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The housing market continues to leave us asking more questions this year than it is answering. This reminds me of an Adam Robinson quote I heard in a recent Tim Ferris podcast in which he's discussing the effect of investors over analysis of markets ending with "... the world always makes sense, we just don't understand it". While our market may leave many of us wondering what factors are impacting sales, prices, and the like, it's the combination of many, many, more inputs, both macro and micro, that determines the results/conditions we are seeing. 

 
In last months update I had noted that there appeared to be some change in the air as the detached housing market had seen a considerable uptick in sales. Well, sales of detached housing on both Vancouvers East and Westside saw a decrease in sales activity.
  • Vancouver East saw 140 homes sell in May and just 98 in June.
  • Vancouver West saw 91 homes sell in May and just 79 in June.
Inventory levels of detached homes haven't increased significantly so Vancouvers single-family detached market remains in balanced market territory.
 
Sales of condos and townhouses, the segment of the market we've seen the strongest sellers market conditions throughout 2018, continues to be favourable to the seller in most areas of the city. While sales were down in the attached market city wide the sales-to-active ratio would still suggest the conditions favour the seller and may well have upward pressure on prices. 
  • Fairview saw 55 units sell in June and with an inventory of 98 listings is staunchly in Sellers market territory.
  • Kitsilano with 101 listings available and 38 sales in June is also very much in Sellers market territory.
 
Buyers in todays market are still very clearly seeking out value.
 
On the Westside of Vancouver the mark in June was $1.25 million for attached homes where we see a precipitous drop off in sales-to-active ratios. Condos and townhomes priced under this market accounted for 82% of total sales in June.
  • Attached product on the westside priced under $1.25 million currently at 48% sales-to-active ratio (375 listings / 180 sales)
  • Attached product on the westside priced over $1.25 million currently at 12% sales-to-active ratio (314 listings / 39 sales)
On the Eastside of Vancouver this mark in June was $900k. Condos and Townhouses priced under this mark accounted for 84% of total attached sales for the month of June.
  • Attached product on the eastside priced under $900k currently at 48% sales-to-active ratio (298 listings / 144 sales)
  • Attached product on the eastside priced over $900k currently at 22% sales-to-active ratio (121 listings / 27 sales)
In Downtown Vancouver this mark in June was $1.5 million. Condos and Townhomes priced under this mark accounted for 86% of all sales in the downtown in June. 
  • Attached product in Downtown Vancouver priced under $1.5 million currently at 32% sales-to-active ratio (422 listings / 135 sales)
  • Attached product in Downtown Vancouver priced over $1.5 million currently at 8% sales-to-active ratio (265 listings / 21 sales)
These are pretty considerable differences in market conditions and what leads me to describe our current market as a fabulous "move-up" market. For instance, if you're an owner of a 1-bed condo in Downtown Vancouver you may look to take advantage of seller market conditions on the sale of your condo. Then, take advantage of buyer market conditions by moving up the property ladder and looking to buy a larger, more valuable, home elsewhere in the city.
 
To conclude, there is always opportunity to be found in every market. At this time I'd suggest those looking to increase the size and/or value of their current home are those that the current conditions are most advantageous to.
 
As always if you'd like to discuss your situation and goals; do not hesitate to get in touch.
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Leading into May as noted in previous updates we had been witnessing the Condo and Townhouse market in Vancouver outpace sales of detached single-family homes quite considerably. There may be a bit of change in the air based upon the most recent stats report received.

 
In the month of May conditions for buyers of Vancouver Condos and Townhomes have improved. While the numbers suggest we're still firmly in Sellers Market territory throughout the Downtown, Westside and Eastside of Vancouver, there is certainly more competition in the marketplace today that is providing buyers many more opportunities. Inventory levels in all these areas increased in the month of May:
 
  • Vancouver Eastside from 340 active listings in April to 399 to end May.
  • Vancouver Westside from 509 active listings in April to 657 to end May.
  • Downtown Vancouver from 554 active listings in April to 672 to end May.
 
Total number of sales were marginally less in each area in May than they were in April as well thus leaving more available units for sale on the market for buyers to ponder. 
 
