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Paul Bale
TAC Real Estate Corp.
#355-1385 West 8th Ave., Vancouver, BC
P: 604-512-5544  F: 604-648 8000
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Paul Bale
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604-685 9988
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604-512-5544
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604-648 8000
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Vancouverites are selling their homes in Van City, cashing out and moving to Kelowna! Why you ask? I am as well...Have a read...

Vancouver home buyers' mass exodus to Kelowna has begun...

An April 2017 report shows what we already knew, but showed in numbers, the average house sale prices are declining in Vancouver and rising in Toronto.

Regardless of the decline in Vancouver, both East and West Coast buyers are moving out of the big cities and into more affordable areas.

RE/MAX recently produced a report that shows the change in house prices from the first quarter of 2016 to the first quarter of 2017 in cities across Canada.

Leger conducted a survey for RE/MAX which showed the common decision-making process for buyers.

According to Leger, more than two-thirds of Canadians consider the location of a home to be more important than the style or size of the home, and of course affordability is a main factor.

“If the price isn’t right, move-over buyers look to markets where they can find a better balance of affordability and square footage, and still have access to green spaces, transit options, and retail centres,” said Elton Ash, regional executive vice president, RE/MAX of Western Canada.


It's taken a while, but reports are showing that the Vancouver housing market has actually reached its peak and is now on the decline.

But the decline is happening a bit late, as buyers are already moving outside Vancouver and looking for housing in more affordable areas.

Many buyers are moving outside Vancouver and heading to Kelowna, Victoria and the Fraser Valley.

While reports show that Kelowna's average sale price increased by 13 per cent between Q1 of 2016 and Q1 2017, it doesn't seem to deter buyers, as the numbers still look better than Vancouver's declined average price.

The average sale price in Kelowna went from $447,416 to $504,643 in the past year


According to the RE/MAX report, Vancouver hit its peak in May

During Q1 of 2016 and Q1 of 2017, Greater Vancover's average sale price decreased by 11 per cent. Prices went from $1,094, 936 to $969,900. One of the main contributing factors to this decline is BC's introduction of the foreign buyer's tax last August. It was announced earlier in 2016 but went into effect in August and before the month of August, buyers were already dropping out of the market.

Vancouver may not be the most expensive housing market in Canada, but it's still second on the list.

The Greater Toronto Area's suburban town, Oakville has surpassed Vancouver's average sale price and is on the rise.

During Q1 of 2016 and Q1 of 2017, Oakville's average sale price increased by 32 per cent from $997,353 to $1,313,477.

The Greater Toronto Area's average is not far behind the town of Oakville, with an increase of 29 per cent during the same period and prices moving from $675,492 to $873,631.

While Vancouver is stabilizing and people are looking elsewhere for affordable housing, the GTA is on the rise and there's no telling when it will reach its peak.

In attempt to stabilize the market, the Ontario government is following Vancouver's lead with the foreign buyers- tax and introducing a tax.

In April, the Ontario government announced a 15 per cent Non-Resident Speculation Tax (NRST).

“Toronto and Vancouver are very different markets as Vancouver’s population and geography are much smaller,” said Christopher Alexander, regional director of RE/MAX Integra for Ontario-Atlantic Canada Region.

“At this point there is limited data on how many foreign speculations are active in the GTA market, but it is fair to assume that the new tax will impact the middle-class and not just buyers in the upper-end of the market,” said Alexander.

Still, these prices are out of reach for many first-time home buyers.

First-time home buyers will have better luck in Calgary, Halifax and Windsor, Ontario.

If you're looking for the most affordable place to buy, Halifax, Nova Scotia or Windsor, Ontario are the places to look, with an average sale price of $240,000 to $280,000.

Alberta's oil prices are starting to come up again and low interest rates are also showing up with the US approval of the Keystone XL pipeline project.

In Calgary, the average residential sale price incrased by three per cent in a year. From the first quarter of 2016 prices moved from $482,065 to $467,780 in the first quarter of 2017.

There may be more of an opportunity for first-time buyers to purchase condominiums.

