No Comments

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!

petapaloozawest
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.

 

 

No Comments

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.

bc-property-1
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.

mike-de-jong
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.

 

No Comments

Bursting Vancouver Real Estate’s Bubble: Are We There Yet?

The latest statistics from the Greater Vancouver Real Estate Board reveal that the benchmark cost of a single detached home in Vancouver is up nearly 40% from just over a year ago. This rapid ascent has drawn the attention of retired master hedge-fund manager, Marc Cohodes. In a recent interview, Cohodes tells Global BC News Morning that he believes members of the real estate industry are using “chinese money to keep the market propped up” as part of a money-laundering scheme that Cohodes says can’t last.

Real Estate Bubble
Source: Huff Post Business Canada

Foreign Investment: Myth or Reality?

According to the Global News article about Cohodes, not everyone agrees that the influx of foreign money is due to criminal activity. However, many do agree that foreign money is a signification contributor to the high-flying real estate prices here in Vancouver. To put this belief to the test, the government of British Columbia launched a study in June to begin tracking real estate investments in the province by foreign nationals.

Initial results from the study show the dollar value of foreign investment in residential real estate between June 10 and June 29, 2016, averaged slightly over 5% province-wide. Foreign transactions represented slightly over 3% of all MLS property transfer transactions during that same time period. This indicates that the average amount per transaction is higher for foreign buyers than Canadian citizens and permanent residents. In Metro Vancouver, the total value of investments from foreign nationals was over $350 million, or 6.5% of the total investments made during the first 19 days of the study. The highest concentrations of foreign investment were found in Richmond with a 14% rate.

Across the province, 258 transactions involved Chinese nationals, which was 76.6% of all foreign national transactions. More data and details are available in the Housing Market Information Release on BC MLS Home Sales issued by the Ministry of Finance. The Ministry report indicates that new housing units are in development throughout the province. However, these developments take time. Meanwhile, the housing market remains tight. In addition, more voices lately have been calling for a tax on foreign real estate transactions. Will these factors finally burst the real estate bubble as Cohodes predicts? And if so, when?

Vancouver Condo and Detached Home Buyers Pushed to New Heights

While we wait to see what the future holds, those who want to own a home in Vancouver today are faced with steep prices and limited selection. From single-family homes to luxurious condos in Yaletown, local buyers are feeling the effects of the pricing bubble.

The Real Estate Board of Greater Vancouver reports that June residential property sales totaled 4,400 transactions. This is slightly down from May; although, higher than same-month sales last year. Looking at historical records demonstrates that houses are still moving despite the higher prices. June 2016 ranked as the highest-selling June on record, at 28.1% above the 10-year sales average. Total listings for the four-month period from March through June have also reached an all-time high.

line-up-of-close-to-60-people-langley-condo-sales-centre
Picture of people waiting in line for days to buy a new condo in Langley back in May, 2016. Source:cbc.ca

Despite an increase in listings, supply has not exceeded demand and prices for both detached and attached residential properties continue to climb. The REBGV announced that benchmark prices for attached units in June 2016 increased by 28.1% from June 2015 prices. However, this rate remains lower than the 38.7% increase in detached properties.

 

Regardless of who is investing in Vancouver’s real estate, those who work in the city still need a place to live. So what is a prospective home buyer to do? As the saying goes, “location, location, location.” Look for properties that are located in sought-after areas that will hold their value, such as a Vancouver downtown condo. In particular, the thriving community and close commute make Yaletown condos a good bet during tumultuous times. If you are in the market for a new home here in Vancouver, contact Condos in Yaletown. We can show you the best real estate the city has to offer and help you choose how to invest your real estate dollars effectively.  

 

 

Real Estate in the Greater Vancouver Overview – June 2016

june-2016-vancouver-real-estate
Source: GVRB

 

No Comments

Vancouver is One Hot Housing Market—Can a Yaletown Condo Beat the Heat?

 

Despite recent economic downturns in other parts of the country, the cost of owning a detached, single-family home in Vancouver continues to rise. More and more prospective homeowners are looking at Vancouver condos as an alternative route to homeownership in this flourishing city. As home prices Vancouver continues to rise, luxurious condos in Yaletown and Vancouver downtown condos are an increasingly attractive alternative for many of Vancouver’s up and coming residents.

How Hot is It?

