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Original article HERE

 

All mortgage applicants will have to pass a “stress test” on their qualifying income – no matter how high their down payment – from January 1, the Office of the Superintendent of Financial Institutions (OFSI) confirmed October 17.

 

The stress test was introduced last fall to all applicants of insured mortgages (those with less than 20% down), but has now been extended to all mortgage applicants including uninsured borrowers, as that group comprises a larger segment of the mortgage market. The test requires an applicant’s income to qualify them for mortgage repayments at the Bank of Canada’s five-year posted rate – higher than the discounted rate they would pay in reality, and currently 4.89% – to create a buffer against future rate rises and any financial difficulties.

 

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

 

Mortgage professionals widely criticized the new policy as making it harder for buyers to enter an already challenging market, but opinions seem to differ widely on the reasons behind the new policy.

 

Michael Lloyd, team leader for Dominion Lending Centres (DLC) Canadian Mortgage Experts, told Mortgage Broker News that he thinks the feds’ true aim is to lower high housing prices in Vancouver and Toronto.

“It certainly seems that way,” Lloyd told Mortgage Broker News. “They don’t have any room to raise rates, so it seems like the only other options they can do is make it tougher for people to qualify for mortgages.”

 

However, Lloyd’s DLC colleague Dustan Woodhouse, a mortgage broker and coach for Dominion Lending Centres, disagrees with this assessment. When asked whether cooling hot housing markets was one of OFSI’s goals, he told REW.ca, “I don’t think that’s the case, nor do I think that’s the premise [for this policy]. I spent some time in Ottawa talking to senior government members about why. Why, why, why? And OSFI’s mandate is the stability of the Canadian banking system. Period, full stop. They are not worried about the consumer, they are not worried about condo prices in Vancouver. They are looking at the banking system, and finding cause for concern in the stats on household debt numbers (which I think you really have to look hard to find cause for concern in those numbers), but they feel these steps are worth taking to preserve the stability of the banking system.”

 

Woodhouse added, “This [stress test] will mean a reduction in the amount of mortgage money available to a buyer of about 20%. So if you’re looking at $500K homes, you’re being told, well sorry, now you’re looking at $400,000. That’s a very significant drop... And in this next round of changes… this is for someone with a large down payment, impeccable credit, clearly documented income… And we’re saying all this in the face of rising home prices. So it seems odd that the government is handicapping Canadians in the way that they are.”

 

Public policy think tank the Fraser Institute last week released a report stating that the new rules will do “more harm than good” and are “unnecessary” for the Canadian banking system.

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New property listed at 4116 MADELEY RD in North Vancouver.
This "Crest built" Westcoast Contemporary on a well manicured street embraces nature & serenity. The living room boasts a high 17' vaulted ceiling, full height natural stone mantle & lots of windows which immerse you into the private greenery, while letting light into this unique home. Imagine your own spacious 309 sq ft deck off the living room, perfect for entertaining or relaxing to the gentle sound of the creek. Formal dining room, mudroom, powder room, this home has it all! Every bedroom has an ensuite! the master suite has its own private balcony, walk-in closet & reading nook. The basement has a ground level entry & patio & could easily be converted into a rental suite. Many upgrades. Braemar French Imm/Andre Piolat nearby.
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Original report HERE


As the oldest millennials enter their 30s, more and more are entering the housing market. In fact, according to a 2015 report, peak levels of millennials will be making housing decisions in the next five years, including the decision to buy. Although some of their ‘must haves’ are the same as those of generations past—such as ample storage and updated bathrooms—they also have a few new items on their list. If you’re thinking of selling your home in the next few years, here are five things that today’s homebuyers are looking for.


1. Open Kitchen


 

As part of an overall trend away from rigidly compartmentalized floor plans, there has been a move in recent years toward the open kitchen. Many homebuyers are now opting for kitchens that flow seamlessly into other spaces, as opposed to formal dining rooms, so that they can cook, socialize and watch television all at the same time. While a modern kitchen has always been on many homebuyers’ wish lists, it now has to have an open concept as well.

 

 

open-kitchen

 



2. Office Space


 

As working from home becomes increasingly common, working from the kitchen table no longer cuts it. Many homebuyers are now seeking a designated office space that allows them to conduct business as usual, away from household distractions. Although an extra room is often sought out by growing families, it is becoming increasingly popular among professional couples that are looking to make a living from home.

