If you are interested to have access to all Vancouver Foreclosures MLS® Listings, please click on the “VIP Insider Access” button. In the “Notes” box include the code “Foreclosures” or visit Vancouver Foreclosures and register What You Should Know Foreclosed homes are typically homes put on sale by lenders after the previous buyer defaults on their mortgage. Foreclosures are rare…
If your home ownership dreams have been put on hold, there may be hope on the horizon as Canada’s falling interest rates are impacting how much income is needed to purchase a property. But depending on where you live, it still requires a hefty paycheque to enter the market. According to a new report from Ratehub.ca, the income needed to afford a home has fallen in 12 of 13 cities across the country. This comes after the Bank of Canada (BoC) announced a massive interest rate cut in October. The BoC dropped the rate by 50 basis points, bringing it from 4.25% to 3.75%, which many referred to as a “jumbo-sized” drop. This was the fourth announcement of 2024, and such a low rate hasn’t been seen since December 2022. According to Ratehub.ca’s Penelope Graham, “affordability conditions have been improving since June, when the Bank of Canada first started cutting its benchmark interest rate, easing mortgage costs and the pricing of other borrowing products.” RateHub Vancouver and Toronto, Canada’s most expensive cities, saw the most significant drops in the income needed to purchase a home between September and October 2024. “While both of these cities saw a robust increase in sales activity in October, they remain well supplied, which has helped keep a lid on price growth,” notes the report. Still, prospective buyers in these cities need to take home significant paycheques to get into the housing market. The income required to purchase the average home in Vancouver now stands at $214,000 annually. In Toronto, it’s slightly lower at $195,420. Moreover, Canada’s smaller cities haven’t experienced the softer prices of their larger counterparts. A drop in supply and an increase in buyer activity have resulted in prices going up, as six out of 13 markets across the country saw month-over-month price hikes. Fredericton was the only market where affordability deteriorated between September and October as home prices increased by $16,100, meaning buyers would need $1,890 more income to purchase an average property. Ratehub.ca provided an optimistic outlook for prospective buyers over the next few months as mortgage rates are expected to drop further. The overnight lending rate is predicted to drop by another 25 basis points, bringing the benchmark interest rate to 3.5%. Rates are expected to drop further in 2025. However, lower rates will likely lead to an uptick in prices as more buyers could enter the market. “The national average home price is expected to end the year largely flat at $683,200 – just a 0.9% increase – before rising 4.4% next year to $713,375,” concluded Ratehub.ca.
Who had a 7.7% increase in home sales on their real estate bingo card for October? Matt Day The latest data from the Canadian Real Estate Association (CREA) shows Canadian home sales activity spiked last month, reaching a level unseen since April 2022, and surpassing the 10-year monthly moving average. “The jump in home sales…
1,,000-square-foot home showcases modern esthetic and eco-friendly features Published Nov 20, 2024 • Last updated 2 hours ago • 4 minute read True to its name, this Modcube laneway home by Synthesis Design takes the shape of a modified cube, clad in a mix of sustainable and non-combustible cement panelling – juxtaposed with cedar siding – giving it a modern yet organic feel. An EV charger off the sidewall is another thoughtful touch aimed at greener living. Photo by Dave Sutherland There are two schools of thought on laneway-home design: mimic the style of the main house or do something completely different. These days, Curtis Krahn leans to the second. “We don’t need to create a little mini-me,” says Krahn, founding principal of Synthesis Design. Bylaws, lot sizes and existing architecture create constraints, he says – and you risk forcing a style that doesn’t make sense for the space if you go that route. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Sign In or Create an Account or Article content His company’s East 4th laneway project in North Vancouver is a case study in the opposite: a minimalist modern structure sharing a lot with a character home. The laneway house was the first built of the company’s now-signature prefabricated home product, the Modcube. “It’s quite modern, quite simple and complements a variety of styles, rather than competing,” says Krahn. Adding to the abundance of natural light in the home, a mudded-in LED strip in the ceiling crisscrosses the main living space – a detail inspired by commercial spaces and hotels. Photo by Dave Sutherland An open-concept living space on the home’s main floor creates the illusion of a larger space, along with details such as glass panelling at the base of the stairs. Photo by Tina Kulic Though several have now been built, Modcube was a long time coming. When Krahn founded his firm back in 1994, he fully intended to focus on modular and innovative housing. But demand for this type of offering wasn’t there, at least not yet. So, he went on to create a successful custom home and residential renovation business. Over time, the market caught up, and Synthesis launched the Modcube concept in 2019, aiming to fill a growing niche of affordable, pre-fabricated laneway structures. By this point, the company had already designed a slew of custom laneway and small homes – and started seeing common threads. “We thought, rather than doing all of these custom, since we know exactly what everybody wants, we’re going to design the perfect floor plan and prefab it,” Krahn says. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Article content Article content They started with one model, now known as Plan’ A.’ Since then, iterations have multiplied up to ‘G,’ adding flexibility in footprint, esthetic, square footage, floor plan and other customizable traits. But all have one thing in common: they can be built mostly offsite and speedily snapped together on the ground. This reduces not only building costs, but waste and emissions as well, while cutting construction time by around 30 per cent. A dining table tucks into the corner of the kitchen island, for additional seating and surface space. Photo by Tina Kulic Skipping a galley-style kitchen, senior interior designer Julie Lepper and her team opted for an L-shaped layout with an island in the same shape. Two-tone cabinetry in white and rift-cut white oak interplays with a hexagonal-tile porcelain backsplash (Ontario Series by Olympia Tile & Stone). Photo by Tina Kulic “We’re not locked into any one specific prefab company,” adds Krahn. Nor does the contractor need special skills to build a Modcube: “They can do the prep work, dig the hole and put the foundation in, and while they’re doing that, the prefabrication is happening offsite.” By the time the foundation is done, the structure is usually ready to
Seniors living in an apartment building in Vancouver’s West End say they’ve had no elevator service for over a month, leaving many of them stranded. Some residents of the 12-storey building at 1254 Pendrell St., like Nicholas Lebessis, say they’ve essentially been trapped in their apartments because they can’t use the steep stairway. “I can’t live like this. I can’t even go down one stair. I have a reconstructed knee,” Lebessis said. Lebessis, who lives on the top floor of the building, hasn’t left his apartment in a month. “I can’t go out of here, I can’t get any exercise,” he said. “It is frustrating of course. I can’t go out for a little walk around the block, I can’t go out for groceries.” 1:49 Locals offer help as West End seniors’ struggle with broken apartment elevator The elevator stopped working after October’s atmospheric river. During the storm, some residents said they saw water pouring down the elevator shaft. Story continues below advertisement The building houses seniors, some with mobility issues, and neighbours and volunteers have since stepped up to help by delivering groceries, medications and other supplies to residents who can’t get off their floors. Get weekly health news Receive the latest medical news and health information delivered to you every Sunday. Lebessis said he’s been paying university students to do his laundry for him. “It’s a dirty job, but someone’s got to do it,” he said. “A man cannot live without clean underwear.” Residents say they’ve been told repairs to the elevator could take more than a year, and that there doesn’t seem to be any urgency on the part of the building’s operators to get the job done. They’re also raising safety concerns in the event of an emergency. “This is totally unacceptable,” Lebessis said. “I don’t want to have them to carry me down 12 flights of stairs.” Trending Now 2:01 Vancouver seniors stuck with no elevator The building is operated by the Pendrellis Society, with funding through BC Housing. Story continues below advertisement Freshly re-appointed Housing Minister Ravi Kahon said the province is providing emergency funding. “Seven brand new units opened up on the ground floor for those that have accessibility issues, and we’ve also offered them additional supports for fixing the elevators,” Kahlon said. “They haven’t taken us up on it. They said they’ve got a plan to do that.” The society’s plan remains unclear: the organization listed no contact information on its website, and Global News was unable to reach the operators. Lebessis said he just wants his independence back. “It’s ridiculous. They’re not working on it,” he said. “I’m feeling let down … I’m abandoned.”
