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Interest Rate Announcement
The Bank of Canada lowered its overnight lending rate this morning by 25 basis points from 4.5 per cent to 4.25 per cent. In the statement accompanying the decision, the Bank noted that growth in the Canadian economy was slightly stronger than expected in the second quarter but showed signs of softer activity through the summer.  Inflation is evolving largely as expected, and the Bank judges the economy to be in excess supply which should put further downward pressure on price growth. 

Focus has shifted from whether the Bank of Canada will lower rates, to how quickly, with some analysts even looking for larger 50bps cuts in the future. The trends to watch over coming months are the state of the Canadian labour market and whether inflation is following the Bank of Canada's forecast. As long as price growth isn't deviating from expectations, and employment is not significantly weaker, we should see continued rate cuts at an orderly 25bps pace until the Bank reaches its neutral range between 2.25 and 3.25 per cent in 2025. 
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The Untapped Market

The Lower Mainland's housing market often overlooks a significant demographic: families. 

While there's a growing trend toward compact living and urban density, the demand for larger units that cater to families' needs remains largely unmet. This oversight not only limits housing options but also represents a substantial missed business opportunity for private sector developers, especially in today’s market.

Families, especially those with children, require more than just a one or two-bedroom apartment.

A three-bedroom unit, like the one in which I reside, offers the necessary space without the excess that comes with a standalone house. It's about meeting the needs of families in terms of bedroom count rather than sheer size.

Not to mention that other needs could be offered as part of the building, and not necessarily in the unit, like a mud room, or stroller parking. This approach not only accommodates larger households, but also fits within the urban fabric, promoting density without sacrificing livability.

Urban living advantages: Terrace vs. backyard

One of the misconceptions developers have is the belief that families won’t give up on the traditional backyard.

In reality, amenities like a terrace or communal outdoor spaces can serve as excellent substitutes. These areas provide opportunities for spending time together as a family, just like a backyard without land inefficiency.

Furthermore, common outdoor amenities facilitate neighbour interactions, strengthening the sense of community. My own experience highlights how such amenities can enrich the urban living experience, offering a balance of privacy and social engagement.

The market potential ignored

This generation (“Millennials”) values efficiency, proximity, and convenience — qualities offered by urban living, but often lacking in the suburbs.

Unlike our parents, who were willing to spend significant time commuting, today's families seek homes that minimize travel time and maximize the quality of life. Living in the city means being closer to work, schools, amenities and social activities, reducing the need for long commutes and enhancing daily efficiency.

Developers often underestimate the market potential of larger units for families. There's a prevailing assumption that only investors can afford pre-construction purchases, leading developers to focus on smaller, more affordable units.

This oversight not only narrows their customer base, but also drives families toward suburban living where larger homes are more readily available, simply because not enough is offered in more urban, central locations.

Market adjustments: The lessons from Uber and Airbnb

Comparing the housing market to other industries, such as Uber and Airbnb, reveals significant market adjustments that have led to their success.

Uber had to convince us that it is safe to get into a car with a complete stranger. Airbnb taught that exact same thing about hosting strangers and staying over at a complete stranger’s home.

Similarly, developers have the opportunity to innovate by recognizing the demand for larger family units within urban environments, and educating their market about the advantages of such a purchase.

To capitalize on this overlooked market, developers must reassess their approach to who their buyers are today. 

The perfect Blue Ocean Strategy

As discussed in the book Blue Ocean Strategy, successful business strategies often involve envisioning what will be taken for granted in the future, but does not exist now, and working towards that vision.

Apartments designed specifically for families fit this criterion perfectly. By recognizing and addressing this gap in the market, developers can not only drive financial success but also significantly contribute to the livability and inclusivity of our cities.

Those who take the lead in this emerging market will address one of the Lower Mainlands greatest opportunities.

Source: Naama Blonder Architect, Urban Designer, Urban Planner | B.Arch, OAA, RPP, MCIP

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INTEREST RATES and INVENTORY

Metro Vancouver home sales down in May while inventory continues to increase

The number of transactions on the Multiple Listing Service® (MLS®) declined in May compared to what is typical for this time of year in Metro Vancouver. This shift has allowed the inventory of homes available for sale to continue to accumulate with over 13,000 homes now actively listed on the MLS® in the region. 

