Sublime Luxury Homes at Heather and Seventeenth

REW

West Side Vancouver is one of most sought-after and coveted neighbourhoods; home to gorgeous tree-lined streets, stately homes and is within close proximity to Cambie’s charming village – with great shopping and dining. This is where Heather and Seventeenth – Terra Blanca Development’s newest and exclusive condominium project calls home.

Heather and Seventeenth is a luxury boutique-style, four-storey concrete building showcasing an exquisite collection of 16 residences, featuring two and three bedroom and den condominiums. This newest addition to the neighbourhood embodies the evolution of the sophisticated transitional style fused with a nod to the neighbourhood.

“The quiet Westside location and only 16 residences makes Heather and Seventeenth pretty unique in this coveted neighbourhood,” says Dave Bauman, director sales and marketing, Magnum Projects. “We have sold out of our first release and we are now releasing the final six homes, starting at $1,720,900.”

Bauman went on to say that this latest condominium project is attracting those empty-nesters who want to downsize from their large Westside homes but don’t want to leave their coveted enclaves.

“It’s a boutique-style condo building for people who really want to have a more intimate lifestyle and want to be able to lock their door and go on vacation,” he notes.

The impressive overheight New York-style lobby welcomes you home in style, with its porcelain slab on the walls and wood accents throughout, while the homes’ spacious and inviting interiors, ranging from 1,184 to 1,441 square feet, are full of light and exceptional finishes.

Designed by award-winning Cristina Oberti Interior Design, the open-concept residences feature everything you’d expect from a quality-built home, including wide plank engineered hardwood flooring throughout main living area, airy nine-foot-four-inch ceilings, large Masonite heritage series doors, and air-conditioning.

The Arclinea kitchens, designed by the renowned Italian architect Antonio Citterio, are showcased with  Sub Zero and Wolf appliances, three-quarter-inch square-edged quartz countertops with full-height porcelain slab tile backsplash, wine cooler, plus an island with seating for four.

The elegance doesn’t stop there. The bathrooms are equally impressive. They feature contemporary soaker tubs, NuHeat in-floor heating in the ensuites, floating Arclinea vanities, polished porcelain tiles on the walls with complimentary mosaic accent tiles in the main and ensuite bathrooms. 

Outside, the private enclosed balconies offer cityscape and mountain vistas, making them an extension of your new home and a great place to enjoy your morning coffee.

As one of the most distinguished and walkable neighbourhoods in Vancouver, you will find plenty of amenities and recreational opportunities, such as Heather and Douglas parks, all within easy walking or driving distance. Independent boutique shops, cafes and restaurants and easy access to transit are just a few of the reasons why you want to live at Heather and Seventeenth.

The uncommon elegance and high-end features make these truly beautiful homes.

Heather and Seventeenth Sales Centre and display vignette, located at 3246 Cambie Street, is open daily from noon to 5 p.m. (closed Friday).

© 2017 REW.ca

Joannah Connolly
REW

Home buyers in BC and across Canada are bracing themselves for strict new qualification rules coming into force in January for mortgage applicants who have more than 20% as a down payment.

Those buyers will have to undergo the same “stress test” that was introduced a year ago for buyers who have less than 20% down.

The stress test will now require all new applicants for mortgages at federally regulated financial institutions – such as banks and monoline lenders – to income-qualify at the Bank of Canada posted interest rate, which tends to be notably higher than the rate mortgage-holders will actually pay.

The new policy is said by mortgage professionals to reduce Canadians’ home-purchasing power by around 20%, as the higher interest rate will reduce the maximum mortgage that buyers will be able to borrow.

The move was put in place by the Office of the Superintendent of Financial Institutions (OSFI), which is the federal agency in charge of maintaining the stability of the Canadian banking system, and is intended to prevent consumers taking on too much mortgage debt.

However, some mortgage lenders – including credit unions such as Vancity, Coast Capital and Prospera – do not come under OSFI’s jurisdiction, as they are provincially regulated by the Financial Institutions Commission (FICOM). Credit unions in BC are not required to “stress test” their mortgage applicants in the way banks are.

