We'll uncover some helpful tips that will help any entrepreneur in their real estate acquisition process. Acquiring real estate may be costly but a worthwhile long-term investment, provided that the business owner exercises their due diligence and executes a proper plan of action. A benefit of acquiring real property is that it will most likely appreciate in value. Unlike renting, you can deduct the cost of a depreciable property over its useful life as a yearly deduction for corporate taxes as a Capital Cost Allowance.

Tips for Success

1. Understand the local real estate market
Firstly, choosing the right location for your business is vital. Find a space that would adapt to your business needs and is in a prime location with demographics that fit your target market. Having an understanding of zoning and environmental regulations is another important success factor.

2.Seek advice from an independent commercial real estate agent
Luckily for you, you don't have to look any further. Our boutique firm is experienced in commercial real estate and we are always available to help you along with the purchasing process. 

3. Consult an accountant
Accountants can help you with the tax implications of the acquisition of real property. They can also advise on ways to minimize taxes and get the most out of your purchase.

4. Obtain approval for financing
In order to obtain approval, bankers / lenders will want to see financial statements, past and projected cash flows etc. You should shop around for the best financing package available that meets your needs. Note that while the interest rate is important, you should look into other factors as well. Such factors include repayment terms, fee structures, financing requirements etc.

5. Choose the right contractors and business professionals
It's important to have contractors and business professionals with experience, are highly reputable and are responsive to your needs. We can get you in contact with business professionals we have worked with in the past and who have a wealth of knowledge and experience. 

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or at amalia@wesellvancouver.ca or Kane Ryan at 778-223-5961 or at kane@wesellvancouver.ca.

Last month saw a 31.7% decrease in residential unit sales of 6,580 units recorded by the Multiple Listing Service® (MLS®) in comparison to the same period last year. The total sales dollar volume also saw a decrease of 39.7% bringing it down to $4.53 Billion. 

"Consumer demand has returned to a more typical level over the first two months of the year," says Cameron Muir, BCREA Chief Economist. "While the home sales have declined nearly 32 per cent from the extraordinary performance of a year ago, last month's activity reflected the average for the month February since the year 2000."

As for the average MLS® residential price in the province, it also saw an 11.7% decrease which brought it down to $688,117. A main factor driving the average price down is that there was a decline in the proportion of provincial sales originating from the Vancouver region. There has been a 7% decline in BC home sales occurring in the REBGV area (44% to 37%) from the same period last year.

Year-to-date, there has been a decrease of 38.5% in BC residential sales dollar volume bringing it down to $7.3 Billion. Additionally, there has been a decrease of 28.5% in residential unit sales to 11,067 units and a decrease of 14.1% in the average MLS® residential price to $660,943.

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively, at amalia@wesellvancouver.ca.

Source: British Columbia Real Estate Association

For all your real estate needs, contact Amalia Liapis at 604-618-7000 or alternatively, at amalia@wesellvancouver.ca.

Below you will find the commercial sales activity broken down by category for the Lower Mainland for Quarter 3 of 2016 and 2015 and the relevant percentage change. As well, there is a year-to-date comparison which encompasses the first three quarters. Quarter 4 statistics should be released in the next few weeks! The statistics for the Lower Mainland are inclusive of the following 18 cities: Abbotsford, Burnaby, Chilliwack, Coquitlam, Delta, Langley, Maple Ridge, Mission, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver and White Rock. Thus, the first table is not representative of only Vancouver commercial real estate (a separate table will break down the statistics for Vancouver).

Below you will find information from the above table which has the Vancouver data extracted from it. While the Quarter 3 results year over year have primarily seen a decrease in both unit sales and sales dollars, the year-to-date figures show a different story. All four categories see an increase in sales dollars when comparing 2015 to 2016. 

In addition to residential real estate and property management, we also do commercial real estate here at WeSellVancouver. We'd love to help you with your next investment or business venture. Contact the WSV Real Estate Services office at 604-801-6654 or at info@wesellvancouver.ca for all your real estate needs.

Our last blog was on the Real Estate Board of Greater Vancouver's residential statistics for Vancouver East. Today, we'll be looking at Vancouver West. As you can see, year over year, the three property types have seen a decrease in unit sales. However, if we were to compare on a monthly basis, from October 2016 to November 2016, there has been a decrease in sales for detached properties and condos of 11.54% and 1.66%, respectively, and an increase of 54.17% for townhomes.