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,733 in May 2024, a 19.9 per cent decrease from the 3,411 sales recorded in May 2023. Last month’s sales total was also down 19.6 per cent from the 10-year seasonal average for May (3,398).  

“The surprise in the May data is that sales have come in softer than what we’d typically expect to see at this point in the year, while the number of newly listed homes for sale is carrying some of the momentum seen in the April data,” Andrew Lis, GVR’s director of economics and data analytics said. “It’s a natural inclination to chalk these trends up to one factor or another, but what we’re seeing is a culmination of factors influencing buyer and seller decisions in the market right now. It’s everything from higher borrowing costs, to worries about the economy, to policy interventions imposed by various levels of government.”  

There were 6,374 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in May 2024. This represents a 12.6 per cent increase compared to the 5,661 properties listed in May 2023 and a seven per cent increase compared to the 10-year seasonal average (5,958).  

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,600, a 46.3 per cent increase compared to May 2023 (9,293). This total is also up 19.9 per cent above the 10-year seasonal average (11,344).  

Across all detached, attached and apartment property types, the sales-to-active listings ratio for May 2024 is 20.8 per cent. By property type, the ratio is 16.8 per cent for detached homes, 25.1 per cent for attached, and 22.5 per cent for apartment properties. 

Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.  

“With market trends now tilting back toward more balanced conditions, as the number of new listings outpaces the number of sales, we should expect to see slower price growth over the coming months,” Lis said. “Up until recently, prices were climbing modestly across all market segments. But with rising inventory levels and softening demand, buyers who’ve been waiting for an opportunity might have more luck this summer, even if borrowing costs remain elevated.”  

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver is currently $1,212,000. This represents a 2.3 per cent increase over May 2023 and a 0.5 per cent increase compared to April 2024.  

Sales of detached homes in May 2024 reached 846, an 18.9 per cent decrease from the 1,043 detached sales recorded in May 2023. The benchmark price for a detached home is $2,062,600. This represents a 5.9 per cent increase from May 2023 and a 1.3 per cent increase compared to April 2024.  

Sales of apartment homes reached 1,338 in May 2024, a 22.7 per cent decrease compared to the 1,730 sales in May 2023. The benchmark price of an apartment home is $776,200. This represents a 2.2 per cent increase from May 2023 and a 0.3 per cent decrease compared to April 2024.  

Attached home sales in May 2024 totalled 523, a 14 per cent decrease compared to the 608 sales in May 2023. The benchmark price of a townhouse is $1,145,600. This represents a 5.2 per cent increase from May 2023 and a 0.9 per cent increase compared to April 2024.

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Bank of Canada Interest Rate Announcement - December 6, 2023
 
 

As expected, the Bank of Canada held its overnight rate at 5 per cent this morning. In the statement accompanying the decision, the Bank noted that economic growth stalled through the middle quarters of 2023 and that slowdown in growth is expected to extend into the fourth quarter. As a result, inflationary pressure is easing, though the Bank stated that it is still concerned about risks to the outlook for inflation and wants to see a sustained easing of core inflation in future months.

Given the evidence of a slowing economy and some long-awaited downward momentum in core inflation, it appears likely that the Bank of Canada’s rate-tightening cycle is at an end.  If so, the conversation around Bank of Canada meetings in 2024 will shift toward when the Bank might lower rates and how fast. Given that the Bank’s estimate for its neutral rate is between 2 and 3 per cent, we can expect between 200 and 300 basis points of rate cuts once it is clear that inflation is returning to its 2 per cent target. 

After hitting a 15-year high this fall, Canadian bond yields have been tumbling to finish the year as financial markets process meaningful progress on reducing inflation and the projected end of central bank rate hikes. The five-year Government of Canada bond yield has trended near 3.5 per cent over the last week and if that trend sustains, we will see a meaningful decline in fixed mortgage rates to start 2024.

Our forecast is for the average 5-year fixed mortgage rate to fall to about 5 per cent by the end of 2024, while variable rates will begin falling as the Bank of Canada lowers its overnight rate starting in the first or second quarter of next year. 

