Open House on Wednesday, September 25, 2019 10:00AM - 12:00PM
Very private and unique main level condo with large patio facing the bike lane and One Burrard Place Luxury Condo Tower. This ground level one bedroom corner unit stands apart from most Anchor Point suites: northwest exposure with a large patio which feels private and comfortable. Kitchen, bath, flooring are all redone. Huge common garden area & expansive rooftop patio. Parking is rented from the strata. Anchor Point is located in an area that is changing with many high end condos, coffee shops, and exclusive restaurants. Steps to the Aquabus to Granville Island & Seawall. Developers have been inquiring about acquiring the Anchor Point properties for redevelopment at a significant premium. This is a great, affordable opportunity in a fantastic location.
Under the fine print for the First Time Home Buyer Incentive program, which was announced in March and will officially launch in September, a first-time homebuyer who earns less than $120,000 can qualify. The Canada Mortgage and Housing Corporation would kick in up to 10 per cent of the purchase price of the home, providing the borrower comes up with the minimum amount for an insured mortgage, which is now at five per cent.
There's also a requirement that the total value of the mortgage plus the CMHC's portion don't eclipse $480,000. A government official says that effectively means the program is only available for properties worth a maximum of about $565,000, regardless of whether or not they have met the other requirements.
If that bar is met, the CMHC may kick in an additional five per cent of the purchase price of a resale home. For a newly built home, the CMHC may contribute up to 10 per cent.
The stakes from the CMHC would be interest free, meaning no ongoing cost to pay down, like a mortgage does.
But the government says in exchange for its stake, the CMHC would get to participate "in the upside and downside of the change in the property value" — which means they would be entitled to any corresponding increase in the value of a home when the buyer eventually sells. On the flip side, the government would also be on the hook for any share of the loss if the property depreciates.
On a home costing $500,000, if the borrower puts up $25,000 and the CMHC puts up the same amount, the CMHC would then own five per cent of that home. So if, down the line, the house appreciates to $600,000 and the borrower wants to sell, they would have to give the CMHC five per cent of the sale price — $30,000 in this example — not the $25,000 the CMHC put down in the first place.
While a bill would be paid down the line, the savings over the years could add up. In the example above, the program would save a would-be borrower $286 a month in mortgage costs over the life of the loan, $3,430 a year.
"This will mean more money in the pockets of Canadians and will help up to an estimated 100,000 families across Canada," said Jean-Yves Duclos, the Liberal MP and cabinet member in charge of the CMHC.
Financial adviser Rajiv Bissessur says the program will likely help some people, but ultimately, it amounts to just another form of debt for overleveraged borrowers.
"It's an interest-free loan, but it's still a loan they will have to pay back," he said.
He also said the relatively low cap on prices and loan amounts won't do much to help people who need it most, to buy in some of the more expensive markets. "We are not really fixing the problem."
Under the terms of the program, new homes would be eligible for a bigger CMHC stake than resale ones are, and the government suggests that is an incentive for builders to construct more housing stock. (Graeme Roy/Canadian Press)
The program must be paid back within 25 years — or if the buyer sells before that — but there's no financial penalty for buying the CMHC out of its stake, at whatever the fair value of the home is at the time.
Applications will be accepted as of Sept. 2 for home sales that will close no earlier than Nov. 1.
Funding for other programs too
In addition to offering these programs itself, the government has earmarked $100 million a year to help fund other organizations that already offer similar programs.
That's a group that could include Toronto-based Options For Homes, which has worked with 3,000 homeowners over the last quarter century on a similar model — putting up money to help them become home purchasers, in exchange for a stake in the property down the line.
"[This] will go a long way to help to improve access to home ownership for middle-income earners and make progress in tackling affordability issues," CEO Heather Tremain said.
"We've been using the shared equity mortgage model for more than 25 years and have seen first-hand the positive impact it can have on working Canadians looking to achieve the dream of home ownership."
But some are critical of the government's program because they say it does little to help buyers in expensive cities that need the most help.
Mortgage Professionals Canada, which represents brokers across Canada, noted the $560,000 cap on the program makes it essentially useless in Toronto and Vancouver, where even entry-level homes cost far more.
This @CMHC_ca chart shows some scenarios. While there may be "savings on monthly payment", it's more prudent to think of FTHBI "savings" more as payment deferment. You owe that money back to the government when you borrow new money against your home or sell it.
James Laird, president of mortgage brokerage Canwise Financial, said the government program could actually reduce a would-be buyer's purchasing power in some cases. Eligibility is capped, where the amount being borrowed must be no more than four times the person's annual income, but standard mortgage stress test rules allow for borrowers to get between 4.5 and 4.7 times their income.
"Those who would be attracted to the program would be Canadians who are trying to purchase at their maximum qualification," Laird said. "However, because the program diminishes how much you can qualify for, it doesn't serve the needs of the group it is targeted at. Canadians can get a larger loan by not participating in the program."
1818 Alberni Street, Vancouver, British Columbia, Canada
36 private residences
21-storey mixed-use tower
142,324 square feet
The residences of 1818 Alberni offer a fusion of nature and urban access, with a downtown Vancouver address and atmosphere like no other. The homes are perched above Stanley Park at the edge of Lost Lagoon, framing dynamic views everywhere you turn. Architect Foad Rafii and designer Scott Trepp created a remarkable living experience, defined by spacious homes and design details that make every day exceptional. With just 36 residences—only two per floor—privacy and peace are prioritized.
1818 Alberni is nestled in the neighbourhood of Coal Harbour in Vancouver’s West End, steps from everything the city is famous for: Stanley Park and the Alberni Street luxury shopping district, English Bay, the sea wall, and the Vancouver Art Gallery. From international cuisine and cozy cafés to world-class architecture and engaging public art, this is Vancouver at its finest.
505 1425 W 6TH Avenue in Vancouver: False Creek Condo for sale in "Modena Of Portico" (Vancouver West) : MLS®# R2403770
Floor Area:1,262 sq. ft.
Enjoy a full panorama of the city & mountains from English Bay to Granville Isl & Science World in this spectacular bright corner suite with flr to ceiling windows on 3 sides. The 3 large decks provide al-fresco dining, gas for your BBQ & VIP views of the Festival of Lights fireworks. Extensive updates incl: kitchen, 2 full baths, H/W flrs, lighting, in-flr heat & built-in speakers. The spacious master offers a nice retreat with twin walk-in closets, ensuite bath incl. separate shower & tub, plus a N/E east balcony. The 2nd B/R makes a great home office. 2 perfect parking spaces & large private locker are included. Very well managed with gym/sauna/hot tub/workshop/live-in caretaker. South Granville shops, restaurants, art galleries, Granville Island market & transit are outside your door.
207 2890 POINT GREY Road in Vancouver: Kitsilano Condo for sale in "Killarney Manor" (Vancouver West) : MLS®# R2402324
Floor Area:1,203 sq. ft.
This fully renovated 2 bdrm, 1.5 bath, suite is situated in iconic Killarney Manor. It's elegance is apparent from the moment you enter. Oak hardwood floors, quality millwork, over-height interior doors, stylish brushed brass hardware, custom lighting and designer chosen fixtures. The spacious living room is open to the dining room which offers access to a sunny south facing balcony. The contemporary kitchen with centre-island is open to the dining/living area and features a Bosch induction cooktop, Bosch oven, Fisher Paykel fridge, Miele DW and plenty of custom cabinetry. At the other end of the suite are 2 sun filled bedrooms, a beautifully designed master ensuite with glass enclosed shower, a fabulous powder room and convenient laundry closet. Open Sat Sept 14th 2 - 4 pm
529 1777 W 7TH Avenue in Vancouver: Fairview VW Condo for sale in "KITS 360" (Vancouver West) : MLS®# R2402352
Floor Area:1,143 sq. ft.
Rarely does a private 2 bed 2 bath suite with an over 550sqf patio become available in the highly sought after development Kits 360 at the heart of Kitsilano. This one of a kind suite is the only one available in the entire development to offer seamless flow of indoor and outdoor space, and spectacular natural surroundings and view of the ocean, mountains & downtown Vancouver. With a European style kitchen with built in Miele gas-range cooktop and oven, integrated Bloomberg refrigerator, quartz counter top and high gloss cabinets, you will surely be impressed. Unbeatable location close to transit, restaurants, shopping, Downtown, Granville Island, Kits Beach and UBC. This opportunity is not to be missed!
2562 W 1ST Avenue in Vancouver: Kitsilano Townhouse for sale (Vancouver West) : MLS®# R2405427
Floor Area:1,838 sq. ft.
Modern West Coast contemporary styled townhome that has been artfully designed to capture mesmerizing English Bay views from the upper floors and peaceful garden outlooks from the lower levels. It is two bedroom, 2.5 baths, with a lofty living room and a water view den PLUS an 215 sq foot flex space. The floor plan has been renovated over time and always catered well to those that desire more separated rooms and quiet spaces. The entire triplex has been extremely will maintained and mechanically upgraded - making this property a "Lock up and leave-it situation" that is the perfect compliment to a busy executive lifestyle or a well travelled retirement.
