Friday 6 November 2015
Friday 2 October 2015
Interesting Read: Surge in Canadian home prices among fastest in the world
I came across this article in the Globe in Mail.
Very interesting read and wanted to share it will everyone of you.
Housing market on rise
Canadian home prices are rising at a rapid-fire pace that is among the fastest in the world.
A quarterly look by Bank of Nova Scotia’s Adrienne Warren shows prices in Canada rose 8.2 per cent in the second quarter of 2015, compared to a year earlier.
Ireland topped the list, at 13.3 per cent, followed by Sweden, at 10.5 per cent. Australia was just a shade above Canada, at 8.3 per cent.
“Canadian home sales and pricing are proving resilient in the face of a more challenging economic environment, buoyed by ultra-low borrowing costs and favourable homebuying demographics,” Ms. Warren said in her recent report.
She also warned, however, that “among the more robust housing markets globally, including Canada, Australia, the U.K. and Ireland, stretched affordability could pose an increasing challenge.”
The Canadian cities of Vancouver and Toronto, of course, are well known for high housing costs and fast-rising prices, so much so that the former is seen by some to be suffering an affordability crisis.
“Foreign demand, especially for luxury properties in top-tier cities, will likely remain high, as investors seek geographical and asset diversification,” Ms. Warren said.
“Traditionally popular markets for foreign buyers include the U.S., the U.K., Australia and Canada,” she added.
“Foreign exchange considerations are taking on a bigger role, increasing the attractiveness of properties in countries whose currencies have weakened at the expensive of relatively stronger currency markets in the U.S. and U.K.”
The pickup in the second quarter in Canada compared to a first-quarter annual pace of 6 per cent.
Canadian home prices are rising at a rapid-fire pace that is among the fastest in the world.
A quarterly look by Bank of Nova Scotia’s Adrienne Warren shows prices in Canada rose 8.2 per cent in the second quarter of 2015, compared to a year earlier.
Ireland topped the list, at 13.3 per cent, followed by Sweden, at 10.5 per cent. Australia was just a shade above Canada, at 8.3 per cent.
“Canadian home sales and pricing are proving resilient in the face of a more challenging economic environment, buoyed by ultra-low borrowing costs and favourable homebuying demographics,” Ms. Warren said in her recent report.
She also warned, however, that “among the more robust housing markets globally, including Canada, Australia, the U.K. and Ireland, stretched affordability could pose an increasing challenge.”
The Canadian cities of Vancouver and Toronto, of course, are well known for high housing costs and fast-rising prices, so much so that the former is seen by some to be suffering an affordability crisis.
“Foreign demand, especially for luxury properties in top-tier cities, will likely remain high, as investors seek geographical and asset diversification,” Ms. Warren said.
“Traditionally popular markets for foreign buyers include the U.S., the U.K., Australia and Canada,” she added.
“Foreign exchange considerations are taking on a bigger role, increasing the attractiveness of properties in countries whose currencies have weakened at the expensive of relatively stronger currency markets in the U.S. and U.K.”
The pickup in the second quarter in Canada compared to a first-quarter annual pace of 6 per cent.
WOW set to launch
An Icelandic low-cost carrier is out to create some turbulence in the Canadian market with plans to offer deep-discount fares on transatlantic flights out of Toronto and Montreal, The Globe and Mail’s Bertrand Marotte reports.
WOW air, founded by entrepreneur Skuli Mogensen, is launching two new routes from Montreal and Toronto to the Icelandic capital of Reykjavik, starting at $99 one-way.
The upstart airline is the latest European-based company to offer low-cost fares on long-haul routes across the Atlantic as the continent’s budget carriers extend their territory outside home base.
An Icelandic low-cost carrier is out to create some turbulence in the Canadian market with plans to offer deep-discount fares on transatlantic flights out of Toronto and Montreal, The Globe and Mail’s Bertrand Marotte reports.
WOW air, founded by entrepreneur Skuli Mogensen, is launching two new routes from Montreal and Toronto to the Icelandic capital of Reykjavik, starting at $99 one-way.
The upstart airline is the latest European-based company to offer low-cost fares on long-haul routes across the Atlantic as the continent’s budget carriers extend their territory outside home base.
Chart of the day
Federal elections tend to have little effect on the “underlying trend” in currency movements, Bank of Nova Scotia says, and this one may be no different.
“Our own work suggests that while there has been a fair degree of currency market volatility around the election itself, it is very hard to distinguish moves related to domestic politics from the general trend in the markets,” Scotiabank foreign exchange strategists Shaun Osborne and Eric Theoret said in a recent report.
In terms of the immediate aftermath, the loonie rose in the three weeks after the 2004 Liberal victory and the 2011 win by the Conservatives.
“But these moves reflect the trend in place well before the vote itself,” they said.
“Frequently, a trend in motion before the election stays in motion after it. Prospects for something similar this time around appear strong, we think.”
