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Experts say foreign-buyer ban won’t bite B.C. real estate prices

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B.C.’s hot markets have already cooled due to rising interest rates and the foreign-buyers tax has already deterred a number of foreign purchases

Canada’s temporary ban on foreign purchases of residential real estate sends the world a mixed message just as this country is ramping up immigration, but few B.C. experts expect it to have a major effect in this province.

“The message it sends broadly is that we’re not open for business,” said realtor Adil Dinani, who is with the Dinani Group, Real Estate Advisors.

However, “those folks who are getting work permits can still purchase,” as they are included in exemptions to the ban, Dinani said.

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The measure, which Prime Minister Justin Trudeau’s government campaigned on in the last election as a means to reduce competition in an environment of soaring property prices, came into effect Jan. 1 and is set to remain for two years.

Regulations enacting the ban prohibit people who aren’t citizens or permanent residents from buying residential real estate, defined as buildings with fewer than three units, such as semi-detached homes, or condominiums.

Exemptions to the ban, however, include foreign students in authorized programs who have lived mostly in Canada and filed tax returns here, and temporary foreign workers with valid work permits who have worked full time here for three of the past five years, or have not previously purchased property.

It also doesn’t include properties worth less than $500,000 or those that are outside of major cities or so-called “census agglomeration areas,” with a core population of at least 10,000 people.

Canadian property markets, however, have slowed and property prices fallen due to higher interest rates.

And in B.C., the provincial foreign-buyers tax, now set at 20 per cent, has already reduced foreign purchases.

“It’s obviously a negative message in already what’s a fairly soft market, but remember, we already had such a deterrent,” with the 20-per-cent tax, Dinani said.

Dinani said his group had one buyer out of about 160 clients who would fall into the definition of a foreign buyer.

From the B.C. Real Estate Association’s perspective, the share of foreign buyers in B.C.’s market had fallen to less than half a per cent in the last two years, “so taking that down to zero doesn’t mean a whole lot,” said Brendon Ogmundson, the organization’s chief economist.

“At least one year during the pandemic, (we) essentially shut off immigration and shut off foreign investment, and we had record home sales and prices,” Ogmundson said. “So, clearly this is not that important a segment of the market. The ban is more politics than economics.”

Relocation experts worry that the measure will make it harder for bigger companies to recruit talent, particularly senior executives who have choices for where they want to work.

Stephen Cryne, CEO of the Canadian Employee Relocation Council, told a Globe and Mail columnist he’s had members already hesitating to make executive moves based on the temporary ban.

His organization lobbied government for a blanket exemption for anyone with a valid permit to work in Canada, or for transactions related to purchasing property for employee relocation. In a news release issued Dec. 21, the Council said the federal regulations don’t measure up.

In B.C., however, most skilled temporary foreign workers coming to the province rent before deciding where they might buy, Dinani said.

“Could it prevent some people from moving here if they can’t buy? I think so,” Dinani said. “But I think (that) is a smaller percentage.”

Ogmundson added that the temporary ban does “send an odd message to the world about how open Canada is.”

“I guess we’ll find out over the next year if we hit our immigration targets and we’re not having much of a problem in attracting people to Canada,” Ogmundson said.

Andy Yan, director of the City Program at Simon Fraser University said measures such as Canada’s temporary ban aren’t new. New Zealand, Australia, Hong Kong and Singapore have already put similar restrictions in place.

“Really, again, this is all the fact that we have just finally woken up to the fact that Canadian residential real estate occupies a global marketplace,” Yan said.

And he added that by focusing on buyers, it still doesn’t get at the influence that foreign capital has had on B.C. markets in particular.

“It’s just for two years, it’s time limited, there are sizable exemptions, which I doesn’t necessarily, I think, address the channels of foreign capital that came into several respective markets,” Yan said.

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Saskatoon Real Estate: 6 most expensive house lisitngs | CTV News – CTV News Saskatoon

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Housing sales have been dropping in Saskatoon. However, sales are still higher than the 10-year-trend according to the Saskatchewan Realtors Association (SRA). For those searching for something a little above average, the Saskatoon market still has some of the top luxury homes to offer.

Here are six of the most expensive homes in the region.

 

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(Realtor.ca)

(Realtor.ca)

A four-bedroom, six-bathroom home in the Nutana neighbourhood. The property has direct access to the South Saskatchewan River and offers captivating views. Over four-thousand square feet spread over three levels, including a developed basement. It also has an in-ground pool, courtyard and a dock at the river’s edge. The open-concept kitchen contains a butler’s pantry, coupled with a formal living and dining room on the main floor.

 

(Point2Homes.ca)

 

(Point2Homes.ca)

A four-bedroom, three-bath luxury home overlooking the South Saskatchewan River. This property was custom created to make the most of the breathtaking view. It offers floor-to-ceiling windows, an ultra-private rear courtyard with a built-in cooking area, a basement that has a space for a live-in nanny suite and a home gym. It also has a unique high-heel style bathtub in the master bedroom. 

