Archive for April, 2018

Cryptocurrencies the coin of the future

Friday, April 27th, 2018

Vancouver lawyer Michael Stephens is working on cryptocurrency regulation

Ian Mulgrew
The Vancouver Sun

Vancouver lawyer Michael Stephens was at a recent convention in the Bahamas socializing in a crowded room when he couldn’t help watching and eavesdropping on two men.

“Their eyes just locked,” he recalled. “One said, ‘I have 10,000 bitcoin I want to sell you,’ and the other guy said, ‘I have X-amount of dollars I can pay you for them.’ They sat down with their laptops and transmitted the bitcoin and cash went the other way.” 

Two years ago, you wouldn’t have found a major bank, big accounting firm or top lawyers like Stephens, a partner at Fasken Martineau DuMoulin LLP, anywhere near cryptocurrencies.

The reason for the sea change is that digital money has become too profitable and beneficial to leave to the crooked and brazen.

What has until now been the grease of the Dark Net, a black-market barter system, cryptocurrencies are moving into the light, from the Back Street to Wall Street.

Bitcoin, Ethereum, Zcah, Monero, Ripple, there are thousands of them — putatively worth nearly $300 billion in capitalization and generating $500 billion a day in daily volume of unregulated trading.

In Jan 2017, bitcoins were pegged at about $1,000 a token, by December they were reputedly worth more than $25,000 and this week they were going for about $12,000.

Still how do you get them and where do you spend them?

“You can buy them from individuals personally — like I saw — or on unregulated crypto exchanges,” Stephens explained.  “But there are relatively few commercially viable ways you can spend your bitcoin.”

In the eyes of the law, bitcoin transactions are simply bartering. 

“You can’t buy a Big Mac with 10 bitcoin, but maybe that day will come. Though 10 bitcoin is a lot of money right now (about $120,000), that would be an expensive Big Mac.”

Some cryptocurrencies are the equivalent of the trade beads, the coloured glass once used as money within the West African slave trade, others are like Canadian Tire money that you can use it to buy items from that particular retailer.

“Most transactions using Bitcoin or Ether are transactions to acquire other cryptos, other tokens within a crowd sale or an ICO (initial coin offering),” he pointed out. “I’m not a banker, but I’ve heard on the street that these crypto-millionaires are keeping the ICO market afloat because they need to keep rolling their gains into new crypto offerings.”

Most of his clients are creating one of two types of tokens: The first is designed to be used and consumed solely on their platform, to reward certain interfaces with users, grow their user base and increase engagement with their software program. The other is a form of fund-raising like a security or share offering.

 “A simple equity fund-raising, like a junior mining company — send me the money and I’ll send you securities in the form of tokens. That’s really the direction that things are going.”

Regardless of their purpose, cryptocurrencies are all children of the 2008 global financial crisis.

“People lost their jobs, people jumped off tall buildings,” Stephens remembered. “This was a sort of visceral reaction by crypto-enthusiasts to find a better way to transact that essentially did away with the middleman. This is the fundamental principle of a cryptographic token — you have essentially a trustless system that doesn’t require brokers, middlemen, bankers to facilitate transactions for goods and services.”

Bitcoin was the first, created in 2009 according to lore by an apocryphal figure named Satoshi Nakamoto. There had been attempts to produce digital cash before but ultimately success required advances in encryption methods and digital distributed ledger technology, better known as blockchain.

“You literally have a token that has a storage value that is recognized across the user base and every transaction using that token can be tracked for time immemorial and is immutable and is not capable of being re-written, or collateralized or kind of played with,” Stephens explained.

That’s why regulators are paying attention and want to bring the market out of the shadows.

“What we are going to move to in the future is treasury-backed, cryptocurrency that essentially replaces the currency of a jurisdiction,” Stephens insisted. “The Canadian dollar will become a crypto-coin that people will hold in their (electronic) wallet and that will result in instantaneous, trustless transactions without the requirements of Interac, without the requirement for bank fees, without the requirement for banks to hold deposit reserves.”

