12 Dec

Ban renovictions. Let all condo owners rent out their units, B.C. task force says

General

Posted by: Kimberly Walker

Rental housing group makes 23 recommendations for improving B.C. rental system

B.C. should end nearly all renovictions and prevent strata corporations from banning rentals in condo developments, the province’s task force for rental housing has recommended.

The task force presented the government with 23 recommendations Wednesday, meant to offer more protection for tenants and security for landlords.

At the very top of the list is stopping renovictions — the practice of forcing out tenants so the landlord can perform renovations. Task force chair and NDP MLA Spencer Chandra Herbert said renters need to be offered a choice.

“If the tenant wants to stay and is willing to accommodate the renovations, they should be allowed to stay in their home,” Chandra Herbert told reporters.

He said the landlord of a 10-storey tower in his riding, Vancouver-West End, recently refurbished the entire building while people were still living in the suites.

“It’s definitely doable. A lot of people do it,” Chandra Herbert said, adding that some evictions may still be necessary in situations like necessary seismic upgrades.

Overall, he said the report strengthens enforcement and penalty options for both tenants and landlords, to make sure everyone is treated fairly.

In an attempt to address a shortage of rental housing, the report recommends that no condominium strata should be allowed to prevent owners from renting out their units.

“We think that housing is needed and we think that landlords should be able to rent out their own homes,” Chandra Herbert said.

No change to rules on pets

The task force also recommends creating a provincewide rent bank for low-income people and investigating how to give landlords in remote communities cheaper access to bailiffs for evictions.

But the report does recommend sticking with the status quo on certain issues

That includes the question of pets in rental units.

“The task force was not persuaded that requiring all rental housing providers to allow pets would be fair for landlords or for renters who want or need to live in pet-free buildings,” the report said.

The task force also recommends keeping the current system of tying rent increases to the tenant, rather than to the home. This means landlords would still be permitted to raise their rents above the annual allowable increase when the current tenant moves out.

Housing Minister Selina Robinson thanked the task force for a “thorough and thoughtful job” of listening to the concerns of landlords and tenants across the province, as she accepted the recommendations Wednesday.

12 Dec

Love It or List It Features:

General

Posted by: Kimberly Walker

14149 16th Avenue, South Surrey

5,040 sq. ft. home – 6,148 sq. ft. lot

7 Bedrooms – 7 Baths – Legal Suite

Built by trusted and experienced Castleview Homes

Interiors by Simran, Inspirational Interiors.

$1,998,000

11 Dec

We have some good news!

General

Posted by: Kimberly Walker

With a drop in our 5 year conventional rate to 3.89%.
The following rates has also been reduced:
Business for Self Stated Insured  65-90% Loan To Value @ 3.69%
Business for Self Stated Insurable up to 65% Loan To Value @ 3.74%

The following rates apply for our posted rate for terms 1-4  years and Pre-approvals:
1 year @ 4.29%
2-4 years @ 3.99%
5 year insured Pre-approval @ 3.79%
5 year Conventional Pre-approval @ 3.89%

These rates are effective immediately.

Subject to qualification/rates can change without notice.

 

11 Dec

Housing starts snap downward trend

General

Posted by: Kimberly Walker

There was an improvement in the 6-month moving average of Canadian housing starts last month.

Figures from CMHC show a seasonally adjusted annual rate of units of 210,038, up from 204,460 in the previous month and ending four months of declines.

“The national trend in housing starts increased in November, following four consecutive months of decline,” said Bob Dugan, CMHC’s chief economist. “While single-detached starts continued to trend lower in November, this was more than offset by a gain in the trend of multi-unit starts following several months of weakness.”

The rise in condo apartments was highly evident in Toronto where the sector drove the housing starts trend to its highest level so far in 2018.

Meanwhile, year-to-date total housing starts in the Vancouver CMA have decreased 9% compared to the same period in 2017.

There were gains overall in Calgary, Kelowna, Winnipeg, Windsor, and PEI; while starts were lower in Quebec and Hamilton.

Total housing starts trended higher in the Oshawa CMA which saw the most starts for the month of November in almost three decades, driven by strong multi-unit starts, particularly in the City of Oshawa, offset the decline in the single-detached starts trend.

10 Dec

BC property assessments to reflect easing market

General

Posted by: Kimberly Walker

Property taxes in British Columbia have been generally trending higher for years but the softening market in many parts of the province is set to snap that trend.

BC Assessment bases its assessments on values on July 1st each year and says that when assessments begin to reach households early in January, many will see a reduction.

“It’s a real mix in property value changes, but the market can best be summed up as showing signs of stability across most areas of the province,” says Assessor Tina Ireland. “Changes in property assessments really depend on where you live. For example, assessed values for detached single family homes in many areas of Metro Vancouver may see a softening in value, while other markets and areas of the province will see modest increases over last year’s values.”

On July 1, some Metro Vancouver detached single family homes were showing decreases in value of 5-10% over last year, including in areas of Vancouver, the North Shore, South Surrey, White Rock, South Delta and Richmond. Other areas were relatively stable or even showing modest increases.

But there could be increases of 5-15% in other parts of the province including the Fraser Valley, Vancouver Island, Okanagan and the North. And in central and northern Vancouver, increases were near 20%.

Condo values increased 10-20% in most of the province with Vancouver, the North Shore and Burnaby increasing by slightly less than this range while the eastern Fraser Valley may see some assessments above this range.