2335 W 10TH Avenue in Vancouver: Kitsilano Townhouse for sale in "PARK VIEW" (Vancouver West) : MLS®# R2384269
Floor Area:1,485 sq. ft.
Best location with beautiful Park View (Connaught Park). Steps to St. John’s School & Kits Secondary School, transit & shops. This modern Italian designed home with 3 bedrooms (up) on two levels offers Euromobil Kitchen cabinets from built-in oven to a floor to ceiling pantry. Bright, wide layouts offers a spacious space for a family with kids. Separate drive way. Detached singer car garage. Fourplex strata offers the privacy of a single home ownership from soundproof floors to very technical wall insulation & Tar Gravel roofs. There is no monthly strata fee. All windows are covered with remote control automated blinds. Enjoy the overlooking park view and activities on the park. Easy to access everything. Don't miss it !
101 1707 YEW Street in Vancouver: Kitsilano Townhouse for sale in "1707 Yew" (Vancouver West) : MLS®# R2394661
Floor Area:2,555 sq. ft.
Bright & spacious townhouse in North of 4th, Kitsilano near cafes & restaurants, beach community. This feels more like home with separation of bedrooms privately in one level & entertainment space, kitchen & living room in upper level. Spacious master with large walk-in closet, ensuite & gas fireplace, 5 piece bath with jetted-tub, in-floor heating Ceramic tile, 2 sets of modern gas FP, 2 large balconies/patio perfect for BBQ & relaxing, Italian GamaDecor of Porcelanosa Grupo kitchen with 6 burner gas range & French door fridge/freezer & 3 parking spaces. Enjoy a short stroll to Beach, ocean, parks & famous shops on W 4TH. Priced under Tax assessed Value.
401 2008 BAYSWATER Street in Vancouver: Kitsilano Condo for sale in "Black Swan" (Vancouver West) : MLS®# R2399219
Floor Area:1,024 sq. ft.
EXCLUSIVE LUXURY 3-BEDROOM PENTHOUSE with OVERSIZED 812 SF wrap around OUTDOOR TERRACE (on same level) in desirable KITSILANO. CORNER UNIT with functional open floor plan boasting 1,834 SF TOTAL combined indoor & outdoor living space, FLOOR TO CEILING WINDOWS with lots of natural light & UNOBSTRUCTED VIEWS of mountains, water & beautiful sunsets. INNOVATIVE DESIGN & TOTAL RENOVATION to the highest standards with top of the line Italian designers materials. Highlights: ITALIAN KITCHEN Snaidero Ola20, MIELE & GAGGENAU appliances, ROBERTO CAVALLI tiles with FLOOR WARMING system THROUGHOUT, state of the art FIREPLACE & so much more! UNBEATABLE LOCATION steps to the beach, parks, finest shopping, restaurants, close to UBC & Downtown. Plenty of in-suite STORAGE, 2 parking spots.
1920 CYPRESS Street in Vancouver: Kitsilano Townhouse for sale in "CYPRESS MEWS" (Vancouver West) : MLS®# R2405662
Floor Area:2,233 sq. ft.
Welcome to the most exquisite townhome Kitsilano has to offer. Imagine a NYC brownstone meets a Victorian fully renovated row house. A stunning and incredibly spacious boutique- 4 level home provides the perfect space for entertaining. With over 2200sqft, this home offers 3 bdrm 4 bath, white oak hardwood floors, heated tiled bathrooms, custom cabinetry/millwork, wool carpets, S/S appliances, 9ft ceilings, quartz counter tops, custom glass work, & gas fireplace. 2nd level incl. master bdrm, ensuite bath, WIC and 2nd bedroom. Top floor offers a serene space, 1 bdrm, 1 bath, quiet custom office space air conditioned. Open your french doors to a private deck with mountain & fireworks views huge WOW factor! Bonus:190 sqft crawl space for storage in bsmt. Open House SUN SEPT.22 @ 2-4PM.
1557 W 8TH Avenue in Vancouver: Fairview VW Condo for sale (Vancouver West) : MLS®# R2375459
Floor Area:1,756 sq. ft.
Nestled on quiet W 8th Ave in a remarkable intimate neighbourhood with characteristic shops, art galleries, restaurants intricately woven into this community. Merely minutes to Granville Island, False Creek Seawall and Downtown Vancouver. This one-of-the-kind of meticulously curated design makes each residence exclusively positioned on the corner, allowing for maximum light exposure and ventilation, NO SHARED WALLS with other units. This ground level home has its own entries from both the front and the rear for enhanced privacy. The rear patio opens directly and attaches to the specially designed Zen Garden, like your own private back yard, making this suite very unique in the whole complex. Open floor plan flows through North to South. It gives a detached house feel.
2171 MAPLE Street in Vancouver: Kitsilano Townhouse for sale (Vancouver West) : MLS®# R2389198
Floor Area:2,227 sq. ft.
THE ESSENCE OF LIVING THE DREAM - A LIFESTYLE LOCATION IN VIBRANT KITSILANO! Vintage Development Presents Private City Homes By The Greenway surrounded by Community Flower Gardens 2200+ SqFt of Phenomenal Spaces and Quality Finishes for Enjoyable Living! Inviting Veranda Opens into Large Open Dining & Living Areas Featuring Limestone Mantel, High Ceilings and Beautiful Brushed Oak Floors with Radiant Heat Throughout. High-End Chef’s Kitchen has Quartz Counters, DCS Range, Fisher & Paykel Fridge & Dual Draw D/W. Adjoining Sunny Family Rm has French doors to Private Deck & Gardens. 3 Bdrms Up include Master with Private Balcony, WIC and Luxurious Ensuite. Lower Level has Sep Entrance with 2 Bdrms and Oversized Great Rm! Walk or Bike to the Beach, Restaurants, Shopping & Even the City Core!
2151 MAPLE Street in Vancouver: Kitsilano Townhouse for sale (Vancouver West) : MLS®# R2389193
Floor Area:2,344 sq. ft.
THE ESSENCE OF LIVING THE DREAM - A LIFESTYLE LOCATION IN VIBRANT KITSILANO! Vintage Development Presents Private City Homes By The Greenway surrounded by Community Flower Gardens with 2300+ Sq Ft, Phenomenal Spaces and Quality Finishes for Enjoyable Living! Impressive Large Open Dining & Living Areas Featuring 1920 Heritage Mantel, High Ceilings and Beautiful Brushed Oak Flrs with Radiant Heat Throughout. High End Chef’s Kitchen, Quartz Counters, DCS Range, Fisher & Paykel Fridge & Dual Draw D/W Plus Entertainment Sized Island. Adjoining Family Rm has Access to Private Deck & Gardens. 3 Bdms Up include Master with City Views, WIC and Luxurious Ensuite. Lower Level has Sep Entrance with 2 Bdrms and Oversized Great Rm! Walk or Bike to the Beach, Restaurants, Shopping & Even the City Core!
2587 W 2ND Avenue in Vancouver: Kitsilano House 1/2 Duplex for sale (Vancouver West) : MLS®# R2400791
Floor Area:2,488 sq. ft.
Luxurious, new 1/2 duplex w/stunning water views in sought after North of 4th Kits location. Rarely do we see a property w/this attention to detail. Designed by award winning architect & built w/the highest quality, this Earthquake resistant design features: over 2400 sqft w/4 bdrms (all w/en-suites). Open kitchen/dining/family plus formal LR. Large principal rms perfect for a down-sizer. Dream kitchen w/massive island, Caesarstone counters, Bosch appliances & Sub-Zero fridge. Elegant master w/walk-in closet & spa like ensuite. Engineered hw flrs, high efficiency systems (heating, boiler, A/C, HRV), gas & electric f/p's, fully fenced yard w/irrigation, & finished, heated 1100 sqft crawl space. Too many incredible features to list.
201 1933 W 5TH Avenue in Vancouver: Kitsilano Condo for sale in "SAHLANO PLACE" (Vancouver West) : MLS®# R2404338
Floor Area:440 sq. ft.
Completely renovated Studio / Jr 1 bdrm with dedicated sleeping area with a window. Perfectly located in Kitsilano (walking score 97) this Pet friendly gem has new floors, appliances, counters, and cupboards. An excellent investment if you are looking for a home or rental property. No smoking by law. Quick possession possible. Don’t miss this one call your Realtor ! Open Sunday Sept 22 from 2-4.
314 1630 W 1ST Avenue in Vancouver: False Creek Condo for sale in "THE GALLERIA" (Vancouver West) : MLS®# R2404590
Floor Area:443 sq. ft.
A wide-open studio unit in The Galleria! This apartment is located in the desirable north of 4th neighbourhood steps to Granville Island, the Seawall and all the beauty that is the Vancouver inner harbor. Stroll to the shops on 4th, Kits Beach, bike routes and transit out to UBC. The Galleria is a concrete low rise commercial and residential building with an open inner courtyard and a community that is friendly and inviting. The apartment has laminate flooring, an open south facing deck perfect for sunning and entertaining. With 1 parking and 1 storage locker, this is a great home for a first time buyer or investor, no rental restriction except no short term rentals. Open House, Sept 21 Saturday 1-3pm.
