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

struggles-with-housing-shortages-affecting-bc.’s-small-towns
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Struggles with housing shortages affecting B.C.’s small towns

ByBusiness in Vancouver

A shortage of affordable housing has led to a growing crisis, and it’s taken shape with a tent city in downtown Sechelt that sprung up in recent years. Catherine Leach thought she would be pushed out of British Columbia’s Sunshine Coast when her landlord decided to sell her home. “I got super lucky that one of the few apartment buildings opened up and I got a suite in that building,” she says. “I would have had to leave the Coast. It was that close. And it’s not just about people having a home to live in. It’s about an affordable home and having homes so that people can actually work here.” Ms. Leach is executive director of the Sunshine Coast Community Services Society, a large 50-year-old multiservices nonprofit that serves a scattered population of 32,000 people along 100 kilometres of coastline. The Sunshine Coast is about a half-hour ferry ride from Horseshoe Bay in West Vancouver, and it’s long been an idyllic draw for residents of Metro Vancouver who want a quieter, less expensive seaside lifestyle. But a shortage of affordable housing has led to a growing crisis in the small community, and it’s taken shape with a tent city in downtown Sechelt that sprung up in recent years. “It’s impacting everybody in every way – that’s how bad it’s become,” she says of B.C.’s housing crisis. Nonprofit workers on the front line know that people aren’t just sleeping in tents or in shelters and living in the rough. There are hidden homeless people living in their cars, in wooded areas, sleeping in boats and on couches, in motel rooms, and even in short-term rentals, because they’ve been squeezed out of the housing market. Low-income groups such as seniors are particularly impacted. Marc White, chair of the Older Persons and Elders Advisory Committee, which advises Vancouver city staff and council, has heard reports of seniors sleeping in the Vancouver airport because it’s safer. “I think it’s all over [the province],” says Dr. White, who is Clinical Assistant Professor with the Department of Family Practice at the University of British Columbia. “Because when you look at 43 per cent of the people on the BC Housing wait list, they are 55 and older, and half of those are experiencing homelessness for the first time as a senior – and that is incredible.” He cites a recent Statistics Canada report that shows B.C.’s hidden homelessness rate was at 17.7 per cent in 2021. People had been asked if they’d ever had to live somewhere temporarily because they had nowhere else to go. Considering the rents B.C. seniors are paying, it’s no wonder. “Right now, based on census data, there are 14,000 [Vancouver] seniors paying more than 30 per cent of their household income on rent in the private market, and 5,100 households spending 50 per cent of their household income on rent,” he says. The Sechelt encampment is located near the Sunshine Coast’s only year-round homeless shelter and a transitional housing project with health and social services. There aren’t enough beds or services, so the community is pulling together. The Sunshine Coast Community Services Society is soon breaking ground on a striking new housing project by lead architect Jesse Garlick of Studio 531 Architecture. Part of the inspiration behind the U-shaped design, says Ms. Leach, was to create an inward sense of safety. The building will include 35 units of housing for single women and women with children, in response to the statistic that 59 per cent of the Coast’s children are living with a single parent who is living below the poverty line. Ms. Leach says the project, in partnership with BC Housing, is six years in the making. As executive director of Kitsilano Neighbourhood House, she was also involved in that redevelopment, and she learned that support for vulnerable people starts in their own communities. “If there was any wish for me – and the government knows this, everybody knows this: fund projects that are more complex that are actually going to affect change. Like, don’t continue to just put very targeted, particularly very vulnerable people all jammed together in one location and walk away. Don’t do that any more.” Their crisis is an extension of the Vancouver crisis, but they don’t have the same resources to address it, says Kelly Foley, Sunshine Coast regional housing co-ordinator for Cover the Coast, a local affordable housing society. She co-authored a 2023 assessment needs report that shows crime, particularly violent crime, increased between 2016 and 2021, with a major spike in violent crime in 2020. “Because we are such a bedroom community to Vancouver, the cost of housing in Vancouver has certainly had an impact here,” says Ms. Foley. “You combine that with older adults moving here and we are in a tough situation, because we have a lack of working-age adults that can’t afford to live in our community, and who could help support those people.” Half the population of the Coast is older than 55, and about one-third are over 65, she says. As well, the average household income is lower than the B.C. average. People are fearful of the sudden changes they are seeing, particularly in downtown Sechelt, says Ms. Foley, who has met with residents of the encampment. “What I’m hearing is that there are people who are living in tents, who are very vulnerable, and also there’s

