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Yaletown- What’s New?

Once upon a time, Yaletown used to be the westernmost stop for the Canadian Pacific Railway, and so, it was a place where industry boomed. Now, it’s a vibrant area with new industries, cafes, restaurants and bars to die for, beautiful parks, animation studios and high-rise condominiums.

Yaletown’s Recent Openings & Activities

Tacofino opens its gates in the area

The latest addition to the list of Yaletown’s restro-bar is Tacofino. The area welcomes the 50-seat counter-service restaurant and bar, which also features a 12-seat patio and take-out bar.

When a taco craving hits, Tacofino is a must-visit.

People love the tempura fish taco with salsa fresca and chipotle mayo & a few new items such as pepper shrimp with spicy peanut sauce, smoked tuna burrito, white bean taco, lemongrass chicken taco, tater tot carnitas, crispy squid and beef brisket barbacoa.

Tacofino opens at 11am-10pm, Monday-Wednesday, and 11am until late, Thursday-Saturday.

Tacofino Yaletown's new signage (Jess Fleming/Daily Hive)
Inside Tacofino Yaletown (Jess Fleming/Daily Hive)
Inside Tacofino Yaletown (Jess Fleming/Daily Hive)
Inside Tacofino Yaletown (Jess Fleming/Daily Hive)
Jess Fleming/Daily Hive
Inside Tacofino Yaletown (Jess Fleming/Daily Hive)

PET-A-PALOOZA coming to Yaletown this year

PET-A-PALOOZA returns to Vancouver, and guess what? It will be held in Yaletown on August 28th this year. PET-A-PALOOZA is West Coast’s largest outdoor pet festival.

In the most awaited canine festival of the year, events such as “Running of the bulls”, a hilarious 20 ft. French and English bulldog races, cool down stations, photo lounges and over 50 of the leading pet related exhibitors are going to take place.

PET-A-PALOOZA is a pet-friendly festival to have amazing fun with your pet. And best of all, it’s FREE! Dog owners bring their pet to sample treats, food, accessories, and toys and get hooked up with loads of free swag!

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Image Source: Pet-A-Palooza

Animation Studio Arrived in Yaletown

Award-winning Australian visual effects and animation studio Animal Logic has arrived in Yaletown, Vancouver in September 2015. The credit for the boom of Vancouver animation industry goes to this new 45,000 sq. ft. studio in Yaletown.

Real Estate Yaletown

In the 19th Century, Yaletown used to be a rail yard. As railway loading docks converted into restaurant and cafe patios and warehouses into lofts, Yaletown became a very desirable place to live for Canadians as well as for people from outside the country. Yaletown’s upscale restaurants, offices, boutique stores, nightclubs, animation studios and access to the False Creek marina make this place a playground for Vancouver’s elite.

New properties have come up around this central area, and Yaletown now owns apartment buildings housing modern condos with great views and fantastic amenities.

If you are looking for some of the best properties in Vancouver real estate, then your search will end now. Yaletown condos will offer you elegant and modern living, however, the prices may be higher than most other Vancouver real estate of similar proportions.  

It’s a little expensive to buy a residential property in Yaletown. The current average Yaletown house price is $847,240.

Living in Yaletown

If you wish to buy a condo in Yaletown, you must have a Realtor at your side. Find your perfect home in Yaletown.

 

 

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A Brilliant Step towards Affordable Housing in the Canadian City of Vancouver

B.C. Tax Targets Foreign Home Buyers

Since the past one year, soaring housing prices in Metro Vancouver have been one of the major concerns in the country. Vancouver is an extremely attractive property destination for foreign investors to secure their money.

Addressing the role of foreign investors in the red-hot housing markets of Vancouver, Canadian province British Columbia has announced an additional 15 percent tax on foreign home buyers in the greater Vancouver. It takes effect on August 2, 2016. The ultimate goal of the British Columbian government is to increase housing affordability for the local residents.

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Premier Christy Clark and Finance Minister Michael de Jong, discuss amendments regarding housing issues in Greater Vancouver from the South lawn during a press conference at the Legislature in Victoria, B.C., Monday, July 25, 2016. Source: Financial Post

The Surprise Move

The benchmark price for a detached home in Vancouver has increased by more than 30 percent in the past year.

The surprise move comes after the government tracked all residential real estate transactions across British Columbia between June 10 and July 14, and found that foreign nationals invested more than $1 billion into B.C. property, of which more than 86 per cent was invested in Vancouver and the surrounding areas.

The Affected Properties & Areas

The newly announced tax applies to the sale of all residential properties such as single and multi-family dwellings, apartments, and condominiums within 22 communities in Metro Vancouver, and to buyers who are not Canadian citizens or permanent residents, as well as corporations that are either not registered in Canada or are controlled by foreigners.

The affected areas include the Greater Vancouver Regional District and other prescribed areas, but exclude treaty lands of the Tsawwassen First Nation.

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B.C. Finance Minister Mike de Jong has released another report on foreign nationals buying homes in B.C. between between June 10 and July 14. Source: CBC News

Hiked Tax to Scare Most Foreign Speculators Off

Whether the tax hike will have the envisioned effect of restraining the flow of foreign investment in the residential real estate market and improving affordability for local residents or not, remains to be seen. But, surely, the rise in tax will have a significant effect on foreign buyers and sellers who have entered into agreements for purchase and sale before August 2, 2016.

Experts believe that the new property tax could cool demand. After all, very few foreign home buyers will be willing to pay $750,000 in tax for a $5-million house. But foreign speculators could get friends or family (who are permanent residents) to buy on their behalf in order to escape paying the tax.

Better Days Ahead for Vancouverites

Feverish foreign investment and a market struggling to build enough new homes have led to a spectacular house price boom in Vancouver. But a massive tax hike on foreign purchases will help manage foreign demand while new homes are built to fulfill the needs of local residents.

Hopes High for Housing Affordability

According to the Prime Minister, Justin Trudeau, rising home prices, uncertainty around being able to buy your first home or to be able to upgrade as you want to grow a family, is a real drag on the country’s economy and Canadians’ opportunities.

But as Canada plans to tax overseas investors buying homes in Vancouver, the local residents can have their hopes high of owning a home in the city. Search for the best residential properties on Condoinvancouver.