2018 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

- Abbotsford & Mission

Monetary Policy & Mortgage Rate Forecast

The Bank of Canada raised its target for the overnight rate by 25 basis points to 1.75 per cent this morning. With this decision, the Bank noted that the overnight rate will need to rise to a neutral stance to achieve its 2 per cent inflation target.
The Bank of Canada is determined to finally “normalize” it's monetary policy after nearly a decade of low interest rates with the goal of returning the overnight rate to its estimated equilibrium or “neutral” level of between 3 and 3.5 per cent. Policymakers have even discussed dropping their gradual approach, replacing the standard 25 basis point increment rate increases with more accelerated interest rate increases.
The Bank will meet again in December and we expect policymakers will maintain the current overnight rate at this meeting before raising it to 2 per cent in January 2019. As the Bank continues to tighten monetary policy, Canadian mortgage rates are expected to rise, resulting in a 6 per cent qualifying rate by the end of 2019.

7 - 9400 122 Street, Surrey BC - Queen Mary Park

7 - 9400 122 Street, Surrey BC - Queen Mary Park

Bedrooms: 2     Bathrooms: 2     Year Built: 1974     Home Size: 1150 sq.ft

Attention Investors, Buyers, First Time Buyers & Young Families, welcome to this 2 Bedroom, 1.5 Bathroom Townhouse located in desirable Bonnydoon Village, a family community. This 2 level home features a powder room on the main floor, very spacious floor plan, fully fenced private patio and in-suite laundry. The complex has an outside pool, sauna, mature trees and green space. Proactive strata with low monthly fees in great central location, steps to Moffat Park with a playground and sports fields, all major transit, shopping & schools. Call now for you’re private showing!

17159 64 Avenue, Surrey BC - Cloverdale

17159 64 Avenue, Surrey BC - Cloverdale

Bedrooms: 7     Bathrooms: 5     Lot Size: 4118 sq.ft     Year Built: 2005     Home Size: 3762 sq.ft     Suites: 1 Bedroom and 2 Bedroom

Get into the detached market with this 7 Bedroom Home with Mortgage Helpers, quick access to Recreation, Shopping, the Border and Highways. Located in a area with lots of young families this move in ready 7 bedroom home awaits your personal touch. Located minutes from the Future LRT, Cloverdale Athletic Park, Northview Golf and Country Club, the new Cloverdale Sports & Ice Complex currently being built, Willowbrook Shopping Centre, etc... Call now for you're private showing!

10207 125A Street, Surrey BC - Cedar Hills

10207 125A Street, Surrey BC - Cedar Hills

Bedrooms: 4     Bathrooms: 2     Lot Size: 9866 sq.ft     Year Built: 1958     Home Size: 1930 sq.ft

Welcome to the neighbourhood and this home on a massive almost 10,000 sq.ft corner lot. Located in a area with lots of young families this move in ready 4 bedroom home awaits your personal touch, with a renovated main floor and basement awaiting your ideas. Updates include a Brand new Roof (2 months old), new Hot Water Tank (less then a year old), upgraded 200 Watt Panel, Stainless Steal Appliances, Kitchen, Furnace and Basement. Located minutes from City Hall, Skytrain, the Future LRT, SFU Surrey Campus, Central City, Holland Park, Patullo Bridge. Call now for you're private showing!

TH19 6063 Iona Drive, Vancouver BC - UBC University

TH19 6063 Iona Drive, Vancouver BC - UBC University

Welcome to Coast, world class address at UBC Chancellor neighborhood. This 1 Bedroom open concept Studio, Courtyard walk-out unit located in a Hi-End low-rise concrete building featuring Miele appliances, Granite and open concept. Enjoy the club house. walk to the park, beach, museum, the Chan Centre and everything UBC has to offer.

310 - 6420 194 Street, Surrey - Clayton, Cloverdale

310 - 6420 194 Street, Surrey - Clayton, Cloverdale

Resort Living at the Waterstone in Clayton, Surrey! Call today for your personal showing! Open House May 10 from 6 - 7 pm and May 12 & 13 from 2 - 4 pm! For more information visit www.AmanBrah.com

Non-Resident Real Estate Ownership

Non Resident is defined as an Individual whose Principal Dwelling is outside of Canada.

The Canadian Housing Statistics Program has released their first report measuring the ownership of Canadian Residential Real Estate. In Metro Vancouver Non-Residents accounted for 4.8% of residential properties accounting for 5.1% of total residential property value. This number was further broken down by property type, Condominium-Apartments at 7.9% and Single-Detached Houses at 3.2% of ownership for Non-Residents.

Ownership Percentage was also broken down by cities within the Metro Vancouver area.