                           

 

 


    

SOLD FIRM!  $1,708,000 - R2154144

6796 Burford Street, Upper Deer Lake, Burnaby South

EXTRAORDINARY OPPORTUNITY! A BEAUTIFUL 50 X 122 R5 RARE, CORNER LOT, SURROUNDED BY OLD GROWTH TREES FOR PRIVACY. WELCOME TO THIS WONDERFULLY CARED FOR, MID-CENTURY HOME, COMPLETELY RENOVATED/TURN-KEY INVESTMENT, LOCATED IN UPPER DEER LAKE. THIS 2 LEVEL-2200 SQ.FT 6 BEDROOMS, 2 BATH, 2 KITCHEN, FAMILY HOME, OFFERS A UNIQUE BLEND OF MID-CENTURY DETAILS, WITH A MODERN TOUCH, OPEN CONCEPT LAYOUT, LARGE LIVING ROOM, WOOD-BURNING FIREPLACE, GENEROUS WINDOWS, FLOWING INTO A BRIGHT DINING ROOM, AND KITCHEN. HUGE BACK-YARD, AND A 400 SQ.FT SUN DECK. THE SUN-FILLED BACKYARD IS AN ENTERTAINERS DREAM, BOASTING A LARGE GRASSY AREA, CHILDREN'S PLAY AREA, AND GARDENS FOR THE GREEN THUMB, PROVIDING THE ULTIMATE SETTING FOR AN ENTERTAINERS DREAM.

 


 

                               Laneway Marketing

Focusing on unique, detached, homes that feature a Laneway home...Carriage & Coach homes.

Laneway Homes

City of Vancouver has permitted laneway housing in all single-family neighbourhoods(RS zoning). A number of residents are adding laneway homes to their existing property, while others have decided to build them alongside their new construction. On average, 11 laneway house permits were issued per month during the first 100 laneway homes built in Vancouver, according to a study done by the city. City of Vancouver has currently permitted 2,237 Laneway homes and there are 1,527 that are lived in, as of April 30, 2016.

 

What is a Laneway House?

Laneway housing is a detached dwelling on a single-family lot, facing the back laneway where the garage is located. One exterior parking space (minimum) is required on all lots with a laneway home. Houses that already have a secondary suite are still eligible. Note that STRATA TITLING IS NOT PERMITTED, as these dwellings are non-saleable.

 

Why Build a Laneway House?

Every owner has their own reason for wanting to build a laneway home, but most cite the need for alternative housing options. Here are the most common reasons:

 

Aging parents: A home in the backyard provides close proximity for parents who are fairly independent but still need some care. This could also be a space for caregivers.
Adult children: Instead of moving out entirely, a separate space on the same property provides growing children a cheaper alternative to renting their own place while going to school or starting their career.
Extra income: The laneway house can be rented out as an extra income earner.
Downsizing: Owners can move into their laneway house and rent out their main residence when downsizing.
Building community: Having a home face the back of the property adds liveliness to the back lane, as well as adding the option to plant greenery where there would otherwise be only a garage and concrete.
Being green: Adding more housing options on unused space increases housing density and adds an alternative form of rental housing for years to come. Laneway homes are part of Vancouver’s EcoDensity program and must comply with the new Green Homes Program.

 

Read more about the lot requirements and dimensions for building a laneway house.

 

What are the Requirements for Building a Laneway House?

Want to know if your lot is eligible for laneway housing? Here are a few criteria:

RS zoning, single-family zoning
Minimum 7.3m (24) foot wide lot
Must have access to an open lane, either directly or on a corner lot, or be located on a double fronting site served by a street on both the front and rear.
The lot must be deep enough for the laneway house to extend up to 7.9 metres (26 feet) from the rear property line AND have a minimum separation from the main house of 4.9 metres (16 feet), allowing for open backyard space.
There must be a fire access path along one of the side yards.
Exterior parking

 

How Big are Laneway Homes?

Laneway housing can be built in 1 and 1½ storey configurations. The maximum floor area can be determined by multiplying the lot area by 0.16.

On standard 33’ x 122’ lots, this allows a maximum of an approximately 644 square foot home.
On a 50’ x 122’ lot, this allows a maximum of approximately 900 square feet.

If you choose to build a 1 storey house it is limited to the same maximum height as a garage which ranges from 12ft flat and 15 ft sloped roof. Also they allow you to build 32 feet from the alley instead of 25feet which will give you a larger foot print.

 

There are many other options, and criteria, that will need further investigation, cost, specific lot dimensions, style, age of the house, house location on the property, and corner lot considerations. Who would you hire to construct, which company? If you have any questions about your specific property, or project, or you simply want to meet in person, and discuss your possibilities...Feel free- at no obligation, to email, or call me directly. Let's meet for a coffee, on me, of course, and let's make the right move! 

 Some examples of a Laneway Home, Carriage & Coach homes...

elowna has begun

 

 

 

 

 

 

 

 

 

 

Below is Van City's link to building your very own Laneway home...The possibilities are endless..." where is your lane?

http://vancouver.ca/home-property-development/laneway-houses-and-secondary-suites.aspx

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