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Crest Realty Westside
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Canada’s Housing Market Outlook for 2017

00393_remax_2017housingmarketoutlookreport_remax-ca-blog-post-1024x512

HIGH DEMAND AND LOW SUPPLY CONTINUED TO CHARACTERIZE VANCOUVER’S AND TORONTO’S HOUSING MARKETS THROUGHOUT 2016 AS COMPETITION FROM BUYERS FOR LIMITED INVENTORY OF SINGLE-FAMILY HOMES PUSHED PRICES HIGHER.

The average residential sale price increased 13 per cent in Greater Vancouver to approximately $1,020,300 and rose 17 per cent in the Greater Toronto Area (GTA) to an estimated $725,857. Although demand remains high in both urban centres, limited inventory in the freehold market, the new 15 per cent foreign-buyer tax in Vancouver and the recent tightening of mortgage rules by the federal government are expected to soften market activity in the short term. In 2017, RE/MAX estimates average residential sale price will increase by two and eight per cent in Greater Vancouver and the GTA respectively.

Regional markets in close proximity to Canada’s highest-price cities continued to experience steady interest from local move-up buyers and buyers from these cities (“move-over” buyers) who are looking to find a balance between affordability and square footage. This year there were considerable year-over-year average price increases in Barrie (16 per cent), Hamilton-Burlington (20 per cent), the Fraser Valley (20 per cent) and Kelowna (14 per cent).

Regulation changes at both the provincial and federal level towards the end of 2016 are already starting to impact activity in certain markets. The 15 per cent foreign-buyer tax is expected to slow this trend somewhat, as price appreciation declines in Vancouver have resulted in some potential sellers staying in the Lower Mainland. The ripple effect of the foreign-buyer tax can also be felt in the upper end of the GTA and Montreal markets as some foreign investors are expected to look for properties in these regions rather than Vancouver. Measures taken by the federal government to tighten mortgage insurance criteria for new home buyers is expected to temper local rst-time buyer activity across the country in the short term, but is not expected to have a long-term impact in most regions.

Home ownership remains a priority for Canadians, with 53 per cent of respondents in a recent RE/MAX survey conducted by Leger expressing intent to purchase a home and 47 per cent expressing intent to do so in the next five to 10 years. Nearly one in three (30 per cent) Canadians plan to use the purchase of a home as an investment strategy to help fund their retirement, and 42 per cent of millennial respondents view it as a retirement funding strategy. A proportion of Canadians would also consider unconventional home financing options to realize their dream of ownership such as: purchasing a home with a family member (33 per cent); renting a room on a vacation rental site like Airbnb (15 per cent); renting out a room in their home (22 per cent); or even purchasing a home with a roommate (9 per cent).

The housing markets in Calgary and Edmonton remained relatively stable, with moderate declines in the number of sales and average residential sale price as a result of the prolonged recovery of the oil sector over the past two years. The average residential sale price in Edmonton decreased slightly, by two per cent year-over-year in 2016, while Calgary’s average residential sale price decreased by four per cent. Buyer activity is expected to pick up slightly in the second half of 2017 if employment opportunities in the oil sector continue to gradually come back to the province.

High inventory continues to be a factor in many regions including Regina, Montreal, Saint John and St. John’s, offering a good selection of product to first-time and move-up buyers in these cities. Local infrastructure projects and initiatives, such as preparations for Montreal’s 375th anniversary celebrations in 2017, are anticipated to provide a boost to these economies and their real estate markets next year.

The RE/MAX 2017 average residential sale price expectation for Canada is an increase of two per cent as Canadians continue to see home ownership as an important milestone as well as a good investment.

 
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PROTECT YOURSELF: STRATA WATER DEDUCTIBLE REVIEW REMINDER
Strata FloodThe majority of strata Annual General Meetings are coming up over the next few months presenting an ideal opportunity for strata lot owners to verify that their home owner insurance policy water deductible coverage matches that of the strata corporation's master building policy and if not advise their insurance broker immediately. 

The BC Strata Property Act requires that any AGM Notice includes a copy of the strata corporation's insurance policy summary. This summary page will include a notation on what the building’s current water deductible amount is.Depending on any resultant water damage claims filed in the past policy year and the extent of damage, this deductible amount can increase to a staggering amount from the previous year. It is not uncommon for strata's today to have a deductible in the $50,000 to $100,000 range from the days of when they were $5,000 to $25,000.  

