Real Estate Blog

Finding Locally made Furniture for your Home in Greater Vancouver

Tue, 28 Feb 2023 21:04:00 GMT

When it comes to buying furniture, it’s always great to support local businesses and craftsmen. The Lower Mainland of British Columbia is home to many talented furniture makers and designers who create beautiful, unique pieces that are sure to add character and style to any home. In this blog post, we’ll explore how you can find locally made furniture in the Lower Mainland, along with links to some of the best stores and makers in the region.

Visit Local Stores and Markets

One of the best ways to find locally made furniture in the Lower Mainland is to visit local stores and markets. There are several places in the region where you can find unique and beautiful pieces made by local craftsmen. Here are some of the best:

Vancouver Farmers Market: This market is held on weekends in various locations around the city and features a variety of locally made furniture and home goods.
The Cross Decor & Design: This store in Vancouver’s Yaletown neighborhood offers a wide selection of locally made furniture and home decor items.
Craft Council of BC Shop: Located in Vancouver’s Granville Island, this shop features a range of furniture, ceramics, and other home goods made by local artisans.

2. Search Online
Another great way to find locally made furniture in the Lower Mainland is to search online. There are several websites and directories that feature local furniture makers and designers. Here are some of the best:

Vancouver Made: This website features a directory of local makers and designers, including several furniture makers.
BC Wood: This directory features a list of local furniture makers and designers who use sustainably sourced wood.
Etsy: While not exclusively local, Etsy is a great place to find handmade and vintage furniture and home decor items from local makers.

3. Attend Local Events
Finally, attending local events is a great way to find locally made furniture in the Lower Mainland. There are several events throughout the year that feature local furniture makers and designers. Here are some of the best:

Vancouver Home + Design Show: Held annually in Vancouver, this event features a wide range of furniture and home decor items from local makers and designers.
Circle Craft Christmas Market: This annual event in Vancouver features a range of handmade furniture and home decor items from local makers.
Portobello West: This market, held in various locations around Vancouver, features a range of handmade and locally made furniture and home decor items.

In conclusion, finding locally made furniture in the Lower Mainland of British Columbia is easy with a bit of research and effort. Whether you prefer to visit local stores and markets, search online, or attend local events, there are plenty of options available. By supporting local craftsmen and designers, you can bring unique and beautiful pieces into your home while contributing to the local economy.

Links:

Vancouver Farmers Market: https://eatlocal.org/markets/
The Cross Decor & Design: https://thecrossdesign.com/
Craft Council of BC Shop: https://craftcouncilbc.shop/
Vancouver Made: https://vancouver-made.com/
BC Wood: https://www.bcwood.com/
Etsy: https://www.etsy.com/
Vancouver Home + Design Show: https://vancouverfallhomeshow.com/
Circle Craft Christmas Market: https://circlecraft.net/
Portobello West: https://www.portobellowest.com/

The Risks of Poly-B Piping: What You Need to Know

Mon, 13 Feb 2023 21:07:00 GMT

Poly-B piping, also known as polybutylene piping, was a popular material used in the plumbing systems of homes built between the 1970s and 1990s. While this type of piping was marketed as a low-cost alternative to traditional copper pipes, it has been found to have serious flaws that can cause problems for homeowners. Here are the risks of poly-B piping that you need to know about.

Poor Quality Material: Poly-B piping is made from a cheap, low-quality material that is prone to breaking and cracking over time. This can result in leaks that can cause serious damage to your home and your possessions.
Poor Durability: Poly-B piping has a tendency to deform and break under stress, which can lead to leaks and other problems. This is especially true in areas where the pipes are exposed to extreme temperatures, high pressure, or rough handling during installation.
Poor Water Quality: Poly-B piping is known to have issues with water quality. It can degrade over time and can cause the water in your home to have a yellow or brown tint. This can also result in a foul odor in your water and can even affect the taste.
Poor Resale Value: Homes with poly-B piping are often difficult to sell, as many potential buyers are aware of the problems associated with this type of piping. This can lower the resale value of your home and make it more difficult to sell in the future.
Costly Repairs: Replacing poly-B piping can be expensive and time-consuming, as the entire plumbing system may need to be replaced. This can be a significant expense for homeowners, especially if the pipes have leaked and caused damage to other areas of the home.

If you live in a home with poly-B piping, it’s important to be aware of these risks and take action to address them. If you suspect you may have poly-B piping in your home, consider having it inspected by a licensed plumber. If necessary, replace the pipes with a more durable and reliable material, such as copper or PEX piping.

By taking the steps to address the risks associated with poly-B piping, you can protect your home and your family from potential water damage, improve the resale value of your home, and ensure that you have a safe and reliable plumbing system for years to come.

As a buyer, having a home inspector is the first step towards catching poly-b. A seasoned REALTOR® like one of our agents can help you along with the process.

20 Ways to Declutter Your Home and Simplify Your Life

Mon, 06 Feb 2023 21:10:00 GMT

Many potential buyers cannot see past clutter when looking at homes. Whether you are ready to sell or not, here are some tips to keep your home looking presentable. Decluttering your home can be a daunting task, but it’s also a liberating experience that will leave you feeling refreshed and organized. Here are 20 ways to simplify your space and declutter your home.

Start with a plan. Make a list of the areas you want to focus on, and prioritize your items to simplify the decluttering process.
Tackle one room at a time. Don’t try to declutter your entire home all at once. Start with one room, and then move on to the next.
Create designated spaces for items. Assign each item in your home a specific place to live, and make sure it stays there.
Donate items you no longer need. Get rid of items that are taking up space but no longer serve a purpose in your life.
Use storage containers. Invest in storage containers, like boxes and bins, to help keep your items organized and in designated spaces.
Purge regularly. Schedule regular decluttering sessions to keep your space organized and free of clutter.
Sort your items. Create piles for items you want to keep, donate, or sell, and make sure they get to their designated spaces.
Say goodbye to excess. Get rid of duplicates, broken items, and anything you haven’t used in the past year.
Invest in furniture that has built-in storage. Choose furniture that will maximize your storage space, like ottomans with hidden storage or bed frames with built-in drawers.
Hang items on the wall. Use wall hooks and shelves to keep items off the floor and simplify your space.
Label everything. Label your storage containers, shelves, and drawers to keep your items organized and easy to find.
Use vertical storage. Utilize vertical space to maximize your storage and keep items off the floor.
Store items in the attic or basement. If you have extra space, consider storing items in your attic or basement to free up room in your home.
Use baskets and bins for smaller items. Store smaller items, like toys, in baskets and bins to keep them organized and easily accessible.
Use closet organizers. Invest in closet organizers to maximize your storage space and keep your closet clutter-free.
Get rid of expired items. Purge your pantry, bathroom, and medicine cabinet of expired items to simplify your space and keep it organized.
Use clear containers. Store food and other items in clear containers so you can easily see what you have and avoid duplicates.
Keep only what brings joy. Only keep items that bring joy and make you happy. Get rid of items that don’t bring you happiness.
Store items seasonally. Store items that you only use seasonally, like holiday decorations, in a designated area to keep your home clutter-free.
Keep your space clean. Regularly clean and maintain your home to avoid clutter from accumulating and keep your space organized.

Decluttering your home is a process, but with a little patience and persistence, you can simplify your space and simplify your life. Start with these 20 tips and you’ll be well on your way to a clutter-free home. When you are ready to sell, contact us!

Top 20 Reasons to Move to Burnaby, BC

Fri, 27 Jan 2023 21:12:00 GMT

Burnaby is one of British Columbia’s Best Cities!
Here are the 20 reasons we love Burnaby!

Natural beauty: Burnaby is surrounded by lush forests, mountains, and parks, making it a perfect place for outdoor enthusiasts to enjoy hiking, biking, and skiing.
Convenient location: Burnaby is located in the heart of the Lower Mainland, providing easy access to other major cities such as Vancouver, Surrey and Coquitlam.
Growing economy: Burnaby is home to a diverse range of businesses and industries, providing a variety of job opportunities for residents.
Diverse and multicultural community: Burnaby is a diverse and multicultural city, making it an inclusive and welcoming place to live.
Quality education: Burnaby is home to many excellent schools, including Simon Fraser University, which is consistently ranked among the top universities in Canada.
Shopping and dining: Burnaby offers a wide variety of shopping and dining options, including Metrotown, one of the largest shopping centers in Canada.
The rise of new businesses: Burnaby is consistently adding new restaurants and venues to entertain your whole family.
Recreational activities: Burnaby offers a wide range of recreational activities, including swimming, cycling, and skiing.
Safe and clean: Burnaby is a safe and clean city with a low crime rate and a commitment to maintaining a high standard of living.
Cultural events: Burnaby hosts many cultural events throughout the year, including the Harmony Arts Festival and the Burnaby Blues and Roots Festival.
Great weather: Burnaby has a mild climate with mild winters and warm summers.
Sports and fitness: Burnaby has many sports and fitness facilities, including sports fields, gyms, and swimming pools.
Proximity to the ocean: Burnaby is only a short drive away from the ocean and the beaches of White Rock and Surrey.
Access to the mountains: Burnaby is located at the foot of the North Shore Mountains, making it easy for residents to enjoy skiing, hiking and mountain biking.
Quality healthcare: Burnaby is home to many excellent healthcare facilities, including Burnaby Hospital, which provides a wide range of medical services to the community.
Blue Collar Educational opportunities: In addition to Simon Fraser University, Burnaby is also home to the British Columbia Institute of Technology.
Public transportation: Burnaby is well-connected to the rest of the Lower Mainland, with easy access to public transit, highways, and major roads.
Parks and green spaces: Burnaby is home to many parks and green spaces, including Central Park and Burnaby Mountain, which offer stunning views of the mountains and the city.
Family-friendly: Burnaby offers many family-friendly activities and amenities, such as playgrounds, community centers, and libraries.
Growing city: Burnaby is a growing city with many new developments and opportunities, making it a great place to live, work and raise a family.

To view active listings in Burnaby, click here!

Chatting with the Owner of Burnaby Modo Yoga

Mon, 17 May 2021 21:25:00 GMT

Operating for almost a decade, Modo Yoga in Burnaby Willingdon Heights is a community favourite, especially during these stressful times. This location is part of an international chain of yoga studios that has locations all across Canada, the US, and even in Paris, France! Although each location remains unique and dedicated to its local community, they are all guided by the same six pillars or principles: Be healthy. Be accessible. Be green. Be community. Be peace. And live to learn.

Modo Yoga Burnaby operates in much the same way. The people that visit come here for its welcoming, warm, and inviting environment for yoga enthusiasts, experts and beginners alike. Thanks to the talented and highly trained teachers, the yoga classes at Burnaby Modo Yoga are well paced and easily accessible. This makes it easy to start your yoga journey and see results! With any location, it’s the people that make the experience. Here, both the teachers and the staff guarantee a positive experience that will relax and nourish the mind, body, and soul. They truly care about the community they work in.

We reached out to co-owner and teacher, Julia Cowan, to tell us a little bit more about Modo Yoga and why she loves the neighbourhood. It’s clear from what she tells us that Burnaby Modo Yoga is so much more than just a yoga studio: it’s your home away from home.

Can you tell us a little bit about Modo Yoga?
We have been in The Heights since 2011! That means we’re now in our 10th year of offering hot yoga, fitness classes, and community to people from Burnaby and the surrounding areas. A great part of our location is that we’re easily accessible on Hastings and Beta by car, transit, foot, or bike. We have been named Best Yoga Studio every year since 2012 which is probably why people call us their home away from home.

Right now, we’re facing the hardest moment of our time as a studio community because we were closed for several months due to COVID. Currently, we have to operate at less than 50% capacity to ensure we maintain the very important physical distancing.

What is your favourite thing about Burnaby Willingdon Heights?
Burnaby Heights is such a wonderful, established community with many generations of families living and working here.

We’ve watched the community change since we first opened our doors back in 2011. There’s a strong tight-knit feel here, and many buildings have been updated by local contractors who care about their neighbourhood. In addition to that, there are parks and amenities all within walking distance. The Heights is also so close to downtown Vancouver and North Vancouver. It’s just 20 minutes from our door to the mountains, snowboards on!

However, we couldn’t just nail it to one favourite thing about our neighbourhood. We love it here because of the:

local independent businesses
tight-knit family community
amenities like parks, swimming pool (Eileen Daily), library, and grocery stores that are all easily accessible
a nice mix of residential and commercial buildings that make it convenient to work and live
Hat’s Off Day, a yearly street festival bringing everyone out to socialize!

Our favourite thing to do in The Heights is to take a yoga class and then head out to one of the amazing local restaurants. If you’re looking for some good eats, our favourites are Chez Christophe, Take Sushi, and Kamamarui.

What little known secrets can you tell us about living or doing business in this area?
 People in The Heights are so loyal to the businesses they love and local merchants are friendly and truly care about the community.

Finally, if you could sum this neighbourhood and community up in 5 words, what would they be?
Diverse , Vibrant , Accessible,  Loyal, and  Warm

Thank you Julia for giving us such a wonderful picture of Burnaby Willingdon Heights. Modo Yoga Burnaby is currently open for both in-person and virtual yoga classes. Build your body-mind connection in your favourite studio or from the comfort of your home! Visit their website for pricing and to book classes online. We know you’ll love it.

Do you have an interesting story to tell about your neighbourhood? Let us know!

Tips for Taking a Virtual House Tour in Burnaby

Mon, 17 May 2021 21:15:00 GMT

Take a look at the Real Estate Board of Vancouver’s home buying statistics and you will see that despite this new normal keeping us all indoors, home buying is peaking pre-pandemic levels. First-time homebuyers in Burnaby have cited several factors that made looking for a new place enticing in these times: record-low mortgage rates, a desire for more space after the fatigue of lockdown, a sense that they have a competitive advantage while the market was quiet, and the freedom, given remote work, to move further away from their offices in Vancouver.