 

 

office-space

 



3. Low Maintenance


 

People are busier than ever nowadays, meaning they have less time to spend keeping up with their homes. As a result, more and more buyers are looking for turnkey homes that require little or no maintenance. That’s why low maintenance materials, such as hardwood floors and granite countertops, are an increasingly popular choice. Not only do they look modern, they are easy to wipe up and mop down, which is especially convenient for families with young children.

 

 

low-maintenance

 



4. Outdoor Living


 

Perhaps a side effect of social media platforms like Pinterest and Instagram, more and more homebuyers are seeking functional outdoor living spaces. Long gone are the days of a simple patio set and umbrella—today’s homebuyers want outdoor fireplaces, comfy lounge chairs and a hammock where they can take a Sunday afternoon nap. This is as true for those with mild weather year-round as it is for those who just want to make the most of those few precious summer months.

 

 

outdoor-living

 



5. Energy Efficiency


 

An increasing focus on environmental sustainability, as well as rising energy costs, has many modern homebuyers gravitating toward green homes. Although it is not the most important factor when selecting a home, energy efficient features are certainly a welcome bonus for this environmentally conscious generation. These features don’t have to be elaborate either—they can be as simple as energy efficient appliances or double-paned windows.

 

 

energy-efficiency

 

 

 

 

If you’re thinking about selling your home in the foreseeable future, it is important to keep in mind what the new generation of homebuyers is looking for. Whether you plan to do some renovations or simply stage your home to fit more modern tastes, keeping these 5 things in mind can help you fetch a higher price when your home finally sells!


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Original Articles HERE

 

After going through a divorce and hearing the struggles of one of his co-workers he decided to finally go through with an idea he had had for a long time. Through this plan he is enabling those unable to come up with a down payment to become home owners

 

See the CTV article below for details. 

 

A North Vancouver, B.C. developer is offering a rent-to-own program for multimillion-dollar homes as a way to help would-be buyers get in to Canada's most expensive real estate market.

 

Ray Vesely, CEO of Apex Western Homes, allows those interested to lock into a five-year lease with five per cent down. He explains the deal as similar to a traditional home purchase, but with five years to "close."

 

A portion of the buyer's rent each month goes toward their future purchase, Vesely said. The buyer has the option to purchase the home between one and five years at the rate locked in on the date the agreement is made. If its value increases, the buyer keeps the market gains.

 

Image result for Apex Western Homes

 

Rent is higher than a traditional lease, but the money goes to building up a down payment to secure a mortgage in the future. When the renter decides to exercise the "buy" option, they apply for a mortgage and use the equity already built up in the home.

He came up with the idea following his own experience after a divorce, but was also inspired by his staff members' struggles.

"I try to come up with creative ways to help them get a place… I've been thinking about this program for a while," Vesely said Thursday.

The rent-to-own option is meant to help those who want to buy their own place, but are unable to come up with a down payment.

 

The minimum down payment in Canada is five per cent of the first $500,000, but those buying a home for $1 million or more are required to have 20 per cent. In a market where the benchmark detached home price was $1,617,300 last month, down payments can easily exceed $200,000.

 

Vesely showed CTV News one of the homes that could be rented to own: a 3,800-sq.-ft. house on MacKay Avenue with four bedrooms, three bathrooms and a legal two-bedroom basement suite. The home was appraised at $2.3 million.

 

The monthly rent for the MacKay Avenue home is listedat $10,000 online, but those on a rent-to-own contract would be able to live in the basement and rent out the house or vice versa to help with the payments, Vesely said.

Buyers also defer paying GST and property transfer taxes until they exercise the "buy" option.

 

And the company is marketing the rent-to-own option to foreign buyers as a way to avoid the 15 per cent transfer tax imposed on all foreign nationals or corporations purchasing property in Metro Vancouver.

 

However, Vesely says the offer is only available to those who are approved for permanent residency status before buying.

 

B.C.'s finance minister says rent-to-own leases are legal, but that the ministry will be taking a closer look at the tax policy.

 

"We're very serious about ending tax loopholes and finding those tax loopholes, so I'm very concerned and we'll be investigating," Carole James told CTV.

 

Vesely said he's already spoken with the ministry and was told what he's offering is permitted.

"Really it's targeting guys like the tech community that are trying to come in. They actually have well-paying jobs, it's just hard to save up for the down payment," he said.

