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Demand for luxury homes is rising, here's what's on the market

 
 
 
 
 
 
 
 
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Head of Real Estate and Secured Lending at Scotiabank John Webster on a new survey suggesting more and more Canadians feel buying a home is out of reach.05:16

Survey: home ownership out of reach

Ryan Lewenza, portfolio manager at Turner Investments of Raymond James, joins BNN Bloomberg to discuss how a tight Greater Toronto Area housing market kept home prices elevated in March.05:04

Greater Toronto Area housing market kept home prices elevated in March

Updated April 12, 2022 3:46 a.m. PDT
Published April 8, 2022 4:00 a.m. PDT
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The average price of a home in Canada now stands at an all-time high of $816,720. According to a new report released by real estate company Re/Max, it seems as though a key driver of growth has been the recent boom in Canada’s luxury home market.

Data revealed that 18 of the 19 local markets assessed in the report saw significant year-over-year increases in the sale of luxury homes worth more than $1 million, ranging from detached and attached units, to condominium properties.

The Greater Toronto Area and Metro Vancouver remain red-hot markets, seeing considerable growth in the sale of homes worth more than $3 million, with increases of 112.8 per cent and 75.8 per cent, respectively. Based on data gathered by the Canadian Real Estate Association, the average price of a home in both Ontario and British Columbia has recently exceeded $1 million.

Several other markets also saw notable gains in the sale of luxury homes at over $1 million year-over-year. In Barrie, Ont., 278 units were sold for more than $1 million in 2021, an increase of about 518 per cent compared to the year before. Meanwhile, Saint John reported the sale of 15 units above $1 million each in 2021, an increase of 1,400 per cent when compared to a single sale made in 2020.

Only one market reported a drop in the sale of homes worth more than $1 million; Charlottetown saw a 42.9 per cent decrease in sales from 2020 to 2021.

With considerable demand for luxury homes across the country, CTVNews.ca has compiled a list of Canadian properties currently on the market for at least $1 million.

METRO VANCOUVER

(Lawrence Lu / Jerry Wang, Macdonald Platinum Marketing)

Type: House

Price: $2,888,000

Year Built: 2013

Property Size: 334 sq. m

Lot Size: 0.67 hectares

Located in the Metro Vancouver area, this European-style home welcomes its guests with six-metre ceilings over the foyer, living and family rooms. Floor-to-ceiling windows offer stunning views while allowing natural light to pour in. The luxury property has five bedrooms, six bathrooms, a home office and a private media room. Its 73-foot yard and covered patio are ideal for enjoying outdoor activities all year long.\

KELOWNA

(Kevin Arnason / Todd Simpson, Royal LePage Kelowna)

Type: House

Price: $6,249,000

Year Built: 2010

Property Size: 948.35 sq. m

Lot Size: 0.27 hectares

With its custom-built pool featuring mosaic tiling, an adjacent sports court and a sunken trampoline, this Mediterranean-inspired home is ideal for entertaining. Complete with seven bedrooms and eight bathrooms, the property spans nearly 950 square metres in total. The interior boasts sky-high 6.7-metre ceilings and luxury brand finishes, while an outdoor covered kitchen and pergola give this estate its resort vibe.

CALGARY

(Sona Visual and Zoon Media / Heather Waddell, Sotheby's International Realty Canada Calgary)

Type: House

Price: $4,425,000

Year Built: 2009

Property Size: 437.82 sq. m

Lot Size: 0.1 hectares

This luxury home in Calgary is an architectural marvel, with floor-to-ceiling windows that offer stunning views of nearby mountains and valleys. The open-concept kitchen comes with oak plank flooring and a central island. On the upper level is the master bedroom with a private balcony, large dressing room and closet. With three bedrooms and five bathrooms, the home also has a yoga room and wine cellar.

EDMONTON

(Rocco Macri / Trevor Dunn, MaxWell Realty)

Type: House

Price: $1,150,000

Year Built: 1925

Property Size: 280.15 sq. m

Lot Size: 0.3 hectares

Initially built in 1925, this Edmonton luxury home has been completely rebuilt for a more contemporary look and feel. Four bedrooms and five bathrooms span across 2.5 storeys, amounting to more than 4,000 square metres of living space. The master bedroom also comes with its own balcony. Meanwhile, a loft and ensuite bathroom occupy the top floor, and a home theatre fills the lower level. The home also has its own wine cellar and vault for tasting.

TORONTO

(Hooman Aliary, The Agency Development Group Toronto)

Type: House

Price: $9,700,000

Year Built: 2006

Property Size: 929 sq. m

Lot Size: 0.42 hectares

Near Toronto’s Bridle Path community is this timeless luxury home with its own grand foyer and piano lounge. The gourmet kitchen comes with chef-grade appliances and a walk-in fridge, while the master ensuite features its own steam shower and boudoir. A wood-panelled grand family room also offers views of a nearby ravine. On the lower level is a wine cellar, billiard room and exercise lounge with direct access to the inground pool.

GREATER MONTREAL

(Studio Point De Vue / Joseph Montanaro, Re/Max Action Westmount)

Type: House

Price: $7,900,000

Year Built: 2005

Lot Size: 0.09 hectares

Located in Greater Montreal, this luxury estate with stone exterior sits high on Upper Bellevue, offering extensive views of the metropolitan area below. The custom-built home has five bedrooms, four bathrooms, and a home office. An open-concept chef’s kitchen leads directly into a spacious den for easy access. The property also has an integrated double garage, as well as a landscaped garden surrounding a private pool.

ST. JOHN’S

(Amanda Ryan / Rob Moore, Re/Max Realty Specialists)

Type: House

Price: $1,695,000

Year Built: 2016

Property Size: 459.87 sq. m

Lot Size: 0.22 hectares

This lakeside property located on a cul-de-sac in St. John’s comes with private access to Virginia Lake. On the main floor is a great room with windows that span from the floor to its cathedral ceilings, maximizing the outdoor view. The gourmet kitchen features a large island with labradorite granite countertops, a gas cooktop and a walk-in pantry. On the top floor is a loft area overlooking the great room, as well as three bedrooms and a spa-inspired master bathroom.

HALIFAX

(Studio Royale / David Dunn, Royal LePage Atlantic)

Type: House

Price: $3,499,000

Year Built: 2011

Property Size: 423.45 sq. m

Lot Size: 0.2 hectares

With four bedrooms and four bathrooms, this Halifax home comes with spectacular views of the Northwest Arm, a key part of Nova Scotia’s coastline. Located lakeside, the property also features its own dock, as well as a putting green. Inside, its kitchen comes with granite countertops, built-in appliances, a breakfast bar and a butler’s pantry. On the top floor is the master bedroom with a walk-in closet and private deck overlooking the water.

CHARLOTTETOWN

(Patty Campbell, Powerhouse Realty PEI)


Type: House

Price: $1,149,000

Year Built: 2020

Property Size: 389 sq. m

Lot Size: 0.17 hectares

Just a 14-minute drive from the heart of Charlottetown, this corner lot property has five spacious bedrooms and just as many bathrooms for a total area of nearly 400 square metres. The kitchen features custom cabinets, a stone backsplash, and a double sink, while the living room has a stone propane fireplace. A soaker tub and large glass shower can be found in the master bathroom, while a recreation room is found in the basement.

FREDERICTON

(Matthew Gorveatte / Larry Booker, Re/Max East Coast Elite Realty)

Type: House

Price: $1,195,000

Year Built: 2016

Property Size: 435.62 sq. m

Lot Size: 0.21 hectares

Located in Fredericton, this custom luxury home is as spacious as it is stunning. On the upper floor is the master bedroom, with access to an elevated patio with a hot tub and seating area to view the backyard. The main level features an open-concept living space with a two-sided gas fireplace separating the family room from the kitchen. An oversized sunroom overlooks the backyard, while an entertainment room and exercise area fill the lower level.

