Yvonne Dick
REM

Using 3D software used for websites, cinematic projects and games, real estate professionals can now show clients a property in its best light. Even if the home looks barren and is without furnishings, clients can view it staged. This creates a positive feeling about their prospective new home before they have even seen it.

Ajay Bhandari of Sona Visual real estate marketing in Calgary says, “Virtual staging is used sometimes in place of actually going and staging a home – especially when the people are still living in it. The benefit is that it reduces the cost and monthly rent of physical home staging items. Also, in places where a home is empty, it can discourage break-ins because someone may see the listing online and think that the house is lived in.”

Virtual staging and 3D photography have come a long way in a short time. In the 10 years that Bhandari has owned Sona Visual in Edmonton and Calgary, he says the past four years have been the greatest for technological advancement. Since the Matterport camera debuted, it is now possible to get a virtual showing of a house via a website. This is great for relocation clients and those short on time to imagine a home before making the trip to see it.

Think of virtual staging as the computer software version of placing items in a dollhouse. You may never have played with dolls, but the concept is likely familiar. The software provides options for you to add furnishings, wall colours and flooring. You can use photographs of your listing as the backdrop. After you give the software the measurements, it can create a 3D model of the house you are selling. The level of detail involved is up to the sales rep. You can use a company such as Sona Visual to arrange your 3D listing or do the work yourself by purchasing one of the many virtual staging software bundles available.

“Think of it as an added value to your existing services,” says Bhandari, “It has been my experience that once they have it done, Realtors love it.”

Sales rep Mike Atkinson of Forest Hill Real Estate in downtown Toronto says the new technology has led to greater sales success. It also provides a unique experience for his clients.

“I will use a combination such as an aerial drone coming into the neighbourhood from overhead. It shows the nearby streets, rooftops, specific outlines of the property and the outside of the house, all in a one-minute video. From there, I might add in HD quality photos of the interior of the home and a virtual reality walk-through tour.”

Atkinson uses technology that provides prospective clients with a continuous loop (no clicking to advance the page). He also works with professional photographers and contracts a company to refine the results into a cohesive listing page.

If you feel handy, there are plenty of online tutorials and articles to help. The National Association of Realtors site has a blog dedicated to home staging. Many of the tips transfer to the digital realm with ease.

When viewing your 3D listing online, clients should be aware that furnishings are computer added. Do not add an incredible outdoor scene to the windows unless one actually exists. Should your client become interested in the house, they will also see it in person without the added staging.

“It is about giving the client the most information possible,” says Atkinson, “They will notice things that are different or things which they were not expecting right away.”

Stay true to the home’s real colours and measurements. Indicate that it is a model and minor details such as furnishings or exact colours may vary.

When you are helping place clients’ furniture into an existing model, the same rules apply. Try to select furnishings that match the specifications you are given. For instance, if they want to see a king-sized bed in the master bedroom, your model bed must be king-sized. Go with the client’s preferences, because they are envisioning their next home.

Sometimes clients may want to view a 3D home with different appliances than are currently in place. They may want other colours and flooring. Indulge them so that they have all the information possible to make an informed decision. They may know, for instance, that the appliances are not stainless steel – but be planning a near-future purchase.

The most effective way to sell something is to make sure that it fills a need. 3D virtual staging can help them envision that in a potential house and feel at home before they open the front door.

© 2017 REM Real Estate Magazine

Steve Randall
Canadian Real Estate Wealth

There’s been a rise in uninsured mortgages so far in 2018 according to data from OSFI.

The share of loans that don’t need insurance soared by almost a fifth in January, to 53% of the $1.13 trillion mortgages from Canada’s federally regulated banks.

It takes the share of uninsured mortgages to an 8-year high. The market has been increasing over the last few years as the government has moved to curb taxpayers’ exposure to the housing market.

New mortgage rules came into effect at the start of 2018 but the market was already being impacted by previous policy decisions including rising interest rates.

