listed in April 2022, and was 22 per cent below the 10-year seasonal average (5,525). 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,790, a 4.2 per cent decrease compared to April 2022 (9,176), and 20.9 per cent below the 10-year seasonal average (11,117). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2023 is 32.7 per cent. By property type, the ratio is 24.4 per cent for detached homes, 40.1 per cent for townhomes, and 37.4 per cent for apartments. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“When we released our market forecast in January, we were one of the only organizations taking the contrarian view that prices were likely to appreciate in 2023,” Lis said. “And what we’re seeing unfold so far this year is consistent with our prediction that near record-low inventory levels would create competitive conditions where almost any resurgence in demand would translate to price escalation, despite the elevated borrowing cost environment. At the crux of it, the issue remains a matter of far too little resale supply available relative to the pool of active buyers in our market.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,170,700. This represents a 7.4 per cent decrease over April 2022 and a 2.4 per cent increase compared to March 2023. 

Sales of detached homes in April 2023 reached 808, a 16.3 per cent decrease from the 965 detached sales recorded in April 2022. The benchmark price for detached properties is $1,915,800. This represents an 8.8 per cent decrease from April 2022 and a 2.9 per cent increase compared to March 2023. 

Sales of apartment homes reached 1,413 in April 2023, a 16.5 per cent decrease compared to the 1,693 sales in April 2022. The benchmark price of an apartment property is $752,300. This represents a 3.1 per cent decrease from April 2022 and a two per cent increase compared to March 2023. 

Attached home sales in April 2023 totalled 500, a 13.5 per cent decrease compared to the 578 sales in April 2022. The benchmark price of an attached unit is $1,078,400. This represents a 6.1 per cent decrease from April 2022 and a 2.1 per cent increase compared to March 2023.  

Download the April 2023 stats package.

Hello BC REALTORS^®,

On April 3, Premier David Eby and Minister of Housing Ravi Kahlon released their housing action plan, “Homes For People.” While much of the plan involves many previously announced commitments and plans, there are also new areas of commitment for the provincial government. Below is a summary of new policies announced in the plan. 
 

Housing Supply 

There are three significant announcements impacting housing supply, outlined below. 

Firstly, in the fall, the province will introduce legislation that will apply to many areas of the province and will allow more Missing Middle (three or four units) on a traditional single-family detached lot, depending on the size or type of lot. The legislation will also allow for additional density permitted near large transit centres. The BC Government will work with municipalities and stakeholders on these inclusionary zoning processes. 

We don’t have specifics at this time, but we know that the BC Government is looking at New Zealand’s Medium Density Residential Standards, the State of Oregon's missing middle development, and the State of California’s Home Act to inform their upcoming policy. 

Secondly, in addition to the Missing Middle legislation, legislation will be introduced later this year to make secondary suites allowed in every community in BC. Beginning in early 2024, homeowners will be able to access a forgivable loan of 50 per cent of the cost of renovations, up to a maximum of $40,000 over five years. The loan can be forgiven if the homeowner meets all conditions laid out in the program, including renting their unit out at below market rates for a minimum of five years. The pilot is expected to be open to at least 3,000 homeowners for the first three years. 

The third significant announcement impacting housing supply is implementation of the Housing Supply Act, which was brought into force in fall 2022. This Act allows the province to set housing targets and support engagement with select municipalities. By mid-2023, housing targets will be established in approximately eight to ten municipalities that are identified as having the greatest housing need and highest projected growth, building on existing requirements for local governments to create Housing Needs Reports that identify housing demands and supply factors.  

These three announcements have the potential to be important changes that could add significantly to housing supply. BCREA has been advocating for more Missing Middle housing options across the province for a long time and we will continue to ask for adequate consultation and a permanent housing roundtable to ensure that this policy is well-implemented.  
 

Development Process, Permitting and Approvals 

In 2023, a newly dedicated single window application process will be launched for all housing-related permits overseen by the province. This is intended to speed up the process and eliminate the need for multiple applications across ministries. The new permitting model will focus on prioritizing housing projects that we need built urgently, such as Indigenous-led projects, BC Housing applications, and multiple-unit developments. These improvements will complement recommendations in the Development Approvals Process Review. 

