Since 2009, it has turned out to be evident the vancouver real estate marketplace seen stunning boost within the amount of multi-million dollar premises traded to Chinese investors along with buyers.

Having a boost in immigration since 2010, the metropolitan real-estate households within the Greater vancouver neighbourhood clearly became the “hot” community within the market place.  As vancouver has once more been regarded as the globe’s very best place to live in, the velocity of overseas investments within the vancouver property market is hiking up still another sharp slope.

Specialists point out that China’s Mainland first time buyers coupled with speculators continues to seek for global financial investment prospects, in vancouver. The very thought of overseas investments in real estate investment property now have end up being an extremely trendy response for Asians, and additionally will most likely force the demands in vancouver‘s homes industry up to greater levels within the coming year of 2012.

As the rate of economical growth continuously increases at an incredible rate, many Chinese parents from Mainland China, Taiwan in addition to other areas are sending their kids to study overseas in Canada.

To minimize possible troubles with housing, many Asian parents surely have chosen to purchase homes in the metro area in addition to surrounding areas in providing a stable home for their children to settle while acquiring their degrees offshore. As it is more cost efficient to purchase a property rather than renting, and additionally considering the long term returns of the investments, purchasing real estate properties in vancouver come to be high on demand for the Chinese. Some with sharp business minds have chosen to rent out portions of the space to obtain a fixed amount of monthly income, all while still profiting from the long term appreciation of vancouver‘s properties.

Many Chinese hold the belief that the role of Feng shui, which is most closely associated with the physical geography of the property, can possess significant impact on one’s healthy, finance and even relationships with others.

The importance of Feng shui has long been highly valued by Asians, coupled with this, it definitely plays a crucial role in investments in real-estate. The most commonly observed example is the influence of the situation of a property. It is widely believed that if the property is in “good Feng shui” if it sits at the north, and additionally faces the south. This single belief alone, now have put some premises with the above characteristics in better pricing range than those that do not. However, as much as Feng shui is a well respected belief by many Asian immigrants and potential home investors and additionally speculators, there are always those “intelligent” ones that seek to obtain the optimal economic value from their real estate investment in vancouver‘s real estate investment.

As the Chinese favours the practice of networking in a private manner, it puts many Chinese realtors, insurance brokers and mortgage consultants in demand, for it is much easier to make personal references. The power of “the word of mouth” cannot be overlooked when it comes to dealing with Chinese homebuyers and purchasers, who in most cases, are not too familiar with the English language in addition to the town. As a result, a growing demand for well-reputed mandarin speaking realtors along with industry professionals in this field is likely to be put in greater demand for the upcoming year in 2012.

This is why our team has added 2 Chinese realtors, they are able to associate better with many of our buyers and thus increases the chances of your home being sold by tenfold. Further, our team is also more capable of handling any Feng Shui modifications to get the best value for your home. Check out our seller home page: my home value in vancouver, for more infomation.

Some homeowners in the coquitlam neighbourhoods of Burquitlam and Maillardville will see their residence principles leap by as much as 25% this season.

The BC Assessment Authority (BCAA) published its 2012 roll for the Tri-Cities, Burnaby and New Westminster, displaying an increase as much as 15% for the North vancouver-east-fraser-homes/” >fraser location.

Deputy assessor Zina Weston said the coquitlam  “pockets” of Maillardville and Burquitlam as well as along Murray Street in Port Moody are the illustrates, with latest rezoning changes for duplexes and heritage improvements in Maillardville plus new development for the future Evergreen Line through Burquitlam and Moody Center as being the generating aspects for the high assessment in those places.

Property assessment letters were sent out last Friday and most homeowners should be getting their assessment letter in the mail later this week, Weston said.

Property owners seeking to appeal their assessment have until Jan. 31. The assessment workplace is placed at 420-2700 Production Way, Burnaby.

To view your assessment online, go to www.bcassessment.ca and press on the e-valueBC hyperlink. If you have not obtained your assessment notice in the mail by mid-month, contact 1-800-661-6343.

The assessment indicates market value as of July 1, 2011, and offers the basis for taxing authorities, like municipal governments, to increase levies every year.

