Changes To Canadian Immigration Rules

July 28, 2011

On June 24, the federal government instituted rule changes related to new applications under the Federal Immigrant Investor Program (IIP), the Federal Skilled Worker Program (FSW) and the Federal Entrepreneur Program. The changes are as follows:

•Federal Entrepreneur Program: A temporary moratorium on new applications.

•Federal Immigrant Investor Program (IIP): A cap of 700 new IIP applications will be considered for processing each year.

•Federal Skilled Worker Program (FSW): A cap of 10,000 new FSW applications, without an offer of arranged employment, will be considered for processing each year. Within the 10,000 cap, a maximum of 500 new applications per occupation will be considered each year.

BC, and Vancouver in particular, has been one of the primary recipients of immigrants under the IIP, accounting for half of total Canadian investor class immigration. From 2005 to 2010, over 30,000 investor class immigrants have located in BC, an average of about 5,000 per year. This number relates to roughly 2,000 households per year.

Implications:

The Government’s stated reason for instituting the application cap is to reduce a backlog in applications and to shorten wait times. In 2010 there were 3,223 applications approved under the IIP and the government has indicated that it has received applications well in excess of that number in recent years, creating a large backlog of applications. It has not indicated that it wishes to lower the number of immigrants processed under the IIP, but simply to reduce the current backlog.

Therefore, as old applications are still being processed, the implementation of the new rules may not have an impact on the number of immigrants entering under the IIP and therefore may not have a material impact on BC housing markets.

To view Citizenship and Immigration Canada’s (CIC) press release, visit:
www.cic.gc.ca/english/department/media/releases/2011/2011-06-24a.asp.

For more information about the Federal Immigrant Investor Program, visit:
www.cic.gc.ca/english/immigrate/business/investors/index.asp.

For more information about the Federal Entrepreneur Program, visit:
www.cic.gc.ca/english/immigrate/business/entrepreneurs/index.asp.

For more information about the Skilled Worker Program, visit:
www.cic.gc.ca/english/immigrate/skilled/index.asp.

To view CIC’s Frequently Asked Questions, visit:
www.cic.gc.ca/english/information/faq/immigrate/business/index.asp.

This article was provided by the BC Real Estate Association.

Advertisements

West Vancouver’s Sentinel Hill Single Family Home Update

July 20, 2011

There are currently 13 single family homes for sale in Sentinel Hill, ranging in price from $1,348,000 for a 3-bedroom home at 1004 Jefferson to $5,525,000. for a 5-bedroom, 7,500 square foot mansion at 888 Sentinel Hill.

There have been 13 sales since April 1st, with the average sale price during that time coming in at $1,208,153 and the median sale price being $1,170,000. The least expensive sale price so far this year was for a 3-bedroom rancher on Taylor Way for a little under $850,000 and the most expensive so far this year was for a 4-bedroom, 6,000 square foot beauty on Anderson with nice ocean views, for a little under $3.9 million.

With 13 Sentinel Hill homes currently for sale and taking into account an average of 4 sales per month over the last 3 months, there is currently a 3 month supply of homes, meaning the Absorption Rate is 3. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers.

Price Range of Current Sentinel Hill Homes For Sale:
There are currently 4 homes priced under $1.5 million in Sentinel Hill.
$ 1 – 1.1 million – 0
$ 1.1 – 1.2 million – 0
$ 1.2 – 1.3 million – 0
$ 1.3 – 1.4 million – 2
$ 1.4 – 1.5 million – 2
$ 1.5 – 1.75 million – 4
$ 1.75 – 2.0 million – 1
$ 2.0 – 2.5 million – 2
$ 2.5 – 3.0 million – 1
$ 3.0 – 4.0 million – 0
$ 4.0 – 5.0 million – 0
$ 5.0 – 6.0 million – 1
$ 6.0 – 7.0 million – 0
$ 7.0 – 10.0 million – 0
> $10 million – 0

Sentinel Homes For Sale By Street:
Braeside St – 1 home for sale
Eden Pl – 1
Inglewood Ave – 2
Jefferson Ave – 4
Keith Rd – 1
Kings Ave – 1
Mathers Ave – 1
Sentinel Dr – 1


Greenest House On Earth?