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

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

are-you-a-canadian-prioritizing-a-mortgage-before-marriage?
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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] :

over-900-homes-in-towers-up-to-39-storeys-for-downtown-eastside
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Over 900 homes in towers up to 39 storeys for Downtown Eastside

ByKenneth Chan

This three-tower project could fulfill roughly 10% of the Government of British Columbia’s total target of catalyzing affordable homes for middle-income households through the new BC Builds program. In the process, it would also revitalize the easternmost end of Vancouver’s Downtown Eastside, bringing new life to an area specifically named the East Village. The significant project would be the first of a number of major housing redevelopments envisioned for this segment of East Hastings Street towards Commercial Drive. The three properties for this particular project are located on an approximate one-city block stretch of East Hastings Street between Glen Drive and Vernon Drive. Tower 1 will be a 373-ft-tall, 38-storey building at 1030-1070 East Hastings Street, which is a vacant site immediately adjacent to the CN railway at the southwest corner of the intersection of Glen Drive and East Hastings Street. This site is the westernmost site of the three properties. Tower 1 will contain 382 secured purpose-built market rental homes, with a unit size mix of 135 studio units, 141 one-bedroom units, 93 two-bedroom units, and 13 three-bedroom units. Nearly 5,000 sq ft of retail/restaurant space will activate the building’s East Hastings Street frontage, and three live/work units will front Glen Drive. Three sites for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Three sites for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Tower 2 will be just around the corner from Tower 1. It will be located at 1115-1127 East Hastings Street, which is the northeast corner of the intersection of Glen Drive and East Hastings Street. Old, low-storey commercial buildings currently occupy this site. Tower 2 is envisioned as the tallest and largest of the three towers, at 390 feet and 39 storeys. Tower 2 will contain 383 secured purpose-built market rental homes, with a unit size mix of 165 studio units, 123 one-bedroom units, 77 two-bedroom units, and 20 three-bedroom units. There will also be nearly 8,000 sq ft of retail/restaurant space, primarily at ground level, to activate the building’s frontages with East Hastings Street and Glen Drive. Tower 1; Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Tower 2; Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Tower 2 (left) and Tower 1 (right); Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) While Tower 1 and Tower 2 are highly similar in uses and size, Tower 3 will be markedly different, with a shorter height of 195 ft and 19 storeys. Tower 3’s site of 1168-1180 East Hastings Street is the easternmost parcel of the three-site project, situated immediately east of Pink Peal Chinese Restaurant. Two low-storey structures currently occupy the site, including the 1905-built, three-storey Vernon Apartments SRO with 36 units. Tower 3 will contain 157 social housing units dedicated to seniors, with a unit size mix of 42 studio units, 79 one-bedroom units, and 36 larger one-for-one replacement SRO studio units. There will be higher levels of affordability with these homes rented at shelter, Housing Income Limits, and Low-and-Moderate Income Limit rates. There will also be a 2,300 sq ft social enterprise space fronting East Hastings Street. Tower 3; Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) Tower 3; Concept for the East Village on East Hastings Street in Vancouver’s Downtown Eastside. (ZGF Architects/Westbank/Promerita/BC Housing) All three towers will feature a combined total of 924 homes, including 767 secured purpose-built market rental homes for middle-income households in Tower 1 and Tower 2 and 157 units of social housing for seniors, which is purposefully equivalent to over 20% of the project’s market rental homes as a public benefit. Overall, about 80% of the homes across all three buildings will be considered affordable for households with incomes below $80,000. These three towers in the East Village are a joint partnership between local developer Westbank, local investment firm Promerita, and the provincial government through BC Housing. Westbank and Promerita will own and operate Tower 1 and Tower 2, and they have already transferred ownership of the Tower 3 social housing site to BC Housing for a nominal fee. Westbank will be the lead developer responsible for the rezoning, development, and construction process of all three towers. ZGF Architects is the project’s design firm. Each tower represents a different rezoning application, but they will be considered together. All three applications have been submitted, and the review process is now set to enter formal public consultation. “BC Housing, through BC Builds, is very interested in participating in the proposed creation of new rental housing at the East Village with Promerita, Westbank, and a future non-profit operator, however, BC Housing’s final participation is further contingent on City Council rezoning approval as well as settlement of the final negotiated business terms amongst the parties,” reads a letter of support written to the City by Mike Pistrin, the vice president of development and asset strategies for BC Housing. “One of these milestones have been achieved and BC Housing has certainty regarding the inclusion of affordable rental units being approved, final project approval by our executive committee and associated boards will