According to recent statistics, it now costs nearly 120% of a household’s median annual income to purchase a stand-alone house in Vancouver. Royal Bank of Canada, in its 2016 first quarter RBC Housing Affordability Fact Sheet, refers to Vancouver’s 25% year-over-year housing price surge as “epic.” Housing prices for single-family homes in Vancouver have reached such extreme heights that in June Prime Minister Justin Trudeau hosted experts at a Roundtable on Affordable Housing to discuss the situation.

vancouver-housing

Detached Homes are Boiling Over

In its 2016 first quarter Housing Trends and Affordability Report, RBC announced an 87.6% aggregate affordability rating for detached, single-family homes in Vancouver. This means that the total cost of owning a home in Vancouver—including mortgage payments, taxes, and utilities—would consume over 87% of a typical family’s monthly pre-tax income.

Kerry Gold, writing about the housing roundtable and citing data from Landcor, reports that the average price for a detached house sold in Vancouver is now nearly $3 million. Other reports place the average sale price at a mere $1.4 million. While these figures would seem to indicate that incomes in Vancouver are robust, home ownership is still not for the faint of heart or light of wallet.

 

detached-home-housing-price-vancouver
From Real Estate Board of Greater Vancouver

 

Prices for Vancouver Condos Stay on Simmer

The burgeoning prices of detached single-family homes in Vancouver have put them out of reach for many hopeful homeowners and made them unattractive to investors and lenders. Fortunately, Vancouver condo and apartment prices, while still moving up, have not increased at the same alarming rates. Craig Wright, RBC’s Chief Economist, stated in a recent news release that the2016 first quarter housing affordability rating for Vancouver’s condo apartment market is 46%—a figure that aligns with housing costs in much of the rest of Canada. The same article that reports average detached home prices in the $3 million range indicates that the average condo in Vancouver may be purchased for just under $750,000.

apartment-home-housing-price-vancouver
From Real Estate Board of Greater Vancouver

Find a Condo That’s Just Right in Yaletown

Even as the Vancouver housing market tightens, purchasing a condominium in Vancouver remains an option for those who are ready to stop renting. Instead of having to move far away from the city center, those seeking to own a home can enjoy all the benefits of living in a close-knit community by purchasing a Yaletown condo. Yaletown high-end condos are a perfect way to buy a home sans the extra maintenance and commute time associated with owning a single-family home. Yaletown and downtown Vancouver condos are available with a number of attractive features that make them just right for buyers of all types. Before the market gets any hotter, isn’t it time to find the one that suits you?

 

 

No Comments

The Developing Real Estate Market in Vancouver

With the growing trends of industrialization and globalization, all the major sectors have seen a rapid growth. People are always in search for something bigger and better. They move from one place to another for better opportunities.  This process of relocation has proved to be a blessing for the real estate market.

As people are switching places due to various reasons, the demand for homes is also increasing. Finding a home in an unknown place is not an enjoyable task. Thus to help the newly arrived population the real estate agents step in.

Any newcomer to a city looks for a homely but affordable place to live. The most suitable option in such a case is a condominium. They are the best combination of an ideal home with a reasonable price.

Vancouver is one place that has witnessed the rise of Condominiums. While the immigrants have contributed in increasing the profit of the real estate business, the locals have shown an increased demand for residential accommodations.

If you are moving to the south-east part of Downtown Vancouver then there is no better place for you than the Yaletown Condos. Surrounded by the False Creek, Yaletown has a pleasing view to offer to its residents.

The real estate market in Yaletown has seen an increase in residential property sales as compared to last year. This increase in profit can be attributed to the factors like globalization and industrialization. As people are becoming aware of the advantages of the real estate market they are investing in it more.

The Yaletown real estate has a wide range of condos with beautiful views of the False Creek and the English Bay. These condos are available at reasonable prices and have various facilities to offer. With the ocean view being a major attraction, Yaletown condos has attracted many buyers.

The major reasons this part of Vancouver has been successful in increasing its number of buyers are:

vancouvermap
In compare to the overpriced detached single family home, condos are relatively affordable.

Yaletown not only offers a perfect market for buyers but it also provides the sellers a great platform to enlist their properties. The previous month saw a rise in property sales which is expected to continue further. Though the property prices are rising, the number of buyers is increasing along with it. This is due to the impact of foreign investments.

With more economic stability, people are readily investing in real estate. The number of foreign investors is also increasing as an outcome of technology. Thus, the real estate market in Vancouver is going through a period of constant growth which has established a seller’s market here.

Yaletown has emerged as the best option for both buyers and sellers. With its oceanside condos at affordable prices, Yaletown offers the accommodation each person desires. Vancouver real estate completely satisfies both its buyers and sellers with its value for money condominiums and high quality services.