 

He added that while his program is generating interest, no one has taken him up on his offer so far.

Currently the program is only offered on homes in North Vancouver, but he said he's thinking of expanding into the condo market.

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Original article HERE

 

A recent report from Royal Bank of Canada painted a scary picture of home affordability — it's the worst it's been in 27 years nationwide, and in Toronto, it's the worst on record.


But all this talk about declining affordability masks the reality of today's market: It has rarely, if ever, been cheaper to take out a mortgage.

 

Even with the Bank of Canada hiking rates twice this past summer, rates remain near historic lows, and many lenders are offering fixed-rate mortgages at around 3 per cent.

What this means is that, despite record-high house prices in many markets, there are actually many places where you can afford a home today on a modest income. (If the Bank of Canada keeps hiking rates, that may not be the case for long.)

 

Using Ratehub's mortgage affordability calculator, we determined that a household income of $50,000 a year will buy you a house of up $364,360, assuming a 3-per-cent mortgage rate, a 30-year amortization period and a 20-per-cent down payment.

 

That's enough to buy an average home in numerous markets. Here they are. (Note: This is a list only of major Canadian metro areas. Plenty of smaller cities, including Thunder Bay, Saguenay and Saint John are also affordable for the $50,000 crowd.)

 

Montreal

 

PAWEL.GAUL VIA GETTY IMAGES

 

Average house price (Aug. 2017): $374,333


Montreal's average house price has moved slightly out of range for someone earning $50,000 a year, but given how close it is, we've added the city to the list anyway. Montreal is also enjoying some record-low unemployment rates, so this may be a good time to take a second look at Canada's second-largest city.

 

Saskatoon

 

GETTY IMAGES/ISTOCKPHOTO

 

Average house price (Aug. 2017): $329,654


Saskatoon's economy is struggling in the wake of the oil price crash, and its unemployment rate is above 8 per cent, among the highest in the country. All the same, if you have a job here, odds are good you can afford to own a home.

 

Regina

 

BENKRUT

 

Average house price (Aug. 2017): $328,586


With an unemployment rate around 5 per cent, Regina is faring much better than its cousin Saskatoon. Despite this, house prices are very similar in the two cities, and Regina remains a relatively affordable city for those earning $50,000 or more.

 

Winnipeg

 

MYSTICENERGY VIA GETTY IMAGES

 

Average house price (Aug. 2017): $297,897


Winnipeg's housing market has been famously affordable for a city its size for some time now, and with the city's economy humming along nicely these days, it's a fairly easy place to buy a home.

 

Halifax

 

SHAUNL VIA GETTY IMAGES

 

Average house price (Aug. 2017): $284,037


Halifax has surprisingly expensive rental housing, given the level of house prices in the area. And with an average price below $300,000, the argument for buying a home may be stronger here than anywhere else.

 

Quebec City

 

ONFOKUS

 

Average house price (Aug. 2017): $266,072


Beautiful Quebec City is also beautifully affordable, with an average house price that's roughly one-third of Toronto's. If francophone culture is for you, and if you can handle some fairly sharp winters, this could be the place to buy a home.


BIG CAVEAT: All the above estimates of affordable cities will be instantly wrong if the federal government goes through with plans to tighten mortgage rules this fall.


The country's financial regulator, OSFI, has proposed a new rule that would require borrowers of uninsured mortgages to qualify at a rate two percentage points higher than the one being offered. (OSFI introduced a similar rule for insured mortgages last year.)

According to Ratehub, the new rule would shave 21 per cent off of the purchasing power of homebuyers.

In our scenario, a $50,000 annual income would afford you a house of only $297,915 with the new rules in place. That would move average homes in Montreal, Regina and Saskatoon out of affordable range for those earning $50,000.

So given that you may soon be required to qualify at higher rates, and given that interest rates are on the rise in Canada as it is, this might be a good time to lock in a mortgage rate with your local lender.

