REAL ESTATE WEEKLY info@rew.ca • 604-435-7977 FRIDAY DEC 19, 2014 - JAN 2, 2015 SCAN WITH LAYAR OR GO TO REW.CA FOR THESE ARTICLES AND MUCH MORE Download App at layar.com a Vancouver Housing Demand to Outpace Population Growth: Report Tips for First-Time Buyers and “Bank of Mom and Dad” Parents How This Mortgage Program Can Help Fund Your Renovations MAPLE RIDGE PITT MEADOWS An REW-commissioned Landcor Data Corp study looked at the best bang for your buck in two-bed- room condo prices in the Lower Mainland. It found that Chilliwack/Langley/Mission led the way with $191 per finished square foot, followed by Maple Ridge/Pitt Meadows at $238. At the other end of the scale was Downtown Vancouver, costing an average of $743 per square foot, 74 per cent more than Chilliwack. The federal budget February 11 announced the demise of Canada’s controversial investor visa scheme, which real estate insiders said would have an immediate effect on Vancouver’s high-end housing market. The program had allowed waves of wealthy immigrants into Canada – mostly to Vancouver – since 1986. Tens of thousands of Chinese million- aires in the queue had their applications scrapped and their fees returned. However, despite the uproar in February, the market seems to have seen little effect so far. March revealed that Greater Vancouver home sales in February were up an impressive 40.8 per cent year over year, and 43 per cent higher than January. April’s most-read story was about the resur- gence in popularity of the Vancouver Special house, coinciding with the Vancouver Heritage House Foundation’s Vancouver Special Tour. These boxy, utilitarian houses were designed to be quick, inexpensive knockoffs of Mid-Century Modern architecture, and have become ingrained in the city’s architectural and social history. Over the last few years, this much-maligned abode has gained newfound popularity. Vancouver’s “condo king” Bob Rennie spoke to a large audience at the Urban Development Institute. He highlighted the power of the baby boomer and millennial generations, and down- played Vancouver’s perceived unaffordability, observing that 69 per cent of all home sales are to people who already own. “This is the most active marketplace we’ve seen since the spring of 2011,” said Ray Harris, presi- dent of the Real Estate Board of Greater Vancouver, in response to the May numbers released in early June. “Our MLS statistics tell us that there’s more home buyer demand today than at any point over the last three years.” The summer saw a resurgence in the popularity of our 2013 story on float homes, which remains one of REW.ca’s most-read stories. We examine what it’s like to live on a float home, what the capi- tal outlay and ongoing costs are, and the lifestyle benefits – and disadvantages. As the academic year approached, so did a major shortage of student housing in the Lower Mainland. Meantime, with property prices break- ing records every month, home owners or buyers found the need for “mortgage helpers” had never been higher. Our story on renting out basements to students was one of the hottest stories in August, explain- ing the great opportunity for owners or buyers of homes with basement suites to cash in – and what the risks and responsibilities are. Bosa Properties hit the headlines across the city in September with its new “rent-to-own” scheme. People who rent at participating Bosa or BlueSky Properties rental buildings have up to 15 per cent of their rent placed in a Bosa Equity account, which can be put towards a down pay- ment on a future Bosa or BlueSky new home purchase. Bosa said that it wanted to “lend a hand” to renters having a hard time saving for homeownership. Our most-viewed story in October was “How to Avoid the Shock of 12 Unexpected Home Buying Costs.” The story offered a comprehensive list of all of the costs associated with home buying, from mortgage insurance to lawyers’ fees to closing costs. Vancouver’s falling new home prices garnered a lot of reader attention in November, as Statistics Canada revealed that although MLS resale prices had seen record highs for the past five months, the new home price index in the Vancouver Census Metropolitan Area was 1.2 per cent lower in September than the same month in 2013. As REW went to press, the most-viewed story so far in December was Greater Vancouver home sales again beating the 10-year average and out- stripping last year’s November sales numbers, according to the Real Estate Board of Greater Vancouver. Prices continued to increase, with an average lift of 5.7 per cent year over year. The Hottest Stories of JANUARY MAY SEPTEMBER OCTOBER NOVEMBER DECEMBER FEBRUARY JULY JUNE AUGUST MARCH APRIL Watch for our next issue, published January 9, 2015
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MAPLE RIDGE / PITT MEADOWS Dec 19, 2014 Real Estate Weekly
Since 1978 Real Estate Weekly has been synonymous with outstanding coverage of the Greater Vancouver residential real estate market. Today, published with recycled newsprint from its own high-speed presses in Vancouver, Real Estate Weekly is delivered by British Columbia's largest courier force to over 450,000 homes across the Lower Mainland. A total of 14 separate editions comprise the Real Estate Weekly, each featuring homes for sale, new developments and quality editorial coverage of the housing industry and the communities. Real Estate Weekly, quite simply, lists more homes for sale from more Realtors than any other publication in British Columbia. Real Estate Weekly is the number one source for Lower Mainland residential real estate and the first choice of both homebuyers and Realtors for more than three decades.
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FROM MY FAMILY TO YOURS HAPPY HOLIDAYS, AND ALL THE BEST IN 2015
THANKS FOR YOUR BUSINESS IN 2014.
FROM M
T
Jim Isherwood604-250-7755
Nicole Jackson604-467-5000
Brookside Realty
11933-224 Street, Maple Ridge • 604-467-5000
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Chad August604-318-5254Jim Isherwood604-250-7755
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BIG LOT-BIG HOME!!21108 - 117TH AVENUEWESTSIDE
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MAPLE RIDGE • PITT MEADOWS (INCLUDES MISSION LISTINGS)
R E A L E S T A T E W E E K L Y
Looking for a newhome? Start here.
I n P r i n t > O n l i n e > I t ’ s A l l H e r e
F R I D A Y D E C 1 9 , 2 0 1 4 - J A N 2 , 2 0 1 5
Next issue: January 9, 2015
As we wind down for the holiday season, it’s fas-cinating to take a look back at 2014 and all it has brought to home buyers, home sellers and the real estate industry.
This time last year, our annual holiday message spoke of stable house prices that were within 1 per cent of the previous year, and of being “off the roller coaster – for now.” The same cannot be said for 2014, as most months of this year have seen record house prices for the Lower Mainland, with each month beating the previous in their inexorable rise.
But it hasn’t all been bad news for home buy-ers, as mortgage rates have held steady all year, and
fi nancing remains extremely cheap. Millennials are emerging as the next big thing to happen to the mar-ket, with fi rst-time buyers seemingly not put off by the prices – just having to be a little creative when it comes to location and fi nding the down payment (enter Bank of Mom and Dad).
So will the market continue its rise, or is there a (hard or soft) landing overdue? Check out our fi rst issue of 2015, published on January 9, to fi nd out.
In the meantime, best wishes to you all for a won-derful holiday season. And remember, REW.ca’s New Year’s resolution is to help you fi nd your dream home – so we’ll see you next year!
Wishing all our readers and clients a safe and joyful holiday season, a warm and happy home, and prosperity and fulfi llment in the New Year – with warmest wishes from all at Real Estate Weekly and REW.ca