As for the MLS HPI Benchmark Price, there has been an increase across the board when comparing between 2015 and 2016 in the months of October and November, which is a similar trend for Vancouver East. When comparing October 2016 figures with November 2016 figures, there are mixed results. There was a 1.36% decrease for detached properties, 0.91% increase for condominiums and a 3.07% decrease for townhomes.

For a look at the MLS HPI Benchmark Price over a 10-year span, click here. For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654.

Wondering what the residential sales statistics for Vancouver East are for October and November? Take a look below for a comparative analysis for detached properties, condominiums and townhomes. As you can see, for the most part, there has been a drop in sales when comparing year over year. If we were to look at the change from October 2016 to November 2016, we can see that sales have actually gone up. The sales increase percentages are as follows: 19.7% increase for detached properties, 35.78% for condos and 5.26% for townhomes.

While the one-year changes for the benchmark price have seen an increase across the board, it's a different story when comparing October 2016 figures with November 2016 figures. There has been a decrease for detached properties, condos and townhomes of 2.83%, 2.71% and 0.71%, respectively. 

For a look at the MLS HPI Benchmark Price over a 10-year span, click here. Stay tuned - our next blog will take a look at Vancouver West! For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654.

Another month has come and gone which means we have more monthly statistics to bring you! Looking at the residential property sales, October saw a total of 2,233 units sold which is a 38.8% decrease compared to October 2015 and a 0.9% decrease compared to September 2016. Sales last month were 15% below the 10-year October sales average.

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

New listings for Metro Vancouver detached, attached and apartment properties saw a decrease of 3.5% compared to October 2015 (from 4,126 down to 3,981 units) and a decrease of 17% from last month's 4,799 listed properties. There was a 4.5% decrease in total number of current properties in Metro Vancouver listed for sale on MLS® compared to October 2015 (from 9,569 to 9,143) and a 2.3% decrease from last month's 9,354 units.

“While sales are down across the different property types, it’s the detached market that’s seen the largest reduction in home buyer demand in recent months,” Morrison said. “It’s important to work with your local REALTOR® to help you navigate today’s changing trends.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $919,300. This represents a 24.8% increase compared to October 2015 and a 0.8% decline compared to September 2016.

Source: Real Estate Board of Greater Vancouver.

Residential sales in the Metro Vancouver area has seen a decrease of 32.6% in September 2016 compared to the same month last year (from 3,345 down to 2,253) and a decrease of 9.5% compared to August 2016. Sales from last month were 9.6% below the 10-year sales average for the month.  

“Supply and demand conditions differ today depending on property type,” Dan Morrison, REBGV president said. “We’re seeing more demand for condominiums and townhomes today than in the detached home market.”

There was a total of 4,799 new listings for detached, attached and apartment properties in Metro Vancouver for September 2016 which is a 1% decrease from the 4,846 units listed in September 2015. On the other hand, it was an 11.8% increase compared to August 2016 (4,293 listings). Current homes listed for sale on MLS® in the Metro Vancouver area has seen a 13.4% decrease (9,354 listings) compared to September 2015 and a 10% increase (8,506 listings) compared to August 2016. The sales-to-active listings ratio has been the lowest since February 2015 with a ratio of 24.1%. 

“Changing market conditions are easing upward pressure on home prices in our region,” Morrison said. “There’s uncertainty in the market at the moment and home buyers and sellers are having difficulty establishing price as a result. To help you understand the factors affecting prices, it’s important to talk with a REALTOR®.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $931,900. This represents a 28.9 per cent increase compared to September 2015 and a 0.1 per cent decline compared to August 2016. As for specific statistics on detached homes, apartments and townhouses from last month, you can refer to the image above. Detached property sales saw a decrease of 47.6% compared to September 2015 while their benchmark price increased by 33.7%. Sales for apartments saw a decrease of 20.3% and benchmark price increased by 23.5% in contrast to September 2015. Lastly, attached properties sales decreased by 32.2% and their benchmark price increased by 29.1% compared to September 2015.

For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654. 

