2017 Best Christmas Lights in Metro Vancouver & the Fraser Valley

If you’re looking to make your festive season truly merry and bright, look no further than these locations where Christmas lights are the main attraction in Metro Vancouver & the Fraser Valley.

With Metro Vancouver’s many trees, green spaces and natural setting, lighting up for the holidays is must-do. Stop by for a spectacular photo-op and even some pretty amazing light shows across the region!!!

- Vancouver
- Burnaby & New Westminster
- Coquitlam, Port Coquitlam & Port Moody the Tri-Cities
- Pitt Meadows & Maple Ridge
- Surrey & Delta
- Langley

Riverwood, Port Coquitlam - 47 - 1370 Riverwood Gate

47 - 1370 Riverwood Gate, Port Coquitlam

Welcome to Riverwood, we invite you to view this unbelievable townhouse in a family oriented, master planned community in Port Coquitlam. This home is full of updates, which include the kitchen (with Gas Stove), bathrooms, bamboo hardwood floor etc..., and it's ready to move in! The main floor kitchen offers a great eating area along with a walk out patio and family room. Minutes away from Blakeburn Elementary & Terry Fox Secondary which are one of the most desirable schools in Port Coquitlam. Close to shopping, transit, the new Blakeburn Lagoon Park and all amenities this home would be a great long term family home. Open Houses on October 19 from 6 - 7:30 pm, October 21 from 1 - 4 pm & October 22 from 1 - 3 pm!

For more information visit www.AmanBrah.com

Metro Vancouver July 2017 Market Update

As Reported by the REBGV:

Metro Vancouver sees fewer home sales and more listings in July.

Home buyer activity returned to more typical summer levels in Metro Vancouver* last month.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,960 in July 2017, an 8.2 per cent decrease from the 3,226 sales recorded in July 2016, and a decrease of 24 per cent compared to June 2017 when 3,893 homes sold.

Last month’s sales were 0.7 per cent above the 10-year July sales average.

“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type, and location,” Jill Oudil, REBGV president said. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”

There were 5,256 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2017. This represents a 0.3 per cent increase compared to the 5,241 homes listed in July 2016 and an 8.1 per cent decrease compared to June 2017 when 5,721 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,194, a 10.1 per cent increase compared to July 2016 (8,351) and an eight per cent increase compared to June 2017 (8,515).

“Because home sale activity decreased to more historically normal levels in July, the selection of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil, said.

For all property types, the sales-to-active listings ratio for July 2017 is 32.2 per cent. By property type, the ratio is 16.9 per cent for detached homes, 44.9 per cent for townhomes, and 62 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,019,400. This represents an 8.7 per cent increase over July 2016 and a 2.1 per cent increase compared to June 2017.

Sales of detached properties in July 2017 reached 949, a decrease of 11.9 per cent from the 1,077 detached sales recorded in July 2016. The benchmark price for detached properties is $1,612,400. This represents a 1.9 per cent increase from July 2016 and a 1.5 per cent increase compared to June 2017.

Sales of apartment properties reached 1,468 in July 2017, a decrease of 8.4 per cent compared to the 1,602 sales in July 2016. The benchmark price of an apartment property is $616,600. This represents an 18.5 per cent increase from July 2016 and a 2.7 per cent increase compared to June 2017.

Attached property sales in July 2017 totalled 543, a decrease of 0.7 per cent compared to the 547 sales in July 2016. The benchmark price of an attached unit is $763,700. This represents an 11.9 per cent increase from July 2016 and a 2.4 per cent increase compared to June 2017.

As Reported by the FVREB:

Fraser Valley home sales still strong despite summer slowdown

Sales activity remained strong in July, despite month-over-month decreases for each of the three major residential property types. This was the sixth strongest July historically for the Fraser Valley Real Estate Board.