But keeping safe should always be a priority, especially when you’re making that life-changing home purchase in Burnaby. If you’re thinking of looking for a house now, virtual house tours are the way to go. It may not be the same as going to an open house, but it is definitely helpful and way safer. Here are some tips in checking out new spaces while staying in your own home.

Make your dream house bucket list
If you’re looking for a house in Burnaby, you most probably have an idea of what you want to get. A real estate bucket list, so to speak. How many bedrooms? Is having a backyard and a front lawn important? What’s your budget? These details would also be helpful for your HofVan real estate agent, so we can prepare their own list of houses that would fit your criteria. Contact us today to get the process started.

Review the property listings before the tour
Think of it as reviewing for a major exam – you have to be prepared! It helps to know all the nooks and crannies beforehand so that you can check up on them on the actual virtual house tour. At HofVan, our listings can include photos, videos, and even floor plans of the space for you to study. Feel free to take a look around!

Prepare for the virtual tour
So you’ve made your list, checked it twice, and even did a pre-tour before your real tour. Now, you prep for your call. We’ve all had hundreds by now, but it never hurts to take at least 30 minutes before your schedule to manage potential technical interruptions. Make sure to be in a quiet space where you can easily hear each other, or set up your headset, to make sure that you’re not disturbing anyone. Then, check your internet connection if it’s stable and fast. It won’t hurt to restart the router to ensure the best possible connection.

Take notes and ask questions
Now that you’re on the tour, make sure you give the agent your full attention. Writing things down not only can help you remember them better, but it can also help you focus on the task at hand and not the million other things that might be happening in your house. Don’t be afraid to ask questions, too. This is your potential new home, after all. Every detail is important! Imagine you were there in person, what kind of details are you missing out on due to being behind a screen? I know that I always check the shower pressure whenever I view a new home, you’re more than welcome to ask the real estate agent to do the same!

Take your time
As well-prepared as you are, it will help to take multiple tours of the space, especially if you’re having a hard time deciding. Seeing things the second or third time around gives you more perspective, and you might discover parts you might have missed. Take as much time as you can, and be patient with yourself and your agent. If you rush into decisions, you might end up regretting your choices in the long run.

Living in Burnaby and Memories of Greece: With Socrates in the Heights

Wed, 05 May 2021 21:31:00 GMT

In this local business feature, we were really lucky to have spoken to the owner of one of the most lauded restaurants in Burnaby Heights: Socrates in the Heights. Alex Zoubos, owner and experienced chef, tells us his story and that of his restaurant, while also giving us an insight into life in this great part of North Burnaby.

If you haven’t been to Socrates just yet, be sure to head over for dinner. You might just find a free table for their Valentines Special evening! On February 13th and 14th, Alex and Socrates will be serving up a special three-course menu including a delightful kalamata olive tapenade, thalassinomakaronada (which is a staple Greek seafood pasta), and chocolate and greek yoghurt cheesecake – book us in please Alex!

You’ll find Socrates at 4651 E Hastings St, head to their website or instagram page for more information.

Let’s get into it!

The Story of Socrates in the Heights
I was really interested to hear about how Alex came to start his business in Burnaby, what followed was a bit of a trip down memory lane and my own fond memories of Greece. “As a child, I vividly remember spending time in the Tavernas on my visits to Greece. There is something really special and really different about Greek food, I remember eating the best grilled meat of my life over there.”

Greek cuisine is well known for the incredible flavours and colourful plates Alex told us. “Fresh flavours really bring Greek food to life. Just the simple addition of fresh lemon juice to grilled meat made me think wow, yes, this is how meat is supposed to taste.” We certainly couldn’t argue with that!

Alex told us about so many other parts of the cuisine that are unique to Greece, such as a range of fruit beverages. “There are these really great Lemonda and Portokalada (lemonade and orangeade) that are unique to Greece, kids absolutely love them!”

All in all, it is the combination of fresh produce and flavours, meat that comes straight from the butcher and on to the grill, and the methods of which these are combined that Alex appreciates most about Greek food.

The student becomes the master
Alex spent a lot of his career working alongside his father in the kitchen of his restaurant for 23 years. After their really successful time together and having felt strongly that he wanted to recreate the memories of Greece, Alex set out to forge a path on his own.

“I wanted to be different from the other Greek places in and around Vancouver. I felt strongly that there were standards that needed to be elevated in Vancouver and I wanted to try to bring the quality of Greece here to share with our neighbours. I’d been learning from my father for 23 years, who had been cooking traditional Greek food for 25 years before that! It was time for me to start something on my own.”

The stories of Socrates’ success
Alex has a passion for sharing what he loves with locals and tourists alike. It is a testament to the quality of their food and service that they have managed well during these really difficult times. “I just love to see and hear people enjoying themselves, the most important thing for me is that people are enjoying what they are eating and they see it as really good value.”

The modest prices position Socrates in favour of most budgets, Alex and his team can also offer larger scale catering to weddings and functions (when it is safe to do them again of course!). Locals often describe the value for money as a real winning factor to Socrates. Added to this are consistently fresh food, great portions, and a wholesome, family atmosphere that have really put Socrates on the map.

When asked about the amazing reviews that keep on rolling in, Alex commented “I’m really overjoyed with all of the great feedback we’ve been getting so far, it is really humbling. At the end of the day, this feedback is the only thing we care about, it lets us know that people are happy and appreciating the things that we are doing.”

“It encourages you to keep pushing the standards. We want to be known for Burnaby’s freshest Greek food.”

The community of Burnaby Heights
We love Burnaby Heights, it really is one of the great neighbourhoods in Vancouver. Not only is it really diverse and home to amazing restaurants such as Socrates, but it has a real community feel which can be lacking in other areas of Vancouver.

We asked Alex what his favourite things about the neighbourhood are. “I’ve actually only been in this neighbourhood for two years, so I’m still quite new here, but it has been a really great two years. I’ve found it to be a really friendly neighbourhood, you know it is busy, but it feels almost like a city of people within a city. There is such a vibrancy, people around are really friendly and all of the local businesses support each other.”

“In five words? Friendly, supportive, lively, diverse, bright.”

We want to thank Alex for his time and opening up his world to us during his busy schedule. Just can’t wait to head down there soon and tuck into the Souvlaki!

We love sharing stories of our communities. If you’d like to share one with us reach out to us! For more information on Burnaby and support working through the real estate market, contact us today.

Until next time!

Home Trends and Living in Burnaby: With Dekora Home Staging

Thu, 29 Apr 2021 21:42:00 GMT

Ron Sowden, long time home staging professional, sheds light on what challenges the industry has faced, how our behaviours are changing and shaping the way that we find comfort at home, as well as a great perspective on what it is like to live and do business in the Vancouver/ Burnaby Heights neighbourhood.

We are so lucky to have been given a really unique perspective by Ron, learning about his business Dekora and taking a look through the inspiring work they have put up throughout 2020. We love working with Ron as he stages our beautiful listings. It is especially insightful to learn from somebody who sees the winds of change and adapts their business approach to it, particularly when sometimes we are riding these winds ourselves and not necessarily looking around to notice how far we have come and why.

We asked Ron a series of questions about Dekora, home staging, industry trends and life in Burnaby, so let’s get right to it!

Meet Ron Sowden.

Ron has been in the home staging world since it started in Canada, around 18 years now. His business Dekora Home Staging and Interior Design is right on the edges of the Burnaby/ Vancouver heights neighbourhoods at Bridgeway and Skeena Street.

“Having worked here for decades, this North Burnaby neighbourhood has become somewhat of a second home for me,” Ron tells us.

Dekora Home Staging and Interior Design.

Dekora has been in business since 2003 and is now one of the leading home staging businesses in Western Canada.

“We introduced home staging to the Metro Vancouver market, our success led to the opening of a second branch in Calgary in 2008,” Ron notes. Today, Dekora’s main business remains home staging, but having developed strong eyes for detail and an understanding of what styles people gravitate towards, Dekora now offers interior design and furniture/ decor sales to both consumers (homeowners) and businesses (builders/ developers).

“As well as private homeowners, we work extensively with home builders and developers furnishing show homes, display suites and custom spec homes.” One such project, described in Dekora’s blog “A Year in Review: Looking Back at 2020,” involved staging the Heritage on West 16th Avenue transformation project. Dekora were a pivotal part of the process in which three heritage homes were transformed into 12 new townhomes and infill coach house units. This required a unique balance between historic architecture and contemporary tastes and needs, a balance that Dekora struck perfectly as seen in the image below. For the full article, click here.

We asked Ron which were his favourite projects over the recent years. “Favorite projects? Well, they number in the thousands! Recent local ones to point out could be the presentation centre and show suites for Belford Properties Sun Towers at Metrotown, and the charming Smith + Norfolk townhomes in Burnaby.”

The impact of COVID on homeowner needs and tastes.

Dramatic effects were felt across multiple industries, for Ron and Dekora, they saw behavioural patterns emerge as a direct result of changing needs which puts them in a unique position.

“Since COVID landed on us all, there was an initial drastic slowdown, but that was followed by a lot of activity in home sales, driven by changing needs of people now working from home and seeing opportunities to initiate change to their lifestyles and living accommodation,” Ron tells us.

“We witnessed first hand the movement of populations from core-area condos to larger homes or townhomes away from downtown – like Burnaby for instance.”

Where does home staging fit in the real estate industry?

With so many people now working remotely, Dekora are staging home offices and work spaces at every opportunity to show home buyers the live/work potential, particularly in condos.

Statistics have for many years demonstrated that well-staged and presented homes sell faster and for more money, than non-staged homes. We work directly with Dekora as they showcase our beautiful listings – and with great results. Builders and developers also recognize the value and upside potential of an investment in staging.

Ron argues the return on investment can be compelling, and it is easy to see why when looking through their portfolio.

“Our tagline is “Love at first sight,” and that is exactly what we aim to achieve for potential buyers. We really focus on envisioning the target buyer for each home we stage, and styling an environment to appeal to them – and ideally a home that they can fall in love with.”

Ron continued to tell us there is a nice range and variety of homes in the Heights – from lowrise to highrise condos, townhomes, beautiful heritage homes and lots of great new homes. Something for everyone, which contributes to the rich, diverse community known across this area, and Burnaby as a whole.

New trends in the ways in which we design our home spaces.

The months of COVID have impacted all of our lives, Ron notes that many more people are focussing more on their homes now, considering that they spend so much more time at home, and have had to integrate things like work, fitness, recreation into the home.

More space has been at the top of many wish lists, and that has driven a lot of activity in the Burnaby real estate market. Ron has also seen a really interesting increase in our focus and investment in comfort and style.

“When we spend so much more of our time at home, we value it more.”

Why is Burnaby such a great place to live and work?

Ron begins to circle back to comments made at the beginning.

“There is a diverse variety of housing options, and that makes for an interesting, vibrant community.”

“The Heights area exemplifies that diversity and Hastings Street is one the lower mainland’s great “high streets” with its wonderful mix of businesses, shops and restaurants.”

Ron has seen a lot of change over the years with so much new development, but notes that the area has evolved along with the growth and continues to be vibrant and desirable. “In fact, Burnaby Heights was exactly the place that my close family friends – a young newlywed couple – most wanted to make their home, and they just recently bought a charming older house across from Burnaby Heights Park on Trinity Street! A perfect example!”

We’d like to thank Ron for introducing us to Dekora Home Staging, and shedding light on his perspective of human behaviour change and the charm of Burnaby. Be sure to check out Dekora’s website for inspiring images, or to learn more about their services.

If you’ve been inspired to learn more about Burnaby real estate, the unique neighbourhoods in Burnaby, or the diverse community, reach out to us, we would gladly help you out.

If you have a story you’d like to share about living or doing business in Burnaby, reach out to us!

5 Best Things To Do In Burnaby Willingdon Heights

Thu, 29 Apr 2021 21:34:00 GMT

A Day in Burnaby-Willingdon Heights
There’s more to the Lower Mainland than Vancouver, after all! If you’re ready for a break from the city bustle, retreat to the Heights…Burnaby-Willingdon Heights that is. With prime outdoor, retail, and restaurant destinations, you won’t regret your visit. In fact, you might decide you want to stay!

Throw a frisbee in Confederation Park
Confederation Park is a great place to start your day, with fantastic views of the North Shore and the downtown Vancouver skyline. The fields here are always alive with activity, including soccer games and family picnics. Check out the miniature train, too!

Shop The Heights
Ready for a little retail therapy? With over 350 shops, services, and restaurants, the Heights shopping district truly has something for everyone. Don’t miss everyone’s favourite neon sign, the Swinging Girl!

Grab lunch
Getting hungry? It’s probably time for lunch. Visit one of our top recommendations for restaurants in Burnaby-Willingdon Heights. Don’t fill up too much, though—your day’s not over yet!

Head up the mountain
Go east until you hit Simon Fraser University at the top of Burnaby Mountain. This stunning example of Arthur Erickson’s brutalist architecture might look familiar as the backdrop for many sci-fi TV shows (Battlestar Galactica, for one), but it’s a concrete marvel in its own right. BC is known for its natural beauty, but this campus is a tribute to the wonders of manmade elegance.

Catch the sunset at the Playground of the Gods
Leave SFU, and you’ll find yourself in Burnaby Mountain Park. From here, make your way to the Playground of the Gods, an art installation by Ainu woodcarver Toko Nuburi. That’s right—while this large wooden sculpture may resemble First Nations totem poles, they’re actually an example of indigenous art from Japan. If you time it right, the sunset viewed from here is spectacular.

Things To Do With Your Kids in Renfrew Collingwood

Mon, 26 Apr 2021 21:44:00 GMT

When you’ve been home with the kids for a while, you might find yourself running out of activities to keep them engaged and off their devices! Why not take advantage of some of the coolest local attractions in East Vancouver where your kids can find plenty of things to do and explore!