102 2234 W 1ST Avenue in Vancouver: Kitsilano Condo for sale in "OCEAN VILLA" (Vancouver West) : MLS®# R2382189
Floor Area:538 sq. ft.
LOCATION LOCATION LOCATION! Steps to Kits beach, LOCAL Public Eatery, trendy restaurants and cafes. This stunning one bedroom home at Ocean Villa is move-in ready! Inside: beautiful kitchen with S/S appliances, slate tile and pot lights, bathroom, and crown mouldings throughout w/ recessed mood lighting. Spacious bedroom, open floor plan, laminate floors, make this condo ideal for entertaining and cooking for friends. Outside: sliding balcony doors, private patio raised above the street level on a beautifully landscaped slope. This spacious home will not last! Excellent building!. Comes with parking and a storage locker. Shared laundry, no elevator. Common rooftop deck with spectacular water & mountain views. Rentals allowed w/ restriction. Book a Private Viewing now at your convenience. OPEN HOUSE ON SATURDAY AUGUST 17th - 3:00 to 5:00 pm
6 2375 W BROADWAY in Vancouver: Kitsilano Condo for sale (Vancouver West) : MLS®# R2387547
Floor Area:547 sq. ft.
Good things come in small packages and this is one of them...a perfect junior one bedroom on the quiet side of the desirable 'Taliesin' building. in immaculate condition with in-suite laundry, secluded patio, mantled gas fireplace for those cozy evenings, efficiently designed kitchen with ample counter space, in-suite storage & sparkling bathroom. Courtyard entry to each unit. Secured underground parking. Locked bike rooms and party room. Centrally located with walk score of 96! All meas. approx. Wonderful for first time buyer or investor. Open house Sunday September 22, 2-4pm.
402 1875 W 8TH Avenue in Vancouver: Kitsilano Condo for sale in "THE WESTERLY" (Vancouver West) : MLS®# R2377471
Floor Area:621 sq. ft.
Beautiful 1 bdrm, 1 bath, west-facing penthouse suite in Kitsilano - completely renovated & available for immediate occupancy. Large living room features a cozy wood burning fireplace and opens to your covered balcony, perfect for relaxing. Your gorgeous kitchen boasting granite counters, stainless steel Kitchen Aid appliances with plenty of cabinet space and an island offering extra seating and entertaining area. Spacious master bedroom with closet built-ins and tastefully updated 4 piece bath complete this lovely home. 1 parking & 1 storage are included. Prime Kitslano location, steps to shops, cafes, restaurants & transit along W Broadway, Burrard St & W 4th Ave and a short stroll to Kitsilano Beach & Granville Island. Easy access to UBC, downtown Vancouver & YVR.
206 2211 W 5TH Avenue in Vancouver: Kitsilano Condo for sale in "West Pointe Villa" (Vancouver West) : MLS®# R2402588
Floor Area:624 sq. ft.
Nicly updated and spotless well kept North Facing 1 bedroom in awesome central Kitsilano location. Ideal for those looking to move in or for investment. Building allows rentals and 1 pet. Well maint small complex w new elevator, new exterior windows and exterior sliding doors. Suite is tenanted M to M. Allow 24-48 hours to show. Steps to Whole Foods, Parallel 49 Coffee and lots of West 4th Shopping. 5 blocks to Kits beach.
101 2020 TRAFALGAR Street in Vancouver: Kitsilano Condo for sale (Vancouver West) : MLS®# R2390420
Floor Area:679 sq. ft.
Perfect to LIVE or INVEST in this lovely private garden patio home, spacious floor plan for comfortable living & easy entertaining. No wasted space here. Feels like a townhouse with PRIVATE access (front & back door.) Beautifully updated Kitchen, granite counters, stainless steel appliances, solid wood cabinets. Bathroom offers jacuzzi tub, his/her tempered glass bowl sinks, granite counter-top lots of cabinets. This fantastic home is conveniently at the corner of 4th and Trafalgar Walk to Kits Beach, West 4th shopping or Broadway, RENTALS ALLOWED, PETS ALLOWED! THIS IS HOME! Open house SUN September 22, 3-5pm.
206 2255 W 8TH Avenue in Vancouver: Kitsilano Condo for sale in "WEST WIND" (Vancouver West) : MLS®# R2401329
Floor Area:694 sq. ft.
The West Wind in Kitsilano. Wonderfully renovated large 1 bedroom suite. Fantastic layout with lots of updates. Home features grey oak laminate floors throughout, kitchen with S/S appliances and grey stone countertops. Bedroom big enough for a King Bed leads to a freshly renovated bathroom. bright space with a covered north facing balcony. Well maintained building in perfect Kitsilano location with everything within walking distance. Pets friendly and rentals allowed w/ restrictions. Open house. Sat Sept 21st 2:30-4pm
202 2458 YORK Avenue in Vancouver: Kitsilano Condo for sale (Vancouver West) : MLS®# R2374195
Floor Area:552 sq. ft.
This charming one bedroom boasts views of the ocean, of the North Shore Mountains, of the city, and tree-lined York Avenue. Large balcony. Parking & Storage. Rental & Pet allowed. Steps to Kitsilano Beach and strata has allowed ventless washer/dryer combos with approval. Want an ocean view every day? Within 5 minutes, your feet could be in the sand–a free spa treatment. Why not check it out for an afternoon?
304 2458 YORK Avenue in Vancouver: Kitsilano Condo for sale (Vancouver West) : MLS®# R2394506
Floor Area:637 sq. ft.
Are you ready to call Kits Beach home? This sun drenched penthouse loft is a privilege to offer in the heart of Kitsilano. A Southern exposure, expansive views of Downtown Vancouver and vaulted ceilings bring a feeling of spaciousness to a phenomenal location. The balcony is massive and the kitchen is open concept. Storage and parking are included, and pets are welcome. Why not check it out for an afternoon? Viewing by Appointment Only. Call now!
706 2370 W 2ND Avenue in Vancouver: Kitsilano Condo for sale in "CENTURY HOUSE" (Vancouver West) : MLS®# R2406656
Floor Area:670 sq. ft.
A RARE OFFERING at CENTURY HOUSE in the COVETED NORTH OF 4TH area of KITSILANO. This 1 BEDROOM home has been REMODELLED in 2004 and showcases WATER VIEWS! The OPEN-CONCEPT KITCHEN is complete with an ENTERTAINMENT-SIZED ISLAND. The SPACIOUS master bedroom also boasts a WATER VIEW. Other features include LAMINATE FLOORS and a SUNNY DRENCHED BALCONY to enjoy the VIEWS. You will enjoy RESORT STYLE LIVING complete with OUTDOOR POOL, TENNIS COURT, steps to KITS BEACH and TRENDY RESTAURANTS / EATERIES along WEST 4TH.
311 2680 W 4TH Avenue in Vancouver: Kitsilano Condo for sale in "STAR OF KITSILANO" (Vancouver West) : MLS®# R2386136
Floor Area:653 sq. ft.
Star of Kitsilano one bedroom plus den/office. Bright kitchen with granite counter tops, and stainless steel appliances. Freshly painted in neutral tones. Smart layout with large walk in closet off the bedroom. Bedroom easily accommodates a king size bed. Insuite storage space, lovely gas fireplace, and nice size deck. Huge common roof top deck to enjoy the summer evenings. Well maintained building in the heart of Kitsilano. Very easy access to UBC and downtown. Showing Tuesdays between 5:30-6:30pm only. Call to book your appointment.
TOWER GREEN AT WEST in False Creek - centre of the Olympic Village. Vibrant, friendly & independent community. Views of the cityscape, steps away from a public transportation in any direction: Skytrain, Canada Line to YVR, UBC, Aquabus & miles of seawall recreation just steps away. This bright spacious large 1-bedroom and den features Euro style kitchen with backsplash. Gourmet chef's kitchen includes stainless steel appliances, imported quartz counter tops with breakfast bar. First class amenities include visitor parking, meeting room, exercise gym, outdoor patios with garden plots, party room, TV room & more!
TOWER GREEN AT WEST in False Creek - centre of the Olympic Village. Vibrant, friendly & independent community. Views of the cityscape, steps away from a public transportation in any direction: Skytrain, Canada Line to YVR, UBC, Aquabus & miles of seawall recreation just steps away. This bright spacious large 1-bedroom and den features Euro style kitchen with backsplash. Gourmet chef's kitchen includes stainless steel appliances, imported quartz counter tops with breakfast bar. First class amenities include visitor parking, meeting room, exercise gym, outdoor patios with garden plots, party room, TV room & more!
From left, Grandview-Woodland residents John Richards, Anne Worrall, Danielle Pepin, Ella Worrall, Bruce Worrall, Witmar Abelle holding Cooper, Rob Fisher, Doug Remington and Matt Crane of Hayden Crane have concerns regarding a proposed six-storey rental building in the 1500-block of Grant, in Vancouver on Sept. 15. GERRY KAHRMANN / PNG
When Vancouver city council approved a five-storey rental building late Tuesday, it marked the culmination of a years-long process that helped illustrate the wide chasm between different sides of the housing question.
