Market Expectations, if sustained, sooner or later become Market Realities. A significant reduction in Sales activity fuelled by politically motivated, economically flawed taxes & government policies targeting (while vilifying) real estate investors, users, & homeowners alike, has caused a “clawback” in property values in Vancouver. Monthly REBGV “Sales Summary” report data shows that the Average Price/Unit for Single Family Detached properties in East Side Vancouver...

Under a policy initiative titled “Making Room Housing Program” the City of Vancouver is introducing dramatic re-zoning proposals to increase housing density & supply in most of Vancouver’s residential neighbourhoods. These initiatives include:

• Amendments to RS (single family) areas to allow the construction of 2 family strata titled dwellings, 2 family dwellings with secondary suites, & principal dwellings with lock-off units in a 2 family dwelling.
• Re-zoning the current...

Real Estate markets change, & strategies used to market & sell properties must adjust & change as well. The hot Vancouver market of a couple of years ago - with high sales, low inventory, easy access to cheap mortgages, listings priced to create multiple offers & sale prices dramatically over list prices - is gone. Also mostly gone are unconditional offers where home inspections were done quickly in advance (if done at all), where Buyers often overlooked many deficiencies regarding...

Changes in Government Legislation & Taxation Policies along with the policy statements accompanying these changes, is being felt in the Vancouver Market. Stiffer taxes on purchases by non-residents, increased transfer taxes on higher priced homes, tax levies on “vacant” homes (including vacation & secondary homes) - combined with the changes to mortgage lending rules - have signalled that every government level is determined to imprint the Real Estate market. The Governments’...

After a significant change in Government and the look of the BC Political landscape following the May 9 Provincial Election, the Vancouver Real Estate market continued strong through May and June 2017. While single detached inventories are higher in both the East and West Sides of the City compared to the same period in 2016, the number of sales recorded are almost equal to one year ago, and Average Prices/Unit for Detached Homes (approx $1,700,000 Van East, approx $4,000,000 Van West) are virtually...

In July 2016, Vancouver City Council voted to ban Natural Gas fuel from homes and restaurants by 2050. The 1st phase of that policy was put into place and applied on May 1 of this year to affect all developments requiring Re-zoning. As of March 2018, the policy will apply to all multi-family projects of 4 or more stories, and eventually it will apply to all single family homes, duplexes, and rowhouse/townhouse projects. It will also apply to commercial and retail spaces, including all restaurants,...

Wow! That was one wicked, snowy, cold (record breaking) Winter here in Vancouver! Now, we may see a more enjoyable Vancouver - maybe some Sun? The Vancouver Real Estate Market seems to have found a sort of Spring as well, recovering & “normalizing” - i.e. normal for Vancouver. The 2nd half of 2016 was a dismal, depressing time for Vancouver property sales, but I predicted that our market would ..”pause, adjust, suck it up, & keep moving” - & that seems to be happening....

Premier and BC Gov’t Revises 15% Non Resident Property Transfer Tax

The BC Premier & Government recently implemented positive changes to the 15% Non Resident Property Purchase Tax & announced a Refund Policy for Non-Resident Buyers who were unfairly caught by the sudden announcement of the Tax on July 29, 2016. Non Resident Buyers may now claim a refund if they paid the additional 15% Tax as long as they were confirmed as a B.C. Provincial Nominee between August 2, 2016 & March 17,...