Blog › February 2012

Uptown Vancouver Blog

Meccanica by Cressey

Here is an awesome new development by Cressey at the corner end of Southeast False Creek on 1st and Quebec: If you ask me this whole area is going through an amazing transition. No longer a fast food strip with McDs and Burger King; but instead all the big developers are jumping in and redefining the area. This central Main Street area will be unrecognisable in 3-4 years with much more density and a sense of life. Minutes to Downtown via Skytrain, bike, walk.

We did a Realtor preview this afternoon and had a look at what they are launching and I would have to say that I like the direction this project is taking. A lot of the design elements are taken from the intermeccanica Roadster custom built on that same block the development is on. 

Concrete floors, A/C, retro Porsche colours, industrial hints, 9'4" ceilings, open floor plans, custom metal doors and much more.

Maintenance fees are slated @ 0.35c a foot and the deposit structure can be found on the price range sheet below. Estimated completion fall of 2014.

Floor plans are attached to the Preview Package below.

Call either Marcus or Chris and we'll arrange a showing for you and get the inside track. Goes on Sale March 10, 2012. 

Meccanica by Cressey Building Shot

price_range_a.pdf
meccanica_by_cressey_preview_package.pdf


New Rebates HST and 1st Timers

HST transition

H.S.T. will be eliminated April 1, 2013 (yes, April Fool’s Day). To help purchasers of new homes, the provincial government has announced transitional rules.


Effective April 1, 2012, buyers may be eligible for a provincial enhanced New Housing Rebate if they buy, as their primary residence, a home (as currently defined) priced up to $850,000. The current threshold is $525,000.

In addition, buyers may also be eligible for a provincial New Housing Rebate if they buy a secondary vacation or recreational home outside the Greater Vancouver and Capital Regional Districts priced up to $850,000.

Buyers of new homes will be eligible for a rebate of 71.43% of the provincial portion of the HST paid on the new home up to a maximum rebate of $42,500. Homes priced at more than $850,000 will be eligible for a flat rebate of $42,500.

Below are the typical scenarios.

If a buyer enters into an agreement dated on or before April 1, 2012 and they take ownership or possession on or before April 1, 2012, nothing changes. The buyer will pay the 12% HST and be eligible for a rebate of up to $26,250 on homes priced to a maximum of $525,000. Homes priced at more than $525,000 are eligible for a flat rebate of $26,250.

If buyers have entered into an agreement dated on or before April 1, 2012 and they take ownership or possession on or before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced at more than $850,000 are eligible for a flat rebate of $42,500.

If a buyer purchases a presale residential property and they have an agreement dated on or before April 1, 2012 and they take ownership or possession on or after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will pay a temporary transitional provincial tax of 2% on the full house price. This 2% reflects an embedded PST builders pay on materials.

If a buyer purchases a presale residential property and they have an agreement dated on or after April 1, 2012 and before April 1, 2013, and they take ownership and possession before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced more than $850,000 are eligible for a flat rebate of $42,500.

If a buyer purchases a residential property and they have an agreement dated on or after April 1, 2012 but the construction of the home commenced before April 1, 2013, and they take ownership and possession after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will pay a temporary transitional provincial tax of 2% on the full house price. This 2% reflects an embedded PST builders pay on materials.

If the Contract of Purchase and Sale is signed on or after April 1, 2013, with possession after April 1, 2013, only GST is applicable. The HST will generally cease to apply to sales of real property (including residential real property) if ownership and possession of the property transfer on or after April 1, 2013. This will be the case for sales of new housing, irrespective of whether the agreement of purchase and sale was entered into before April 1, 2013 or whether construction of the new housing began before April 1, 2013.

If a Contract of Purchase and Sale is signed on or before November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 special transitional rules apply. In this situation a Buyer will pay a 2% transition tax.

If a Contract of Purchase and Sale is signed after November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 the buyer will pay a 2% transition tax. However the 2% tax will not apply where construction has been substantially completed before July 1, 2010 and the PST Transitional New Housing Rebate has not been claimed as of February 17, 2012.

All the same rules apply to recreational property that apply to other residential property.


HST Rebate Examples

HST Real Estate Board Communication

BC's First Time "NEW" Home Buyers Bonus


Listing and Sales Stats

Attached are the updated Listings and Sales Stats – with the Benchmark Price updated for all previous years/months. Sales activity has been strong this month while the total active listings are levelling off.

Most areas should be in the 5 month’s supply range at month end with the east side of Vancouver in the 4 month’s supply range (especially detached).

Great tool in seeing where current markets are at and how things are trending.

Vancouver Eastside Detached Listings being one of the strongest Markets for Sellers and overall the Eastside and North Vancouver market supply of listings is sitting at 5 months.

Listing and Sales Stats Detached Attached and Condo

Listing and Sales Stats Regional Feb 2012

 

Courtesy of Dexter Associates Realty.

 


Recently Sold Listing 1262 E 19TH AV, Vancouver, BC

V930763 - 1262 E 19TH AV, Vancouver, British Columbia, CANADAI have just recently sold this listing at 1262 E 19TH AV, Vancouver.

Recently Sold Listing 3559 W 8TH AV, Vancouver, BC

V929101 - 3559 W 8TH AV, Vancouver, British Columbia, CANADAI have just recently sold this listing at 3559 W 8TH AV, Vancouver.

New Listing # 406 298 E 11TH AV, Vancouver, BC

V931716 - # 406 298 E 11TH AV, Vancouver, BC, CANADAView my new Apartment for sale at # 406 298 E 11TH AV, Vancouver and currently listed at $467,000.