Ratings agency DBRS said Monday that: “The slowdown in mortgage growth has been evident since the middle of last year, reflecting the impact of prior policy measures, as well as three interest rate hikes by the Bank of Canada.”

The growth of the banks’ mortgage business was 5.7% in January. The most recent high was in May 2017 with a 6.6% rise.

Copyright © 2018 Key Media Pty Ltd

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The City has voted to establish a new citizens’ working group to help guide council into policy changes that will limit massive home sizes

Brent Richter
Western Investor

West Vancouver council is gearing up for another tilt at the community’s monsters.

Council voted Monday night to establish a new citizens’ working group that will help guide council into shrinking down the size of new so-called “monster homes.” It’s been on the district’s priority to-do list since 2013 when the community started to push back against developers and investors building massive homes to the maximum allowable setback and square footage.

Previously, the district tightened the rules around fence sizes and placed limits on the maximum size of homes that could be built on properties made up of two consolidated lots. But council shunted dealing with the matters of housing bulk and character to a later date.

Under the draft terms of reference, the new working group will study the matter in detail and report back to council with some recommended policy changes after 12 months.

Although they had reservations about the size and complexity of the task soon to be handed to a group of citizen volunteers, council members seemed equally concerned with how long the process would take.

“I think there is criticism and it’s somewhat well founded that we’re going to close the barn door just as soon as the cows all leave,” said Coun. Craig Cameron.

Coun. Mary-Ann Booth agreed but reminded her colleagues why they were striking the group in the first place

“I think the community has clearly, through many of us, voiced their concerns around this issue with the rapidly changing landscape really of West Vancouver,” said. “We’ve been talking about this since 2013. That’s five years ago.”

Coun. Christine Cassidy said too she was glad to see the issue “finally” come forward.

“I think preservation of neighbourhood character is probably amongst the top three if not, potentially the top one, issue in the emotional intelligence of West Vancouverites,” she said.

Coleeen Sunderland, a resident on the 2800 block of Lawson Avenue, wrote to council urging them to address their “archaic” zoning bylaw after her neighbours began construction of a “monstrosity” she described as an “invasive, gigantic, great wall.”

“There has been no consideration taken by the planning department to ensure that this and many other residences comply with the character of the community or have any sensitivity to the quality of life of the neighbours,” she said. “A change in our zoning bylaw is long overdue. Let’s get moving in a more positive direction.”

Coun. Bill Soprovich defended the district’s staff however, saying they were only following the bylaws they have on the books.

“I know that house. It’s unfortunate. How did it get there? I suggest to you that it met the bylaws. With your help in the future, maybe you can make suggestions to the working group on how we can change the bylaws to prevent that type action in the future.”

Once the terms of reference for the group have been approved by council, the district will seek volunteers from the community.

Council recently accepted the final report of a working group set up to advise how the district should regulate the cutting down of trees on private property, though the suggested rule changes, which include requiring minimum numbers of trees on lots undergoing redevelopment and a loosening of laws for removing mature trees on lots with existing homes have not yet come up for a vote.

Copyright © 2018 Western Investor

This 1922-built house at 1511 Barclay St., sold for $2.8 million just over two years ago.

Cheryl Chan
The Province

A rundown residence on Barclay Street in downtown Vancouver that only needs “a little TLC” would need a buyer with considerably large pockets. 

The two-storey, 1922 house on 1511 Barclay has four bedrooms, three bathrooms and an eye-popping list price of $6.98 million. That’s especially noteworthy considering the same house sold for $2.8 million just over two years ago, $700,000 above its then-asking price. Land-title documents list the current owner as Sahara Jetha. 

The reason for the high price tag — now and then — is: “Location, location, location!!!,” according to the description of the listing by realtor Sydney Deng of Royal Pacific Realty Corp. 

The property is being marketed as a “land assembly” and an opportunity for “investment and self-use.” 