City personnel change the taxes amount to indicate the average increase for each property class. The tax amount per thousand dollars of a property’s assessed value is altered to fit with within the city’s budget to pay for capital and operating costs. Simply put, city council government choose how much cash they need to run social business for the year, then customize their tax charges to get that cash based on assessed values (coquitlam is predicted to adopt its budget on March 5).

In April, after assessment appeals are finished, city council will change the tax amount before municipal property taxes are due on July 1.

But while cities control taxes under their legislation, they have no say over the amount charged by other agencies that it gathers for, such as Metro vancouver and TransLink. Municipalities are required to include those prices on the property tax expenses and pass the money on to the other governments or agencies by August — whether or not the taxes are compensated by the homeowner.

Current property values and change over 2011, by neighbourhood:

coquitlam

• Central coquitlam, 1960s single-family home, $724,000 (up $28,000)

• Maillardville, 1950s single-family home, $621,000 (up $74,000)

• Ranch Park, 1970s single-family home, $641,000 (up $18,000)

• Westwood Plateau, 1997 single-family home, $918,000 (up $50,000)

• Oxford Heights, 1990s single-family home, $657,000 (down $31,000)

• New Horizons, 1980s single-family home, $544,000 (up $19,000)

• Burke Mountain, 2010 single-family home, $839,000 (up $62,000)

• Strata high rise, 2009 two-bedroom, $372,000 (up $11,000)

• Strata low rise, 1992 two-bedroom, $254,000 (up $2,000)

• Strata townhouse, 1989 three-bedroom, $362,000 ($15,000)

PORT coquitlam

• Mary Hill, 1960s single-family home, $467,000 (down $3,000)

• Citadel Heights, 1990s single-family home, $678,000 (up $24,000)

• Lincoln Park, 1970s single-family home, $486,000 (down $8,000)

• Citadel Heights, 1994 strata townhouse, $524,000 (up $15,000)

• Citadel Heights, 1988 strata townhouse, $442,000 (up $16,000)

PORT MOODY

• College Park, 1960s single-family home, $601,000 (up $33,000)

• North Shore, 1970s single-family home, $812,000 (up $40,000)

• Heritage Woods, 1995 single-family home, $884,000 (up $30,000)

• Strata high rise, 2005 two-bedroom, $351,000 (down $12,000)

• Strata low rise, 1996, two-bedroom, $348,000 (up $7,000)

• Strata townhouse, 1990 three-bedroom, $311,000 (up $7,000)

The North vancouver-east-fraser-homes/” >fraser region assessment roll since 2006:

2006: $73 billion

2007: $89 billion

2008: $102.1 billion

2009: $104.2 billion

2010: $104.7 billion

2011: $116 billion

2012: $124 billion

Source: Tri-Citynews.com

Greater vancouver‘s resell houses industry has transferred into a “balanced” range where neither client nor home owner have any particular advantage in discussing a purchase, according to a Conference Board of Canada document published Tuesday.

As well, the report’s writer stated that he board’s metro Resale Index – November 2011, there is no longer a risk of a property “bubble” growing in the location.

“The threat of a bubble has largely dissipated,” senior economist Robin Wiebe said of Metro vancouver. “But, really, there never was one.

“When prices rise, new supply is attracted to the market. And that’s what’s happened.”

According to the index, the normal cost in vancouver was $774,000 in October, 2% more than September and 15.3% more than October 2010.

As well, the amount of listings stood at 60,600 in October on an annualized seasonally changed base, which was 2.5 % less than September but 14 % more than October 2010.

The amount of sales in October – also on an annualized seasonally changed base – were 30,792, up two % from September and 0.8 % from October 2010.

The vancouver-east-fraser-homes/” >fraser Area was in a healthy industry, with rates up 9.6 % year-over-year to $494,000, but Victoria was considered a buyers’ industry, with rates down 7.1 % year-over-year to $490,000.

Wiebe said there is now adequate supply and reasonable demand in Greater vancouver meaning that a healthy industry exists.

He said that rapid regular cost growth in May and June, driven largely by sales of expensive houses in exclusive neighbourhoods, is no longer a significant component of Greater vancouver, with sales of the expensive houses having moved through the system.

“Price growth from year-to-year in the last two months has been pretty good, but at 14.5 per cent it’s a way down.”

He said with price increasing about 20 % year-over-year in May and June, a lot of people list their houses on the market, in hopes for cashing in.

