the-home-front:-exploring-vancouver-neighbourhoods-online-–-vancouver-sun
|

Exploring Vancouver neighbourhoods online

Bymichael

Get a feel for different communities without leaving home Published Nov 18, 2024  •  Last updated 47 minutes ago  •  3 minute read RealTours on location in Chilliwack visiting different homes for sale and exploring the neighbourhood. Photo by Supplied by RealTours Interested in poking around a Vancouver or Lower Mainland neighbourhood from the comfort of your laptop or phone? RealTours is a series of episodes hosted by Stephen Tadgh on the Canadian real estate platform REW, exploring areas like Vancouver, Port Moody, Coquitlam, Cultus Lake and Langley. Tadgh does the research and legwork to give home seekers — or those simply curious about an area — insight into what it costs to buy in these areas and more. 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 “We wanted to capture the essence of what living in a place truly feels like from the perspectives of the people already rooted there. Each community is chosen based on a blend of current real estate interest, unique local character, and, of course, the demand from our audience who want to explore beyond the standard market metrics like price per square foot or available listings,” says Tadgh. Behind the scenes with Stephen Tadgh Tadgh created the first episodes of RealTours in 2022, mere months after moving to Vancouver from Ireland. As a new immigrant, he was naturally curious about Vancouver and surrounding areas. He wanted to look around. “Coming from Ireland, where community identity and storytelling are deeply embedded in culture, I connect to people through shared stories, not just places. That background has been instrumental in RealTours,” he says. The team researches each area’s local history, demographic trends and real estate data and then hits the ground to meet people who live there and find out about the local community and favourite spots, says Tadgh. They look at what real estate exists in the community if someone wants to buy today, and they don’t shy away from the potential ‘cons’ of living there. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Article content Article content “I am acutely aware of the optics of being an Irish immigrant who’s lived here for less than three years dictating how these neighbourhoods are immortalized on our screen. To present a sugar-coated version of these communities would be, in my opinion, a grave injustice,” he says. Pride and prices One of the biggest surprises for Tadgh is the sense of identity and pride people who live in these different communities have, he says. “It was very easy as a newcomer to group certain neighbourhoods together indiscriminately. Like Burnaby, for so long, it has been that area outside of Vancouver with the towers. But then you spend some time in Burnaby Heights and realize that there is a whole other vibe and history that exists there versus southern Burnaby or Metrotown.” Real Estate ownership in Vancouver and the Lower Mainland is, to put it politely, disheartening at the moment, says Tadgh. Something they’re trying to do with RealTours is show the diversity of homes available for home seekers interested in specific communities. “Want to live in Kitsilano but can’t afford the multi-million dollar listings by the beach? Why not take a look at the new stratified units made possible through zoning regulation changes?” he says. Article content How to use RealTours People can learn about an area’s past, present and future by referring back to these episodes, says Tadgh. “While we may not go back and visit an area for a number of years, the Guide on REW.ca can keep you informed about the changes in the community.” What’s next? “I’ve been told I’m not allowed to speak too much right now; however, all I’ll say is if you are in Alberta, Northern B.C. or the Okanagan, then I’d love to hear

recently-sold-vancouver-home-loses-$820k-in-just-over-one-year
| | | |

Recently sold Vancouver home loses $820K in just over one year

ByAmir Ali

A recently sold Vancouver home lost some big money in just over a year. The home at 6869 Beechwood Street was listed for sale in September 2023 for $9,998,000, but it didn’t sell for over a year after that last week for $7,281,580. It sold for nearly $3 million under the asking price of $9,998,000. According to Zealty, the home was last sold in May 2023 for $8,100,000, with the same asking price of $9,998,000. That means that between May 2023 and November 2024, there was a loss of $819,420. Zealty says the Beechwood Street home in the Vancouver SouthWest Marine region was built in 2018. It features seven bedrooms and nine bathrooms, and is a sizeable 7,889 sq ft. The lot is quite large, at 11,814 sq ft. Royal Pacific Realty Corp. Royal Pacific Realty Corporation’s listing says the home is an “exquisite mansion” with premium hardwood flooring and European stone throughout. Royal Pacific Realty Corp. It also features an indoor swimming pool, sauna, hot tub, and even golf training equipment, but the listing doesn’t include pictures of the fun stuff. Royal Pacific Realty Corp. The home’s most recent assessed value was $6,702,000. Royal Pacific Realty Corp. After the Vancouver home sold, there was discussion on X surrounding the amount it lost compared to the previous sale. Massive loss of capital. Almost 1 mil. That stings big time. — Law of Reflection (@david_door57003) November 15, 2024 This is another example of a long line of similar sales over the past year, with many owners looking to sell for more than the assessed value but having to bring the price down to snag a buyer. “October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” said Greater Vancouver Realtors in last month’s report. Earlier this month, we spoke to Ryan Dash, who works with eXp Realty and is one of the people behind the Vancouver Life Real Estate Podcast ; he also had some thoughts on the current real estate climate. Dash said there’s been a bit of a stalemate, as everyone thought buyers would flood the market after rates went down. Instead, sellers flooded the market. “They wanted to sell and move on and a lot of sellers that wanted to sell a year ago chose not to because interest rates were so high.” After that, inventory wasn’t moving, and sellers kept flooding the market with housing supply. “We’ve seen a lot of buyers sit on the sidelines, and they’re letting sellers compete. Sellers are lowering their prices to try and make buyers come and put a deal together.”