The 2,372-square-foot house has a “well-laid-out floor plan,” said the ad, with two bedrooms and living space on the main floor, another bedroom on the top floor and a fourth bedroom in the basement. 

It sits on a 33-by-131-foot lot on Barclay, just off Nicola Street, between an apartment building and a townhouse in the West End, where single-family dwellings rarely come on the market.

Like most of the West End, the property is zoned RM-5 — another selling point, as it allows for a floor-space ratio of 1.5, or up to 6,484 square feet of living space with the retention of the house and infill in the back.

The RM-5 zoning allows for residential developments with “compatible retail, office, service and institutional uses,” says the city, with an emphasis placed on developments that are compatible with the neighbourhood and suited to families with children.

In 2018, the property was assessed at $3.3 million for the land and $117,000 for the house, according to B.C. Assessment. 

A nearby house on a smaller lot on 977 Broughton St., which had operated as Nelson House B&B, was sold last year for $2.8 million, just slightly over its assessed value of $2.7 million. 

Another house on 1390 Thurlow St., near Pacific Street, sold for $6.4 million last year. It was assessed at $5.6 million.

© 2018 Postmedia Network Inc.

Neil Sharma
REP

Selling a home that was once the scene of a gruesome murder, or even a suicide, is no simple task for sales agents. But buyers are often reticent for cultural reasons, and given the right area—and the right mix of people—selling that stigmatized property could be a breeze.

Shawn Zigelstein, a Royal LePage Your Community Realty sales agent, sold a Scarborough house five years ago that was once a murder scene, and that he expected it to be a tough sell. It was anything but.

“We had multiple offers on it,” he said. “Most people didn’t care. We were in an area where buyers were coming from different areas, and were of different ethnicities. Depending on their beliefs and ethnicities, some people will or won’t put offers in. Even with a natural cause of death, some people will not put an offer in.

Zigelstein added that, sometimes, the passage of time assuages buyers’ discomfort.

“It was a number of years since the murder—probably around several years prior to. So I don’t think they had an issue with it at all,” he said of the Scarborough house he’d sold.

Zigelstein has also sold two homes marred by suicide. But, again, he says people have different attitudes towards death.

In Ontario, sales agents are not legally required to disclose murders, suicides or misadventure—an accidental death, like drowning in a swimming pool—however, the Real Estate Council of Ontario does require agents to divulge what they know. Moreover, non-disclosures in the digital age could mean a headache down the road.

“In today’s world with the internet, if anything is covered in the media, it wouldn’t be very bright to try to avoid disclosure because they could turn around and get you in the future,” said Ryan Roberts, a broker with Bosley Real Estate.

More often than not, murder houses are tough sells. As an example, Roberts noted the infamous Paul Bernardo house, which, no matter what anybody tried, wouldn’t sell.

“There was a case years ago with the Bernardo house, and they had a hard time selling that property for years and years and years,” he said. “They tore it down, built it up and changed the street address, and it still wouldn’t sell.”

However, Roberts also noted that the house received immense media coverage, and that likely dissuaded buyers for whom the house’s infamy wouldn’t have been problematic.

“There are just so many factors, but, ultimately, the biggest factor is what the buyer perceives the value to be,” he said. “And they may not care. They may not care that there was a murder or suicide at one point. Stigma is in the eye of the beholder.”

Copyright © 2018 Key Media Pty Ltd

Doug Alexander and Erik Hertzberg
Canadian Real Estate Wealth

Canada’s uninsured mortgage market reached an eight-year high in January as government steps to reduce taxpayer exposure to the housing market gain traction, according to data from the country’s banking regulator.

Mortgages that don’t require homeowner insurance surged 19 percent from a year ago, accounting for about 53 percent of the C$1.13 trillion ($864 billion) of home loans at Canada’s federally regulated banks, data from the Office of the Superintendent of Financial Institutions show. Insured home loans fell 6.5 percent from a year ago.

