Latest numbers from the Fraser Valley Real Estate Board (FVREB) revealed that B.C.’s southwestern region has experienced significant home price growth in February, indicating a possible companion to the red-hot Vancouver market in the near future. Last week, the Board revealed that the benchmark price for a single-family property in the Valley increased by 20.4 per cent year-over-year and 0.4 per cent compared to January, hitting $859,300.
“This is the kind of February we like to see. Last year at this time, the incredible demand created a market that was difficult for consumers,”
according to FVREB president Gopal Sahota, as quoted by CBC News.
“Now, we have sales moving upward from the winter months at a typical, healthy pace and a growing inventory to support it,” Sahota stated, adding that the numbers are so far showing a “return to normal historical sales numbers.” Apartment prices also rose sharply by 26 per cent compared to February 2016 and 1.8 per cent month-over-month, up to $267,000. Meanwhile, average townhome costs grew by 25 per cent year-over-year and 0.5 per cent since January, reaching $422,400. Recently, Finance Minister Bill Morneau assured that the federal government is still closely monitoring the Canadian housing market, amid seemingly inexorable price growth in Vancouver and Toronto.
“We continue to be very focused on thinking about how we can manage what is peoples’ most significant investment. And we do watch the level of indebtedness, in particular around housing,” Morneau stated, adding that “strong underlying markets” continue to drive the two cities’ outsized performance. “So in Toronto and Vancouver, unemployment is lower in those two places than it is in some other places. Incomes are higher. The economy is doing better. So there are underlying reasons for the housing markets to do better and we’ll continue to monitor, to work with provinces and municipalities who have an important role to play here to manage what we see [as] a challenge, but not one that isn’t manageable.”
The biggest challenge Canada faces in creating affordable housing is getting people to and from home and work.
"If you think housing prices are high now - just wait." - Heino Molls, REMonline
"Census Canada figures show that Canada’s population has rocketed past 35 million. In fact, that number is going to be 36 million before the ink is dry on this most recent report and it will, without a doubt, be going at light speed past 40 million way before 2020. That means a huge boost in housing demand. It means that the privilege of living in a home in Canada, not to mention an actual house in Canada is going to come with a high cost. You think the cost of a house in Toronto, Vancouver or Ottawa is high now, just wait.
Do the math on your own. Not the math of the naysayers, the doom and gloom crowd, the people who will show you diagrams and charts with circles and arrows that pinpoint the exact time and date of the collapse of the real estate market. Rather look around, see what is going on and add it up for yourself.
We are facing many problems in our country. There is not enough time and space here to discuss all the challenges of health care, especially mental health care, as well as housing for the poor and marginalized people in our society. Another major challenge that should be mentioned in the same conversation as housing and property value is public transit.
Our governments are scrambling to build new transit ways and highways to accommodate all the people who will be travelling to and from our inner cities for business, health care, restaurants and entertainment.
How Much is YOUR Home Worth?
Our biggest problem is going to be building transit, not just within our cities but also from the towns and satellite communities that will have even higher population growth in the coming years. Communities like Chilliwack and Abbotsford in B.C. and cities like Kitchener-Waterloo not far from Toronto. The same for all other cities in the country. Transit is going to be our biggest problem.
We felt it was important to share this post we read in a private Realtors Professional group. There are plenty of those in our world who are willing to take advantage of anyone possible. And it's everywhere, not just in the Valley. Understand, using a professional to market your home isn't just about the marketing, knowledge, negotiation skills and understanding of the transaction. It's also for the protection of the Principal (you).
Well - this is officially a first for me. My seller had a knock on her door this afternoon. Outside was a couple offering to buy her home if she agreed to do it without me. She gave them my card and told them to call me if they wanted to buy it. They said - no, we want to work with you.... don't you want to sell your home? Don't you want to make more money? What if we paid you $50,000 more than you're asking? Thank goodness she told them to F* off and closed the door in their face. She was furious when she phoned me to tell me. They apparently got angry and left. The nerve of some people!! UPDATE: Seller phoned the police and was told that they've had numerous reports of this happening over the holidays. It's sometimes a young couple. Sometimes 2 guys. All in the Aldergrove area. When talking to your sellers make sure to tell them to never let anyone in who isn't expected and with a Realtor... I always do and I'm sure glad I did this time!
The speculation, through the conversation in this thread, was that these people were potentially attempting to access the interior of this senior's home.
Registration begins Jan. 16 for children entering kindergarten in September 2017.
Children who turn five before Jan. 1, 2018 are eligible to start school in the fall.
Kindergarten registration must be done in-person at your neighbourhood school or school of preference (if space is available). For a map of school catchment boundaries, check here and for a list of all schools, check here.