That’s going to fundamentally change banking, he added.

“There’s nobody who needs to manually do anything. So there is no human error. If one system breaks down, you have 27 other systems still running (the “distributed” ledger in operation) and other nodes that can update that one node when it comes back on line. I think adoption is going to be massive.”

Europe already is experimenting with eliminating notes and coins; China is considering it.

Cryptocurrency technology can enhance transparency (transactions are pseudonymous not anonymous — each is attached to a specific computer address) which aids regulators and taxation authorities.

But the big boon is eliminating the lag time that physical recording and implementation require — a huge saving.

For example, Stephens said settlements on stock exchange trades take two days to process.

“It’s two days of risk they would no longer have to deal with, which means they don’t have to post capital, which means their overhead on trades is lower, they’re saving a ton of money and sadly it means that a lot of admin people will be redundant in these banks and institutions because there is no need for anyone to manually update a silo-ed ledger.”

With such a spectacular upside, Canadian regulators are mulling a proposal to allow cryptocurrencies to legally trade.

“That doesn’t exist anywhere in the world,” Stephens said. “If we were to create a regulated marketplace to clear and settle trades in a cryptographic security — not necessarily an equity — that would bring a ton of new issuers to B.C. and the crypto-marketplace would exponentially grow here. The last chat I had with the (Canadian Securities Exchange) was that they are about nine months away. Detractors, including the TSX Venture Exchange, would have you believe it’s a longer runway. I think it’s probably somewhere between that and 15 months. Which is very cool.” 

© 2018 Postmedia Network Inc.

LED upgrades make cost-saving sense

Thursday, April 26th, 2018

Making a case for energy upgrades

Tony Gioventu
The Province

Dear Tony:

Our strata council has been trying to convince our owners to upgrade our lighting in the building to all LED’s to save electrical costs. We have had several assessments with projections of a $5,500 a month savings, but our owners keep defeating the special levy to pay for the upgrade cost, which is $100,000. Several owners have continued to challenge the technical reports of the companies, claiming the savings are not realistic. Do you have any advice how we can get the owner’s support?

Terri-lynne B. Burnaby

Dear Terri-lynne:

Financial management of strata resources and annual budget planning is just as important as contributing to your long-term planning for major renewals. Cost savings from operating budgets can offset strata fee increases, be used to increase contributions to contingency funds or increase services to your owners. Financial management is not only about investments and planning, but also technology upgrades and negotiations of contracts and services that manage future costs of energy and operations. There are now a number of case studies for building performance that have verified the significant cost savings and recoveries within a short period of time. At $5,500 a month, your strata will recover its cost to upgrade to LED lighting in 20 months.

A possible solution to funding the upgrade is by using your contingency fund. If your strata corporation has sufficient funds and no pending major repairs that require funding, your strata may decide to use contingency money by 3/4 vote to ease the pressure on the owners for a special levy.

If you then convert your monthly savings into your contingency contributions as part of your annual budget, you will restore the expense within two years without increasing strata fees. If you continue to convert the savings to your contingency, your contribution to your contingency fund will increase by $60,000 annually. That increase alone will be sufficient to cover the cost of your roof replacement in 5 years projected at $300,000.

LED upgrades are an excellent opportunity for significant cost savings, they reduce long term maintenance cost, increase light levels in target areas such as parking garages, and reduce the electrical demand for your building that may enable electric vehicle charging stations without the need for electrical upgrades.

As electrical costs rise the savings will also rise. If you are undertaking an upgrade try to complete all conversions at the same time including exterior common areas and take advantage of the highest possible savings. Verify the life span of the lamps that are being installed. Longer life bulbs may cost marginally more but the reduction in labour for replacement is worth the initial cost.