The Vancouver suburb of Renfrew-Collingwood is a large neighbourhood surrounded by nature. What used to be home to various kinds of wildlife —ducks, geese, cougars, beavers, bears— is now a residential location for one of the most diverse communities in Vancouver. But it’s also incredibly family-friendly, too: almost half of the population comprises families, 62% of whom have kids at home. That means that there’s plenty of stuff for you and your children to do right in your own backyard!

Thinking of taking the kids out to explore? We have some tips for you:

Walk on the wild side in Renfrew Ravine Park

Renfrew Ravine is the only park in Vancouver with a creek in a natural ravine. At six hectares (which is about 7-8 blocks), you can easily forget you’re in the middle of a residential area. Outside the city, sounds eventually fade away as you get closer to the creek, but be careful – the ravine can be steep! However, for a moment of peace and quiet among the trees, the long walk might just be well worth it.

Take a class at the Renfrew Park Community Centre

You can find the community centre at the south end of Renfrew Ravine Park. Founded in 1963 to offer a variety of programs and services for all ages, it is home to a fitness centre, an indoor swimming pool, sauna and whirlpool, and a game area, among other activities. Enroll your kids in arts and music classes or take advantage of the facilities to get some workouts in. There’s undoubtedly something for everyone in your family.

Let your dog roam free at Falaise Park

Falaise Park is an off-leash dog park just 20 minutes away from the community centre. Your family pet will definitely enjoy running around this massive grassy field, offering unobstructed views of the North Shore Mountains, Mount Seymour, Grouse Mountain, and Cypress Mountain. At the bottom of the park is a wetlands habitat garden that you can explore, too. Further down the hill are two baseball diamonds, but make sure your dog is leashed at this point – you wouldn’t want anyone accidentally joining the team!

Grab your skates and head to Trout Lake

Trout Lake Rink is located at the Trout Lake Community Centre, which is around a 12-minute drive from Falaise Park. It is open from September to March for public skating programs and skate lessons for all ages and abilities. The rink opened in 2009 just in time for the Vancouver Winter Olympics, where it was used as a training space for 150 figure skaters from 35 countries. Who knows, maybe the ice will inspire your kid to be the next great winter Olympian!

Experience the best of the neighbourhood at Collingwood Days

The Collingwood Days Festival, typically held in the spring, is an annual community event celebrating the diversity, history, and natural beauty of Renfrew-Collingwood. It highlights the contributions of various groups and members of the neighbourhood through music, dancing, and exhibits. It’s a great time to learn more about the community and meet your neighbours, too.

Five Day Trip Ideas Close To Burnaby

Tue, 20 Apr 2021 21:52:00 GMT

Vacations are essential. They help us take time out of our busy lives, recharge our energy, and avoid burnout. But some of us have less free time than most, so we make do with short trips where we can escape just for a day or two. Burnaby is a fantastic location for day-trippers, as it is close to many sites that literally provide a breath of fresh air.

Here are some tip top day trip destinations within an hour of Burnaby:

Burnaby Mountain Conservation Area

Burnaby Mountain is a low, forested elevation overlooking the upper arms of Burrard Inlet. Visitors can bask in the vastness of nature in this massive 576-hectare park. You can hike or bike along the 28 trails, or just lay in the grass for a lazy holiday picnic with friends and family. Don’t forget your camera – the park offers breathtaking city, mountain, and water views, especially during the sunset.

Deep Cove

For those who want an escape from the fast-paced hustle and bustle of Vancouver, Deep Cove may just be the perfect destination. Around half an hour away from Burnaby, Deep Cove is a quaint, seaside town that offers good food, fun local events, and a variety of water activities. Come here during the summer for kayaking, paddle boarding, or swimming on the beach. Once you’re done with the water, you can come indoors to take in the boutiques and local art scene. A perfect combination of rural idyll and spectacular outdoor locations, Deep Cove is definitely a world away from the city.

Centennial Beach

Located within Boundary Bay Regional Park in Delta, BC, Centennial Beach is a popular summer destination because of its warm, shallow waters. Expect large crowds to gather at Centennial, walking on the sand, exploring for shells, or just taking in some outdoor exercise. Avid bird watchers should come around the spring or fall, as Boundary Bay, located right between Siberia and South America, is part of the Pacific Flyway.

Cypress Mountain

A local favourite ski resort located 30 minutes north of downtown Vancouver, Cypress Mountain is a great winter vacation spot for avid and newbie skiers alike. And for those who are not that interested in skiing, you can join other activities like snowboarding, snow tubing, and snowshoeing. Cypress has been around since the 70s and has been part of significant historical moments, including the Vancouver Winter Olympics in 2010. It hosted all of the freestyle skiing and snowboarding events.

Golden Ears Provincial Park

Around an hour-long drive from Burnaby, Golden Ears is one of the largest parks in British Columbia, measuring over 62,000 hectares. Those who love the great outdoors can choose from its three campgrounds to settle in: Alouette, Gold Creek, and North Beach. Once you’ve set up camp, there are so many other activities you can choose to do, such as swimming, freshwater fishing, cycling, canoeing, hiking, horseback riding, and waterskiing, to name just a few. It’s a great place to enjoy nature and beyond – some say the open beach is a great place to watch meteor showers in early August!

Where to go to Brunch in Burnaby

Sun, 18 Apr 2021 21:53:00 GMT

Burnaby is BC’s third-largest city, so it’s no surprise that it boasts of a massive and diverse community and is influenced by different cultures. You can easily see the influences in the wide variety of restaurants in the area, where something as specific as brunch can refer to a range of different dishes.

From the usual diner fare with a hot twist to a Eurasian spin on breakfast and more – here are our picks of great brunch places in Burnaby.

The Gray Olive Cafeteria

Nothing compares to your mom’s home cooking. The three brothers behind Gray Olive on Hastings developed their menu with this nostalgia in mind, serving meals that reference their childhood but with a twist. Their take on chicken and waffles, for example, comes with a side of spicy Korean ketchup for a bit more bite. Heat is a constant in their menu, with items like red pepper relish and chimichurri often sprinkled in various dishes. The only downside is that G.O. has a small space that fills up quickly, so it’s best to come early or make a reservation.

Fraser Park Restaurant

With its modest exteriors and simple décor, it can be pretty easy to overlook Fraser Park Restaurant based on aesthetics alone. But that would be a mistake because their hearty all-day breakfast menu has been pleasing locals for nearly two decades. Serving a mix of German and Filipino-style breakfast dishes in huge portions, the resto will definitely satisfy many a hungry diner. House recommendations include the German Breakfast (with meats cured in-house), Schnitzel Burger, and homemade soups.

Hart House Restaurant

Hart House, located at a three-acre estate on Deer Lake Avenue, is a breathtaking property with Tudor Revival architecture and a stunning lakeside view. With Executive Chef Mike Genest at the helm, the menu offers local, Mediterranean-inspired cuisine featuring seafood and local produce. For three decades, the combination of the relaxing ambience and delicious fare has attracted many visitors to take the long drive downtown and spend quality time with their loved ones. If you’re looking for an elevated weekend brunch experience, Hart House is for you.

Ambit Café

Only about a year old, Ambit Café is a trendy spot that caters to a younger clientele. With a menu filled with sandwiches, wraps, and salad bowls, Ambit is perfect for the busy commuter who doesn’t have time to craft their own healthy meal. But for those who want to stay, their small, functional space aims to be a place to lounge with friends and maybe even meet new ones. Over the summer, they held a live painting night where interested guests can come in to showcase their inner artist, all while sipping a good cup of coffee.

Cozmos Cafe + Bistro

Cozmos, a Burnaby mainstay for almost 20 years, serves a mix of popular breakfast items and Greek dishes. Their many regulars, which come in often and treat the staff like family, rave about the great customer service and, of course, the delicious food. Cozmos wants to make everyone feel at home – they say even if you’re not hungry, you’re welcome too! They serve a wide variety of wine, cocktails, beers, and other drinks that can help take the edge off after a long day.

We love hearing your feedback! If you have a list of great places to go or you know of a business owner who has a fascinating story to share, we’d love to hear your suggestions.

5 Reasons to Invest in Burnaby Real Estate

Thu, 15 Apr 2021 21:55:00 GMT

If you are looking for a great place to live, learn, work, and play, set your sights on Burnaby.

As the third-largest city in British Columbia, Burnaby has developed into a thriving urban centre. The once-rural town evolved into a diverse, multicultural hub with a large chunk of its population originating from Africa, China, India, Japan, Korea, and Southeast Asia.

Its cultural, economic, and social diversity is a significant reason why people flock to buy real estate in the city. Burnaby is the perfect place for people of all genders, ages, occupations, and interests. Whether you’re single, starting a family, or an empty-nester, investing in Burnaby real estate would be an excellent move.

Hailed as the “Best Run City” by Maclean’s Magazine in 2009, Burnaby remains a fantastic place to live in. If you are looking to invest in real estate property, you may seriously consider this sustainable and vibrant community.

Here are other reasons why:

Robust Economy and Quality of Life

Burnaby is a great place to live in because of its low crime rate, outstanding health care system, and good quality of life.

While Information Technology (IT) is its primary economic driver, commercial firms, industrial corporations, and oil refineries also contribute to the local economy. Film production studios have also set up shop in the city.

The cost of living in Burnaby is also relatively low compared to Vancouver.

Excellent Educational System

Burnaby also presents fantastic learning opportunities. It has 41 elementary and eight secondary schools that offer a comprehensive educational program from kindergarten to Grade 12. These programs include both English and French immersion and over 200 locally and provincially developed educational programs and services.

Burnaby is also home to two major post-secondary educational institutions — Simon Fraser University (SFU) and The British Columbia Institute of Technology (BCIT). A lot of international students also come over to pursue academic and experiential courses in Burnaby.

Amazing Commuting Networks

Getting around Burnaby is comfortable with its remarkable commuting networks and transportation services. Its commitment to public transportation innovation was recognized by being a recipient of the Intelligent Transportation Systems Project Award in 2011.

Located in the geographical centre of Greater Vancouver, it only takes 25 minutes to drive into downtown Vancouver. Skytrain stations are strategically spread across the city to make it easier for residents and guests to commute within Burnaby or cross to Coquitlam, downtown Vancouver, New Westminster, Richmond, or Surrey.

Numerous Shopping and Recreational Facilities

Investing in Burnaby real estate property is made even more appealing with all retail and recreational facilities around. Its multicultural demography makes it a perfect place for experiencing global cuisine, as evidenced by various cafes and restaurants in the city.

Shoppers will undoubtedly revel in Burnaby’s shopping malls, including British Columbia’s largest mall (and Canada’s second-largest) – the Metropolis at Metrotown. Art, cultural, and sports centres are also scattered around the area, such as the Burnaby Art Gallery, Burnaby Village Museum, Kensington Complex, National Nikkei Cultural Centre, and Shadbolt Centre, to name a few.

Those aged 55 and above can also take advantage of the four senior centres in Burnaby.

Loads of Greenspace and Parks

With 25% of the land designated as parks and open spaces, Burnaby is a haven for nature enthusiasts. Outdoor activities abound, such as boating, biking, golf, and other health and fitness activities. Picnics and concerts in the park can also be enjoyed, especially during summer.

Popular outdoor areas are Deer Park Lake, Burnaby’s Farmer’s Market, Burnaby Mountain Golf Course, Metro Skate Park, and Swanguard Stadium. For young families, Burnaby offers the best of both worlds, with outdoor activities and world-class metropolitan amenities in abundance.

Reach out to us at HofVan real estate group to learn more about Burnaby!

5 Reasons to Invest in Burnaby Real Estate

Thu, 15 Apr 2021 20:52:00 GMT

If you are looking for a great place to live, learn, work, and play, set your sights on Burnaby.

Here are other reasons why:

Robust Economy and Quality of Life
Burnaby is a great place to live in because of its low crime rate, outstanding health care system, and good quality of life.

The cost of living in Burnaby is also relatively low compared to Vancouver.

Excellent Educational System
Burnaby also presents fantastic learning opportunities. It has 41 elementary and eight secondary schools that offer a comprehensive educational program from kindergarten to Grade 12. These programs include both English and French immersion and over 200 locally and provincially developed educational programs and services.

Amazing Commuting Networks
Getting around Burnaby is comfortable with its remarkable commuting networks and transportation services. Its commitment to public transportation innovation was recognized by being a recipient of the Intelligent Transportation Systems Project Award in 2011.

Numerous Shopping and Recreational Facilities
Investing in Burnaby real estate property is made even more appealing with all retail and recreational facilities around. Its multicultural demography makes it a perfect place for experiencing global cuisine, as evidenced by various cafes and restaurants in the city.

Those aged 55 and above can also take advantage of the four senior centres in Burnaby.

Loads of Greenspace and Parks
With 25% of the land designated as parks and open spaces, Burnaby is a haven for nature enthusiasts. Outdoor activities abound, such as boating, biking, golf, and other health and fitness activities. Picnics and concerts in the park can also be enjoyed, especially during summer.

Reach out to us at HofVan real estate group to learn more about Burnaby!

Vancouver Real Estate December 2020: Low Inventory

Mon, 04 Jan 2021 21:56:00 GMT

Vancouver Real Estate for December 2020 was 2.8 per cent below the region’s 10-year sales average. Of course, with the rise of the pandemic, many markets and economic changes took place.

“When the pandemic began in March, the housing market came to a near standstill. We knew, however, that shelter needs don’t go away in times of crisis, they intensify. The real estate community worked closely with our regulatory bodies and public health officials in the spring to ensure appropriate precautions and protocols were implemented so BC REALTORS® could help residents safely meet their housing needs.”
Colette Gerber, Real Estate Board of Greater Vancouver Chair

In 2020, the Multiple Listing Service® (MLS®) in Metro Vancouver reached 54,305 home listings. Comparing the 2020 home listings total to 2019 and 2018, there is an increase from both years. A 4.6 per cent and 1.3 per cent increase, respectively. 2019 had a total of 51,918 homes listed. 2018 there were 53,614 listings.