The result is that sellers and agents will need to be sharper with their pricing strategy and make sure get educated on the conditions within their specific market. As I've noted in the past if you have a 1,500 sq ft Coal Harbour condo you're market is experiencing distinctly different conditions than those of a West End seller of a 1 bedroom condo. You'll want to make certain not to assume that because the sales ratio in the Downtown is at 36% that means you can price well ahead of the market. That number is misleading... that later example, West End 1 bed owner, will face definitive sellers market conditions as 65% of attached home listings priced under $1.25 million in the Downtown sold in May. Meanwhile only 14% of listings priced over $1.25 million sold through the month of May. Those are considerably different environments for the seller and will require different strategies to be most successful.
 
Meanwhile the slumping detached / single-family housing market of months past is improving considerably. With the appreciation of condo prices, reduced average value of homes on the Westside and more or less stagnant values of homes on the Eastside it appears as though buyers are seeing value again in owning Vancouver land.
  • Sales of Detached homes on the Eastside of Vancouver improved from 103 sales in April to 140 sales in May.
  • Sales of Detached homes on the Westside of Vancouver increased from 70 sales in April to 91 sales in May.
This has to be very welcomed news to detached homeowners across the City of Vancouver. Most opportune areas for Vancouver detached homeowners are:
 
Westside Vancouver
  • Kitsilano which is sold off 27% of inventory in May
  • Cambie neighbourhood which sold 19% of it's inventory in May
  • Homes priced between $3 to $3.5 million saw 23% of inventory sell
  • Homes priced between $1.5 million and $2.75 million saw 36% of listings sell.
Vancouver Eastside
  • Mount Pleasant with low inventory and strong sales had 35% of inventory move.
  • Main neighbourhood with more sales but more inventory saw 31% of it's listings sell in May
  • Anything valued at $1.75 million or below is in high demand with 28% of all listings in this range selling in May.
If you're interested to learn more about how any of this effects your homes value or the competition level you'll be facing on your purchase.. do not hesitate to reach out as I am always happy to help.
 
Have a wonderful day all!
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With limited of spacious view homes remaining purchasers of 3-bedroom condos at The Pacific will receive a $50,000 purchase incentive now through Sunday May 20th.
 
These three-bedroom units at The Pacific will be a truly special place to call home and you may be assured of a quality build with Grosvenors at the helm. They range in size from 1256 to 1590 square feet along with between 152 to 217 square feet of outdoor space and will be located on the 20th floor or above.
 
You can find and download the floorplans for these units here: 3-bedroom Floorplans
 
Units are outfitted with top-of-the-line finishings including:
  • Gas cooktops by Wolf
  • Convection Ovens by Wolf
  • Microwaves by Wolf
  • Refrigerators by Sub-Zero
  • Wine Fridges by Sub-Zero
  • Dishwashers by Miele
  • Full height pull-out pantries by Snaidero
  • Washer and Dryer by Miele
  • Custom Closet by Snaidero
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This past April was another month of interesting competition within the Vancouver Real Estate market. In certain areas and price ranges we're seeing real competition amongst buyers while in other areas we're seeing fierce competition amongst sellers for the few buyers. It remains in my opinion a very good market for those seeking to move-up the property ladder.
 

The Kitsilano area continues to be among Vancouvers' most desirable neighbourhoods for buyers in todays market; leading all neighbourhoods on the Westside with 48 condo/townhome sales in the month of April. With 6.7 of 10 attached listings selling in April the neighbourhood has now seen similar sellers market conditions for the past 39 months. During this time the MLS HPI Benchmark Price for condos has grown by 62% while townhomes have increased in value by 55%.

All Downtown neighbourhoods remain steadily within sellers market territory as they were at the end of March. Downtown turned over 34% of it’s 211 listings in the month with the entire core of Yaletown (56 sales), Westend (44 sales), Coal Harbour (27 Sales) seeing 199 total sales and a 36% sales ratio overall.
 
While these numbers suggest strong competition throughout the Downtown market as well as the neighbourhoods of Kitsilano and Mount Pleasant it is important to note not all owners in these areas, and the rest of the city for that matter, will have the same experience within the marketplace.
 
For instance, 3 and 4 Bedroom product is having a tougher time finding buyers with just 9 of the 95 listings Downtown Vancouver selling. Owners of these homes, along with those with homes valued above $2 million will require stronger pricing strategies in tandem with strong marketing to achieve the best price possible.
 