 

(Realtor.ca)

(Realtor.ca)

This five-bedroom, four-bathroom home offers views of the South Saskatchewan River. It is also automated, which means you can control elements through your phone, such as windows, temperature, surround sound, lighting and security system. There is also a four-car garage on the property, a second-flood deck and landscaping.

 

(Point2Homes.ca)

(Point2homes.ca)

A five-bedroom, seven-bathroom home that offers a lot of space and comes completely furnished, except for the piano. In the basement, there is a theatre room, powder room, and storage room. The main level features a powder room, pantry and kitchen with Miele appliances. In the yard, there is a ground-level patio and a triple garage that offers direct entry to the basement.

 

(Realtor.ca)

(Realtor.ca)

One of Saskatoon’s original mansions, this 5-bedroom, 4-bathroom home was designed by Frank P. Martin, a well-known architect from the 1900s. Renovations have kept the original plan while updating the wiring, plumbing and more. This home features a private rooftop patio, a third-floor self-contained suite that is separate from the rest of the home, and the original carriage house with a loft.

 

(Realtor.ca)

 

(Realtor.ca)

This four-bedroom, three-bathroom home was built in 1962 by George Kerr in the Mid-Century Modern Style. It includes a large art studio, a floating staircase, a 20-foot ceiling and floor-to-ceiling windows. It offers views of the green space in Grosvenor Park and is a short walk to the University of Saskatchewan.

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This Week’s Top Stories: Canadian Real Estate Prices Rise Sharply In Some Markets, BoC Sees Further Declines – Better Dwelling

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This Week’s Top Stories: Canadian Real Estate Prices Rise Sharply In Some Markets, BoC Sees Further Declines  Better Dwelling

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Top 10 real estate sales in North and West Vancouver 2022

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Wine room? Check. Heated driveway? Check. Infinity pool, boat lift, putting green? Check, check, check.

While the real estate market took a cooler, even icy, turn in the last six months of 2022, that doesn’t mean that sales of luxury real estate vanished on the North Shore.

Au contraire!

In fact, those for whom the mortgage “stress test” isn’t a worry were still flexing a certain amount of buying power. Buyers at the high end of the market favoured large mansions – most clocking in at around 10,000 square feet – along with large lots, waterfront or expansive water views. Finishing touches like outdoor fire places, movie theatres, gyms, spa rooms and hot tubs didn’t hurt either.

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Here’s a look at the top 10 real estate sales of 2022 on the North Shore.

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This five-bedroom, seven-bathroom luxury estate at 2910 Park Ln. on the Altamont waterfront sold for $21.5 million on Aug. 10. It was the top real estate sale in 2022 in West Vancouver.| Zealty.ca

1. 2910 Park Lane

According to public real estate records, the top sale on the North Shore last year was an iconic five-bedroom, seven-bathroom luxury estate at 2910 Park Ln. on the Altamont waterfront which sold for $21.5 million on Aug. 10.

The 14-year-old, 9,400-square-foot home sits on a lot of almost half an acre of high-bank waterfront, including 98 feet of shoreline.

The home was built in 2008 by its former owner Mossadiq Medaly, a former chair of BC Hydro and a leader in the renewable energy industry, on the site of an apple orchard formerly owned by a member of Vancouver’s Woodward family.

Designed by architect Peter Grant, the home features luxuries like an elevator, indoor-outdoor speaker sound system, in-floor heating system, heated driveway, five fireplaces, infinity pool, floor-to-ceiling windows and a professional music room.

The luxury home, assessed at $14 million, was originally listed for sale at about $30 million.

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A home at 754 Beachview Drive in North Vancouver sold Sept. 8 for $14.9 million. | photo Zealty.ca

2. 754 Beachview Drive

A deluxe six-bedroom, eight-bathroom home at 754 Beachview Dr. was the only home in North Vancouver to make the Top 10 sales list. The luxury home on three-quarters of an acre was assessed at just under $12.55 million this year. The 8,850-square-foot home sold in September for $14.9 million.

Features of the oceanfront mansion include an infinity pool, 10-person hot tub (now that’s a party!), golf putting green, dock with boat lift, four-jet-ski slip and private ramp. Inside features double height ceilings, Miele appliances, movie theatre, billiard area, gym, sauna, steam room and wine room.

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This modern mansion at 2975 Palmerston by architectural firm Battersby Howat in West Vancouver’s Altamont neighbourhood sold for $14.75 million in February. | Zealty.ca

3. 2975 Palmerston Avenue

Located in West Vancouver’s sought after Altamont neighbourhood, this distinctly modern mansion by architectural firm Battersby Howat sold for $14.75 million in February after just 24 days on the market. The six-year-old, 10,000-square-foot three-storey house on a landscaped half-acre lot sold for close to its asking price of $14.88 million. The home features floor-to-ceiling windows and glass doors that create a dramatic open feel leading to spectacular garden views. Outside, a hot tub and pool beckon. The home also boasts an array of technology for controlling lighting, a private elevator, security system, air conditioning and garage parking for five vehicles.

