Two times appraisal in the new uncertain condition of Real estate market

Two times appraisal in the new uncertain condition of Real estate market

The potential for rapidly dropping prices in southern Ontario is forcing appraisers to have a second look at properties they have already assessed to see how much the market has shifted.

Claudio Polito, a Toronto appraiser and principal owner of Cross-town Appraisal Ltd., says lenders basing mortgage decisions on value, as opposed to income and credit history, are really trying to stay on top of a market that appears to be changing rapidly.

By his estimates, prices in the Greater Toronto Area have dropped anywhere from five per cent to 15 per cent over the last 30 days. The next set of statistics from the Toronto Real Estate Board are due out Monday and will mark the first full month of data since provincial changes to cool the market that included a tax on foreign buyers.

“Lenders I deal with they want to know if your property is still worth $1 million if they are loaning you say $650,000,” said Polito. “They don’t base it on anything else. We have to be precise because it’s not a bank, (smaller lenders) can’t afford to lose a dollar.”

It wouldn’t be the first time, appraisals have lagged purchases prices — a phenomenon that previously caught some Vancouver buyers by surprise when it was time to close.

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Leasehold Home, Pros & Cons!

Leasehold Home, Pros & Cons!

With Vancouver’s scorching home prices not looking like they are cooling down any time soon, many people may be turning to the seemingly more affordable option of a leasehold home. So when – if ever – is a buying a leasehold a good move?

As with any home purchase, it’s all about defining what you want to achieve out of home ownership.

A leasehold home, she explains, is where you own the home but not the land it stands on (or share of the land, in the case of a strata unit). That makes leasehold units more affordable than freehold homes as much of the cost of homes is in the land. But it also means that the landowner charges rent for the land and, even though many leases are pre-paid, the cost of renewing that lease could potentially be extremely onerous.

Answering a listener question on the latest Real Estate Therapist show on Roundhouse Radio, about whether she recommends buying a leasehold home on False Creek as an affordable option.

If it’s purely about lifestyle, you want to have that great location, a waterfront home that you wouldn’t otherwise be able to afford, then maybe leasehold is right for you.

“But if you’re, say, a young couple getting married, maybe there are kids in the future, if you buy a leasehold, you don’t have a legacy to pass on to them.”

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Cambie Corridor will have 11,500 New Homes; City says

Cambie Corridor will have 11,500 New Homes; City says

Huge vision for Cambie Corridor’s Phase 3 will focus on rental housing, townhouses and row homes

The draft plan is the City’s first to introduce below-market rental housing as part of its housing policy. Of the 11,500 new homes planned, more than 4,000 are intended as “affordable” homes, including social and rental units linked to residents’ incomes.

“The third phase of the Cambie Corridor Plan is the first of many exciting steps that puts the City’s Housing Strategy into action with vision for the neighbourhood that delivers a housing mix that meets peoples’ needs,” said Vancouver Mayor Gregor Robertson. “I’ve heard loud and clear that people want a mix of housing – rental, townhomes and row houses – near schools, parks and transit in Vancouver’s low-density neighbourhoods. This plan for the Cambie Corridor provides that and more.”

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Real estate market makes appraisers for 2nd appraisal

Real estate market makes appraisers for 2nd appraisal

The potential for rapidly dropping prices in southern Ontario is forcing appraisers to have a second look at properties they have already assessed to see how much the market has shifted.

Claudio Polito, a Toronto appraiser and principal owner of Crosstown Appraisal Ltd., says lenders basing mortgage decisions on value, as opposed to income and credit history, are really trying to stay on top of a market that appears to be changing rapidly.

By his estimates, prices in the Greater Toronto Area have dropped anywhere from five per cent to 15 per cent over the last 30 days. The next set of statistics from the Toronto Real Estate Board are due out Monday and will mark the first full month of data since provincial changes to cool the market that included a tax on foreign buyers.

“Lenders I deal with they want to know if your property is still worth $1 million if they are loaning you say $650,000,” said Polito. “They don’t base it on anything else. We have to be precise because it’s not a bank, (smaller lenders) can’t afford to lose a dollar.”

It wouldn’t be the first time, appraisals have lagged purchases prices — a phenomenon that previously caught some Vancouver buyers by surprise when it was time to close.