Through April we continue to see this trend which is that we really have a tale of two markets. Owners of Westside Vancouver homes, specifically those homes valued at $2.75 million or more, are really battling for the active buyers in the market place. 4 of 7 sales on the Westside of Vancouver are priced over $2.75 million, however, an incredible 688 of the 799 homes currently available for sale on the Westside are in that same price range. That makes for a sales-ratio near 5% in the $2.75 million and up range on the Westside. This makes for buyers market conditions and most likely downward pressure on prices. 
 
While in my opinion all homeowners in need of selling should explore their options and choose the services of a professional Realtor with a well conceived pricing strategy and marketing plan if they wish to achieve the best price possible. It is most important for those needing to sell detached homes valued above the median across Vancouver today as the old 3P tactics employed by some of putting a sign in the ground, put it on MLS, and pray for a buyer simply are not going to get a result in this environment.
 
If you'd like a copy of our detailed market report simply email adam@adamgoss.ca
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I’m a firm believer that most Vancouverites don’t know just how many great things, programs, learning tools and opportunities, business tools and resources, on and on, are available to us all via the Vancouver Public Library.

This week the Friends of The Vancouver Public Library are hosting the first of three annual book sales benefiting special library programs and projects.

Beginning daily from 10am to 5pm at the Central Branch on Thursday, May 3rd, and running through Saturday, May 5th, used books will be available for purchase by cash at amazing prices!

Paperbacks start at just 50 cents while hardcovers will cost a whopping $2! Non-fiction books will begin at 50 cents as well. On top of that you can take 50% off everything that remains on the final day of the sale.

This is a great opportunity for you to scoop some great reads/finds while supporting a good cause!

Having visited previous sales I’d imagine you will find the sale happening in the atrium of the beautiful Central Branch building right at the entrance to the library.

You can also support the Friends of The Vancouver Public Library in their efforts and donate books, media, etc. Visit their website or review their flyer here.

PS: Please bring bags to carry your goods home with.

Happy shopping!

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This past week Vancouverites were provided with a great new option for travelling south to Seattle!

Harbour Air and Kenmore Air have teamed up to provide daily air-service to and from the Coal Harbour terminal in Downtown Vancouver to the Kenmore Air Harbor Seaplane Base in South Lake Union neighbourhood of Seattle. This is Harbour Airs first international route offering.

Flying time is just one hour while an expedited customs check will occur on the arrival side which should make the total travel time substantially quicker than land options.

Arriving in South Lake Union is great in my opinion. It’s fairly convenient area that you could certainly grab a Lyft or Uber from within minutes to commute to wherever you may be going. This area is also near the quickly expanding Amazon offices. The service will also extend to Lake Washington should this be your preferred destination.

In my case most likely to Safeco or Centurylink field. Key Arena soon sports fans? ?

Travellers will have the option of two daily departure times out of Coal Harbour. The morning option departing at 9:30am (10:30am arrival) while the evening option takes off at 5:40pm. You will be asked to check-in at the Coal Harbour terminal a minimum of 45 minutes prior to your departure.

The cost for each leg of the flight appears to be $370.50 plus taxes at the time of this writing. You are permitted luggage weighing up to 25 lbs with additional lbs being charged at $1.50 each while space permits. This certainly will not be the cheapest of options as compared to the bus and rail routes offered out of Pacific Central Station. It will however, provide Vancouverites with the ability to make their own decision on the value proposition based upon the reduced time and efforts.

Vancouverites will be familiar with Harbour Air as the Vancouver company founded in 1982 flies their distinctive Yellow and Blue planes in-and-out of Coal Harbour on a daily basis. On the other hand we may not be as familiar with their new partner in flight operations.

Kenmore Air was founded in 1946 and is now operating an expansive schedule that includes more than 45 destinations and lands its passengers on “lakes, harbours and tarmac throughout the US and Canadian Northwest”. They utilize a range of planes within their fleet and proclaim to have a world-renowned aircraft maintenance facility.

You may read the complete media release here and check out the Harbour Air schedule and buy tickets at their homepage here.

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This post is designed to report on and explain the new Speculation Tax brought in by the BC NDP Government as part of their first budget under Premier John Horgan's leadership. 