July 17, 2011

Read the article from the Vancouver Sun here.


Mistakes To Avoid When Selling Your Home

July 16, 2011

Part 1 in a series of 7:

Selling your home is a complicated process. It is natural to feel overwhelmed by the magnitude of details involved, but the experience can be very manageable, and educational, when broken down into its component parts and plotted out into steps. Over the course of the next 7 weeks, I will be touching on 7 common pitfalls encountered during the home-selling process. Here is the 1st:

Faulty Pricing

It is essential you determine the asking price of your home based on its market value. Too many times home-sellers let emotions or needs influence their asking price, drawing from numbers based on the price paid for the house originally, or the amount of money they’ve invested in the home. This mistake may prove to be a costly one. If your home is priced significantly higher than what the market is bearing at the time, prospective buyers interested in your style of home will reject it for larger homes listed at the same price. And, those buyers who do see your house may have significantly higher expectations than what you have to offer. Ironically, over-pricing your home actually increases the chances that your home will sell for less than it is worth. Driving prospective buyers away will increase the amount of time your home stays on the market, which raises an additional red flag for buyers. They become wary of the reasons your home has not sold, thinking, “If no one else has bought it, there must be something wrong with it.” The bottom line: price it correctly, and they will come.

Be vigilant, too, of pricing your home too low: a lack of market value awareness could result in selling your home for much less than it’s worth.


Vancouver West Side Condo Update (2-Br)

July 14, 2011

WEST SIDE
On the West Side of Vancouver there are currently 1010 active two-bedroom properties for sale, ranging in price from $235,000. to $8,350,000., with the average asking price being $1,022,454. There have been 549 sales since April, with the average selling price being $764,507 and the average cost per square foot being $691. The median sale price during this period is $620,000. The least expensive sale price so far this year was for $287,500. in June and the most expensive was for $5,600,000. in April. With 1010 properties currently for sale and with 148 sales last month, there is currently a 7 months supply of homes, an absorption rate of 7. The absorption rate is the ability of the real estate market to absorb or sell all of the homes for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers.

KITSILANO
In Kitsilano there are currently 58 active two-bedroom properties for sale, ranging in price from $382,000. to $939,900., with the average asking price being $613,310. There have been 48 sales since April, with the average selling price being $567,651. and the average cost per square foot being $609. The median sale price during this period is $544,000. The least expensive sale price so far this year was for $355,000. in March and the most expensive was for $1,188,000. in April. With 58 properties currently for sale and with 17 sales last month, there is currently a 3 & 1/2 months supply of homes, an absorption rate of 3.5.

FAIRVIEW
In Fairview there are currently 72 active two-bedroom properties for sale, ranging in price from $330,000. to $1,499,000., with the average asking price being $703,611. There have been 62 sales since April, with the average selling price being $622,792. and the average cost per square foot being $603. The median sale price during this period is $599,500. The least expensive sale price so far this year was for $303,000. in February and the most expensive was for $2,725,000. in March. With 72 properties currently for sale and with 20 sales last month, there is currently a 3 & 1/2 months supply of homes, an absorption rate of 3.5.


Vancouver West Side Condo Update

July 14, 2011

WEST SIDE
On the West Side of Vancouver there are currently 704 active one-bedroom properties for sale, ranging in price from $169,000. to $1,298,000., with the average asking price being $435,143. There have been 537 sales since April, with the average selling price being $411,688 and the average cost per square foot being $624. The median sale price during this period is $401,750. The least expensive sale price so far this year was for $148,500. in June and the most expensive was for $1,500,000. in May. With 704 properties currently for sale and with 152 sales last month, there is currently a 4 & 1/2 month supply of homes, an absorption rate of 4.5. The absorption rate is the ability of the real estate market to absorb or sell all of the homes for sale in a given amount of time. A supply of 3 months or less (a.k.a. an absorption rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers.