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(Studio Point De Vue / Joseph Montanaro, Re/Max Action Westmount)
 
 
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Photos: These Vancouver homes for sale look like Bridgerton mansions

Is this Vancouver or the set of Bridgerton?

Binge-watched season two of Bridgerton but still craving more?

Vancouver is home to plenty of luxury estates, from modern homes to spacious mansions. If Kate Sharma lived in Vancouver, she'd definitely live in one of these Regency and Tudor mansions. 

 
 

3689 Selkirk Street

A Tudor Revival mansion for your Bridgerton dreams, complete with a carved oak grand staircase and attached coach house. Plus, the back patio comes with a beautiful rose pergola connecting to a lovely tea house at the end of the brick pathway, in case you need to throw an impromptu tea party. 

3996 Cypress Street

Sitting pretty on a tree-lined street, this New England Colonial Revival home has a grand foyer with an elegant staircase, perfect for a dramatic entrance. Tucked away in the property is a private sunken garden, for Bridgerton-themed picnics.

4468 Pine Crescent

With manicured shrubs adorning the front yard, this home has a luxurious bathroom to match the crystal chandeliers and vaulted ceilings. Plus, a custom wine cellar. 

1738 Angus Drive

This elegant mansion was originally built in 1923 (restored in 1997) and is a Bridgerton dream house. With regency accents in every room, the mansion has gardens, walkways, fountains and a pond. All that's missing is a proper regency-inspired ensemble. 

3989 Angus Drive

Chandeliers, marble tiles, and golden faucets– this posh British Tudor Mansion has a double-height foyer entrance and cross-hall living. Doesn't hurt to daydream, right?



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East Vancouver cottage of 444 square feet sells for over $1.5 million


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  • This one-bedroom rancher at 1280 East 33rd Avenue was built in 1944.

The cottage is tucked at the back of its own lot in East Vancouver.

There’s no bigger house in front of this lodge that measures 444 square feet.

 

The small home at 1280 East 33rd Avenue contains a bedroom, a living room that functions as dining area as well, kitchen, and a bath.

 

It was built in 1944, and there’s a chance it will be replaced with a new development.

This is because the cottage was sold recently for $1,550,000.

The listing for the property noted that the site presents a “great opportunity to build a duplex in a fabulous location”.

 

The Straight sought the listing agent for more details about this Vancouver real estate, and will update this story when additional information is available.

The sold price equals $3,491 per square foot of the existing tiny home.

One interesting thing about this sale is that 1280 East 33rd Avenue made more money than what the property next door to the west did last year.

On May 11, 2021, the property at 1260 East 33rd Avenue sold for $1,325,000.

The house at this neighbouring site is 1,630 square feet, which means it’s about three to four times bigger than that of 1280 East 33rd Avenue.

The two homes sit on 33-foot lots.

The Straight asked longtime Vancouver realtor David Hutchinson about what he thinks regarding the two properties.

“Although one house is larger than the other, detached house sales are mostly based on land value,” Hutchinson said.

Hutchinson noted that assessed values of both properties are about the same.

The property at 1280 East 33rd Avenue has a 2022 assessment of $1,420,900.

That’s $1,412,000 for the 33-foot by 118.5-foot lot, and $8,900 for the cottage.

The property at 1260 East 33rd has a 2022 assessment of $1,469,000.

This is broken into $1,409,000 for the 33-foot by 117.7-foot lot, and $60,000 for the rancher with basement.

“What a difference a year makes: the smaller house sold at a higher price because the market had gone up quite a bit,” Hutchinson said.

This property next door at 1260 East 33<sup>rd</sup> Avenue sold in 2021 for $1,325,000.This property next door at 1260 East 33rd Avenue sold in 2021 for $1,325,000.

The Sutton Group-West Coast Realty also noted that 1280 East 33rd Avenue is the smallest detached house he’s ever run across in Vancouver.

“I don't know the complete history of the 78-year-old home, and whether it was always that way, or the structure at the front of the property was removed at some time,” Hutchinson said.

“But in any case,” the realtor continued, “it's absolutely amazing that a detached house like this even exists in the city.”

Another interesting thing is that 1280 East 33rd Avenue sold on the same day as the property at its east side, 1294 East 33rd Avenue on March 29, 2022.

The property at 1294 East 33rd Avenue has a 33-foot by 118-foot lot, and a 2,443-square-foot house with three bedrooms and two baths.

This particular Vancouver real estate sold for $1,750,000.

Its 2022 assessment is $1,454,100, which is comparable to 1280 East 33rd Avenue and 1260 East 33rd Avenue.

This adjacent property at 1294 East 33<sup>rd</sup> Avenue sold on the same day as 1280 East 33<sup>rd</sup> Avenue for $1,750,000.This adjacent property at 1294 East 33rd Avenue sold on the same day as 1280 East 33rd Avenue for $1,750,000.

It’s also interesting to note that based on tracking by real-estate site Zealty.ca, the sellers of the three properties have one listing agency, Stilhavn Real Estate Services.

Here’s an aerial look at these properties.

The cottage at 1280 East 33rd Avenue is sandwiched by 1260 East 33rd Avenue (left) and 1294 East 33rd Avenue.The cottage at 1280 East 33rd Avenue is sandwiched by 1260 East 33rd Avenue (left) and 1294 East 33rd Avenue.GOOGLE
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Sales of luxury condos are up in Vancouver. Here's a look at what's on the market from $1M to $50M

A bathroom in a condo at 1480 Howe St. is seen in an image from a listing posted on Realtor.caA bathroom in a condo at 1480 Howe St. is seen in an image from a listing posted on Realtor.ca
Published April 14, 2022 11:37 a.m. PDT

The latest report on luxury real estate in Vancouver suggests the only housing type seeing an increase in sales so far this year is condominiums.

According to data from Sotheby's International Realty, the number of condos sold for more than $1 million was up nearly 30 per cent in the first quarter, when compared to the same period in 2021.

Nearly as many condos in that category were sold as $1-million-plus houses, and when taking into account the cost of detached homes in Vancouver, it shows an increased interest in luxury properties.

According to Sotheby's, 559 condos sold between January and the end of March in the region, compared to 599 houses.

A single-family home purchased for around the million-dollar mark may not be much in the city, but a million-dollar condo is still somewhat impressive, whether in terms of location or amenities.

Here's a quick look at what a luxury real estate budget can buy in the city – whether that's $1 million or $50 million – based on hundreds of listings posted on Realtor.ca. Given supply issues noted in most areas of the region's real estate market, it's possible that the listing prices are a ways off what condos are actually selling for.

Coming in at $1.009 million, this one-bedroom, one-bathroom downtown condo is actually priced a bit below the average cost of a residence in the province, if including all housing types. 

The listing boasts engineered hardwood, over-height doors and windows, expensive appliances and a large outdoor space, as well as "spectacular views."

Further south, a buyer with a bit of cash could call this one-bedroom, one-bathroom condo on West King Edward Avenue home.

Listed at $1.02 million, the condo in Vancouver's West Side is in a 55+ building, and comes with a den, high ceilings and lots of windows, as well as a patio. Residents of the building have access to an oxygenated infrared sauna, hydrotherapy tub, theatre and rooftop patio, as well as what the listing agents call an "Asian & Western style restaurant." 

A buyer willing to pay an extra $9,000 could find themselves in a two-bedroom-plus-den unit with views of Stanley Park, English Bay and the North Shore Mountains. 

The seller is asking $1.028 million for the apartment in a building that allows pets and rentals, and includes access to a gym, sauna and guest suite.

Spending around $1 million buys less in some neighbourhoods than others. There were few options in the Kitsilano area over that mark, but this two-bedroom-plus-den on West 4th Avenue can be had for $1.099 million. 

While it does have new floors and baseboard heaters, as well as four parking stalls, it does not appear to have been recently renovated beyond that. The kitchen and fireplace in the 1990s condo appear dated, if not original, as does the décor in the bathrooms.