Source: Real Estate Board of Greater Vancouver

Not only do we provide residential and commercial real estate services, we also provide property management. WeRentVancouver is proud to offer our clients Property Management for their local properties. Whether you are an off-shore owner with a luxury fully furnished waterfront condo or a local owner with a single or multi-unit investment property, the team at WeRentVancouver can help.

With many years of experience, our property managers strive to make your investment as profitable as possible by offering a full range of property management services that meet your every need.

Contact us at 604-801-6654 or at info@werentvancouver.ca for more details on how you can just sit back and relax while we do the heavy lifting for you.

Vancouver has seen slower home sales in August but there has been an overall strong housing demand across most regions within BC. There were 8,945 residential units recorded by the  Multiple Listing Service® (MLS®) last month which is an increase of 1.5% compared to the same month last year. As for the total sales dollar volume, it has seen a decrease of 6.7% compared to last year with a total of $5.1 Billion in sales. The average MLS® price has also seen a deline of 8.1% compared to the same month last year which brings it to $569,393. 

"The newly introduced 15 per cent foreign buyer tax combined with the 3 per cent property transfer tax on homes over $2 million brought in earlier this year, slowed demand at the top end of the market in Vancouver last month." - Cameron Muir, BCREA Chief Economist.

"The decline in the average home price was due to a change in the composition and location of homes sold in the province," added Muir. "Fewer sales of high priced detached homes relative to all other homes sales in Vancouver as well as fewer Vancouver home sales relative to the rest of the province has caused the average price statistic to decline."

Year-to-date, the BC residential sales dollar increased to $61.6 Billion (39.1% increase) when compared to the same period in 2015. As for the unit sales, it has also increased to 86,206 units (22.1% increase) whereas the average MLS® residential price totaled $714,400 (13.9%). 2016 was off to a good start with record-breaking sales while July and August saw more historically normal activity.

The new foreign tax implemented appears to be a factor in the downward residential sales within the Metro Vancouver area. It has reduced foreign buyer activity within the residential market and has caused some uncertainty amongst local home buyers and sellers. It may be a little early to see the true impact of this new tax but in a few months time, we would be able to analyze foreign buyer data more closely. As September comes to an end, stay tuned in the next few weeks for stats on this month. For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654.

Source: British Columbia Real Estate Association (BCREA)

Up until the end of June, we've seen an ongoing trend of residential sales going through the roof. However, it's a different story for July! When comparing July 2016 residential property sales to July 2015 figures, we see a decrease of 18.9% (3,226 vs. 3,978 sales) and a decrease of 26.7% from last month. For the first half of the year, home sales have registered at over 4,000 units per month. July was the first time this year that home sales did not hit the 4,000 mark.

“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said. “Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”

In July 2016, new listings for detached, attached and apartment properties in Metro Vancouver have seen an increase of 2.5% totalling 5,241 units in comparison to the same month last year and a 10.8 decrease in comparison to last month. There has been a 27.4% decline in total number of properties currently listed for sale on MLS® compared to July 2015 and a 6.9% increase compared to June 2016.

Take a look below at the comparables in the MLS® HPI Composite Benchmark Price from July 2015 to July 2016.

Click on the photo below to enlarge it for better viewing. For a more detailed look at the MLS® Sales Facts, click here.

For all your real estate needs, contact the WeSellVancouver team at info@wesellvancouver.ca or alternatively at 604-801-6654.

We posted this before but it's too good not to share again. Especially with the summer months upon us, it's the perfect time for home renovations! Take a look below at a list of DIY home renovations that won't break the bank.

[1] Splash of Colour

Source: MyWaterFilet.Net

Fresh paint can easily transform the ambience of a room. The amazing thing about paint is how it can personalize a home without a hefty price tag. It is nearly effortless, comes in an array of colours and shades and best of all, it's cheap! If you're someone who enjoys frequent changes, you can easily create a new look by painting your room again.

Having an accent wall can add character into a room by incorporating a striking design element in your space. You can create a stunning, unique space by painting your accent wall a different color or pattern. To create a bold statement, you can make the accent wall pop by choosing a bold, colorful shade that will accentuate the space without overpowering it. In contrast, you can opt for a sleeker look by designing an accent wall that is a gradual contrast rather than a bold one. Try a color that is a few shades deeper than the rest of your walls. 