Uninsured mortgages have taken an increasing share of the nation’s housing loans since 2012 as the government moved to reduce the chances of the kind of taxpayer-funded bank bailouts that happened after the U.S. housing crash a decade ago.

Still, the slowdown of residential mortgage volumes continues, with banks posting a 5.3 percent increase from January 2017, down from a recent high of 6.6 percent in May, the data show. The trend reflects the sentiments of executives of Canada’s Big Six banks, who commented on a cooling mortgage market in recent weeks after reporting earnings results for the first quarter.

“The slowdown in mortgage growth has been evident since the middle of last year, reflecting the impact of prior policy measures, as well as three interest rate hikes by the Bank of Canada,” DBRS Ltd. said in a March 19 note.

In January, OSFI made it more difficult for those with more than a 20 percent down payment to qualify for loans. The measures, known as B-20 guidelines, requires borrowers to qualify at the greater of the Bank of Canada’s five-year benchmark rate or 2 percentage points higher than the offered mortgage rate. Prospective borrowers have increasingly been turning to alternative lenders to qualify.

“With new mortgage rules taking effect on January 1, home sales have showcased two straight months of declines,” Barclays Plc analyst John Aiken said in a March 16 note to clients. “While stronger home sales at the end of 2017 could still buoy mortgage growth in the second quarter, we anticipate new mortgage origination volume could be tested in the back half of the year.”

Copyright © 2018 Key Media Pty Ltd

Steve Randall
Canadian Real Estate Wealth

The two-month break in the downward trend for a national home price index has ended with the largest decline for February since 2013.

The Teranet-National Bank HPI was down 0.13% in February compared to the previous month, after rising in January and December. The index tracks home prices relative to a base value of 100 in June 2005 and in February reached 218.90.

Only Vancouver (+0.4%), Hamilton (+0.2%) and Halifax (+0.8%) recorded gains among the 11 metros surveyed, the lowest number to rise since October 2014.

For Vancouver, it was a 12th rise in 14 months and a record high for its index (285.83) topping off a 5.79% year-over-year rise. Toronto by comparison was up 6.19% year-over-year to 236.22.

The index for Victoria was flat on the month and the other seven component indexes were down: Toronto −0.1%, Montreal −0.3%, Ottawa-Gatineau −0.7%, Edmonton −0.8%, Calgary −0.8%, Winnipeg −1.0%, Quebec City −1.5%.

Year-over-year the Composite 11 index was up 7.54%.

Copyright © 2018 Key Media Pty Ltd

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If they are NOT a Permanent Resident OR Canadian Citizen;

The Buyer is and will be, on the Completion Date, a “foreign entity” or a “taxable trustee” as defined in the British Columbia Property Transfer Tax Act (as amended) (collectively, the “Foreign Entity”). The Buyer is aware that the Property Transfer Tax Act, as amended, imposes an additional Property Transfer Tax of 20% of the fair market value of any residential property being purchased by a Foreign Entity.

PTT – Property Transfer Tax Explanation;
The property transfer tax continues to be a cash cow for the province. The province is expected to collect $2.23 billion this year from the tax after bringing in $1.6 billion last year. The province is also increasing the tax on properties over $3 million from three per cent to five per cent, see new calculations below;

PTT- Calculations; The Buyer will thus be required to pay Property Transfer Tax equal to the total of:
1. 1% of the Purchase Price on the first $200,000
2. 2% of the Purchase Price that exceeds $200,000 does not exceed $2,000,000
3. 3% of the Purchase Price that exceeds $2,000,000 but does not exceed $3,000,000
4. 5% of the Purchase Price that exceeds $3,000,000; plus

The Buyer has obtained or will obtain independent legal advice with respect to the payment of Property Transfer Tax.