 

5 Dec

Vancouver sales slump continued in November

General

Posted by: Kimberly Walker

November was another lean month for the Vancouver residential real estate market.

Home sales totaled 1,606 across the Metro Vancouver area, down 18.2% from October and down 42.5% year-over-year. The total is 34.7% below the 10-year average for November.

“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, REBGV president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”

Listings were also down, with 3,461 units added to the MLS in November, 15.8% lower than a year earlier and 29% below October 2018’s total. However, there were 12,307 homes available for sale, down 5.2% from October but up 40.7% from November 2017.

Hoping for better things in 2019
The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,100, that’s a 1.4% decrease over November 2017 and a 1.9% decrease compared to October 2018.

“Home prices have declined between four and seven per cent over the last six months depending on property type. We’ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market,” Moore said.

Stats by property type
Detached home sales in November 2018 reached 516, down 38.6% from the 841 detached sales recorded in November 2017. The benchmark price for detached homes is $1,500,100, down 6.5% from November 2017 and a 1.6% decrease compared to October 2018.

Apartment home sales reached 810 in November 2018, a 46.3% decrease compared to the 1,508 sales in November 2017. The benchmark price of an apartment property is $667,800, up 2.3% from November 2017 but a 2.3% decrease compared to October 2018.

Attached home sales in November 2018 totalled 282, a 36.8% decrease compared to the 446 sales in November 2017. The benchmark price of an attached home is $818,500, a 2.6% increase from November 2017 but a 1.3% decrease compared to October 2018.

4 Dec

Lowest Rates on the Market

General

Posted by: Kimberly Walker

Insured 5 year fixed at 3.49% – 45 day rate hold

Lowest Rates on the Market

>>>>>>>>>>>>>>>>>>>>>>>>>>>

Call Kimberly Walker Today: 778-828-6186

*Subject to buyer qualification. Rates can change without notice.

 

27 Nov

$1 billion money laundered by crime networks in BC real estate?

General

Posted by: Kimberly Walker

Criminal networks could have used British Columbia’s real estate market for more than $1 billion of money laundering.

A secret police report, obtained by Global News, reveals that crime networks are linked to 10% of the 1,200 luxury real estate purchases in the Lower Mainland included in a police study in 2016.

These include a $17 million Shaughnessy mansion owned by a suspected importer of the potent drug Fentanyl.

Of around 120 properties linked to crime, 95% are believed to have Chinese crime network origins.

Global News own analysis says that the crime networks may have laundered more than $5 billion in Vancouver-area homes since 2012.

The extent of the money laundering issue and the findings of the police study are discussed on the Simi Sara Show from 980 CKNW.

Link: https://www.mortgagebrokernews.ca/market-update/1-billion-money-laundered-by-crime-networks-in-bc-real-estate-251129.aspx

22 Nov

12,000 BC rental homes could be stifled by regulation

General

Posted by: Kimberly Walker

The introduction of new regulations in British Columbia could lead to a delay or cancellation of thousands of new rental homes.

A total of 19,972 homes are currently in development across the province but two thirds – 12,000 – could be at risk if the B.C. government imposes restrictive new policies on rental properties.

A new survey by the Urban Development Institute of 30 leading rental home builders shows they are warning against the introduction of more prohibitive rent controls specifically “vacancy control,” in which the rent on a unit is strictly regulated by government.

“British Columbians desperately need more rental homes,” said UDI President & CEO Anne McMullin. “This is not the time for new restrictions that could result in the cancellation of important rental home projects in communities across British Columbia.”

The report says that vacancy control would tie rent controls to a unit rather than the tenant meaning the end to the ability of rental owners to adjust rents between tenants to account for building and unit upgrades and other increased costs like property taxes, insurance and utilities.

It also warns that with rent tied to the unit, the incentive for a rental owner to ensure necessary upgrades, including seismic and energy efficiency standards are completed to aging buildings is severely compromised.

Low vacancy rate would tighten further
The builders say a pull-back in construction would further reduce the already low vacancy rate, which remains below 1% in many communities across the province.

“We need to remove the countless government barriers to increasing supply,” said Dr. Andrey Pavlov, finance professor at Simon Fraser University’s Beedie School of Business. “Rent controls feel good for the moment, but hurt everyone, including renters, in the long-term.”

Anne McMullin added that builders want to build more homes and the UDI is keen to work with the government to find a solution to help solve the BC rental crisis.

15 Nov

Balanced conditions remain for BC markets

General

Posted by: Kimberly Walker

Cooler conditions for British Columbia’s home sales remained in October as the impact of mortgage regulations continue to impact the market.

Sales were down 26.2% year-over-year with 6,405 homes sold through the MLS system. The average MLS residential price was down 4.1% to $690,161.

British Columbia Real Estate Association (BCREA) says that total sales dollar volume was $4.2 billion, a 29.3 per cent decline from October 2017.

“The BC housing market continued to grapple with tougher mortgage qualifications in October,” said Cameron Muir, BCREA Chief Economist. “However, more moderate consumer demand has led to a much-needed increase in the supply of homes for sale.”

Inventory up almost 30%
Total active listings increased almost 30% to 36,195 in October and meant balanced conditions across the province overall, although individual markets vary.

Year-to-date, BC residential sales dollar volume was down 22.1% to $49.7 billion, compared with the same period in 2017.

Residential unit sales decreased 22.8%to 69,664 units, while the average MLS residential price was up 1% to $713,662.