Housing Demand 

The BC Government will introduce a tax on the proceeds of property sales based on how soon they happen after the initial purchase. We do not have any more details about the tax at this time, but the Flipping Tax is likely to be redundant with the pre-existing federal anti-flipping tax rule implemented as of January 1, 2023 that treats the proceeds of homes sold in under one year as business income. BCREA will continue to advocate to ensure that the Flipping Tax has exemptions for additions to the household such as birth or adoption, the breakdown of marriage or common-law partnerships, illnesses or disabilities, work relocation, insolvency, and other necessary reasons for families to move.   

The province will also consider expanding the Speculation and Vacancy Tax (SVT) to more areas with low vacancy rates and stepping up efforts to improve compliance. Expanding the SVT is unlikely to have an impact on affordability. BCREA’s Market Intelligence report from 2020 estimated the impacts of the tax. The SVT had negative impacts on home sales and prices but the impacts were temporary and appeared to be limited to Metro Vancouver. Within Metro Vancouver, it is difficult to disentangle impacts of the SVT on the rental market with impacts from the Empty Homes Tax and short-term rental regulations that were implemented around the same time. In January 2023, the SVT was expanded to include North Cowichan, Duncan, Ladysmith, Lake Cowichan, Lions Bay and Squamish. We do not expect that expanding the SVT to those communities or to additional communities will have a meaningful impact on housing attainability.  

Anti-Money Laundering

No specifics were announced on anti-money laundering measures, apart from general commitments to combatting criminal activity in the real estate market with a number of measures, including through unexplained wealth orders and new partnerships with the federal government. 

Labour 

The province will create a Future Ready Plan, to be released in spring 2023, to connect more people to the relevant skills and training they need to quickly find and advance their careers in the construction sector.  

Rental Housing 

The province announced several new policies to impact rental housing including:  

• exploring new opportunities and ways to build new rental buildings, as well as expanding and maintaining existing purpose-built rental buildings, 

• making the renter’s tax credit permanent. This annual $400 income-tested tax credit for a renter household that makes less than $60,000 per year. Renter households that earn between $60,000 and $80,000 annually will receive an income-tested amount, 

• increasing funding for the BC Rent Bank that provides interest-free loans and grants to renters in BC with low to moderate incomes, and 

• mandating more data-sharing by short-term rental platforms. 

Affordable Housing 

New affordable housing announcements include: 

• $394 million as an initial investment to help deliver up to 10,000 units at or near transit over the next 10-15 years, 

• Creating more subsidized rental homes through an expansion of the Community Housing Fund, 

• Doubling the number of homes delivered through the Indigenous Housing Fund, 

• Doubling the number of homes delivered through the Women’s Transition Housing Fund, 

• More on-campus rooms for post-secondary students, 

• Work with co-op stakeholders and other partners to re-invigorate the co-op housing sector, including leveraging federal and provincial funding streams, addressing the issue of upcoming lease expirations, and examining new ways to grow the sector, and 

• A new homelessness framework. 

•  

Spring brings renewed price growth across Metro Vancouver’s housing market while new listings remain dormant

Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages.  

March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,535 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540). 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023. 

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” Andrew Lis, REBGV’s director of economics and data analytics said. “The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favorable market conditions.” 

There were 4,317 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2023. This represents a 35.5 per cent decrease compared to the 6,690 homes listed in March 2022, and was 22.3 per cent below the 10-year seasonal average (5,553). 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, an 8.1 per cent increase compared to March 2022 (7,970), and 17.3 per cent below the 10-year seasonal average (10,421). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2023 is 30.7 per cent. By property type, the ratio is 23.3 per cent for detached homes, 36.7 per cent for townhomes, and 34.9 per cent for apartments. 

Analysis of historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” Lis said. “But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.” 

Sales of detached homes in March 2023 reached 734, a 43.6 per cent decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2 per cent decrease from March 2022 and a 2.7 per cent increase compared to February 2023. 

Sales of apartment homes reached 1,311 in March 2023, a 43.2 per cent decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6 per cent decrease from March 2022 and a 0.7 per cent increase compared to February 2023. 

Attached home sales in March 2023 totalled 466, a 37.3 per cent decrease compared to the 743 sales in March 2022. The benchmark price of an attached unit is $1,056,400. This represents a 7.8 per cent decrease from March 2022 and a 1.7 per cent increase compared to February 2023. 

Download the March 2023 stats package.