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Applications pour in for B.C. home loan program

Applications pour in for B.C. home loan program

Provincial officials say 125 applications have been received in the first four days of a new program aimed at helping first-time homebuyers.

Of those, about 70 applicants have been approved in 23 communities throughout British Columbia.

The program contributes to the amount first-time buyers have already saved for their down payment, providing up to $37,500 or up to five per cent of the purchase price.

The 25-year loan is interest-free and payment-free for the first five years. Vancouver Sun

Home sales in British Columbia return to ‘historic averages’

Home sales in British Columbia return to ‘historic averages’

The B.C. Real Estate Association says the province’s housing market has tumbled from record highs posted in 2016 to return to what it calls historic, long-term averages.

The association says 4,487 condos, townhomes and detached homes were sold in B.C. in January, down 23 per cent compared with the same period last year.

The total sales value also dropped 36.5 per cent over the same period to $2.79 billion, while the average home price was off 17.5 per cent to $621,093.

Figures from the real estate association show the change was most pronounced in Vancouver where fewer detached homes sold and sales of all property types made up just 35 per cent of sales across B.C., an eight per cent decrease from January 2016. Vancouver Sun

Condo Prices “Can’t Not Increase” in 2017 – But BC Election Will Effect Real Estate Market

Condo Prices “Can’t Not Increase” in 2017 – But BC Election Will Effect Real Estate Market

Demand for condos so high and supply so limited, prices will keep rising, even under election-related market uncertainty, argues leading local agent

As house prices have slid over the fall and winter, condo sales have stayed the course and prices will continue to rise in 2017, predicts by the professionals.

We see continued price appreciation in condos this year – they can’t appreciate at the pace that they’re selling. But at the same time, you’re not going to double your money in 12 months. Whereas houses will see more of a balanced market, buyers will have time to decide, there will be inspections on houses, and it will take more than a weekend to sell your house. In comparison to the last year or so, it will be a pretty boring year.

While the rest of Canada’s economic activity will be limited, especially in Ontario and Quebec, the West will continue to do well… We have a sense of economic activity in British Columbia that gives positivity to the real estate market. The Canadian dollar will remain low, which will continue to draw in foreign money, despite the 15 per cent foreign buyer tax – that tax shocked the market but hasn’t stopped it.

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TELUS GARDEN at a Glance

TELUS GARDEN at a Glance

TELUS Garden Quick Facts

The anticipation is growing as the opportunity to cultivate a new way of living in one of 428 new homes at TELUS Garden (at Richards and Robson) grows near. Jointly developed by TELUS and developer Westbank (Woodward’s re-development, Fairmont Pacific Rim, and Living Shangri-La), the one-million square foot development will be an amenity-rich building with environmentally sensitive design.

With architecture by Vancouver-based firm Henriquez Partners Architects, TELUS Garden will transform and revitalize the Robson block with this development, which includes a new 24 floor, 500,000 square foot signature office tower and a new 53 floor, 450,000-square foot residential tower, with a three-level retail podium with shops, services, and amenities, plus a public plaza.

TELUS Garden will offer a spectrum of homes from affordable one-bedrooms to luxurious Signature Suites and Penthouses featuring contemporary design and open concept interiors by The Design Agency, Miele-equipped kitchens and Terrazzo-tiled baths. Residents will enjoy TELUS’ advanced communications technology, including TELUS Optik TV, Optik High Speed internet and home phone services as well as tranquil gardens. An expansive wellness centre will also be on site with a gym, swimming pool and yoga facilities.

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Lego-like modular housing in Vancouver

Lego-like modular housing in Vancouver

The City of Vancouver is a few pieces closer to finishing its Lego-like modular housing pilot project at the corner of Main Street and Terminal Avenue.

Work crews hoisted finished sections of the 40-unit building into the air Wednesday, lowered them and snapped them into place, fleshing out a structure that the city had previously announced. The bulk of the building is formed from moveable, modular housing units that have a 30-40 year lifespan and are intended to be rented out at affordable rates.

Among those on hand to watch the construction — and speak to reporters — was Vision Vancouver Coun. Kerry Jang.

“People need a place that’s decent, that’s clean and warm and gives them dignity … a place to be stable and to start to heal,” Jang said before touting the merits of modular homes.

“(T)his ain’t no trailer park,” he said.