When comparing last year’s total listings to the to region’s decade-long average, the numbers show a 2.7 per cent decline.

Even with the shift in the COVID-19 environment for real estate, both the local home buyer demand and seller supply was able to return to its steady pace for summer, fall, and winter.

“Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead, the supply of homes for sale will be a critical factor in determining home price trends in 2021.”
Colette Gerber, Real Estate Board of Greater Vancouver Chair

The year 2020 ends with a total of $1,047,400 for MLS® HPI composite benchmark price for all residential properties in Metro Vancouver. In comparison to December 2019, it reveals a 5.4 per cent increase. Townhomes saw a similar increase from benchmark prices compared last year; at 4.9 per cent. While apartments saw the smallest increase at 2.6 per cent, detached homes revealed the largest increase in benchmark price at an increase of 10.2 per cent.

December Summary

REBGV reports that regional residential home sales totaled 3,093, depicting a 53.4 per cent increase when compared to sales total in December 2019, which amounted to 2,016. In comparison to November 2020, where the total of homes sold was 3,064, there is an increase of 0.9 per cent.

December continues to be record high

Last month in November, the sales were 57.7 per cent above the decade long December sales average. It also happens to be the highest total for the month on record.

Gerber states that “Robust December sales outpaced long-term averages in what’s traditionally the quietest month of the year in real estate. This was part of an unusual seasonal pattern the market followed last year, which can be attributed in large part to the pandemic,”

MLS® in Metro Vancouver reported a total of 2,409 detached, attached, and apartment properties newly listed for sale in December 2020. This signifies a 51.7 per cent increase when compared to last year, with 1,588 homes listed in December 2019. When compared to the 4,068 listed homes in November 2020, it shows a 40.8 per cent decrease.

Home Listings

Currently, the total number of homes listed for sale through the MLS® system in Metro Vancouver is 8,538. This results in a 0.8 per cent decrease compared to December 2019, with 8,603 homes listed. This also shows a 23.2 per cent decrease compared to November 2020, with 11,118 homes listed.

The sales-to-active listings ratio for December 2020 is 36.2 per cent for all property types. When we look specifically into each property type, the detached homes ratio is 35.2 per cent, 50.4 per cent for townhomes, and 33.1 per cent for apartments.

Typically, analysts agree that a downward pressure on home prices are occurring when the ratio falls below 12 per cent for an elongated time, and upward pressure on home prices can be experienced when it reaches and surpasses 20 per cent consistently over the course of a few months.

Detached Homes

Detached home sales in December 2020 reached 1,026. This illustrates a 71.3 per cent increase from recorded sales of 599 in December 2019. $ 1,554,600 is the benchmark price for detached homes. This shows a 10.2 per cent increase when compared to December 2019. And a one per cent increase when compared to November 2020.

Apartments

In December 2020, apartment sales reached 1,474. This is a 40 per cent increase when compared to the 1,053 sales from last year. Apartment property benchmark price is $676,500. A 2.6 per cent increase is evident from December 2019, and there is no change when compared to November 2020.

Attached Homes

The attached home sales totalled 593 in December 2020. This total is a 62.9 per cent increase in contrast with the 364 sales in December 2019. Attached homes have the benchmark price of $813,900. This represents an increase of 4.9 per cent increase from December 2019 and a 0.1 per cent decrease in comparison with November 2020.

Check out our real estate tools and maps to find your next home!

See REBGV’s December 2020 statistics here.

Vancouver Real Estate November 2020: Demand Continues

Tue, 01 Dec 2020 21:57:00 GMT

November 2020 Vancouver Real Estate Market has Recorded Sales

The continued 2020 demand for real estate in Metro Vancouver continues to surge above past averages, with November sales surpassing 3,000. The numbers for real estate in Vancouver confirm to rise above the norms and averages. The last time this event took place, was back in 2015.

The Real Estate Board of Greater Vancouver (REBGV) reported 3,064 sales for November 2020. Compared to last November, a 22.7 per cent increase from the 2,498 sales recorded. In comparison to October 2020’s 3,687 homes that were sold. It is a 16.9 per cent decrease.

November 2020 Vancouver Real Estate Insights

In comparison to the 10-year November sales average, last month sits at 24.6 per cent above the average. It is the second highest total in this period.

“Home buyer demand has been at near record levels in our region since the summer. This is putting upward pressure on home prices, particularly in our detached and townhome markets.”
Colette Gerber, REBGV Chair

Vancouver Real Estate Listings in November 2020

The Multiple Listing Service® (MLS®) reported Metro Vancouver Real Estate had 4,068 listings in November 2020. These listings included detached, attached and apartment homes.

The November 2020 listings represents a 36.2 per cent increase when compared to November 2019. In contrast, November 2019 had 2,987 homes listed. The number of listed homes in November represents a 27 per cent decrease compared to October 2020. October had 5,571 homes listed.

The MLS® system currently in Metro Vancouver has 11,118 homes listed for sale. Last year had 3.2 per cent less homes listed. November 2019 had 10,770 homes listed. Compared to October 2020, there is a 10.5 per cent decrease with 12,416 homes listed.

November Vancouver Home Listing Insights

“The supply of homes for sale are a critical factor in understanding home price trends. The total number of homes for sale in Metro Vancouver is lagging behind the pace of demand right now. This trend favours home sellers in today’s market.”
Colette Gerber, REBGV Chair

November 2020’s sales-to-active listings ratio is 27.6 per cent, inclusive of all property types. The ratio for detached homes is 27.9 per cent, townhomes are 40.1 per cent, and apartments are at 23.9 per cent.

Analysts agree that downward pressure on home prices will occur when the sales-to-active ratio is below 12 per cent for a certain period of time. Home prices will typically experience upward pressure when the ratio is above 20 per cent over the span of several months.

Sunshine Coast Demand

Sunshine Coast had the largest increase in year-over-year demand. This demand translates to 106 home sales in November 2020, a 82.8 per cent increase compared to November 2019, with only 58 home sales.

Gerber states that, ” While demand remained elevated across the region, home buyer activity was particularly focused in more remote areas like the Sunshine Coast, Gulf Islands and Squamish.” This is rise is accredited to work-from-home arrangements and current physical distancing policies.

Real Estate Sales in November

The MLS® Home Price Index composite benchmark price for Metro Vancouver residential properties is currently $1,044,000. This number shows a 5.8 per cent increase compared to November 2019, and 0.1 per cent decrease compared to October 2020.

Sales of Detached Homes in Vancouver

In November 2020, detached home sales reached 1,061. This is a 18.6 increase from the 825 sales in November 2019. $ 1,538,900 is the benchmark price for a detached home. This shows a 9.4 per cent increase compared to November 2019, and a one per cent increase compared to October 2020.

Sales of Apartment Homes in Vancouver

Apartment home sales totalled 1,371 in November 2020. This is a 12.2 per cent increase compared to the 1,222 sales from November 2019. $676,500 is the benchmark price of apartment homes. This benchmark price shows a 3.4 per cent increase from November 2019. When compared to October 2020, the benchmark price has a one per cent decrease.

Sales of Attached Homes in Vancouver

Sales of attached homes in November 2020 totaled 632. November 2019 had sales of 451, this is a 40.1 per cent increase. The benchmark price of attached homes is $ 814,800. This benchmark price represents a 5.6 per cent increase compared to November 2019, and a 0.2 per cent increase compared to October 2020.

Curious to see how October 2020 compares? Click here.

See Real Estate Board of Greater Vancouver’s November 2020 statistics here.

What is happening with Vancouver Real Estate October 2020?

Tue, 03 Nov 2020 21:59:00 GMT

October 2020 continues to see record levels of activity for Greater Vancouver Real Estate.

Increases in real estate sales in Vancouver for October 2020

A total of 3,687 homes were reported sold by the Real Estate Board of Greater Vancouver for October 2020. A 29% increase compared to October 2019. October 2019 had 2,858 sales recorded. Sales also increased by 1.2% compared to last month. September 2020 reported 3,643 sales.

Also 2020 had the 2nd highest October Average. Sales were 34.7% higher than the 10-year average for the month of October.

Greater Vancouver Real Estate had Less New Listings for October 2020

October 2020 had 5,751 homes newly listed. 2020 had more new listings compared to October 2019. October 2019 had 4,074 homes newly listed. 2020 had a 36.7% increase compared to October 2019.

However when compared to September 2020, there were less listings. September 2020 had 6,402 listings. Compared to October 2020, this is 13% less.

Inventory was less compared to September 2020

The Multiple Listing Service® (MLS®) has 12,416 homes currently listed for sale. An increase of 1.5% compared to October of last year. October 2019 had 12,236 homes on the market.

Compared to September this is a 5.2% decrease. September 2020 had 13,096 active listings.

Vancouver Real Estate was in a Seller’s Market for October 2020

All Greater Vancouver real estate products were in a seller’s market for October 2020. The overall sales-to-active listing ratio was 29.7%. Detached homes had a ratio of 30.9%. Townhomes were at 43.5%. Apartments had a ratio of 24.9%.

Townhomes and detached houses have become more desirable to potential buyers. As more people work from home, large spaces become more attractive. However barriers to entry are still quite high for first-time home buyers to get into a detached home or townhouse. Condos continue to be more feasible for first time home buyers.

Detached Homes

Detached housing had 1,335 sales for October 2020. An increase of 42.3% compared to October 2019. October 2019 had 938 detached sales.

Detached homes had a benchmark price of $ 1,523,800. A 1.1% increase compared to September 2020.

Condos

Condos had 1,570 sales compared to October 2020. A 13.4 per cent increase compared to the 1,384 sales in October 2019.

Condos had a benchmark price of $683,500. Compared to September 2020 the benchmark price is almost identical.

Attached Housing

Attached homes sales had a total of 782 for October 2020. A 45.9 per cent increase compared to October 2019. 2019 had 536 sales.

Attached homes had a benchmark price of $813,000. A small 0.4 increase compared to September 2020.

Click here to see the full stats provided by the Real Estate Board of Greater Vancouver for October 2020.

To see last months blog as well as other posts click here!

Buying and Selling Vancouver Real Estate September 2020

Thu, 01 Oct 2020 22:01:00 GMT

It was a busy market for Vancouver real estate in September 2020.

September 2020 Vancouver Real Estate Has Record Amount of Sales

A total of 3,643 residential homes sold in Vancouver. The Real Estate Board of Greater Vancouver reported a 56.2% increase in sales for September 2020 compared to September 2019. By comparison to last year, September 2019 had a total of 2,333 sales recorded.

Similarly September 2020 also had more sales than August 2020. The previous month had 3,047 sales.

In addition September 2020 real estate sales beat the 10-year average for Vancouver for the month of September. September 2020 had the highest sales for the month average.

Number of Listings Increased for September

There was also an increase in listings for the month. September 2020 had 6,402 newly listed residential properties for the month. In comparison to September 2019 this was a 31.6% increase. September 2019 had 4,866 homes newly listed on MLS®.

Compared to August 2020 this is a 10.1% increase. August had 5,813 homes listed.

Inventory is Growing

September 2020 had 13,096 active homes listed. This is a 2.3% increase compared to August 2020. August’s total was 12,803.

However this is smaller compared to September of last year. In comparison September 2019 had 13,439 active listings.

September 2020 Vancouver Real Estate was a Seller’s Market

A seller’s market as defined by the real estate board is when the sales-to-active ratio is above 20%. The detached market had a ratio of 28.3%. Similarly condos had a ratio of 24.8%. Finally townhomes had a ratio of 36.1%. Altogether the ratio for all properties was 27.8%.

Detached Sales

September 2020 had a total of 1,317 sales. A 76.8% increase compared to September 2019. The benchmark price for a home in September 2020 was $1,507,500.

The number of sales increased by 1.1% compared to August 2020.

Condo and Apartment Sales

In comparison there were 1,596 sales for apartments. September 2020 surpassed September 2019 by 36.9%. The benchmark price for a condo was $683,500.

Sales decreased by 0.3% compared to August 2020.

Attached Home Sales

Attached properties also surpassed September 2019. Townhouses and Duplexes are some examples of attached homes. September 2020 had 730 attached sales. A 73% increase compared to September 2019. The benchmark price was $809,900.

Sales increased by 0.4% compared to August 2020.

Click here to see the full stats!

Click here to see our other blog posts!

July 2020 Vancouver Real Estate Summer Market Up

Tue, 04 Aug 2020 22:02:00 GMT

The Greater Vancouver real estate market sees a hot summer market for July 2020.

The Real Estate Board of Greater Vancouver Reports Increased Sales for July 2020

Just like the month previously, Vancouver’s real estate market continues to see an increase for July. The Real Estate Board of Greater Vancouver (REBGV) reported a total of 3,128 home sales for July 2020. A 22.3% increase compared to July 2019. July 2019 had a total of 2,557 homes sold. As well as a 28% increase compared to the 2,443 homes that sold June of this year.

The sales for July 2020 were above the 10-year July sales average.

Vancouver Real Estate Sees an Increase of Listings for July 2020

July 2020 had a total of 5,948 new listings on the MLS® system. The number of new listings surpasses July 2019. In comparison, July 2019 had 4,613 homes listed.

Compared to June 2020, July had a 2.8% increase. June 2020 had a total 5,787 homes listed.

Active Listings Continue to Increase Compared to June

Similarly active listings continued to increase for July when compared to June 2020. July 2020’s Vancouver real estate market had a total of 12,083 active listings. Compared to June 2020 this is a 5.8% increase. June 2020 had a total of 11,424 active listings.

Compared to July 2019 this is a 15.1% decrease. July 2019 had a total of 14,240 listings.

A Seller’s Market for all Property Types in Greater Vancouver

Greater Vancouver saw all real estate enter a seller’s market for July 2020. Overall the real estate market had an active to sales ratio of 25.9%. Similarly the ratio for detached homes was 25.1%. Town homes had a ratio of 31.1%. Apartments had a ratio of 24.7%.