Federal elections tend to have little effect on the “underlying trend” in currency movements, Bank of Nova Scotia says, and this one may be no different.
“Our own work suggests that while there has been a fair degree of currency market volatility around the election itself, it is very hard to distinguish moves related to domestic politics from the general trend in the markets,” Scotiabank foreign exchange strategists Shaun Osborne and Eric Theoret said in a recent report.
In terms of the immediate aftermath, the loonie rose in the three weeks after the 2004 Liberal victory and the 2011 win by the Conservatives.
“But these moves reflect the trend in place well before the vote itself,” they said.
“Frequently, a trend in motion before the election stays in motion after it. Prospects for something similar this time around appear strong, we think.”
Thursday 1 October 2015
Tuesday 29 September 2015
Busting the myth that you can't afford a home in Vancouver
In all the controversy and conversation about affordability and home ownership in Vancouver, what most often gets lost is how we define home. Vancouverites seem hell bent on the idea that the single family home is the ultimate real estate play. It’s not. Talk to people who have worked their whole lives towards owning a single condo, or a family who intentionally and happily decided to buy into the low-maintenance lifestyle of compact urban living and it becomes quickly evident that there are affordable alternatives with some great perks.
Presented by Wesgroup Properties
Take Trevor Jones, a welder, and his wife, Amber, a nurse. They have an 11-month-old baby boy and have been renting in East Vancouver for years. An avid saver, he recently put together a downpayment of 5% on a new two bedroom condo in River District Vancouver and they expect to move into the brand new community along the Fraser River in a couple of years. What excites him most about his decision to live an urban, compact lifestyle is no commute (he works on Mitchell Island) and being walking distance to shops, services, riverfront trails and a new school.
When he moves in, Trevor will be paying only slightly more than the $1,750 per month rent he was paying for his two-bedroom apartment in Trout Lake. “We love Vancouver and knew we couldn’t afford a house,” he says. “I just didn’t want to drive and our condo is on the water and it was a decent price. Especially compared to other cities like London or Sydney where I’ve lived before.”
Trevor and many like him prove you #DontNeed1Million to live in Vancouver. Don’t believe the hype. Urban compact living in Vancouver is inevitable and a choice to embrace, as it is in other cities. If you expect to live in a single family house in Vancouver, you might need to adjust your expectations.
Many of the people interviewed for Wesgroup’s #DontNeed1Million campaign actually prefer living in compact urban spaces in walkable communities. They like the lock and leave, little to no maintenance, the amenities, reduced commute and the extra disposable income. And they are part of a growing trend. More than 50% per cent of residents living in Toronto and Montreal live in condos, and the number is quickly rising in Vancouver. Is that a bad thing? Not if you are worried about affordability. Check out this equation: $19,000 saved plus $65,000 household income equals a $384,000 condo.
“We wanted to live in a cool community with shopping and bank within walking distance without a commute,” Trevor says. “We found that for under $400,000 at River District where they’re building a huge, safe community with shops and services and a school that my son will go to one day. There will be a pool, park, river trails. With 5% down, we won’t be paying much more to own a two bedroom than we did paying rent. Condos aren’t expensive. It’s a choice. I want to live close to downtown and close to where I work. I’m a simple person. I don’t need a lot of stuff. I’d rather spend my money on other stuff like family vacations. People here grew up spoiled. They expect to live in a house with a backyard. But we need to suck it up. We gotta live like everyone else.”
As all of the #DontNeed1Million homeowners can attest, those numbers are true for Vancouver. Here are some of their thoughts on condo living:
“I was renting and I didn’t want to keep paying someone else’s mortgage, but I didn’t think I had enough to buy until a mortgage broker friend told me I could do it,” says David Walmsley, a digital marketing strategist. “There’s a huge misconception in Vancouver about what people can buy. We’ve had it beaten into our heads that it’s unaffordable. It’s not.”
“We moved back here from Australia because it was cheaper to buy here,” says Jessica Thomas Cooke, co-founder of W/M Influencer Agency. “We weren’t looking for a three-bedroom home. I bought a one-bedroom home but when I tell people that, they say you bought an apartment, not a home. But it’s home to me and it doesn’t matter how big it is. I thought it was a bargain. We have to adjust our standards. This is the way the world is moving. There’s no use complaining. If you want a house for $300K, move to Saskatchewan. If you want the Vancouver lifestyle, you have to pay for it.”
Contact Carmen to find you a home in the Vancouver Real Estate Market that will fit in your lifestyle and budget.
Carmen Leal Real Estate | www.carmenleal.ca | E: carmen@carmenleal.ca | C: 604.218.4846
Tuesday 4 August 2015
Vancouver housing prices to rise another 10% by December
August 4, 2015
Prediction of the value of a home will rise 10 per cent in 2015.
The detached two-storey and bungalow homes continue to be Vancouver’s most sought-after properties, with prices rising about 13 per cent between the second quarters of 2014 and 2015. For condo owners, values rose as well, but at a slower pace at 6 per cent.