WHY IS THIS IMPORTANT TO YOU AS A STRATA OWNER?
Deductible assessment coverage is an additional coverage that has become increasingly important in light of the increasing cost and frequency of resultant water damage claims. For example, if the building is damaged due to a water leak, the strata corporation would generally file a water damage claim with its own insurance company.
Section 158 of the Strata Property Act states that the insurance deductible in respect of a claim is a common expense, but the strata corporation may sue an owner in order to recover the deductible portion of an insurance claim if the owner is responsible for the loss or damage that gave rise to the claim. Two landmark BC court decisions in 2007 determined that the strata corporation need not prove negligence in order to determine owners' responsibility. A strata corporation may sue a strata lot owner to recover the insurance deductible even though the owner was not negligent and merely caused or brought about the events that resulted in the damage.

To remove ambiguity and potentially save on future legal expenses, some strata corporations have passed bylaws that clarify that owners are strictly liable for damage to common property that originates in their units.

CONCLUSION
It is therefore important that all strata owners review the building policy and advise their insurance broker of the building deductible amounts to ensure their unit policy includes sufficient coverage for all building deductibles including water damage. This information is included in the insurance summary report within the NOTICE of Annual General Meeting that strata corporations are required to provide strata lot owners prior to the Annual General Meeting. Some strata buildings due to frequent or a single extensive resultant water damage claim are now facing water damage deductibles of $50,000 to $100,000.