Therefore, a buyer can get a mortgage with a credit union and income-qualify at the rate they will be paying, which may give them more purchasing power.

When asked by REW whether FICOM BC intends to follow OSFI’s lead in implementing a “stress test,” Frank Chong, acting superintendent of financial institutions at FICOM, confirmed that there were no plans to do so. He issued the following statement to REW:

“FICOM has reviewed the new requirements from the federal bank regulator (OSFI) regarding requirements for residential mortgage qualification. These changes come into effect in January 2018 for federally regulated financial institutions but will not apply to provincially regulated institutions like credit unions now regulated by FICOM. Because some borrowers will not be able to qualify for mortgages with banks, they may migrate to credit unions or private lenders where qualifying is less stringent. FICOM has a residential mortgage guideline in place for credit unions and regularly reviews that directive to determine if credit unions are managing risks effectively. In the coming months, we will be consulting with credit unions and monitoring developments in residential mortgage lending to protect the interests of consumers and credit union members.

“We will continue to assess the situation, but no changes are contemplated in provincial requirements at this time.”

Alisa Aragon, mortgage expert at Bridgestone Financing Pros with DLC Mountain View Ltd., confirmed that credit unions do not qualify applicants at the higher rate, but offered a warning to buyers before they rush out to apply for credit union mortgages.

“Credit unions could be an alternative to other lenders if you don’t qualify with the stress test, but in certain cases the rates might be higher at credit unions, or the income ratios might be tighter. While you might qualify at a credit union, our job as mortgage experts is to get the best mortgage with the best rates and terms, whether that is at a credit union, banks, monoline lender or private lender.”

© 2017 REW.ca

Second + Main reflects the comforts of home

Mary Frances Hill
The Province

There’s the rigor of work, there’s the comfort of home and there’s the good fortune of Lucas van den Berg, who recognized the warmth and familiar features of his own home while at work as development manager at Second + Main, a residential community planned for Mount Pleasant.

Van den Berg and his family enjoy many of the features in the interiors, chosen by False Creek Design, in his own home, he says.

“The esthetic and design elements False Creek Design brought to the project are both very refined and very comfortable — the same features my family loves about our own home,” says van den Berg, a developer with Create Properties, which works with Northchild Developments on the project. “I have a lot of the same elements in my own home, from the Liebherr fridges and wall-hung European styled toilets, to the hot-rolled steel feature elements found in the common areas.”

The plan for the site includes commercial space, affordable housing and artists’ space, which reflects the needs of the population of Mount Pleasant, and which steered the developers’ and designers’ creativity in space planning, says van den Berg. They knew buyers would be keen to use mobile and space-saving features, such as a kitchen island with a pull-out table and mobile storage space, to suit their needs.

Van den Berg points to the customizable closet units with adjustable shelves and hanging space that can be moved where the homeowner needs. These mobile closets effectively change the layout of the rooms, “something that is impossible to do with fixed closets,” he says. “You can use the wardrobe units for a variety of storage without having to spend a lot of money.”

Though the design ideas are out of the ordinary, the overall finishes in the Second + Main units are simple. Embracing this no-frills simplicity was key to False Creek Design’s vision — specifically in the white kitchen food prep area that hugs the wall in an L-shape, fronted by an island with a built-in extendable dining table. “Together [with False Creek Design] we felt a European minimalist esthetic would help to achieve the space efficiency we were after,” van den Berg says.

Second + Main will offer the option of either of linear galley or L-shaped kitchen, and include European kitchen cabinetry in two colour schemes. The kitchen island was custom-designed and made locally by False Creek Design, and it’s as popular among sales centre visitors as the mobile pieces, he says.

Van den Berg says these options give the homeowners the liberty to live the way they want, unconstrained and free of fixed structures that limit their movement and decor and design choices.

“At the end of the day, we did not want to push any big personality on the homeowner, rather, provide them with a highly functional and sophisticated canvas they can make their own.”