The price tag seems mostly to be tied to the proximity to Kits Beach and the neighbourhood, rather than the unit itself.

Further south, a buyer willing to spend $2.78 million could find themselves on a patio overlooking the Fraser River. 

This just-built penthouse condo has three bedrooms, three full bathrooms and a powder room, as well as a "gourmet chef kitchen," high ceilings, two parking stalls and two storage lockers.

Expanding the budget again to above $4 million yields fewer options, but more luxurious accommodations.

One of the homes in that category is this penthouse located near the University of British Columbia, listed at $4.298 million.

The private rooftop terrace alone is larger than many condos at 1,122 square feet, and it comes with walk-in closets, a "European gourmet kitchen," and high-end appliances.

Those willing to spend more than $10 million only have eight options on Realtor.ca, nearly all of which are downtown.

Among them is this three-bedroom, four-bathroom penthouse on Howe Street, which appears to come with a custom Fazioli piano in its "grand salon." 

The listing boasts "thoughtfully laid out floor plans" as well as panoramic views of the city, high-end appliances and finishes and a dressing room that realtors claim feels "like your own private boutique." It too has a large rooftop terrace, this one including an outdoor kitchen, fire pit, hot tub and elevator.

The condo is listed at $12.88 million.

And someone with a lot of cash to spare could move into this penthouse condo in Coal Harbour, listed at $36.9 million. 

Situated at the top of the Fairmont Pacific Rim hotel, the four-bedroom condo boasts, as described by the listing, "endless postcard views of the water, mountains and city."

It has two floors, "soaring" ceilings, a private rooftop deck, a gym and yoga room, a built-in entertainment centre and more.

The interior of a penthouse that realtors say is Canada's most expensive condo listing is pictured. (Provided)

Big spenders may even be interested in what realtors say is Canada's most expensive condo listing

Listed at $49 million, the oceanfront two-floor penthouse is the largest condo in Western Canada, and includes four bedrooms, five bathrooms, sweeping views and two rooftop terraces.

All photos from Realtor.ca unless otherwise noted.

 
 
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What came first, investor demand or a lack of supply? For many, the question of Vancouver’s affordability crisis is a lot like the old chicken-or-egg riddle. There are those who fiercely believe that local governments and homeowners have impeded the progress of new construction over the years, constraining supply and driving up prices. And then there are those who believe that a lot of the new housing that’s brought online targets investors who seek to maximize profit, turning housing into a game of real-life monopoly.

In the past few years, big money investors, also known as institutional investors, have moved into the Lower Mainland to take direct advantage of one of the world’s most lucrative real estate markets. The Vancouver Real Estate Forum, to be held this year on April 12 at the Vancouver Convention Centre, includes a panel discussion on the growing trend of institutional investors partnering with local developers. And experts from investment firms will talk on other panels that cover everything from government policies and the demand for rental housing to the affordability crisis.

“They are aligning with local developer talent that are good at sourcing opportunities and properties – the pension funds are happy to participate directly with guys like us,” said Brent Sawchyn, principal and chief executive officer of development company PC Urban Properties, and a Forum panelist. Mr. Sawchyn’s mid-size company has partnered with several such companies on projects in recent years.

He estimates that, globally, there are about a dozen markets for pension fund types to inject their money and Vancouver is a draw. They are looking for markets where population and business opportunities are on the rise. For developers, such investor partnerships have become more appealing because of the high cost involved in development.

“If you’ve got $10-billion of money that you want to put into real estate in certain markets in Canada – let’s say multifamily apartment buildings – you need to cast your net pretty broadly to be able to fill that need, to place that amount of money,” Mr. Sawchyn said.

“The pension funds and ‘near pension funds’ are all interested in participating in real estate so that they can, at the end of the day, attract an ongoing return for their investment – so they can go buy existing apartment buildings or they can participate with us, where we can build a brand new apartment building that is smack clean out-of-the-box brand new, with a lot less requirements for repairs and maintenance and then generate an attractive return for them.”

Burnaby, B.C., is eager to build, but stymied by funding gap

Supply increasing in Squamish, B.C., but home prices are, too

Some housing advocates have accused the institutional investor of pushing prices higher because they snap up old apartment stock and seek healthy returns. Mr. Sawchyn and others argue that they are serving the opposite purpose, because rental apartments would be otherwise too risky to build. For big money investors, however, apartment buildings “are very well sought after and prized,” he says.

“Without institutional investment into, say, new apartment buildings, we wouldn’t be delivering any stock.

“Some argue, ‘this is a new building, rents are expensive, it’s not affordable.’ But if we’ve got 75,000 to 100,000 people moving here a year to the Lower Mainland, we need to build housing. And without pension funds participating in housing, we are not going to have any more stock. Rents will keep going up.”

Housing advocates have accused the institutional investor of pushing prices higher because they snap up old apartment stock and seek healthy returns.DARRYL DYCK/THE CANADIAN PRESS

But it’s also true that the big investor is in the Vancouver market expressly because growth is the expectation. Some argue that anything that gets in the way, such as government regulation that restricts rents, or building heights, or costly development fees, or public engagement that stalls projects for years, for example, impedes the delivery of supply. For some, less regulation of the housing system is the most effective way of meeting the future demand.

Simon Fraser University professor of finance, Andrey Pavlov, argues that institutional investors are generally better landlords than mom-and-pop landlords, and regulations and taxes designed to cool the market only add to their financial burden, making housing less affordable. We shouldn’t be just building for the current population – we should be building to house future populations, says Mr. Pavlov.

“We have constrained population growth in the Lower Mainland because of limits on housing,” he says. “There is that additional complication that maybe you have investment demand that has nothing to do really with current population growth. In my view, we should provide enough housing even for that, and it can be done, but there is a more difficult argument to be made there. However, in the rental market it is very, very clear.”

The residential rental vacancy rate, he says, should get to at least 3 per cent to adequately supply the population.

Patrick Condon, University of B.C. urban design professor and author of Sick City: Disease, Race, Inequality and Urban Land, argues that the housing crisis stems from the commodification of land, which is no longer based on its value for housing, but for its value as a global asset class. In order to solve the housing problem, he says, you have to control the price of urban land.

“Housing is no longer valued for its utility. It is now valued as a commodity, just like gold, Bitcoin or stocks and bonds,” he said in an e-mail. “We have moved from an economy based largely on wages to one based largely on investments, with investors now in the driver’s seat. It’s extra complicated, because most of us participate in it and benefit from it, with our RRSPs and our pension fund contributions, not to mention the baby boomers benefitting from a passive gain of $4-million for their Dunbar home.”

Developer David Fullbrook says that he’s not sure that a glut of new supply will bring prices down.

“I look at the paradigm and it has got too many opposing forces.”

There are a lot of constraints on available land, and land cost is high. He says it means that only a few major players with deep pockets can afford to play.

“By and large, it’s more the commodification of housing that is fundamentally a problem, that we just haven’t identified as being a real thing. We haven’t allowed that to happen for health care and we have allowed it to happen for housing – and now that die has been cast it’s going to be very hard to unwind that, I would guess,” he said.

Mr. Fullbrook, who has been in the industry for 30 years and spent most of his career in the U.S., partners with investors and builds mostly commercial developments in B.C. and Alberta, including some multifamily residential.

“When the dot.com collapsed in 2000, that sort of released a lot of capital and that money began to flow into commercial real estate. I’m talking globally. … When that money started to flow, it never stopped and it began to accelerate. So what you’ve got now … is really institutional capital that is driving predominantly home development.

“I think the big collapse was obviously the Liberal government’s lack of attention to housing and the value that was created for them politically by this Chinese inflow of capital, this foreign investment money that really protected Vancouver from some of the cyclical swings that were happening throughout North America.

“I always look at Vancouver investors as being rewarded for speculation. They buy property and they may over pay. They don’t really know what a downturn looks like. So there has always been money to be made, and the province is constantly trying to manipulate the system to drive or incentivize capital to behave in a certain way – and we are just too late.

