2012 Canadian Market Outlook

Wednesday, January 25th, 2012 at 3:07pm. 591 Views, 0 Comments.

2012 Canadian Market Outlook

CMHC Predicts Stability in Housing Starts, MLS® Sales & Resale Prices

The Canadian Mortgage and Housing Corporation (CMHC) has predicted stability in Canadian housing starts, MLS® sales and resale prices in 2012, citing low interest rates, stabilizing employment rates, as well as balanced real estate market conditions as key factors in their forecast.

In recent months, housing starts have been supported by low interest rates and an improving employment situation. They are, however, expected to moderate until the end of 2012. Housing starts were forecast to be 191,000 units for…

Fall Market Update

Tuesday, September 27th, 2011 at 6:48pm. 849 Views, 0 Comments.

Fall Market Update

Canadian Housing Market Insight

According to the latest Canadian Real Estate Association (CREA) statistics released in September 2011, the national housing market stayed firmly entrenched in balanced territory in August, setting the tone for what is expected to be a stable market into the fall.

Notably:

• Sales activity remained stable from July to August, but posted a significant year-over-year gain.
• Year-to-date sales pulled ahead of 2010 levels for the first time this year, and remained in line with the ten-year average.
• There were more balanced…

Steve Laver, COO of Sotheby’s International Realty Canada, talks about the luxury realty market, his new role, and his move from Intrawest.

Tuesday, June 14th, 2011 at 4:45pm. 92 Views, 0 Comments.

It’s been a dramatic few years in the real estate business, particularly at the luxury end of the spectrum. For Steve Laver, former president of Intrawest ULC’s Playground Destination Properties, the roller coaster of the recession was made even steeper and faster by the fact that it followed Intrawest’s 2006 blockbuster sale to Fortress Investment Group LLC, a deal he helped craft. Now at Sotheby’s in Vancouver, he is focused on a new batch of big deals, this time as the sales and marketing force behind projects such as the new Four Seasons in Bangalore, India.

What do you like about the real estate business?

The energy, the whole transactional nature of it, doing deals. It’s always interesting; it’s always creative. You’re matching needs on one side with…

Greater Vancouver Real Estate Upswing

Friday, April 29th, 2011 at 1:11pm. 862 Views, 0 Comments.

Greater Vancouver Real Estate Upswing

Spring Housing Market Insight

The Greater Vancouver housing market strengthened in March 2011 as the number of listed and sold homes reached near-record levels. Residential sales of detached, attached and apartment properties in Greater Vancouver increased to 4,080 (a 31.7% increase over March 2010) and the benchmark price for all residential properties increased 5.4% over the last 12 months.

Sales of detached properties on the MLS reached 1,795, an increase of 34.4% from the 1,336 detached sales recorded in March 2010. The benchmark price for detached properties increased 8.3% from March 2010 to $866,806.

Sizzling Spring

Monday, March 21st, 2011 at 12:55pm. 1026 Views, 0 Comments.

Sizzling Spring

Canadian Market Insight

Is the Canadian real estate market sizzling this spring? Statistics released on March 15, 2011 by The Canadian Real Estate Association indicated that while the national average price for homes sold in February 2011 rose 8.8% year-over-year to $365,192, national resale housing activity ran close to the five-year average for the month. With both sales activity and new supply little changed in February 2011, signs are pointing to a housing market that is “in balance” this season.

The national average price for homes sold in February 2011 rose 8.8% year-over-year to $365,192, skewed higher by a record number of multi-million…

Luxury condo market favours buyers

Tuesday, March 1st, 2011 at 11:42am. 1565 Views, 0 Comments.

$12M penthouse sold in a few months

It took about two years to sell the $15-million penthouse, taxes included, at the storied Ritz-Carlton Hotel. Yet the top penthouse at the Chateau Maplewood, listed at $12 million plus taxes, has sold in just a few months.

Liza Kaufman, listing agent for both luxury condo projects, wouldn't disclose the exact price for the Maplewood penthouse, a 6,000-square foot condo with an expansive terrace and 12-foot-high ceilings in the former mother house of the Soeurs des Saints Noms de Jesus et de Marie.

The new 142-unit Maplewood project is being developed at a time when the Montreal luxury condo market has shifted to one favouring buyers, figures from the Greater Montreal Real Estate Board show.

In 2000, 212 luxury condos (then…

Property transfer tax should be phased out

Wednesday, November 17th, 2010 at 6:46pm. 877 Views, 0 Comments.

Re: Red tape boosts price of some homes by $100,000, Sept. 28

We were pleased to hear Housing Minister Rich Coleman speak at the Union of B.C. Municipalities conference about his commitment to improving housing affordability by reducing taxes, but we disagree with some of his assertions.

The amount of property transfer tax (PTT) paid on the purchase of a new home valued at $500,000 is actually $8,000, not the $5,000 he claims. In fact, when you add the harmonized sales tax to the transaction, the total tax paid is $43,000, even with the provincial rebate. (To calculate the taxes owing on a housing transaction, visit www.bcrea.bc.ca/sheltertaxes/resources.htm.)

This is one of the reasons why B.C. has the highest home ownership costs in the country and why we…

Metro News: 5 Minutes With Ryan Deluca

Friday, July 23rd, 2010 at 2:33pm. 799 Views, 0 Comments.

Ryan DeLuca, a realtor with Sotheby’s International Realty Canada, answers some of his client’s most frequently asked questions about B.C.’s HST and real estate.

If GST was only charged on new properties and not resale properties, does this still hold true for HST?

In short, yes. But remember that while HST is not charged on the purchase price of most resale properties, you will still be paying HST on the services you are provided through the deal such as realtor commissions, lawyer or notary fees, home inspections, etc. With new construction, where HST is applicable, you may still be eligible for a partial tax rebate as you would have been under the GST regulations.

What about properties that have been renovated to “like new” condition?

According to Revenue…

Historic King Eddy 94% Sold out in 10 days

Monday, July 19th, 2010 at 12:58pm. 1071 Views, 0 Comments.

The Project:

The…

House Hunting in ... Vancouver

Wednesday, July 7th, 2010 at 5:39pm. 1285 Views, 0 Comments.

A ONE-BEDROOM TWO-BATH APARTMENT WITH HARBOR VIEWS IN THE HISTORIC GASTOWN NEIGHBORHOOD $998,000

 The apartment is in on the seventh floor of the Alexis building, a former industrial building converted to apartments in 1997. Renovated in 2006, it is equipped with a built-in audiovisual system.

The layout is circular, with the entryway giving onto the kitchen and the bedroom, both of which also open into the living and dining space. The space has an open plan, with floor-to-ceiling windows overlooking a waterfront park that faces Vancouver Harbor, the Lions Gate Bridge and the North Shore Mountains.

Interior doors are sliding panels of frosted glass, which let light through even when closed for privacy. The dining room has a built-in gas fireplace, and…