The Fraser Valley Real Estate Board processed 1,937 sales of all property types on its Multiple Listing Service® (MLS®) in July, a decrease of 1.3 per cent compared to the 1,962 sales in July of last year, and a 24.7 per cent decrease compared to the 2,571 sales in June 2017.

Of the 1,937 sales processed last month, 447 were townhouses and 544 were apartments. This is the twelfth consecutive month attached sales have outpaced detached sales in the region.

“Even though activity has eased off for the summer we’re continuing to see the same trends we’ve seen all year. Namely, strong demand for attached-style homes and slight but steady increases in pricing," said Gopal Sahota, Board President.

Last month the total active inventory for the Fraser Valley was 5,970 listings. Active inventory decreased by 0.7 per cent year-over-year, and increased 8.8 per cent when compared to June 2017.

The Board received 3,301 new listings in July, a 2.3 per cent increase from July 2016, and a 11 per cent decrease compared to June 2017’s 3,707 new listings.

"Thankfully we’re continuing to see greater amounts of inventory come on to the market, with homes that are priced effectively still selling fast and encountering multiple offer situations,” continued Sahota.

“If you’re looking to buy, you’ll be in the best position to do so if you know what you want and can make a decision quickly. Talk to a REALTOR® to help you get where you need to be.”

For the Fraser Valley region, the average number of days to sell a single family detached home in July 2017 was 24 days, compared to 18 days in July 2016.

HPI® Benchmark Price Activity

• Single Family Detached: At $966,000, the Benchmark price for a single family detached home in the Valley increased 3.4 per cent compared to June 2017, and increased 10.0 per cent compared to July 2016.

• Townhomes: At $485,900 the Benchmark price for a townhome in the Fraser Valley increased 4.0 per cent compared to June 2017, and increased 18.1 per cent compared to July 2016.

• Apartments: At $341,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4.9 per cent compared to June 2017, and increased 33.3 per cent compared to July 2016.

Burke Mountain, Coquitlam - 1471 Avondale Street

1471 Avondale Street, Coquitlam

Spectacular, Executive-style Build home, perfect to raise your family, in the much desired Burke Mountain community. Featuring 3908 sq.ft, on 3 levels, functional floor plan with an amazing great room and kitchen. Upstairs boasts 4 large bedrooms - master suite & gorgeous spa-like ensuite! Enjoy the High-End Finishing including Custom Millwork, Hardwood Floors, Quartz Counters, In-ceiling Speakers, Built-in Vac, 1 Bedroom Basement suite, Gas BBQ Hook-up, awesome yard & so much more. Surrounded by Exceptional homes & located on a no-through street, Transit, Schools & Parks nearby. Close to Shopping, Evergreen Extension and all Amenities. Call today for your personal showing!

Reality of Metro Vancouver Real Estate

I've lived in the Metro Vancouver area since the early 90's, my parents took a gamble and left everything they had and knew in London, England for this up and coming area of Canada. They were looking for a better place to raise my brother and I (we both thank them for the brave choice they made!).

In the 25 years or so that I've been here, I've seen a lot of change some for the better and some not as much, but I can still say there's no place I would rather live and now raise my own kid's. In the media, social media, etc... you hear a lot of opinion's on Metro Vancouver Real Estate and what's going on.

This is my Opinion and you can take it how you please...
Metro Vancouver has changed and there is no doubting that, it's gone from the small coastal city on the West Coast to a destination of choice across the planet. Yes our Real Estate is expensive and in some area's un-affordable. Even though there are thoughts out there that is the cause of the government, developers, Realtor's (yes I am one), political policies (might have something to do with it) the reality is that not one group in this list can cause what we're experiencing, which is basically densification and the death of the Detached Single Family home. There will be corrections and dips in pricing as the years go on but I'm 99.9% sure we will never see the Real Estate market in Metro Vancouver crash, unless there is a world wide occurrence that effects Canada, North America or the World (Trump may be a factor).