“Since Expo, there has been 30 years of unprecedented demand for B.C. real estate and it doesn’t seem to be impacted by typical market swings that would make people a little more cautious, particularly the speculative venturers who don’t really add a lot of value to the process, in my own view.”

Mr. Fullbrook finds the increasing rents worrisome and is concerned about his own children’s futures. He said he just priced a 128-unit, 20-storey concrete tower at $650 buildable per foot, not including land, profit and interest to cover the financing. The means the consumer is looking at about $500,000 for a 500-square-foot condo. That’s about 10 times the average salary, compared to when he was starting out and a home might be three times the average salary. That creates a “vicious circle of haves and have-nots,” Mr. Fullbrook says.

And investors are, by necessity, driven by profit.

“We had a deal we were quite interested in, and there was an investor group that was interested in the project, and putting capital in, and what they wanted us to do was something that I just would not do. I would not undermine a community that was thriving, and in a good place, to make a quicker yield.

“That was really what they were driven by: ‘we want to make that money in three years and get it out and then get it back in.’

“I don’t judge it,” he adds. “I just recognize it as being a factor of the market, that there is an avaricious quality to investors.”

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Luxury Sub-Penthouse with a Spectacular view of Vancouver

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Inside This $5.2 Million Vancouver Penthouse - YouTube

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Look inside this epic $6.8 Million Vancouver Sub-Penthouse

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What A $4700000 North Vancouver Penthouse Looks Like

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Inside this $2.7 Million Sub-Penthouse in Downtown Vancouver

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Today EV brings you to this $2.65 Million Sub Penthouse in Downtown Vancouver.Stunning Sub-Penthouse parkside home in the heart of Olympic ...
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1372 Seymour Street, Vancouver BC - The Mark Penthouse

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Tour the stunning penthouse at The Mark in Vancouver.
YouTube · ONNI GROUP · Mar 4, 2021

Buy a Condo in Vancouver | Sub-Penthouse with Ocean Views

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Looking to buy a Vancouver condo? Then immerse yourself in contemporary living with this luxury sub-penthouse suite.
YouTube · Sarah Kwan PREC* · Nov 4, 2021

EXECUTIVE 1-BEDROOM PENTHOUSE WITH ROOFTOP ...

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1000 SQFT EXECUTIVE 1-BEDROOM WITH PRIVATE ROOFTOP FOR SALE! PH 3202 - 610 GRANVILLE STREET, VANCOUVER BC | $1125000 BY SHAWN BROWN OF THE ...
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For sale townhouse in Kitsilano, Vancouver. 2 bedroom + 1 ...

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For sale townhouse in Kitsilano, Vancouver. 2 bedroom + 1 bathroom. 4- 3130 W 4TH AVE, BC, Canada.MLS R2642119Welcome to the Avanti!
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Vancouver's Most Luxurious East Vancouver Townhome

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Bright and spacious south facing CORNER concrete townhome located on the quiet side of Kensington ... Mark J Wiens Vancouver Real Estate.
YouTube · Mark J Wiens Vancouver Real Estate · Oct 21, 2021

Downtown Vancouver Live/Work Townhouse FOR SALE ...

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Welcome to this ultra unique Modern Downtown Vancouver Live/Work Townhouse at The Canadian (1054 Hornby Street).
YouTube · Sharp Real Estate Group · Jun 4, 2017

Point Grey 6 Bedroom House for sale Video Tour - YouTube

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4508 Bellevue Drive, Vancouver BC V6R 1E5, CanadaVANCOUVER BC HOUSE FOR SALEVANCOUVER BC REAL ESTATEHouse | Townhouse | Apartments/Condos ...
YouTube · MichaelCowlingRealty · Sept 12, 2011

North Burnaby Townhouse for Sale - 101-9151 Saturna Drive

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This property has sold. View similar listings in the same neighbourhood here: https://myre.io/080NB7Hsb56iNature at your doorstep.
YouTube · DH Real Estate Group · Apr 19, 2021

453 13th Street, West Vancouver Townhouse For Sale

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BEACHSIDE LIVING! Walk across the street and land right on the seawall. 10/10 West Vancouver location. Live by the beach and all that ...
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Vancouver's Dunbar homes listed for sale - YouTube

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Vancouver townhouse for sale - YouTube

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Vancouver townhouse for sale. Watch later. Share. Copy link. Info. Shopping. Tap to unmute. If playback doesn't begin shortly, try restarting your device.
 

Vancouver Real Estate Films - YouTube

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802 2095 Beach Avenue
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$2,600,000
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Naomi MorrisonMacdonald Realty
 
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The five cheapest Vancouver homes starting at $315,000 (PHOTOS)

Apr 1 2022, 3:38 pm
 

If you’re looking for a good deal on real estate, step one might be leaving Vancouver, but if you’re set on those mountain views, these are the most affordable homes in the city.

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Zoocasa has compiled the five cheapest real estate listings across the city, and prices range between $300,000 and $1,300,000.

On the low end, you’re not getting a lot with a one-bedroom, one-bathroom condo, but if you’re just looking for a place to call home, you could do a lot worse.

318 – 36 East 14th Avenue, Vancouver ($315,000)

cheapest homes vancouver

318 – 36 East 14th Avenue, Vancouver (Zoocasa)

The cheapest of the bunch is this condo at Rosemount Manor in the charming neighbourhood of Mount Pleasant.

cheapest vancouver

318 – 36 East 14th Avenue, Vancouver (Zoocasa)

The one-bedroom, one-bathroom condo features 619 sq ft, which seems decent for the price, and it also includes a modest covered balcony. There’s also a fair bit of storage space.

318 – 36 East 14th Avenue, Vancouver (Zoocasa)

The condo is minutes away from transit, popular retail outlets, coffee shops, restaurants, and more. The listing suggests it would be a good option for anyone looking to invest or anyone who wants to get into the market.

318 – 36 East 14th Avenue, Vancouver (Zoocasa)

Unfortunately, the building does not allow pets.

802 – 1850 Comox Street, Vancouver ($405,000)

cheapest vancouver

802 – 1850 Comox Street, Vancouver (Zoocasa)

This unit on Comox Street is another one-bedroom, one-bathroom condo in Vancouver, with 625 sq ft of space.

802 – 1850 Comox Street, Vancouver (Zoocasa)

Featuring views of the ocean and city, this condo is steps away from English Bay, Stanley Park, the sea wall, and lots of dining and entertainment options. The building also features a sauna and a gym. The condo also has a balcony.

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802 – 1850 Comox Street, Vancouver (Zoocasa)

The unit is definitely showing its age, but the listing suggests the future owner could potentially remodel the space.

Pets are allowed, but the owner has to apply for approval.

7 – 1101 West 8th Avenue – ($499,000)

cheapest vancouver

7 – 1101 West 8th Avenue, Vancouver (Zoocasa)

This townhome suite is the nicest of the bunch thus far, located in the heart of Fairview Slopes. The spacious unit is well-lit with lots of windows, allowing for lots of natural light to flow in.

cheapest vancouver

7 – 1101 West 8th Avenue, Vancouver (Zoocasa)

It might look more spacious than the previous listings, but it’s actually a tad smaller, featuring 606 sq ft of space.

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cheapest vancouver

7 – 1101 West 8th Avenue, Vancouver (Zoocasa)

The kitchen is particularly snazzy, with drawer and cupboard handles popping brightly through the white aesthetic.

This suite allows pets without any conditions.

11 – 1419 East 1st Avenue – ($574,900)

cheapest vancouver

11 – 1419 East 1st Avenue, Vancouver (Zoocasa)

Following a similar trend to the previous listings, this unit in East Vancouver offers even less space, but is listed at a significantly higher price.