“It changed the market balance a bit. Sales have cooled, listings have gone up. So the market balance has shifted. It’s not surprising.”

Regardless, Wiebe stated, the amount of sales are reasonable by traditional expectations.

Nationally, sales were up in 17 of 28 areas from September to October, and new listings increased in 16 of 28 areas.

A total of 23 of areas were considered balanced, while four were a buyers’ market. List shortages in Thunder Bay resulted as the only sellers’ market.

As well, average home values increased between September to October in 16 areas.

Source: Brian Morton, vancouver Sun

Self-made millionaire Li Weijie runs his ski and golf course outside of Beijing and is considered a patriot: A life-size statue of Mao Zedong fronts entrance of his station. What would Chairman Mao say if he knew Li is a proud cardholder of Canadian Residency? ” I wanted access to the education system and health care of a developed country,” said Li, 43, whose other businesses include one of the largest taxi companies in Beijing, 2 car dealership as well as a real estate company. Li now has a house worth 6 million in Westside of vancouver, known for its rich Chinese buyers. His wife drives around vancouver in a black Maybach, while his 20-year-old son was drives a dark gray Maserati to classes at the University of British Columbia. His wife and son lives full time in Canada.

What began as a trickle a decade ago when Li moved his family in Canada has become a flood of new rich in China seeking foreign passports or residence permits (known as green card in the U.S.) in particular the United States, Canada, Australia, Singapore and New Zealand. More than 500,000 Chinese have investable assets of more than 10 million yuan ($ 1.57 million) under a joint study published in April by the China Merchants Bank and Bain & Co. survey said nearly 60 percent are considering emigrating, has started the process, or have emigrated.

In the United States so far this year about 3,000 Chinese citizens have applied for visas for investors, compared to 270 in 2007. That 78 percent of the total number of candidates for this type of visa in accordance with United States Citizenship and Immigration Service (USCIS). The U.S. investor visa, also known as EB-5 requires a minimum investment of $ 500 000 by the applicant in a commercial project in the United States, which employs at least 10 Americans in two years. If Chinese applicants can not generate the jobs, they and their families may have to leave the United States

The migration makes a good business for people like Jason Zhang, a broker with Realty Direct Boston, a branch of a national chain. Zhang office specializes in the regulation of the Chinese in the Boston area. He says this year has already helped dozens of Chinese families buy homes and cars (migrants often pay cash, he says) and find good schools for their children, compared to only two or three families out of a few years ago. Wealthy suburbs like Weston and Lexington are better choices.

For the most part, China’s wealthiest are not permanently leaving the country, as some Russian oligarchs. About 80 percent of wealthy Chinese will not move to waive the passports of the October surveyed by the Bank of China and Shanghai-based Hurun Report, which publishes an annual ranking of China’s richest. Instead, the most common model is Li Weijia: His wife and son to obtain a foreign passport and live abroad, while the husband receives a residence permit, but spends most of his time in China. If you think of emigrating like Russians, it is because they are afraid and so are leaving their country,” says Hurun’s founder, Rupert Hoogewerf. “This is not true of the wealthy Chinese at all. They still have their businesses in China and most of their assets are in yuan.”

So why are they trying to stay abroad? The reason cited above is to pursue better educational opportunities for their children, according to the Bank of China and China Merchants Hurun-Bain surveys and comments from emigrants. The feeling among the rich Chinese is that American universities waved their Chinese counterparts, and their children need to understand the world. Emigrants also noted that senior Chinese leaders, like Xi Jinping, send their children to study abroad.  Escaping the dismal air quality and food safety issues were also factors.

Source: Dexter Roberts and Janet Zhao, Businessweek.com

The real estate Board of Greater vancouver (REBGV) reports that sales of residential houses, attached and apartment service area MLS ® system has reached 2317 in October, down 1 percent compared to 2337 sales in October 2010 and an increase of 3.2 percent over the previous month. These sales rank as the second lowest total in October over the past 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

New listings for detached, attached and apartments in Greater vancouver totaled 4,374 in October, which is on par with the average of 10 years. This represents an increase of 18.3 percent compared to October 2010, when 3,698 properties were sold on MLS ®, and a decrease of 23 percent compared to 5680 new listings reported in September 2011.
Total number of properties listed for sale in Greater vancouver MLS ® system is currently sitting on 15 377, which is 9.3 percent higher than the 14 075 properties listed for sale during the same period last year. October was the first of the month, the total number of real estate listings have decreased this year.