The factors out of anyone's control are based around the land available, we are Land Locked! Surrounded by a Border to the south, an Ocean to the west and Mountains to the North and East, that is never going to change. Policies do control an aspect of the issue, with the ALR in place, that reduces large area's of land. Whether or not we really need it in Metro Vancouver is an argument within itself. If this was suddenly opened up we would most likely see a large increase in residential supply and developments. The other option to increase supply is to densify current residential area's and we've seen this happen and continue to see it happen. The only way for this to occur is for area's that are able to support Townhouses, Row-houses, Duplexes, Condo's, etc... to be re-zoned from the traditional Single Family Home to these types of zoning's. Area's with new and improved transit are ideal locations and you see the change that's occurred around them, i.e the SkyTrain. The Single Family Home will still exist in some form but the days of first time buyer having access or the ability to buy them are numbered. Most people will hate to hear this but it's a matter of WHEN not IF.

I'm not comparing us to these cities but places like London and it's suburbs, New York, San Francisco, Hong Kong, and even Toronto to some extent you basically have to be a millionaire if not a billionaire to own a single family detached home. I know when I lived in a suburb west of London, I had never seen a detached single family home, all my family and friends lived in an attached or semi-attached dwelling (comparable to Duplexes or Townhouses) and that was the norm and continue's to be. As long as population, migration and/or immigration into Metro Vancouver keeps increasing we are on the way down this path.

I wish it wasn't true to some extent but I'm afraid Metro Vancouver is growing up and whether we like it or not we'll have to live with it or move to the second best location...

Aman

AmanBrah.com

Central Port Coquitlam, Port Coquitlam - 2140 Mary Hill Road

2140 Mary Hill Road, Port Coquitlam

Great buy for first time buyers or investors, potential to hold and wait for Future Development, OCP calls for Townhouses. If you're investor this property will cash-flow (call for details & Cash-flow Analysis). You'll find one of the cities biggest infrastructure projects just breaking ground, the New Recreation Complex, slated to be completed in 2021 just down the street (Video). A proposed adjacent private development to the new complex is to include a mix of apartment buildings, seniors' and rental housing, and a restaurant or café. Brand New Deck, Electrical Panel and Service, new Appliances and more. Centrally located within walking distance to the WestCoast Express, downtown City of Port Coquitlam, Shopping, and the Port Coquitlam Recreation Complex, etc... Call today for your personal showing!

Exemptions to Additional Property Transfer Tax on Residential Property Transfers to Foreign Entities

The B.C. Government announced on March 17, 2017 that workers coming to BC through the Provincial Nominee Program can now be exempt from the additional property transfer tax on Foreign National individuals that was put in place in August 2016.

Exemptions

If you are a foreign national individual who receives confirmation under the B.C. Provincial Nominee Program, you do not pay the 15% additional property transfer tax. Foreign corporations and taxable trustees are not eligible for the exemption.

To qualify for this exemption, you must be a confirmed B.C. Provincial Nominee before the property transfer is registered with the Land Title Office and the property must be used as your principal residence.

You may claim this exemption only once. If you purchase another property as a foreign national, you must pay the additional property transfer tax. Qualification for every exemption is verified.

To claim the exemption, when you file your additional property transfer tax return (PDF):

- Check the box in Part A to indicate you were a B.C. Provincial Nominee at the time of registration

- Attach a copy of your B.C. Provincial Nominee confirmation

- Mail the completed return to the address on the form, or your legal professional can do this for you

You file both your property transfer tax returns on the same day the property transfer is registered at the Land Title Office.

If you were confirmed as a B.C. Provincial Nominee between August 2, 2016 and March 17, 2017, you may be eligible for a refund of the additional property transfer tax you paid.