The city is underwriting the $3.5-million project, which is expected to be completed in mid-February. Most of the units are 250 sq. ft., though the first floor has larger, wheelchair-accessible homes. Vancouver Sun

Nearly %50 of B.C.’s most expensive homes secretly owned

Nearly %50 of B.C.’s most expensive homes secretly owned

Critics say the B.C. government must work to close loopholes that allow homeowners in the province to hide their identities behind false fronts such as shell companies.

NDP housing critic David Eby and Green MLA Andrew Weaver called for changes after reading about a Transparency International report that slams Canada for failing to close loopholes that allow homes to be owned through shell companies, trusts and nominees. The report shows almost half of Vancouver’s 100 most expensive houses were bought using shell companies or other methods that obscure the identity of the owners.

Report author Adam Ross found that use of tactics to obscure ownership has increased in the past five years in B.C.  He also concluded the prevalence of opaque ownership in B.C. luxury real estate makes it impossible to measure how much offshore cash is invested in B.C. homes, even though B.C. is attempting to collect data on foreign ownership.

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A Quick Review on 2016 Vancouver Real Estate Year

A Quick Review on 2016 Vancouver Real Estate Year

From soaring values, to shadow flipping, to foreign buyer tax and much more – it has been an incredible year. Here are the real estate news highlights of 2016

 

Phew! What a year it’s been for Vancouver and BC real estate stories. From soaring values, to shadow flipping, to foreign buyers tax, to tough new mortgage policies and then Donald Trump’s US presidential election win… 2016 has seen it all. Here are the highlights of our local year in real estate.

January

January real estate news is always dominated by the New Year’s BC Assessment figures, which shocked everyone in January 2016. The value of residential real estate in Vancouver compared with the previous year went up by 16.96 per cent – far greater than the already-high 9.5 per cent of the previous year but only the fourth steepest increase in BC, according to BC Assessment figures released January 4. Lions Bay in West Vancouver saw the province’s highest rise, at 17.96 per cent year over year, followed by Squamish at 17.33 per cent and Burnaby at 17.07 per cent. However, the most expensive properties in the province were to be found on Vancouver’s West Side – check out this separate story here about the 2016 roll’s top-valued homes (but first, take a guess whose house made the list again…).

In other January news, Royal LePage came out with its annual outlook, predicting that home prices in Vancouver would rise another nine per cent across 2016. The ensuing super-hot spring market, combined with the summer and fall’s drop in sales and detached-home prices, means that this prediction could turn out to be fairly accurate – albeit not necessarily for the expected reasons.

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First-time buyer zero-interest loan program potentially make the B.C.’s real estate market hot again

First-time buyer zero-interest loan program potentially make the B.C.’s real estate market hot again

British Columbia’s new assistance program for first-time home buyers has the potential to bolster a segment of the property market that has stayed strong in the midst of sliding sales, according to one market observer.

“The net impact (of the program), it does draw more people into the market, into the condo and town home market,” said Bryan Yu, senior economist with Central 1 Credit Union.

However, while sales have dropped off in the market for pricier single-family homes, Yu said the more affordable condominium and town home segments of the market have remained more active.

And that additional demand could push “upside pressure on pricing,” Yu said, because the multi-family housing sector is still struggling with a lack of supply to meet demand.

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B.C. government offers down payment loans to first-time homebuyers

B.C. government offers down payment loans to first-time homebuyers

VICTORIA — The B.C. government will loan first-time homebuyers some of the cash they need to afford their down payment, Premier Christy Clark announced Thursday.

The program will provide a government-backed loan of up to $37,500, or five per cent, of the purchase price of a home for qualified buyers, starting Jan. 16.

The goal is to match part of a person’s down payment to help them afford to buy their first home, as long as they already qualify for a mortgage under federal rules and the home is worth less than $750,000.

“What we know is for many first-time home buyers qualifying for a mortgage is hard, but getting past that down payment and scraping together the $25,000 or $50,000 you might need to be able to get into your first home is just impossible,” said Clark.

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% 50 hike in the assessed value of houses expected for 2017

% 50 hike in the assessed value of houses expected for 2017

The 50-per-cent hike in the assessed value of houses expected for 2017 in Metro Vancouver is likely going to prevent increasingly more people from claiming the homeowners grant.

Regional politicians are renewing calls for changes to the provincial grant so that fewer owners whose houses worth over the $1.2 million eligibility cutoff will lose the $570 property tax break.