If you were to choose one room in your home to renovate, it should be your kitchen! The kitchen is the single most important focal point for most prospective home buyers. Below you will find some money saving tips for kitchen makeovers!

[2] Cabinetry DIY

Source: TheOffiz.Com

Replacing cabinetry can be quite expensive so why not make use of your existing cabinetry? Often times a simple fix-me-up can do the trick. Try refacing or refinishing your cabinets! Refacing involves replacing the cabinet doors while keeping the actual cabinet boxes intact. Alternatively, if you have wood cabinets, you could refinish them by sanding down and repainting or staining them.

[3] Changing up the Countertops

Source: Houzz.com

Granite countertops seem daunting due to its price tag but search around for deals at your local retailer or peruse through the clearance section to find quality materials at a fraction of the cost. For large kitchens, perhaps consider less costly alternatives such as Corian, quartz, wood grain or even eco-friendly materials such as bamboo or glass. 

Next in line in terms of importance to current home owners and future home buyers is the bathroom. 

[4] Bathroom Beautification 

Source: VictoriaHomeDesigns.com

Ceramic tiles are becoming the flooring preference for today's home buyer. Depending on the size of your bathroom, you could find discounted tiles that you can install yourself. In addition to changing the flooring, you can upgrade your vanity and sink. Opt for a pedestal sink and/or freestanding storage cabinets for a cost-effective renovation. To make use of a small space, integrating continuing horizontal lines, a large frameless mirror and strategically placed lighting will create the illusion of having a larger space.

[5] Spruce Up Your Outdoor Space

Source: Pinterest

Beautify the entranceway to your home by amping up your curb appeal. Place planters, shrubbery or flowers along your entrance way to liven up your entrance. Alternatively, you can line the walkway with perennial plants or outdoor lighting fixtures to light up the walkway. Another way to increase the value of your home is with a lawn transformation. Replace your existing lawn with sod (aka turf) to have a luscious green lawn that will be sure to stop traffic.

For all your real estate needs, contact Amalia Liapis by e-mail at amalia@wesellvancouver.ca or alternatively by phone at 604-618-7000.

As of May 16, 2016, the government now requires contracts prepared by real estate licensees to include a clause that sets restrictions on assignments. This new requirement for real estate contracts is in effect and affects both residential and commercial contracts. The following paragraph has been added to the contracts as seen below: 

Paragraph 20A (Residential) & Paragraph 40A (Commercial)
RESTRICTION ON ASSIGNMENT OF CONTRACT: The Buyer and the Seller agree that this Contract: (a) must not be assigned without the written consent of the Seller; and (b) the Seller is entitled to any profit resulting from an assignment of the Contract by the Buyer or any subsequent assignee.

"Real estate consumers now have a tool to help them decide whether they want their contracts to be assignable," says BC Real Estate Association (BCREA) President Deanna Horn. "Like many other provisions in the contract, buyers and sellers have the option of keeping the new paragraph, changing it or striking it out completely - but at least the conversation is more likely to happen now."

What exactly is an assignment? Basically, it is the practice of someone assigning their rights in a contract to someone else prior to the completion of the transaction. In layman's terms, someone can buy the right to step into the original buyer's shoes to complete the contract. While they are legal under common law and by secion 36 of the Law and Equity Act, there may be instances of parties utilizing assignments as a way to make a profit, especially in a busy real estate market. As such, the new revisions in place stipulate that the Seller is entitled to any profit resulting from the assignment. 

Commencing in June 2016, the provincial government will be collecting citizenship data of real estate owners through the Property Transfer Tax Form as per Mike de Jong, Minister of Finance.

"BCREA is pleased that the government will collect this information, in which there is obviously a lot of public interest," says Association CEO Robert Liang. "Strong policy is based on solid information, and we look forward to learning more about this aspect of the real estate market."

For all your real estate needs, contact Amalia Liapis by e-mail at amalia@wesellvancouver.ca or alternatively by phone at 604-618.7000.

Source: British Columbia Real Estate Association

It's no surprise that the ongoing trend of housing demand outpacing supply has followed us into the month of May. Let's look back at April 2016 statistics to solidify our understanding of the housing market. 