Refunds

You may be eligible for a refund of the additional property transfer tax if:

- You were confirmed as a B.C. Provincial Nominee between August 2, 2016 and March 17, 2017 (see additional criteria below)

- You became a permanent resident or Canadian citizen within one year of the date the property transfer was registered with the Land Title Office (see additional criteria below)

- Tax was paid in error, such as you paid the additional tax on a residential property located outside the Greater Vancouver Regional District (GVRD)

You can claim a refund only once. If you purchase another property as a foreign national, you must pay the additional property transfer tax.

To apply for a refund, complete the additional property transfer tax application for refund (PDF) and submit it to the address shown on the form.

B.C. Provincial Nominee

You may be eligible for a refund of the additional property transfer tax that you paid between August 2, 2016 to March 17, 2017, if you:

- Are a foreign national individual

- Purchased or gained an interest in a residential property in the Greater Vancouver Regional District (GVRD)

- Held a nomination certificate or were confirmed under the B.C. Provincial Nominee program on the date the property transfer was registered with the Land Title Office

You must apply for a refund within 18 months from the date the property transfer was registered.

Permanent Resident or Canadian Citizen

In addition to becoming a permanent resident or Canadian citizen within one year from the date the property transfer was registered with the Land Title Office, to qualify for the refund, you must also have:

- Used the home as your principal residence

- Moved into the home within 92 days of the date the property transfer was registered

- Continued to live in the home as your principal residence for at least one full year after the date the property transfer was registered

You must apply for a refund after the first anniversary of the date the property transfer was registered and within 18 months from the date the property transfer was registered at the Land Title Office.

Supporting Documents

A Canadian permanent resident card is the preferred proof of permanent residency. The following documents are also acceptable if there is no permanent residency card:

- Valid Immigrant Visa and Record of Landing (IMM100)

- Confirmation of Permanent Residence document (IMM5292 or IMM5509) – the confirmation number starts with a T followed by nine numbers

Note: Residency requirements for income purposes may differ from permanent residency requirements for immigration status. Ensure you are meeting the requirements outlined above for the additional property transfer tax.

Audits and Appeals

Property transfers are routinely audited. You can be audited up to six years from the date the property transfer is registered at the Land Title Office.  

If you disagree with an audit or an assessment, you may appeal the decision to the Minister.

Real Estate Investment

When it comes to Real Estate, most people think of a home for themselves and their family. There is another aspect to Real Estate that funds an entire Industry in most cities around the world, Real Estate Investment. Whether you’re aware of it or not, anyone that owns a property has an investment in Real Estate, how you choose to operate it is the biggest difference. Real Estate can be a huge part of your overall Investment Portfolio or it can be your Investment Portfolio. Surrounded with the right team and advisor’s most investors will never go wrong with an investment property. Your team will consist of a Realtor®, Accountant and Lawyer when you start out, this will grow as your portfolio does. The people and team you trust to work with should be able to advise you whether you’re buying your first property or ‘Door’ 500. Not every Realtor®, Mortgage Broker, Accountant and Lawyer knows Real Estate Investment, so these initial decisions will lay your Portfolio foundation.

Real Estate Investment offer’s many different strategies that can be used based on your comfort level and budget. Real Estate Investment Strategies include... Buy Hold & Rent, Fix & Flip, Flip to Yourself, Rent to Own, Mortgage and Land Development.

Buy Hold & Rent and Fix & Flip are the most common strategies and where most investors will start. These Strategies will work for most budget conscious Investors and rookies looking to get into the Market. I cannot stress enough that you need to find a Realtor®, Mortgage Broker, Accountant or Lawyer that has knowledge of Real Estate Investment that you trust and feel comfortable with; finding anyone of them will lead you to the rest of your team in most cases. Your first point person will most likely be a Realtor® and/or Mortgage Broker.

If you would like some information on Real Estate Investment in Metro Vancouver and the Fraser Valley, the Aman Brah Property Analysis sheet, or some help with finding a Realtor® that specializes in your area feel free to contact me, you can fill out this form or email me directly with the information. I’ll leave you with this quote...

“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” -- Franklin D. Roosevelt