 
I, personally, don’t have a hot take on this and simply believe this government has done their best to address some very real and difficult forces at play within our marketplace. Is it perfect, no, but could it be, no. I like to try and break things down to simplify and understand them best so here it goes..

What is speculation and why need it be addressed?


As defined by the government in a statement revised in March 2018 speculation is “when a property owner holds onto vacant homes and benefits from rising property value”. From the same report this must be addressed because “speculation has contributed to runaway prices and made it difficult for British Columbians to find a home they can afford.” 

What are the government's goals and what results is it the provincial governments intention to effect by implementing a Speculation Tax?


  • To ensure British Columbians can live in their own province
  • To push speculators out of the market
  • Help turn vacant and underutilized properties back into homes
  • Increase the supply of available housing in designated urban centres

Who is liable to pay the tax?


Foreign Investors. I understand this to be any non-canadian citizens and those who do not live or report any income in British Columbia.

Satellite Families. Government describes a satellite family as those “households with high worldwide income that pay little income tax in B.C.”. I’ll be interested to hear of the mechanics/logistics of determining this.
 
Owners of multiple properties deemed “Domestic Speculators”. This will exclude anyone renting their property for more than 3 months in 2018.

In 2019 and beyond this will exclude anyone renting their property for greater than 6 months in the year for segments no less than 30 days.

How much is the tax?


For this year, 2018, the tax will be charged at 0.5% of the properties value. The report does not state how the properties value will be determined. I would speculate however ( ?see what I did there) that they will use the properties assessed value but does appear they are leaving open the option to use the fair market value (sale price) should the property have been purchased within the year applicable.

For the year 2019 and beyond the tax will be levied at the following rates:

  • 2% for “Foreign Investors” or “Satellite Families”
  • 1% for Canadian citizens and permanent residents who do not live in British Columbia
  • 0.5% for British Columbians who are Canadian citizens or permanent residents.

Where in the province is the Speculation Tax applicable?


  • Metro Vancouver Regional District, excluding:
  • Bowen Island
  • Electoral Area A except the area of UBC Endowment Lands
  • The Capital Region, excluding:
  • Gulf Islands and Juan De Fuca
  • Kelowna
  • Nanaimo-Lanztville
  • Abbotsford
  • Chilliwack
  • Mission
 


What if..? Wait.. There are exemptions and credits to the speculation tax..

 
You will be exempted from the tax if:

  • It is your primary residence
  • Property is within the long-term rental pool (Note above differences in ‘18/’19)
  • If the property is vacant due to health of the homeowner as they reside in hospital, long-term or palliative care.
  • If the property is vacant due to the homeowners being away for work/business purposes
  • If the homeowner is deceased and the estate is in process of being administered.

You will receive an immediate $2,000 credit for the tax if:

You are a canadian citizen or permanent resident that is not part of a "satellite family". The credit will only be eligible on one property.

The amount of this credit is precisely 0.5% of $400,000. The credit was designed to be this amount likely as the result of feedback the government received in regard to how this tax would affect vacation homes of Canadians.

Here are some scenarios and the resulting tax applicable as I understand it:


I am the owner of a Downtown Vancouver condo with an assessed value of $737,500 that I have recently received a Short-term Rental Business license for to AirBnB. 

A: Well, in this case you are required to be the primary resident so you are exempt.

I am a Canadian Citizen and the owner of a Kitsilano condo valued at $670,000. I live out of province 8 months a year and leave the condo vacant during that time.

A: You will be liable to pay 0.5% of the properties value less the applicable credit of $2,000. Therefor you pay $1,350 in speculation tax.

I am a Foreign Investor with an interest in Vancouver Real Estate. I own a Olympic Village condo valued at $875,400.

A: If you rent this property out on a long-term lease you will be exempt from the tax. However, if you do not rent the property, even if you’re occupying the property yourself, you will be liable to pay the speculation tax. This would be levied at 0.5% of the properties value in 2018 and 2% of the properties value in 2019 and beyond. This would amount to $4,377 for 2018 and $17,508 in speculation taxes for 2019.
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This beautiful Vancouver day has me thinking of warm spring and summer days just around the corner which has me excited about a number of things.. Near the top of that list however is a swim at the refurbished Kits Pool and it happens to be scheduled to re-open is just one month!

