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Vancouver real estate: demolition-protected purple Kitsilano heritage home listed $1.9 million sold $2.5 million – The Georgia Straight

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One of Vancouver’s legally protected heritage homes gets a new owner.

For $2.5 million, a buyer has taken Williams House, a 1911-1912-era home in Kitsilano.

The purchase tag goes over the original asking price by over half a million dollars.

The 2722 West 7th Avenue property was listed for $1,945,000.

As a designated heritage property, the home is protected from inappopriate alterations and demolition.

The Vancouver Heritage Foundation (VHF) explains online that the Williams House is secured through agreement with the City of Vancouver.

The home acquired the protection in 2005 as a result of its voluntary designation as a heritage property by the owners at the time.

The owners also at the time participated in VHF’s True Colours, and Restore It Programs.

“This two storey wood frame house has both architectural and historical significance,” according to the VHF.

The home was constructed in 1911-1912 by builders Bentley and Wear as “one of a cluster of six houses on this side of the block”.

“The house is a good example of the early Craftsman style,” the VHF noted.

Features include a “full width arched front porch, a bay window with leaded glass in the upper sashes, and an oriel above with a similar pattern of leaded glass in the paired transoms”.

“Anthony Williams, an immigration inspector with the federal government, owned the house from 1926 until he died in 1941, followed by Florence Williams, a school teacher, who owned it until she died in 1983,” the heritage group recalled.

Moreover, the house was “repainted to a colour scheme matching its original colours in 2005 using a VHF True Colours Grant”.

“The house has also undergone restoration in the form of a complete exterior restoration (VHF Restore It 2005), and a new roof (VHF Restore It 2012),” the VHF stated on its website.

Tracking by real-estate information site fisherly.com indicates that the 2,285-square-foot house was listed on October 28, 2020.

A buyer snapped up the property on November 3.

The purchase price was $555,000 above the asking price.

The heritage home features four bedrooms, three baths, and two kitchens.

The home’s 2020 B.C. Assessment value as of July 1, 2019 comes to $1,787,000.

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Mortgage rule changes will help spark demand, but supply is ‘core’ issue: economist

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TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.

The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.

However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.

Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.

This report by The Canadian Press was first published Sept. 17,2024.

The Canadian Press. All rights reserved.

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National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

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OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.

CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.

The number of newly listed properties was up 1.1 per cent month-over-month.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

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Two Quebec real estate brokers suspended for using fake bids to drive up prices

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MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

The Canadian Press. All rights reserved.

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