The Benchmark Price for Homes in Metro Vancouver sees Slight Increase

The benchmark price for all residential properties in Metro Vancouver was $1,031,400. Compared to July 2019 this is a 4.5% increase. This is a 0.6% increase compared to June 2020.

Detached homes had a benchmark price of $1,477,800. While apartments had a benchmark price of $682,500. Townhouses had a benchmark price of $797,000.

Click here to see the full stats provided by the Real Estate Board of Greater Vancouver for July 2020!

If you’d like to see last month’s write up, click here.

Photo by Danica Stradecke on Unsplash

What’s the best high school in Burnaby?

Mon, 27 Jul 2020 22:05:00 GMT

Last updated: July 28, 2020

Being in the right home for the right school

To see your home’s school catchment, please visit the School Locator, or talk to us – we’ve been helping our clients find their perfect home in Burnaby for a long time, so knowing the ins and outs of the education system here is a big part of that.

You can also use our map search tools to help find homes close to local schools. This tool is a great way to visualise where things are and what surrounds them. Create a free account to get started!

How do we know which schools are best?

What’s best can definitely be a subjective question: it really depends on what’s important to you as a parent as well as what your child’s aspirations might be. Read more to find how the Fraser Institute rates each high school in British Columbia, as well as their rankings of the Burnaby high schools. You’ll also see the different programs that the Burnaby School Board offers, and how your child can apply to these programs.

Every year the Fraser Institute rates each high school out of 10, and creates a ranking called The Report Card on British Columbia’s Secondary Schools. This ranking is released publicly and can be viewed here. The Report Card helps parents compare schools in BC and facilitates school improvement.

The Report Card critiques BC high schools based on the following seven academic indicators. Then, the indicators are combined to create a weighted average summary. To see how The Report Card is made, and for further details, please visit here.

The average exam mark in the Grade 12 language arts courses which include a mandatory provincial exam.
The percent of Grade 12 language arts mandatory provincial examinations that were failed.
The average difference between the school mark and the exam mark in the courses mentioned above in indicators 1 and 2.
The average difference between female and male students in their exam mark in the school’s most popular grade twelve language arts course.
The rate of graduation.
The delayed advancement rate.
Where there are no gender-gap results because they are either an only-boys or only-girls school, the school versus exam mentioned above in indicator 3 would be weighted higher. Where there is no delayed advancement rate, the graduation rate mentioned in indicator 6 would be weighted higher.

Here are the top Burnaby High Schools based off of The Report Card on British Columbia’s Secondary Schools (2016-2017 Rank)

St. Thomas More Collegiate
Rank out of BC: 18/251
https://stthomasmorecollegiate.ca/
Catholic Private School
Grades: 8-12
7450 12th Ave
Burnaby, BC V3N 2K1
604-521-1801
Registration Fee: $175.00
Tuition for Canadian Residents (2019-2020): $6,950.00
Grade Fees (Varying by Grade): $215-250
Technology Fee: $150.00
Grade 12 Graduation Fee: $250.00
Carver Christian High School
Rank out of BC: 22/251
http://carverchristian.org/
Christian Private School
Grades: 7-12
7650 Sapperton Ave
Burnaby, BC V3N 4E1
604-523-1580
Registration Fee: Please contact Carver Christian High School for more details.
Moscrop Secondary
Rank out of BC: 87/251 (Tied with Burnaby Mountain)
https://moscrop.burnabyschools.ca/
Public School
4433 Moscrop St
Burnaby, BC V5G 2G3
604-664-8575
Burnaby Central Secondary
Rank out of BC: 99/251
https://central.burnabyschools.ca/
Public School
4939 Canada Way
Burnaby, BC V5G 1M1
604-664-8542
Cariboo Hill Secondary
Rank out of BC: 136/251
https://cariboohill.burnabyschools.ca/
Public School
8580 16th Ave
Burnaby, BC V3N 1S6
604-664-8568
Burnaby Mountain Secondary
Rank out of BC: 143/251
https://mountain.burnabyschools.ca/
Public School
8800 Eastlake Dr
Burnaby, BC V3J 7X5
604-664-8552
Alpha Secondary
Rank out of BC: 167/251
https://alpha.burnabyschools.ca/
Public School
4600 Parker St
Burnaby, BC V5C 3E2
604-664-8535
Burnaby North Secondary
Rank out of BC: 189/251
https://north.burnabyschools.ca/
Public School
751 Hammarskjold Dr
Burnaby, BC V5B 4A1
604-664-8550
Burnaby South Secondary
Rank out of BC: 218/251
https://south.burnabyschools.ca/
Public School
5455 Rumble St
Burnaby, BC V5J 2B7
604-664-8560
Byrne Creek Secondary
Rank out of BC: 226/251
https://byrnecreek.burnabyschools.ca/
Public School
7777 18th St
Burnaby, BC V3N 5E5
604-664-8299

It’s important to note that Deer Lake School is another Christian private school in Burnaby that was not found on the 2017-2018’s Report Card, but was ranked 11/293 in 2010. For more information about this school please visit here.

French Immersion

The French Immersion program is a program that the Burnaby School Board offers that helps children to gain French as a second language. Students graduating from the French Immersion program will receive a bilingual designation on their high school diploma; this may help enhance their employment and post-secondary learning opportunities. Please visit the Burnaby Board of Education’s website for more details.

One thing that’s important to note is that the French Immersion program starts in elementary school. More details about the French Immersion Program can be found here.

The following elementaries offer the Early French Immersion Program starting in kindergarten:

Aubrey Elementary
Brantford Elementary
Inman Elementary (K to 3)/ Cascade Heights (4-7)
Marlborough Elementary
Seaforth Elementary
Sperling Elementary
Westridge Elementary

The following elementaries offer the Late French Immersion Program starting in Grade 6:

Armstrong Elementary
Capitol Hill Elementary
Marlborough Elementary

Both the early and late programs enter the same Secondary Immersion program in Grade 8 in the following high schools:

Cariboo Hill Secondary
Moscrop Secondary
Alpha Secondary

Burnaby School’s Career Education Program

A program that the Burnaby School District offers is the Career Education Program. This program allows students to build knowledge and skills in a variety of careers and trades programs. Depending on the program, some can lead towards post-secondary credits, industry certifications, apprenticeships, scholarship opportunities and/or the development of portfolios. The programs can help students with post-secondary applications and/or with employment. Further information can be found here.

For some of the trades programs, students can start their apprenticeship and participate in 480 hours of paid work. Students can start to earn qualifications towards becoming a journeyperson. For more information on the Youth Work in Trades program can be found here.

These are some of the options for the Career Education Program:

Auto Collision Repair Technician
Auto Refinishing Prep Technician
Auto Service Technician
Baker (Pastry Arts)
Carpenter
Cisco Networking Academy
DigiPen Game Development Academy
Film & Broadcast
Construction Electrician
Graphics/Media Arts
Fitness Instructor
Health Sciences
Hair Stylist
Metal Fabricator
Tourism and Event Management
Microsoft Office Specialist Certification
Music Production and Technology
Painter and Decorator
Pipefitter
Palo Alto Cyber Security Academy
Professional Cook
Plumber
Robotics (Mechatronics)

We hope you find this useful, please reach out to us with any questions about Burnaby schooling, and buying and selling property here.

Vancouver Real Estate June 2020 Sees Increased Sales

Wed, 08 Jul 2020 22:07:00 GMT

Vancouver Real Estate for June 2020 sees Increased Movement

June 2020 sees buyers and sellers more active in the real estate market for Vancouver. Home sales and listing activity return to typical historical levels. The Real Estate Board of Greater Vancouver reported that residential sales in the region reached a total of 2,433 in June 2020. Comparing this to last June, this was an increase to June 2019’s 2,077 sales.

Vancouver buyers and sellers are becoming more comfortable moving forward on purchases and sales. This is a huge difference compared to the start of the COVID-19 restrictions. Compared to last month, the numbers of solds have increased from May 2020’s 1,485 homes sold.

June 2020 Vancouver Real Estate Sales-to Listings Ratio

In continuing with the increased sales as mentioned above, it goes without surprise that Vancouver’s overall state is in a seller’s market. For all property types the sales-to-active ratios for June 2020 is 21.4%. Some analysts say upward pressure on home prices can occur when the ratio goes above 20% for several months.

Detached homes had a ratio of 19.9%. Putting detached homes in a high balanced market. Townhomes had a ratio of 25.2%. While condos had a ratio of 21.3%. This means that June 2020 is a seller’s market for attached homes.

Vancouver West’s June 2020 Real Estate Market

Detached

There were a total of 487 active listings for Vancouver West in the month of June. Out of the 487 homes, 78 of them sold. The benchmark price for detached homes was $3,076,700. Detached homes on the Westside had a sales-to-active ratio of 16%. This shows that the detached Westside is in a balanced market. Homes took an average of 58 days to sell.

Condo

Meanwhile on the Westside condo market there were a total of 1,465 active condo listings for the month of June. A total of 282 homes sold. This means that the active-to-list ratio was 19.2%. Showing a high balanced market. The benchmark price for condos was $789,300. Overall condos took an average of 26 days to sell.

Vancouver East’s June 2020 Real Estate Market

Detached

When looking at the Vancouver Eastside real estate market for June 2020, detached homes are in a sellers market. There were a total of 443 active listings and 105 sales. Unlike on the Westside the active-to-sale ratio was 23.7%. Overall the average days on market for detached Eastside homes was 26 days. The benchmark price for detached homes was $1,459,100.

Condos

Similarly condos on the Eastside were also in a seller’s market. June saw a total of 442 active listings and 130 sales. Although condos were in a much higher seller’s market with a ratio of 29.4%. Also similar to the detached market, condos took 26 days to sell. The benchmark price for June was $588,400.

North Burnaby’s June 2020 Real Estate Market

Detached

Also the detached market for North Burnaby was in a seller’s market. This means there was a total of 31 sales and 112 active listings. Bringing the active-to-sold ratio to 27.7%. Overall homes on average took 24 days to sell. The benchmark price for June 2020 was $1,488,200.

Condos

Condos were also in a seller’s market with an active-to-sold ratio of 22.1%. Unlike the detached market homes took longer to sell with the average being 39 days. The condos benchmark price was $605,500. There were a total of 285 listings and 63 sales.

Burnaby South’s June 2020 Real Estate Market

Detached

Unlike Burnaby North, Burnaby South is in a balanced market. There were a total of 165 detached listings and 24 sales. The ratio for actives-to-solds was 14.5%. Homes on average took 32 days to sell. Although the benchmark price of homes was higher compared to Burnaby North. Burnaby South’s benchmark price was $1,559,300.

Condos

Condos in Burnaby South were also in a balanced market. June saw a total of 310 active listings and 57 sales. The days on market average was 35. Condos in South Burnaby also had a higher benchmark price of $670,500 when compared to Burnaby North.

For the June 2020 stats provided by the Real Estate Board of Greater Vancouver click here.

And for last month’s market update click here.

Photo by Himanshu Chanan on Unsplash.

Brentwood Food Truck Festival happening in Burnaby, BC

Sun, 21 Jun 2020 22:11:00 GMT

The Brentwood Great Takeout Food Truck festival is happening in Burnaby, BC. Starting June 20, 2020, Burnaby residents will have access to some amazing eats by local food trucks in the Brentwood area!

Where in Burnaby is the Brentwood Great Takeout Food Truck festival happening?

The Brentwood Great Takeout Food Truck festival will be held at 2150 Alpha Ave, Burnaby. The event will be from 11:00AM to 6:00PM and happen bi-weekly starting June 20th.

Skip the lines and order ahead

A few of the vendors are offering online ordering. Therefore you can order ahead and skip the lines. For instance you can call when you arrive and the vendor will bring the food directly to you.

Next Gen Concessions

Next Gen Concessions provides food stalls across the lower mainland specializing in hot dogs and burgers.

At the Brentwood Great Takeout Food Truck Festival in Burnaby they will be serving Tokyo street dogs, french fries, poutines and jumbo hot dogs. To be sure to skip the lines you can order your meal online from this site. During the event just call upon arrival and one of their staff will bring the food directly to you.

The Trukin’ BBQ

The Trukin’ BBQ will also be at the event serving delicious barbecue meat sandwiches. Their sandwiches include pulled pork and beef brisket. Additionally you can find poutines with barbecued meats on top. There are also other delicious side items like deep fried pickles. In order to see the full menu please click here. If you would like to order ahead of the event please call 778-388-7390 for availability.

Reel Mac and Cheese

Reel Mac and Cheese will also be a the event. This Canadian staple of any food truck event offers delicious gourmet takes on mac and cheese. One of our favorite options is the Godzilla. This is mac and cheese with a Japanese twist. If you’d like to see the full menu, click here. To order ahead please text 604-828-8440.

Rocky Point Ice Cream

Rocky Point Ice Cream will also be at the Brentwood Food Truck Festival in Burnaby. This delicious Port Moody favorite will make the drive to Burnaby and bring their amazing flavors. To order ahead of time please text or call 604-788-1661.

For more information about the Brentwood Food Truck Festival in Burnaby

Additionally if you’d like to find more information regarding the event please visit the Greater Vancouver Food Truck Festival website.

Plus if you haven’t already done so visit our real estate tools to find out which restaurants are in your community.

Where to buy Vancouver Real Estate when going to UBC?

Wed, 17 Jun 2020 22:13:00 GMT

If you are looking to purchase real estate in Vancouver for your child or yourself that will be attending UBC (University of British Columbia), there are a few things to consider. While this article does provide information and guidance buying real estate in Vancouver for UBC. It is in no way a substitute for receiving professional legal advice. Meaning it is important to seek independent legal advice before moving forward on a purchase.

Purchasing a home on University/UBC lands in Vancouver West

When considering purchasing real estate in the UBC/University area of Vancouver West, there are two prominent types of ownership available for purchase. These are leasehold and freehold.