This is a true Vancouver gem that was just listed third on Red Bull’s top-10 list of The worlds sexiest pools to train in. While I wasn’t training for anything last summer I did conceive of an idea to use the pool as part of a “mini-triathlon” I completed one day by biking around Stanley, Olympic Village to Kits, running around Vanier Park and returning to finish it off with a swim in the pool. Was a ton of fun! (Can check out my Instagram post ?)

 
You may have noticed the pool covered by a roof-like structure since the fall. In September last year the city approved a $3.3 million refurbishment project. The work going on underneath that roof is aimed at enhancing the water quality, which will be noticeably saltier (more buoyancy? Perfect!), and drastically reduce the amount of make-up water required to fill the pool due to losses through faulty joints and caulking. The pool deck structure is also being addressed along with the addition of electric pumps to replenish the sea water.

Appears as though everything is on track for the Vancouver Park Boards scheduled opening of May 20th. You can always keep up with the Park Board updates via their Twitter and Facebook Page.

Look forward to diving in!
 
 

 
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While I am on the record as being bullish on the current market for Westside Vancouver Condos I do believe today’s market requires sellers, and their representatives, have a well conceived pricing strategy in order to derive top dollar from the market.

The success of your sale in todays market will be the result of a number of factors. From the quality of the home itself, to its showing condition, to the preparation, marketing, and promotion of the listing materials. However, I believe at this time, the most vital of all is the presence of a well conceived pricing strategy.

There are a number of reasons I believe this to be true. Among them is the long standing fact that every listing garners the most exposure at the outset of its listing term. That is, the day it hits the MLS public sites as an active listing. This is when it comes across fellow agents hot-sheets and begins to appear in the inboxes of active buyers as a match to their home searches. This is when you have the publics, and agent eyeballs, fixed on your listing. This is when we want to capture their interest and make them move!

Furthermore, I have this hypothesis, that in todays market buyers have grown accustomed to watching only the new listings as they come out. This is because there’s been periods of time over the past years in which you needed to be in the door of that new listing on the first day of showings, and, if you liked it, preparing an offer immediately. If buyers don’t pounce on the listings as they come out it seems to me their perception is those listings they didn't move on have most likely sold and they move their attention elsewhere.

The process of.. watching new listings, attending sneak peaks and/or open houses, making or not making offers, winning or losing, only to move on to next weeks crop of new listings and do it all over again.. Has gotten ingrained into many Vancouver buyers as well as many agents. Making those early days of your listing, when all the attention is there, even more important than ever when it comes to being successful.

Therefor I believe you must hit the listing price on the mark! How do you do that?

  1. Gain a very clear understanding of your product
  2. Gain a good understanding of the likely value
  3. Have a clear understanding of the market conditions
  4. Identifying as best possible the direction of the market
  5. Choosing the most effective listing price to garner exposure


Some of this seems dead obvious, but I’ll be honest, in telling you it’s dead obvious that the ball is dropped on each accord on a daily basis.

First - Understanding your product. 

This is pretty self explanatory but I’m not talking about just knowing “ahh yes, this is a 2-bed, 2-bath of X number square feet”. I mean truly knowing the home, complex, area, etc. inside and out in order to best articulate it’s value to the public. Also, knowing the product will assist in determining the likely target market for your marketing.

Second - Understanding the current value. 
 
The most professional agents will complete very thorough CMA’s (Comparative Market Analysis) on your home for your review. In which, you should gain a clear idea of what similar homes to yours have sold for and are currently on sale for. Most important you’ll want to look at the sales and use these sales to determine a likely range in which your home is valued within.

Third - Clear understanding of current market conditions. 
 
This is where your pricing strategy can be taken from satisfactory to great. With good leg work and research on the first couple items you’ll want to get clear on what’s happening in the market specific to (1) your product type + location and then (2) the price range. The market conditions are significantly different in the $500k to $600k price range than they are within the $2 million plus range. In one area of the market sellers may outnumber buyers while another area of the market it’s tough to keep any inventory. You NEED to know what’s happening within YOUR market to choose the most effective listing price.

Fourth - Identifying the direction of the market. 
 
Ok, in gathering all the information from these previous steps you should know of the market conditions as they relate to your specific home and what effects these conditions are likely to have on the value. 
 
For example, let’s say you own a 2 bedroom condo in Vancouvers West End that you’ve determined is likely valued between $820k to $840k.

