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Abandoned Vancouver house gutted in fire linked to immigration consultant allegedly defrauding foreign workers

The abandoned Vancouver house gutted by a fire just after midnight on Sunday appears to be linked to an immigration consultant facing a class action suit for allegedly defrauding temporary foreign workers. The heritage house at 74 W 12th Avenue is currently on sale with the owner listed as 0928129 BC LTD. According to the […]

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Realtor suggests evading taxes using bare trust loophole

A Vancouver realtor is suggesting buyers evade BC’s property transfer tax by exploiting the so-called bare trust loophole. “Save on the PTT by purchasing the shares of the numbered company that holds title as Bare Trustee,” reads the realtor comments section on the Multiple Listing Service (MLS) page for a triplex in Kitsilano. “Seller is […]

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All Vancouver flippers flopped in May

All 11 detached house flips in and around Vancouver in May 2019 ended up with the flipper losing money, with all selling for double digit percentage losses. All flips in Vancouver, Richmond, Burnaby, West Vancouver, North Vancouver and New Westminster ended up with the seller getting less significantly less than what they paid for the […]

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Chinese-only: Richmond Airbnb host only wants guests who speak her language

An Airbnb host from China who has 16 listings in Richmond, BC, is only receiving Chinese speaking guests. “Because my English is not good, can only receive guests who speak Chinese words,” says the host who goes by the name Aimi Aimi’s profile lists her as being from China and her profession as a “remote” […]

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Metro Vancouver condo prices fall 9% from peak

Metro Vancouver condo prices have dropped by 9% from the March 2018 peak, and the “spring bump” promised by the industry is nowhere to be seen. The Open House House Price Index for condos – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – has fallen 6% year-over-year as of May 31, […]

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Metro Vancouver realtor leaderboard: Luxury realtors no longer at the top

The rankings for Vancouver’s realtors by volume show that once high flying luxury realtors who were averaging up to five million dollars per sale are no longer at the top. The top position after the first five months of sales in 2019 is held by Maggi Thornhill who made more than $40 million selling 14 […]

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Realtors reeling as Vancouver real estate frenzy ends

A comparison between figures for first five months of 2016 and 2019 show sales volumes and numbers down by nearly three-quarters (75%) for the top 100 realtors of 2016. For example, controversial realtor Sandra Li, initially with New Coast Realty and now with LeHomes Realty, sold 62 homes by end of May in 2016 fetching […]

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City of Vancouver licences Chinese company to run multiple Airbnb flophouses

City of Vancouver has issued a local branch of a Chinese company to run at least three Airbnb flophouses in the city in clear violation of Vancouver short term rental bylaws that only permit individuals to offer listings in their primary residence. One of them is a brand new three-bedroom townhouse at 7827 Manitoba Street, […]

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Metro Vancouver detached home prices plunge 26% from peak

Metro Vancouver detached home prices have dropped by 26% from the March 2018 peak and there are no signs that the market has bottomed out yet. The Open House House Price Index – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – has fallen 23% year-over-year as of today. Looking at home […]

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Buyer beware: The curious case of the shrinking condo

When a presale assignment for condo unit 2609 of Westbank’s Vancouver House first appeared on the market in October 2015, the listing indicate the unit had an area of 900 square feet. The listing realtor Dexter Realty’s Kris Pope eventually managed to sell the unit for $880,000 fetching $977 per square foot. When the buyer […]

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Westbank’s Vancouver House presale flippers hit by market downturn

Many investors hoping to flip presale units at Westbank’s Vancouver House condo project have failed in their attempts as other potential buyers flee the region’s falling housing market amid attempts by the province to crackdown on money laundering in real estate. Only three out of the 22 units that came on the market in the […]

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Vancouver Market Update for May 14, 2019

Vancouver housing market slump continued unabated with 30 trailing days’ median change from assessment for detached houses plunging to 10.7% below 2019 assessed value. This marks a home price drop of 14.2% year-over-year and 1.73% month-over-month. 21 out of the 24 home sales recorded in the last seven days sold below assessed. Even recently built […]

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Vancouver Market Update for May 10, 2019

Vancouver detached housing market remained in the doldrums with the median change from assessment being 9.9% on the downside in the trailing 30 days. Home prices have dropped 13.3% year-over-year and 2.07% month-over-month. 27 out of the 31 home sales recorded in the last seven days sold below assessed. Even recently built houses were selling […]

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Developer abandons condo project, puts land up for sale

A developer who bought up seven Cambie Corridor properties with plans to redevelop the site as a low-rise development appears to have abandoned the project and put the land up for sale. Buffalo Properties Inc had planned to develop apartments along the 500 block of 65th and 64th avenue, which fall under Cambie Corridor Phase […]

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Vancouver Market Update for May 8, 2019

The Vancouver detached market contraction shows no signs of easing, with a the median sold price compared to assessment for the trailing 30 days falling to 10.7% below 2019 assessed value. Vancouver single family home prices have dropped 14.2% year-over-year and 2.7% month-over-month as of today. Sales recorded in the last seven days [table id=5 […]

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Vancouver Market Update for May 7, 2019

The Vancouver detached market continued it’s downward trajectory, with a the median sold price compared to assessment for the trailing 30 days falling to 10.6% below 2019 assessed value. Vancouver single family home prices have dropped 14.2% year-over-year and 3.1% month-over-month. Sales recorded in the last seven days [table id=4 /] Sales recorded in the […]

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More Vancouver detached homes sell for less than a million in April 2019

At least seven Vancouver detached homes sold for under a million in April 2019 – up from just two sub-million sales last months – as the city’s real estate market cooldown gathered pace. 63 of the 78 single family home sales so far recorded sold below the current assessment, with the median sale price for […]

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North Vancouver’s commercial Airbnb operators

City of Vancouver is not the only municipality in the Lower Mainland with a serious Airbnb infestation. Contrary to Airbnb’s narrative that the platform is only used by empty nesters renting out short term a “spare bedroom” to “make ends” meet, short term rental business in North Vancouver is also dominated by commercial operators. Here […]

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Vancouver home sellers in denial as the market edges lower

An analysis of asking prices for the 860 currently active detached home listings for Vancouver show that the vast majority of home sellers are in denial about the real estate market cool down. In March 2019, three out of four homes sold below current assessment, with the median sale price for a used detached house […]

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Foreign buyers’ impact denying developer’s condo project goes on sale in Hong Kong

A condo project by a developer who has long denied the impact of foreign buyers on Metro Vancouver’s housing market has gone on sale in Hong Kong. Pre-sales buyers in Hong Kong will get deep discounts and rental guarantees for Domus Homes’s Ovation project in New Westminster at an exclusive two-day sales event this weekend. […]

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