Vancouver real estate: listed $17.3 million, sold at 60 percent discount for $7 million, villa cited best deal in 2020 – The Georgia Straight
The heavily discounted sale of a French-inspired villa may be the best deal in Vancouver in 2020.
That’s according to Adam Major, managing broker with Holywell Properties, a real-estate company that also runs Zealty.ca, an online property-information site.
When asked by the Straight to name the most interesting transaction in the city for the year 2020, Major pointed to 3688 East Boulevard.
The listing details of the property located in the tony neighbourhood of Shaughnessy were tracked by Zealty.ca.
The mansion was listed on January 23, 2017 for $17,388,000. The price was reduced to $14,880,000. It did not sell, and the listing expired July 29 of that year.
The property came on the market again on August 1, 2017, with a price of $14,880,000. The listing by Macdonald Realty – Manyee Lui expired on January 1, 2018.
A week later, on January 9, 2018, the same agent listed the property again, this time for $14,689,000. It spent nearly a year on the market without getting sold. On January 1, 2019, the listing expired.
After two days, on Junary 3, 2019, Macdonald Realty – Manyee Lui listed the property once more. The price was reduced to $13,980,000.
Finally, on February 20, 2020, the villa sold for $7 million.
Major noted that the sale price of the 3688 East Boulevard property represents a nearly 60 percent discount from its original 2017 list price of $17.3 million.
As well, the buyer offered and paid a $30,000 bonus commission to the buyer’s agent, Multiple Realty Ltd.
“The seller end up with a fair bit less,” Major told the Straight.
There’s more to the story.
The mansion also sold below its assessed value.
Major noted that the 2020 B.C. Assessment value of the two-story-plus-basement home totalled $9,370,000.
“So at $7 million, it also sold for a 25 percent discount to assessed value,” Major explained.
According to the Holywell Properties managing broker, this was one of the lowest sale-price-to-assessed-value ratios in 2020.
The home has five bedrooms and eight baths. Luxury features include manicured gardens and a golf putting green.
As for Zealty.ca, Major said that the site had over two million visits last year.
Also, his company made enhancements for the real-estate-information portal in 2020.
These include adding bonus commissions for buyer’s agents, expired listings, daily sales, information of live-stream open houses, and others.
European real estate stocks hammered by banking turmoil – Financial Times
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A massive chunk of Toronto's Kensington Market is now for sale at $24 million – blogTO
A large portion of Toronto’s eclectic Kensington Market community is on the chopping block, with a group of properties hitting the market for a combined $24 million, and potential plans to redevelop the site with a new mid-rise building.
Realtors are shopping a group of seven properties around that includes 23 Saint Andrew Street plus 25 through 35 Kensington Avenue, located just northwest of the Dundas and Spadina intersection.
The document circulating mentions the possibility of purchasing additional properties at 21 and 23 Kensington Ave plus an easement lot attached to 23 St. Andrew, which would add 0.173 acres to the site and increase the developable footprint to 0.66 acres.
The site is currently home to a collection of Victorian semi-detached homes with commercial frontages and includes a handful of businesses such as vintage store Fashion Old and New.
If sold off, it is expected that the new owner of the properties would redevelop the site with a higher-density development, and the document specifically notes the potential for an eight-storey building on the land.
Toronto’s Official Plan does indeed designate this pocket of the city for mixed-use development, though, like pretty much everything else proposed under the city’s archaic zoning by-laws, any mid-rise plan would require a rezoning to move forward.
The site is located within the planned Kensington Market Heritage Conservation District (HCD), which aims to conserve the area’s cultural and built heritage. This would likely only prove a small speed bump in any redevelopment plans, as new development is still permitted in an HCD as long as it adheres to the surrounding style.
Federal Government Amends the Foreign Buyers Ban Regulations – British Columbia Real Estate Association
On March 27, 2023, the federal government announced amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s (the Act) accompanying Regulations, effective March 27, 2023. The Act was passed in June 2022 and the regulations came into force January 1, 2023.
Here’s what you need to know about the amendments to the Foreign Buyers Ban.
Enable more work permit holders to purchase a home to live in while working in Canada.
The amendments allow those who hold a work permit or are authorized to work in Canada under the Immigration and Refugee Protection Regulations to purchase residential property. Work permit holders are eligible if they have 183 days or more of validity remaining on their work permit or work authorization at time of purchase and they have not purchased more than one residential property. The current provisions on tax filings and previous work experience in Canada are being repealed.
Repealing existing provision so the prohibition doesn’t apply to vacant land.
Repealing section 3(2) of the regulations, so the prohibition does not apply to all lands zoned for residential and mixed use. Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development.
Exception for development purposes.
This exception allows non-Canadians to purchase residential property for the purpose of development. The amendments also extend the exception currently applicable to publicly traded corporations under the Act, to publicly traded entities formed under the laws of Canada or a province, and controlled by a non-Canadian.
Increasing the corporation foreign control threshold from 3 per cent to 10 per cent.
For the purposes of the Prohibition, with regards to privately held corporations or privately held entities formed under the laws of Canada or a province and controlled by a non-Canadian, the control threshold has increased from 3 per cent to 10 per cent. This aligns with the Underused Housing Tax Act’s definition of ‘specified Canadian Corporation’.
While the BC Real Estate Association (BCREA) welcomes these amendments because they provide greater flexibility to newcomers and businesses seeking to contribute to Canada, we remain opposed to the legislation’s highly political and largely non-evidential assertion that foreign ownership plays a significant role in Canadian housing attainability.
The federal government’s need to amend this policy demonstrates its overly hasty policy-making process. The negative unintended consequences that necessitated the amendments could have been mitigated with proactive, fulsome sectoral consultation. The negative fallout from this legislation once again highlights a concerning trend at all levels of government to implement policy affecting major economic sectors without adequate advance sectoral consultation.
BCREA is committed to continuing our advocacy efforts calling for the establishment of a Permanent Housing Roundtable to bring together all stakeholders in the housing sphere and help address its challenges with an inclusive, holistic and innovative approach.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.
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