The housing price index MLSLink ® (HPI) reference price for all residential properties in Greater vancouver over the last 12 months rose 7.5 percent to $622,955 in October 2011 from $579,349 in October 2010. But since it peaked in June $630,921, the reference price for all residential properties in the region declined 1.3 percent.

Sales of single-family homes in October was 974, which represents virtually no change from the 976 detached sales recorded in October 2010 and a decrease of 34.5 percent of 1,487 units sold in October 2009. The benchmark price for detached houses increased by 11 percent from October 2010 to $884,778, but fell 1.3 percent from the previous month.
Property sales reached 958 apartments in October, down 2.6 percent compared to 984 sales in October 2010 and decreased 40.4 percent compared to 1607 sales in October 2009. The benchmark price of an apartment rose 3.2 percent from October 2010 to $ 402,702, but declined 0.7 percent from the previous month.

Sales of attached property in the month of October were 382, ​​1.3 percent more than the 377 sales in October 2010, and 37.4 percent compared to last year 610 properties were sold attached to the in October 2009. Reference price fixed per unit increased 6.5 percent in October 2010 and 2011, $519,455, and rose half a percentage point from the previous month.

Source: real estate Board of Greater vancouver

vancouver” src=”http://www.realestatevancouver2010.com/blog/wp-content/upload/2011/11/real-estate-vancouver3-300×225.jpg” alt=”" width=”300″ height=”225″ />House prices as a reference in Metro vancouver increased 7.5 percent to $622,955 in October 2011 from $579,349 in October 2010, according to the latest monthly report from the real estate Board of Greater vancouver.

But since it peaked in June $630,921, the reference price – namely, a typical house – all residential properties in the region declined 1.3 percent.

The report also indicates that sales of single-family homes in October reached 974, about the same as in October 2010.

In addition, new listings of all properties reached in October 4374, an increase of 18.3 percent compared with October 2010, when 3698 properties were offered for sale, and a decrease of 23 percent compared with the 5680 new listings in September 2011.

The total number of properties listed for sale now sit at 15,377, 9.3 percent higher than 14,075 properties for sale in the same period last year.

Meanwhile, the benchmark price for detached single-family homes in the vancouver-east-fraser-homes/” >fraser Valley in October was $530,335, an increase of 4.9 percent from $505,759 in October 2010 and on an equal footing with the price in September, according to the vancouver-east-fraser-homes/” >fraser Valley real estate Board.

Source: Brian Morton, vancouver Sun

The new home industry of Metro vancouver is hurting over the absence of transitional rules governing the return of provincial sales tax and the harmonized sales tax was defeated in a referendum on August 26, stated by three property experts of the vancouver Board of Trade on Friday.

“We are really choked that we don’t have any transition rules yet and are absolutely amazed that our provincial government – who probably most of you voted for – thought that this thing was fait accompli and there was no Plan B,” said the President and Ward McAllister Ledingham McAllister Properties. “What is amazing to me is that it took them three days to bring this new tax in and now they are telling us it is going to take up to 18 months to unravel. This is really hurting us in the new home business just because of the uncertainty.”

“Since the referendum we have been literally begging for transition rules,” he said. “Any of our product that’s $525,000 and over, which is the threshold, is sitting. We are having to make deals and pay a portion of the HST.

The HST of 12 percent applies to new home sales, while the GST-PST system, new home buyers only paid five per cent GST. In the absence of transition rules, it is uncertain what the PST applies to when it is restored in 2013.

McAllister and panelists Eugene Klein, president-elect real estate Board of Greater vancouver, and real estate consultant Richard Wozny of Site Economics Ltd, were in the Chamber of Commerce to discuss whether vancouver real estate is in the midst of a bubble. All agreed that it is not, but they have stabilized their strong comments on the impact of the lack of rules around the restoration of PST.

Buyers, especially the under25 mark, are sitting on the sidelines,” said Klein. “In my own personal practice, our developers are starting to try to take that risk out of the marketplace by taking it on and including it in the price. We are starting to see units then starting to move with that because the consumer doesn’t know what to do.