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New property listed at 266 9TH ST E in North Vancouver.
Stunning transformation to modern themed triplex. Completely renovated inc all new kitchen, baths, floors, windows, paint, mouldings, railings, landscaping, private patios etc. These three units will show as new upon completion. The location across from small park with putting green and Andrews Coffee is second to none if you're looking in Lower Lonsdale. The view from the upper deck off the master is awesome looking at the city skyline and waterfront. Schools, bus and all your shopping needs are a short walk away inc all the funky shops and cafes on Lonsdale inc Lonsdale Quay and Sea Bus. Incredible value for this square footage in North Van's hottest neighborhood.
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New property listed at 231 19TH ST W in North Vancouver.
Another spectacular project by CG construction & Castagno Development. Central Lonsdale living at its finest with these 2 modern contemporary duplexes. These duplexes offer all of the latest and modern luxuries including 2600 sq.ft. Radiant in-floor heat, Jenn Air appliances, HW floors, spacious open plan with high end modern Italian Inspired kitchens with Quartz counter tops, private & sunny decks and patio off family room great for BBQ, sunny flat back yard and a full basement with a LEGAL SUITE plus a huge media recroom for the main floor! These homes are built to the highest standards backed by a full New Home Warranty. Steps to schools, bus, parks, and all the funky Lonsdale shops including Carson Graham High School, Queen Mary Elementary, Confederation Park & Centennial Theatre.
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New property listed at 233 19TH ST W in North Vancouver.
Another spectacular project by CG construction & Castagno Development. Central Lonsdale living at its finest with these 2 modern contemporary duplexes. These duplexes offer all of the latest and modern luxuries including 2600 sq.ft. Radiant in-floor heat, Jenn Air appliances, HW floors, spacious open plan with high end modern Italian Inspired kitchens with Quartz counter tops, private & sunny decks and patio off family room great for BBQ, sunny flat back yard and a full basement with a LEGAL SUITE plus a huge media recroom for the main floor! These homes are built to the highest standards backed by a full New Home Warranty. Steps to schools, bus, parks, and all the funky Lonsdale shops including Carson Graham High School, Queen Mary Elementary, Confederation Park & Centennial Theatre.
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New property listed at 573 28TH ST W in North Vancouver.
Great value in this family friendly Upper Lonsdale neighbourhood! Central location walking distance to elementary schools, Handsworth / Carson Graham catchments, Delbrook Community Recreation Centre, Edgemont Village and Westview Shopping Centre. Easy access to the Upper Levels Hwy and on transit. Over 2,200 SF with 3 bedrooms up, 1 1/2 b aths on the main. The lower level has a large recreation room with gas fireplace, 2 bedroom (or 1 + den) suite with shared laundry. South facing, fenced rear yard! Open House Saturday/Sunday 2:00 to 4:00.
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Buying a home can cost more than the price of the property - read below for more information and what it can cost for your next purchase. Contact me if you have any questions or concerns about your next step! 

 

Original Article HERE

 

Buying a home is a big investment – likely the largest one you will ever make. The cost to buy a home should be carefully considered to avoid the risk of financial difficulty in the future.

 

Since this decision has a large impact on your wallet, we want to take some time to explore the many costs associated with buying a home. Doing your homework and knowing the average cost of these services in your neighbourhood will help you choose a home within a realistic price range.

 

Deposit: Depending on your location and the price of a home, you may need to put a deposit on a home as a security measure to ensure you don’t lose it to another interested buyer. If you are required to pay a deposit, it will become part of your down payment once you have purchased the home.

 

Down Payment: In Canada, the minimum amount you need to put down on a home is 5%. While this is realistic for most first time home buyers, having a down payment of 20% or more will help buyers avoid paying Mortgage Loan Insurance.

 

Land Transfer Tax: When you buy a home, you are required to pay a land transfer tax to the province upon closing. This tax is normally based on the amount paid for the land, as well as the remaining amount on any mortgage or debt assumed as part of the arrangement to buy the land. Cost will vary depending on your municipality, the size of the land and other factors.  Alberta, Saskatchewan, and parts of Nova Scotia do not have Land Transfer Tax at all, while other provinces use a tiered system.

 

Appraisal Fee: An appraisal will normally cost between $200 and $300 but can vary depending on your location. This will help prevent you from borrowing more than you need to, and will prevent lenders from giving you too much.

 

Home Inspection: A home inspection is a necessary step in your home buying process and will normally cost an average of $350 depending on the size, age, and condition of the home. This helps ensure there are no unexpected maintenance or home improvement costs upon purchasing the home.

 

Property Insurance: While property insurance is likely already something you have factored into your budget, it’s important to do your research and find a reasonable quote that will ensure you are covered should anything unexpected happen.