The province intended for 91 per cent of homeowners to be eligible for the tax break but only half that percentage in Metro Vancouver can take advantage of it, said Port Coquitlam Mayor Greg Moore, who also chairs Metro Vancouver.

He said the inflation of house prices past $1.2 million is making it difficult for owners on fixed incomes to pay their taxes.

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REBGV: Home Sales in Greater Vancouver Once Again Steady with Previous Month

REBGV: Home Sales in Greater Vancouver Once Again Steady with Previous Month

Residential transactions still considerably down compared with 2015’s banner November, but totals are recovering towards 10-year norms, says board

Residential real estate transactions for the Greater Vancouver area in November were only slightly lower than October sales,although a little lower than the 10-year average for the month, according to the latest market statistics published by Real Estate Board of Greater Vancouver (REBGV) December 2.

Home sales in the region dropped 37.2 per cent year over year, but by less than one per cent compared with October 2016, the board reported.

The report added that total transactions were 7.6 per cent below the 10-year average for November (see infographic below) – which is a recovery from the previous month’s sales dip of 15 per cent below historical norms.

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City of Vancouver looks to reduce building permit waits as citizens suffer

City of Vancouver looks to reduce building permit waits as citizens suffer

The City of Vancouver’s notoriously sluggish permitting process, which has drawn heavy criticism from councilors, builders and homeowners, and now the head of the Canada Mortgage and Housing Corporation, may be in for an overhaul.

City staff have been meeting with industry stakeholders for the past four months in a bid to improve the system, said Kaye Krishna, the city’s general manager of development, buildings, and licensing.

“I do think that we can cut our times, and I do think we can turn this around,” Krishna said, adding that improving the permitting process was one of her top priorities.

After holding four meetings, the city is now preparing recommendations on process and regulatory changes that should be ready for council consideration by next spring.

Among the things Krishna and other staff are considering are faster processes, a risk-based approach to decision making and an audit to find out where to better focus resources. They’re also trying to drive willing developers online so they can avoid long waits at the city’s new development services centre.
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CMHC: Increase in Minimum Down Payments

CMHC: Increase in Minimum Down Payments

Canadians are taking on too much debt, and higher down payments would both reduce that risk and lower home prices, asserts head of federal housing agency

Federal regulators should consider increasing the minimum down payment on homes to reduce economic risks, according to the head of the Canada Mortgage and Housing Corporation (CMHC).

Federal regulators should consider increasing the minimum down payment on homes to reduce economic risks, according to the head of the Canada Mortgage and Housing Corporation (CMHC).

“I think the objective of supporting housing affordability demands that CMHC exploring a potential future path to higher minimum down payments,” Evan Siddall, CMHC president, and CEO, said in a speech in London last week.

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New Home Sales in Metro Vancouver

New Home Sales in Metro Vancouver

“Metro Vancouver’s new home market was negatively impacted by the recent government initiatives to slow down sales activity in the region,” according to the latest quarter Urban Development Institute State of the Market Q3 2016 report, compiled by real estate think tank Urban Analytics and released November 17.

Just over 3,000 new multi-family home sales were recorded in 2016’s third quarter, which is a decline of 34 per cent from the same quarter last year and a drop of 55 per cent from the six-year record set in 2016’s second quarter, said the report.

The figures run contrary to recent media reports suggesting that the new home market is bucking the downward trend seen in Metro Vancouver’s resale market. There have also been several press releases issued recently to media by developers citing recent presales successes.

“Some developments are doing really well, but there is an overall slowdown in the new home market,” Jon Bennest, principal at Urban Analytics and one of the report’s authors, confirmed to REW.ca. “There are a number of reasons for this, and the new foreign buyer tax is just one of them. In fact the market was already showing signs of cooling prior to the introduction of the foreign buyer’s tax.” Read more

Trump Presidency and Canadians; Pros & Cons

Trump Presidency and Canadians; Pros & Cons

We can all agree: a Trump presidency means some big changes are coming for Canada.

The world was on the edge of their collective seat as the Trump/Clinton battle for the presidency came down to the wire. As battleground states like Florida, Ohio and Pennsylvania turned red and Trump’s electoral support began to tower over Clinton’s, it became clear that a Trump victory wasn’t just a far-off possibility (as the polls had predicted only hours earlier), it was about to become a reality.