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While it does feature less space at 552 sq ft, it somehow squeezes a den into the one-bedroom, one-bathroom unit. The unit suggests there is no wasted space.

11 – 1419 East 1st Avenue, Vancouver (Zoocasa)

It features a miniature patio in the back, good for some seated drinks during the summer months.

11 – 1419 East 1st Avenue, Vancouver (Zoocasa)

Pets are allowed in this bright suite.

11 – 1419 East 1st Avenue, Vancouver (Zoocasa)

1577 East 26th Avenue, Vancouver – ($1,299,000)

cheapest vancouver

1577 East 26th Avenue, Vancouver (Zoocasa)

The only full house on the list features six bedrooms, two bathrooms, and 2,070 sq ft of total space.

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vancouver cheapest

1577 East 26th Avenue, Vancouver (Zoocasa)

According to the listing, this detached home is “incredible value for a small price.” While $1.2 million is not a “small price” to pay for many Vancouver residents, it could be considered good value, relatively speaking.

1577 East 26th Avenue, Vancouver (Zoocasa)

This East Vancouver home features stainless steel appliances, new vanity and tiling, and a soaker tub. It’s also in a great location for more transit-oriented folks.

1577 East 26th Avenue, Vancouver (Zoocasa)

There you have it. The five cheapest homes you can buy in Vancouver, according to Zoocasa. While only one of them was a fully detached house, there are definitely options for getting into the housing market in Vancouver depending on your needs. As long as you can beat out others who are competing for the same spot.

Click here to see how the listings compare to the cheapest homes in Vancouver in February.

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Empty five-acre land parcel available on Vancouver's prestigious Belmont Avenue

Three-lot parcel for sale at $81 million, with yearly property taxes of $280,000, but cannot be stratified

The entrance to 4883 Belmont Avenue that is for sale as part of a three-lot parcel in Vancouver.The entrance to 4883 Belmont Avenue that is for sale as part of a three-lot parcel in Vancouver.

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An extraordinary opportunity exists for a developer willing to spend $81 million buying up Vancouver’s most valuable parcel of vacant detached home lots, says local historian John Atkin.

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Atkin said the three side-by-side lots on Belmont Avenue in West Point Grey comprise a total of five acres. One has never been developed, while two homes that sat on the other lots are long demolished. The three have been sold as a parcel since at least the 1970s and are recorded as lots one, two and three in 1909 subdivision records.


“It’s extraordinary that you would find such an amazing piece of property that’s not developed in that location, given some of the extraordinary houses and architecture that you find out there, both the older stuff that’s been kept and well loved and some of the new houses. Those three lots are just sitting there,” said Atkin, adding that one of the demolished homes was occupied by former Canadian Prime Minister John Turner as a teenager after his widowed mom married Lieut. Governor Frank Mackenzie Ross, who owned the house.

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The prestigious Belmont heights neighbourhood north of 4th Avenue is bounded by Blanca Street, the Spanish Banks Creek ravine and NW Marine Drive.


Atkin said the area was subdivided around the same time as Shaughnessy with similar-sized lots (some 200-feet wide and 400-feet deep). However, the Shaughnessy lots needed at least $5,000 to be spent on the new home and had to be developed as soon as possible and so attracted a different buyer than the Belmont heights neighbourhood, that was then considered remote.


There are still homes in the neighbourhood that were built in the early 1910s — the Vancouver real-estate market collapsed in 1913 — including one on West 2nd Avenue that was built for mattress manufacturer Robert Hunter and is now occupied by former politician, physician and Olympic basketball player Pat McGeer.

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This home was built on West Second Avenue in Vancouver in 1912 for mattress maker Robert Hunter.This home was built on West Second Avenue in Vancouver in 1912 for mattress maker Robert Hunter.

Atkin said there was another surge in development in the neighbourhood in the 1920s and 1930s, as people moved from the West End to get away from pollution due to sawmills in False Creek and the Burrard Inlet.


The three side-by-side lots (4883/4889/4899 Belmont) have been on the market since June 21, 2021 and are priced at $38.9 million, $29.9 million and $11.9 million for a total of $80.7 million.


Three vacant lots are being sold as a package on prestigious Belmont Avenue in Vancouver.Three vacant lots are being sold as a package on prestigious Belmont Avenue in Vancouver.

They are being marketed by Sutton Group Realtor Danny Deng.


Deng’s listing states that if the three lots are purchased together as a 5.06-acre parcel, the buyer will have the potential to “apply for redevelopment”.


According to a City of Vancouver spokesperson, the lots are zoned RS-1, which permits one and two-family dwellings through a development permit process.

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“There are no policies that would allow a strata-titled condo/townhome project, or a market rental development,” the spokesperson said.


“If however, the purchaser wanted to develop social housing, the West Point Grey Community Vision supports rezoning for social housing developments owned and operated by non-profits.”


Deng did not respond to a request for interview. A photo illustration that showed 27 residences on the combined parcel was removed from the listing on Monday.


The three lots were bought in 2015 for $26.5 million by three numbered companies — all with directors Luijan Shao and Edison Washington. The following year they were listed for $68.5 million combined but never sold.


According to land title records, they were purchased as a parcel in 1978 for $980,000.

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A 2016 article by former The Province reporter Sam Cooper reported that Edison Washington is also known as Qiang Wang and that with his wife had purchased $152 million worth of Vancouver property since 2011 — including the Belmont Ave properties and parcels on Cambie Street that have since been redeveloped.


The property listing showed the owner of the undeveloped lots would have to pay around $280,000 a year in property tax.


dcarrigg@postmedia.com



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Tiny homes for sale near Vancouver for as low as $45,000

Mar 26 2022, 12:11 pm
 

Tiny homes are a creative housing solution in a province that’s hurting from a real estate shortage and record high prices.

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In Vancouver, it seems like nothing’s on the market for less than a million dollars. So, living tiny is an option many are turning to for relief.

Whether you want to go off-grid and kiss strata fees goodbye or hit the road with a home on wheels, this list of tiny homes for sale near Vancouver shows you what an affordable home looks like these days.

You might also like:

As you browse, remember that you will need to park and possibly hook up your home somewhere, be it a trailer park, your parents’ lawn, or on a parcel of land.

Tiny homes for sale in Vancouver

Off-grid tiny house on wheels

tiny house

Tiny House Listings Canada

  • For sale for $45,000
  • Located in Rock Creek
  • One bedroom, one bathroom
  • Bedroom loft with queen-sized bed
  • Propane stove and oven
  • Off-grid, four-season living

2021 Stattonrock tiny home

tiny home

Tiny House Listings Canada

  • For sale for $129,900
  • Located in Chilliwack
  • Dual lofts sleep four to six comfortably
  • 320 square feet
  • On wheels
  • Lots of storage space

240-square-foot tiny house

tiny house

Tiny House Listings Canada

  • For sale for $65,000
  • Located in Chilliwack
  • One bedroom, one bathroom
  • Pine walls and floors
  • Large hot water tank

Campbell River tiny house

tiny house

Tiny House Listings Canada

  • For sale for $75,995
  • Located in Campbell River
  • Full kitchen
  • Two bedrooms, one bathroom
  • Plumbing and sewage hook ups
  • 300 square feet

Craftsman heritage tiny house

tiny house

Tiny House Listings Canada

  • For sale for $87,000
  • Located in Nanaimo
  • On wheels
  • Not 100% completed, needs finishing touches
  • Bright and spacious

Tiny home built tough

tiny house

Tiny House Listings Canada

  • For sale for $63,000
  • Located in Maple Ridge
  • On wheels
  • One bedroom, one bathroom
  • Eight-foot-high ceilings
  • Ready to install

Tiny house built by Vancouver Tiny House

tiny home

Tiny House Listings Canada

  • For sale for $75,000
  • Located in Squamish
  • On wheels
  • One bedroom, one bathroom
  • Built in 2016
  • Apartment-sized fridge
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With files from Daily Hive Staff.