“It’s also affecting home renovation projects with HST on them because consumers don’t know what to do,” Klein said.

The HST-effect was the only real damper on the Greater vancouver real estate, where all three panelists and moderator David Podmore, CEO of Concert Properties Ltd., stated it is on balance and not a bubble. Podmore wore button with a slash for the “no” marked above the text “bubble”.

“I am very optimistic about where we are heading,” he said noting that his company largely outside Metro vancouver real estate in 2007, but returned in 2009.

He cited two reasons for the region’s real estate market strong: immigration and the fact that real estate is perceived as a protection against the uncertainty that has affected global finance. Klein said the international interest in vancouver is to attract foreign buyers. He said that buyers have come to live here, only three percent characterized as foreign investors. He said the offer is now beyond question, but did not affect prices.

“Demand for high-end properties has helped drive our demand for most of the year,” he said.

Wozny said Metro vancouver‘s real estate prices are “very high by any measure.”

“It must be something political or social because it certainly has nothing to do with economics.” he said.

He forecast low-interest rates for the foreseeable future, which will translate into continuing sales.

“There is no bubble in vancouver,” he said.

McAllister is the counsel of the house between 20 potential who are wondering whether we should expect that prices will come down: I can not wait to borrow his mother and father. It warned of sales, was hoping to return to the market later.

“Affordability is one of the main concerns in this market and I think will continue to be over the rest of my life.”

Source: Gordon Hamilton, vancouver Sun

vancouver-skyline_2671_600x450.jpg”>vancouver-skyline_2671_600x450″ src=”http://www.realestatevancouver2010.com/blog/wp-content/upload/2011/10/vancouver-skyline_2671_600x450.jpg” alt=”" width=”600″ height=”450″ />

B.C. home sales rose nearly nine per cent in September compared to the same month last year, with the average price increasing six per cent to $524,000, the B.C. real estate Association said Friday.

The BCREA reports that multiple listing service sales in the province rose 8.8 per cent to 5,995 units and that sales edged up three per cent in September compared to August on a seasonally adjusted basis. A total of 55,616 homes were listed on the multiple listing service at the end of September.

For individual markets, Metro vancouver saw an average price increase of 10.5 per cent to $751,000 in September compared to September 2010. That compares to Kamloops, which saw an increase of 11 per cent over the same period to $286,000, and Okanagan Mainline, which saw the average price drop 6.6 per cent to $376,000.

“Housing demand last month was bolstered by persistent low mortgage interest rates and a surge in employment,” BCREA chief economist Cameron Muir said in a statement.

Source: Brian Morton, vancouver Sun

Metro vancouver‘s housing starts are on the upswing, rising to 1,783 in September over 1,644 in the same month last year, with most activity in the multi-family category, according to Canada Mortgage and Housing Corp.

Year-to-date, the numbers were even stronger, with the multi-family sector seeing a 39-per-cent increase in starts from January to September compared to the same period in 2010.

The reason for the multifamily strength, according to CMHC’s senior market analyst for Metro vancouver, Robyn Adamache, is two-fold: builders are increasingly confident taking on larger multi-family projects, and buyers are skeptical of higher-priced detached homes because they want to avoid the HST threshold of $525,000.

“On the single-family side, we’re seeing a decline this year,” Adamache said in an interview after the report was released Tuesday. “We think people interested in a single detached home are putting off the decision until the HST tax ramifications are sorted out.

(more…)

The value of building permits issued in Metro vancouver dropped 4.9 per cent from July to August to $494 million, and declined almost 10 per cent from $528 million in August 2010, Statistics Canada said Thursday.

The report on permit values, a key indicator of construction activity expected in coming months, also found that the numbers climbed across B.C. from July to August, but dropped year-over-year.

“There is some uncertainty in the marketplace regarding the HST transition rules,” Greater vancouver Home Builders’ Association president and CEO Peter Simpson said, adding that he’d like the provincial government to help neutralize the tax because many buyers are forgoing purchases while it’s still in effect.

Despite that, Simpson said, housing starts are up this year, particularly in the multiple-family sector, a point borne out by StatsCan, which noted the largest increase in the value of building permits for multiple-family dwellings across Canada was in B.C.

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