BURNABY / NEW WESTMINSTER Apr 17, 2015 Real Estate Weekly

R E A L E S T A T E W E E K L Y

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Vancouverʼs Boomer Luxury Home Buyers

Increasingly Urban: Survey

Metro Vancouverites are head-ing to the polls – or, in this case, their nearest post box – as

mail-in voting continues for the emotion-ally charged Transportation and Transit Plebiscite – aka “the congestion tax”.

Although the question is how to fund transit improvements, the debate has rapidly become about whether people believe TransLink should be trusted with more funds. Many issues like impact on housing aff ordability have been largely ignored.

Even getting both sides to agree on how much the new tax would cost has proved impossible. “Yes” supporters say the 0.5 per cent sales tax will take $125 per year out of the average household’s pocket. “No” supporters say it will be more than double that amount – $258 per year.

Property Purchasing PowerSo what’s the tax’s impact on abil-

ity to purchase a home – especially for cash-strapped fi rst time buyers? The new tax will reduce income and therefore bor-rowing power – no matter which side’s estimate is correct.

“At today’s mortgage rates of 2.69 per

cent, if we take the higher estimate of $258, it would reduce a person’s home buying power approximately $5,400,” says Mark Belling, CEO of Fifth Avenue Real Estate Marketing.

He stresses, however, this is more than off set by the costs savings of living close to regular, reliable transit.

For the rapidly expanding demograph-ic of urbanites who embrace a carless lifestyle, transit also opens the possibil-ity of an immediate bottom line benefi t.

“The average parking stall costs $25,000 to $30,000,” notes Robert Grimm, principal of Portrait Homes. “That could mean the diff erence between a studio or being able to aff ord a one-bedroom home.”

Will New Transit Push Up House Prices?

Over the long term, most industry watchers agree housing prices will con-tinue to rise throughout Metro Vancouver due to its geographical constraints. And there are precedents to suggest they rise more rapidly when improved transit arrives.

According to an Urban Analytics report commissioned by the Onni Group just

after the Canada Line was built, land values along the Cambie Corridor rose 19 per cent in the months leading up to completion. They climbed an additional 14 per cent in the fi rst six months of oper-ation – a 33 per cent increase in one year.

The Evergreen EffectFurther east, where the Evergreen Line

is under construction, the Tri-Cities have shown steady but more moderate price increases, according to the Real Estate Board of Greater Vancouver. The rapid spike in prices many predicted would accompany the new SkyTrain line has failed to materialize.

What has occurred is a construction boom that’s highlighting neighbourhoods like Burquitlam as a more desirable place to live. Howard Steiss, principal at Texor Homes, notes many buyers are attracted to the greater bang for their buck that’s possible when transit makes commuting easier.

Although the new tax would add to the cost of construction materials, David Podmore, chairman and CEO of Concert Properties, points out this may not be as severe as it appears.

“The higher density we see around

transit nodes like Marine Gateway, Metrotown or Brentwood allows more effi cient land use – which means devel-opers have the cost savings associated with economy of scale,” he says.

What about Immigrant and Offshore Buyers?

Overseas and immigrant buyers con-sider proximity to transit a must have. “Off shore markets are light years ahead of us in the way they look at transit,” says Bill Szeto, president of Otezs Project Marketing. “In any major Asian or European city, transit is the dominant way people move around.”

However, Rolf Neufeld, managing director of credit structuring with Bank of Montreal, believes the vote will have little long-term impact. “Vancouver land values are going to keep rising regard-less,” he says. “And there will be some transit improvements even if the vote is no.”

So while Metro Vancouver awaits the results of the transit vote, Szeto makes a fi nal comment. “Even 15 or 20 years ago, people asked why anyone would want to live next to the SkyTrain… now they ask why wouldn’t you want to live there?”

How the Transit Vote Affects Home Buyers and Property Values

BURNABY NEW WESTMINSTER FRIDAY, APRIL 17, [email protected] • 604-435-7977

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There’s a new project coming soon that

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tinctive homes that are similar to town-

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low-rise West Coast-style character resi-

dences showcased by natural stone, stuc-

co, HardiePlank accents and fully land-

scaped yards and communal courtyard.

Nestled along a tree-lined street,

CityHomes fi t seamlessly into a quiet com-

munity in the heart of sunny Tsawwassen.

The exclusive design off ers the perfect

blend of urban and rural living. Minutes

from your new home, you’ll love the life-

style and sense of community that comes

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and services at your doorstep.

Each open-concept home comes com-

plete with its own secure underground

parking stall and minimal maintenance to

worry about.

“Many of the three-bedroom homes will

have two parking stalls,” adds Lucier.

Inside, the homes promise fi nishes

that will inspire. From the luxurious hard-

wood fl ooring to the nine-foot ceilings and

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with quartz countertops and Energy Star

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ance package and stunning soft-close cabi-

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of the patios or decks are perfect for enter-

taining family and friends.

Living at CityHomes puts you in the

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International Airport, half an hour from

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Direct access to transit and the highway

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For those passionate golfers, there are

fi ve golf courses within a very short dis-

tance away.

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winning Century Group. For more than fi ve

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onymous with creating neighbourhoods

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in. Defi ned by walkable streets connected

to natural landscapes, the developer is

renowned for communities that off er the

best in lifestyles for today’s busy urban-

ites.

With all that CityHomes has going for it

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ing from under $360,000, the best part of

CityHomes is calling it home!

CITYHOMES OFFERSLUXURIOUS AND DISTINCTIVE Tsawwassen Living

The CityHomes presentation centre and two fully decorated display homes, located at 1708–55A Street (at 18 Avenue) Delta, will open in May. For more information or to register, call 604-948-2345, email [email protected] or visit www.cityhomesnorthgate.ca. Tentative occupancy is slated for fall of 2015.

BURNABY / NEW WESTMINSTER Apr 17, 2015 Real Estate Weekly

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Transcript of BURNABY / NEW WESTMINSTER Apr 17, 2015 Real Estate Weekly