Vancouver	7.6%
Richmond	7.5%
West Vancouver	6.2%
Burnaby	5%
Coquitlam	4.7%
White Rock	4.1%
North Vancouver	3.8%
Port Moody	3.3%
New Westminster	3.3%
Surrey	2.9%
Port Coquitlam	2.5%
Langley	2.2%
Maple Ridge	2.1%
Pitt Meadows	1.9%

Market Update March 2018

The Real Estate Market in Metro Vancouver, as resilient as it is, has had an influx of Federal and Provincial policy thrown at it. March 2018 may provide a little insight into how it will hold up against everything the 'Governments' thrown at it. We've seen Mortgage Rules further tightened (which I feel is the biggest test for the market), the BC NDP announced a number of new measures aimed to 'help affordability', as they put it. The next few months will show us the bigger picture on how it will all play out and March 2018 is a little peak into that. All markets in the region are still in a Seller's Market to varying degrees except for the Detached Market in Port Moody and West towards Vancouver, which is a Buyer's Market.

Metro Vancouver Real Estate Market

Vancouver	Average Price	HPI	DOM	Sales/Active Ratio
Detached Market	$2,360,000	+3%	21	.09
Townhouse	$1,156,700	+15%	8	.30
Apartment	$794,700	+21.8%	8	.553

Burnaby	Average Price	HPI	DOM	Sales/Active Ratio
Detached Market	$1,562,400	+4%	21	.11
Townhouse	$767,000	+26%	8	.72
Apartment	$688,900	+26%	8	.673

Coquitlam	Average Price	HPI	DOM	Sales/Active Ratio
Detached Market	$1,290,000	+12%	22	.20
Townhouse	$689,300	+33%	8	.72
Apartment	$536,300	+33%	8	.85

Port Coquitlam	Average Price	HPI	DOM	Sales/Active Ratio
Detached Market	$1,028,000	+15.5%	11	.30
Townhouse	$673,600	+35.7%	8	.72
Apartment	$478,600	+35.7%	7	1.139

Port Moody	Average Price	HPI	DOM	Sales/Active Ratio
Detached Market	$1,484,800	+10.1%	25	.082
Townhouse	$659,800	+26.3%	7	.762
Apartment	$675,000	+32.4%	9	.673

Surrey	Average Price	HPI	DOM	Sales/Active Ratio
Detached Market			16	.258
Townhouse			9	.636
Apartment			7	.837

Langley	Average Price	HPI	DOM	Sales/Active Ratio
Detached Market			10	.298
Townhouse			7	1.000
Apartment	$444,500	+47.9%	8	.673

Pitt Meadows	Average Price	HPI	DOM	Sales/Active Ratio
Detached Market	$933,300	+20.5%	14	.462
Townhouse	$626,500	+27.8%	11	2.667
Apartment	$469,300	+45.7%	7	.673

Fewer home sales and listings in the first quarter of 2018

Home buyers and sellers were less active in Metro Vancouver* throughout the first quarter of 2018.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,517 in March 2018, a 29.7 per cent decrease from the 3,579 sales recorded in March 2017, and a 14 per cent increase compared to February 2018 when 2,207 homes sold.

Last month’s sales were 23 per cent below the 10-year March sales average.

There were 6,542 home sales on the Multiple Listing Service® (MLS®) in Metro Vancouver during the first quarter of 2018, a 13.1 per cent decrease from the 7,527 sales over the same period last year. This represents the region’s lowest first-quarter sales total since 2013.

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, REBGV president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

There were 4,450 detached, attached and apartment properties newly listed for sale in Metro Vancouver in March 2018. This represents a 6.6 per cent decrease compared to the 4,762 homes listed in March 2017 and a 5.4 per cent increase compared to February 2018 when 4,223 homes were listed.

There were 12,469 homes listed for sale in Metro Vancouver during the first quarter of 2018, a 0.8 per cent decrease from the 12,568 sales over the same period last year. This represents the region’s lowest first-quarter new listings total since 2013.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,380, a 10.5 per cent increase compared to March 2017 (7,586) and a 7.1 per cent increase compared to February 2018 (7,822).

“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”

For all property types, the sales-to-active listings ratio for March 2018 is 30 per cent. By property type, the ratio is 14.2 per cent for detached homes, 39.9 per cent for townhomes, and 61.6 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 $1,084,000. This represents a 16.1 per cent increase over March 2017 and a 1.1 per cent increase compared to February 2018.

Sales of detached properties in March 2018 reached 722, a decrease of 37 per cent from the 1,150 detached sales recorded in March 2017. The benchmark price for detached properties is $1,608,500. This represents a 7.4 per cent increase from March 2017 and a 0.4 per cent increase compared to February 2018.