Leasehold vs Freehold

There are three types of leasehold: private, public & first nation. For this article we will be focusing on private. Buying a leasehold property, you purchase the rights to live in the home for a limited period of time. For example, in UBC the period of the lease is usually 99 years.

While a freehold interest, the owner has continuous use of the land subject to local bylaws and other restrictions. Freehold interest is also known as a fee simple interest.

For further reading on different types of homes and ownership, please read RECBC’s article on buying a home.

When does a leasehold start?

As mentioned above, leasehold periods for Vancouver Westside real estate in UBC usually has a period of 99 years. However, that does not mean that the 2nd owner of that home will get the full 99 years. As a buyer of a previously owned leasehold property, you are only buying the remainder of the lease. This means that the original owner may have the longest period of 99 years. But any subsequent owners will have a shorter period.

What happens at the end of a leasehold period?

There are renewal options and/or buyout options that are provided in the lease. Therefore it is always advisable to review the lease with a lawyer prior to purchase. Another option would be to have reviewing the lease as a subject in the offer.

The value of leasehold

Leasehold properties can be considered unwise investments. The reason being as time passes the length of the lease decreases. This can sometimes make leasehold properties less desirable.

For further reading, Pazder Law has written an amazing article in regards to leasehold properties.

Is all Vancouver Westside Real Estate Leasehold in UBC?

Map of the University Area in Vancouver West. Source: Real Estate Board of Greater Vancouver

While homes in UBC can be leasehold, not all real estate in the University area of Greater Vancouver is leasehold. There are some homes that are freehold. Working with a REALTOR® can help you determine the property’s ownership.

Click here to view active listings in the UBC area.

Vancouver real estate near transit to go to UBC

Understandably, purchasing real estate in UBC is the first option your mind goes to. But Vancouver has amazing transit options that go directly to UBC. This opens more possibilities for finding homes that could work for future and current UBC students.

99 UBC B-Line

One of the more recognizable routes to go to UBC. This direct bus line travels from Lougheed and Boundary along Broadway all the way to UBC’s bus loop. The 99 B-Line travels through Point Grey, Kitsilano, Fairview, Mount Pleasant, Renfrew and Renfrew Heights. Depending on where you start your route, the ride could be around an hour.

33 UBC

Another bus route that goes directly to UBC is the 33. On the Westside of Vancouver, this bus travels through Point Grey, Dunbar, Kitsilano, Shaughnessy, Fairview and Cambie. While on the East Side of Vancouver the route goes through Main, Fraser, Knight, Victoria, Collingwood and Renfrew Heights. Transit time could be less than an hour.

25 UBC

From the statistics provided by the Real Estate Board of Greater Vancouver, Vancouver prices tend to be higher than Burnaby’s. Burnaby could be a great option if you want to look for something more affordable.

The 25 begins at Brentwood Bay 5 and travels along 22nd and King Edward Ave all the way to UBC. In North Burnaby, the 25 passes through Brentwood Park. In South Burnaby the bus passes through Central Burnaby, Greentree Village and Burnaby Hospital. East Vancouver the route passes through Renfrew Heights, Grandview, Victoria, Collingwood, Knight, Fraser and Main. On the Westside, the route goes through Cambie, Shaughnessy, Quilchena, Arbutus, Mackenzie Heights and Dunbar. Travel time can be longer. The ride may take an hour and fifteen minutes if starting in Burnaby.

The Millenium Line Extension

There are skytrain routes that lead to UBC buses but as of today there aren’t any skytrains that go directly to UBC. The city is planning on adding a train that goes directly to UBC. Although that might not complete for a long time.

Click here to read more about the Millenium line extension.

Buying Vancouver Real Estate for UBC

There are numerous options when buying Vancouver real estate for UBC. Instead of purchasing a leasehold property you may want to consider freehold. Purchasing a home in Vancouver requires a strong team to guide you along the way. You may want to consider hiring a lawyer, mortgage broker and REALTOR®. If you need guidance on where to start, please feel free to contact us! We’re happy to help!

Call 604-719-7684 or email Info@HofVan.com.

May 2020 Sales increase for Greater Vancouver

Mon, 01 Jun 2020 22:15:00 GMT

May 2020 begins to see sellers and buyers feel more comfortable in the real estate market with increased activity.

Activity for May increases compared to April 2020

A total of 1,485 homes sold in May 2020. This shows a 33.9% increase compared to April’s 1,109 sold properties. Sellers and buyers are becoming more comfortable moving forward in the market.

Benchmark Price remains relatively unchanged for May

Although home sales and listing activity is down compared to the 10 year May average, home prices remain steady. The Benchmark Price is based of the estimated sales price of a typical property within each market. April 2020’s benchmark price of homes in Greater Vancouver was $1,036,000. The benchmark price for May 2020 was $1,028,400.

Inventory increases giving buyers more selection

Inventory has decreased since May of last year. However a total of 3,684 detached, attached and apartment properties were listed for sale in Metro Vancouver for May 2020. This is a significant increase of 59.3 per cent compared to April 2020’s 2,313 homes that were listed.

The market remains balanced across all properties

The percentage of sales-to-active listings ratios for all properties in Greater Vancouver was 15%. The detached ratio was 13.5%. Townhouses were at 18.9% and condos were at 14.8%. According to some analysts, downward pressure on home prices occur when the ratio falls below 12% over extended months. While upward pressure can occur when the ratio goes above 20%.

Sales increase in Vancouver & Burnaby

On the Westside of Vancouver, there were a total of 264 sales for May. In April, the Westside had a total of 195 sold homes.

East Side Vancouver sold 165 homes in May, while April’s sales for East Vancouver totaled 120.

Burnaby had a total of 160 sales for the month of May. In the month of April 2020 Burnaby had a total of 107 sales.

To see the full Real Estate Board of Greater Vancouver’s stats package for May 2020, click here!

Click to read our April 2020 market update!

April 2020 Decreases in Sales But Prices Steady

Mon, 04 May 2020 22:19:00 GMT

After one full month of BC’s shutdown due to the COVID-19 crisis, the numbers for April 2020 may surprise you.

Lower Number of Sales for April Average

According to the latest stats package from the Real Estate Board of Greater Vancouver, the sales for April 2020 was the lowest the month has been in 10 years for the April sales average. This April was 62.7% below the 10-year April sale average. This is the lowest this month has been since 1982.

The number of sales and listings declined. This was not unexpected due to COVID-19.

“Predictably, the number of home sales and listings declined in April given the physical distancing measures in place,” Colette Gerber, REBGV’s president-elect said.

April 2019 had 586 detached sales recorded. Detached sales for April 2020 totaled 338. A 33.8% decrease compared to the same time last year.

There were a total 503 sales of apartments in April 2020. A 43.2 per cent decrease compared to the 885 sold homes in April 2019.

Attached homes in April 2020 had a total of 218 sold. A 39.1 per cent decrease compared to the 358 sales in April 2019.

Home Prices in April 2020 Remained Balanced

The benchmark price of detached homes was $1,462,100. An increase of 0.8% compared to March 2020.

Apartments had a benchmark price of $685,500. Compared to March 2020 this is a 0.2% decrease.

Attached homes had a benchmark price of $796,800. A 0.6% increase compared to March 2020.

Markets like Burnaby South and East Vancouver actually increased in benchmark pricing.

New Ways to Market your Home

Our goal as REALTORS® is to use the latest technology to market your home safely. Using technology like Matterport allows buyers to virtually walk through the home.

Click to see how we used Matterport to showcase a North Vancouver townhome.

Depending on the home, we also use doll house floor plans to give potential buyers a feel of the house.

Dollhouse Floor Plan provided by Optimum Floor Plans.

Providing buyers with as much information before a showing can helps buyers make informed decisions.

For the latest stats from the Real Estate Board of Greater Vancouver, click here.

Click here to see what happened last month.

March 2020 Starts Strong but Adjusts to The New World

Wed, 01 Apr 2020 22:21:00 GMT

According to the Real Estate Board of Greater Vancouver (REBGV), March 2020 home sales increased compared to last month’s.

In February, Metro Vancouver saw a total of 1,727 sales. March sales increased by 17.4 percent, jumping to a total of 2,524 sales.

Last year in March, there were only 1,727 sales. Sales have increased by 46.1% when compared to last year.

Multiple offers were more common March 2020

“The first two weeks of the month were the busiest days of the year for our region with heightened demand and multiple offers becoming more common,” said Ashley Smith, REBGV president.

It was not uncommon to see homes sell above list price, giving more purchasing power to sellers.

Condos, single-family homes and attached properties were all in a seller’s market for the month of March.

Compared to March of last year, the detached market increased by 61.1%. Condos in Greater Vancouver increased by 35.1%. March 2020 attached sales increased by 51.7% when compared to last year.

The Effects of COVID-19 towards the end of March 2020

REALTORS® were named an essential service by the Minister of Public Safety and Solicitor General.

During this crisis no open houses are allowed, this is to help with the prevention of the Coronavirus. Although business is still open for agents, this is not business as usual.

Sales saw a decrease for the last few weeks of March 2020

The number of Daily residential sales for the first ten business days of March were 138 on average. In the final ten business days of March 2020, the daily average declined to 93 sales. We’ll have to wait and see the effects of COVID-19.

To see the latest statistics for March 2020 from the Real Estate Board of Greater Vancouver, please click here.

Check out our blog post regarding the Coronavirus (COVID-19).

Special thanks to Tomas Williams for the beautiful photo of Robson.

Coronavirus (COVID-19) and the Effect on Vancouver’s Housing Market

Wed, 18 Mar 2020 22:22:00 GMT

In short, no one has a concrete answer the effects of the Coronavirus (COVID-19). The last few months for Vancouver have seen a huge pick-up in sales but will that continue? There are numerous changes happening in the industry. Only time will tell how the Coronarvirus affects the industry.

What economists are saying about the effects of the Coronavirus?

RBC economics suggest that the hot market from Vancouver may cool down due to the Coronavirus. Despite the Bank of Canada reducing interest rates by 50 basis points.

“The world has changed in March,” Robert Hogue, a senior economist from RBC, writes.

“We are coming to the view now that because of the virus and the meltdown in financial markets… We will mostly likely see a decline in buying activity through at least parts of the spring market, and maybe even going into the summer market.”

Hogue believes that self-isolation and the lack of movement due to the Coronavirus may prevent buyers from the act of shopping for homes. Buyers may be more weary taking on a larger mortgage.

How the Coronavirus creates a new normal

Industries continue to adapt to the changes that the Coronavirus brings.

CIBC will keep it’s locations open but with modified hours. Centers that don’t offer over the counter banking and cash services will be closed until further notice. The bank will also be offering work from home solutions to staff that are not in customer facing roles.

Customers of Central 1 Credit Union are encouraged to use digital platforms. The credit union believes their site will be able to handle the increased traffic.

Canada Guaranty is looking for new solutions for customers that find themselves under financial hardship. The mortgage insurer’s Homeownership Solution Program prior allowed lenders to capitalize up to four monthly mortgage payments but this can be increased to a maximum of six monthly payments, depending on certain conditions.

LTSA

LTSA, Land Title and Survey Authority of British Columbia, will be accepting an Affidavit of Execution sworn under section 49 of the Land Title Act. This is due to social distancing caused by the Coronavirus. Documents can be signed by the transferor on one page and witnessed by an officer on a separate page. This will allow both to remain at a safe distance.

Still, the requirements for the Land Title Act require the transferor to be in the presence of an officer. Videoconferencing is not an acceptable alternative.

Vancouver’s Real Estate as it stands

At the moment, it is not uncommon to see some homes sell above listing price and in a week or less. However the effects of this virus are still very new. With changing mortgage rates we will have to see how this may or may not impact the market.

A time to be sensitive

It is important to be sensitive to other needs. Not all sellers may be comfortable allowing people to enter their homes while COVID-19 is in effect. Sellers may be following instructions from the government if they are self-isolating after travelling.

Seniors selling their home must be careful allowing people to enter their homes.

The Real Estate Board of Greater Vancouver has advised agents to not host open houses. This is to prevent the spreading of the virus.

Earlier this week, REBGV also removed the rule requiring that properties listed on MLS® be made available for showings.

If you are curious about seeing what areas are selling above or below the listing price check out our Real Estate Tools and Maps. By logging in you will have access to our insights. You will be able to see which areas are hot to buy and sell.

July 2019 Greater Vancouver Real Estate Market Update

Sat, 03 Aug 2019 22:24:00 GMT

Summer sales are happening in Vancouver!

Demand for greater Vancouver homes increased since last month and despite July being a usual quieter month in Vancouver, July 2019 has been the second highest selling month for the year. The Real Estate Board of Greater Vancouver (REBGV) reports that there were 2,557 residential home sales in Greater Vancouver and sales for July 2019 have increased by 23.1% since last month.

Did you miss the stats for last month? Check them out here.

July 2019 sales increase compared to July of last year.

Residential home sales increased by 23.5% compared to the 2,070 sales recorded for July 2018.

Inventory of homes decrease.

A total of 4,613 detached, attached and apartment properties were newly listed for the month of July. This is a 3.3% decrease compared to the 4,770 homes listed July 2018. As well as a 4.9% decrease compared to June 2019’s 4,751 properties listed.

The total number of homes currently listed according to REBGV is 14,240. This is a decrease compared to June 2019 which at the time had 14,968 properties listed.

The benchmark price of homes in Vancouver decreases a bit.

The MLS® Home Price Index composite benchmark price for residential properties in Metro Vancouver is currently $995,200. This is a 9.4 per cent decrease over July 2018 and a 0.3 per cent decrease compared to June 2019.

Detached, attached and condo sales for June 2019.

Sales of detached homes in July 2019 reached 841, a 32 per cent increase from the 637 detached sales recorded in July 2018. The benchmark price for detached properties is $1,417,000. This represents a 10.5 per cent decrease from July 2018, and a 0.5 per cent decrease compared to June 2019.