Second + Main

Where: 180 East 2nd Ave., Vancouver

What: 233 homes

Residence sizes and prices: Studios, one-bedrooms, Micro 2 suites, two-bedrooms, two-bedroom-plus-den and three-bedroom suites, 479 to 999 square feet, from $579,000s to $1.5 million

Developer and builder: Create Properties

Sales centre: 180 East 2nd Ave.

Telephone: 604-877-3222

Hours: Sat — Thurs from noon — 5 p.m. Doors open at noon on Saturday for the grand opening of the “reserve collection” of suites

© 2017 Postmedia Network Inc.

B.C. real estate regulator bans dual agency

Dan Fumano
The Province

Over objections from the industry, B.C.’s real estate regulator will prohibit the controversial practice of dual agency — where a single realtor represents both the seller and buyer in a transaction — saying the ban will improve transparency and protect consumers.

The dual agency ban announced Wednesday is part of the first major rules to be introduced by B.C.’s Office of the Superintendent of Real Estate since the provincial government ended self-regulation of the real estate industry last year and transferred rule-making powers from the Real Estate Council of B.C. to the office of the government-appointed superintendent.

Last year’s regulatory changes, which included the appointment of a new superintendent of real estate with expanded oversight powers, were made after media scrutiny and widespread public concern over the Real Estate Council’s oversight of misconduct in the province’s red-hot housing market. B.C. adopted changes to the Real Estate Services Act, which the government said were intended “to increase oversight of the real estate industry and enhance consumer protection.”

Micheal Noseworthy, appointed in September, 2016, as B.C.’s superintendent of real estate, said in a media release Wednesday: “These rules will significantly change the way that real estate services are provided in British Columbia. … Ending dual agency removes the potential for conflict and serious problems. We want to create transparency for both consumers and licensees to ensure everyone understands in whose interest licensees must be working.”

In a September meeting with The Vancouver Sun and Province editorial board, Noseworthy said that after he took the position last year, “right away, I identified as the top priority figuring out what to do about so-called dual agency.”

“Dual agency, the way it’s allowed to be practised now, can lead to conflicts for consumers,” Noseworthy said then. “It’s a situation, a practice that’s unfortunately open to abuse, and I think it’s better for consumers if we close it, so there’s no opportunity for it to be abused.”

After his office released the proposed rule changes in September, the B.C. Real Estate Association, representing 22,000 real estate agents, opposed ending dual agency, with association CEO Robert Laing telling Postmedia: “Our biggest concern is the consumer’s right to make a choice about who they work with is being taken away from them. … The superintendent is trying to protect the consumers, but we think he is forgetting that, in a free-enterprise market, the consumer needs choice.”

Along with the dual agency ban announced Wednesday, other new rules are coming into effect next year nhance disclosure requirements for information that must be provided to clients about remuneration obtained by brokers and agents through commissions.

Ontario has also recently proposed banning dual agency, the Toronto Star reported in June, after government officials said consumers had raised concerns that financial incentives in double-ended deals could lead agents to engage in “unethical behaviour.”

Realtors can apply for an exception to the dual agency ban if a transaction occurs in a remote or underserved area of B.C. with limited access to licensed realtors.

© 2017 Postmedia Network Inc.

OSRE
other

The Office of the Superintendent of Real Estate (OSRE) is introducing new rules to improve consumer protection in the real estate industry. These rules will:

• Require enhanced disclosure of real estate licensee remuneration that will inform consumers about how remuneration is to be divided between a listing brokerage and cooperating brokerage.
• Ensure licensees inform consumers of the duties and responsibilities owed to both clients and unrepresented parties before working with consumers.  
• Warn consumers of the risks of relying on a licensee to provide limited assistance if the licensee already represents another party to the transaction.
• Prohibit* ‘dual agency’, the practice of acting on behalf of both the buyer and seller on the same deal. This makes BC the province in Canada to prohibit the practice.