On Wednesday, December 21, the federal government released the supporting regulations on the Prohibition on the Purchase of Residential Property by Non-Canadians Act (Foreign Buyers Ban) which includes definitions, exceptions, and enforcement elements to help individuals understand and comply with the law.

The Canadian Real Estate Association (CREA) is extremely disappointed by the government’s decision to move forward with this legislation and the rollout of its regulations. Parliamentarians that supported the introduction of this measure need to recognize it will have a detrimental impact on Canada’s reputation, labour market, economy and severely hinder our ability to attract global talent. Our CEO Michael Bourque recently spoke at the Senate Committee on National Finance where he stated why CREA believes this piece of legislation does not address the core of Canada’s housing crisis.

How can REALTORS® reduce risk?

The regulations clarify that an order requiring the Residential Property be sold may be sought provided certain conditions are met, namely the Non-Canadian is the owner at the time the order is made and notice requirements have been met. The Act provides any person knowingly assisting or attempting to assist a Non-Canadian in the purchase of a prohibited property may be subject to a summary conviction offence under the Criminal Code and a fine of up to $10,000.

CREA recognizes the regulatory analysis states “the regulations do not impose information collection, processing or reporting requirements on Canadian professionals, nor do they impose requirements with respect to the completion of forms or other types of documentation.”

Despite record keeping not being a mandatory obligation, CREA recommends REALTORS® perform due diligence. To better assist REALTORS® with risk mitigation, CREA has developed a certificate entitled Certification and Consent of Purchaser.

With limited information available on how this law and its regulations will be interpreted and enforced, please be aware the certificate is a risk mitigation tool to try and help REALTORS® comply with the law.

The certificate should be completed before assisting or advising a potential purchaser, and it should be used in combination with other due diligence practices. Other due diligence practices may include reviewing and keeping a record of the purchaser’s valid and current identification (such as a passport) to determine the purchaser’s citizenship, residency, or exempt status.

As you are aware, REALTORS® already have an obligation to Know Your Client pursuant to the FINTRAC Regime. This includes ID’ing clients and recording certain information. The key difference is that under the FINTRAC Regime you may ID your client at the time of the transaction, whereas pursuant to this law, REALTORS® should ID clients before assisting or advising them on the purchase of a property.

As real estate is provincially regulated, REALTORS® should ensure they comply with any guidance provided by their provincial regulator, board, and association.

What is the Prohibition on the Purchase of Residential Property by Non-Canadians Act?

On June 23, 2022, Parliament passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act. Coming into force Sunday, January 1, 2023, this Act:

• Does not apply to Canadian citizens or permanent residents.
• Applies to non-Canadians directly or indirectly purchasing residential property in Canada for a period of two years.
• Applies to residential property, including detached houses or similar buildings of one to three dwelling units, as well as parts of buildings such as semi-detached houses, condominium units, or other similar premises.
• Applies to direct or indirect purchases of residential property, including purchases made through corporations, trusts or other legal entities.
• Establishes penalties for non-compliance applicable to non-Canadians, as well as any person or entity knowingly assisting a non-Canadian in violating the prohibition.

What are some of the key elements covered in the regulations?

Purchase

The regulations broadly define the term purchase to include the direct or indirect acquisition of a right or interest in Residential Property. The regulations then specifically exclude, among other things, acquisitions of interests resulting from transitional or life events such as death, divorce, separation, or a gift.

Application of Prohibition to Non-Canadian corporations and other entities The term Non-Canadian, as it relates to corporations and other entities, has been defined as:

• an entity not formed pursuant to the laws of Canada or one of its provinces; and
• an entity formed under Canada’s laws that has direct or indirect ownership by a Non-Canadian of 3% or more of the value of the entity’s equity or voting rights.

Excluded residential properties

Properties located outside of a Census Agglomeration (CA) or Census Metropolitan Area (CMA) are excluded from this prohibition.

Exceptions

Exceptions to the prohibition are permitted for international students, temporary residents, foreign nationals, and refugee claimants, subject to varying conditions, such as tax filing and residency obligations. For further details, please consult the regulations and/or ensure the buyer who may fall into one of these exception groups seeks legal advice on their eligibility.

Additional guidance

Further to the information that has been provided in the regulations, Canada Mortgage and Housing Corporation (CMHC) has released additional information and FAQs with respect to the interpretation of the Act and regulations.

Metro Vancouver’s housing market sees fewer home buyers and sellers in August 

Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).