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New property listed in Yaletown, Vancouver West
I have listed a new property at 803 1455 HOWE ST in Vancouver.
Sought-after NE Corner Plan @ Pomaria. 845 sqft w/city views. Meticulously maintained. Very large master that will accommodate a king size bed. Geothermal heating & cooling provides year-round comfort. The kitchen is equipped w/ a 5-burner gas cook-top, s/s appliances, walk-in pantry/flex or storage room. Bathroom is beautifully appointed & offers a spa-like retreat. Wide parking stall & 1 sto. locker. Building amenities incl a large & fully equipped fitness area, steam room, yoga area, meeting room, guest suite & 24hr concierge. Awarded the UDI Best High Rise when completed. A superb location & part of Vancouver's Vibrant Beach District. Public open house Sat 1-3pm Sunday 2-4 by appointment.
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New property listed in Uptown NW, New Westminster
I have listed a new property at 405 580 TWELFTH ST in New Westminster.
THIS IS IT! Penthouse 4th floor corner unit in an excellent building with stunning views of the Fraser River & Mt Baker! The balcony has southern and western exposure to enjoy the sunsets. Freshly painted, this 686 sq. foot 1 bedroom & 1 bathroom unit has lots of windows & is very bright. Low monthly strata fee includes nat. gas that fuels the fireplace keeping the unit nice and warm. Enjoy sunrises? You will love the east facing window seat & great layout with open concept kitchen & cheater en-suite. 1 locker, 1 parking space is also included, visitor parking, in-suite laundry & a party room with outdoor space. This building has a great reputation in New West. Very close to transit & shopping. A must see! Short notice to view OK! OPEN HOUSE APRIL 3rd 1-4pm offers April 8th by 6pm
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New property listed in Uptown NW, New Westminster
I have listed a new property at 406 580 TWELFTH ST in New Westminster.
The Regency - MILLION DOLLAR VIEWS!! Everyday you will enjoy your unobstructed view of the Fraser River, the City, & out to the Gulf & Vancouver Islands, as far as the eye can see! Spectacular 26 x 8 patio for entertaining & impressing your guests with the the sunsets on warm summer nights. Bright and spacious suite is on the Top Floor on the "Peaceful" side of the complex. Immaculate, new hardwood floors & freshly painted, "Pride of Ownership" throughout this home. Centrally located in Uptown New Westminster easy access for commuting, close to parks, shopping, all levels of schools & more. Bus stop out front for easy access to the 2 Skytrain stations. Large locker, gas fireplace, insuite laundry. Worry free homes like this rarely come on the market!
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New property listed in West Newton, Surrey
I have listed a new property at 6638 122A ST in Surrey.
West Newton - One of the best locations! Beaver Creek. Very spacious 2 story, home situated in a private quite cul-de-sac. Totally private backyard, perfect for the kids and pets. Home features four big bedrooms on top floor. Livrm, Dinrm + Famrm on main level. Den on the main floor. Ground level entry, double garage, lots of parking. Great street appeal, for showings please call. Living/Dining has gas f/p. Spacious gourmet kitchen, extra large family room, no suite. Hurry, won't last! Due to the volume of calls viewing will be Sat 1- 4pm offers Monday by 7pm. pre-inspections can be booked anytime before Monday 5pm.
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New property listed in West End VW, Vancouver West
I have listed a new property at 501 1005 BEACH AVE in Vancouver.
The Alvar - Luxury Waterfront Living. This 1 bed/den corner unit is steps away from English Bay, Vancouver Aquatic Center, Stanley Park via the Sea Wall, walking distance to some of the best restaurants in town, the new Beach District shops and a short boat ride away from Granville Island. Within the last year, updates include walnut hardwood floors, stainless steel appliances, front load washer dryer. Amenities include gas cooktop, entertainment sized island opening to the living spaces, infrared fireplace, air conditioning & kit pantry. Resort-like amenities include: well equipped gym, hot tub, party room, theatre, pool table, Full-time onsite caretaker & more. Much quieter than units above the bridge deck. Parking P3 #114; Locker Rm 5, #52 Pet & Rental friendly. Walk score 94.
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Canadian Housing Starts

Feb - March 15, 2021


Canadian housing starts decreased by 13.5% m/m to 246k units in February at a seasonally adjusted annual rate (SAAR), following a strong increase of 24% in January. Housing starts decreased in all provinces except for BC. Building activity declined in both the multi-unit (-16%) and single-detached (-9%) segments. Despite February's decline, national housing starts were up by 17% compared to the same time last year. Also, the six-month moving average was still a strong 243k units SAAR. 