national-home-sales-surge-in-october-after-previous-month’s-supply-bump:-crea
| | | | |

National home sales surge in October

ByBusiness in Vancouver

The Canadian Real Estate Association says the number of homes sold in October rose 30 per cent compared with a year ago, marking a shift from the market’s holding pattern. On a seasonally adjusted month-over-month basis, national home sales rose 7. The Canadian Real Estate Association says the number of homes sold in October rose 30 per cent compared with a year ago, marking a shift from the market’s holding pattern. On a seasonally adjusted month-over-month basis, national home sales rose 7.7 per cent from September, as 44,041 residential properties changed hands last month across Canada. The association said rising home sales activity was broad based, with the Greater Toronto Area and British Columbia’s Lower Mainland recording double-digit increases in October. CREA senior economist Shaun Cathcart called the jump in sales a “surprise,” even as the Bank of Canada continues to lower its key interest rate. The central bank has lowered its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market. Jason Ralph, broker of record for Royal LePage Team Realty in Ottawa, said activity often picks up in the fall, but surpassed his expectations last month. Still, he said the market rebound seems to be happening gradually, rather than all at once. He attributed that trend to the Bank of Canada’s messaging surrounding its rate cut cycle. “There’s not going to be this massive rush to the market like we saw in the pandemic. That was an anomaly,” said Ralph. “The 50-basis-point drop was enough to push some people on the sidelines into the market where they found it enticing enough to jump in, but it wasn’t that massive wave that everybody’s waiting on because the messaging is, ‘We’re lowering it and we’re likely going to lower it again.'” Cathcart said the sales increase last month was more likely related to the surge in new listings that hit the market in September. That month saw a 4.8 per cent increase in new homes on the market, pushing supply to some of the highest levels seen since mid-2022. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should be close to their expected lows, as well,” said Cathcart in a press release. “With that in mind, you can think of the October numbers as a sort of preview for what we might expect to see next year.” CREA chair James Mabey added that October’s strong sales numbers “suggest buyers have been in the market since rates began to fall in early summer, but they were waiting for the right property to come up for sale, which didn’t happen in a big way until September.” “The extent to which that will be able to continue between now and next spring will depend on the number of listings coming onto the market,” he said. In October, the number of newly listed properties was down 3.5 per cent month-over-month. The association said the national pullback was led by a drop in new supply in Greater Toronto. There were 174,458 properties listed for sale across the country at the end of the month, up 11.4 per cent from a year earlier but still below historical averages for that time of year. The national average sale price for October amounted to $696,166, up six per cent compared with a year earlier. Ralph said that with property prices expected to increase amid more demand, would-be sellers are growing more confident to list, while potential buyers are feeling more comfortable paying current prices. “Buyers have been sort of going, ‘Well, where’s my deal?’ And sellers have been going, ‘Well, I still want my price.’ So we’ve been having a little bit of a game between buyers and sellers,” he said. “I think we’re seeing a little bit more movement as people understand that as rates come down, prices are steady and probably going to go back up.” BMO senior economist Robert Kavcic said the sales figures show Canada’s housing market “is finding some life.” “Sales volumes have bounced from last year’s lows, prices have stabilized across many regions and outright buyers’ markets are disappearing,” he said in a note. “To be fair, last October and November were very soft after accounting for seasonality, but it’s clear that activity has risen with more selection and lower borrowing costs. Price reductions across some segments have also allowed the market to clear better as the ‘bid-ask’ spread narrows.” This report by The Canadian Press was first published Nov. 15, 2024. Sammy Hudes, The Canadian Press