 

Mortgage Insurance: There is mortgage life insurance, which is designed to protect the repayment of a mortgage if anything were to happen to you. There is also mortgage loan insurance if your down payment is less than 20% of the total house cost. Premiums for this type of insurance range from 0.5% to 3% and increase if you are self employed.

 

Lawyer Fees: The fee you will be charged by your lawyer will vary depending on the person representing you and must be paid upon closing. Ask your real estate agent for advice as they likely have a preferred trusted lawyer they can refer you to.

 

Title Insurance: Title insurance is a one-time-fee that provides protection from losses related to the properties title or ownership. Learn more about what it is in this blog post.

 

Property Taxes: The cost for property taxes is expressed as a dollar rate for every $1,000 estimated to be the market value of your property.

 

Maintenance and Energy Costs: Potentially your largest ongoing homeowner expense, these costs include lawn care/ yard work, professional services, additions/upgrades and the cost of keeping the house running year-round. You can use our monthly home budget planner to help map out all of these costs.

 

Moving Expenses: It’s easy to forget about the small things when moving, but it’s important to remember they can add up quickly! Consider the cost for phone, electricity, and other utility installations and don’t forget about movers, a moving truck and feeding your friends who are helping out!

 

Now that you have a better idea of the cost to buy a home, it’s time to hit the books to find out how much these services will cost in your area. Make a list, create a budget, and get started!

 

Download our Hidden Costs of Home Ownership guide to find out more the cost to buy a home. Looking for information on a cost not listed above? Leave a comment & we will do the research for you!

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New property listed at 604 188 ESPLANADE E in North Vancouver.
Esplanade at The Pier. This home is south facing with a corridor, city, and water view. 5 minute walk to everything! Lonsdale Quay, Sea Bus, restaurants, theatre, recreation, shopping, The Pier and Waterfront Park. The home features two large separated bedrooms, 2 full baths, den, granite countertops and 4 stainless appliances and 9' ceiling. Central air conditioning heat and hot water included in the maintenance fee. Bike room, party room and secured underground parking. It doesn't get any better than this! Open House Sat. / Sun. 2:00 to 4:00
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See below for a message from the REBGV President, Jill Oudil, and what effect it can have for you! 

 

Original article HERE

 

BC’s Office of the Superintendent of Real Estate (OSRE) is overseeing changes that’ll have a profound impact on our profession. The OSRE has begun implementing the 28 recommendations that the Real Estate Council of BC's Independent Advisory Group (IAG) made last year.

 

To date, the OSRE has implemented recommendations to:

  • raise English proficiency standards for new entrants to the profession;
  • overhaul the composition of people who sit on Council; and
  • increase the maximum fine to $250,000 for licensees and to $500,000 for brokerages.

The most recent announcement was a ban on limited dual agency in the province.

 

Beginning January 15, 2018, you’ll no longer be able to provide agency representation to two parties in the same transaction. This means you won't be able to represent a buyer and a seller in a deal, or represent two competing buyers in the same transaction.

 

The OSRE exempted remote areas underserved by real estate licensees. The BC Real Estate Association (BCREA) advocated for this exemption and we're pleased it’s in the new rules. Double-ending will also be allowed within the rules, as will the practice of designated agency, wherewo licensees in the same brokerage represent different parties in a transaction.

 

Members are asking us questions about how the new rules will affect their responsibilities to clients and customers, particularly with respect to teams and commercial real estate. We're working with BCREA to surface your questions and concerns, get the answers you need and, where complexities continue to exist, forward them to the superintendent.

 

You can also give feedback on these changes directly to the OSRE until October 6. Click hereto do so.

(Read more about this change and the actions we’re taking in response in the week’s GR Voice article here.)

The remaining IAG recommendations will be implemented. It’s a matter of when and how.

 

We hosted a productive meeting with the superintendent and his team earlier this year. They expressed a willingness to maintain a regular dialogue to ensure they understand our perspective on the changes they’re making. We’ll look for every opportunity to continue these discussions in the weeks and months ahead.

 

We’re working with BCREA to understand the implications around each of the recommendations, identify the potential impact on our members, meet with government officials, and coordinate our advocacy efforts. Click here to read a letter BCREA sent Finance Minister Carol James on this issue.

 

We’re in a period of significant government intervention. National, provincial, and local politicians of all political stripes are responding to public concerns about housing affordability and a perceived lack of fairness and transparency in how the real estate transaction is conducted.