  • The sale ratio in the West End is 63% - This puts upward pressure on prices
  • The sale ratio for 2 bedroom condos Downtown Vancouver is 39% - This should put upward pressure on prices
  • The sale ratio for condos priced between $800k-$900k Downtown is 86% - This will certainly put upward pressure on prices

Therefore, the market for our hypothetical condo in the West End will be trending upwards based on all these key indicators.

Lastly - Choosing the most effective listing price to garner attention.

Now we know our product and it’s likely value today. We know the market conditions are favourable and these conditions should be pushing the price up in the near future. Time to choose the price!

It’s my belief that you’ll want to price “ahead of the market” to be most successful. That doesn’t mean $100k ahead or even $50k ahead. This is going to be in relation to your specific market as well. 

I do believe it important to keep in mind how buyers search today as well. For instance, if you’ve determined the likely value of your home is $980k with the market trending upwards. Again, many factors, but I’d most likely recommend not pricing much higher than a million dollars. The reason for that being buyers of course search for listings online and in these searches will place min/max prices. If you price this listing, that you believe is likely valued around $980k, at a list price of $1,025,000, then no buyer setting their maximum price of $1 million will ever see your listing populate in their search results. That’s not good for your exposure and could likely have a negative result on the sale price.

Going back to our previous example of the 2-bed West End condo valued around $820k. I’d likely suggest a list price of $850k. We know the market is trending up specific to this hypothetical unit. We don’t want to get to far out ahead of the market and lose attention. By pricing ahead of the market but yet still choosing an attractive price I believe you protect your bottom-end while also generating enough exposure that you may still garner multiple offers. Should that happen you could then get you a price higher than you’d imagined. 
 
Some agents are going to take the tact of pricing under the value in an effort to get multiples.. You really need to know the conditions within the marketplace in order to take that risk though. In our example there could potentially be the appetite within the market for your product such to garner multiples but there's no guaranteeing nothing. So you price at $799k and don't get multiples.. what do you do then? The market knows nobody paid your price after the first weekend and now you're going to raise it to above the value you'd initially thought it was worth? That doesn't look good.. That's why I say (barring in mind lots of variables) that you're best choosing a marketable price above your valuation in this case that protects your bottom-end while still providing opportunity for that multiple.

This is a very quick look into some of the steps I take when establishing a price for my listings but I hope it's of value and provides you some insight into what goes into a well conceived pricing strategy.
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Check out the Facebook Event Page for more details here.
 
What are you up to this weekend? 
 
The forecast calls for reasonably nice weather while the Hellenic Community of Vancouver is calling for incredible eats and KEFI at the 40th Annual Greek Food Festival! ??
 
The annual festival is said to be a true representation of the Hellenic Community and the heritage of the Greek people in Vancouver. Festival goers will enjoy an abundance of delicious homemade food and some exciting performances of intricate traditional Greek dance.
 
The festival will open it's doors to public at 5pm on Friday, April 20th and conclude on the Feast Day of St George, April 23rd at 3pm.
 
You may enjoy the special event "A night in Greece: Greek Night" being held Saturday night at 10pm. Tickets are available to those aged 19+ on the Hellenic Community of Vancouver's website here or at the door of the small upper hall for $10.
 
Happy Vancouver weekending to all!
 
PS: Organizers may still be able to use your help should you wish to volunteer! You can do so by visiting here.
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Vancouver, with kudos from AirBnB, is allowing Vancouverites the ability to generate an income by way of short-term rentals.

As it stood the City of Vancouver did not allow residents to rent any space in their home for a period less than 30 days. As of April 18th bylaws will be enacted allowing for short-term rentals in the permanent residence of Vancouverites. Beginning Thursday, April 19th, Vancouverites will be able to apply for a Short-term Business License and as of September 1st, 2018, anyone short-term renting will be required to have one or be subject to fines.

The program has been created with a number of goals in mind but primarily to effect the cities long-term rental vacancy rate which is currently at or around 0.9% (As per April 10 Administrative Report). The idea being that regulating short-term rentals, and inflicting fines for non-compliance, that some of the roughly 6,700 units actively marketed as short-term rentals will return to the long-term rental pool.

Both homeowners and tenants will be able to take advantage of the program so long as they meet the city requirements.