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The 5 cheapest homes you can buy for under $1M in Vancouver (PHOTOS)

Mar 3 2022, 12:51 pm
 

There is no shortage of listings and stories about how expensive housing is in Vancouver, so we thought we’d change it up and show you some of the cheapest listings available.

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From Mount Pleasant to Kitsilano, if you look hard enough you might actually be able to find something that isn’t extraordinary when it comes to price.

These are the five cheapest homes that you can buy in Vancouver according to Zoocasa.

You might also like:

414 – 138 East Hastings Street ($378,000)

cheapest vancouver

414 – 138 East Hastings Street, Vancouver (Zoocasa)

Sometimes finding cheap housing to buy means compromising in certain areas. Whether it’s location, size, or age, you might have to make a few sacrifices.

Priced at $378,000, this is the cheapest listing in Greater Vancouver according to Zoocasa.

This home for example is not located in a particularly quiet neighbourhood. It’s in the heart of the Downtown Eastside, listed by Century 21 In Town Realty.

414 – 138 East Hastings Street, Vancouver (Zoocasa)

The one-bedroom one-bathroom home is also not particularly large at 444 sq. ft.

414 – 138 East Hastings Street, Vancouver (Zoocasa)

What it lacks in size, it makes up for in the general flow and feng shui of the space. It’s laid out very well for a home that’s so small and would be an upgrade from many bachelor or studio suites in the city.

609 – 175 East Broadway ($399,000)

609 – 175 East Broadway, Vancouver (Zoocasa)

This is a building many in Vancouver will recognize.

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609 – 175 East Broadway, Vancouver (Zoocasa)

Listed by Sutton Group-West Coast Realty, the unit itself is a 598-sq-ft, one-bedroom, one-bathroom suite.

This historic New York-style building was built in 1912. The unit still has the same original fir floors and vintage radiators. The building was recently replumbed, and portions of the unit have been renovated.

While not particularly large, it’s a pretty good price to own a piece of Vancouver history.

vancouver

609 – 175 East Broadway, Vancouver (Zoocasa)

Located in the heart of Mount Pleasant, this one-bedroom, one-bathroom suite is in the ideal location, surrounded by breweries, coffee shops, and restaurants.

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1608 – 1850 Comox Street ($439,900)

vancouver cheapest

1608 – 1850 Comox Street, Vancouver (Zoocasa)

Sitting at 546 sq ft, this condo unit inside 1850 Comox Street features one bedroom and one bathroom.

cheapest vancouver

1608 – 1850 Comox Street, Vancouver (Zoocasa)

Listed by Re/Max Crest Realty and located just west of Denman Street, the entire unit has been renovated. It features a large bedroom and living room, with wall-to-wall windows.

cheapest

1608 – 1850 Comox Street, Vancouver (Zoocasa)

Like the other listings in this post, the unit makes good use of the space available.

206 – 2190 West 5th Avenue ($699,000)

206 – 2190 West 5th Avenue, Vancouver (Zoocasa)

Located in Kitsilano and listed by Team 3000 Realty Ltd., this 630-sq-ft, one-bedroom, one-bathroom is close to the soon-to-be Arbutus Skytrain Station, and is within walking distance of all the goodies that West 4th Avenue has to offer.

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206 – 2190 West 5th Avenue, Vancouver (Zoocasa)

The neighbourhood is green and vibrant and the rooftop deck features a glorious mountain view.

cheapest

206 – 2190 West 5th Avenue, Vancouver (Zoocasa)

The townhouse-style unit features two levels and has seen some minor renovations. It also includes a fireplace.

The listed $699,000 asking price is also below the assessed value of $764,000.

2 – 371 East 16th Avenue ($859,000)

vancouver

2 – 371 East 16th Avenue, Vancouver (Zoocasa)

2 – 371 East 16th Avenue, Vancouver (Zoocasa)

Also located in Mount Pleasant, this 818-sq-ft, two-bedroom, two-bathroom garden suite features a private patio, an open concept kitchen, living, and dining area, and decent-sized bedrooms.

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Buying a Vancouver home: 5 tips if you end up in a bidding war 

Buying a home: 5 tips if you end up in a bidding war

There are a few things you can do to try to lessen the stress of buying when you’re not the only one who thinks they’ve found their dream home.

Realtor Amy Trebelco says it's important to keep your cool in Vancouver’s housing market. Trebelco offers a few tips to lessen the stress of buying when you’re not the only one who thinks they’ve found their dream home.Realtor Amy Trebelco says it's important to keep your cool in Vancouver’s housing market. Trebelco offers a few tips to lessen the stress of buying when you’re not the only one who thinks they’ve found their dream home. PHOTO BY NICK PROCAYLO /PNG

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You’ve finally found the home of your dreams. So have 15 other people.

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Competing offers are the buyer’s bane in a market where demand far outstrips supply. The Lower Mainland has had more than its fair share of bidding wars as emotions run high and home-hungry buyers get caught up in the thrill of the hunt. As they say, it’s a jungle out there.


That’s why in Vancouver’s housing market it’s important to keep your cool. There are a few things you can do to try to lessen the stress of buying when you’re not the only one who thinks they’ve found their dream home. Local realtor Amy Trebelco provided us with some tips on surviving the Greater Vancouver bidding wars.


1. Work with a realtor who knows the area


Any realtor worth their license will provide their client with a market analysis for the property. But it also helps to work with someone who knows the area beyond what they see on feature sheets. That way they can provide an assessment of what a property is worth in terms of the real world, rather than what’s on paper.

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“Neighbourhoods and locations have different nuances,” says Trebelco, a realtor with the Mary Cleaver Group. “An agent who is an expert in the area is aware of the activity levels of the market and has likely seen or been in many of the recent comparable units or buildings, which helps to really understand the market value of a property. They may also be able to say, ‘Oh that building has a big project coming up, that’s why it’s priced this way’ or ‘That unit got a premium because it’s really well maintained and fiscally responsible.’”


2. Know thy self


A buyer might have a reason for wanting a property that goes beyond the range that the agent recommends.


“Maybe your best friend lives across the street or you grew up in this neighbourhood or this is your absolute dream home and you’re going to live there for the next 35 years,” she says. “Then the value to you as a buyer could be a little bit higher than what my range of market value is. It’s the balance between those two things. As long as the buyer is educated regarding both values, then they make the ultimate decision about the price.”

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3. Be prepared


In the Lower Mainland, the seller signs a Direction Regarding Presentation of Offers (DRPO). The document says that the seller is not going to look at any offers until a certain time.
“Then you know when your offer is due and you have until that time to do your due diligence,” Trebelco says.


This includes:


1. Checking in with your mortgage broker to ensure that they have the documents they need.
2. Reviewing property documents, including strata documents.
3. Doing a pre-inspection.
4. Ensuring your deposit funds are readily available.


“Traditionally you would do all of this after you’ve secured the property. In the case of multiple offers, you try to do all of this ahead of time so you come in as clean as you can.”

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David Fairbairn, of Fairbairn Home Inspectors, recommends a pre-purchase inspection. “It’s a great deal. It’s cheap insurance. You spend $500 and you could save thousands. We’re seeing the inspections pre-purchase are going by the wayside right now and it’s very unfortunate.


“A good deal of my business is going to properties after the buyer has already taken possession. Unfortunately, in many of these cases, we’re finding the buyer has purchased a home with a hidden issue. That’s a very unpleasant surprise especially after you’ve got your keys and moved your furniture in and discover there’s a foundation leak.”


Occasionally Trebelco will tell a client that they can skip the inspection, which can happen sometimes on strata properties, “if the building has well-documented maintenance histories, the depreciation report is recent, or we may be familiar with the building. We sell a lot in Mount Pleasant and the East Side, so we have clients who have bought in various properties. So, if you have the documentation and knowledge about the building, you may choose — depending on your own risk tolerance — to go ahead with or skip an inspection.”