Attached home sales in July 2019 totaled 473, a 33.6 per cent increase compared to the 354 sales in July 2018. The benchmark price of an attached unit is $770,000. This represents a nine per cent decrease from July 2018, and a 0.6 per cent decrease compared to June 2019.

Sales of apartment homes reached 1,243 in July 2019, a 15.2 per cent increase compared to the 1,079 sales in July 2018. The benchmark price of an apartment property is $653,200. This represents an 8.8 per cent decrease from July 2018, and a 0.2 per cent decrease compared to June 2019.

How many homes sold in Vancouver for July 2019?

All together Vancouver saw the sale of 763 homes sold for the month of July 2019. In July, Vancouver East had a total of 274 homes sold, while Vancouver West saw the sale of 489 homes.

Vancouver’s single family detached homes.

In July, Vancouver West sold 79 detached homes. The benchmark price for the month of $2,895,400 having a 0.6% decrease from June 2019. The median price for the month is $3,025,000.

There were a total of 104 sales for detached homes in Vancouver East.
$1,352,800 is the benchmark price for the month of July. This was 0.2% increase from the previous month. The median price for Vancouver East for the month is $1,355,000.

Vancouver’s condo market.

Vancouver West had a total of 352 sales for condo properties. The July 2019 benchmark price for Vancouver West’s apartments is $752,300, a 1.1% increase from June 2019. The median price for the month is $750,000.

In Vancouver East there are a total of 128 apartment properties sold for the month of July. $550,600 is the benchmark price for June 2019 which decreased by 0.6% compared to last month. $564,850 is the median price for the month.

The attached market for Vancouver

In Vancouver West there were 58 sales for attached properties. July’s benchmark price for townhomes for July 2019 is $1,114,700. This decreased by 1.0% since June 2019.

Vancouver East had a total of 42 sales for the month. The benchmark price for Vancouver East’s townhouse market is $847,400, which is a decrease by 1.6% compared to last month.

How many homes sold in Burnaby for July 2019?

Burnaby had a total of 298 homes sold for the month.

Burnaby’s single family detached homes.

Burnaby’s detached market saw 77 detached homes sell for the month of July. The median price being $1,475,000.

The benchmark price for Burnaby North single family homes is $1,373,400, this is a decrease of 1.9% compared to the previous month. Burnaby South also decreased by 1.3% to a benchmark price of $1,477,300. Burnaby East’s benchmark price was $1,181,900, an increase of 0.1%.

Burnaby’s condo market.

July’s market sold 164 apartment homes in Burnaby. With $569,000 being the median price for the month.

North Burnaby’s benchmark price for condos $609,500 and increased by 0.3% compared to last month. Burnaby South had a benchmark price $653,500 and decreased by 1.9%. East Burnaby’s benchmark price for July is $721,200 and decreased by 2.0% since June.

Burnaby’s attached market.

In July a total of 57 attached homes sold in Burnaby for the month. The median price being $720,000.

Townhouses in Burnaby North had a benchmark price of $723,100 and is a decrease of 0.3% compared to the previous month. Burnaby South’s townhomes benchmark price for July 2019 is $653,500 and is a decrease of 0.3% compares the June 2019. East Burnaby townhomes increased by 0.6% in July to a benchmark price of $648,400.

June 2019 Vancouver Real Estate Market Update

Wed, 03 Jul 2019 22:27:00 GMT

See July 2019’s update here.

How is the June 2019 real estate market in Vancouver? With homebuyer demands below long-term historical averages in June, the supply of homes for sale continues to build up in Metro Vancouver.

Did you miss last month’s update? See last month’s update here.

The Latest Report from REBGV

In the latest market report from the Real Estate Board of Greater Vancouver (REBGV), residential home sales in the region totalled 2,077 in June 2019, that is a 14.4 per cent decrease from the 2,425 sales that were recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019.

Last month’s sales were 34.7 per cent below the 10-year June sales average. This is the lowest total for the month since 2000.

Vancouver’s Increasing Supply

There were 4,751 detached, attached and condo properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver for June 2019. This represents a 10 per cent decrease compared to the 5,279 homes listed in June 2018 and an 18.9 per cent decrease compared to May 2019 when 5,861 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,968, a 25.3 per cent increase compared to June 2018 (11,947) and a 1.9 per cent increase compared to May 2019 (14,685).

“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president. “Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”

“Home buyers haven’t had this much selection to choose from in five years,” Smith said. “For sellers to be successful in today’s market, it’s important to work with your local REALTOR® to make sure you’re pricing your home for these conditions.”

June 2019 Sales-to-active listings ratio

In June 2019, the sales-to-active listings ratio for all property types is 13.9 per cent. By property type, the ratio is 11.4 per cent for detached homes, 15.8 per cent for townhomes, and 15.7 per cent for condos.

Generally, analysts say that 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 Benchmark Price of Greater Vancouver Homes

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6 per cent decrease over June 2018 and a 0.8 per cent decrease compared to May 2019.

This is the first time the composite benchmark has been below $1 million since May 2017.

Detached Home Sales

Sales of detached homes in June 2019 reached 746, a 2.6 per cent decrease from the 766 detached sales recorded in June 2018. The benchmark price for detached properties is $1,423,500. This represents a 10.9 per cent decrease from June 2018 and a 0.1 per cent increase compared to May 2019.

Vancouver’s Detached Market

There were a total of 85 sales of detached homes in Vancouver East, while Vancouver West had 60. This is a decrease in sales from last month. In May Vancouver East had 124 sales and Vancouver West had 86.

In Vancouver West, the benchmark price for detached homes in June was $2,912,000. This is a 0.5% decrease compared to May.

Vancouver East detached homes had a benchmark price of $1,350,100. A 0.2% increase from the previous month.

Burnaby’s Detached Market

Across Burnaby, there were a total of 60 sales of detached homes. This decreased compared to last month’s 67 detached homes sold.

Burnaby North benchmark price of $1,399,800 and Burnaby South benchmark price of $1,496,100 for detached homes saw a decrease of 0.6% and 0.8% respectively. The benchmark price of Burnaby East increased by 1.5% to $1,180,600.

Apartment Sales

Sales of condos reached 941 in June 2019, a 24.1% decrease compared to the 1,240 sales in June 2018. The benchmark price of an apartment is $654,700. This represents an 8.9% decrease from June 2018 and a 1.4% decrease compared to May 2019.

Vancouver’s Condo Market

Vancouver East and Vancouver West condo markets for June 2019 both saw a decrease in benchmark prices by 2.7% and 1.9%. The benchmark prices for Vancouver East is $554,100 and Vancouver West is $744,300.

The number of sales in Vancouver East was 87 while Vancouver West had a total of 254 sales. Last month Vancouver East sold 142 condos while Vancouver West sold 319.

Burnaby’s Condo Market

The condo market in Burnaby saw a total of 128 sales in June. A decrease from May’s 154 sales.

Burnaby East condos benchmark price for June is $736,100. This is a 1.6% decrease since last month. The benchmark price for North Burnaby in June is $607,800, a 1.2% decrease since May. Burnaby South benchmark price decreased since last month by 1.5% for a June benchmark price of $666,200.

Attached Home Sales

Attached home sales in June 2019 totalled 390, a 6.9% decrease compared to the 419 sales in June 2018. The benchmark price of an attached unit is $774,700. This represents an 8.6% decrease from June 2018 and a 0.6% decrease compared to May 2019.

Vancouver’s Attached Market

Vancouver East had a total of 43 sales in the attached market, a decrease from last month’s 60 sales. Vancouver West market had 41 attached homes sold in June. This is a decrease from May’s 55 sales.

The benchmark price in June for Vancouver East townhomes is $861,500. This is a 1.4% decrease since last month. Vancouver West benchmark price increased in June by 0.9% at $1,125,800.

Burnaby’s Attached Market

In June, Burnaby had a total of 52 sales for attached homes. A small decrease from May’s 58 sales.

Burnaby North, South and East townhomes benchmark price saw decreases of 0.7%, 2.4% and 1.9%.

The benchmark price for Burnaby East townhouses in June is $644,300. Burnaby North townhomes benchmark price is $725,500. While Burnaby South’s benchmark price for townhouses is $762,600.

Source:

http://members.rebgv.org/news/REBGV-Stats-Pkg-June-2019.pdf

Real Estate Board of Greater Vancouver’s May 2019 Statistics

Tue, 04 Jun 2019 22:30:00 GMT

May sees an increase in home sales while housing supply reaches a five-year high

The latest stats from The Real Estate Board of Greater Vancouver (REBGV) for the sales of May 2019 were released today June 4, 2019. See highlights below.

The Real Estate Board of Greater Vancouver (REBGV) reported that residential home sales in the region totalled 2,638 in May 2019, a 6.9 per cent decrease from the 2,833 sales recorded in May 2018, and a 44.2 per cent increase from the 1,829 homes sold in April 2019.

Last month’s sales were 22.9 per cent below the 10-year May sales average and were the lowest total for the month since 2000.

The growing inventory of Homes in the Lower Mainland

There were 5,861 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver last month. This represents an 8.1 per cent decrease compared to the 6,375 homes listed in May 2018 and a 2.1 per cent increase compared to April 2019 when 5,742 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 14,685, a 30 per cent increase compared to May 2018 (11,292) and a 2.3 per cent increase compared to April 2019 (14,357). This is the highest number of homes listed for sale since September 2014 (14,832).

For all property types, the sales-to-active-listings ratio for May 2019 is 18 per cent. By property type, the ratio is 14.2 per cent for detached homes, 20 per cent for townhomes, and 21.2 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.

Vancouver’s real estate market for May 2019

Vancouver East

Vancouver East had 227 detached, 103 attached, and 275 condo listings for the month of May. This was a 6.1% increase, 13.2% increase and 2.5% decrease since April 2019 respectively.

The number of sales in Vancouver East increased for all the residential markets since the previous month. Detached increased by 87.9%, attached increased by 76.5% and apartments increased by 23.5%.

According to REBGV, the benchmark price for residential homes for the month of May is $1,053,900. This is a 0.9% decrease from the previous month.

Vancouver West

Vancouver West had 220 detached, 144 attached and 689 apartment listings during the month of May. This was a 2.7% decrease, 12.2% decrease and a 10.4% decrease since April.

Vancouver West sales increased but not as much as East Vancouver. The detached market increased by 36.5%, the attached market increased by 22.2% and the apartment market increased by 36.9%.

REBGV’s residential homes benchmark price is $1,232,900. A decrease of 0.6% from the previous month.

Burnaby’s real estate market for May 2019

For the month of May, Burnaby had a total of 200 detached listings, 127 attached listings and 317 apartment listings.

Burnaby’s total listings for the detached market saw an increase of 12.4% since last month. The attached market increased by 9.5% while apartments decreased by 1.9%.

Sales increased substantially in Burnaby since April 2019. The sales of detached, attached and apartment markets increased by 26.4%, 65.7% and 49.5% respectively.

Burnaby North

Burnaby North’s benchmark price for residential May 2019 according to REBGV is $879,900. This is a 0.9% increase from last month but a 7% decrease from last year.

Burnaby South

REBGV’s South Burnaby’s residential benchmark price for residential is $971,800. This is a decrease since April by 0.9% and a 7.9% decrease since last year.

Burnaby East

Burnaby East’s residential benchmark price, according to REBGV, is $939,900. This is a decrease of 1.1% since April.

What is impacting the Greater Vancouver real estate market?

“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” Ashley Smith, REBGV president said.

“Whether you’re a buyer looking to make an offer or a seller looking to list your home, getting your pricing right is the key in today’s market,” Smith said. “To be competitive, it’s important to work with your local REALTOR® to assess and understand the latest trends in your neighbourhood and property type of choice.”

Where to find up-to-date market information?

Did you know you can easily setup your own searches on this website? Just click here to access our free real estate tools. By creating an account you get access to sold data, personalized search tools as well as our insights. With our insights, you can see which areas have the highest sales volume. As well which areas are selling below or above the asking prices. Check it out!

Sources:

http://members.rebgv.org/news/REBGV-Stats-Pkg-May-2019.pdf

What is the First-Time Home Buyer Incentive?

Thu, 25 Apr 2019 22:32:00 GMT

The 2019 Canadian Federal Pre-Budget was released Tuesday, March 19th and plans to introduce a new program called the “First-Time Home Buyer Incentive”. This new funding hopes to alleviate some of the stress on first time home buyer’s when it comes to housing affordability. According to the budget, the government predicts that approximately 100,000 first-time home buyers would benefit from the incentive over the next three years. If the government were to implement the plan, here is what it may look like.

How could the “First-Time Home Buyer Incentive” help in Vancouver?

One part of the incentive would allow first-time home buyers that have a minimum down payment for an insured mortgage to make an application to finance a portion of their purchase through a shared equity mortgage with the Canada Mortgage and Housing Corporation (CMHC). According to The Vancouver Sun, eligible buyers could be offered a ten percent shared equity mortgage for a new home or a five percent for an existing home. The Canadian government will be able to recoup its cost when a home is sold. This proposed incentive will be available to households with incomes under $120,000 and on mortgages that are no more than four times the household’s total income. As the Globe and Mail points out, this restriction limits the purchase price to be just below $480,000. Click here to view the proposed First-Time Home Buyer Incentive here.

Every month the Real Estate Board of Greater Vancouver releases sales stats for Metro Vancouver. Now looking at the latest statistics provided for March 2019 in Metro Vancouver the benchmark sale price (benchmark representing a typical property within each market) for the overall residential properties is $1,011,200. The only cities for apartments with a benchmark price below $500,000 would be Ladner, Maple Ridge, Pitt Meadows, Port Coquitlam, Squamish and Tsawwassen. That’s not to say there aren’t homes below $500,000 in cities such as Vancouver, Burnaby or Coquitlam, they just aren’t as abundant as the aforementioned cities.