ADDITIONAL COVERAGE FOR YOU TO CONSIDER
Additional coverage riders available to strata unit owners that are well worth considering are:
  • Increased unit improvements and betterments coverage insures upgrades to the unit a
  • Loss assessment coverage typically pays the owner's share to cover major property and liability losses on common property that may exceed the strata corporation's policy limits.
  • Request your insurance broker to advise you of any other additional riders that you should consider.
SOURCE: Insurance Brokers Association of BC
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I have sold a property at 904 120 16TH ST W in North Vancouver.
Here is your chance to own a LARGE, BRIGHT, SE CORNER UNIT in the coveted SYMPHONY building, with GORGEOUS OCEAN VIEWS to Stanley Park & Lions Gate Bridge! Beautiful NEW HARDWOOD floors, WALL TO WALL WINDOWS, 9' CEILINGS, open concept, sit-up bar in kitchen, granite counters, ROOMS LARGE ENOUGH FOR YOUR HOUSE SIZED FURNITURE, 2 FULL BATHROOMS. Heat, hot water, gas stove & fireplace included in strata fees. 2 BALCONIES, 2 PARKING STALLS, 1 locker, visitor parking. Quiet, well run building. Lots of room if you are upsizing. Downsizers, you will have no problem living here! Leave your car at home & walk to cafes, restaurants, shops, grocery stores! Open house Sat/Sun Nov 19 & 20th, 2-4pm.
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Please visit our Open House at 904 120 16TH ST W in North Vancouver.
Open House on Saturday, November 19, 2016 2:00PM - 4:00PM
Here is your chance to own a LARGE, BRIGHT, SE CORNER UNIT in the coveted SYMPHONY building, with GORGEOUS OCEAN VIEWS to Stanley Park & Lions Gate Bridge! Beautiful NEW HARDWOOD floors, WALL TO WALL WINDOWS, 9' CEILINGS, open concept, sit-up bar in kitchen, granite counters, ROOMS LARGE ENOUGH FOR YOUR HOUSE SIZED FURNITURE, 2 FULL BATHROOMS. Heat, hot water, gas stove & fireplace included in strata fees. 2 BALCONIES, 2 PARKING STALLS, 1 locker, visitor parking. Quiet, well run building. Lots of room if you are upsizing. Downsizers, you will have no problem living here! Leave your car at home & walk to cafes, restaurants, shops, grocery stores! Open house Sat/Sun Nov 19 & 20th, 2-4pm.
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Please visit our Open House at 904 120 16TH ST W in North Vancouver.
Open House on Sunday, November 20, 2016 2:00PM - 4:00PM
Here is your chance to own a LARGE, BRIGHT, SE CORNER UNIT in the coveted SYMPHONY building, with GORGEOUS OCEAN VIEWS to Stanley Park & Lions Gate Bridge! Beautiful NEW HARDWOOD floors, WALL TO WALL WINDOWS, 9' CEILINGS, open concept, sit-up bar in kitchen, granite counters, ROOMS LARGE ENOUGH FOR YOUR HOUSE SIZED FURNITURE, 2 FULL BATHROOMS. Heat, hot water, gas stove & fireplace included in strata fees. 2 BALCONIES, 2 PARKING STALLS, 1 locker, visitor parking. Quiet, well run building. Lots of room if you are upsizing. Downsizers, you will have no problem living here! Leave your car at home & walk to cafes, restaurants, shops, grocery stores! Open house Sat/Sun Nov 19 & 20th, 2-4pm.
Read Full Story
I have listed a new property at 904 120 16TH ST W in North Vancouver.
Here is your chance to own a LARGE, BRIGHT, SE CORNER UNIT in the coveted SYMPHONY building, with GORGEOUS OCEAN VIEWS to Stanley Park & Lions Gate Bridge! Beautiful NEW HARDWOOD floors, WALL TO WALL WINDOWS, 9' CEILINGS, open concept, sit-up bar in kitchen, granite counters, ROOMS LARGE ENOUGH FOR YOUR HOUSE SIZED FURNITURE, 2 FULL BATHROOMS. Heat, hot water, gas stove & fireplace included in strata fees. 2 BALCONIES, 2 PARKING STALLS, 1 locker, visitor parking. Quiet, well run building. Lots of room if you are upsizing. Downsizers, you will have no problem living here! Leave your car at home & walk to cafes, restaurants, shops, grocery stores! Open house Sat/Sun Nov 12 & 13th, 2-4pm.
Read Full Story
Please visit our Open House at 904 120 16TH ST W in North Vancouver.
Open House on Saturday, November 12, 2016 2:00PM - 4:00PM
Here is your chance to own a LARGE, BRIGHT, SE CORNER UNIT in the coveted SYMPHONY building, with GORGEOUS OCEAN VIEWS to Stanley Park & Lions Gate Bridge! Beautiful NEW HARDWOOD floors, WALL TO WALL WINDOWS, 9' CEILINGS, open concept, sit-up bar in kitchen, granite counters, ROOMS LARGE ENOUGH FOR YOUR HOUSE SIZED FURNITURE, 2 FULL BATHROOMS. Heat, hot water, gas stove & fireplace included in strata fees. 2 BALCONIES, 2 PARKING STALLS, 1 locker, visitor parking. Quiet, well run building. Lots of room if you are upsizing. Downsizers, you will have no problem living here! Leave your car at home & walk to cafes, restaurants, shops, grocery stores! Open house Sat/Sun Nov 12 & 13th, 2-4pm.