Sales of apartment properties reached 1,349 in March 2018, a decrease of 26.7 per cent compared to the 1,841 sales in March 2017. The benchmark price of an apartment property is $693,500. This represents a 26.2 per cent increase from March 2017 and a 1.6 per cent increase compared to February 2018.

Attached property sales in March 2018 totalled 446, a decrease of 24.1 per cent compared to the 588 sales in March 2017. The benchmark price of an attached unit is $835,300. This represents a 17.7 per cent increase from March 2017 and a two per cent increase compared to February 2018.  

Central Port Coquitlam, Port Coquitlam - 2228 Shaughnessy Street

2228 Shaughnessy Street, Port Coquitlam

Great buy if you're moving up from a Condo/Townhouse, 2 bedroom Mortgage Helper, or an Investor, with potential to hold and wait for Future Development, OCP calls for Apartments. If you're investor this property has cashflow potential (call for details & Cash-flow
Analysis). You'll find one of the cities biggest infrustructure projects in it’s first phase, the New Recreation Complex, slated to be completed in 2021 just down a couple blocks away. 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. There is new development all around this property and area. Call today for your personal showing!

For more information visit www.AmanBrah.com

2018 BC Budget Housing

The NDP Government of British Columbia announced their BC Budget for 2018 on February 20, 2018. BC Housing is a big part of their Budget and these are main points...

ADDITIONAL PROPERTY TAX FOR FOREIGN ENTITIES AND TAXABLE TRUSTEES

• Has gone from 15% to 20%, effective February 21, 2018.
• Contracts written before Feb. 20, 2018 with a closing on or before May, 2018 are exempted, but only for Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan or Nanaimo Regional District. Note this exemption does not apply in Greater Vancouver.
• Transfers pursuant to court order, order of foreclosure, separation agreement, transfer from personal rep of deceased’s estate to beneficiary or transfer to surviving joint tenant are also exempt, provided the triggering event occurred before Feb. 20, 2018.
• This tax applies to the Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan, Nanaimo Regional District and Greater Vancouver. The areas for each region can be found at https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax/bc-areas
• Only on residential property; if property is farmland or commercial with a residential component, tax applies on the residential component.
• Exemption for BC Provincial Nominee Program still applies.

SPECULATION TAX

• Tax is meant to target foreign and domestic homeowners who do not pay income tax in B.C.
• Tax will apply to same areas as foreign buyers tax apart from Okanagan, where it only applies to Kelowna and West Kelowna.
• Starts in 2018 at $5.00 per $1,000.00 of assessed value, goes up to $20 in 2019.
• Not sure how this will affect vacation homes, nor when this tax is payable.

PROPERTY TRANSFER TAX

• Tax rises from 3% to 5% on value of homes over $3,000,000.00.
• Remains at 1% on first $200,000.00, 2% on amounts between $200,000.00 and $2,000,000; 3% on amounts between $2,000,000.00 and $3,000,000.00 and 5% on amounts over $3,000,000.00.

PRE-SALE CONDO ASSIGNMENTS

• Developers will collect and report information about pre-sale condo purchases; nothing else in budget about pre-sale contracts or assignments that we have seen.

B.C. HOME OWNER SECOND MORTGAGES

• This program is now cancelled

Certain aspects of the budget remain unclear and we may see changes going forward. The Agricultural Land Reserve has been mentioned and the Property Tax for these properties will be assessed.

Video of the Announcement:

Metro Vancouver 2017 Year End Market Update

Steady sales and diminished listings characterize 2017 for the Metro Vancouver housing market

After reaching record levels in 2015 and 2016, Metro Vancouver* home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a 9.9 per cent decrease from the 39,943 sales recorded in 2016, and a 15 per cent decrease over the 42,326 residential sales in 2015.

Last year’s sales total was, however, 9.7 per cent above the 10-year sales average.

“It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was the second lowest on record for the same period.”

Home listings in Metro Vancouver reached 54,655 in 2017. This is a 5.1 per cent decrease compared to the 57,596 homes listed in 2016 and a 4.5 per cent decrease compared to the 57,249 homes listed in 2015.

Last year’s listings total was 4.4 per cent below the 10-year listings average.

“Market activity differed considerably this year based on property type,” Oudil said. “Competition was intense in the condominium and townhome markets, with multiple offer situations becoming commonplace. The detached home market operated in a more balanced state, giving home buyers more selection to choose from and more time to make decisions.”

The MLS® HPI composite benchmark price for all residential properties in Metro Vancouver ends the year at $1,050,300. This is up 15.9 per cent compared to December 2016.

The benchmark price of condominiums increased 25.9 per cent in the region last year. Townhomes increased 18.5 per cent and detached homes increased 7.9 per cent.

“Strong economic growth, low interest rates, declining unemployment, increasing wages and a growing population all helped boost home buyer demand in our region last year,” Oudil said.

As Reported by the REBGV.