America is Canada’s largest trading partner, and the two countries share the longest continuous border in the world. It’s a foregone conclusion that whichever leader Americans selected, it was going to impact Canadians, too. Over 80% of Canadians indicated they believed a Clinton presidency would be better for Canada. But now that Trump has secured the vote, we’re facing a very different reality.

How will a Trump presidency and administration impact Canada?

Like the fallout from Brexit, that remains to be seen. However, based on all the election promises Trump made, some of the biggest changes Canadians can expect to see materialize in the coming months include: Read more

Richmond brothers win ‘toonie’ design contest for Canada’s 150th anniversary

Richmond brothers win ‘toonie’ design contest for Canada’s 150th anniversary

Dr. Timothy Hsia learned he was one of the winners of the Royal Canadian Mint’s 2017 circulation coin series design contest from a call at the end of a long work day.

“I thought it was a patient calling and, actually, it turned out to be the Mint,” said Hsia, 32, a family doctor from Richmond, B.C.

“I was so thrilled. (It) couldn’t have been a better way to end that work week.”

Hsia and his brother Stephen, 30, worked on the design together. The public chose the winners.

The Mint revealed the winners to the public on Wednesday. The brothers’ design, which depicts the northern lights, will adorn Canada’s two-dollar coins — the toonie — next spring to celebrate Canada’s 150th anniversary.

Five other designs will adorn coin denominations — from nickels to toonies — during next year’s celebrations.

The unveiling ceremony was at Richmond City Hall where the brothers were awarded a $2,000 cheque, a trip to Ottawa for two in 2017 and the special edition set of coins. Read more

Vancouver Housing Market Report for October 2016

Vancouver Housing Market Report for October 2016

Vancouver Housing Market Report for October 2016:

Current Vancouver MLS stats indicate an average house price of $1,104,193 and 1,075 new listings in the last 28 days. As of today, Vancouver housing market report data for October 2016  shows median days on market for a home is 19 days.

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Despite drops in sales and prices in Vancouver, a national report has just named the city as the top Canadian real estate market to watch in 2017 and millennials are playing a large part in that.

Emerging Trends in Real Estate 2017 suggests investors are continuing to shift from residential to mixed-use projects that combine housing with retail or commercial.

There are also predictions of more pressure on affordability over the next five years as increases in immigration keep demand for housing high.

The report, which was released jointly by PwC Canada and the Urban Land Institute, also finds Millennials are driving up Vancouver’s very tight rental market, searching for new, higher-quality units, closer to amenities and transit. It points out rental units have been in incredibly short supply for the past five years, adding that an emerging challenge is the lack of amenities from stores to schools in the downtown core.

While, nationally, the report predicts housing prices will drop about one per cent in 2017 with concerns of a bigger pullback in Vancouver and Toronto, it predicts Canada’s overall housing market is poised for a year of stability.

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Homebuyers’ Deposit Protection in CANADA, What does it cover?

Homebuyers’ Deposit Protection in CANADA, What does it cover?

The ideal storyline for new home purchases goes something like this: purchaser signs on the dotted line, plunks over a sizeable deposit, closes deal, moves in and lives happily ever after.

The flipside is not so pretty. Although certainly not the norm, worst-case scenarios do happen, as unlucky buyers found out early this year after their builder Urbancorp went belly up. This week, our post looks at what buyers can expect when a new home deal falls through and their purchase deposit hangs in the balance.

Deposits on new home builds are protected by Tarion – the province’s new home building industry watchdog and warranty backstop.

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Foreign buyers now account for 1.3% of Metro Vancouver’s real estate sales

Foreign buyers now account for 1.3% of Metro Vancouver’s real estate sales

New data released by the provincial government today suggests the continued retreat of foreign investment in residential real estate in Metro Vancouver.

Foreign buyers were responsible for just 1.3% of the 12,114 transactions ever since the government introduced its 15% property transfer tax for foreign buyers on August 2. With the new tax, foreign investment activity in the region’s real estate market became closer in line with the provincial average of 1.7% during the same period.

For the month of September alone, there were 5,150 residential property transactions and 1.8% were from foreigners.

And in August, home sales to foreign buyers plummeted to just 0.9% in response to the surprise introduction of the tax.

This is down from the figure of 13.2% for the period from June 10 to August 1, before the tax was introduced and just as the government began collecting data. In contrast, the provincial average was 3.6%.