In BC, housing starts increased by 21% m/m to 43.5k units SAAR in February, following a decrease of 17% in the previous month. Building activity was up by 39% in the multi-unit segment, while single-detached starts were down by 14%. The rise in the multi-unit segment was led by Vancouver, which reported a 70% increase in multi-unit starts in February. Compared to the same time last year, housing starts were up by 2% in BC. 

The decline in February comes on the heels of a very strong 2020. Also, the level of residential construction activity is still above pre-pandemic levels, reflecting the high demand for housing that we've seen across the country. The value of BC residential building permits was down by 1% in January, led by the multi-unit segment, while permits were up for the single-detached segment.  



For more information, please contact:  
 

Brian White PREA

Team 3000 Realty Ltd

info@brianwhite.ca

1.604.961.4104

 



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Concert begins massive North Vancouver development

North Harbour spans a third of a mile of waterfront and will include 290,000 square feet of commercial space and more than 900 homes on the 12-acre site

February 19, 2021
 
North Harbour is largest North Vancouver development in decades. | Concert Properties
 
North Harbour is largest North Vancouver development in decades. | Concert Properties


A decade after planning began and seven years since it was approved by city council, Concert Properties has started its massive North Harbour waterfront development in North Vancouver, the largest city project in decades.


North Harbour will begin with the development of four buildings at the eastern edge of the community. The first building will include 164 condominiums and townhomes in a nine-storey tower. North Harbour plans include 17 mid-rise residential buildings, alongside approximately 290,000 square feet of retail, restaurants and office space.


As planned, there will be over 700 condominium homes, 110 rental homes in a 10-storey building and 125 seniors housing units, all built under a master plan that could take 10 to 15 years to complete. There will be no light industrial buildings and all of the commercial space will be leased, not sold as strata, according to Brian McCauley, president and CEO of Concert.


Once complete, Concert will manage the 80,000-square-foot rental building at North Harbour. It will join Concert’s portfolio of 27 rental properties across Vancouver, Victoria and Toronto.


The delay in getting construction started on the 12-acre site including specific site engineering. It is the first in North Vancouver to require preloading to nearly five feet (1.5 metres) above the shoreline to mitigate against sea levels rising. COVID-19 added to the the timeline of what Concert expects to be a premier mixed-use development. 

“The direct access to the waterfront is one of the most exciting aspects of North Harbour,” McCauley said in an email to Western Investor. The stepped design of the residential will provide most residents with views of the Inlet and downtown Vancouver.


The site is located at Fell Avenue and Harbourside Drive along the Burrard Inlet shoreline, and in close proximity to the SeaBus station that links to downtown Vancouver. The area is also home to the public Kings Mill Walk Park, which the city is planning to renew and improve.


The first-phase residential buildings are being built to LEED (Leadership in Energy and Environmental Development) Gold standards and the BC Energy Step Code.


While marketing for the first-phase condominium and townhouses begins this spring, pricing has yet to be released, according to Concert. - WI Staff Western Investor