Speculation Tax – A new tax on Foreign and Domestic speculators that will apply in Metro Vancouver, Fraser Valley, Capitol and Nanaimo Regional Districts and Municipality of Kelowna and West Kelowna
Starting this year 2018 (date to be announced) the provincial government will apply a 0.5 per cent ($500/$100K of property value) speculation tax of assessed value on homes owned by people who don’t pay taxes in British Columbia. The tax goes up to 2 per cent in 2019 ($2,000/$100K of property value) and will stay at that rate going forward. It is expected to bring in $87 million this year. The tax will target foreign and domestic speculators who don’t pay taxes in BC including those who leave their units sitting vacant. This will include satellite families.

Foreign Buyers Tax going up to 20% for all Properties effective Feb 21, 2018
Starting Wednesday Feb 21, 2018, the foreign home buyers tax is going up from 15 per cent to 20 per cent. Not only will the tax be applied to homes in Metro Vancouver, but will now apply in the Capital Regional District, the Fraser Valley, the Central Okanagan and the Nanaimo Regional District.

Assignments, Pre Sales, Numbered Companies owning homes – Closing housing loopholes
The NDP was highly critical in opposition of the loopholes that were being exploited in the overheated housing market. Now in government, the NDP will try to close some of the loopholes by creating a database on pre-sale condo assignments, stopping numbered companies from owning homes and deal with mega-homes built on Agriculture Land Reserve Land.

City of Vancouver “Vacancy Tax”
Every owner of residential property in Vancouver is required to submit a property status declaration each year to determine if their property is subject to the Empty Homes Tax. Failure to declare by the deadline will result in your property being deemed vacant and subject to a tax of 1% of its assessed taxable value and a $250 penalty. To address Vancouver’s housing crisis, The City of Vancouver has implemented an annual tax on empty or under-utilized residential properties called the Empty Homes Tax. Every owner of residential property in Vancouver is required to submit a property status declaration each year to determine if their property is subject to the tax. Properties deemed empty will be subject to a tax of 1% of the property’s assessed taxable value. Most homes will not be subject to the tax, as it does not apply to principal residences or homes rented for at least six months of the year; however all homeowners are required to submit a declaration. The Empty Homes Tax is also known as the Vacancy Tax and is imposed under the Vacancy Tax Bylaw No. 11674.

New School Tax on properties worth $3M or more
There is an additional school tax on all BC homes valued at over $3-million. The province will level a tax of 0.2 per cent on the assessed value of a home that exceeds $3-million ($6K for $3M), but doesn’t exceed $4 million. A tax rate of 0.4 per cent will also apply to the portion of a residential property’s assessed value over $4-million .This measure is projected to bring in revenues of $250-million over the next three fiscal years.

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© 2018 Global News

Landmark on Robson makes a statement in its downtown Vancouver location

Michael Bernard
The Vancouver Sun

Landmark on Robson

Project Address: 1400 Robson St., Vancouver

Project Scope: At total of 237 suites in two concrete highrise towers with views of Coal Harbour, the North Shore Mountains, English Bay, Stanley Park and the city skyline. 

Developer: ASNA Robson Landmark Holdings Ltd.

Architects: PDP London and MCM 

Interior Design: Atelier Ikebuchi

Sales Centre: 740 Nicola St., Vancouver

Centre Hours: By appointment only

Sales Phone: 604-566-2288

Website: landmarkonrobson.com

Occupancy: spring 2023

PDP London may be based thousands of kilometres away, but the architecture firm demonstrated a keen understanding of Vancouver when it came to the balconies in the two-towered Landmark on Robson. And it helped that this city provides such spectacular views and scenery, says David Hoggard, the firm’s managing director and partner.

The firm, working with the locally based MCM, came up with a solution to ensure the homes have both shelter from the rain and panoramic views of the city and mountains and beyond, by alternating the positioning of the balconies on each floor, Hoggard said.