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4. Be available


This applies to both buyer and agent. “If we get the phone call where the buyer is in the top two or three and you want to revise the offer, if you’ve gone out for a dinner or a movie you may miss your opportunity. You have to block off that time and sit by the phone in anticipation of what might happen.”
That’s what Trebelco does. “Monday and Tuesday nights, I sit at home. I’m never more than 10 feet away from my phone and computer.”


5. Know your budget and stick to it


“Bidding wars can be emotional,” Trebelco says, “especially if you have lost a few properties.” A buyer might be ready to up their offer by an unrealistic amount. Trebelco said that’s when it’s their job to be the calm in the storm, and to say, ‘the broker approved you for a certain amount, we talked about the value and it was this.’

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“We can help balance the emotions,” Trebelco said.


Trebelco has seen enough homes slip away from dreamers to become philosophical about missed opportunities.


“It’s hard to take the emotion out of multiple offers when you fall in love with a home and envision living there. At the end of the day there will be another one. Once you get one or two under your belt it becomes a little easier to ride the wave. I’m a firm believer that you get the property that you’re meant to get to make it a home.”


MORE ON THIS TOPIC

  1. Our complete first-time homebuyers guide includes tips on what to consider when shopping for a condo, and red flags to watch for in strata minutes.

    Metro Vancouver’s first-time homebuyer‘s guide

  2. Mariko Baerg helps clarify deposits from down payments, and completion dates from possession dates.

    10 terms first-time B.C. homebuyers need to know

  3. When going though strata minutes, realtor Nicola Campbell says that she looks for issues that come up repeatedly.

    Buying a condo? Watch for these red flags in the strata minutes

  4. Buying a home: 5 tips if you end up in a bidding war

  5. Q&A: First-time homebuyers face sticker shock from hidden costs

  6. Abdul Safi of Sutton Premier Realty details what incentives are in place first-time homebuyers in B.C.

    A look at financial help and incentives for first-time homebuyers in B.C.

  7. Realtor Matt Scalena says Olympic Village in Vancouver is an example of how communities move from new and sterile to desirable quite quickly. Olympic Village became residential in 2010. Since then it has become a hub of activity.

    Old, newer, or newest? The pros and cons of purchasing an older versus newer condo


More news, fewer ads, faster load time: Get unlimited, ad-lite access to The Vancouver Sun, The Province, National Post and 13 other Canadian news sites for just $14/month or $140/year. Subscribe now through the Vancouver Sun or The Province.


 
 

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THIS WEEK IN FLYERS

 
 
Read full post

Metro Vancouver’s first-time homebuyers' guide

Looking to purchase your first home but don't know where to start? We curated a first-time homebuyer's guide just for you

Our complete first-time homebuyers guide includes tips on what to consider when shopping for a condo, and red flags to watch for in strata minutes.Our complete first-time homebuyers guide includes tips on what to consider when shopping for a condo, and red flags to watch for in strata minutes. PHOTO BY SIMPSON33 /iStock/Getty Images Plus

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Real-estate prices continue to soar across much of B.C., and home ownership is out of reach for far too many people. It can take years of sacrifice to scrape together enough money for a down payment on a modest first home. Then what?

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Anyone poised to plunge into the most expensive housing market in Canada faces myriad questions and choices, such as:


• What real-estate lingo do I need to know?
• How do I find my first realtor?
• How do I win a bidding war?
• Should I buy a new condo or older condo?
• What red flags should I look out for in a condo building?
• What extra costs will I have to pay when I buy a home?
• Do I qualify for financial help to buy my first home?


Postmedia reporters and editors in Metro Vancouver and cities across the country have created a First-Time Homebuyer’s Guide to assist with these and many other questions. In addition to local journalism, you’ll find explanatory stories about the housing market and home-buying process from reporters at the National Post and Financial Post.

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This comprehensive collection of stories and videos is intended for those contemplating the most expensive purchase of their life.





Logo for first-time home buyer’s guide


10 terms first-time B.C. homebuyers need to know


Mariko Baerg helps clarify deposits from down payments, and completion dates from possession dates.Mariko Baerg helps clarify deposits from down payments, and completion dates from possession dates. PHOTO BY FRANCIS GEORGIAN /PNG

From selecting a realtor and scrolling through the MLS to checking your bank account, buying a home for the first time can be an intimidating prospect. Then there’s all the lingo to learn, such as amortization and variable mortgage rate.


Here is a list of 10 terms that first-time homebuyers should know before wading into the Lower Mainland real estate market.


We asked Bridgewell Real Estate Group’s Mariko Baerg to help us separate our deposits from our down payments, and our completion dates from our possession dates.


 
 

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How to find your first realtor: 3 things to look for


Realtor Mary Cleaver says it’s a very intense relationship for the time you’re working with a real-estate agent, so getting the right fit is important.Realtor Mary Cleaver says it’s a very intense relationship for the time you’re working with a real-estate agent, so getting the right fit is important. PHOTO BY NICK PROCAYLO /PNG

Buying a home for the first time can be an overwhelming experience. Choosing a realtor is one of the first steps to make it less scary. With more than 14,000 real estate agents to choose from in the Lower Mainland, how do you find the right one?


“It’s a very intense relationship for the time you’re working together,” said Mary Cleaver, a realtor since 2011. “There’s a lot at stake.”


The process can take weeks or months as the buyer and the realtor meet for an introductory session, visit open houses, review and discuss documents, and write offers. Rapport is crucial.


“It doesn’t matter if it’s your first or 10th time buying, the things you’re looking for are the same,” Cleaver said. “Competence, as in can they do the job; capacity, can they take you on; and connection.”

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Old, newer or newest? The pros and cons of purchasing an older vs newer condo


Realtor Matt Scalena says Olympic Village in Vancouver is an example of how communities move from new and sterile to desirable quite quickly.Realtor Matt Scalena says Olympic Village in Vancouver is an example of how communities move from new and sterile to desirable quite quickly. PHOTO BY ARLEN REDEKOP /PNG

For some homebuyers, it’s all about the laundry.


“In-suite laundry can be a deal-breaker for some people,” Stillhaven Real Estate Services’ Kristi Holz said.


If a buyer is thinking about a condo in a newer building it’s no problem. But older buildings likely have shared laundry — one of the things to be aware of when considering whether to buy old, newer, or newest.


From amenities to location, here are some things to consider when deciding between buying a condo in a new building versus an old building.



5 tips if you end up in a bidding war


Realtor Amy Trebelco says it’s important to keep your cool in Vancouver’s housing market.Realtor Amy Trebelco says it’s important to keep your cool in Vancouver’s housing market. PHOTO BY NICK PROCAYLO /PNG

You’ve finally found the home of your dreams. So have 15 other people.


Competing offers are the buyer’s bane in a market where demand far outstrips supply. The Lower Mainland has had more than its fair share of bidding wars as emotions run high and home-hungry buyers get caught up in the thrill of the hunt. As they say, it’s a jungle out there.

Advertisement 7

 
STORY CONTINUES BELOW
 

Article content


That’s why in Vancouver’s housing market it’s important to keep your cool. There are a few things you can do to try to lessen the stress of buying when you’re not the only one who thinks they’ve found their dream home. Local realtor Amy Trebelco provided us with some tips on surviving the Greater Vancouver bidding wars.


 
 

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Buying a condo? Watch for these red flags in the strata minutes


Realtor Nicola Campbell says she looks for issues that come up repeatedly in strata minutes.Realtor Nicola Campbell says she looks for issues that come up repeatedly in strata minutes. PHOTO BY FRANCIS GEORGIAN /PNG

When it comes to buying a home in a strata property, some detective work is in order.


With more than 1.5 million British Columbians living in strata housing, it’s important for homebuyers to know what they’re getting into. Parsing building reports and strata minutes can help avoid future pitfalls, such as special assessments and levies, or worse.


Here are some tips on reading strata minutes, what documents to look for, and how to spot red flags.



