Everything About Chinese: Presale Madness


Have you ever seen anything comes close to this buying property madness? This is a presale project recently released in Hangzhou, China…owning real estate is in our blood!! #realestate #Chinese #Coldwellbanker #China #Vancouver

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Can you foresee housing affordability in Vancouver?


All you need to read is the headline of the report and the graph released by the real estate board below.. You can then simply understand the challenge we have to resolve the housing affordability issue.

Christy Clark finally announced $500M for affordable housing project.  Anything helps!

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Demand for office, retail, and land reaches five-year high across the Lower Mainland

 

Demand for commercial real estate remained robust across all major categories in the Lower Mainland in the second quarter (Q2) of 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

A record 804 commercial real estate sales were registered in the Lower Mainland in Q2 2016. This represents a 30.9 per cent increase over the 614 sales in Q2 2015, and is the most active quarter for commercial real estate in the last five years.

The total dollar value of commercial real estate sales in the Lower Mainland in Q2 2016 was $4.231 billion, which is 105.7 per cent above the $2.056 billion total in Q2 2015.

“We continue to see record-setting demand in the commercial real estate market,” said Dan Morrison, REBGV president. “Buyers remain active across all major commercial real estate categories in the Lower Mainland.”

Q2 2016 activity by category

Land: There were a record 340 commercial land sales in Q2 2016, which is a 73.5 per cent increase from the 196 land sales in Q2 2015. The dollar value of land sales in Q2 2016 was $1.850 billion, an 81.5 per cent increase over $1.019 billion in Q2 2015.

Office and Retail: There were a record 256 office and retail sales in Q2 2016, which is up 4.1 per cent from the 246 sales in Q2 2015. The dollar value of office and retail sales in Q2 2016 was $1.758 billion, a 190.5 per cent increase over $605 million in Q2 2015.

Industrial: There were 168 industrial land sales in Q2 2016, which is up 20 per cent over the 140 sales in Q2 2015. The dollar value of industrial sales in Q2 2016 was $267 million, a 14.1 per cent increase over $234 million in Q2 2015.

Multi-Family: There were 40 multi-family land sales in Q2 2016, which is up 25 per cent over the 32 sales in Q2 2015. The dollar value of multi-family sales in Q2 2016 was $353 million, a 79.4 per cent increase over $197 million in Q2 2015.

Download the full commercial stats package by clicking here.

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708-3070 Guildford Way, Coquitlam Just Listed $329k Open House Sep 17 & 18 2-4 pm


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South facing, spacious suite overlooking lagoon boasts an extra large bedroom with big deck. Shows like a “10” with designer colors. In Sumer 2015, the unit updated with new floorings in kitchen, living room, dining room and bedrooms. Washer, kitchen cabinets, granite counter tops in kitchen, and bathroom. Separate bath tub and shower stall. Move in condition, just bring your personal belongings! The closet Evergreen line station is the Coquitlam Central Station. Open House Sept 17 & 18, 2-4 pm.

 

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Vancouver Poised to Take Next Steps on Empty Homes Tax


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Here you go!  Fresh from the oven from the Mayor’s office..I find it has a hard time to exercise this policy.  It’s more noise than anything.  It will waste tax payer’s money to monitor the whole process for this 10,800 empty homes.  Among these properties, there are many homes worth land value only and require major update as well as some high end luxury properties which has very high rental rate.  In both cases, it won’t help the vacancy situation.  Well, just another excuse to collect more tax that has little effect.  This is just my humble opinion.    
 
FOR IMMEDIATE RELEASE
Office of the Mayor

Vancouver Poised to Take Next Steps on Empty Homes Tax

City on track to implement proposed tax by 2017, aiming to put 10,000+ empty and underutilized homes back into Vancouver’s rental market

September 14, 2016 (Vancouver, BC) – Vancouver is on track to implement a tax on empty and underutilized homes before the end of the year, Council will hear next week [hyperlink to report]. The proposed tax targets Vancouver’s known 10,800 empty homes, incentivizing owners to rent out their secondary and investment properties as the city’s rental vacancy rate continues to hover near-zero.

“Vancouver’s dangerously low vacancy rate is putting our renters in crisis. Our proposed empty homes tax is first and foremost about bringing rental homes back into the market,” says Mayor Gregor Robertson. “We need to ensure the best use of all our housing. Empty and underutilized investment properties are holding back badly needed homes for thousands of renters who are struggling to find a secure and accessible place to live in a tight rental market.”

The proposed tax targets residential properties left empty or underutilized and used as a business holding that could be returned to the rental market, and will be administered using self-declaration, audit and complaint response:

*   Principal residences – either by owner, licensee (such as a family member), or tenanted- generally will not be subject to the tax. Owners will be required to declare their principal residence (or tenancy), similar to declaring the Home Owner Grant.
*   If audited, owners will have to prove that the home was a principal residence for the owner, a tenant or a licensee, via a BC Driver’s licence or BCID, a completed Home Owner Grant, a tenancy agreement or similar documentation.
*   If the owner is unable to prove the home was a principal residence for a minimum number of days in the previous year (to be determined by staff through consultation this fall), the tax will apply.
*   If a declaration is not made, legislation allows for owners to automatically be charged the empty homes tax.