home-prices-decreasing-in-bc.s-ski-regions,-says-royal-lepage
| |

Home prices decreasing in B.C.s ski regions

ByJami Makan

Interest rates, capital gains taxes and short-term rental measures are some factors in province’s recreational property transactions Prices of detached homes and condominiums have registered slight decreases in B.C.’s popular ski regions so far this year. However, they are expected to increase in 2025 as interest rates continue their expected decline. In the first nine months of the year, the median price of a single-family detached home in the province’s ski regions decreased 2.6 per cent year-over-year to $1,729,200, according to the 2024 Winter Recreational Property Report by Royal LePage Real Estate Services Ltd. Meanwhile, the median price of a condominium also decreased 2.6 per cent to $477,500. Royal LePage examined several B.C. ski regions including Whistler, Invermere, Revelstoke, Mount Washington, Sun Peaks and Big White.  The Nov. 14 report noted that less snowfall has impacted some resort areas, although this is made up for during biking and golfing seasons. The report also noted that provincial measures regarding short-term rentals, which affect some ski regions, have resulted in more personal and family use of properties. The foreign-buyer ban similarly exempts some communities, also resulting in a varied impact. Interest rates and capital gains taxes have played a significant role in these markets, according to the report. Many buyers are waiting to jump in as they anticipate further reductions in the key interest rate, which has been reduced incrementally from five per cent in April to 3.75 per cent last month. Meanwhile, this year’s federal budget increased the basic inclusion rate for all capital gains and losses from one-half to two-thirds as of June 25, spurring a surge in transactions prior to the deadline. Some markets are attracting buyers from elsewhere in Western Canada, as they may be located closer to Alberta. Some had more inventory and transaction volume than others, while the accessibility of price points varied by market. In Whistler, for example, a house or condominium slope-side or at mountain base typically start at $3 million and $500,000, respectively. Among the report’s highlights: Whistler – The median price of a single-family detached home in Whistler’s recreational property market for the first nine months of the year decreased three per cent year-over-year to $3,569,100, while the median price of a condominium decreased 12.4 per cent to $583,600. Prices are expected to rise nine per cent over the next 12 months. Invermere – The median price of a single-family detached home in Invermere’s recreational property market for the first nine months of the year increased 13.5 per cent year-over-year to $749,000, while the median price of a condominium increased 11.4 per cent to $344,900. Prices are expected to rise 10 per cent over the next 12 months. Revelstoke – The median price of a single-family detached home in Revelstoke’s recreational property market for the first nine months of the year increased 4.9 per cent year-over-year to $862,500, while the median price of a condominium increased 14.3 per cent to $802,000. Prices are expected to rise five per cent over the next 12 months. Mount Washington – The median price of a single-family detached home in Mount Washington’s recreational property market for the first nine months of the year increased 29.4 per cent year-over-year to $1,100,000, while the median price of a condominium decreased 1.1 per cent to $455,000. Prices are expected to rise two per cent over the next 12 months. Sun Peaks – The median price of a single-family detached home in Sun Peaks’ recreational property market for the first nine months of the year decreased 30.1 per cent year-over-year to $1,337,500, while the median price of a condominium decreased 14.3 per cent to $360,000. Prices are expected to increase five per cent over the next 12 months. Big White – The median price of a single-family detached home in Big White’s recreational property market for the first nine months of the year decreased 13.7 per cent year-over-year to $1,510,000, while the median price of a condominium decreased 22.1 per cent to $413,000. Prices are expected to increase five per cent over the next 12 months. Royal LePage compiled insights, data and forecasts from 18 popular ski regions. Median price and sales data was compiled and analyzed by Royal LePage for the periods between Jan. 1, 2024 and Sept. 30, 2024 and Jan. 1, 2023 and Sept. 30, 2023. Data was sourced through local brokerages and boards in each of the surveyed regions. [email protected] @JamiMakan

bc.-real-estate-market-building-momentum-into-2025:-association
| |

B.C. real estate market building momentum into 2025

ByCharlie Carey

Posted November 6, 2024 7:52 am. The BC Real Estate Association (BCREA) says 2025 will see a big rebound in home sales. The association expects sales will jump by more than 13 per cent next year following a flat 2024. CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE! “Following two pretty challenging years for sales, it looks like markets across BC are starting to build momentum,” said BCREA Chief Economist Brendon Ogmundson. “In addition to lower mortgage rates, new policy changes allowing longer amortization for first-time homebuyers and increased mortgage insurance caps will provide a boost to market activity.”  The association also forecasts the average sale price of a home will rise next year, provincially by about three per cent, but by only one per cent locally. For Vancouver, the BCREA is forecasting an average listing price in the fall of 2025 to be around $1.3 million, with the average listing in the Fraser Valley to be around $1.05 million.

millennials,-gen-z-set-to-buy-homes-within-five-years-despite-tough-canadian-economy:-report
| |