host-first-nations,-bc.-govt-to-build-2,600-below-market-homes-in-vancouver
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Host First Nations, B.C. government to build 2,600 below-market homes in Vancouver

ByCharlie Carey

Posted September 19, 2024 9:39 am. Last Updated September 19, 2024 10:24 am. A new housing project on the lands of the  xʷməθkʷəy̓əm  (Musqueam),  Sḵwx̱wú7mesh  (Squamish), and  səlilwətaɬ  (Tsleil-Waututh) Nations will create 2,600 new affordable homes. CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE! The homes will be at Heather Lands, an 8.5-hectare (21-acre) lot between West 33rd and West 37th avenues on Heather Street, just east of Queen Elizabeth Park. The province says buyers will be able to purchase the homes at 60 per cent of market value — with 40 per cent of the cost covered by provincial financing. In an announcement Thursday, Premier David Eby explained the financing agreement isn’t a grant or a subsidy, it’s a loan from the province. “The 40 per cent is repaid at the end of 25 years, or when the owner sells. … What we have created here, together, is a financing tool that protects taxpayers, that minimizes impact on public budgets, and yet, at the same time, delivers affordable housing now,” Eby explained. “And when the loan is paid back by the homeowner, [it] protects affordability in the future,” he added. Eby shared that the homes will be sold as 99-year strata-leaseholds with Musqueam, Squamish, and Tsleil-Waututh Nations. “The unit prices will be determined at the time they actually go up for sale, but if they were for sale today, under current market conditions, a studio apartment on the site would sell for $620,000. Under this program we’re announcing today, that same studio apartment will sell for $370,000,” he said. “On this site today, the market price for a two-bedroom condo is $1.3 million. Under this program that we’re announcing today, that will be $780,000.” Eby added priority will be given to first homebuyers, and there will be “strict” criteria around income and asset ceilings for would-be purchasers. “I want to assure you that we will have strict rules and screening measures in place, and anyone who thinks that they can game the system when we detect that, there will be serious consequences.” The province says that to cover the 40 per cent of purchase prices, it will need to finance an estimated $670 million. If purchasers would like to buy out the remaining 40 per cent of the value of the home, Eby shared owners are able to do just that, “but if they exit in advance of 25 years, then they need to pay the appreciation in the value of the property as well.” “Say property values go up, they would have to pay that share of the government’s appreciation of the property as well. And say, property values go down, they would still have to pay the full amount back to the government that was loaned at the first instance,” he added. More to come.

national-housing-market-in-holding-pattern-as-buyers-patient-for-lower-rates:-crea
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National housing market in holding pattern as buyers patient for lower rates: CREA

ByNews Staff

Posted September 16, 2024 6:54 am. The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down. The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year. On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July. CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.” The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier. The number of newly listed properties was up 1.1 per cent month-over-month.