 

On these issues, governments at all levels have public support for change:

  • Last year’s foreign buyer tax was popular, as was the City of Vancouver’s empty homes tax.
  • In its bid to stave off potential mortgage debt issues, the federal government has made it harder for people to get a mortgage six times in the last nine years. They’re proposing regulation changes again, this time targeting people renewing uninsured mortgages.
  • The new provincial government will spend $208 million to build 1,700 new affordable rental housing units over the next 10 years.

Our philosophy on government policy is simple: REALTORS® support measures that protect the public and strengthen accountability for those in our profession who act outside the public interest. We also support measures that improve housing affordability and build better communities in a meaningful, lasting, and sustainable way. 

We assess the merits of every proposed policy against these criteria.

 

We can’t be successful in our government advocacy work without your support. In this time of change, it’s important that you read our communications and give your feedback as we continue to work on your behalf.

If you have questions or comments, you can reach me at president@rebgv.org.

 

Sincerely,

Jill Oudil
President
Real Estate Board of Greater Vancouver 

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Many Canadian Cities To See Years Of Falling House Prices: Moody's


Original Article HERE


 
MERONN
 

A majority of Canada's major cities will see falling single-family home prices over the next five years, including slight price declines in once-hot Vancouver, according to a forecast from Moody's Analytics.

 

But that won't include Toronto. Despite the city's detached homes being 60 per cent overvalued, a shortage of supply and an influx of wealth into the region will mean prices in Canada's largest city will continue to grow, though at a slower pace, the risk analysis firm predicted.

 

While Calgary, Montreal and Vancouver will experience slightly falling house prices over the next five years, cities such as Edmonton, Quebec City, Regina, Saskatoon and Winnipeg are expected to see more significant declines in single-family home prices, the forecast stated.

 

Prices will likely experience "a sharp change in momentum, especially if speculative home purchases in Toronto and Vancouver are reduced or shut down," wrote Moody's Analytics director Andres Carbacho-Burgos.

 

Interest rates have started to rise; the federal government has introduced tougher new standards for insured mortgage lending, and more tough mortgage rules may be on the way; and British Columbia and Ontario have slapped taxes on foreign homebuyers.

All this, coupled with the fact that affordability is near record lows, will keep Canada's housing market in a state of "retrenchment" for several years, Carbacho-Burgos wrote.

 

How different markets react to the new reality will differ widely, the report states.

 

Despite a steep drop in the average price since Ontario's new housing rules came into effect in April, Toronto and surrounding cities will continue to see house-price growth over the next five years, Carbacho-Burgos predicted.

 

But at an annual growth rate of 7.7 per cent, it will be considerably slower than the double-digit price growth seen in recent years.

The area has seen population growth that is faster than the national average for some years now, and housing supply has not kept up, the Moody's report noted. 

 

Carbacho-Burgos estimated that Toronto house prices are overvalued by 60 per cent compared to the long-run trend, while in Vancouver they are about 50-per-cent overvalued.

But unlike Toronto, Vancouver will see slight price declines over the next five years, falling an average of 0.3 per cent per year.

"With higher mortgage rates and restrictions on speculative purchases and foreign purchases, Vancouver's housing market can ... expect approximately level house prices over the coming five years," Carbacho-Burgos wrote.

 

Montreal will experience outright house-price declines, thanks to "slower demographics" than in other Canadian cities, the report predicted.

The forecast sees an absolute housing bust in St. John's, Nfld., predicting detached house prices there will fall by more than six per cent per year, between now and 2022.