Looking at the Benchmark Prices (BP) in Metro Vancouver, the First-Time Home Buyer Incentive would only help in the current market for apartments in certain areas and not for majority of single family detached properties or townhomes. Burnaby North, Burnaby East and Vancouver East’s apartment BP increased by 0.5% from February to March. These areas are already past the benchmark price of $480,000. If the increase remains the same, the difference between the benchmark price and the limit of the First-Time Home Buyer Incentive would continue to grow further apart. Even in areas where the apartment benchmark prices decreased, such as Burnaby South, Vancouver West and Richmond, their prices are still well above the $480,000 and would need to drop significantly to qualify for the proposed incentive.

If we were to look at the apartments with a sales median price below $480,000, the cities are Port Coquitlam, Maple Ridge, Whistler and Pemberton. Looking at the previous month the median price of Burnaby jumped from $557,500 to $574,250. In Coquitlam the median price of apartments went from $478,000 to $527,000. Whereas if you looked at Vancouver East’s median price, the selling price went from $576,000 to $558,350. As the Home Buyer’s Incentive has not been approved yet, prices may change by the time it would come into effect.

Immediate Increased Withdrawals from your RRSP

The second part of the “First-Time Home Buyer Incentive” allows higher maximum tax-free withdrawals from the Registered Retirement Savings Plan (RRSP). This would increase the amount from $25,000 to $35,000 which, according to the Globe and Mail, is effective immediately.

Chances are that since the majority of homes in most areas do not fit below the $480,000 benchmark price average, this proposed First-Time Home Buyer Incentive will most likely not be available for a majority of properties in Vancouver and Burnaby. If anything the incentive would only be applicable to some apartments and not a majority of townhomes or detached properties. However the higher tax-free withdrawals from RRSPs will give a slight edge to a buyer’s purchasing power. But is that withdrawal enough, well that might be a different story.

To get deeper insight in the Greater Vancouver Real Estate Market, please check out our search tool. If you haven’t already, register here for even deeper insights.

Sources:

https://www.budget.gc.ca/2019/docs/plan/chap-01-en.html#Introducing-the-First-Time-Home-Buyer-Incentive

https://www.theglobeandmail.com/investing/personal-finance/article-federal-budget-2019-eight-ways-the-budget-will-affect-your-personal/

https://budget.gc.ca/2019/docs/themes/housing-logement-en.html

https://vancouversun.com/news/local-news/first-time-home-buyers-big-winners-in-budget-but-will-incentives-work-in-b-c

http://members.rebgv.org/news/REBGV-Stats-Pkg-March-2019.pdf

Short-Term Rentals Come With Responsibilities.

Wed, 06 Mar 2019 22:43:00 GMT

Short-term rentals can seem like a great way to utilize the extra space in a home and have an additional income, but it comes with a lot of legal responsibilities.

When travelling to other countries and cities, it can be easy to find an Airbnb. It may sound like a great business idea to make a property you own in Vancouver a short-term rental. However, it’s not as simple as posting an ad on Airbnb.ca.

Please enjoy this article and keep in mind that we are not licensed property managers nor do we run any short-term rentals ourselves. People who are seriously considering running an Airbnb or short-term rental should think of this article as a starting point to their research. Before pursuing short-term rentals, it’s important to seek legal advice and contact the local municipality.

According to Vancouver.ca a short term rental is an entire home or a room within that home, that is being rented for a period that is less than thirty days.

Anyone renting out their home as a short-term rental should operate from their principal residence, which is the address where he/she lives as an owner or tenant, and uses for bills, insurance, ID or taxes. Short-term rentals are only permitted in secondary homes or basement suites if an operator lives there full-time. Tenants wishing to rent out their homes need to get written permission from their landlords. Also, if an operator is living in a strata property, he/she must make sure that the strata bylaws allow for short-term rentals. A person renting out a property that is stratified would need written permission from both the landlord and the strata corporation. Short-term rentals are not allowed in homes that pay the Empty Homes Tax.

If an operator can accommodate short-term rentals in their principal residence, they should first get a short-term rental business license. Before applying for one, it’s essential to ensure that the property meets the licensing requirements. Some requirements include having a carbon monoxide detector on every floor there is a gas appliance, having interconnected smoke alarms on every floor and in every bedroom, posting a fire escape plan at every entrance and exit. These are just a few of the requirements. Please check Vancouver.ca’s short-term rental business requirements for a thorough list.

As of January 22, 2019 application fees for new business licenses are $58. To see up-to-date pricing, please visit Vancouver.ca.

An operator running a short-term rental without a business license could be in danger of incurring fines of up to $1,000 per offence, some of which can include but are not limited to operating without a business license, advertising or listing short-term rentals without displaying a valid-business license, operating a short-term commercial rental or operating in an unsafe or nuisance property. Commercial operators and those with repeat offences may be subject to prosecution and face fines of up to $10,000.

The above article was written specifically for Vancouver’s policies on short-term rentals. For short-term rental policies in other cities, contact the local municipality. To find more information and keep up to date with short-term rental regulations specifically for Vancouver, please visit Vancouver.ca or call 3-1-1 (604-873-7000 if you are outside Vancouver).

Regardless of which city you pick to run a short-term rental, you would have to check with an insurance broker to review the home insurance policies.

Source: https://vancouver.ca/doing-business/short-term-rentals.aspx

Speculation and Vacancy Tax

Sat, 12 Jan 2019 22:45:00 GMT

The Speculation and Vacancy Tax was created by the Provincial Government and is part of the government’s 30-Point Plan on Housing Affordability to make housing more affordable for the people in BC.

The following are some of the reasons the Speculation and Vacancy Tax was created:

To tackle housing crises in major urban centres in British Columbia.
To ensure that people who earn the majority of their income outside BC contribute their fair share in taxes.
To discourage foreign buyers from using homes in BC as a way to earn a profit.
To encourage owners to rent or sell empty homes so more homes will be available for people who need them.
To provide housing to people who live and work in BC

If you own a property that falls in the taxable region, all owners registered on title will be expected to complete a declaration. Before making a declaration on your own, or on behalf of someone, it is important to seek independent advice outside of this article and/or email (spectaxinfo@gov.bc.ca) or call the BC government’s direct line about the Speculation and Vacancy Tax (Toll Free: +1 (833)-554-2323/Outside North America Office: +1 (604)-660-2421). Their office hours as of the date of this article is seven days a week from 8:00 A.M. to 8:00 P.M. Pacific Standard Time. As well as visit the BC government’s site for up to date information.

What is housing speculation?

Speculation, as defined by Investopedia, is the act of conducting a financial transaction that has substantial risk of losing value, but with the expectation of a significant gain. With speculation, the risk of loss is more than offset by the possibility of a huge gain. The lines between investment and speculation can at times be blurred, but some determining factors can include the nature of the asset, the expected duration of the holding period and the amount of leverage.

For example in real estate, purchasing a home with the intention of not living in it, or renting the property long term, would be considered an investment. Purchasing multiple properties with minimal down payments, and the intention of reselling hastily at a quick profit, would be an example of speculation.

The hope with the new tax is to turn empty underutilized homes into available housing for people who live and work in BC, and raise revenue that will support affordable housing. The introduction of the Speculation Tax will try to target foreign and domestic investors who own residences in British Columbia but do not pay taxes here.

What is the cost of the Speculation and Vacancy Tax?

The Speculation and Vacancy Tax rate will vary depending on the owner’s tax residency. In addition, the Tax rate varies based on whether the owner is a Canadian citizen or permanent resident of Canada, or a satellite family. How the Speculation and Vacancy Tax applies is based on ownership as of December 31 of each calendar year. Tax levied on December 31 is due the following July. For example, for a property owned as of December 31, 2018, the 2018 tax rate of 0.5% applies and the tax is due on July 2, 2019.

For 2018, the Tax rate is:

0.5% of the property’s assessed value for all properties subject to the Tax

For 2019 and subsequent years, as of the date, the Tax rate is:

2% for foreign owners and satellite families
0.5% for Canadian citizens or permanent residents of Canada who are not members of a satellite family

What cities of British Columbia are being taxed?

If you own a residential property in the following municipalities your home may fall under a taxable region, and may be eligible for the Speculation and Vacancy Tax.

Municipalities within the Metro Vancouver Regional District, which includes, but not limited to, Burnaby, Vancouver, Coquitlam, Port Moody, Port Coquitlam, Richmond, Surrey, New Westminster, North Vancouver, West Vancouver, as well as including UBC and the University Endowment Lands. However exclusions include Bowen Island, the Village of Lions Bay and Electoral Area A.
Municipalities within the Capital Regional District. This excludes Salt Spring Island, Juan de Fuca Electoral Area, and the Southern Gulf Islands
The City of Abbotsford
The District of Mission
The City of Chilliwack
The City of Kelowna
The City of West Kelowna
The City of Nanaimo
The District of Lantzville

How to declare your exemption for the Speculation Tax.

If you own residential property in one of the taxable cities on December 31, the Province will mail a Speculation and Vacancy Tax declaration letter around mid-February. If you are expecting a declaration letter, but haven’t received one by late February, please contact the British Columbia’s Speculation and Vacancy Tax line +1 (833)-554-2323 or e-mail spectaxinfo@gov.bc.ca.

Your declaration letter should list all the residential properties you own in the taxable regions, and will explain how to declare and claim any relevant exemptions. The letter will be sent to your mailing address on file with BC Assessment.

To update your mailing address, please contact BC Assessment.

The letter will include two unique identification numbers: a declaration code and a letter ID. These numbers will match you to your property and are needed to complete the declaration. Your Social Insurance Number will also be used to verify your identity.

If you are a corporation, you will need your incorporation number (ex. BC888888888). If you are declaring online, and your incorporation number has less than 9 digits, add zeros after “BC” until there are 9 digits (ex. BC008888888).

When you receive your declaration letter, you can complete your declaration through the online declaration application. You will be guided through the exemption options for each property. You can also declare over the phone with the help of an agent by calling after receiving your declaration letter. Different language translations are available over the phone.

A friend, family member or someone else can complete the declaration online for you if they:

Have the unique identification numbers from your letter
Have your Social Insurance Number
Complete an Authorization As A Representative form which can be found here.

If you have someone else complete your declaration over the phone, you also have to be present on the call.

What are the exemptions of the Speculation Tax?

There are exemptions available. BC’s government site states “that over 99% of British Columbians are estimated to be exempt…” For a full detailed and verified list of exemptions please visit: gov.bc.ca/spectax.

Some of the exemptions include:

An owner can be exempt if the home is their principal residence, where the owner lives for a period longer than a calendar year. Owners with multiple homes will only be able to claim one property as their principal residence.

Spouses will not be able to claim two different principal residences unless there is an exception. To be eligible for the exception your spouse would have to prove that you are living apart for medical reasons, work or are separated or divorced.
If there is shared ownership, when more than one owner is on title in the taxable region, each owner can claim their relevant exemption as an individual. Different requirements could apply to different owners. Here are two examples provided by the provincial government.

The first example provided mentions two parents who co-own a home in Victoria with their adult child. The parents live in Alberta. Their child would claim the principal residence exemption and the parents would claim the tenancy exemption for family or other non-arm’s-length persons.

The next example provided mentions elderly parents that add their adult child on title to the parent’s condo in Vancouver. The parents live in the unit and their child lives in Northern BC. The parents claims the principal residence exemption and the child claims the tenancy exemption for family or other non-arm’s-length persons.

For further reading please visit here.
Property owners who have their home rented or lived in by a family member or an other non-arm’s-length person for at least six months in increments of one month or more at a time may be exempt (three months for 2018). It is important to double-check that the tenancy requirements were met. These requirements can be found here.
For a property that is currently under construction or being renovated, the owner may be exempt from the tax, if reasonable steps are taken without undue delay to develop or renovate the property. For further information please visit here.
If the property was just inherited or bought that year, the homeowners could be exempt.
If the property owner has entered into residential care due to age, disability, illness or addiction the homeowner may be exempt for the tax for up to two years if the home was their prior principal residence. The residential care must have services such as housekeeping, meals or nursing care.
The homeowner may be exempt for medical reasons and need to be away from their principal residence to receive medical treatment for themselves, their spouse or a minor child. The treatment must be proven to be impractical to be treated closer to the owner’s previous principal residence. As of the date that this article was published, a Physician Certification Form must be filled out by a certified medical practitioner. This form can be found here.
A bankrupt owner can be exempt from the tax if the owner’s property has vested with a trustee in bankruptcy for at least 60 consecutive days in the calendar year. A trustee in bankruptcy is exempt from the tax for property vested with the trustee as of December 31.
If the owner of the property passes away in a calendar year, all other owners of the property at the time of death may be exempt in the year of death, and the immediate following calendar year.
If the home is in a trust created by a Will for a minor, the Speculation and Vacancy Tax does not apply to a testamentary trust established by a deceased parent or guardian for the benefit of their minor child.
A property that includes a licensed and operating daycare for children is exempt from the Speculation and Vacancy Tax.
If the property was assessed at a value below $150,000.00, it will be exempt.
A charity that is a registered owner of a property will be exempt from the Speculation Tax.
If a property owner is an Indigenous Nation trustee or a government or related entity, they may be exempt.
Reserve lands, treaty lands and lands of self-governing Indigenous Nations are exempt from the taxes.
Corporations, partners and trustees that own properties in the taxable regions may also be exempt from the Speculation and Vacancy Tax. More information can be found here.

Why the Speculation and Vacancy Tax may be confusing for seniors.

As you can see, there’s a lot to read and understand in regard to the new speculation tax. This may be challenging for seniors, or those for whom English is not their first language. This article only covers some of the key points about the Speculation Tax, as more can be found online from the provincial government’s official site here. It is important to remember if you have parents or know of any other seniors, who are homeowners and English is not their first language, to help them complete their declaration because not everyone is legally- or tech-savvy. If you lend a helping hand, you may be saving them from being taxed on their home. If you are a homeowner, ensure your Declarations are completed before March 31 2019, or click the source below to check for succeeding dates.

Source: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax