Archive for October, 2018

Beaufort Landing 5551 Admiral Way Ladner 124 three and four bedroom townhomes by Polygon Beaufort Landing Ltd

Saturday, October 13th, 2018

Beaufort Landing the latest addition to Polygon?s ?seaside-inspired? Hampton Cove in Ladner

Barbara Gunn
The Vancouver Sun

Beaufort Landing

Project address: 5551 Admiral Way, Ladner

Developer: Polygon Beaufort Landing Ltd.

Architect: Ekistics Architecture

Interior designer: Polygon Interior Design Ltd.

Project size: 124 three- and four-bedroom executive townhomes; 36 four-bedroom homes have been released in the first phase, measuring 1,850 — 1,980 square feet and priced from $848,800 (Three-bedrooms available in the next phase)

Sales centre: 5551 Admiral Way, Ladner

Hours: noon — 6 p.m., Sat — Thurs

Telephone: 604-946-0477

Website: polyhomes.com/community/beaufortlanding

Some six months ago, Matt and Olga Klymchuk welcomed daughter Juliana, and began to realize that they needed more living space. The couple decided a move was in order, but opted for one that will also see them staying put.

Since 2016, the Klymchuks have been residing in a three-bedroom townhome in the Fairwinds component of Polygon’s master-planned Hampton Cove riverfront community in Ladner. Come Christmas — or sooner — the family hopes to relocate to their new four-bedroom townhome in the community’s new 124-unit Beaufort Landing phase.

It’s a move that will mean they have a home with some 450 additional square feet, and room for Matt’s parents and sister to stay when they visit.

Hampton Cove, which will eventually comprise some 670 residences — primarily townhomes — is nestled between a golf course and a marina. Residents are just a short hop from the shops, services and restaurants in Ladner and the myriad retail and dining offerings at Tsawwassen Mills and Tsawwassen Commons. They will also be but steps from Delta’s 16-kilometre Millennium Trail.

Some three dozen homes in Beaufort Landing’s first phase have been on offer, and Goldie Alam, Polygon’s senior vice-president of marketing, says they have been attracting buyers similar to those in earlier phases at Hampton Cove.

“We’ve got local people coming but we’ve got a lot of people coming from Richmond, Burnaby, even Vancouver, who are moving for space and more affordable prices,” she says, noting that Beaufort Landing represents the third of five phases in the community.

“It’s a place where the first-time buyers can come and young families — it’s something they can afford. It’s the right space for them. And we have some who find it the right place to downsize, when they don’t want to downsize to an apartment yet. They want to get out of their house, but they still want space for their kids and for guests.”

The exteriors are intended to complement the project’s riverfront location with what the developer is calling “classic seaside-inspired architecture.” Of note are the pitched roofs, stone chimneys, shingle siding, window boxes and stone and wood detailing.

Inside, residents will appreciate elegant and efficient touches and sweeping riverfront outlooks, as showcased in the beautifully outfitted three-level display homes on site.

Main floors will have nine-foot-high ceilings, laminate wood flooring and powder rooms. Three colours schemes are on offer: Daybreak, Eclipse and Radiance.

Kitchens will feature engineered stone countertops with a marble chevron backsplash, pull-out pantries, double undermount stainless steel sinks and built-in recycling stations. Appliances will include five-burner gas cooktops and integrated french door refrigerators with bottom-mounted freezers.

Master ensuites will have either a soaker tub and shower or an oversized shower with a bench, as well as engineered stone countertops, dual undermount sinks and porcelain tile flooring. Main bathrooms, meantime, will have tubs with a porcelain tile surround.

Residents will not need stray off site to enjoy the multiple offerings in the community’s Hampton Club, a 12,000-square-foot facility that has — among other things — an outdoor swimming pool, fitness centre, music rooms, children’s play area, gymnasium and guest suites. Here, residents can soak in the hot tub, enjoy a game of pool with their neighbours or book the enormous great room for a private event.

For Matt Klymchuk, the decision to buy a home at Hampton Cove wasn’t at all difficult.

“I fairly quickly settled on Fairwinds as where I wanted to buy without looking at other options,” says Matt, noting that for Olga, Beaufort Landing will represent a third residence at Hampton Cove. (“Interestingly, my wife lived with her parents in Charterhouse in the first phase of Hampton Cove before we were married last year.”)

The attractions, he adds, are numerous.

“We like the community feel of Hampton Cove and Ladner, in general, and also the rural feel and being by the river.

“We love Westham Island and visit the bird sanctuary and farms regularly. We also love Deas Island, with its park space and trails, and just generally being by the river and having farm and mountain views.”

Matt, who works in IT, part time at home and part time in down Vancouver, also says the location works in his favour.

“Proximity to the (Highway) 99 means we can be downtown outside of peak traffic hours in 30 minutes, evenings and weekends. For trips to the U.S., we are very close as well — 20 minutes to Peace Arch crossing.”

Alam, who notes that some of the Beaufort Landing homes will be move-in ready this fall, echoes those sentiments, both as they relate to the allure of Hampton Cove and of Ladner, which she describes as a picturesque community with “a small-town vibe.”

“This is a very involved community,” she says. “There have been block parties, a golf tournament. And there are lots of kids of all ages. You see lots of people with strollers, lots of people with dogs. It’s a nice community.”

© 2018 Postmedia Network Inc

Vancouver residential inventory swells to 4-year high

Friday, October 12th, 2018

Metro Vancouver for sale properties growing

Ephraim Vecina
Mortgage Broker News

Metro Vancouver’s supply of residential properties for sale continued to inflate amid sustained noticeable weakness in demand, according to a new analysis by real estate portal VANCITYliving.

Using September 2018 data from the Real Estate Board of Greater Vancouver, VANCITYliving noted that Metro Vancouver’s inventory of detached, attached, and apartment residences increased by 36% on a month-over-month basis. This figure represented a markedly sharp pace of growth, from 3,881 listings in August to 5,279 in September.

“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” REBGV president-elect Ashley Smith stated. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”

The total number of properties listed for sale on the MLS® system in Metro Vancouver was at 13,084 in September, rising by 10.7% from the month prior. The growth rate was even faster when compared to the same time last year, clocking in at a 38.2% annual pace.

As for sales volume, activity in Metro Vancouver fell to 1,595 transactions last month, which was 36.1% lower than the 10-year average for September. This was also a 17.3% decrease from August and a 43.5% shrinkage from September 2017.

Last month’s sales-to-active listings ratio across all residential property types was 12.2%. This metric was 17.6% for condo units, 14% for townhomes, and 7.8% for detached homes.

The benchmark price for all kinds of homes in Metro Vancouver stood at $1,070,600 in September, which was 2.2% higher compared to the same month last year.

Copyright © 2018 Key Media

BC Home Sales Continue at Slower Pace in September

Thursday, October 11th, 2018

BC Home Sales Continue at Slower Pace in September

BCREA

The British Columbia Real Estate Association (BCREA) reports that a total of 5,573 residential unit sales were recorded by the Multiple Listing Service® (MLS®) across the province in September, a 33.2 per cent decrease from the same month last year. The average MLS® residential price in BC was $685,749, down 1.1 per cent from September 2017. Total sales dollar volume was $3.8 billion, a 34 per cent decline from September 2017. 

“BC home sales continue at a slower pace compared to last year,” said Cameron Muir, BCREA Chief Economist. “The impact on affordability and purchasing power caused by the mortgage stress test and moderately higher interest rates are negating the effect of the extraordinarily strong performance of BC’s economy over the last five years.” 

Year-to-date, BC residential sales dollar volume was down

21.3 per cent to $45 billion, compared with the same period in 2017. Residential unit sales decreased 22.5 per cent to 63,251 units, while the average MLS® residential price was up 1.5 per cent to $716,096.

For more information, please contact:

Cameron Muir Chief Economist

Direct: 604.742.2780

Mobile: 778.229.1884

Email: [email protected]

September 2018 Residential Average Price, Active Listings and

Sales-to-Active-Listings Data by Board

 

 

 

Board

Average Price

Active Listings

Sales-to-Active-Listings

September 2018

Residential Average Price

($)

September 2017

Residential Average Price

($)

 

%

change

September 2018

Residential Active Listings

(Units)

September 2017

Residential Active Listings

(Units)

 

 

% change

September 2018

Residential Sales to Active

Listings (%)

September 2017

Residential Sales to Active

Listings (%)

BC Northern

286,886

262,345

9.4

2,283

2,541

-10.2

16.3

16.1

Chilliwack

519,013

475,293

9.2

1,464

959

52.7

11.1

32.2

Fraser Valley

723,740

704,276

2.8

6,447

4,635

39.1

15.2

33.7

Greater Vancouver

1,029,401

1,013,421

1.6

13,757

10,131

35.8

11.9

28.4

Kamloops

399,445

381,896

4.6

1,156

1,169

-1.1

20.2

25.8

Kootenay

326,586

312,389

4.5

1,891

2,137

-11.5

13.9

13.9

Okanagan Mainline

534,943

496,433

7.8

4,172

3,238

28.8

14

22.9

Powell River

384,650

323,330

19

118

101

16.8

29.7

36.6

South Okanagan

361,066

422,295

-14.5

1,282

1,039

23.4

9

21.6

Northern Lights

259,547

229,145

13.3

484

452

7.1

6.2

8.4

Vancouver Island

492,890

442,292

11.4

2,529

2,450

3.2

26.2

38.2

Victoria

713,850

673,645

6

2,024

1,459

38.7

25

41.5

Provincial Totals*

685,749

693,655

-1.1

37,607

30,311

24.1

14.8

27.5

*Numbers may not add due to rounding

September 2018 BC Residential Multiple Listing Service® Data by Board

 

 

Board

Dollar Volume (000s)

Units

September 2018 Residential Sales ($)

September 2017 Residential Sales ($)

 

% change

September 2018

Residential Sales (Units)

September 2017

Residential Sales (Units)

 

% change

BC Northern

106,435

107,561

-1

371

410

-9.5

Chilliwack

84,080

146,866

-42.8

162

309

-47.6

Fraser Valley

707,094

1,098,671

-35.6

977

1,560

-37.4

Greater Vancouver

1,682,040

2,919,665

-42.4

1,634

2,881

-43.3

Kamloops

93,470

115,333

-19

234

302

-22.5

Kootenay

85,565

93,092

-8.1

262

298

-12.1

Okanagan Mainline

312,941

367,360

-14.8

585

740

-20.9

Powell River

13,463

11,963

12.5

35

37

-5.4

South Okanagan

41,523

94,594

-56.1

115

224

-48.7

Northern Lights

7,786

8,708

-10.6

30

38

-21.1

Vancouver Island

326,786

414,428

-21.1

663

937

-29.2

Victoria

360,494

408,229

-11.7

505

606

-16.7

Provincial Totals*

3,821,678

5,786,469

-34

5,573

8,342

-33.2

*Numbers may not add due to rounding

**NOTE: The Northern Lights Real Estate Board (NLREB) became part of the South Okanagan Real Estate Board (SOREB) on May 1, 2011.

 

BC Home Sales Continue at Slower Pace in September

September 2018 Year-to-Date BC Residential Multiple Listing Service® Data by Board

 

Board

Dollar Volume (000s)

Unit Sales

Average Price

 

2018

($)

2017

($)

% change

2018

2017

%

change

2018

($)

2017

($)

% change

BC Northern

993,533

932,788

6.5

3,382

3,346

1.1

293,771

278,777

5.4

 

Chilliwack

 

1,205,213

 

1,450,613

 

-16.9

 

2,317

 

3,142

 

-26.3

 

520,161

 

461,685

 

12.7

Fraser Valley

9,039,172

11,722,461

-22.9

12,018

16,790

-28.4

752,136

698,181

7.7

 

Greater Vancouver

 

21,364,665

 

29,378,456

 

-27.3

 

20,329

 

28,631

 

-29

 

1,050,945

 

1,026,107

 

2.4

 

Kamloops

 

937,046

 

964,618

 

-2.9

 

2,417

 

2,642

 

-8.5

 

387,690

 

365,109

 

6.2

Kootenay

787,921

794,745

-0.9

2,459

2,570

-4.3

320,424

309,239

3.6

 

Okanagan Mainline

 

3,168,132

 

3,575,873

 

-11.4

 

5,978

 

7,253

 

-17.6

 

529,965

 

493,020

 

7.5

Powell River

100,374

96,103

4.4

271

309

-12.3

370,383

311,013

19.1

 

South Okanagan

 

657,144

 

782,248

 

-16

 

1,572

 

1,970

 

-20.2

 

418,030

 

397,080

 

5.3

Northern Lights

75,360

76,843

-1.9

296

307

-3.6

254,596

250,303

1.7

 

Vancouver Island

 

3,170,162

 

3,396,348

 

-6.7

 

6,799

 

7,871

 

-13.6

 

466,269

 

431,501

 

8.1

Victoria

3,795,067

4,401,797

-13.8

5,413

6,772

-20.1

701,102

650,000

7.9

 

Provincial Totals*

 

45,293,783

 

57,572,888

 

-21.3

 

63,251

 

81,603

 

-22.5

 

716,096

 

705,524

 

1.5

* Numbers may not add due to rounding 

BCREA is the professional association for about 23,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province’s 11 real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients. 

To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods. 

For detailed statistical information, contact your local real estate board. MLS® is a cooperative marketing system used only by Canada’s real estate boards to ensure maximum exposure of properties listed for sale.

 

Undisclosed fees and commissions a growing problem

Thursday, October 11th, 2018

Undisclosed fees a growing problem

Tony Gioventu
The Province

Dear Tony:

I am a commercial broker concerned about a problem occurring for strata owners considering a windup and liquidation of their corporation.

Our office was recently approached by a strata manager who indicated a strata client was looking for an opportunity to wind up their corporation. We were requested to submit a proposal to the manager, with a specific deadline and copy of the terms of our representation agreement.

A week before the deadline, we were contacted by the strata manager, who indicated we could be on the short list if we were prepared to confidentially split our commission 50/50 with the management company in the event the windup was successful. Up to this point, we were never informed of the identity of the strata corporation, other than the number of units.

Our concern relates to two problems. The first is every location is different and requires a unique level of assessment in detail and marketing. As a result, rates may vary, depending on the projected work or site studies that may be required.

The second is a greater concern. If the strata management company is demanding a split commission in exchange for a short-list result, it is obvious this is not condoned by the strata corporation; otherwise, we would have been told the name and location of the strata and the contact information for the council members.

Clearly, the company is withholding critical information to leverage an undisclosed commission or fee on behalf of its client, which is both unethical and in violation of the Real Estate Services Act. At this time, we informed them we would not pay any commissions or submit a proposal without the explicit consent and details and their client.

CB

Dear CB:

Thank you for coming forward. A serious flaw in our real estate legislation is that there is no whistle-blower protection, so many violations in the industry go unreported for fear of recrimination. I urge you to file a complaint with the Real Estate Council of B.C. on behalf of consumer interest and the reputation of the industry.

Strata managers are not contracted as brokers or as the liquidator for the purpose of winding up a strata corporation. They are contracted to provide services for operations, maintenance, financial management and general administration. They are contracted under an “agency” agreement, which conveys the authority of the strata corporation to enable your manager to act on your behalf for the purposes of operations.

Unless otherwise agreed in your agency agreement, they act solely for your strata corporation, and any fees, commissions or benefits they receive that are not directly from the strata corporation must be disclosed to the corporation. Undisclosed fees and commissions are a growing problem within the strata-management industry and strata councils have a right to demand their strata-management companies inform them of any fees or commissions they have received.

A simple disclosure in the service agreement that a company “may” receive fees from time to time does not meet the requirements of disclosure. The company must disclose the amount of the fees, percentage of a gross fee or other interests where it receives a benefit. While it is acting as your agent, it is not acting as an agent for other parties unless you agree.    

When an agent of one party pressures a third-party service provider to provide a fee in exchange for the undisclosed privilege of an awarded contract, it is a form of racketeering. Unlawful on many levels and certainly not in anyone’s interest but the agent.

In all of the windup proceedings I have been involved with, the strata managers play the least role. The lawyer acting solely for the strata corporation will provide the greatest level of service and continuity as they will review the commercial-agency contract, notices and resolutions for meetings that will authorize the strata council to engage a broker and proceed with a marketing or negotiation process, attend information meetings and meetings with council to negotiate the terms of any of the offers, and finally the preparation of the notice package, including the resolutions for the 80-percent vote, the court application to approve the windup and the appointment of the liquidator. 

Your commercial broker plays a significant role and negotiates the sale of your property. It is their contracted responsibility to assess, evaluate and market your property to the broadest audience in the effort of obtaining you the best price for your property.

Your strata manager will have additional work ahead of them as the strata corporation moves through the windup process and should be compensated as set out in the schedule of fees for the cost of additional meetings and an hourly service.

A strata-management agreement signed by a strata council that pays a commission to a strata-management company in the event of a windup still requires the approval of the owners at a general meeting. If you want to pay an additional fee or commission to your strata manager, it must be disclosed and approved by the owners, as you will be paying out part of their proceeds of sale.

Finally, if anyone advises a strata council against a lawyer experienced with strata windups, they are likely protecting their own interests. Consumers deserve the best price and terms of sale for their property. Keep your strata corporation in control of the windup process where your strata council works directly with your lawyer and the commercial broker, and all stages of progress are reported to the owners. 

© 2018 Postmedia Network Inc.

Cedar Creek 7133 14th Avenue Burnaby three 6 storey buildings phase 1 has 128 homes by Ledingham McAllister

Thursday, October 11th, 2018

Cedar Creek to take its place in an established, longtime Burnaby neighbourhood

Kathleen Freimond
The Province

Cedar Creek

What: 3, 6-storey buildings (first phase: 128 units)

Where: 7133 14th Avenue, Burnaby

Residence size and prices: one-bedroom and den; two-bedroom; two-bedroom and flex space; three-bedroom; 639 to 995 square feet; from low $500,000s (Phase one 60-per-cent sold; phase two coming soon)

Developer: Ledingham McAllister

Sales centre: 7166 14th Avenue, Burnaby

Hours: noon — 5 p.m., Sat – Thurs

Phone: 604-529-8868

Cedar Creek, Ledingham McAllister’s new residential development in South Burnaby, is part of the revitalization of the city’s Edmonds neighbourhood and will be adjacent to the planned nearly 60-acre Southgate City community.

Construction of the first building in the three-phase Cedar Creek development at 7133 14th Avenue is scheduled to start in early 2019. The 128-unit, six-storey wood-frame building comprises a range of homes from one-bedroom –and-den suites to three-bedroom units.

“This neighbourhood has a loyal and established long-term community and is attractive to first-time buyers, people who are moving up to larger homes or those who are looking to stay in the community and downsize – it appeals to a very wide range of people,” says Manuela Mirecki, Ledingham McAllister’s senior vice-president of marketing and design.

Mirecki says there is a lot of interest in the development from people who have lived in the community for a long time and those who prefer the scale of the six-storey buildings.

“The architecture is very West Coast with big overhangs and wood-grain soffits. There is lots of articulation in the building, so it looks more like a collection of smaller buildings; it modulates in depth and height, creating a more vibrant and organic flow,” she says.

At the sales centre, potential buyers can choose from two colour palettes, Stone and Sand. The Stone scheme can be seen in the one-bedroom-and-den example, while the choices in the Sand palette are on view in the two-bedroom unit.