The new rules will come into force beginning March 15, 2018.

“These rules will significantly change the way that real estate services are provided in British Columbia,” said Micheal Noseworthy, BC’s Superintendent of Real Estate. “The changes will empower consumers and provide clarity around the role of an agent. Ending dual agency removes the potential for conflict and serious problems. We want to create transparency for both consumers and licensees to ensure everyone understands in whose interest licensees must be working.”

These new rules originate from the recommendations made in the final report of the Independent Advisory Group on Real Estate Regulation in BC in June 2016. These rules are the product of extensive consultation with industry, feedback received from real estate licensees and the public, as well as from the Real Estate Council of BC.

A consultation on these rules was completed on October 6, 2017 after OSRE posted a draft version of the proposed rules for a 30 day public comment period on September 6, 2017. OSRE received strong support from the public on all proposed rules.

The feedback received from licensees indicated a strong desire for education on the new rules, something strongly supported by both OSRE and RECBC. The Superintendent will require licensees to complete education relating to the new rules and intends to publish a rule for feedback in the coming weeks to support this requirement.
 

• Read the Results of the Public Consultation on Proposed Rules Summary Report (PDF)

The Office of the Superintendent of Real Estate (OSRE) is a regulatory agency of the B.C. government that carries out the regulatory, oversight and enforcement duties of the Superintendent of Real Estate. It receives its authority from the Real Estate Services Act, the Real Estate Development Marketing Act and the Strata Property Act.

*The Rules will also provide for a small exemption to the dual agency prohibition in situations where a particular property is so remote as to make finding another agent extremely difficult. Strict reporting requirements will apply in these circumstances.

Copyright © 2017, Province of British Columbia.

Steve Randall
REP

Owners of residential properties in Vancouver are beginning to receive their advance property tax notices with an added extra –  information on how to make an empty home tax declaration.

“Vancouver renters are in crisis, with the rental vacancy rate hovering over zero for years,” says Mayor Gregor Robertson. “The City will not sit on the sidelines as more than 25,000 empty and under-occupied properties hold back homes for people who live and work in Vancouver.

Each class 1 residential property owner is required to complete the declaration annually, with the deadline this time set for February 2, 2018.

Penalties for non-filing include an assumption that their property is vacant which means a tax of 1% of its 2017 assessed taxable value; plus a $250 fine for non-declaration.

The tax does not apply to principal residences, properties rented for at least 6 months of the year in periods of 30 or more consecutive days, or those that are subject to one of eight exemptions.

The exemptions include: occupancy for full-time work (min. 180 days in the year); owner in care; estate of deceased; transfer of property; undergoing redevelopment or major renovations; strata rental restriction; court order; or limited use residential property.

“Housing is for homes first, and as business and investments second – we need a tax on empty homes to encourage the best use of all our housing, and help boost our rental supply for locals,” added Mayor Robertson.

Copyright © 2017 Key Media Pty Ltd

REW

Vancouver has placed sixth in a ranking of the world’s best cities for families, released November 15 by German real estate portal Homeday.

After surveying hundreds of parents on what makes a great city for a family, the company researched thousands of cities around the world based on the key factors identified. This study looked 15 factors, including housing, education, safety, affordability, unemployment, pollution, transportation, maternity/paternity laws, healthcare, happiness, kid-friendly airports, activities for kids and green spaces. The 14th and 15th factors were “expert perception,” for which Homeday polled 30,000 parents and parenting professionals across the globe – including childcare experts and parenting journalists – for their opinions.

With marks out of 10 for each, Vancouver scored less than six points for housing, but more than eight for education, happiness, safety, pollution, activities for kids and transportation. It also scored surprisingly high for affordability, based on purchasing-power parity (PPP) or GDP per capita.

Vancouver’s position was the highest in Canada. It was beaten by five European cities, three of those in Scandinavia, with Copenhagen named the best city in the world for families.