BELLA SOPHIA! Gaze out at the City and Mtns from this stunning 1 bed + den w/ balc. Spacious and bright open flr plan w/ floor to ceiling windows and over height 9' ceilings, upgrades incl walnut H/W floors throughout, lighting, frosted glass cabinets in kitchen and built ins in the walk through closets. Great DEN/OFFICE and open gourmet kitchen w/ gas range + stainless appls, granite counters, breakfast bar, insuite storage/pantry & F/P. STEPS to trendy Main St and all its fabulous shops, restaurants. Close to Canada Line & transit, community centre & Olympic Village. 1 secure prkg & strge locker + bike rooms. PETS/RENTALS OK BLDG has party rm, a rooftop terrace & a lounge. 2-5-10 warranty. OPEN HOUSE Sat MAR 3RD 2-4.

Unlikely to face price correction

Vancouver's housing market unlikely to face significant price correction: expert

 

Banks tightening lending standards to avoid U.S.-style housing correction

 



Vancouver Sun Article

While Canada’s banks are tightening lending standards in a move to avoid a U.S.-style housing correction, experts say Vancouver’s robust housing market isn’t expected to face a severe price correction.

Canada’s banks are in talks with the federal government about ways to curb mortgage lending in response to a “genuine concern” about the country’s housing boom and rising consumer debt levels, said TD Bank chief executive officer Edmund Clark.

“Household debt numbers are coming up to U.S. levels, so that is causing us a concern,” said Clark.

The banks have responded by restricting some lending and raising prices on higher-risk borrowers.

TD Bank joined Royal Bank of Canada this week in ending a promotional 2.99 per cent four-year mortgage rate, three weeks before it was set to expire.

Although the Vancouver housing market may be out of equilibrium, a significant correction is not expected, said Tsur Somerville, director at the University of B.C. Centre for Urban Economics and Real Estate at the Sauder School of Business.

“I think there’s some concern that prices don’t get so far out of whack that there’s a substantial correction,” Somerville said. “All you have to do is look around and you’ll see that if [a substantial correction] does happen, that would be a real big problem. So let’s not let the housing market be driven by a wave of cheap and easy-to-access money.”

The Bank of Canada is trying to reduce the exposure to mortgage debt and put the brakes on the housing market without using “really, really big hammers,” like raising interest rates, Somervilles said.

“The government has already taken steps to control mortgage lending through its regulations and I think there’s a wariness about tightening those too much, so they’re encouraging the banks to look at their mortgage book more closely.”

However, an expectation that mortgage rates will stay low is taking the sizzle out of Vancouver prices, Reuters reported.

“Since October, it was like someone turned off the tap. It became absolutely dead,” said longtime realtor Pam Allen.

At the same time, Chinese investors, who have long helped to underpin the city’s red-hot market, are holding back because property market curbs back home means they have less cash available.

But with immigrants still streaming in from China and elsewhere, and the city frequently rated one of the most livable on the planet, most experts see prices fizzling rather than imploding with a bang.

Vancouver price rises peaked at a stunning 19.8 per cent in 2006, dipped in 2009, and came roaring back with double-digit growth in both 2010 and 2011.

A house bought for $500,000 in 2001 would have fetched about $1.2 million a decade later, based on average price changes.

But the latest month-to-month figures show Vancouver prices fell in five of seven months from last June to December, including drops of more than 5 per cent in November and December.

Bloomberg News with files from Reuters and Tracy Sherlock

 



Read more:

 http://www.vancouversun.com/business/Vancouver


New Listing # 101 2036 W 10TH AV, Vancouver, BC

V927542 - # 101 2036 W 10TH AV, Vancouver, BC, CANADAView my new Apartment for sale at # 101 2036 W 10TH AV, Vancouver and currently listed at $678,000.

THE TENALI on 10TH Ave in Kitsilano is a very well run, low maintenance building. This is the largest unit in the Strata and has many custom features. An immaculate 2 bed 2 bath + den has had alot of designer updates including kitchen and living area, beautiful walnut flooring throughout, custom walnut limestone fireplace and lighting to name a few. The 2 entrances make this unit feel like a walk up townhouse (easy access for parents with strollers). Large patio surrounded by green give you a sense of privacy. Lots of storage with a walk-in closet in the master, a large pantry in the kitchen and a Storage Locker. Walk to all the parks and shopping nearby. 1 parking incl. Public open SAT Mar 10TH 2-4pm

Brewing the creek?

Brewery StorageMain Street Pilsner coming to a building near you? That's the word on the street in the Uptown Vancouver neighbourhood of Mt. Pleasant. However, word is, several residents are up in arms over the fact that they were not made aware of a potential brewery and restaurant going in the historic 'yellow' brewery storage warehouse (located at the corner of Scotia and 7th part of Amacon's District development). Main Street Pilsner is currently brewed in Surrey by the Russell Brewing Co. The application includes 5,000 square feet of artist space, 3,190 square feet for a brewery, 3,950 square feet for a restaurant with a patio of approximately 566 square feet.

On the same 200 block of E 1ST AV another proposal has been submitted by Cameron Hardisty of ANKENMAN MARCHAND ARCHITECTS to construct a fourth principal building to be used as a brewery for Red Truck Brewery with ancillary restaurant and alter the exterior of the existing buildings on the site.

Uptown Mt. Pleasant residents sure do love their beer and more restaurants are in demand, but it seems as though the neighbourhood is growing faster than what some are ready for.

Brewery Creek may once again live up to its name. That's the word on the street.

Chris Spotzl Uptown Vancouver