Before council could vote on the proposed building on Grant Street in East Van, they heard from dozens of speakers over almost seven hours spread over two nights.
Among those supporting the proposal, a segment that skewed younger and included many renters, the project represented only an incremental step toward addressing the city’s rental-housing shortage. The Grant Street project took three years and a series of design revisions to get to a contentious public hearing, for approval of what supporters called an innocuous five-storey apartment building in an area with an acute rental-housing shortage and well-served by transit.
Meanwhile, those in opposition tended to be longtime homeowners in the area, decrying the idea of their neighbourhood being “overwhelmed” by such a building or even “destroyed.”
For one side, the proposal wasn’t nearly enough. For the other, the same building represented a catastrophe.
Over the last decade Vancouver has tried to encourage the production of rental housing, which had ground to a halt under previous civic administrations while construction of condos and houses flourished. In 2008 and 2009, the city approved a total of zero units of secure, market rental housing.
The city has more recently made strides in this area, and last year approved 1,031 purpose-built rental units — but that represents barely half of the city’s own target of 2,000 units per year.
Tuesday, as council approved the project by a vote of 6-3, the landowner and the architect handling the Grant Street project sat poker-faced in the council chambers. But in recent months, members of the public, certain members of council and some city staffers have expressed frustration at how long and difficult it is to get construction of needed apartments approved — in this case, an arduous years-long effort to get 35 rental apartments approved when the city was 969 units short of its own target last year.
This week’s rezoning proposal was for a mid-block site on Grant Street, just west of Commercial Drive, where four small detached houses currently sit. The property’s current zoning would allow a developer to build a four-storey condo project, as long as the existing seven rental units were replaced, without requiring approval from council.
Indeed, the Grant project’s developer initially approached the city more than three years ago inquiring about a four-storey condo building on the site, said W. Neil Robertson with Stuart Howard Architects who has been working on the Grant Street project since early 2016.
But later that year, Vancouver’s previous council approved the Grandview-Woodland Community Plan after four years of community engagement. That plan, intended to guide change in the community over the next 30 years, sought to encourage production of rental housing in the neighbourhood, and allowed consideration of purpose-built rental buildings up to six storeys within the sub-area where the Grant Street property sits.
After the adoption of the 2016 plan, Robertson’s team conferred with the property owners, he said, who “did some soul-searching and decided … this seemed like something they thought would be a good fit for the community.”
“This was when people started really acknowledging the rental crisis,” Robertson said. “So this seemed like what everybody was saying we need in this city.”
The proponent came back to the city with a rental proposal, which eventually came before council this month with a staff recommendation.
The project faced significant opposition from neighbours, including the Grandview-Woodland Area Council who raised concerns for years. Council board member Dorothy Barkley said allowing a five-storey apartment building on a side street like Grant, a block away from the arterial road, would set a bad precedent that means “neighbourhoods are going to be destroyed.”
Barkley, the retired former executive director of the Architectural Institute of B.C., also criticized the market rental homes in the proposed Grant Street building as not being affordable. She also said she’d opposed previous social-housing buildings in the neighbourhood, including one recently approved social-housing project on Clark Drive, and a proposed 12-storey tower on Venables Street that a developer and non-profit partner abandoned last year.
The Grant building proposed to offer studio apartments affordable for a household income of $60,000, and two-bedroom homes that would be affordable to households with incomes in the range of $90,000-$99,000, which could include two income earners.
The 2016 Grandview Woodland plan paints a demographic picture of a neighbourhood that was once a hub for working-class and immigrant families, but faced challenges including stagnating population growth and diminishing numbers of families, young people, immigrants and lower-income people. The plan notes that between 1996 and 2011, while Vancouver’s population increased by about 17 per cent, Grandview-Woodland’s population actually decreased by 6.5 per cent.
Meanwhile, the rental vacancy rate in Grandview-Woodland is now 0.4 per cent, half the city-wide rate.
And while Grandview-Woodland has historically had a higher share of renters than the rest of the city, the proportion of renting households in the neighbourhood has been decreasing over the years, while home-ownership rates have risen.
Housing advocate Adrian Crook is disappointed that the process for the Grant Street project included scaling the proposed development down, further below what was allowed by zoning, in an apparent attempt to appease the neighbours, before the project even went to a public hearing.
During the rezoning process with city staff, the project went from an initial 45 units in six storeys down to 35 units in five storeys, reducing the number of homes by 20 per cent.
“I wish I knew how many units of housing we’re losing prior to any public hearing, because I hear about this a lot,” Crook said. “It’s ridiculous. These are purpose-built rentals, this is what we need.”
The Grant Street proposal passed with Green Couns. Adriane Carr and Pete Fry and COPE Coun. Jean Swanson in opposition. NPA Couns. Rebecca Bligh and Colleen Hardwick weren’t in attendance.
David Hutniak, CEO of Landlord B.C., an organization representing the rental housing industry, identified the Grant project and another recent rental townhouse proposed for Shaughnessy as “two great examples of litmus tests” for the new council.
The 21-unit Shaughnessy rental project Hutniak mentioned, which faced fierce opposition from neighbours and a hospice next-door, was rejected by council in June. Those property owners subsequently indicated their plans to build a 12,000-square-foot mansion on the site instead — the very result rental-housing advocates had dreaded.
On Tuesday night, shortly before the vote, Hutniak told council: “What comes out of your decision tonight is really going to be very telling, in terms of how we go forward with building new rental housing.”
Hutniak will be pleased with this week’s outcome, but going forward, this council faces some larger rental-housing decisions. It’s expected the first round of projects under the city’s moderate-income rental housing pilot project could come before council this fall. That new program, which considers allowing larger rental buildings in exchange for deeper levels of permanent affordability, are already being welcomed by one side of this debate, and denounced by the other.
7455 WEST BOULEVARD in Vancouver: S.W. Marine House for sale (Vancouver West) : MLS®# R2405488
Floor Area:2,188 sq. ft.
Fantastic 40x120 East/West lot on quiet part of West Boulevard RS-1 zoning. This 1941 home has three levels, 3 bedrooms and 3 bathrooms with some updates. Move in and enjoy, renovate and expand, or build your dream home here in this great neighbourhood. Located across from Arbutus Greenway, walk to Choices Market, and on bus route for easy access to downtown, UBC, and airport. Enjoy beautiful sunsets from your west-facing deck, and garden to your hearts content on this large lot. View more photos online and join us at our showing periods: Thursday Sept 19 (6-7 pm), Saturday and Sunday Sept 21/22nd (12:00-2:00pm). Listed by: Pospischil Realty Group
8507 FREMLIN Street in Vancouver: Marpole House for sale (Vancouver West) : MLS®# R2404255
Floor Area:2,165 sq. ft.
33 x 122 full size lot with RT-2 zoning in a good location. "Sold as is where is." Room sizes unavailable, house deemed unfit for habitation. short walk to Oak Park, Marpole Community Centre. Oil Tank scan showing no oil tank, is availible. Build your dream home or potential duplex and enjoy the revitalization envisioned by the Marpole Community Plan. Steps to transit! School catchment; Sir Wilfred Laurier Elementary and Sir Winston Churchill. EXCELLENT FOR BUILDER OR INVESTOR!
8056 HAIG Street in Vancouver: Marpole House for sale (Vancouver West) : MLS®# R2276096
Floor Area:1,633 sq. ft.
Beautifully kept up over the years and only one owner. Quality well built handcrafted home! Possibilities endless, you could remodel, build or keep the beautiful charm of the house and just move in. Great home for a family, elementary school is less than a block away. Shopping, transportation and all amenities are in walking distance, Beautiful yard with a nice large garage.
8549 OSLER Street in Vancouver: Marpole House for sale (Vancouver West) : MLS®# R2337451
Floor Area:2,040 sq. ft.
Cute 4 bedroom bungalow, 3 on main, 1 down, 2 full bathrooms which raised a family with 3 kids. Ready for next family. All new carpet and freshly painted in tasteful colours. Hardwood floors. Could be 2 bdrm suite down with full bathroom, bedroom already in place . "Other" could be 2nd bdrm down. Good ceiling height and separate entry down. Excellent location with a view of beautiful townhomes across the street, RT-2 duplex lot. Excellent investment potential. Potential revenue of $4000/mo. West facing rear yard for afternoon and evening sun. Excellent schools (Churchill & David Lloyd George). Easy access to public transit, airport & bike route to UBC. Close to shopping & cafes. Single garage. Oil tank inspection done by professional company. No tank was found. Certificate provided.
8032 SHAUGHNESSY Street in Vancouver: Marpole House for sale (Vancouver West) : MLS®# R2385370
Floor Area:1,804 sq. ft.