Mark and Shauna Trieb, travel bloggers who live in Texas, sold the property to Wilson Weizin (Weixing) Cui through a contract signed on Sept. 5, 2022 Published Nov 20, 2024 • Last updated 4 hours ago • 2 minute read Texas couple didn’t pay federal vacancy tax bill, case filed in B.C. Supreme Court alleges Photo by Arlen Redekop /PNG An American couple is facing a lawsuit after they sold their $17 million house in Whistler without paying their federal vacancy tax bill for 2022, the first year the tax became law, according to a lawsuit. Mark and Shauna Trieb, travel bloggers who live in Dallas, Texas, sold the property to Wilson Weizin (Weixing) Cui through a contract signed on Sept. 5, 2022, according to a case filed in B.C. Supreme Court. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Sign In or Create an Account or Article content The sale completed on Jan. 18, 2023, with Cui’s purchase of all of the shares of a holding company through which the Triebs owned the property, according to documents filed in court. They were sole directors and shareholders of the company, it said. The sale contract included a warranty that the Triebs’ holding company had paid all taxes, but Cui said it hadn’t, leaving him to pay $127,910 under the federal government’s underused housing tax for non-resident owners, it said. The tax came into effect on Jan. 1, 2022, and requires paying one per cent of the value of a vacation home, unless the owners are exempted, according to Canada.ca. Foreign owners are exempted, for instance, if the property is their primary residence and they live there for more than six months a year. The Triebs’ travel blog says they built the house on Trail’s End Lane in Whistler in 2017, but it’s not known how much time they spent there in 2022. There are also exemptions or lower occupancy requirements dependent on where the housing is located, based on whether the area is habitable year-round, for instance. The Canada.ca website said the owner or spouse may need to spend only 28 days a year to be exempt from paying the tax. That exemption applied in the Trial’s End Lane’s postal code. Article content Cui’s lawsuit said there was a tax assessed against the property for 2022 and the couple breached their sales contract because they failed to pay the tax or to reimburse Cui, the case alleges. “The (Triebs’) representation that the holding company had filed all tax returns and paid all tax liabilities was untrue, inaccurate and/or misleading,” according to Cui’s claim. Individual Canadians are usually exempt from the tax, as are owners of publicly traded Canadian corporations, certain trusts, registered charities, co-operative housing corporations, municipal organizations and other public institutions, government bodies, and Indigenous governing bodies. All non-resident owners and some Canadians still have to file a vacancy tax return, even if they qualify for and exemption, it said. A message left on the Triebs’ travel blog wasn’t returned. None of the allegations has been proven in court. Recommended from Editorial Co-owner of $3M Vancouver home says living there is ‘unbearable,’ wants court to order sale B.C. couple’s plan to raise a child in same house without romance doesn’t end well, winds up in court Article content
What is the Speculation and Vacancy Tax? The Speculation and Vacancy Tax is an annual tax that affects owners of vacant homes or homes that are empty more than 6 months of the year. The government has stated that it is designed to ensure that foreign owners and satellite families are fairly contributing to B.C’s…
British Columbia Goods and Services Tax (GST) is a 5% tax you pay on goods or services for personal use and enjoyment. Much like the GST you pay for the purchase of clothing, the same principle applies to the purchase of a new home in BC. GST is charged on top of the purchase price…
PROPERTY TRANSFER TAX One of the major expenses associated with the purchase of real estate in British Columbia is the property transfer tax (“PTT”). PTT becomes payable when a change in title is registered at the land title office. PTT is taxed on the fair market value of the land and improvements and is charged…
If you’re a buyer considering purchasing a property for the short-term or a seller looking to sell within the first 730 days of ownership, there’s an important new tax you need to know about. Starting January 1, 2025, the BC Home Flipping Tax will apply to certain property transactions, and it’s important to understand how it…