In partnership with BC Housing CHOA is publishing case studies on LED upgrades, converting roofing systems to solar collectors and the management of makeup air units and hosting a one day research symposium for technical and legal requirements on LED conversions, Solar Roof Top Installation, Make Up Air Units, Electric Vehicle Charging Stations and Insurance Deductibles, May 12 at the Italian Cultural Centre. To register email [email protected]. ca or call 604-515-9672.

© 2018 Postmedia Network Inc.

Edgemont Walk 1133 Ridgewood Drive North Vancouver 24 three bedroom townhomes by Boffo Developments

Thursday, April 26th, 2018

Artistic vision and style inspire townhome community at Edgemont Walk in North Van

Mary Frances Hill
The Province

Edgemont Walk

Where: 1133 Ridgewood Dr., North Vancouver

What: 24 spacious threebedroom townhomes with flex space and garages

Residence sizes and prices: Ranging from 1,500 to 2,595 square feet, prices starting from about $1.559 million

Developer and builder: Boffo Properties

Sales centre: 1133 Ridgewood Dr., North Vancouver

Sales phone: 604-880-0441

Outside of Edgemont Walk, a planned collection of 24 row townhomes in North Vancouver, developer Boffo Properties will place Shattered Sphere, a bright, illuminating public art installation by West Vancouver artist Brent Comber. The devotion to artistic vision and style doesn’t end there, though; thanks to the creativity of two design firms, it’s also reflected in the style of the display home interiors.

The townhomes are spacious, ranging up to 2,595 square feet with garages, three bedrooms plus flex rooms or dens, engineered hardwood flooring, powder rooms on the main floors and full laundry centres with added storage. Though the space and features are a draw, it’s the open-concept living and dining rooms that stand out for their theatricality thanks to suite design and finishes from Lisa Hansen and Brenda Chiu of Area 3 Design with furnishings and decor by BYU Design’s Ada Bonini and Nicole Duval.

Together, the dark wood and black leather of the living room chairs and dark dining room seating create a look associated with mid-century modern style. BYU Design sourced the chairs in the dining and living rooms at Crate and Barrel. “We chose them to create a mid-century vibe with a modernized twist,” says Ada Bonini, principal of BYU Design.

“The wood and leather combination creates a timeless feel.”

The style of the furnishings may have further ignited a creative spark for the BYU designers, who chose a dark green for the dining room wall. They then layered the dramatic look with even more impact by installing a trio of full-length framed mirrors.

It’s unconventional and glamorous. At the same time, the dark feature wall sets a quiet mood, Bonini admits. “This tone helps create a warmth and coziness to the room, while expanding it at the same time. It is an anchor or grounding point for artwork and mirrors and by painting the full length, we helped make the living and dining room feel cohesive, while giving it a West Coast feel.”

Once Bonini and Duval arranged the large string of theatrical lighting across the ceiling — a move that they hadn’t planned on doing earlier in the planning stages — the room took on a whole new personality.

“The client specifically requested using this fixture,” says Bonini, who points out this lighting comes courtesy of the Flos “Aim” fixture.

“It’s a beautiful statement piece that creates a great focal point for the space. The fixture helps spread light out just where you want it and feels sculptural. It’s a larger scale than we would typically use, but in the end we were happy with the effect it created.”

© 2018 Postmedia Network Inc.

Condo developers in B.C. asked for more information about hot presale market

Thursday, April 26th, 2018

Proposed legislation would require developers to report information on contract flipping

Joanne Lee-Young
The Province

Condo developers will be required by law to collect and report information on buyers who flip sales contracts for a higher price, according to legislation proposed by the B.C. NDP government.

This is a segment of the real estate market that has been exempt from the dampening effect of the foreign-buyers tax and disclosure rules for so-called shadow-flipping.

For now, the Ministry of Finance plans to collect the personal or business identity of all parties in an assignment agreement, including name, social insurance number, contact details and the amount paid by the buyer to the seller. It will not only be asking for details about assignments, but also first contract buyer details. 