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New property listed at 231 19TH ST W in North Vancouver.
Another spectacular project by CG construction & Castagno Development. Central Lonsdale living at its finest with these 2 modern contemporary duplexes. These duplexes offer all of the latest and modern luxuries including 2600 sq.ft. Radiant in-floor heat, Jenn Air appliances, HW floors, spacious open plan with high end modern Italian Inspired kitchens with Quartz counter tops, private & sunny decks and patio off family room great for BBQ, sunny flat back yard and a full basement with a LEGAL SUITE plus a huge media recroom for the main floor! These homes are built to the highest standards backed by a full New Home Warranty. Steps to schools, bus, parks, and all the funky Lonsdale shops including Carson Graham High School, Queen Mary Elementary, Confederation Park & Centennial Theatre.
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New property listed at 2873 CAPILANO RD in North Vancouver.
Rarely available Cedar Crescent Town Home. Fabulous private location. Pride of ownership is evident here. Meticulously maintained with many upgrades. Dansk, Saddle Oak Engineered Hardwood flooring in the entry, kitchen and dining areas. Gorgeous gourmet kitchen featuring Caesar Stone counters and back splash, custom cabinetry, Samsung SS two zone range. Samsung SS refrigerator, Bosch dishwasher, and bonus built-in Jenn-Air fridge and freezer drawers. Dining area has custom built bar with Cavavin wine fridge. Breathtaking view of Capilano River from the private patio as well as from the Master Bedroom. Plenty of storage. Vaulted ceilings in the Living room and Master bedroom. High efficiency furnace and large capacity HW in 2012. Pet friendly. 2 covered parking. Just move in and enjoy.
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New property listed at 233 19TH ST W in North Vancouver.
Another spectacular project by CG construction & Castagno Development. Central Lonsdale living at its finest with these 2 modern contemporary duplexes. These duplexes offer all of the latest and modern luxuries including 2600 sq.ft. Radiant in-floor heat, Jenn Air appliances, HW floors, spacious open plan with high end modern Italian Inspired kitchens with Quartz counter tops, private & sunny decks and patio off family room great for BBQ, sunny flat back yard and a full basement with a LEGAL SUITE plus a huge media recroom for the main floor! These homes are built to the highest standards backed by a full New Home Warranty. Steps to schools, bus, parks, and all the funky Lonsdale shops including Carson Graham High School, Queen Mary Elementary, Confederation Park & Centennial Theatre.
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New property listed at 604 188 ESPLANADE E in North Vancouver.
Esplanade at The Pier. This home is south facing with a corridor, city and water view. 5 minute walk to everything! Lonsdale Quay, Sea Bus, restaurants, theatre, recreation, shopping, The Pier and Waterfront Park. The home features two large separated bedrooms, 2 full baths, den, granite countertops, and 4 stainless appliances and 9' ceiling. Central air conditioning heat and hot water included in the maintenance fee. Bike room, party room and secured underground parking. It doesn't get any better than this!
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The Market Report for August 2017 is now available via the Real Estate Board of Greater Vancouver. 

 

See below for 5 year trend for Greater Vancouver. 

 

If you have any questions about the current trend or are curious about what your home is worth. don't hesistate to contact me! 

 

For the full market report, click HERE

 

 

 

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New property listed at 1905 138 ESPLANADE ST E in North Vancouver.
Welcome to the Premier. Sub Penthouse southwest corner unit with sweeping unobstructed views of the city, water and North Shore mountains. This 19th floor home features 2 large bedrooms, 2 full baths and a large ,bright open plan with over 1,000 sf. Hardwood floors, well appointed kitchen and large balcony to enjoy the world class view. Rarely do homes on this southwest corner of the building come available. The unit includes 1 parking, storage locker and membership to the Pinnacle Hotel, state of the art, recreation and fitness facilities. No short term rentals allowed. Open House Saturday and Sunday 2:00 to 4:00.
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Original article HERE -  | Aug 1, 2017

 

The dog days of summer are barking and Labor Day is just around the bend, signaling the end of yet another epic season in the sun. But before you give your flamingo pool float one last hurrah, take a break with some home maintenance prep for the changing season ahead.

 

We know what you're thinking: It's still summer, and you're being a buzzkill! Why worry now about what you can do next month? Well, as it turns out, some home maintenance tasks are best tackled in August, before temperatures start dipping.

 

Don't worry: We’re here to make all those chores as quick and easy on you as possible. With our handy checklist of home maintenance tasks, you can knock 'em out and be back to your barbecues and beach days in no time.

 

1. Check your washing machine connections

 

With the kids home from school and loads of sweaty garments to clean, your washing machine has likely taken a major beating this summer. With all that extra use, be sure to check that the water supply hoses which connect to your machine are in good condition.

 

"If they are older black rubber hoses, check for any bulging in the hose or any parts that look worn," says Tony Dunaway of BEST Plumbing of Cincinnati.

 

DIY: If you have worn hoses, you can swap them out with replacements for as little as $25, but it'll take you some effort. After you've turned off the water supply to the hoses, use adjustable pliers to loosen one hose at a time from the water supply, and then from the washing machine. You'll also need to make sure your new hose has a rubber washer in each end. If your hoses are made of rubber, consider upgrading and replacing them with rupture-proof, braided stainless-steel hoses.