The following documents are required at the school when registering:
* proof of birth date for the students (eg. birth certificate or passport)
* proof of guardianship (eg. birth certificate or other legal documentation)
Please note that enrolment at several schools in Surrey is already at, or over, capacity and they are therefore unable to accept out-of-catchment registrations.
Specialty and choice programs are also available. Some (French Immersion, Intensive Fine Arts, Traditional and Montessori) require online/lottery application, which begins Jan. 30. For more information or to learn about information evenings being held in January 2017, check here.
Find #SouthSurrey & #WhiteRock homes by School Catchment:
It turns out homebuyers are really into barn doors.
When Zillow looked at design features that sell homes at the best price and with the shortest listing time, that feature topped the list.
Anything craftsman-style, like rectangular farmhouse sinks, also got homes off the market at a premium.
Zillow Digs screened over 2 million listings for homes sold between January 2014 and March 2016 and looked for the keywords that had the best effect on how much more than the expected price and how much faster they sold.
Here are the top 15 design features:
Percent of homes that sell for above expected values: 3.7%
How many days faster than expected the home sells: 19
Tankless water heater
Percent of homes that sell for above expected values: 4%
How many days faster than expected the home sells: 43
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Percent of homes that sell for above expected values: 4.1%
How many days faster than expected the home sells: 46
Percent of homes that sell for above expected values: 4.1%
How many days faster than expected the home sells: 38
Percent of homes that sell for above expected values: 4.2%
How many days faster than expected the home sells: 42
Percent of homes that sell for above expected values: 4.3%
How many days faster than expected the home sells: 28
Percent of homes that sell for above expected values: 4.6%
How many days faster than expected the home sells: 38
Percent of homes that sell for above expected values: 4.6%
How many days faster than expected the home sells: 48
Percent of homes that sell for above expected values: 4.9%
How many days faster than expected the home sells: 36
Percent of homes that sell for above expected values: 5.4%
How many days faster than expected the home sells: 14
Percent of homes that sell for above expected values: 6.0%
How many days faster than expected the home sells: 50
Percent of homes that sell for above expected values: 6.9%
How many days faster than expected the home sells: 63
Percent of homes that sell for above expected values: 7.9%
How many days faster than expected the home sells: 58
Percent of homes that sell for above expected values: 9.6%
How many days faster than expected the home sells: 45
Percent of homes that sell for above expected values: 13.4%
How many days faster than expected the home sells: 57
Residents and businesses are responsible under City Bylaws to clear any accumulated snow from sidewalks located adjacent to their property as soon as possible to make sure pedestrians are safe.
Report un-shovelled sidewalks by email email@example.com or by calling 604-591-4370 with specific details of the location.
Report a snow or ice problem, or ask any questions about our snow and ice control operations by submitting your inquiry online or calling us at 604-591-4152.
Tips for Snow:
Shovel snow onto your lawn, adjacent snow piles or onto your lawn, not the street
During snow removal operations, the snow is ploughed toward the road-edge. Accordingly, this may result in some driveways and/or sidewalks being blocked by the ploughed snow where snow plough operations occur. We apologize for this inconvenience; however, in some cases this is unavoidable. Should this occur along your property frontage, please do not shovel snow from your driveway onto roadways as this may result in snowploughs pushing the snow back into your driveway and may contribute to vehicle access problems along your street. We recommend that you place snow onto your lawn or onto adjacent snow piles or onto your lawn. This may also present a hazard to motorists or cause vehicle access issues. In an effort to minimize these challenges, consider hiring a snow and ice removal contractor.
Park your vehicle along the curb during snowfall events
This ensures snow and ice operations are conducted in the most effective and efficient manner. If this is not possible, we ask that you please make an attempt at coordinating efforts with your neighbours to park vehicles along the same side of the street within your neighbourhood.
Keep garbage and recycling bins off roadways where snow ploughing may take place
Prolonged snowfall combined with icy conditions may result in delayed garbage and recycling collection. Should this occur, the City will make every effort to resume collection the following day, or allow residents to place double their weekly limit at curb-side the following week.
Keep catch basins free of debris, especially during melting conditions
Contact us to get your home sold in 2017
If you are aware that a catch basin exists in front of your property, please help us by ensuring to keep it clear especially during melting conditions. Blocked catch basins may result in excess accumulation of water along the road area, a situation that could become dangerous if it subsequently freezes. It may also result in flooding of adjacently properties depending on the extent of the blockage and the amount of melting snow.