New Developments in Yaletown

The-Arc-Vancouver-Presale-Condo-Rendering-August-2015-Mike-Stewart-Realtor
The Arc

89 Nelson Street, Vancouver, Vancouver, BC

No Comments

Living in the Heart of History and the Heart of Luxury: Yaletown’s Condominium Community

Vancouver is a growing city, some might say bursting at the seams. Real estate reports indicate that home sales here remain high, and prices higher, as more entrepreneurs and businesses large and small flock to our fair city.  Many Vancouver residents are finding that the best way to own a home in the city they love is to purchase a Vancouver downtown condo. The city’s builders have responded with a mix of properties designed to suit every need. From single professionals to growing families, you can find the perfect condo to call home in our thriving city. One of those places is the historic district, Yaletown.

vancouver-yaletown-condos
Vancouver Yaletown condos

Near the Center of it All

If you are ready to take the leap into property ownership, you couldn’t ask for a better community than Yaletown. Yaletown condos are in high demand for good reason. This close-knit historic neighborhood is near to the heart of the city, yet away from it all. When you purchase one of the luxurious condos in Yaletown, you become part of a distinctive community steeped in history and filled with energy and innovation.

With ample parks and green spaces and access to the world’s longest uninterrupted waterfront path in the world—the Vancouver Seawall—Yaletown is a dream neighborhood for lovers of the outdoors. Yaletown is a paradise for walkers, riders, and bikers.  WalkScore.com gives the Yaletown area a Transit Score of 95 and a Bike Score of 100. Visitors and residents of Yaletown have access to points across the city via the Roundhouse Station Skytrain link. Full bus service is available as well. False Creek and AquaBus Ferries transport travelers between several Yaletown docks seven days a week.

A Community of Opportunities

While Yaletown condos typically are most costly per square foot than other Vancouver condos, their proximity to everything you could want in a neighborhood makes them worth the price. Local events are a keystone to Yaletown’s small- town-in-the-big-city feel. Annual area events include the recently completed BMO Vancouver Marathon.  In its 45th year, theBMO Vancouver Marathon celebrates the beauty and vibrancy of Vancouver with a marathon, half-marathon, relay, 2.5M walk and a kids run. The Yaletown-False Creek area hosts a full selection of public art, featured in a fabulous 14-point walking tour. Families can enjoy family art days at the local Contemporary Art Gallery.  The Roundhouse Community Arts and Recreation Centre hosts events year round. Art, music, dance, history, and science all have a turn at the Roundhouse.

Everything You Need

When you purchase a condo in Yaletown, you gain easy access to not only the beautifully restored and repurposed warehouse district, but also the Plaza of Nations and Science World. The neighborhood supports a thriving arts district and is close to many of Vancouver’s best museums. A high-end condo in Yaletown places you close to downtown Vancouver and even closer to a wonderful variety of shops and restaurants. You’ll find unique one-of-a-kind fashions and wonderful new taste sensations—all on the same street!

Now is a great time to visit Yaletown and explore all it has to offer.  Then, if you are ready to make a move, contact Tanya, and she’ll help you find your perfect place in the neighborhood.

Science World at night. Image: digitaldesi
Science World at night.
Image: digitaldesi

 

 

 

No Comments

Five things to know about Vancouver’s booming real estate market

VANCOUVER — Five things to know about Vancouver’s real-estate market:

Houses are pricey.

Statistics from the Real Estate Board of Greater Vancouver show the benchmark price for a detached house in Metro Vancouver was $1.2 million, up 22 per cent from the year before. The average price of a condo was up 14 per cent to $435,000.

 

Most expensive real estate in Canada.

The benchmark price of a property in greater Vancouver’s 16 jurisdictions was $752,500 in November, the highest in the country, according to the Canadian Real Estate Association. Prices in the Lower Mainland, which covered six communities, came in second at $661,200 and Greater Toronto was third at $572,200. Moncton, N.B., had the lowest benchmark price on the list at $157,900.

The market is booming.

This year was the Greater Vancouver Real Estate board’s second-highest November on record, with residential sales up 46 per cent above the 10-year average.

Prices are expected to continue climbing.

Dan Morrison, president-elect of the Greater Vancouver Real Estate Board, says the demand for houses remains high and supply is low, so there’s no sign that prices will fall any time soon.

People are getting fed up.

Several rallies were held in 2015 to call attention to the lack of affordable housing in Vancouver. Online, residents used the hashtag .DontHave1Million to express their frustrations with the market.

 

Source: CTV Canada