 

Call in the pros: A pro will save you the effort, but you'll shell out around $140 for the job. How much are your days in the summer sun worth to you, anyhow?

2. Prune dead wood from your lawn and garden

 

Now's the time to tidy up your perennials and clear those unsightly dead twigs and branches, according to Tony Smith, president of Nursery Enterprises in Rexburg, ID.

 

Not only will you have a more attractive yard, but "by cleaning them out this summer, you'll create a clean slate—and next summer you'll have a better grasp in understanding your plants' health." Smith says.

 

DIY: You'll need pruners, a saw, and loppers (or a chain saw) to really attack this job.

 

Call in the pros: If the mere thought of wielding a chain saw gives you the heebie-jeebies, call in a professional landscape company to do the deed. The cost depends, of course, on the extent of the work and the size of your yard, but expect to pay at least $400 to $700 for a reputable, licensed tree trimmer.

3. Clear the gutters

 

Summer thunderstorms can clog your gutters and lead to costly water damage down the road. Properly functioning gutters direct water away from your home, but muck and debris can cause water to collect around your home's foundation and seep into your basement, if you have one. (Clogged gutters also make great homes for rodents and other vermin, just in case you needed another reason to tackle this task.)

 

DIY: Grab a ladder and shimmy up to the roof to inspect your gutters and drains, taking care to wear proper hand and eye protection. A simple garden trowel is effective for clearing most debris.

 

Call in the pros: Scared of heights? The average gutter job will run you around $150.

4. Deal with wasps, mosquitoes, and other insects

 

Wasp activity peaks in late summer; these insects become more aggressive and likely to sting in, you guessed it, August. So you'll want to spray for wasps and eliminate them, pronto.

 

DIY: "The first step to eliminating a wasp nest is to identify where the colony lives," says Dave Patterson, owner of Tactix Pest Control in Boise, ID. "Scan your lawn, looking for activity close to the ground. Once you find where the wasps are coming and going, apply wasp treatment to the entrance. Repeat this step every few days until you no longer see any activity."

 

Patterson also recommends patrolling your property for stagnant water, which can be a breeding ground for mosquitoes.

 

"First, drain any areas that are holding water—this step alone should significantly cut down on mosquito activity," he says. This means birdbaths, planters, or any other places where rainfall might have accumulated. "For further prevention, invest in forms of mosquito repellant like citronella candles, mosquito traps, and bug zappers."

Finally, check the seals around your home, including doors, windows, and dryer vents. Caulk or expanding sealants should be more than enough to seal most openings, according to Patterson.

 

Call in the pros: The national average cost of wasp removal ranges between $100 and $400. The cost of mosquito control depends on a variety of factors, including property size and treatment frequency. An entire summer of mosquito treatment could run $500 or more, but you're more likely to get a deal now that it's later in the season.

5. Clean your natural stone

 

 

“After a summer filled with nonstop grilling fests, family gatherings, and just general outdoor fun and wear and tear, it’s important to properly clean natural stone around your home—whether it's outdoor granite countertops, stone walkways, or patios—to prevent food, dirt, and oil stains from setting in and leaving permanent marks," says James Freeman, chief operating officer of Colonial Marble & Granite.

 

DIY: Start by dusting off stone surfaces, because abrasive materials such as dirt or sand (carried home from weekend getaways) can cause damage. Avoid using harsh cleaning products on natural stone; instead, choose a gentle cleanser with a neutral pH (preferably without soap, which causes streaks and film) and a soft cloth. For a longer-lasting finish and better protection against stains and grime, consider applying a water-based penetrating sealer.

 

Call in the pros: For serious stains, call in a professional stone maintenance company to restore your stone. Expect to spend anywhere between $400 and $1,100, depending on the level of grime.

6.  Get your furnace prepped for winter

 

“When residential furnaces fail, they typically do so during the coldest days of the year, which is why it’s important to have these systems inspected in August, before temperatures drop,” says Michael Petri, owner of Petri Plumbing & Heating, in New York City. “An annual tuneup and inspection can help homeowners save money, maintain comfort, and ensure safety when units are turned on for the first time in several months.”

 

Call in the pros: There's no shortcut for this one; maintaining your furnace is something you'll want to defer to a pro. Typically, HVAC companies run prewinter specials for this kind of work, so keep your eyes peeled for deals—but expect to spend between $130 and $450.

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