“Whenever we can have two display suites we always aim to show two vastly different interpretations in the décor,” says Mirecki, noting that the two-bedroom suite has a sophisticated and urbane sensibility with pops of colour and a glamorous ambience, while the one-bedroom unit is aimed at a younger buyer.

In the kitchens, different colours of the same cabinet style are used in both schemes. Cabinets include soft-close mechanisms, while matte black pulls on lower cabinets add a contrasting detail to the doors and drawers. The light countertops are complemented by the full-height backsplash of stacked white 12-by-four-inch tiles

The major kitchen appliances, all by KitchenAid, include a five-element ceramic-glass cooktop and oven; refrigerator with freezer and dishwasher. The modern hood fan is by Venmar and the microwave is by Panasonic. The in-suite laundry includes a front-loading washer and dryer by Whirlpool.

The developer has used Kohler products for all its faucets, sinks and plumbing fixtures in Cedar Creek. In the ensuite bathrooms, marble-like 12-by-24-inch porcelain wall tiles and limestone-look floor tiles give the spaces a relaxing ambience.

In the main bathrooms, with their Kohler Hytec soaker tubs, the large-format white wall tiles enhance the fresh and clean design esthetic.

Laminate flooring connects the entry, kitchen, dining and living rooms, while bedrooms are carpeted.

In the one-bedroom show suite, the den is shown as an office, but Mirecki says in other developments she has seen this space repurposed for a variety of uses from a sewing or craft room to accommodate a day bed for a comfortable reading nook.

© 2018 Postmedia Network Inc.

Housing starts slow to 19-month low

Wednesday, October 10th, 2018

Homebuilders began fewer projects this year

Steve Randall
Mortgage Broker News

Canada’s homebuilders began fewer projects in the six months to September according to new data.

CMHC’s 6-month moving measure of the seasonally-adjusted annual rate of housing starts for the month shows 207,768 units, down from 213,966 in August. The standalone monthly SAAR of housing starts for all areas in Canada was 188,683 units in September, down from 198,843 units in August.

“The national trend in housing starts stood at a 19-month low in September, following declines in four of the last five months,” said Bob Dugan, CMHC’s chief economist. “The slowdown in the pace of new residential construction activity in recent months is a result of both lower single-detached and multi-starts activity and brings new residential construction closer to its long run average from the elevated levels registered in 2017.”

The highlights Strong demand in Vancouver maintained the year-to-date pace of new home construction seen in 2017 but starts trended lower in September. A quarter of starts were in Surrey.

Toronto saw strong multi-family starts especially in the semi-detached sector, offsetting a decline in single-family homes to create an upward trend overall.

Rental apartment starts pushed the year-to-date total for Quebec higher than the same period of 2017 although overall starts decreased in the third quarter of 2018.

Total housing starts in Winnipeg continued to trend higher in September with several new condo projects started. While year-to-date multi-family starts are 3% above the same period of 2017,  total housing starts remain 5% below 2017 production as rising inventories of single-detached units have slowed activity in this segment of the market.

For the first time in four months, St. Catharines-Niagara CMA housing starts trended higher, mainly due to the apartment sector. New single-detached construction continued to slow, reaching the lowest monthly level in seven years.

Copyright © 1996-2018 Key Media Pty Ltd

Canadian Building Permits – October 10, 2018

Wednesday, October 10th, 2018

BCREA ECONOMICS NOW

BCREA

The total value of Canadian building permits rose 0.4 on a monthly basis in August to $8.1 billion on broad strength in the non-residential sector. Residential building permits declined for a third consecutive month.   In BC, the total value of permits reached a record high of $1.8 billion, smashing the previous record set earlier this year by nearly 13 per cent. Residential permits increased 17 per cent from July and were up 31 per cent year-over-year. Non-residential permits were up 77 per cent on a monthly basis and passed the $600 million threshold for the first time as the result of large office building projects in Vancouver. Construction intentions August were mixed in BC’s four census metropolitan areas (CMA):