Millennials, Gen Z to buy homes within five years despite tough Canadian economy

ByAasthapandeykanaan

Posted October 29, 2024 10:51 pm. Most people think of the words “expensive,” “out of reach,” or even “impossible” when it comes to the younger generations buying homes in Vancouver. While some of those attitudes may hold true, more than half of Canadian millennials and Gen Z, according to a new Scotiabank report, are still set on buying homes in the next five years despite the high cost of living. “Within my friend group, it’s kind of a big deal right now, kind of an urgency to be able to buy a house,” a Vancouver resident told CityNews Vancouver. “A few of my friends already have purchased but we definitely have a couple who, they just got engaged and they’re expecting, and now it’s like, are we going to be able to? That’s definitely on their radar.” Another Vancouverite says they are determined to find a home as a couple but “at some point financially, we might have to choose to go somewhere else, outside of Vancouver, the Lower Mainland, something that we can afford.” The report from Scotiabank says in B.C. across all age groups 39 per cent of all respondents were looking to buy a home within five years which is about on track with the rest of the country at 42 per cent. While fewer younger Canadians own a home today compared to three years ago, realtor Kit Sorongon tells CityNews Vancouver that he’s not surprised by their unwavering determination to buy. “They’re waiting for the opportunity to be able to be qualified and be able to afford, and that’s why their prediction of the next five years, that’s actually very, very accurate, and very realistic,” Sorongon said. The report says more than half of Millennials and Gen Zeds find the economy is pushing back their home-buying plans, but the demand for homeownership is still strong. Sorongon says he expects more younger clients to qualify for a mortgage because the Bank of Canada cut its key interest rate by half a percentage point last week. “Having that already intimate desire to own a property with all the signs showing up, it gives them the optimism to be able to purchase again,” he said. In B.C., the number of homeowners remained steady at 59 per cent this year, while fewer are renting and more are living with family.

own-this-marina-and-restaurant-on-galiano-island-for-$3-million
|

Own this marina and restaurant on Galiano Island for $3 million

ByRyan Hook

One of BC’s most iconic marinas, Montague Harbour Marina on Galiano Island’s southwest shore, is now for sale. Located in one of the largest natural harbours on the southern coast, Montague Harbour is a prime destination for boaters exploring the Gulf Islands and offers a dream opportunity to own a world-class property. As the island’s only marina, Montague is a must-visit stop along BC’s famous boating route. Colliers International Offering nearly 2,000 linear feet of moorage, the marina provides both transient and annual moorage options. This full-service facility is more than just a stopover; it includes a general store, restaurant, marine fuel services, and rentals for boats, mopeds, and kayaks. It even offers kayak tours, adding a recreational element for guests looking to explore the area. This property offers the chance to own a thriving business as well as a stunning piece of BC paradise — all for $3 million, a bargain compared to many BC homes. Colliers International Operating seasonally from May to September, Montague Harbour is a well-established marina with a strong management team and experienced staff. It offers significant potential for growth, including expansion under the current water lot lease and 0.77 acres of upland development opportunity. This could allow for further enhancements to the property. Aerial view of the property (Colliers International) For those with a passion for BC’s coastal lifestyle or those seeking a thriving business venture, Montague Harbour Marina presents a rare and exciting opportunity in the heart of the Gulf Islands. Spread across a 2.34-acre water lot, this marina is a well-managed operation, backed by tenured staff, making it an ideal investment for owner-operators or investors alike. Colliers International Montague Harbour Marine Park on Galiano Island is a haven for nature lovers, offering beaches, tidal lagoons, and towering forests, as well as stunning glacier-carved rock formations. See the listing from Colliers here.

are-you-a-canadian-prioritizing-a-mortgage-before-marriage?
| |

Are you a Canadian prioritizing a mortgage before marriage?

ByIsabelle Docto

If you and your long-term partner are ready to take your relationship to the next level, what are you choosing to do first: a mortgage or marriage? According to a recent Houseful survey, a majority of young first-time homebuyers in Canada are choosing doorbells before wedding bells. The online Canadian real estate platform owned by RBC found that 78% of single and unmarried first-time homebuyers under 30 are prioritizing saving for a mortgage over having a big, lavish wedding. “Younger adults are increasingly conscious of ongoing housing affordability challenges, which motivates them to secure a financially stable future by seizing saving opportunities earlier,” said Karen Starns, CEO of Houseful, in a news release. “After getting a foothold in the market, they can gain the flexibility to pursue other life milestones that are important to them.” With the cost of living crisis in Canada, buying a home or having a wedding is easier said than done. According to a recent report from the Canadian Real Estate Association (CREA), the average price of a home went up significantly this year. The actual (not seasonally adjusted) national average home price in March 2024 was $698,530, up 2% from March 2023. In January, CREA said this national average was $659,395, up 7.6% from January 2023. This means from January to March this year, buying a home became $39,135 pricier. Houseful’s survey found that prospective homebuyers are aware of these difficulties in the current market, with 73% of those under 30 saying that reports about the market make housing look unattainable. But this isn’t stopping them from prioritizing home ownership, with 71% believing it will be an important part of their retirement plan. If you’re prioritizing a mortgage over marriage, Daily Hive wants to hear from you. Why have you decided to prioritize buying a home over having a wedding? How are you saving up? Share your story with us in the survey below or email your responses to  [email protected] :