In recent years, prices for presale condos (condos that can be purchased but haven’t been built yet) across Metro Vancouver have seen high, double-digit price gains of 40 to 60 per cent, and even higher, as other parts of the housing market have cooled or risen more moderately.

“It (would) bring more transparency to that part of the market which currently lacks it,” said Vancouver real estate agent Steve Saretsky, who has been critical of developers selling presale contracts to overseas buyers who then sell them again and again to local buyers at higher prices.

The development industry has been against other housing measures proposed by the NDP, but it supports the curbing of presale assignments. 

Realtors, like Vancouver-based Rick Clarke, agree with tracking assignments because he sees hints of the volume. “They should. A lot of people are not reporting and not paying tax and making big gains.”

He says there is “a select group of agents” that have tight relationships with developers who rely on them for being able to sell chunks of pre sale condo units, describing one “known for just having signed 51 contracts in a half-hour.”

By comparison, even though “we are a top one per cent team, we have limited success” in being able to get clients access to any of those units because developers prefer the ease of moving a block of contracts.

Says Clarke: “It’s a different business model. They are order takers whereas we are consultants and take into account a client’s situation. Are they having a baby? Getting a divorce? What do they need?”

The province’s real estate development marketing act says that, unlike in Ontario, for example, developers must have a development permit in hand before they sign presale contracts. But many start “filling up a pipeline” of interested, “VIP clients” long before, in part, to make themselves attractive to developers.

Century 21 real estate agent Mike Stewart — who markets many presale projects long before they launch — didn’t return calls to Postmedia by deadline.

Edgar Sung, a realtor reached via the website AssignCondoNow.com, which lists assignment opportunities across Metro Vancouver, didn’t have a comment on the new rules for developers and what impact it might have on the market.

© 2018 Postmedia Network Inc.

Juwai teams up with Noah as exclusive overseas real estate partner

Wednesday, April 25th, 2018

Noah Holdings NYSE partners with Juwai

other

We’re excited to announce that Juwai.com has been appointed the exclusive overseas real estate partner of Noah Holdings!

As China’s leading wealth and asset management service provider, Noah Holdings Limited (NYSE: NOAH) specialises in global investment and asset allocation services for Chinese high net worth (HNW) individuals and enterprises.

The alliance with New York-listed Noah will see the two companies joining forces to bring international real estate investment to Noah’s more than 160,000 HNW customers at events throughout China, as well as offer access to a targeted segment of investors with total investments of over US $67.5 billion.

According to Noah CEO Wang Jingbo, this alliance with Juwai will help Noah fulfill their vision of serving their customers’ need for wealth management through globalised and diversified products and portfolios.

“We are pleased to be working with Juwai.com because it is the true international property authority in China. We are glad to be joining the ranks of other Juwai.com partners, such as Tencent, and the Association of Family Offices of Asia,” said Wang.

“Our partnership with Juwai will give our customers access to exclusive overseas property investment opportunities that complement the other asset classes and investment types we already make available.”

More about the Noah partnership

As exclusive overseas real estate partner, Juwai.com will provide property expertise and investment opportunities to Noah customers, so they can fulfill the full spectrum of their investment goals.

Juwai.com will also serve as exclusive international property partner for Noah Regional Leadership Events, of which there will be 18 throughout China in 2018 alone.

Beyond that, Juwai will source exclusive, world-class property investment opportunities for Noah’s high net worth Chinese investors as well.

“We are grateful to Noah for entering into this mutually beneficial partnership with Juwai. The agreement represents our ongoing campaign to further extend the comprehensive solution set we offer to property developers and project marketers,” said Carrie Law, CEO of Juwai.com.

“Through Noah, Juwai.com can offer property marketers exclusive access to a large, qualified audience of buyers throughout China. The Noah partnership gives us an opportunity to provide the Chinese high net worth investors in Noah’s network with access to real estate investment opportunities they otherwise could not obtain.”

“This partnership will ultimately mean that more high net worth investors from China and other parts of Asia can successfully source and acquire property overseas through Juwai and the international property marketers who rely on us,” said Law.

“For the real estate industry, this will create new opportunities for asset sales and joint ventures for development and investment. Noah’s investors are in the market for everything from single apartment units to entire blocks of units, developable land, trophy homes, and commercial property.”

Law further cited some recent findings from Financial Times Confidential Research, which revealed that over 60% of Chinese overseas investors intend to make new overseas real estate investments by 2020, and that close to 60% of Chinese consumer demand for foreign exchange is related to overseas real estate purchases.

“More than half of Chinese households plan to hold at least 10% of their wealth in foreign assets, and this share is growing,” Law shares.

“Chinese investor wealth has been growing rapidly, and there are now 1.6 million U.S.-dollar millionaires in mainland China, more than at any time in history. Wealth per adult in China has more than quadrupled over the past six years.”

2018 © Juwai

New home sales slump 67% amid buyer caution, low supply

Wednesday, April 25th, 2018

Steve Randall
REP

The sale of new homes in the Greater Toronto Area in March was down sharply with just 1,960 sales, including 1,649 condos.

The drop was 67% below sales a year earlier and 21% below the 10-year average, the Building Industry & Land Development Association (BILD) reported Tuesday.

The introduction of tighter mortgage rules in January played a part in the slowdown.

“Some of the demand that might have normally occurred this year was brought forward last year, helping to set a record year for condo apartment sales in 2017,” said Patricia Arsenault, EVP, Research Consulting Services at Altus Group, BILD’s official data source. “After an adjustment period, we expect the monthly pace of condo apartment sales to improve.”

Single-family home sales did pick up from February with 311 new detached properties sold in March compared to 265 in the previous month, but sales were 77% below those of March 2017.

David Wilkes, CEO of BILD, says that the numbers reflect the exceptionally strong sales of new homes in 2017, which was the fourth strongest year for new home sales in the GTA since Altus began tracking the data in 2000.

“This year, the cumulative effects of government measures to cool the housing market are likely keeping many potential buyers out of the housing market,” he said. “Many may simply be taking a wait-and-see approach.”

Prices continued to be impacted by low supply in March, and while the benchmark price for new single-family homes decreased slightly to $1,207,832, it was 7.4% above last year.

The benchmark price for new condominium apartments continued to rise to $742,801, which was 39.4% above last March. On a per square foot basis the price has increased from $666 in March 2017 to $825 in March 2018. The benchmark unit size for condos increased to 900 sq. ft. from 800 sq. ft. a year ago.

Copyright © 2018 Key Media Pty Ltd

Proposed legislation would require developers to report information on contract flipping

Wednesday, April 25th, 2018

Government promises crackdown

Dirk Meissner
REP

British Columbia’s government wants to crack down on tax evasion in the condominium market and gives municipalities more control over rental housing as it looks for ways of easing a housing crunch.

Finance Minister Carole James said legislation introduced Tuesday would require developers to collect and report buyer information on the purchase and sale of condos before they are built to ensure the proper amount of tax is paid.

The prices of so-called presale condominiums are inflated by people who buy and sell the properties without ever living in them or paying capital gains tax, she said.

“This is a key step to stopping people from using presale condos as a quick, lucrative investment,” James said. “It’s also to stop them from driving prices up for British Columbians trying to get into the housing market.”

She said the government will share the presale data it collects with the Canada Revenue Agency to monitor taxes.

The agency said last fall it was analyzing 2,810 transactions of pre-construction condo flipping in Toronto and may carry out audits to find tax evaders. The agency said real estate deals in the hot housing markets in the Toronto and Vancouver areas have been the subject of greater scrutiny.

James said the legislation follows the New Democrats’ pledge earlier this year to spend more than $6 billion on affordable housing over the next decade.

She said too many people in B.C. cannot afford homes and some, including seniors, are at risk of becoming homeless.