  • Permits in the Abbotsford-Mission CMA increased 11 per cent on a monthly basis to $31.3 million. Year-over-year, permit values were down 9 per cent.
  • In the Victoria CMA, total construction intentions were down 9 per cent to $71.1 million, a 40 per cent decline over this time last year.
  • In the Kelowna CMA, permits values decreased by 14.5 per cent on a monthly basis to $96.6 million, but were up 4 per cent year-over-year.
  • In the Vancouver CMA, the value of permits rose 66.4 per cent on a monthly basis and accounted for three quarters of all permit values in BC.  Most of the increase came from the City of Vancouver, though the City of Burnaby issued over $250 million worth of apartment building permits in August.

Getting paid on-time: A landlord’s guide to rental income

Wednesday, October 10th, 2018

Revolutionizing the payments process for landlords and tenants

Canadian Real Estate Wealth

Ensuring that rent is received on time each month can seem like a never ending pain point for real estate investors. Not all tenants are perfect, and receiving late rental payments can seriously impact cash flow and have several frustrating knock-on effects.

In an attempt to improve the payments process for both landlords and tenants, RBC Ventures has launched Get Digs, an online platform designed to streamline payment and receiving of rent payments.

“Get Digs aims to transform the rental experience and remove the painful hurdles that exist in what is an antiquated system,” says Megan McQuillan, Co-Founder and Product lead at Get Digs™. “There are some major pain points for landlords and renters in Canada, and our mission at Get Digs is to help alleviate them”.

On Get Digs, landlords can easily manage aspects of the rental process, including payments, and tenants can pay their rent using a variety of methods, including credit card, Debit Mastercard, VISA Debit, Interac e-Transfer and cheque.

“In the current market, for the most part, renters are forced to pay rent with post-dated cheques but that just isn’t commensurate with the experience customers receive in all other areas of their daily activities,” McQuillan says.  “People have choice in how they pay for just about everything, and we wanted to introduce that level of flexibility to the rental space.”

The RentSteady service offered by the Get Digs platform means the landlord gets paid even if their tenant misses a payment.

“It eliminates all of the stress and time associated with chasing rent payments,” McQuillan says. “It takes away the worry-factor. It also means less hassle depositing rent, and less time spent following up on bounced payments.”

Extensive research on the landlord and tenant experience was conducted before Get Digs went into development. The research team talked to landlords and renters across Ontario to understand their processes and pain points, and to find out how to make their lives easier.

“We called landlords, connected with people face to face and collected survey data to really get in front of potential users in all of the possible ways,” McQuillan says. “Quickly, we started to hear the pain-points, particularly around payments, for renters and landlords. We wanted to ensure that we are not creating a solution for one group; there are two audiences in the rental market and we wanted to make sure we came up with a solution that provided value for both.”

Copyright © 2018 Key Media Pty Ltd

CHINESE GLOBAL PROPERTY INVESTMENT REPORT

Tuesday, October 9th, 2018

Juwai.com, through its data service Juwai IQ, is the global leader in reporting on Chinese international residential and commercial property investment trends.

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Chinese outbound property investments hit a record $119.7 billion in 2017. Learn more in this exclusive report.

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CoStar Market Report October 2018

Tuesday, October 9th, 2018

Costar Market Summary

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MARKET SUMMARY

Regardless of the details — even though the devil is in the details –, the USMCA (NAFTA 2.0) agreement is welcomed news, as it has lifted the general uncertainty clouding the economic horizon over the last year, however, this does not change the fact that the overall Canadian economy continues to slow compared to previous years, with GDP growth expected to come in at approximately 2.1% in 2018. The British Columbia (BC) economy is expected to pull ahead with a GDP forecast of 2.4% and an unemployment figure of 4.9% by the end of 2018. The fact that a labour shortage is placing a damper on job growth certainly accentuates BC’s impressive low unemployment rate. Despite strong employment growth in the Greater Vancouver Area (GVA) over the last two months, year-to-date (up to Sept. 2018) employment growth is negative, at -0.5%. Employment is expected to continue growing for the remainder of 2018 and over the next few years, with high-tech and construction employment leading the charge. The GVA economy is expected to outperform most other major Canadian cities, with GDP growth of 2.3% in 2018.