“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”

For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.

Sales of detached homes in August 2022 reached 517, a 45.3 per cent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 per cent increase from August 2021 and a 2.3 per cent decrease compared to July 2022.

Sales of apartment homes reached 998 in August 2022, a 38.8 per cent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 per cent increase from August 2021 and a two per cent decrease compared to July 2022.

Attached home sales in August 2022 totalled 355, a 38.4 per cent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 per cent increase from August 2021 and a 2.5 per cent decrease compared to July 2022.

Download the August 2022 stats package.

Welcome to “Boardwalk” This beautiful former Liberty Homes display home has a stunning view of the Fraser River from 3 angles.

Imagine sitting on your decks & watching the boats go by. Main floor has 9ft ceilings & large windows.

Elegant living room with gas fireplace & dining room has sliders leading to a large sundeck.

The family room has a tv alcove & bonus shelves.

Updated bright white kitchen with stone counters+gas range+SS appliances+breakfast bar+eating area.

Easy care wood flooring + custom blinds.

Sundeck off of family room is perfect for BBQing & people watching. You will spend hours here.

Elegant primary bedroom with walk-in closet & soaker tub in ensuite. 2 other good size bedrooms, all with water view.

Walkout daylight basement with rec room with custom cabinets for storage & 3-piece bath, perfect for the teen + patio. Great yard space. Air conditioning.

http://www.listings.360hometours.ca/15800

Calmer than last spring’s record pace, Metro Vancouver home buyer demand remains elevated

While down from last year’s record numbers, home sale activity in Metro Vancouver’s housing market remained elevated in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,344 in March 2022, a 23.9 per cent decrease from the 5,708 sales recorded in March 2021, and a 26.9 per cent increase from the 3,424 homes sold in February 2022. 

Last month’s sales were 25.5 per cent above the 10-year March sales average. 

“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” Daniel John, REBGV Chair said. “Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.” 

There were 6,673 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2022. This represents a 19.5 per cent decrease compared to the 8,287 homes listed in March 2021 and a 22 per cent increase compared to February 2022 when 5,471 homes were listed.

 
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,628, a 16.6 per cent decrease compared to March 2021 (9,145) and a 13.1 per cent increase compared to February 2022 (6,742). 

“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure,” John said. “The number of homes listed for sale on our MLS® system today is less than half of what’s needed to shift the market into balanced territory.” 

For all property types, the sales-to-active listings ratio for March 2022 is 56.9 per cent. By property type, the ratio is 38.8 per cent for detached homes, 73.3 per cent for townhomes, and 70.3 per cent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,360,500. This represents a 20.7 per cent increase over March 2021 and a 3.6 per cent increase compared to February 2022. 

Sales of detached homes in March 2022 reached 1,291, a 34.3 per cent decrease from the 1,965 detached sales recorded in March 2021. The benchmark price for a detached home is $2,118,600. This represents a 23.4 per cent increase from March 2021 and a 3.6 per cent increase compared to February 2022. 

Sales of apartment homes reached 2,310 in March 2022, a 14.3 per cent decrease compared to the 2,697 sales in March 2021. The benchmark price of an apartment home is $835,500. This represents a 16.8 per cent increase from March 2021 and a 3.4 per cent increase compared to February 2022. 

Attached home sales in March 2022 totalled 743, a 29.0 per cent decrease compared to the 1,046 sales in March 2021. The benchmark price of an attached home is $1,138,300. This represents a 4.4 per cent increase from March 2021 and a 28.1 per cent increase compared to February 2022.

Download the March 2022 stats package.

20750 115^th Ave Maple Ridge 

FORE!! This fabulous home is a very short stroll away from the Maple Ridge Golf Course. Located in Golf Wynd Estates, this home is located on a quiet cul-de-sac and is ready to move in.

Lovely living room and dining room with valued ceiling. Gas fireplace in living room to keep you warm at night. Cute kitchen with eating nook.

Enjoy your private patio and covered deck for summer entertaining.

Large primary bedroom upstairs with large 5-piece ensuite. Upstairs landing is a perfect spot for a comfy chair to curl up with a book. 

Main floor second bedroom is large and could also be a primary bedroom. Third bedroom would make a great home office space. Four-piece bath on main.

Double car garage, flat driveway. Call your Realtor today…

Listed for $1,260,000.00

http://www.listings.360hometours.ca/15799