”The convenience of being in the city centre usually means a compromise in access to outdoor space,” Hoggard said in an email. “When outdoor space is provided in urban developments, it is often in the form of small balconies that are not ideally useful.”

The designers wanted “usable” balconies large enough to create outdoor living areas that provide an extra room in addition to the living and dining room, he said.

The solution was to create “Sky Terraces”, which alternate the plan shape of the balconies on each floor so part of the balcony has the shelter granted by the balcony to the floor above, but part has the openness of double-height space, he said.

“We also wanted to make the most of the panoramic views from the building so we made the majority of the balconies project from the corners of the towers so they each have 270-degree views over the city and beyond.”

The building site on a stretch of Robson that slopes down to Stanley Park currently is home to the now-closed Empire Landmark Hotel, a 45-storey structure now being dismantled floor by floor to make way for the two new towers — 34 and 32 storeys high — that will be joined by a podium that houses the common amenities. They include including a heated swimming pool and landscaped gardens and lounge area.

The new buildings will feature retail space at ground level with two floors of office space on top of that. Each tower will have a separate entry for residents off Nicola and Broughton streets.     

“In every major city there is one street that makes it famous, says George Wong, whose Magnum Projects is marketing the homes. “In L.A., it’s Rodeo Drive, in New York, it’s Fifth Avenue and in Vancouver, it’s Robson.”

Wong says that in addition to international buyers, he expects to see a number of empty nesters from west-side Vancouver and West Vancouver who are interested in downsizing. “The kids have moved away and they want to move to a condo and they want to see the best in the condo offerings.”

The three-bedroom 1,600-square-foot show suite at the presentation centre on Nicola, accessible by appointment only, reflects the kind of finishing designed to please an expensive palate, said Wong, adding that the Singapore-based Atelier Ikebuchi developed custom designs for each of the suite types in the two buildings.

The walk-through is impressive from the beginning — the double door entry leading from the elevator lobby. The entrance corridor leads to an elegant streamlined kitchen, designed by the Italian design firm Minotti, known for its minimalist approach. The cabinets are faced in horizontal grained wood veneer, topped with square edged stone slabs on both the counters and island.

All of the appliances are by the German manufacturer Gaggenau, and include a gas cooktop, refrigerator, speed microwave oven with warming drawer, dishwasher. Topping off the list in some homes is a floor-to-ceiling Gaggenau wine fridge with dual-temperature control for red and wine wines.

A big wow factor is looking across the dining and living room spaces to the balcony, which presents a photographic depiction of remarkable view that a visitor would see in the finished product. The effect of space is enhanced by the floor-to-ceiling glass with a threshold-less transition to the balcony area.

The entertainment-sized balcony — with a minimum of 183 square feet of space — has a wood ceiling creating a warm exterior space. Light through the expansive glazing is controlled by motorized blinds.

The living areas have indirect lighting built into the cove ceilings. The floors are engineered hardwood with marble used in the bathroom areas. Marble is also used for bathroom flooring, walls, cabinet sides, shower stalls and tub surrounds. Floating vanities are lit by undermount lights. The bidet-style toilets in the master ensuite come equipped with heated seats and all floors are radiant heated. Plumbing fixtures are by Hansgrohe, rated as one of the best in the world with reliability backed by a lifetime warranty.

The suites have heating and air conditioning through the latest mechanical system called CRF or Variable Refrigerate Flow technology.

The common amenities for both towers are as impressive as the show suite. The 18,000-square-foot Club Robson, situated on the podium between the two buildings, features a heated ozone swimming pool with adjoining sunning areas, a fitness and yoga centre, music and tutor rooms, a multi-media room with billiards, lounge and wet bar, a private dining room with catering kitchen and a 9,000-square-foot open-space lounge with gas fireplaces.

The 24-hour concierge and security service is complemented by a network of special services, including dog walking, chauffeured cars, a personal trainer and even a private visit by a makeup artist.

© 2018 Postmedia Network Inc.