The provincial government recently introduced a speculation tax on some vacant homes to encourage rentals, increased the foreign buyers tax on property sales and created a housing hub program to link non-profit and faith groups with property to developers and government to build affordable housing.

“We’re still seeing high prices,” James said. “Vacancy rates are still a challenge. The hope is that will begin to moderate the market.”

The Real Estate Board of Greater Vancouver reported last month the average benchmark price for all properties in Metro Vancouver was just below $1.1 million, an increase of 16 per cent since March 2017. The average price for a detached single family home in Metro Vancouver was $1.6 million.

Rental vacancy rates in the areas around Vancouver, Victoria and Kelowna are below one per cent.

Cameron Muir, chief economist at the B.C. Real Estate Association, said the plan to compile data to track presale condominiums is long overdue.

“It’s a data gap that needs to be addressed and I think this is a good move to better understand the presale condo market,” he said, adding the legislation would force the reporting of the condo flips and allow the government to collect the tax.

Housing Minister Selina Robinson said the government also introduced amending legislation to give municipal governments stronger zoning tools to protect and improve the supply of rental properties.

The legislation would allow local governments to ensure existing rental properties cannot be redeveloped for other uses, she said. It would also permit cities to ensure undeveloped land zoned for rental will be used for rental homes, said Robinson.

“Local governments are on the front lines of this housing crisis,” she said. “With this new authority local governments will be able to preserve existing rental stock and encourage the development of new purpose-built rentals within their communities.”

The amendments would require local governments to conduct housing need assessment surveys and prepare data reports every five years, Robinson said.

Muir said the hot real estate market in Metro Vancouver has deterred developers from embracing the rental construction market.

“The profit tends to be in the condominium side,” he said. “Any measure to induce increased rental construction activity is probably a good one.”

Victoria Mayor Lisa Helps said there are 10,000 rental buildings from the 1960s in Victoria that require some form of updating, including seismic work.

“We’re definitely looking at incentives for developers,” she said.

Copyright © 2018 Key Media Pty Ltd

Mortgage rules contributed to “lacklustre” start to 2018 says Poloz

Tuesday, April 24th, 2018

BoC is forecasting growth of 2% for 2018

Steve Randall
Canadian Real Estate Wealth

The tightened mortgage underwriting rules which came into effect at the start of the year have contributed to a slower start for the Canadian economy.

Bank of Canada governor Stephen Poloz told the House of Commons Standing Committee on Finance that two key issues led to slower-than-expected growth in the first quarter of 2018.

Firstly, the changes to the B20 mortgage rules and other policy measures which saw some homebuying transactions pulled forward into the last quarter of 2017. The slowdown this caused should “naturally reverse” Mr Poloz said.

Weaker experts were also an issue but again the governor expects this to reverse in due course.

The BoC is forecasting growth of 2% for 2018 and an above-potential rise in the years to come, while inflation is expected to remain elevated this year before easing to 2% in 2019.

On wages, Mr Poloz said that there are encouraging signs of growth over the past 18 months. However, he acknowledged that the 3% growth seen in the most recent data includes a temporary hike from new minimum wages in some provinces.

Household debt remains a concern.

Governor Poloz told the committee Monday that it will take more time to assess the impact of rising interest rates on household’s ability to service debts.

But he added that there are signs that borrowing is slowing as consumers adjust to higher rates and new mortgage rules.

Copyright © 2018 Key Media Pty Ltd

Appeal launched after Murrayville condo pre-sale contracts cancelled by court decision

Tuesday, April 24th, 2018

Condo pre-sale buyers fight for their units

Dan Fumano
The Province

A group of dissatisfied would-be condo-buyers are appealing a B.C. Supreme Court decision to cancel pre-sale contracts for an embattled Langley development.

A B.C. Supreme Court judge ruled this month that 40 pre-sale contracts, entered into over the last three years by dozens of people who sought to buy condos in the troubled Murrayville House development, were void.