For all property types, home prices will rise 9.4 per cent on average by the end of this year. The cost of owning a home in Toronto is also quickly rising at a rate similar or just above Vancouver. Prices there should increase 9.6 per cent come December.
The robust national average home price increases that we have seen in the second quarter are heavily influenced by activity levels in Toronto and Vancouver. The housing industry in both cities boasts a foundation of prosperous labour markets driving demand for housing that is in limited supply – above average price increases aren’t going away any time soon. Looking to Canada as a whole, 2015 is shaping up to be a record year for housing, despite the cloud of economic uncertainty caused by low oil prices and twitchy global economies.
Vancouver and Toronto remain Canada’s hottest markets, followed by Hamilton, Ontario, which has seen roughly a 12 per cent growth rate for detached two-storey and bungalow homes.
Condo owners in Halifax, Toronto, Edmonton, Vancouver and Victoria have seen the biggest increase in value averaging at about a 5 per cent growth rate, whereas condo markets in Winnipeg and Regina fall and Calgary and Montreal see mediocre increases.
A standard two-storey home in Vancouver now sits at $1,368,125 and a bungalow at $1,247,125. A condo is averaging $506,624.
Contact Carmen Leal at 604-218-4846 for more details!!
Or you can reach me by email at carmen@carmenleal.ca
Looking forward to hearing from you all.
I can help with investment purchase and sale of your home.
You definitely have questions and I am here to answer them.
Tuesday 3 March 2015
Yaletown-the-neighbourhood-at-a-glance
In Yaletown - the sliver of a neighbourhood on the north side of False Creek in the downtown peninsula - it's all about seeing and being seen. Living la dolce vita, eating out, spending money, working out and being pampered. From the chic restaurants with their outdoor patio dining, to the brow and lash salons, hot yoga studios, and specialty shops featuring high-end gifts for the young urban professional who has everything, Yaletown is a magnet for couples in their 20s and 30s who aren't quite ready yet (if ever) to start a family and buy a house in the 'burbs.
In the late 1980s, Yaletown was a landscape of ageing brick warehouses, light industry, and parking lots. Back then, it was possible to cheaply rent space in a dusty old warehouse that had yet to be renovated, reaching your funky studio via an industrial, hand-operated elevator. In the mid-1990s, the first "warehouse conversions" turned these buildings into chic condos.
In 1886, the Canadian Pacific Railway moved its divisional headquarters, formerly located in Yale (thus, "Yaletown") to a spot near the foot of modern Drake Street. The CPR Roundhouse, built in 1888, became a community centre in 1997. In an 1893 map, the city remains undeveloped east of Homer Street and south of Smithe Street. Warehouses and factories were built in the 1910s. A 1927 map shows Hamilton and Mainland streets extending south to Drake Street.
Today, the west sides of these streets still have raised loading docks (today's sidewalks) that once fronted warehouses. Industry exists in name only; Coopers' Park is named for the former Sweeney Cooperage, a barrel manufacturing company from the early 1920s to 1981. The Canada Line, with its Yaletown-Roundhouse stop, in 2009 brought rapid transit to an area already served by bus, and by "aquabus" links across False Creek. The 2011 Statistics Canada census reported Yaletown's population density as 130.6 persons per hectare. In comparison, the highrise apartments of Downtown South, immediately west, has 304 persons per hectare.
Yours,
Carmen Leal
Macdonald Realty Ltd.
www.CarmenLeal.ca
604-218-4846
Tuesday 3 February 2015
VANCOUVER REAL ESTATE INFORMATION SEMINAR
VANCOUVER REAL ESTATE INFORMATION SEMINAR
DATE: SUNDAY FEBRUARY 8
LOCATION: 1050 HOWE STREET, VANCOUVER BC
TIME: 1:30PM TO 4PM
15MIN TIME SLOTS
BRING IN YOUR QUESTIONS AND I WILL GUIDE YOU THROUGH THE RIGHT
PATH.
COME IN AND PICK MY BRAIN! I AM A SOURCE OF INFORMATION.
CONTACT ME AT 604-218-4846 EMAIL ME AT CARMEN@CARMENLEAL.CA
OR JUST DROP BY.
LOOKING FORWARD TO SEEING YOU ALL THERE!
YOURS,
CARMEN LEAL
MACDONALD REALTY LTD.
WWW.CARMENLEALC.A
604-218-4846
Wednesday 21 January 2015
Great-Words-Thank-you-Vancouver-Real-Estate
Congratulations on your award 'Top Producer', you are so well deserving! Again, we so appreciated the tremendous time and commitment you put into helping us "finally" find our home…and we LOVE it!!! You were extremely patient and showed us an incredibly diverse range of properties while we tried to decide what we wanted. It was such a huge decision for us coming from the suburbs and the comparative lifestyle.
Colleen and Dave
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