It is anticipated that additional data over the next few months will provide policymakers with a better idea of how the real estate market has changed due to the foreign buyers tax.

One recent report by Royal LePage found that housing prices in Metro Vancouver rose by 30.6% in the third quarter of the year, although prices could catch up with falling sales in the months to come. Another report by the National Bank of Canada released last week estimates an overall market decline of 10% by 2017, with single-family dwellings falling by 20%, attached dwellings by 9%, and condos by 5%.

Further fluctuations could occur next year if the City of Vancouver implements its empty homes sales tax. The federal government has already closed a housing tax loophole that allows foreign buyers to avoid the capital gains tax.

Across the entire province, there were 29,000 residential property sales worth $18 billion from August 2 to September 30.

Architectural Photograph of the Year Nominees

Architectural Photograph of the Year Nominees

Next month, the 2016 Arcaid Images Architectural Photography Awards ceremony will be taking place in Berlin. During a two day span from November 16 through November 18, 20 photos that are up for the architecture photograph of the year will be on display at the World Architecture Festival.

Four categories are in turn included: Exteriors, Interiors, Sense of Place and Buildings in Use, as this year’s entries come from Peter Zumthor, Herzog & de Meuron, and Linda Bo Bardi, among other talented photographers.

The judges for the 2016 awards are executive editor Emily Booth of The Architectural Review, curator Amy Croft of Sto Werkstatt, Katy Harris of Foster + Partners, architect Kai-Uwe Bergmann of BIG, and photographers Fernando Guerra and Ulrich Müller.

After taking a look at the nominated photographs above, be sure to check out the winning entries for Wildlife Photographer of the Year.

10 notions for real estate investment property

10 notions for real estate investment property

We often get asked how to invest in real estate and what investors should be looking for in an income producing property. It can be overwhelming for a first-time investor, as the real estate investment industry is riddled with various scenarios and situations that can decimate your returns. While the returns can be lucrative, proceed with caution.

The geographic boundaries in which you intend to invest will be mostly restricted by whether you intend to outsource property management services or manage the property yourself. If the latter is the desired route, you are going to want to look for properties that are within a relatively close travelling distance. If you are contracting outside property management services, this is less of a factor.vancouver-e1441248843997

Here are 10 features that investors should evaluate and consider when hunting for that perfect real estate investment property.

1. Employment Opportunities: Locations with a growing job market tend to attract more people. More people means more renters, especially if you target an area with a large rent/own ratio. You can visit Statistics Canada for reliable and timely data on the labour market for the area you are considering. If you notice a large corporation moving to the area, migration will follow. College towns are now also a viable option as there is the steady flow of students needing off-campus housing, although the demand may only be strong for the September to April school year.

2. Location, Location, Location: The quality of the location will influence the type of renters attracted to your rental property. Look at criteria, such as the Walk Score, proximity to transportation, hospitals, proximity to universities and colleges, major business centres, local restaurants and shopping. The more central the location, the greater the demand.

3. Rent: For income properties, your monthly rent is your staple. Find out what the average rental rates are in the area. Can you achieve above or below the average? At the very least, you are going to want to cover your mortgage payment, taxes and miscellaneous expenses like insurance. If this can be achieved, then you can move on.

4. Safety: No one wants to live in an unsafe neighbourhood. You can inquire about crime rates. Again, Statistics Canada is a great resource, and even the local police department can tell you whether the neighbourhood is safe and secure.

5. Amenities: What attractions are nearby that will both be a draw and requirement for renters? Things that must be considered are shopping malls, parks, movie theatres, gyms and access to public transportation.

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StatCan: BC Home Building Investment Surpasses $1bn Mark for First Time

StatCan: BC Home Building Investment Surpasses $1bn Mark for First Time

BC reported another record month for investment in new home construction in August, with the $1.078 billion investment the first time the province has spent more than $1 billion in a month, according to Statistics Canada data released October 21.

This investment was up 32.7 per cent compared with the previous August, and a rise of 10.5 per cent since July.

Condo-apartment construction made up more than half of the $1 billion expenditure, at just shy of $530 million, a leap of 54.5 per cent year over year and an increase of 15 per cent over July’s figures.

Single-family homes followed with nearly $426 million invested, which was a rise of 13.5 per cent since last year and 7.3 per cent month over month.

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