Vancouver real estate: record $500000 bonus awaits realtor of buyer of $13.8 million condo in tower under construction - The Georgia Straight | Canada News Media
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Vancouver real estate: record $500000 bonus awaits realtor of buyer of $13.8 million condo in tower under construction – The Georgia Straight

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As far as realtor bonuses go, this could be one for the books.

A seller is offering a $500,000 bonus for an agent who can deliver a buyer for a $13,888,800 condo in downtown Vancouver.

The condo is one of 181 residential units in a 43-storey tower currently under construction.

The development known as Alberni is expected to be completed between 2021 and 2022.

The bonus will be on top of a commission, structured as: 3.22 percent on the first $100,000, and 1.15 percent on the balance.

The commission amounts to $161,791.

Plus the half-million-dollar bonus, the money on the table for a buyer’s agent totals $661,791.

The listing was tracked by Zealty.ca, a real-estate search website by Holywell Properties.

Adam Major of Holywell Properties explained to the Straight that the deal is a contract assignment.

According to Major, a contract assignment means that a buyer will transfer the contract to buy a property to someone else before the completion date.

In other words, the seller of this unit bought the condo during pre-sale, and is now trying to market the contract.

Major recalled that the Alberni sold out during pre-sale.

Major also noted that there are 21 units listed for sale in this condo development.

All of these listings are assignment of contract sales, Major added.

The managing broker of Holywell Properties said that the $500,000 bonus could be a record.

“This is the biggest bonus commission we have tracked on Zealty.ca and the biggest I have ever seen,” Major said.

Vancouver city council approved the rezoning application for the condo project on October 20, 2016.

The mixed-use tower with commercial uses on ground level is being built at 1550 Alberni Street.

Japanese architect Kengo Kuma designed the building for developer Westbank.

The tower features a curved silhouette.

Back to the $500,000 bonus plus commission, 3902-1550 Alberni Street measures 4,030 square feet.

The property is on the 39th floor, and it has three bedrooms and four bathrooms.

It also comes with a private Japanese garden on the balcony, two parking spaces, and a locker.

The seller is represented by Angell, Hasman & Associates (Malcolm Hasman) Realty Ltd. 

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

The Canadian Press. All rights reserved.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

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

The Canadian Press. All rights reserved.

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B.C. voters face atmospheric river with heavy rain, high winds on election day

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VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.

Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.

The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.

Wednesday was the last day for advance voting, which started on Oct. 10.

More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.

Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.

An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.

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

The Canadian Press. All rights reserved.

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