The property is entangled in lawsuits, and its developer, Mark John Chandler, is simultaneously facing a police investigation, regulatory action, and fighting extradition to the U.S. to face fraud charges there.

A court-appointed receiver overseeing the 92-unit Murrayville House had recommended allowing 40 of the pre-sale buyers to complete their purchases and take possession of their units, a position supported by the Office of the Superintendent of Real Estate, a provincial watchdog agency.

But a group of private lenders who financed the Murrayville project opposed the receiver’s recommendation, arguing the contracts were all expired and the units must be re-sold at current market rates, in order to capture more value for the creditors.

Justice Shelley Fitzpatrick ruled that the contracts had expired, and the condos should be re-marketed immediately and sold, though she said she had “great sympathy for the position of the pre-sale purchasers who have become embroiled in this litigation and who have now potentially lost the ability to obtain what they hoped would be their homes.” She ordered the would-be buyers get “first refusal” for their units, although many buyers said they would not be able to afford the units at current market prices, estimated to be almost 50 per cent higher than the contract prices.

A notice of application to appeal was filed last week on behalf of eight of the pre-sale buyers, seeking to set aside Fitzpatrick’s decision. For the grounds of the appeal, the lawyers have alleged the court erred by failing to give weight to public policy concerns, and by accepting financial information from the developer “as fact, without any, or adequate, evidence.”

The lenders had said that although the situation of the pre-sale buyers was unfortunate, the judge’s decision was the only appropriate one.

Diego Solimano, the lawyer who filed the notice of appeal, said Friday: “This matter affects all consumers of real estate in British Columbia. Anyone who has purchased or is thinking of purchasing real estate in British Columbia should be concerned.”

“The right of first refusal, which has been offered to those individual purchasers, is illusory as many of the individual purchasers are now priced out of the market, if they are forced to buy the same unit that they purchased with a written contract in 2015, but now at 2018 market prices,” he said. 

This month’s court decision, Solimano said, “goes to the heart of, and undermines, consumer protection legislation in British Columbia.”

Solimano said any others affected by the Murrayville decision and interested in joining the appeal, should contact his office at info@solimanolaw.ca

© 2018 Postmedia Network Inc.

Tri-Cities high on list of region?s real estate investment hot spots

Tuesday, April 24th, 2018

Where to buy real estate in Greater Vancouver 2018

Joannah Connolly
other

Its latest rankings of the top 25 Lower Mainland neighbourhoods to invest in residential real estate include six neighbourhoods in Port Coquitlam, three in the top 10 and one of them, Birchland Manor, ranked at #2. Port Moody had two neighbourhoods in the list, both ranked in the top 10.

There were also six neighbourhoods on the list in New Westminster, with Uptown New West topping the chart overall, and four in Langley. Mission also had two neighbourhoods on the list, both ranked in the top 10.

The ranking assesses a combination of value for money, market momentum and average investment grade from local realtors.

MoneySense said of Birchland Manor’s #2 spot: “To rise from the No. 89 spot in 2017, to the No. 2 spot in the Where to Buy Now in Vancouver for 2018 rankings, is an astounding achievement. But ask anyone in this Port Coquitlam neighbourhood if they are surprised and you’ll probably just get a smile and a small shake of the head.”

MoneySense reported that Uptown New West came in highest overall because of a combination of factors, including its sub-$1 million average home price. The report said, “The overwhelming consensus by realtors who specialize in this community is that Uptown New West is inner-city life without inner-city Vancouver prices.”

Check out the full ranking below – and to see the interactive chart, which can be sorted individually by value for money, momentum and realtor grade, click here.

Value: Measures how affordable the neighbourhood is compared to the surrounding area and the region overall

Momentum: Measures how quickly prices are appreciating in this neighbourhood, with an emphasis on long term appreciation

Realtor grade: How realtors surveyed rate this neighbourhood

For more information, see complete methodology

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