EXCELLENT FOR HOLDING OR BUILDING YOUR DREAM HOME! Solid Marpole house in central location, just 1 block east of Oak St. Minutes to walk to Oak Park, Marploe Community Centre, this 4 bedroom bungalow comes with a newer roof (2014), updated windows, flooring, bath/kitchen and newer hot water tank. Basement features a 2 bedroom mortgage helper with separate entrance. Oil Tank removed for your peace of mind. Live in right away, build your dream home with potential Laneway House and enjoy the revitalization of the future Marpole Community Plan. Steps to transit! School catchment; Sir Winston Churchill, Wilfred Laurier, Qulichena Elementary and General Gordon. Open house: Sun, Sept. 8, 2-4pm
690 MILLBANK in Vancouver: False Creek Townhouse for sale (Vancouver West) : MLS®# R2406856
Floor Area:1,900 sq. ft.
Unique and Extraordinary Waterfront Residence for the most discerning purchaser. This stunning, award winning terraced concrete townhome offers 2 BR+large conservatory+den/library+office/studio, 2 baths+2 parking. Sweeping views of the Marina+Skyline looking North and of a serene+verdant garden oasis looking South. A hidden gem on the South Shore of False Creek, a boater's paradise, an artist's dream and a gardener's delight. Explore the Seawall, Charleston Park+Olympic Village dog park with your furry friend. Living on water's edge lets you canoe, kayak or paddle board.. or just make the Aquabus your means of transportation. It is hard to imagine a more wonderful setting. Architect Peter Cardew was presented the Honor Award by the Royal Architectural Institute of Canada for this complex.
1512 W 68TH Avenue in Vancouver: S.W. Marine House for sale (Vancouver West) : MLS®# R2355182
Floor Area:1,482 sq. ft.
Very convenient location with rezoning potential. Corner lot, walking distance to Safeway, restaurants and schools. Desirable school catchment McKennie & Magee. Easy access to UBC, Kerrisdale, Langara College, downtown and YVR.
14 W 14TH Avenue in Vancouver: Mount Pleasant VW House for sale (Vancouver West) : MLS®# R2400766
Floor Area:2,425 sq. ft.
Yes, both sides, of this side by side duplex is offered for sale as one property, one legal title for only $1.7 M and with fantastic revenue. A 1910 Mount Pleasant licensed-side-by-side duplex,#14 & #16 renovated in 1970, offering multiple future development opportunities. Apply for a new single residential home plus garage with back lane access, or renovate and apply for three strata units-3 legal titles. Located in RT-6 zoning; lot; 24.75' wide by 131.96'. Property is located on a bike route, is 2 blocks from trendy Main Street with excellent shopping opportunities, is close to parks, community centre and both public and private schools. One of Vancouver's hottest up and coming neighborhoods with easy access to downtown and Sky-Train.
4047 W 18TH Avenue in Vancouver: Dunbar House for sale (Vancouver West) : MLS®# R2405344
Floor Area:3,374 sq. ft.
Extra deep 33'x136' south facing lot is located on a quiet tree-lined street in Dunbar. Walking distance to trail, Queen Elizabeth Elementary, Lord Byng Secondary, Pacific Spirit Park, Dunbar Shopping & transit. Also in proximity to the most prestigious private schools including St. Georges, West Point Grey & Crofton house. Short minutes drive to UBC, beach parks, W 4th shopping & Kerrisdale Village where you can find any shops and services & much more. Build your dream house in this convenient location! Showing Saturday September 14th at 2pm and Sunday September 15th at 2pm ! Offer acceptance on Wednesday, September 18th, at 12:00 noon.
2701 W 1ST Avenue in Vancouver: Kitsilano House for sale in "KITSILANO" (Vancouver West) : MLS®# R2402675
Floor Area:2,942 sq. ft.
KITSILANO VIEW CHARACTER home. 2942 sq.ft., 4 bedrooms, 2 bathrooms with fully developed basement with 8' ceilings (to help reduce those mortgage payments). Peek-a-boo view from the 2nd level of this treed corner lot property. Large principal rooms, wood burning fireplace, leaded glass windows, beamed dining room ceilings, welcoming front porch. Walking distance to all levels of schools, parks, beaches, shopping and bus transportation. Quick access to downtown and UBC.
778 WEST 69TH Avenue in Vancouver: Marpole House for sale (Vancouver West) : MLS®# R2402191
Floor Area:2,240 sq. ft.
Come see this charming home in Marpole area. A duplex lot a place your family can call home...Top floor has 3 bedrooms and one full bathroom, downstairs is suite with own entrance and existing hook-ups for a kitchen perfect for a mortgage helper. A double garage and additional parking out back. Custom built shed out back. Only blocks away from SW Marine Drive easy access to Oakridge Mall and 6 elementary schools and Winona Park. located on the southern edge of the city of Vancouver, immediately northeast of YVR. Access to 3 bridges a bustling gateway to Vancouver from the south.
Listed by Sutton Group-West Coast Realty (Langley)
Vancouver Business Brokers is paving way for brokers to welcome retail cannabis clients in real estate transactions by adding first-ever segment listings to MLS® Canada
VANCOUVER, British Columbia, Sept. 19, 2019 /CNW/ -- In a move that has excited retail cannabis business owners around the country, a commercial brokerage has created the first-ever retail cannabis real estate listings in Canada. The move has opened doors for the fast-growing retail cannabis sector to gain national recognition and establish their brands in a first-of-its-kind database of businesses in the industry.
This exciting development is influenced by the exponentially growing cannabis market in Canada and abroad. It comes as no surprise to experts who have been advocating the cannabis industry, especially the numerous medicinal uses that have arisen for cannabis extracts over the years. Oana Nicoara, a recognized cannabis advocate and owner of EggsCanna, discussing the inclusion of retail cannabis business in MLS® Canada, said, "Cannabis and hemp will have vast reach across many industries. We have seen cannabis cultivation and retail naturally evolve and take the spotlight. However, with world markets rapidly opening and our own Canadian framework now including the burgeoning derivative market, I believe that cannabis and/or hemp will become commonplace in many industries. It is always wonderful to see the inclusion of cannabis businesses. For the pioneers of this industry, these milestones are meaningful and victorious."
Vancouver Business Brokers is one of those Canadian brokerage houses that take pride in staying ahead of the curve and foreseeing upcoming market demands. The move to initiate real estate listings for retail cannabis businesses is expected to revolutionize the sector's growth in Vancouver, leading to higher engagement in the market across Canada.
With highly bullish projections for the cannabis market in the coming years and decades, all business operations involved in managing the sector have the potential of creating highly rewarding opportunities for stakeholders, according to the 2016 report of Canada's Task Force on Cannabis Legalizations and Regulation. Since Canada's recent legalization of cannabis, and its various products, the $100+ million market has become a regulated industry, creating opportunities for a wide range of business activities.
It must also be noted that the foreseeable future is expected to bring extraordinary growth in the industry. While the black market in Canada for cannabis is still thriving, consumers of recreational cannabis in the country spent over $43 million on purchases through licensed cannabis retail stores. As the trend continues in the years to come, it is expected that the market will grow with exceptional pace, reaching the size of just under $5 billion by the year 2024.
In British Columbia alone, the number of cannabis consumers is expected to reach 725K by the end of 2019, making the province the third-largest cannabis market in the country. Unfortunately, the province has yet to capitalize on this huge market with very few licensed stores operating in major cities. Due to the slow progress in licensing of new cannabis stores, the province has been unable to fully benefit from the market potential.
This limitation is a major reason why most consumers are relying on the black market for their needs.
However, this trend is changing. While British Columbia is currently recording a fraction of the cannabis sales virtually all other provinces in Canada are booking, the province has so far issued over 60 licenses to the retail cannabis sector with more to come.
With Vancouver as the centre of the province's commercial activities, local enterprises, like Vancouver Business Brokers, are supporting this sector. These enterprises understand the potential of the regional market and are working to prepare a firm foundation for its rapid growth.
As a trusted name in commercial real estate marketing and listings services in the province, Vancouver Business Brokers has become the industry leader in making retail cannabis business listings part of the MLS®. The company strategy for this sector is to create an atmosphere of trust, transparency and convenience for retail cannabis listings.
The first two listings Vancouver Business Brokers has created on the MLS® are retail storefronts. The Hastings and Nanaimo store is poised to become one of the largest cannabis stores in Vancouver with its 4,000 sq. ft. of store space on 16th Avenue. The fast facelift of this commercial district in the city is triggered by the new trendy restaurants and bars opening on both sides of Main Street.
The location is licensed to be converted into a cannabis retail store. Listed with a 10-year lease – and 10-year option – the store will give its new owners an established retail presence and a client base built over the past four years. With a location that covers Boundary to Clark St. in E. Hastings and provides the residents of Burnaby (where retail cannabis is still prohibited) a convenient option to buy from, the new cannabis store could become the busiest enterprise. Thankfully, the property comes with 5 parking spots to ensure customer comfort.
The other listing is of a 900 sq. ft. store space located within metres of the chic Main Street and adjacent to the famous Browns Craft House. Offered at a 5-year lease with a 5-year option, the premises is available with a newly renovated boutique with custom-built cabinetry, high-grade security system, vintage brick accent wall, floor-to-ceiling glass doors, and designer flooring.
The space comes with 4 customer parking sports right behind the store with 2 free public parking spots out front.