“Our real estate agents agree that the ultimate importance for most young families searching for real estate is a location which is good for their family development.” says Steffen Wicker, managing director at Homeday. “For those families trying to decide where to put down roots, they need data-led research more than ever to help them make an informed decision. We hope that this study will make the all-important choice of where to raise a family that bit easier for young movers.”

The Homeday report was issued on the same day that a list of the “World’s Best Cities” was released by Resonance Consulting. Vancouver squeaked into the top 30 overall rankings, scoring highly on “Place” – which includes lifestyle, environment and surroundings. It scored even higher for “People” – which factors in ethnic diversity and immigration – and ranked first in the world in this category. However, it ranked much lower for “Programming” (arts and culture), “Prosperity” (including GDP per capita and corporate HQs) and “Product” (quantity and quality of major educational institutions).

The top three cities named in the overall rankings were London, New York and Paris.

© 2017 REW.ca

Foreign nationals were involved in 3.4 per cent of all Vancouver transactions

Graeme Wood
Vancouver Courier

Foreign influence in Richmond real estate remains strong and steady, according to recent data released by the B.C. Ministry of Finance.

Since April 1, foreign nationals have been involved in eight per cent of all residential real estate transactions in Richmond, which is the highest rate of any jurisdiction in B.C. 

By comparison, foreign nationals were involved in 3.4 per cent of all Vancouver transactions and across Metro Vancouver the rate was 3.3 per cent. 

In Richmond, foreigners were involved in 318 transactions, whereas in Vancouver they were involved in 259.

From January to September, foreign buyers have paid about $36.2 million in additional taxes (from the 15 per cent tax introduced last August) in Richmond alone, meaning they’ve sunk roughly $241 million into homes.

The monthly rates appear to have stabilized following the Aug. 1, 2016, implementation of the foreign buyers’ tax. 

In the months prior to August 2016, foreigners were involved in 24.7 per cent of all such transactions in Richmond.

In 2017, the average value of homes being purchased by foreigners has also declined, as more multi-family units are being targeted.

Since October 2016, all Richmond properties have increased in sale price by 10.8 per cent. 

Single-family homes have remained relatively stable by increasing only 2.3 per cent (now averaging $1.69 million), however townhouses are up 12.6 per cent and condos are up 26.3 per cent. Compared to the same period in 2016, sales of single-family homes have dropped by about 25 per cent, while condo and townhouse sales have remained stable. 

Jill Oudil, president of Real Estate Board of Greater Vancouver, said multi-family units have been a hot commodity among local buyers after the Government of Canada announced new mortgage stress tests (starting in the New Year new buyers must be able to afford mortgages with higher interest rates).

“Many buyers are trying to enter the market before the changes are in place,” said Oudil, in her last monthly report.

While the City of Vancouver looks to policies targeting non-residents, such as an empty homes tax and restricting pre-construction condo sales to local residents, the City of Richmond has maintained a supply-focused solution to the housing crisis.

While the public wasn’t given the option to consider foreign money and speculation as the “primary focus” for the City of Richmond’s Affordable Housing Strategy, in the “other” comments section of a public consultation survey, about one third (17/52) of respondents noted foreign investment and speculation as something city council should address. 

Glacier Community Media © Copyright ® 2013 – 2017

BCREA

The British Columbia Real Estate Association (BCREA) reports that a total of 8,677 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, an increase of 19.3 per cent from the same period last year. Total sales dollar volume was $6.25 billion, up 41.6 per cent from October 2016. The average MLS® residential price in the province was $720,129, up 18.7 per cent from October 2016.

“BC home sales trended higher in October, up 23 per cent from January on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “A lack of supply in the resale market continues to put upward pressure on home prices in most BC regions.”

Total active listings were down 5.1 per cent to 27,987 units in October compared to the same month last year, and have declined 49 per cent over the last five years. The ratio of home sales to active listings was up from 24.7 per cent in October 2016 to 31 per cent last month. The BC housing market is considered to be in relative balance when the ratio of home sales to active listings is between 12 and 20 per cent.

Copyright ©2017 BCREA