Read Full Story
Please visit our Open House at 904 120 16TH ST W in North Vancouver.
Open House on Sunday, November 13, 2016 2:00PM - 4:00PM
Here is your chance to own a LARGE, BRIGHT, SE CORNER UNIT in the coveted SYMPHONY building, with GORGEOUS OCEAN VIEWS to Stanley Park & Lions Gate Bridge! Beautiful NEW HARDWOOD floors, WALL TO WALL WINDOWS, 9' CEILINGS, open concept, sit-up bar in kitchen, granite counters, ROOMS LARGE ENOUGH FOR YOUR HOUSE SIZED FURNITURE, 2 FULL BATHROOMS. Heat, hot water, gas stove & fireplace included in strata fees. 2 BALCONIES, 2 PARKING STALLS, 1 locker, visitor parking. Quiet, well run building. Lots of room if you are upsizing. Downsizers, you will have no problem living here! Leave your car at home & walk to cafes, restaurants, shops, grocery stores! Open house Sat/Sun Nov 12 & 13th, 2-4pm.
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I have sold a property at 3002 788 RICHARDS ST in Vancouver.
This AMAZING SUB-PENTHOUSE has it all! Finally, here is your 4 bedroom, 4 bathroom entertainers dream, in a LUXURY BUILDING downtown, all on ONE LEVEL! OCEAN, MOUNTAIN, DOWNTOWN CITY views! 3 bedrooms have marble ensuite bathrooms. 2 balconies, high end appliances...SUB-ZERO fridge, 2 BOSCH wall ovens, 5 burner BOSCH cook top, hood fan, D/W & W/D. Stone counters, large rectangular under mount sink, pantry, side by side laundry. 3 PARKING STALLS. Locker. Amenities include a restaurant on the 5th floor for residents & L'Hermitage hotel guests, boardroom, gym, pool, concierge. Buy with confidence in this 8 year old building. 2/5/10 warranty in place. Call me today for your private showing of this amazing home in the sky!
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I have listed a new property at 506 12 WATER ST in Vancouver.
This loft is AMAZING! Two walls of floor to ceiling windows brings the outdoors in! One wall opens up and disappears, giving indoor/outdoor living to the balcony. This is tree house living at its finest! This 2 bedroom + flex, 2 bathroom loft is truly special, and must be seen! Modern, high ceilings, concrete floors, Miele appliances, gas, cook top for the urban chef, wall oven, air conditioning. This building has the coolest courtyard in town, with restaurants & coffee bar patios surrounding it. Walk for dinner, drinks, coffee . . . meet your friends without having to drive! Walk downtown... Amenities at your fingertips! 1 parking stall. Call me now to view this unique loft before it is gone! Open house Saturday 1-3pm.
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Please visit our Open House at 506 12 WATER ST in Vancouver.
Open House on Saturday, October 15, 2016 1:00PM - 3:00PM
This loft is AMAZING! Two walls of floor to ceiling windows brings the outdoors in! One wall opens up and disappears, giving indoor/outdoor living to the balcony. This is tree house living at its finest! This 2 bedroom + flex, 2 bathroom loft is truly special, and must be seen! Modern, high ceilings, concrete floors, Miele appliances, gas, cook top for the urban chef, wall oven, air conditioning. This building has the coolest courtyard in town, with restaurants & coffee bar patios surrounding it. Walk for dinner, drinks, coffee . . . meet your friends without having to drive! Walk downtown... Amenities at your fingertips! 1 parking stall. Call me now to view this unique loft before it is gone! Open house Saturday 1-3pm.
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I have sold a property at 807 1188 HOWE ST in Vancouver.
Recently re-vamped building! Lots of updates! Call me for details. Hallways & lobbies recently re-done. This 2 bed, 2 bath + den + solarium, corner unit is bright and airy! Enjoy breakfast in the morning sun in the east facing solarium with peek-a-boo mountain view. Each bedroom has it's own ensuite bathroom...perfect for guests or roommates. Work from home? No problem...the den would be a great office. Renovations include new cabinets, under mount sinks, stone counters in bathrooms. New flooring 2 months ago, new Bosch dishwasher about 3-4 years ago. Enjoy the pool, hot tub, sauna, gym, meeting room with kitchen & 2 outdoor areas. Parking, locker, visitor parking. Open house Saturday & Sunday October 1 & 2, 2-4pm.
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Do you have a large family?  Do you need lots of bedrooms?  Do you need an office with a gorgeous ocean and mountain view?  Do you love to entertain?  Well, this amazing home in the sky offers you all of this! North, south, and west facing walls of windows brings in the outdoors.  Check out this video...you'll love it!  Call me today for your private viewing!