The team at Vancouver Business Brokers is confident this is merely the beginning of an active segment in their portfolio. Discussing the breakthrough, Paul Mon-Kau, Senior Broker with VBB, says, "Listing these Cannabis stores on MLS® shows how times have changed and how much we have progressed as a country. Not just in how Governments are treating this product in a calculated and sensible manner, but also in how the entire industry has evolved in such an amazingly short amount of time."
Company contact information
Vancouver Business Brokers is a growing business brokerage that offers a versatile portfolio of business and commercial real estate listings, including properties and businesses in retail and restaurant sectors. They also have a long list of listings for industrial and institutional properties as well and multi-family units in Vancouver. More details about Vancouver Business Brokers can be found on their website – https://vancouverbusinessbrokers.ca – or via emails sent to email@example.com, while inquiries can also be made via phone calls to 604-783-5593.
Q. I’m 41 years old, live alone, and have an outstanding mortgage of $355,000 on my detached home in Calgary. With a monthly income of $3,300 after taxes, I have a difficult time making ends meet and have come to the realization that I will likely never pay off my mortgage. At what point should I consider selling my home? And what would the pros and cons be of selling now and becoming a lifelong renter? –Paula
A. Now. Now is the point when you should consider selling your home. The key word is to “consider,” not “decide.” And the solution is not necessarily to sell, then rent.
Let me start by doing some math for you. Your income is about $4,250 per month before taxes. The affordability rule from CMHC says that your total housing expenses shouldn’t exceed 32% of your gross monthly household income—which, in your case, is $1,360. But, by my calculation, your mortgage payment is about $1,600; plus, you’re likely paying about $300 for heat and property taxes, for a total of $1,900. You are $540 per month above the rule-recommended maximum, so it’s no surprise you’re feeling the pinch.
I know next to nothing about what else is going on in your life–student debt, credit card debt, precarious work, child support payments, etc., so I can’t give you specific recommendations, but I will outline broadly some of the options that are available to you.
1) Stay and take in boarders. A detached home a big financial burden for a single person to carry. How much could you earn if you rented out a few bedrooms to international students or recent graduates? This is probably a short-term scenario—for a few years, maybe? But it could give you some breathing room as you figure things out.
2) Sell and buy a less expensive condo: I don’t know how much equity you have in the house, but maybe there is enough for a down payment on a condo in the $270,000 range. (I’ve factored in a $500 condo fee with that estimate.) I know that the real estate market in Calgary is tough these days, so it may be that selling the house will bring in less than you would have hoped for. But there is an advantage to this option: You get stay in the real estate market and keep paying a mortgage, which is a great “forced saving” plan.
3) Sell and rent: This still may be the best option for you. And it’s nothing to be ashamed about. There is no stigma around renting in places like Germany and Hong Kong, where it is much more common for people to rent a home for their entire lives. You won’t have the forced savings of a mortgage so you’ll need to be sure you have a plan to sock away the money you’ll be saving when you no longer have a detached home to carry on your own.
Keep in mind that was a very basic analysis of your situation. Your next step needs to be a meeting with a mortgage broker, who can go through more detailed calculations to help you decide whether you want to stay or sell.
It will cost money to make a move. But it sounds like it is costing you stress to stay stuck where you are. Go through your options in detail and make a change that will leave you better off in the long run.
By now you’ve probably heard about the mortgage stress test that the federal government introduced in late 2017. But, if you’re like nearly half of Canadians polled recently by TD Bank, you may not understand what the test is—or who it affects.
“These new rules apply across the board,” says Ann-Marie Rasiawan of Mortgage Architects, a national mortgage brokerage based in Mississauga, Ont. “Even if you have amazing credit and a 20% down payment, you still have to go through the stress test.”
In other words, if you have a mortgage or plan to get one, the stress test applies to you. Here’s what you should know before you apply for your next home loan:
What is the mortgage stress test?
First off, it’s not really a test. Rather, it’s a more stringent set of rules banks must now use to determine if you qualify for mortgage and, if so, how much you can borrow.
Why was it created?
The new mortgage rules exist to protect borrowers, like you. Because interest rates have been at historic lows that can (and will) only go up, the government wants to make sure you’ll still be able to afford your mortgage payments when rates eventually do rise. Otherwise, if you can’t afford higher payments in the future, you might be forced to default on your mortgage and lose your home.
How does it work?
When you apply for a mortgage, the lowest rate the bank can use to determine your eligibility is the posted Bank of Canada five-year rate, which is currently 5.34%. (Or, if the rate your bank is offering you, plus 2 per cent, is higher than the Bank of Canada rate, then that’s the minimum qualifying rate that will be used.) To put this into real terms, if you wanted to borrow $400,000 and the bank is offering you a rate of 3.5%, you would have to prove you can afford a mortgage payment of about $2,440 per month (at 5.5%), even though your actual monthly mortgage payment (at 3.5%) would be just under $2,000.
How does the bank determine what I can afford?
There are two main figures banks use in this calculation, Rasiawan says. “First is GDS [gross debt service ratio], which is the percentage of the borrower’s pre-tax income that will cover housing costs [including mortgage, heat and property taxes] and it should be no more that 32%,” she says. “Then there’s TDS [total debt service ratio], which is any outstanding personal debt [including mortgage, car loans, credit card debt, lines of credit, etc.] and should be no more than 40% of pre-tax income.”
Going back to our $400,000 mortgage example above, if we assume heating and property taxes total $560 per month (bringing total housing costs to $3,000), you’d need a pre-tax monthly income of at least $9,375 (or $112,500 annually) to have a GDS of 32% or less. Similarly, based on that income, your total debt load could not exceed $3,750 per month (including the $2,440 mortgage payment) to have a TDS of 40% or less in this scenario.
If you are a first-time potential homeowner trying to get a foot into the market, the new rules make it a lot harder for you, Rasiawan says. “My brother, for example, was applying for a mortgage and under the old rules would have been able to qualify for $450,000 but can now only get $380,000,” she says. “That’s a huge difference when you’re a first-time home buyer.”
Renewing mortgage holders only need to “pass” the stress test if they switch lenders. “But they can’t really shop around for a better rate or negotiate with their existing lender when they renew, so it affects them as well,” she says.
Is there any way to side-step the stress test?
Not really. Canada’s big banks are mandated to enforce these rules while other lenders, such as credit unions, use them voluntarily to reduce their risk exposure. Still, there are steps borrowers can take increase home affordability, according to Rasiawan. “Save up more, pay down other debt or get a co-signer,” she says. “That will qualify you for a larger mortgage.”
The federal government launched a new national program on September 2, 2019, that it says will help thousands of families across the country buy their first home. Aptly named the First-Time Home Buyer Incentive (FTHBI), the program offers eligible buyers up to 10% of a home’s purchase price to put toward their down payment, thus lowering mortgage carrying costs and making home ownership more affordable.
But before you put your real estate agent on speed dial and start browsing the MLS listings, there are a few things you should know about the FTHBI. First, you might not qualify, since the program is limited to a specific subset of first-time homebuyers. Second, the Incentive is not free money, but a form of loan from the Government of Canada which will eventually need to be paid back, possibly at a large premium.
The specifics of the FTHBI are a bit complicated, so we’ve broken down the main points to help you figure out whether you can access it and, more importantly, what the potential pitfalls could be if you do.
For the purposes of this program, first-time home buyers are not only people who have never owned a home before, but also homeowners who have gone through a divorce or breakdown of a common-law partnership, or those who have not lived in a home that they owned (or that was owned by their spouse or common-law partner) for the past four years.
To be eligible for the program, however, you also need to meet the following criteria:
Your qualifying household income is less than $120,000. Qualifying income includes money you earn from investments and rental income, not just your job(s).
You have at least the minimum down payment. The minimum down payment is 5% of the first $500,000 of the home’s purchase price, and 10% for any amount above that. However, the total amount you put down (including the FTHBI amount) must be less than 20% of the home’s purchase price. This maximum down-payment rule also assures that the FTHBI applies only to CHMC mortgage-default-insured mortgages.
You are borrowing less than four times your qualifying income. Since the maximum qualifying income is $120,000, the most any eligible buyer can borrow (and still be able to apply for the Incentive) is $480,000 — including the mortgage, mortgage insurance and the FTHBI amount. Lower earners who want to apply for the Incentive are limited to borrowing even less, which would be challenging considering that the average price of a home in Canada in June 2019 was $505,463, according to Canadian Real Estate Association data.
“For people who live in larger cities, these limits probably seem ridiculous,” says Sandi Martin, a fee-for-service Certified Financial Planner and Partner of virtual services firm Spring Financial Planning. “But in smaller centres, where incomes and home prices are lower, this incentive may be the difference between someone being able to afford a home or not.”
How does the FTHBI work?
If you meet the eligibility criteria, you can apply for the Incentive, which comes in the form of a shared equity mortgage with the Government of Canada. (It’s called a shared equity mortgage because the government shares in any gains or losses on the home’s equity. More on this later.)