KITSILANO
In Kitsilano there are currently 74 active one-bedroom properties for sale, ranging in price from $279,000. to $609,000., with the average asking price being $408,135. There have been 52 sales since April, with the average selling price being $402,770. and the average cost per square foot being $600. The median sale price during this period is $395,000. The least expensive sale price so far this year was for $275,000. in January and the most expensive was for $615,000. in February. With 74 properties currently for sale and with 18 sales last month, there is currently a 4 month supply of homes, an absorption rate of 4.

FAIRVIEW
In Fairview there are currently 56 active one-bedroom properties for sale, ranging in price from $225,000. to $688,000., with the average asking price being $387,021. There have been 65 sales since September, with the average selling price being $389,323. and the average cost per square foot being $569. The median sale price during this period is $385,500. The least expensive sale price so far this year was for $185,000. in January and the most expensive was for $539,000. in May. With 56 properties currently for sale and with 13 sales last month, there is currently a 4 month supply of homes, an absorption rate of 4.


North Vancouver Condo Update

July 12, 2011

There are currently 433 condominium apartment homes for sale in North Vancouver ranging in price from $156,500 for a 545 square foot studio in a Central Lonsdale co-op, to $2,498,000 for a 3 bedroom, 1,700 square foot view home in Lower Lonsdale.

There have been 241 sales since April 1st, with the average sale price for a 1-bedroom during that time coming in at $316,565 and the median sale price coming in at $313,5000. For 2-bedroom homes, the average sale price was $454,103 and the median sale price was $429,900. The least expensive sale price so far this year for a 1-bedroom was for a 700 square foot home in a Central Lonsdale co-op for $155,000 and the most expensive so far this year was for a 1,200 square foot home with nice views of Capilano River Canyon for $620,000. The least expensive sale price so far this year for a 2-bedroom was for a 1,000 square foot home in Lynnmour’s Edgewater Estates for $193,500 and the most expensive so far this year was for a 1,300 square foot penthouse home in Central Lonsdale, with beautiful ocean views and a hot tub on the deck, for $1,255,000.

With 187 North Vancouver 1-bedroom condos currently for sale and taking into account 38 sales last month, there is currently a 5 month supply of homes, meaning the Absorption Rate is 5. With 215 North Vancouver 2-bedroom condos for sale and taking into account 48 sales last month, there is currently a 4 & ½ month supply of those homes as well, an Absorption Rate of 4.5. The Absorption Rate is the ability of the real estate market to absorb or sell all of the houses for sale in a given amount of time. A supply of 3 months or less (a.k.a. an Absorption Rate of 3 or less) generally favours sellers and a supply of 6 months or more generally favours buyers. This is a snapshot of condos in North Vancouver overall and one would want to drill down deeper in individual neighbourhoods where one was interested in purchasing.

Number of Bedrooms in Current North Vancouver Condominium Homes For Sale:
There are 15 studio homes
There are 187 one (1) bedroom homes
There are 215 two (2) bedroom homes
There are 16 three (3) bedroom homes
There are 0 four (4) bedroom homes

There are currently 76 two-bedroom homes priced under $400,000 in North Vancouver and 85 one-bedroom homes priced under $300,000.

North Vancouver Condominium Homes For Sale By Community:
Blueridge – 3 homes for sale
Boulevard – 0
Braemar – 0
Calverhall – 0
Canyon Heights – 0
Capilano Highlands – 3
Capilano – 1
Central Lonsdale – 92
Deep Cove – 3
Delbrook – 1
Dollarton – 0
Forest Hills – 0
Grouse Woods – 0
Hamilton – 17
Hamilton Heights – 0
Indian Arm – 0
Indian River – 2
Lower Lonsdale – 167
Lynn Valley – 14
Lynnmour – 11
Norgate – 21
Northlands – 2
Pemberton Heights – 11
Pemberton – 31
Princess Park – 0
Queensbury – 0
Roche Point – 40
Seymour – 0
Tempe – 0
Upper Delbrook – 0
Upper Lonsdale – 10
Westlynn – 2
Westlynn Terrace – 0
Windsor Park – 2
Woodlands – Sunshine – Cascade – 0