Minimal overall wage growth (despite minimum wage increasing), relatively high inflation and rising interest rates continue to wreak havoc on debt servicing costs for households. Ultimately this is weakening consumer confidence and forcing households to start making tougher decisions on how they spend. Much of retail sales growth lately has been fueled by inflation, and as the prices of energy, food and other necessities continue to rise, it is the discretionary items that will become even more discretionary. With more certainty in the economy, expect the Bank of Canada to continue raising interest rates, which will further compound the debt servicing cost issue for households. This has already started weighing on retail sales, in fact GVA’s retail sales have declined by 2.2% year-over-year, the weakest performing major market in Canada, and the impact of increasing debt servicing costs on retail sales is expected to intensify as interest rates continue to increase. Watch for this to start impacting mid-level retailers going forward in 2019.

Given this economic backdrop, the office, industrial and retail commercial real estate markets in the GVA remain deeply embedded in favour of landlords. The office market vacancy rate decreased by 110 basis points (bps) year-over-year to end Q3 2018 at 5.2%. The market continues to experience strong demand from high-tech companies, such as Amazon, and co-working companies, such as WeWork and International Workplace Group (IWG – Regus), continuing to announce new and expanded operations in the Vancouver market. IWG recently agreed to lease 120,393 SF at 400 West Georgia when it opens in 2021. As a result of this dynamic of low vacancy and strong demand, the net asking rental rates are on the rise, however, the average net asking rental rate, at $23.57/sq. ft. per annum at the end of Q3 2018, was down 2.1% year-over-year due the mix of available space and most of the highest quality space being leased up. It is important to note that downtown vacancy is even lower, at 3.4%, down 200 bps year-over-year, whereas suburban vacancy is only down 70 bps over the same period to end Q3 2018 at 6.3%. For a tenant looking for 100,000 SF of space today, there are no current options in the market, so these tenants will need to wait until the next supply wave is delivered. Due to the limited options currently available, construction activity has picked up, particularly downtown, with current and expected construction projects now representing approximately 10% of the current GVA market office inventory, compared to just 1.7% in Q3 2017. Much of this space will not be available for several years, and as a result demand continues to spill over into the suburban markets. With limited new supply expected in the short term, expect vacancy to remain tight and rental rates to continue increasing.

The industrial market vacancy rate is virtually unchanged year-over-year to end Q3 2018 at 3.2%, however, this is up 40 bps from Q2 2018, as a result of approximately 3.5 million SF of new supply delivered over the previous 12 months. The GVA industrial market remains exceptionally tight, and even though there is 3.4 million SF of space currently under construction, representing 1.5% of existing inventory, it is not enough to meet the demand from tenants and users. As a result the average net asking rental rate continued to increase, up 7.4% year-over-year to $10.80/sq. ft. per annum. Employment in Vancouver has been sliding for much of 2018, and combined with higher interest rates and high debt levels, consumer confidence and retail sales are beginning to suffer, and this is starting to reflect in the retail market. Although the retail market vacancy was down 50 bps year-over-year to end Q3 2018 at 2.8%, it is up 10 bps from the end of Q2 2018, however, there has also been approximately 600,000 SF of new retail supply delivered year-to-date. The average net asking rental rate continues to perform well, up 12.5% year-over-year to $30.61/sq. ft. per annum.

These insights are made possible through CoStar, the largest commercial real estate source for property listings for sale or lease in Canada. CoStar enables users to gain insight into over 22,939 properties currently tracked in the Greater Vancouver Area, which include 973 properties for sale and 3,323 spaces for lease.

CoStar conducts constant, proactive research with a team of 60+ researchers making over 12,000 database updates each day.

OVERALL MARKET ACTIVITY

PROPERTIES TRACKED