The government will loan buyers 5% of the purchase price for a re-sale home, or 10% for a new one. That works out to a possible $50,000 on a new $500,000 home, or $25,000 on a $500,000 resale property. That could save you a little bit on your mortgage payment and monthly insurance premium—somewhere around $100 to $300 per month, according the federal government’s calculations.
Buyers don’t have to make ongoing payments and are not charged interest on the loan. But they do have to repay the incentive, either when they sell the house, or after 25 years—whichever comes sooner.
But here’s where it gets tricky. The repayment is not based on the dollar amount borrowed. Instead, borrowers must repay the same 5% or 10% share that they received through the FTHBI, but calculated as a percentage of the home’s fair market value at the time of sale, or at the 25-year mark. That’s because, as mentioned above, the government benefits from any increase in equity of the home and loses out if equity goes down.
In other words, if the home has increased in value, you will need to pay back more than you borrowed. If the home has decreased in value, you’ll pay back less than you borrowed.
What does that mean in real terms?
Assuming that Canadian housing prices increase to the same degree over the next 25 years as they did in the previous 25 (that’s 219%, since the average home in 1994 was worth $158,299), your $500,000 home in 2019 could be worth nearly $1.1 million in 2024. In that case, the repayment on the $50K you borrowed would balloon to nearly $110K (or 10% of the value of the home) in 25 years.
And that’s just considering normal appreciation of the home as it was when you bought it. What if over the 25 years you made significant renovations, adding to the base value of the home? It could now be worth even more—and so will that 10% slice you owe the government.
That sounds off alarm bells for Martin, the financial planner. “Will you have the money somewhere to pay that off?” she asks. “Lots of people choose to stay in their homes and, after 25 years, they’re getting close to retirement. I’d be concerned that this repayment would come as a surprise 25 years after you buy your house.”
As for the possibility that the property value could go down and you’d have to pay back less, Martin’s not buying it. “I would be interested in seeing data on the likelihood of property values going down after 25 years. If there’s a house that is worth less on the 25th anniversary of purchase than the day you bought it, that’s got to be an outlier.”
Even those who sell well before the 25-year limit and must repay the Incentive at the time of sale could be in for a shock. “Whenever you sell this house, you need to count on giving back the percentage of your equity—and that’s on top of closing costs, legal fees, land transfer taxes and real estate commissions,” she says.
Making the right decision for you: FTHBI or not to FTHBI?
“If all the numbers work out, the timing and price are right, and you’re willing to take the risk that you’d have to pay back more than you borrowed, then great,” says Martin. However, she cautions that those who are unable to save up an extra 5% down payment on their own should take that as a financial warning sign, and pay close attention to all the risks of home ownership—including the possibility of rising interest rates and unforeseen maintenance and repair costs—not just the risks related to the FTHBI.
Buyers should also be aware that there may be extra legal, appraisal and mortgage refinancing fees involved in the administration of the FTHBI.
Those who do make use of the incentive would be wise to repay it before making any renovations that would increase the value of the home. Even without renovations, you may want to consider paying back the loan early (there is no penalty for early repayment), as that would limit the risks of a huge equity increase, says Martin.
“To me, if you are going to take advantage of this program, you want to ask yourself, ‘Is there a way to protect myself from that 25-year risk?’” she says.
The First-Time Home Buyer Incentive helps first-time homebuyers without adding to their financial burdens. Eligible first-time homebuyers who have the minimum down payment for an insured mortgage can apply to finance a portion of their home purchase through a shared equity mortgage with the Government of Canada. Visit the First-Time Home Buyer Incentive for more details.
The FTHB Tax Credit offers a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual, the credit will provide up to $750 in federal tax relief. Go to the Home Buyers’ Credit section to see if you are eligible.
The Home Buyers' Plan (HBP) is a program that allows you to withdraw up to $35,000 in a calendar year from your registered retirement savings plans (RRSPs) to buy or build a qualifying home for yourself or for a related person with a disability. Review the Home Buyers' Plan for more information.
You may qualify for a rebate of part of the GST or HST that you paid on the purchase price or cost of building your new house, on the cost of substantially renovating or building a major addition onto your existing house, or on converting a non-residential property into a house. GST/HST New Housing provides all of the details on this rebate.
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309 48 RICHMOND Street in New Westminster: Fraserview NW Condo for sale in "Gatehouse Place" : MLS®# R2400219
Floor Area:873 sq. ft.
Fabulous river & mountain VIEWS from this beautifully renovated top floor corner, oversized 873 sf suite. This bright & spacious 1 bdrm in Gatehouse Place is located close to parks, shopping & transit and has had over $30K in renovations done. Features an updated kitchen, kitchen appliances, bath, flooring, gas f/p, custom closets, LED lighting & more. 2 pets ok. No rentals allowed. Adult 19+ complex. This dream home could be yours! FLEXIBLE POSSESSION AVAILABLE ***OPEN HOUSE: Sunday, Sept 15, 2-4 pm***
PH8 2238 ETON Street in Vancouver: Hastings Condo for sale (Vancouver East) : MLS®# R2386670
Floor Area:617 sq. ft.
A well kept building in a quiet neighbourhood in East Village. A completely renovated penthouse facing south, with views from the solarium. A beautifully done kitchen with granite counter tops, specialty backsplash, garburator, new cabinetry, including a pantry and brand new appliances with full warranties attached. Master bedroom is a good size and has a brand new closet organizer installed. This unit has in-suite laundry and secure underground parking. Updates to the building were completed in 2010. This bright and organized penthouse suite is sure to please. Call for your private viewing. Open house Sunday, August 25 2:00-4:00pm.
1206 1250 BURNABY Street in Vancouver: West End VW Condo for sale in "THE HORIZAN" (Vancouver West) : MLS®# R2386025
Floor Area:550 sq. ft.
RARE SOUTH FACING ROOFTOP POOL PENTHOUSE CONDO with beautiful unobstructed view to the N & NE! with one of Vancouver’s best water views; watch the English Bay fireworks, see the night lights on the historic Burrard St Bridge, take in the view of the North shore mountains behind the cityscape, Granville Island, Kits, English Bay and more. Beautifully renovated, steps from shopping, restaurants, Seawall, Sunset Beach - Why own a vehicle with a walkability score of 96! Walk to Yaletown, Coal Harbour, English Bay and Stanley Park or take the Aqua Bus to Granville Island. Complete renovation, refinished original classic hardwood floors, new kitchen and new bathroom. Monthly Fee includes TAXES, HEAT and HOT WATER. OPEN HOUSE SAT AUG 17, 2-4 PM.
508 1026 QUEENS Avenue in New Westminster: Uptown NW Condo for sale in "AMARA TERRACE" : MLS®# R2404178
Floor Area:883 sq. ft.
Fantastic upper level condo in the heart of New Westminster. Spacious living room opens to balcony with great river views. This 2 bedroom 2 bathroom has tastefully updated flooring, kitchen cabinets, and appliances. Close to shopping and transit. 2 parking stalls and 1 large storage locker are included.
306 1025 CORNWALL Street in New Westminster: Uptown NW Condo for sale in "CORNWALL PLACE" : MLS®# R2395339
Floor Area:1,008 sq. ft.
Top floor over 1,000 sq/ft 2 beds/2 baths in a great location! CORNER unit with TWO balconies! SW facing, top floor corner suite offers views of river and city lights. Features include laminate, new tile, lighting, paint, extended kitchen with custom cabinets and counter-tops. Very spacious bedrooms and master has a huge walk-in closet. Custom build brick feature wall in living room. Very quiet area but yet just a short walk to all the great amenities and transit. Building in good condition, pet friendly, storage & parking.
505 715 ROYAL Avenue in New Westminster: Uptown NW Condo for sale in "VISTA ROYAL" : MLS®# R2368009
Floor Area:657 sq. ft.
Here are the TOP 5 REASONS you’re going to love this condo! #1 PENTHOUSE Top floor, Corner unit, on the quiet side. #2 PRICE Champagne on a beer budget. Like NEW but w/o the price tag. Immaculately maintained by owner who designed and.. #3-RENO'D COMPLETELY in 2016. Quartz Counter tops, flooring w/ sound barrier underlay, crown moulding, new electrical panel, built in cabinetry. Open Kitchen w/ new appliances, breakfast bar, shoe closet & best of all #4 OVERSIZED new PATIOS !!! This one is totally private & hidden behind the Maple and Cedar trees. Entertain or enjoy a tranquil escape without even leaving the city! BONUS there are also 2 roof top common Patios! #5 LOCATION in the heart of NewWest short walk to the Sky train Station, Douglas College, Quay Mrkt and boardwalk. Open Sep7, 12-2
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501 1228 HOMER Street in Vancouver: Yaletown Condo for sale in "Ellison" (Vancouver West) : MLS®# R2404363
Floor Area:1,096 sq. ft.
Rare boutique warehouse conversion loft in historical Yaletown. This unrivaled 2 bedroom, 2 bathroom gem has been meticulously renovated featuring spa-inspired bathrooms, sliding glass wall partitions, handcrafted cedar wood beams, exposed brick, 10 foot ceilings, temperature controlled 500 bottle wine fridge for you wine enthusiasts, and countless more features! You will love to entertain with this chef inspired kitchen displaying high end stainless steel appliances, a spacious island, quartz countertops and the perfect dining room setting that flows on to your west facing custom built 185 sq.ft patio featuring built in bench seating, tiger wood flooring and a regency fireplace. Rentals allowed. 1 parking + storage locker.