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This home at 1335 Chartwell Drive, in West Vancouver’s British Properties, sold for $12.8 million July 23. | Zealty.ca

4. 1335 Chartwell Drive

Homes in the British Properties are among those often sought out in the higher echelons of the real-estate market. It’s all about the views up here, and showing off luxury details. The fourth-highest sale on the North Shore, at 1335 Chartwell Dr., which sold for $12.8 million July 23 after just 15 days on the market, ticks those boxes. A one-year-old custom build, the six-bedroom, eight-bathroom 10,000-square-foot house features a “grand foyer” with a 20-foot hand-painted dome ceiling rising above a crystal chandelier. Italian tile, Miele and Wolf appliances, four marble gas fireplaces and a wine cellar, theatre, sauna, gym, pool, hot tub and heated driveway complement the bling.

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This 8,000-square-foot Mediterranean-inspired home in Altamont sold for $11.8 million on April 11. | Zealty.ca

5. 2919 Mathers Avenue

A “health and wellness wing” including a massage room, separate “staff quarters,” “butler’s pantry” and a 27-foot, 11,000-litre tropical aquarium are among the unique features of the fifth-highest property sale on the North Shore in 2022 at 2919 Mathers Ave. The seven-bedroom, 11-bathroom 8,000-square-foot Mediterranean-inspired home on almost a half acre in Altamont sold for $11.8 million on April 11 after 55 days on the market. That’s significantly less that the original asking price of $14.3 million. An integrated Band & Olufsen audio visual system, fitness room, infinity pool and jacuzzi complete the package.

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This contemporary 5,300-square-foot home next to McKechnie Park sold for $11 million on Feb. 18, 2022. | Zealty.ca

6. 3704 McKechnie Avenue

A contemporary custom-built home, nestled among trees on a “trophy property” backing on to McKechnie Park, this three-year-old 5,300-square-foot home at 3704 McKechnie Ave. sold for $11 million on Feb. 18, 2022 – less than the asking price of $12.8 million.

The five-bedroom, six-bathroom home on a third of an acre in Westmount features an open floor plan drenched in light with all rooms offering sweeping ocean views.

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This home at 2860 Mathers was the seventh highest real estate sale on the North Shore in 2022 at $10.7 million.

7. 2860 Mathers Avenue

A 17-year-old 12,000 square-foot home on Altamont’s “Golden Mile” was the seventh highest real estate sale on the North Shore last year. The three-storey, seven-bath, six-bedroom home at 2860 Mathers Ave. sold for $10.7 million, considerably below the $14 million asking price, on April 20, after 75 days on the market. The modern concrete home features a wine room, gym and indoor swimming pool and has geothermal heating and cooling. There are also solar panels for hot water, a rainwater reclamation system and a heated driveway.

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This British Properties mansion at 1022 Eyremont Dr. sold for $10.5 million Sept. 18. | Zealty.ca

8. 1022 Eyremount Drive

If a mini golf course and elevator are among the luxurious touches you expect in home, this one-year-old British Properties mansion fits the bill.

The almost 10,000-square-foot home at 1022 Eyremount Dr. features gasp-worthy views of the ocean, city and Lions Gate Bridge. The five-bedroom, eight-bathroom mansion is billed as having “every imaginable luxury” including a walk-in wine cellar/cigar room, billiard area, home theatre and sauna, as well as five fireplaces. It sold for $10.5 million Sept. 18, after 69 days on the market, a relative bargain compared to the asking price of $16 million.

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This home at 1578 Chippendale in the British Properties sold for just under $10.3 million April. 15. | Zealty.ca

9. 1578 Chippendale Road

Amazing views from the British Properties are the key feature of this 9,700-square-foot 23-year-old home on a huge flat lot at 1578 Chippendale Rd. The three-storey, six-bed, five-bathroom mansion sold April 15 for just under $10.3 million. Almost 300 feet of frontage allows for a “massive street presence.” A library, sauna and media room are also among the features of the home.

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This 73-year-old home on the West Bay waterfront in West Vancouver at 3874 Marine Drive sold for $9.8 million. | Zealty.ca

10. 3874 Marine Drive

This two-storey, four-bedroom four-bathroom home on the waterfront in West Bay at 3874 Marine Dr. is the smallest of the top ten homes to sell last year at 3,700 square feet. It’s also the oldest at 73 years. But what it lacks in sheer size it makes up for in gorgeous west coast character on a spectacular 17,600-square-foot property that slopes gently to the water’s edge. Tiered patios, a waterside pool and boathouse lead down to about 80 feet of natural shoreline. There’s also tranquil gardens a pond and gazebo. Inside features large rooms with stunning views, all in a comfortable home.

This home was the only one on the North Shore’s top ten sales that sold for under $10 million last year, fetching $9.8 million on Sept. 17, after just 17 days on the market.

 

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A pool on the water’s edge is one feature of this 73-year-old home on the West Bay waterfront in West Vancouverat 3874 Marine Drive sold for $9.8 million. | Zealty.ca

 

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