Some homes will be subject to exemptions under the new tax, which will be determined this fall through public consultation.

The proposed empty homes tax rate (earlier proposed by staff between 0.5%-2% of assessed property value per year) will be determined over the coming weeks through further public consultation. Staff conservatively estimate the proposed empty homes tax, if collected on 5% of the known 10,800 empty homes, could raise approximately $2 million in annual revenue, which will be re-invested into the City’s affordable housing initiatives.

Staff will report back to Council in November with the final proposed tax by-law, in time for implementation in 2017.

Since 2011, Vancouver has enabled over 12,000 affordable homes. The proposed empty homes tax is part of a suite of steps Council is pursuing to relieve pressure on Vancouver’s housing market, including:

*   Directing staff to bring forward steps to regulate short-term rentals, like Airbnb, this fall;
*   Pursuing modular housing on city-owned sites for temporary affordable housing;
*   Offering 20 sites of City-owned land worth $250 Million to senior governments to use for affordable housing;
*   Calling for both a speculation tax and a luxury sales tax to create a more level playing field in the housing market;
*   Increasing family home requirements in new housing projects to 35%; and
*   Providing four City-owned sites to enable Vancouver’s first Community Land Trust.
For more information on the proposed empty homes tax, and to be added to future communications and engagement on the tax, visit Vancouver.ca/emptyhomes<file:///\\ds.city.vancouver.bc.ca\shares\Mayors%20Office\2016\News%20Releases\Vancouver.ca\emptyhomes

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5890 BRAEMAR AVENUE Just sold 3M


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INSPIRED LIVING – sought after Deer Lake / Buckingham Heights! Street of Multimillion dollar homes, steps to Deer Lake, Buckingham Elem. school catchment. 3,500 sqft luxury executive family home w/ unique & exclusive park like 25,000 sqft property! Perfect design for day to day family living, & entertaining! Classic architecture, quality construction, timeless details, w/ modern elegance. Gourmet Chef’s kitchen, stailess steel appliances, large granite counters, generous storage & custom built ins, & finishing. Architecturally landscaped garden paradise, over $100,000 invested in landscaping, hard scaping, & exterior details.

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B.C. Premier trying to scare the Chinese buyers away, Ottawa does the opposite 不列颠哥伦比亚省的总理试图吓唬在温哥华的中国买家,渥太华则相反


BC Premier

 

While our Premier trying to scare the Chinese away from buying real estate in Vancouver, the Federal govt is eager to attract Chinese students, tourists and workers.  Canada currently has 5 locations for Chinese applying for Canadian visas.  5 more will be opened as soon as next year in China’s second tier cities: Chengdu, Nanjing, Wuhan, Jinan and Shenyang.
虽然我们的不列颠哥伦比亚省省长试图吓唬中国人在温哥华购买房地产,联邦政府在另一方面渴望吸引中国学生,游客和工作人员。加拿大目前有5个中国地点申请加拿大签证。明年将尽快打开5个地点在二线城市: 成都,南京,武汉,济南和沉阳.
Click below to read details  点击以下链接阅读详细
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Vancouverites will be the victim under the new New Foreign Home Buyers Tax


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B.C real estate isn’t short of colorful news so far this year.  From shadow flipping, realtors misconduct, end to real estate self-regulation, vacancy tax to our newest most controversial New Foreign Home Buyers Tax all in the last couple of months.  Well…we can tell all these measures were being implemented recently because of our upcoming election year.  Government is often short term thinking especially when it comes to election time. Adding extra tax on 5% to 10% foreign buyers is an act trying to please the general public to get their votes next year.  I don’t think it really matters and in fact, I’m sure the rich foreign investors really don’t care.  It’s just a costs of doing business.  In my opinion, it is bad news to the local buyers.  Why? It’s pretty simple, when the foreign investor sells, I’m certain they expect the buyer to pay the price that would make up the extra cost they paid during their purchase unless the foreign Seller is willing to take a loss..So…who most likely is the buyers? 95% locals, or the other 5% foreign buyers? You guess….Ripple effects is what I see in the future…Our weak dollars is still 25%-30% off to the foreign buyers. This tax is NOT going to scare the foreign investor who has deep pocket.  It in fact make our housing prices even more unaffordable.  Another group of buyers who would be hurt by this tax is the foreign employees.  They don’t necessary have deep pocket.  This tax would give them extra burden should they wish to buy unless their company would somehow come up with a housing allowance or some housing package to help them off set this 15% in order to retain the talent in our province.  It will not affect the housing price, maybe it would adjust a bit for now but not for long..  Based on the statistic in the last 30 years, the next peak will surpass the last peak.  So, in the mean time, check out real estate in cities like Victoria, Whistler, Abbotsford, Chilliwack, etc.  I’m sure they welcome this tax…It is time for them to shine!

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