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New property listed in Vancouver Heights, Burnaby North
I have listed a new property at 4115 OXFORD ST in Burnaby.
Brand New house situated on one of the highly sought-after street in Vancouver Heights. VIEW of the North Shore Mountains. Walking distance to coffee shops and shopping on the Heights. 12 min drive to Downtown. Open concept floor plan on main floor with 10' ceiling, gourmet kitchen with large island. Den on main floor has wide window looking into the quiet backyard. Perfect for home office away from the noise. Upstairs is 9' ceiling. Spacious Master BR with window seat to sit and enjoy the North Shore mountains in private. It also has it's own patio. Laundry is upstairs. In-law suite in basement with private bedroom and full bath. 1 car Garage equipped for electric car plug. Call or text Brian to view 604.961.4104
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New property listed in West End VW, Vancouver West
I have listed a new property at 501 1005 BEACH AVE in Vancouver.
The ALVAR, built by Concert Properties. This 1 Bdrm & Den is bright, sunlit & casual contemporary. The orientation of this unit is unique, windows on 3 sides, virtually no common walls. Timeless designer finishings throughout are highlighted by built-in media and new walnut engineered hardwood floors that enhance the entire living space plus expansive windows that maximize the views. There is a generous sized kitchen pantry plus an east facing den or home office. Enjoy the modern conveniences of air conditioning and a gas range cooktop. This unit includes one secured parking stall and an 45 sqft storage locker! There is an optional highly secured bike room available. Ample visitor parking & first class workout facilities and a hot tub too! Pet & Rental friendly. Walk score 94.
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New property listed in Arbutus, Vancouver West
I have listed a new property at 2848 23RD AVE W in Vancouver.
Brand new duplex in Arbutus close to schools (UBC, Prince of Wales Secondary, Trafalgar Elementary), shopping, restaurants, beaches and more! This features a clean and classic exterior design with a light and airy modern interior. The main floor area features 10' ceiling with great open living space, modern kitchen with Miele appliance package and quality millwork. On the second floor you will find 3 spacious bedrooms, 2 bath layout. A 1 bdrm suite at the lower level perfect for home office, game room, or a rental unit. This home comes with wide planked wood floors, cedar shake exterior, Control4 Automatic system (lighting, heating, security system), Google Nest Thermostat, large backyard space with fenced yard, A/C, HRV, single car garage, and 2/5/10 Warranty. This home is a must see! Call or text Brian to view 604.961.4104.
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December 2020


The COVID-19 pandemic has affected almost every aspect of British Columbians’ personal and professional lives. It has accelerated adoption and use of technology as a means of communication and doing business. Nowhere is this truer than in the purchase and sale of real estate.


Technology was already changing the way realtors were conducting daily business. One of the most substantial recent changes relates to how sale contracts and listing agreements are transmitted and executed.


Over the past several years, it’s become more common for not only the preparation, but also the review and execution, of core transaction documents to occur electronically through one of several commercially available web-based computer programs. Buyers and Sellers to a transaction can sign and initial contract documents electronically from their computer, tablet, or phone. The pandemic and resulting social distancing requirements are currently making the use of such programs the rule rather than the exception.


One of the principal benefits of using an electronic signing program is the convenience and safety for both licensee and client. It makes meeting and associated travel, and in some cases printing, scanning and emailing, unnecessary. Realtor and client can create, transmit, or execute documents, solely in electronic form, asynchronously, with a few quick keystrokes, from wherever in the world they are.


However, with these significant benefits come meaningful risks, some of which are not openly obvious. Mitigating these risks requires the realtor to be sensitive to risks and perhaps modify past practices.


Ensuring a buyer or seller understands the documents they are signing is fundamental to a realtor’s professional standards and practice. Before the advent of electronic communication, typically your realtor would sit down with the client, go over the terms of a purchase contract or listing agreement, and through a conversation with them, ensure that they understood what they were offering or agreeing to. The process allowed both realtor and client to review the documents, notice, and or correct any drafting errors which may have crept in. This also allowed an opportunity for more advice and second thought.


Such meetings are invaluable from a risk management perspective. If a dispute develops later with a client as to the content of a document or their understanding of it, you could produce documents setting out the arrangements for the meeting and give evidence that you reviewed the document with the client and explained it to them, and the client was happy with it. This is powerful evidence should a client bring a claim. Faced with such evidence in examinations for discovery, a client will often admit the realtor did meet with them and reviewed and explained the document before they signed it.


When using an electronic signature program, all parties must keep in mind the benefits of such in-person meetings and be sensitive to the records to generate if such a meeting does not occur. Realtors must ensure that there is sufficient communication with the clients by other means, to ensure the client understands what they are offering or agreeing to, and sufficient review of the document, by both you and the client, together, to ensure any errors are caught and corrected.


Errors may creep into contract documents in many ways, some of which are not obvious or unique to the current electronic technology.


It bears repeating, that when preparing an offer or counteroffer, typos may occur. Many people find that typographical errors in documents are difficult to see when the review of the documents are conducted on a computer screen, particularly when they have typed the document, or the material portions of it, themselves.


Technology itself may cause errors. There have been several reports of electronic signing programs picking up old versions of documents created in the MLS Webforms. In some cases, a change in price was not picked up, and the error not caught by the realtor or client before the document was executed and sent to the other party.


Where parties use an electronic signing program, realtors must take into account that the client may be hurried or distracted when receiving a document, and may not, or may not be able to, review it carefully or at all.