1486 W HASTINGS Street in Vancouver: Coal Harbour Townhouse for sale in "Dockside" (Vancouver West) : MLS®# R2365782
Floor Area:1,307 sq. ft.
Rarely does an opportunity like this come along! Situated in the heart of Coal Harbour, this spacious, CONCRETE 3 bedroom townhome at Dockside by renowned architect, Richard Henriquez, has loads to offer. Designated as a live/work property allows for various options both residentially and as boutique office space. The layout is on two levels with 3 bedrooms/2baths up which is ideal for a family and/or office. Direct street access with your own front and back entrances. Super quiet location and just steps to the business district, Stanley Park, restaurants, seawall, community centre and public transit. Purchase with confidence as Dockside is a well-maintained complex. By appointment only.
Listed by Engel & Volkers Vancouver and Cushman & Wakefield
35 GORE Avenue in Vancouver: Hastings Condo for sale in "THE EDGE" (Vancouver East) : MLS®# R2351015
Floor Area:1,522 sq. ft.
35 Gore Avenue is situated in the Edge Development, which is strategically and conveniently located at the 3-way intersection of Gore Avenue, Alexander Street and Railway Street. The Edge is a large scale mixed-use development that features creative and inspirational spaces for living and working. The subject property is a unique live-work strata unit featuring double height ceilings, a funky concrete finish, a generous storefront entrance way, with large glass window panels, grade level loading at the rear with a roll-up loading door, 2 parking stalls, a nicely improved washroom and shower, kitchen and much much more.
21 120 POWELL Street in Vancouver: Downtown VE Condo for sale in "PILKINGTON HOUSE" (Vancouver East) : MLS®# R2364437
Floor Area:2,814 sq. ft.
Welcome to "Pilkington House", Largest NY Style Concrete & Brick loft in Vancouver nested in a boutique true VIP 7-unit building with only 2 units per floor.Constructed in 1910 as a Glass company & converted to lofts/offices in the early 1990's by Rositch Hemphill Architects (RHA).The Loft features 2 separate entrances,2 open plan living rooms,3 bdrms,2 full bath, 9.5" high ceilings, lots of lights from N/W/S windows,plenty of storage & access to a manicured common rooftop patio & garden.Stone gas fireplace, polished concrete flooring & exposed brick walls. Lrg Modernized Chefs kitchen, stone surface, soft-close cabinetry, 2 wall-mounted ovens, wine fridge, built-in coffee machine! Property also Listed on MLS for SALE as LIVE/WORK – MLS#C8025242
4801 1480 HOWE Street in Vancouver: Yaletown Condo for sale in "Vancouver House" (Vancouver West) : MLS®# R2329522
Floor Area:2,728 sq. ft.
The RARELY available Vancouver House 01 Estate has the ambiance of an opulent home with an ensemble of three bedrooms and a family room all with direct access to outdoor living space, plus five bathrooms including a five-piece master ensuite with freestanding bathtub. Running across the entire façade is 140 linear feet of floor-to-ceiling glazing opening onto over 800 square feet of outdoor living space. Stunning views are seen from three vistas; scenery of Granville Island, further to the west all of Point Grey and English Bay out to the Pacific Ocean, and eastwards to False Creek and Mount Baker. The interior features a grand salon with room for piano and sliding doors onto the terraces to maximize the indoor-outdoor aesth
The South Shore Community Liaison Committee brings together local residents, Indigenous, municipal, and port industry representatives to better understand and address local port-related issues on the south shore of the Burrard Inlet.
The committee was established in summer 2019 for a timeframe of four years, which aligns with the timing of significant planned port development activities in the area. We meet regularly at locations throughout the South Shore.
In 2017, the port authority went public with the possible idea and need, and ever since it has been looking at its options beyond the Canada Place terminal in downtown Vancouver. The locations being explored are in Richmond and Delta.
“We are in discussions with a number of key stakeholders to determine the feasibility of a site on the Fraser River. It’s still early in the process and expect more details in the new year,” Carmen Ortega, manager of trade development at the Vancouver Fraser Port Authority, told Daily Hive.
A larger cruise ship squeezing under the Lions Gate Bridge. (Dillan K / Flickr)
The issue with Canada Place is not necessarily berthing capacity, but rather the limitation on ship heights travelling under the Lions Gate Bridge to reach the downtown terminal.
Ships currently have a clearance of 200 ft under the mid-point of the bridge deck, but that is insufficient for new and larger cruise ships that are increasingly being launched.
Cruise ships are becoming larger to increase their operational economies of scale in an effort to reduce costs and increase profits.
Moreover, cruise ships are now larger to meet the booming demand in the global cruise industry, with over 100 newly-built cruise ships scheduled to come online over the coming years, including 24 new ships making their debut in 2019.
Nearly 30 million passengers are expected to cruise in 2019, up from about 18 million a decade earlier.
The Celebrity Eclipse leaving the Canada Place cruise ship terminal in downtown Vancouver. (Kenneth Chan / Daily Hive)
Without the ability to accommodate taller ships, Vancouver could lose more of its cruise industry business to Seattle, which had a non-existent industry just two decades ago.
But for some years now, Seattle has been attracting more passengers than Vancouver, and without any physical impediments they have successfully lured new larger, taller vessels, such as two of the world’s largest ships — the Norwegian Bliss and the Norwegian Joy. Both vessels can only squeeze under the Lions Gate Bridge during low tide.
“We are working collaboratively with our industry, destination, and government partners to anticipate, plan for and accommodate future demand for various cruise ships that will visit Vancouver,” continued Ortega.
Some improvements have been made to Canada Place over the years to increase its ability to process more passengers, specifically the revamped drop-off and pick-up areas, and the ability to use one of the exhibition halls of the Vancouver Convention Centre — above the cruise ship terminal — as a spillover check-in area.
“Our main focus continues to be on optimizing the world-class facility we have at Canada Place and we’ve made a number of enhancements and investments in this facility to improve the passenger experience,” she added.
Up until 2014, the port authority utilized Ballantyne Pier on the east side of the Centerm terminal for cruise ships. As cruise ship operations at Ballantyne amounted to less than 4% of Vancouver’s total cruise ship traffic, a decision was made to consolidate the operations at Canada Place.
The Norwegian Bliss arriving at Canada Place in Vancouver during the early morning hours of September 30, 2018. (Mark Musni)
While their Haunted Corn Maze is not for the faint of heart, the Maan Farms 5th Annual Fall Festival offers plenty of things to eat and explore that won’t scare the living daylights out of you.
Upon arrival guests will find a delightful barn with pumpkins a plenty, varietals of delectable berry wine, pumpkin pie, butter chicken, and much more.
Of course, for those who love a good scare, the “scariest corn maze in Canada” offers a bone-chilling 45-minute adventure through five acres of pure terror. The maze features nightmare-ish installations, shocking visuals, live actors, chainsaws, and excerpts out of classic horror movies. However, participants will not be touched by the actors.
For truly brave festival-goers, Maan Farms offers a new attraction, Pitch Black, which offers a multi-sensory horror experience. Guests will be confronted with a critical decision: should you simply explore your darkest nightmares, or should you mark yourself to truly interact with the demons of the darkness?
From here, those who opt for true interactivity may be grabbed, held back, sent into hidden passageways, and even temporarily removed from their group. However, Maan Farms notes that, “Touching is NOT full contact.”
Family-friendly attractions include:
Photo opportunities with Snow White in the White Pumpkin Patch and Cinderella in the Orange Pumpkin Patch from 12:00 p.m. – 3:00 p.m. every Saturday and Sunday
Dogs in the pumpkin patch days on Sept. 21, 22, 28, and 29
Lion King themed flashlight corn maze
Barn Yard Play Land (zip line, pedal kart track, giant tire crawl, play fortress, slides, and jumping pillow)
Petting zoo with baby goats
Mama Maan’s specialty Indian cuisine along with concessional favourites, such as mini donuts, kettle corn, pumpkin-spiced and salted caramel lattes and slushies
Homemade pumpkin pies
Country Store items: pumpkins, gourds, and household décor
Tickets go live Saturday, Sept. 14 at 9 a.m. Find out more information here.
Maan Farms is located at 790 McKenzie Road in Abbotsford.
Moving, regardless of the distance and type of property you’re going to live, will require money from your pocket. You might even have to save money for a couple of months in order to afford moving to a new location. If you’re planning to move soon and have a tight budget, don’t fret. This article will teach you some of the easiest techniques for you to move with ease even if you have a shoestring budget.
Moving will always require a lot of things from you. Aside from the money, you also have to
exert time and effort in accomplishing all of the tasks in a move. To make your upcoming move less expensive and stressful, take note of the following tips:
1. Make sure to plan ahead of time
As mentioned, you’ll have to accomplish several tasks before, during, and afte