Q&A: First-time homebuyers face sticker shock from hidden costs


Along with the minimum deposit, there are fees on top of fees for a home purchase. Realtor Michelle Comens offers some tips about these hidden costs.Along with the minimum deposit, there are fees on top of fees for a home purchase. Realtor Michelle Comens offers some tips about these hidden costs. PHOTO BY ARLEN REDEKOP /PNG

First-time homebuyers are often surprised at all the extra costs involved in purchasing a home. Along with the minimum deposit, there are fees on top of fees — before, during and after the actual purchase.

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We talked to Michelle Comens, who left the city’s VFX industry for the Lower Mainland real estate world 12 years ago, about these hidden costs.


 
 

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How to get financial help to buy your first home in B.C.


Sutton Premier Realty’s Abdul Safi (second from left, with Omar Samadi, Farid Kaywan and Dylan Huang) details what incentives are in place first-time homebuyers in B.C.Sutton Premier Realty’s Abdul Safi (second from left, with Omar Samadi, Farid Kaywan and Dylan Huang) details what incentives are in place first-time homebuyers in B.C. PHOTO BY MIKE BELL /PNG

At first glance, it seems that first-time homebuyers have options when it comes to financial help and government incentives. But dig a little deeper and what looks like a good deal for cash-strapped buyers is either not much of one or based on unrealistic conditions.


To break it down, we talked to Abdul Safi, a mortgage specialist who works for TD in Guildford.


 
 

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Other resources for first-time homebuyers


• CMHC calculators: Mortgage | Affordability | Debt Service
• B.C. property transfer tax exemption for first-time home buyers
• CMHC’s first-time home buyer incentive
• CMHC’s condo buyer’s guide
• Condominium Home Owners Association of B.C

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East Vancouver purchase brings happy ending to young couple’s epic search for first home


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  • Inside the Strathcona neighbourhood residence at 1163 East Pender Street that sold on March 8 after eight days on the market.

They refused to give up on Vancouver.

After numerous misses and a lot of heartache, a young couple has finally landed their first home.

 
 
 
 

Their successful purchase of 1163 East Pender Street residence marks a happy ending in an epic search that started last year.

The journey saw them make offers on a succession of properties only to learn that they have been outbidded.

 

One of these was 950 Ringwood Avenue, which had an asking price of $1,249,800.

The couple placed a bid of nearly $300,000 over the listing price, but that wasn’t enough.

The Vancouver real estate received a total of 26 offers.

 

The 950 Ringwood Avenue home sold in January 2022 for $1,830,000, or $580,000 over asking.

The couple’s realtor David Hutchinson related to the Straight the experience of his clients, who requested not to be named in public.

“They're both full-time working professionals, and this house hunt had turned into a part-time job,” Hutchinson recalled.

It wasn’t an easy one.

“We were losing out on homes weekly,” the Sutton Group-West Coast Realty agent noted.

It was the "same vicious circle”.

“Find the home, try and make the appointment before the slots fill up, scramble to get there on the weekend, fight the crowds also waiting view the home, rush through the home, get as many questions in as possible, discuss about making the offer, review all the documents, talk to the bank, prepare and sign the documents, send the offer, wait for hours to see if we got it,‘oh, we missed it by $200,000’, okay, see next weekend to do this all over again,” Hutchinson said.

The long-time property agent related that buying a home is an “emotional rollercoaster, even in the best of times”.

In this current seller’s market, it's “extra stressful”.

“Who wouldn't want to throw in the towel?” Hutchinson said.

In the end, they got the property that was “best for them” in the Strathcona neighbourhood.

The detached home at 1163 East Pender Street has the couple’s “must-have list”.

These include a garden and backyard space to accommodate possibly a hot tub in the future.

The one-storey plus basement residence sold on March 8 for $1,581,000.

Here’s a look at this Vancouver real estate where the couple hope to raise a family.

 
 

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Thompson Rivers University gets ready to launch Master of Arts in Human Rights and Social Justice


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  • THOMPSON RIVERS UNIVERSITY

(This story is sponsored by .)

The war in Ukraine has once again focused the eyes of the world on human rights and social justice. These are also important issues in B.C., whether it’s in the discovery of unmarked and undocumented graves at former Indian residential schools, rising homelessness, the opioid crisis, or the treatment of activists protesting logging and pipelines on unceded traditional Indigenous territory.

 
 
 
 

It’s why the Dean of Arts at Thompson Rivers University (TRU), Dr. Richard McCutcheon, feels that a new graduate program at the Kamloops institution is perfectly timed. The university will be initiating a “soft launch” (the program is pending final approval) of a new Master of Arts in Human Rights and Social Justice (MAHRSJ), which reflects recommendations for education by the Truth and Reconciliation Commission of Canada.

 

“The faculty members who created this are so committed and so passionate,” McCutcheon said in an interview.

TRU expects applications to open this spring and to accept the first 30 students in September. The prerequisite is a Bachelor of Arts or related degree.

“The curriculum has core courses, which are very specially designed for human rights and social justice purposes,” McCutcheon explained.

Each course in the 16-month program will be taught by two professors from different disciplinary backgrounds. The Indigenous Ways of Knowing course will be facilitated and coordinated by faculty members, who will bring Secwépemc knowledge keepers into the classrooms to work with students.

THOMPSON RIVERS UNIVERSITY

“We think this is one of the first at the graduate level where every student coming through will have to take this Indigenous Ways of Knowing course,” McCutcheon said. “We worked with the Indigenous community in developing the course.”

He pointed out that a great deal of Indigenous education takes place on the land, and he hopes that this can be incorporated into the course.

Students enrolled in the MAHRSJ will complete field experience in the summer months as another core component of the program. “We’re placing people into nongovernmental organizations, paralegal organizations, and similar kinds of environments to get hands-on experience so when they graduate, they’ve already got something under their belt,” McCutcheon noted.

Students in the program will learn about international human rights, including treaties and UN declarations. In addition, they’ll gain insights into domestic human-rights legislation and the functioning of human rights tribunals in Canada.

“They will have four degree-completion options,” McCutcheon said. “One would be to complete a thesis.”

Another completion pathway, which is typically not offered, is a “creative-expression option”.

“We have a Fine Arts and Theatre program,” McCutcheon explained. “A student could potentially do projects in one of those areas, such as write a play about a social justice issue.”

Sociology Prof. Dr. Jiyoung Lee-An is an immigrant from South Korea and a critical race feminist.

“Defining intersections of gender and race has been at the centre of my own lived experience living in Canada as a racialized immigrant and activist-scholar,” Lee-An said.

She encouraged people from diverse backgrounds to think seriously about enrolling in the MAHRSJ program at TRU. The advantage of this, she noted, is that potential students will bring their embodied experiences of living in Canada as a minority into the classroom. And through discussing their own experiences and concerns, this can lead to more systemic analysis that sheds light on broader issues to create social change.

“So I really want to be that bridge so that students can actually come and talk to me,” Lee-An said. “Also, we can actually combine our experience to transform society. I see my role in the program in that way.”

THOMPSON RIVERS UNIVERSITY

Lee-An emphasized that there is great diversity among different racialized groups and different priorities in terms of political struggles. “But I think it’s really important for me and hopefully for other racialized Canadians and immigrants to contribute toward strengthening interracial solidarity,” she said.

According to McCutcheon, there are several ways in which the MAHRSJ degree could be applied in the workforce. First of all, there’s great demand among nongovernmental organizations for people with a great deal of understanding of human rights and social justice. Secondly, he said that in some professions, such as teaching, gaining a graduate degree can actually increase a person’s pay level—and human rights and social justice are very relevant in the educational sphere.

Finally, he added, there’s increasing demand within corporations for people with a deep understanding of these issues because that can help alleviate problems and avoid legal liability.

“We did market research and what it showed was there’s a real hunger for this kind of program,” McCutcheon said. “It makes sense to me.”

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