Some electronic signing programs, when presenting a document to the client for execution, automatically scroll through the document without providing an opportunity to review, stopping at only the spots identified for initials or a signature. The buyer or seller may not take the time necessary, or be able, to manipulate the program to read the document in its entirety. They may be trying to review a document in small type on their cell phone, and not be able to read it correctly.


The client may assume the licensee has accurately understood and given effect in the document to their (perhaps summary or ambiguous) instructions.


To address these risks, it’s prudent for realtors to review each contractual document carefully: before you send to a client; with a client, while the document is in front of both you and client, by telephone or other means prior to electronic execution; and again, following execution, before you send to the other party. It’s also prudent to print the document at several points to review it in paper form.


To ensure a meaningful review occurs with the client, and is recorded, it is prudent to provide the client with contractual documents by email, and arrange a time to review them, by telephone, or video conference (perhaps using a “screen share” function), in detail, before you transmit them through an electronic signature program for execution. This creates a paper trail to later confirm such a review occurred.


The importance of being sensitive to the record cannot be overstated. All electronic signature programs generate logs, recording the time at which a party opens the document and when it is executed. Smart claimant’s counsel will demand production of these logs in any dispute. It will be impossible to maintain that there was a meaningful review of a document with a client where the log shows that there were only a few seconds between when the document was sent, opened, executed by the client, and returned to the realtor.


It is also prudent, when transmitting a document to a client by email or other electronic means, to include a warning stating that, as typographical errors or errors caused by technology may occur, the document should be reviewed carefully to ensure that it accurately reflects the client’s understandings or instructions.


Incorporating these steps and considerations into practice will provide realtors and their clients with the benefit of current technology, while minimizing the associated risk to all parties.


Source: Scott Cordell, Killam Cordell, Barristers

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I have sold a property at 405 15735 CROYDON DR in Surrey
I have sold a property at 405 15735 CROYDON DR in Surrey.
Morgan Crossing is a unique choice in how you live, simpler, vibrant and greener life choices. With over 60 shops and restaurants at your feet there is always something to curb the spontaneous side of you. Save time and keep in shape by walking to get your fresh groceries at beautiful Thrifty Foods, or pick up a great bottle of wine for that last minute company from Everything Wine. Planning a trip on a whim? Just pop over to Flight Centre and book it! Feeling a bla, Steve Nash is right there to re-energize you! Morgan Crossing is chique and built for living.
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I have sold a property at 2436 18TH AVE W in Vancouver
I have sold a property at 2436 18TH AVE W in Vancouver.
Perfect "hold/build" Arbutus property on higher ground. Sunny south facing backyard. Wider lot @ 52' x 122.52' ready for approx 4500 SF new home. House is livable with 2 bdrms up and original hardwood floorings. Close proximity to great Elementary & Prince of Wales Secondary School. U/G oil tank already removed with full certificate. Home is oil-heated with above ground oil tank. Centrally located with easy access to UBC & downtown. Well priced for the right buyer.
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IMPORTANT NOTICE

If you are in the process of purchasing or selling a property.

The force majeure clause.

Force majeure translates literally from French as superior force, "force majeure" describes those uncontrollable events such as war, labor stoppages, extreme weather or present day COVID-19 that are not the fault of any party and that make it difficult or impossible to close in time in the terms of the contract or carry out normal business.

An individual or company may consider inserting a force majeure clause into a contract to absolve itself from liability in the event it/they cannot fulfill the terms of a contract or if attempting to do so will result in damages or loss for reasons beyond its control.

If you are negotiating a purchase or sale of property, please protect yourself and seek independent legal advise on the terms and conditions of your contract and purchase and sale.

Please exercise social distancing, washing your hands and self isolation are the best practices to flatten the curve.


My commitment to serving the Real Estate needs to our clients continues. I am open and working.


Communicate with me through voice mail, texting, emails and good old fashioned phone calls. Property viewing can be accomplished by live streaming through platforms such as, Facetime, Whatsapp, Wechat, Skype etc.


If meeting in person is required we will follow the proper guidelines and protocols set out by our real estate board for everyone's safety.