The first criteria for a STR business licence is that the space you will be renting out is your principle residence. That means you will not be approved to short-term rent an investment unit or any secondary suite(s) you are not the primary resident of. For example:

  • You WILL be able to short-term rent the basement suite of the home you live in 
  • You WILL NOT be able to short-term rent the basement suite of a home in which the upstairs tenants are long-term leaseholders.
  • You WILL be able to rent the extra room in the condo you live in so long as building bylaws approve of STR’s


In council meeting minutes the City of Vancouver notes that if the city-wide rental vacancy rate (which is a major goal of the cities for this program to effect) “meets or exceeds 4%” they will give consideration to allowing secondary suites to be allowed in the program regardless of permanent residency status. This will be interesting to monitor for anyone that owns revenue property with multiple dwelling units in which one is currently rented long-term.

During the application process you will be required to provide a 24/7 access number while being asked to declare the following to be true:


  • You have your Landlord's permission - IF TENANT
  • Your building's strata bylaws permit STR's - IF STRATA
  • That your home is in fact a legal dwelling unit.
  • There is a posted fire plan at all entrances and exits
  • There are interconnected smoke alarms on every floor and in every bedroom
  • There is a working and accessible fire extinguisher on every floor
  • There are carbon monoxide detectors on every floor - If gas appliances exist within unit
  • Fire alarm exists in building - If building contains more than 3 units or 10 occupants
  • That by Jan 1 2023 you will comply with City bylaws for automated sprinklers and fire separation between units
  • That you inspect, test annually, and keep records of smoke alarms, fire extinguishers, and carbon monoxide detectors.
  • That you review insurance policy to ensure appropriate coverage.
It is important to note that you will need to maintain the above mentioned items at all times you’re marketing the space for rent. Because you are self-declaring the above mentioned items you will be required to submit to regular audits and physical inspections by the City upon request.

The license costs:

One time Licensing fee of $56
2018 Licensing fee of $49 prorated as of date of application

AirBnB is noted to have as much as 88% market share in Vancouver's Short-term rental market. Lucky for us they have worked very actively with the City to see this plan come to fruition. For their part AirBnB has entered into a memorandum of understanding with the city this month that states their agreement to require all Vancouver short-term rental listings to submit the business license number in the users listing. If you’re a user of AirBnB you may have received notifications in this regard.

Each licensee will be permitted to up to a maximum of two listings under the business license.

As of September 1st, 2018, all Vancouver Short-term rental listings advertised and marketed online will require a license number to be included within the listing or be at risk of non-compliance. The City insists they will actively monitor and enforce the bylaws and have been provided the ability to impose fines up to a $1,00 a day of the listings advertising.
 
 

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Postive news articles abound today following the release of Royal Lepage’s Fourth Quarter Market Trends report today. Major highlights from the report include:

  • Project 5.2% increase in housing prices across Greater Vancouver in ‘18
  • Greater Vancouver condos increased in price by an average of 20.2%
    • Condos within City of Vancouver up 18.7%
  • British Columbia is leading province in economic performance.
I found a number of interesting quotes and tidbits of information within the report I thought would be good to share with you though. Here they are:

Our nations going the way of the condo.
 
I’ve remarked about this with clients, friends and family, as the condo market consistently outpaced detached housing throughout this past year. There is a number of contributing factors to this phenomena but there are certainly no clear signs of this changing any time soon.

Economic forces are the driver.
 
I found this to be a very interesting and timely point. We’ve seen over the past number of years that the government has taken steps designed to keep the Canadians from over-extending themselves w/ mortgages and to keep the hottest real estate markets from over-heating.However, at the end of the day our market is driven by forces much bigger and wide ranging than we can control. Canada is a great and safe place to call home, our region is adding jobs, the population is growing. These forces along with the availability of housing will be what drive values.

Where’s all the demand coming from?
 
I’ve certainly noticed these trends in our market. For the average Vancouverite not immersed in the market on a day-to-day basis two of these three demographic categories may come as a surprise.

Our regions economy is very strong.
 
The strength of our economy is not only bringing more people into the market which increases the amount of deman for housing. It’s also making our region more and more attractive to outside investment. Therefor homeowners can rest assure their property values are safe in the near term. If you’d like to read over the complete report yourself you may find it here:
 
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