There has been an increase of 30.3% residential unit sales when comparing April 2016 to April 2015 with a total of 12,969 units recorded. The total sales dollar volume was $9.64 Billion which is a 52.7% increase compared to the same period in time last year. Looking at the average MLS® residential price in BC of $743,640 shows a year-over-year increase of 17.2%. 

“Housing demand is exceptionally strong across the southern regions of the province,” said Cameron Muir, BCREA Chief Economist. “Consumers appear to be particularly active in the Vancouver Island, the Fraser Valley and the Thompson/Okanagan regions.” “Strong employment growth is helping underpin consumer confidence,” added Muir. 

Despite what appears to be a period of higher than normal unemployment, there has been an additional 78,000 workers employed in BC in the first quarter of 2016 which is a 3.5% increase in comparison to the same period last year. Looking at the year-to-date statistics, the BC residential sales dollar volume is sitting at $31.2 Billion (64.3% increase), unit sales total 28,028 units (36.2% increase) and the average MLS® residential price is currently $761,860 (20.6% increase). Take a look below for a regional breakdown of MLS comparative data and the changes from April 2015 to April 2016. 

Source: British Columbia Real Estate Association (BCREA)

For all your real estate needs, contact Amalia Liapis by e-mail at amalia@wesellvancouver.ca or alternatively by phone at 604-618-7000.

Join us in this three part series on Canada's financial perspective featuring blogs on the (1) Mortgage Rate Outlook (2) Economic Outlook and (3) Interest Rate Outlook. 

Interest Rate Outlook

The Agreement between the Bank of Canada and the Goverment of Canada for the Inflation-Control Target was renewed in 2016. The Bank of Canada has a mandate to keep an inflation-control target range of 1-3% with 2% as being the midpoint target over the medium-run. This target is the year-over-year increase in the total consumer price index (CPI) which is the most relevant cost of living measure for most Canadians. Keeping the inflation target in mind, the Bank of Canada has to maintain a delicate balance given the current state of the economy as well as inflation trending near its target. 

The low oil prices have taken a snowball effect as it continues to increase unemployment in energy producing provinces while simultaneously causing a weaker Canadian dollar which in turn makes the cost of imported goods more expensive. The BCREA expects a continued weak economic growth for the first quarter. However, with "the possibility of an effective fiscal stimulus, a stronger US economy and a stabilization of oil prices points to stronger growth ahead" (BCREA, 2016).

"After standing on the sidelines for years, the Bank unexpectedly cut its benchmark [interest] rate twice last year in an attempt to stimulate a Canadian economy waylaid by low oil prices" (CBC, 2016). Since then, there have been some signs of improvement. There is potential for the Bank of Canada to reduce rates once more in 2016 although the BCREA's expectation is that the Bank will remain on the sidelines throughout the year. The Bank of Canada has elected to keep its benchmark lending rate at 0.5%. In a broad sense, the Bank will reduce rates when the economy needs to be stimulated or alternatively, would increase rates when it needs to pump the brakes on inflation. 

Source: British Columbia Real Estate Association + CBC Business

Thanks for joining us in this three part series on the Canadian Financial Outlook. For all your real estate needs, contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively, at 604-618-7000.

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Residential sales for the month of March 2016 set an all-time record with a total of 12,560 unit sales which is a 38% increase in comparison to March 2015. In respect to last month's sales, the dollar volume totalled $9.69 Billion which is a 66.9% increase from last year. The average MLS® residential price increased 20.2% year-over-year to $771,620.

"Housing demand has never been stronger in the province," said Cameron Muir, BCREA Chief Economist. "Most large population centres of the province are now experiencing record levels of housing demand." "Strong employment growth, rising wages and a marked increase in net inter-provincial migration is fueling consumer confidence," added Muir.

Strong consumer demand has been a trend in 2016 with not enough homes on the market to supply that demand. Consequently, inventory of homes for sale is at decade-long lows in many regions within BC. Looking at year-to-date data, BC residential sales dollar volume totals $21.59 Billion which is a drastic jump of 70.1% in comparison to the same period last year. Unit sales increased by 39.2% to 28,028 units with an average MLS® residential price of $770,408 (22.2% increase).

If you're looking to buy or sell, we've got you covered. Contact Amalia Liapis at amalia@wesellvancouver.ca or alternatively, at 604-618-7000.

Source: British Columbia Real Estate Association (BCREA)