 

Stay safe my friends,

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Buying, selling and even building a home can continue during the COVID-19 pandemic – using reasonable practices, say industry groups

 

Realtors are being strongly discouraged to hold any open houses in light of the COVID-19 pandemic and social distancing requirements, the Real Estate Board of Greater Vancouver (REBGV) announced March 19.

The board said that it was making “this explicit recommendation today with the support of real estate brokerages, and after an assessment of the latest information and commentary from public health and other government authorities.”

REBGV said that, earlier in the week, it had also “removed the rule requiring that properties listed on MLS be made available for showings.”


Ashley Smith, REBGV president said, “Realtors want to do their part to help prevent the spread of illness in our communities and to meet the housing needs of residents in a responsible way. We’ve heard from some in the community who are unhappy that their Realtors are not holding Open Houses. To those people, we ask for your understanding given the public health crisis we all face today.”


The board said that “anyone looking to buy or sell a home in today’s environment is encouraged to discuss COVID-19 preparedness with their Realtor” and offered some key tips for buyers and sellers. These include:

• If you recently travelled abroad and/or are unwell, do not view a property, and stay home.

• If you’re a seller, talk with your Realtor about alternative approaches to open houses, such as virtual showings and other technology-based solutions.

• If you’re a buyer, only visit a property when others are not present, sanitize your hands before and after a showing, and avoid touching doorknobs and other surfaces in the property.

The REBGV is also offering other tips for buyer and sellers at www.rebgv.org.


Construction must go on

Announced the same day was approval to B.C. construction companies to continue site operations, as the ban on gatherings of more than 50 people does not apply to construction sites, according to the Urban Development Institute.


The UDI said in a March 19 statement that “a senior provincial government official has contacted UDI president and CEO Anne McMullin to assure our industry and membership the 50-person limit does NOT apply to construction sites. The provincial government official confirmed that all sites can and should remain operating… Sites must continue to conform to Worksafe BC practices and current COVID-19 prevention protocols. That means additional handwashing stations should be made available, that workers should maintain their social distance of 1-2 metres from one another and during any on-site meetings.”


The UDI statement added, “In addition, the Provincial Health Officer Dr. Bonnie Henry said during the March 17 news conference… that ‘Construction work outside is not as much of a risk that we are concerned about... but anyone who’s sick should not be going to work.’”

The Homebuilders Association of Vancouver (HAVAN) also sent out a statement March 19 offering advice to construction employers on site safety during the pandemic. 

The dedicated web page, www.havan.ca/covid-19-resources, also has links to various government resources that are helping small businesses during this time, plus a link to a COVID-19 self-assessment tool.

Source: Joannah Connolly Glacier Media Real Estate
March 19, 2020
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March 19, 2020

REBGV strongly recommends no Open Houses
 
With concerns about the spread of COVID-19, the Real Estate Boards strongly recommends that all members refrain from holding Open Houses.
 
The Boards are making this recommendation after consulting with Brokers in the community and assessing the latest information and commentary from public health and other government authorities.
 
“It’s important that all of us in the real estate profession do our part to help prevent the further spread of illness in our communities,” Ashley Smith, REBGV president said. “This is one step we can and should all take immediately as good corporate citizens.”
 
The Real Estate boards are in the process of disabling the Open House feature on Paragon MLS. Members are encouraged to consider other approaches to Open Houses, such as virtual showings and other technology-based solutions.
 
In keeping with the social distancing recommendations from health care officials, realtors are encouraged to use strict control measures to limit the number of people who view a home, require guests to register, sanitize their hands before and after the viewing and encourage guests to avoid opening cupboards, touching doorknobs and other surfaces in the property.
 
Clients are asked not to view or show properties if they, or anyone they live with, has recently travelled abroad or are unwell or not feeling 'quite right'
 
Earlier this week, REBGV removed the rule requiring that properties listed on MLS® be made available for showings.
 
We will continue to assess the COVID-19 situation and provide updates and resources as necessary.
 
Cut and paste these COVID-19 resources
 
• BC Centre for Disease Control
 
http://covid-19.bccdc.ca/

• Provincial and federal governments joint statement

https://www.canada.ca/en/department
finance/news/2019/06/joint-statement--federal-provincial-and-territorial-governments-working-together-to-combat-money-laundering-and-terrorist-financing-in-canada.html

• World Health Organization COVID-19 resources

https://www.who.int/westernpacific/emergencies/covid-19
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