Snow clearing services for commercial and large residential properties
Residents or businesses using this list will be advised that the City of Surrey has not negotiated any pricing with any of the contractors listed. In addition, the City does not warrant the work nor does it endorse any one of the contractors on the list. The cost of any service provided is to be established between the contractor and the customer. The customer will be responsible for providing payment directly to the contractor for any snow clearing service performed. The City will not act as an intermediary for any disputes relating to non paying customers or complaints of unsatisfactory work performed by the contractor. Also, the burden of risk shall be borne by the contractor with respect to carrying out services to residents. All contractors must also ensure appropriate levels of insurance coverage and required licensed.
Renting out property to get easier as CMHC changes rules
by Steve Randall28 Jul 2015
The rules around the income from rental units considered in home loan applications submitted to the CMHC are changing. The agency announced Monday that, from September 28, it will allow 100 per cent of the rental income from a unit to be considered for new loan applications submitted to it for mortgage insurance.
That means that a secondary rentals suite’s income, minus costs including property taxes, will boost the size of the loan that buyers can secure. Qualifying units must have sustainable income, proven by two years of rental rent payments. These payments will be averaged to assess the unit’s income. Applicants will also need a credit rating of at least 680. Properties with more than a single rental unit will have slightly different rules and this change is most positive for homeowners with one rental unit.
Continuing low interest rates and a healthy stream of newcomers will ensure the good times keep rolling in 2015
BY BARBARA YAFFE, VANCOUVER SUN COLUMNIST JANUARY 26, 2015
Photograph by: ian lindsay , Vancouver Sun
Residential construction, and densification, in the Lower Mainland will keep rolling along in 2015.
VANCOUVER — Continuing low interest rates and a healthy stream of newcomers will ensure the good times keep rolling in 2015 for the Lower Mainland’s property development industry. But it also means pricing will continue to pose a challenge.
Three of B.C.’s biggest developers used adjectives like “great” and “incredibly positive” as they delivered a forecast last week to more than 1,100 industry insiders and politicians attending an Urban Development Institute luncheon.
“Vancouver is going to do well, everyone wants to be here,” declared David Negrin, president of Aquilini Development.
He said a recent crackdown on democracy protesters in Hong Kong is likely to enhance Vancouver’s prospects. “We’re very positive on Vancouver, and it’s going to continue for some time.”
Added Neil Chrystal, CEO of Polygon Homes: “We’re picturesque, have a healthy environment, we’re a clean, safe city offering excellent health care and educational opportunities. We are politically stable and close to Asia.
“I see no sign of the residential market slowing down. ... The market will remain balanced and stable in the year ahead.”
B.C. will experience net immigration in 2015 of some 34,600 immigrants and 2,600 provincial migrants, according to research by Mac Marketing Solutions, a company that plans and markets housing projects.
Mac, with offices in Vancouver and Calgary, forecasts that in subsequent years even larger numbers of both immigrants and Canadians will arrive, noting Alberta’s economic slowdown will make heading further west all the more attractive.
So, while a total of 37,200 newcomers are expected this year, the number should grow to 53,200 by 2018.
Combine that trend with low interest rates and a low vacancy rate in the region, and you have a recipe for continuing strong growth in the property development and real estate sectors. Unfortunately, that does not augur well for affordability.
Between 2006 and 2014, benchmark prices for all types of real estate in Metro Vancouver saw significant price jumps, according to Mac research, with the greatest increase — 46 per cent — recorded in Vancouver’s east side. West Vancouver and Vancouver’s west side both saw increases of 41 per cent.
Referencing the retail sector, Kevin Layden, CEO of Wesbild, said North American stores are downsizing as they move online. But even here, Vancouver is well positioned, never having enthusiastically adopted a big-box retail model.
The city has 13 square feet of retail space per capita, compared to a Canadian per capita rate of 19 square feet and the U.S.’s 30 square feet.
Commenting on Vancouver’s affordability crisis, Negrin cited the high cost of land and remarked: “Everyone is frustrated.” The only way to keep prices down is to increase density, he said.
Yet a Demographia study released last week on housing affordability argues density and urban land containment boost housing prices by restricting development of cheaper perimeter lands.
Chrystal argued development is being constrained by an overly complex and time-consuming municipal approval process. At UBC, he reported, the development approval process takes six months, compared to 12 to 30 months elsewhere in the region.
Added Negrin: “We have to find a way to streamline the process. Anything over one year is too long.”
Chrystal pointed to another challenge for Lower Mainland developers — offshore buyers are starting to purchase land for development that he said could lead to oversupply in certain markets.
They are also posing a challenge in terms of what they are prepared to pay for land acquisitions. “They may be parking money from offshore. We can’t compete on price.”
The developers complained of increasing costs for building materials and a stronger U.S. dollar, forcing higher costs. Prices for drywall, windows and steel were cited.