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I have listed a new property at 3002 788 RICHARDS ST in Vancouver.
This AMAZING SUB-PENTHOUSE has it all! Finally, here is your 4 bedroom, 4 bathroom entertainers dream, in a LUXURY BUILDING downtown, all on ONE LEVEL! OCEAN, MOUNTAIN, DOWNTOWN CITY views! 3 bedrooms have marble ensuite bathrooms. 2 balconies, high end appliances...SUB-ZERO fridge, 2 BOSCH wall ovens, 5 burner BOSCH cook top, hood fan, D/W & W/D. Stone counters, large rectangular under mount sink, pantry, side by side laundry. 3 PARKING STALLS. Locker. Amenities include a restaurant on the 5th floor for residents & L'Hermitage hotel guests, boardroom, gym, pool, concierge. Buy with confidence in this 8 year old building. 2/5/10 warranty in place. Call me today for your private showing of this amazing home in the sky!
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I have sold a property at 602 38 Front ST in Nanaimo.
Enjoy breathtaking ocean/ mountain views and Nanaimo's vibrant downtown from this well-appointed condominium in the prestigious oceanfront Pacifica residences. This elegantly finished 2 bedroom unit enjoys a full view over the inner harbour and Newcastle Island to the Coast Mountains & the twinkling lights of the Sunshine Coast. Featuring a large ocean facing balcony with natural gas BBQ hookup, this is the perfect space for entertaining. The kitchen features hardwood flooring, granite countertops, and stainless steel appliances with a gas range. From the open concept dining and living space take in the incredible vistas through banks of floor to ceiling windows, or kickback and relax next to the natural gas fireplace. The master suite offers the same dramatic views, a luxurious ensuite, and large walk in closet. Imagine spending you days watching float planes come and go, taking in all of the activity of the inner harbour, and being just an elevator ride away from the waterfront promenade. All measurements and data are approximate, verify if important.
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I have listed a new property at 807 1188 HOWE ST in Vancouver.
Recently re-vamped building! Lots of updates! Call me for details. Hallways & lobbies recently re-done. This 2 bed, 2 bath + den + solarium, corner unit is bright and airy! Enjoy breakfast in the morning sun in the east facing solarium with peek-a-boo mountain view. Each bedroom has it's own ensuite bathroom...perfect for guests or roommates. Work from home? No problem...the den would be a great office. Renovations include new cabinets, under mount sinks, stone counters in bathrooms. New flooring 2 months ago, new Bosch dishwasher about 3-4 years ago. Enjoy the pool, hot tub, sauna, gym, meeting room with kitchen & 2 outdoor areas. Parking, locker, visitor parking. Open house Saturday & Sunday October 1 & 2, 2-4pm.
Read Full Story
Please visit our Open House at 807 1188 HOWE ST in Vancouver.
Open House on Saturday, October 1, 2016 2:00PM - 4:00PM
Recently re-vamped building! Lots of updates! Call me for details. Hallways & lobbies recently re-done. This 2 bed, 2 bath + den + solarium, corner unit is bright and airy! Enjoy breakfast in the morning sun in the east facing solarium with peek-a-boo mountain view. Each bedroom has it's own ensuite bathroom...perfect for guests or roommates. Work from home? No problem...the den would be a great office. Renovations include new cabinets, under mount sinks, stone counters in bathrooms. New flooring 2 months ago, new Bosch dishwasher about 3-4 years ago. Enjoy the pool, hot tub, sauna, gym, meeting room with kitchen & 2 outdoor areas. Parking, locker, visitor parking. Open house Saturday & Sunday October 1 & 2, 2-4pm.
Read Full Story
Please visit our Open House at 807 1188 HOWE ST in Vancouver.
Open House on Sunday, October 2, 2016 2:00PM - 4:00PM
Recently re-vamped building! Lots of updates! Call me for details. Hallways & lobbies recently re-done. This 2 bed, 2 bath + den + solarium, corner unit is bright and airy! Enjoy breakfast in the morning sun in the east facing solarium with peek-a-boo mountain view. Each bedroom has it's own ensuite bathroom...perfect for guests or roommates. Work from home? No problem...the den would be a great office. Renovations include new cabinets, under mount sinks, stone counters in bathrooms. New flooring 2 months ago, new Bosch dishwasher about 3-4 years ago. Enjoy the pool, hot tub, sauna, gym, meeting room with kitchen & 2 outdoor areas. Parking, locker, visitor parking. Open house Saturday & Sunday October 1 & 2, 2-4pm.
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I have sold a property at 15 2358 RANGER LANE in Port Coquitlam.
This 3 bed, 3 bath corner unit is going to WOW you! The best location in the complex, overlooking the pool & the river! Bright, lots of windows, open concept main floor with centre kitchen, stone counter upgrade, S/S appliances, soft close doors & drawers, undermount sinks, stone counters upgraded in bathrooms, finished garage, modern lighting. Beautiful outdoor pool, gym, basketball court, climbing wall, kids play room, bike wash & dog wash station, bike sharing. 40 kms of trails right at your doorstep for walking, riding & enjoying the great outdoors. Developed by reputable Mosaic Homes, the coveted Fremont Indigo complex is fabulous! Nothing to do but move in & enjoy! Open house Sat June 4, 11am-4pm.
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I have sold a property at 411 1216 HOMER ST in Vancouver.
The fabulous Murchies building has another home for sale! This cosy suite could be yours to live in, use as a pied-a-terre, or for investment. First time buyers and investors...yes, you can own in Yaletown for under $400,000!! This sought after loft conversion is located at the coveted corner of Homer & Davie St. This cozy loft has all of the features a large home has...unique concrete posts & beams & walls, gas stove for the urban chef, new dishwasher, new laminate flooring, washer/dryer, gas fireplace, murphy bed, new heaters. Furniture included. The building has a lovely roof deck for outdoor enjoyment. Storage locker, no parking, pets ok, rentals 6 month minimum. Call now for your private showing!
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