Some Vancouver condo owners faced with having to pay the country’s first-ever municipal vacancy tax are planning to lie and see if they get caught.

Others are using creative methods to avoid it, like putting their units in the name of one family member and renting to another.

And some are buckling to the new rules by renting out their multimillion-dollar suites.

But few are selling to avoid the tax.

That’s what realtors, property managers, and other observers of the Vancouver real-estate scene say is happening as the July 1 deadline approaches for owners of second homes to either rent...

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Speech from the Throne

The BC Liberal Party is introducing a new rent-to-own housing scheme, aimed at gradually moving 50,000 households out of renting and into homeownership, the Lieutenant Government announced at the Throne Speech from the legislature in Victoria June 22.

The Liberal Party was seen to have lost key seats in Vancouver after being accused by the opposition NDP of not doing enough on affordable home ownership or rental. This new move seems to be the latest of the party’s eleventh-hour policies, as it tries to cling to its current, tenuous minority government and win the confidence of the House.

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JUST SOLD OVER ASKING 5 DAYS!!

South East Facing

2 Bed & Nook, 869sqft Concrete Home

Priced at $518,800

Open: Jun 17 from 2 to 4

Stunning, is the best way to describe this home located in UniverCity; Vancouver's premier lifestyle & family friendly neighborhood. Enjoy South/East exposure & Mountain views from every room. This 2bed/2bath/869sqft home offers an efficient open floor plan, 9' ceilings, an abundance of light, quality flooring, GE Cafe apps, quartz counters, a large kitchen w/island, covered balcony & much more. Spacious master has walkin closet, 4pc ensuite w/dble sinks....

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The British Columbia Real Estate Association (BCREA) released its 2017 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 101,000 units this year, after reaching a record 112,209 units in 2016. Housing demand gained strength this spring, as some of the effects of federal and provincial policy efforts to tamp it down dissipate. In addition, strong market fundamentals continue to underpin an elevated level of home sales. The ten-year average for MLS residential sales in the province is 84,700 units....

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The British Columbia Real Estate Association says a lack of homes on the market means buyers are paying more for housing across the province.

The association has released figures for May showing 12,402 homes were sold in B.C. last month, down 7.9 per cent when compared with May last year.

Total listings also fell 11.1 per cent to 28,404 over the same period.

But the association says sales remained very active in May, surpassing the number of new listings by 20 per cent in nine of B.C.'s 11 real estate boards and topping 50 per cent in Vancouver, the Fraser Valley, Chilliwack and Victoria.

Prices...

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The British Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017. The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year.

“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale,” said Cameron...

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Excellent Layout

3bed/2bath/1196sqft

Priced at $558,800

Bright, spacious & open layout are just a few ways to describe this home. This 1196sqft/3bed/2bath, corner unit is one of the larger plans in the Harmony complex. Your wait is over. Features: open living & dining rooms, laminate floors, excellent room separation, spacious kitchen with eating area, stainless appliances & access to covered balcony. The large master has ensuite w/soaker tub & walk-in closet. The well-sized 2nd & 3rd rooms complete this home. The Harmony complex offers gym facilities & allows for rentals...

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South East Facing

2 Bed & Nook, 869sqft Concrete Home

Priced at $518,800

Open: Jun 17 from 2 to 4

Stunning, is the best way to describe this home located in UniverCity; Vancouver's premier lifestyle & family friendly neighborhood. Enjoy South/East exposure & Mountain views from every room. This 2bed/2bath/869sqft home offers an efficient open floor plan, 9' ceilings, an abundance of light, quality flooring, GE Cafe apps, quartz counters, a large kitchen w/island, covered balcony & much more. Spacious master has walkin closet, 4pc ensuite w/dble sinks. Gaze at Mnt Baker from a well-sized...

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Commercial real estate sales in the Lower Mainland declined in the first quarter (Q1) of 2017 compared to last year while the total dollar value of sales increased across most property types.

There were 561 commercial real estate sales in the Lower Mainland in Q1 2017, a 19.7 per cent decrease over the 699 sales in Q1 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).

The total dollar value of commercial real estate sales in the Lower Mainland was $3.884 billion in Q1 2017, an 18.2 per ...

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Housing experts say the situation is irreversible, considering the massive decoupling of local incomes from housing. (Ben Nelms/Reuters)

Last year, a series of government interventions was implemented to cool Metro Vancouver’s runaway property market and increase affordability. And yet, the market is hotter than ever, and the gap between house prices and incomes is growing wider in unexpected parts of the region.

Greater Vancouver reached a record benchmark price of $967,500 - an 8.8-per-cent increase from the year before. The average price of a detached house reached a record $1.831-million in May.

Over all, median property prices in the region went up in the months after the introduction of the 15-per-cent foreign-buyers...

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The trend in housing starts was 214,621 units in May 2017, compared to 213,435 units in April 2017, according to Canada Mortgage and Housing Corporation (CMHC). This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.

“Housing starts trended higher in May in Canada’s urban areas”, said Bob Dugan, CMHC’s Chief Economist. “Row and apartment units led the upward move, while construction has slowed for pricier single- and semi-detached houses.”

Monthly highlights

Halifax

Apartment construction...

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Canada Mortgage and Housing Corporation (CMHC) released today its annual Mortgage Consumer Survey. The largest survey of its kind, the Mortgage Consumer Survey provides insights into the behaviours, attitudes and expectations of Canadians when acquiring, renewing or refinancing a mortgage.

“Relationships and referrals are a very important part of the mortgage lending industry” said Nathalie Fredette, Vice-President, Client Relationship Management. “The Survey findings can be used by mortgage professionals to manage their businesses by improving the overall customer experience....

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With Toronto’s housing market showing signs of cooling, and Vancouver’s days of heady price increases now well behind it, a new top dog is emerging in Canada’s real estate market: Montreal.

The city posted record-high sales in May, jumping 15 per cent from the same month a year ago, according to data released Tuesday by the Greater Montreal Real Estate Board. That's the highest volume the city has seen since before the financial crisis of 2008-9.

“This was an exceptional month of May on Montreal’s residential real estate market,” Mathieu Cousineau, president of...

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Home buyer activity returned to near record levels across the Metro Vancouver* housing market in May.

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared to April 2017 when 3,553 homes sold.

Last month’s sales were 23.7 per cent above the 10-year May sales average and is the thirdhighest selling May on record. 

"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate Board of Greater...

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Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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