DATE

Steve Saretsky -

The Bank of Canada was back at it with their latest views on the direction for monetary policy. The latest dove at the helm, Tiff Macklem, signalled his commitment for a zero interest rate policy, and unprecedented levels of Quantitative Easing. Both interest rates and QE are here to stay, until the recovery is well underway, and that will take at least a few years. In other words, as Macklem so eloquently put it, “Interest rates are very low, and they’re going to be there for a long time. We recognize that Canadians, and Canadian businesses are facing an unusual amount of uncertainty, and so we have been unusually clear about the future path for interest rates. So If you’ve got a mortgage, or if you’re considering to make a major purchase, or you’re a business and you’re considering making an investment, you can be confident that interest rates will be low for a long time.” In central bank lingo, they call this forward guidance. On main street, we call it a green light to lever up on cheap credit. Borrow to your heart’s content. It’s a slippery slope, however. Canada currently ranks third amongst the G-20 in terms of private debt

Steve Saretsky -

The Vancouver Real Estate market made headlines this past week with a whopping 64% increase in sales on a month-over-month basis. While headline readers may be stricken with a sudden panic of missing the dip (if you can call it that), further analysis suggests there really is nothing to fear. Due to the rather inconvenient timing of a once in a lifetime global pandemic, the spring housing market was essentially shut-down this year. In what is normally the two busiest months of the year, April & May were complete duds, recording multi-decade lows in sales. As the economy re-opened, the pent-up demand from the spring market resulted in nice uptick in June. It looks like the spring market was essentially bumped to this summer. However, after further review,  it turns out the pent-up demand was rather not that impressive after all. June sales were still 21% below their ten year average. Suggesting home buyer demand remains weak. The real story here is all about inventory. The total number of homes for sale in June slipped 27% year-over-year, as sellers opted to stay put in their homes during these uncertain times. Considering the government essentially mandated stay at home orders, issuing

Stephanie McHugh -

Tudor House Vancouver by Formwerks Tudor House by Formwerks Boutique Properties is a boutique development in pre-construction phase to be located at 441 W 63rd Avenue in Vancouver’s Cambie Corridor. The architecture on this 4-storey building is classic Tudor style. There will be 15 residences, including townhomes with 1, 2, and 3 bedrooms. There will be 1-bedroom and 2-bedroom garden-level suites to choose from. The 3-bedroom dwellings include an optional den. In the fashion of British rowhomes, Tudor House is designed with steeped gables, pitched roofs, and decorative timbering. Each single-family home will include roomy kitchens, full-sized appliances, walk-in closets, luxurious finishes, and other generously appointed features. Nearby amenities to this tranquil location on Vancouver’s southwest side are abundant for the future residents of Tudor House. The boutique property is near top-ranked schools, Queen Elizabeth Park, Oakridge Centre, Vancouver College, and Marine Gateway. Rapid transit could hardly be more convenient. Vancouver International Airport is a short 10 minutes away, if you ride the Canada Line at Marine Drive Station. An Overview of Tudor House, Vancouver, Features The following is a brief synopsis of information about these pre-sale townhomes: Architecture is classic Tudor style 15 residences, with options of 1-, 2-,

Stephanie McHugh -

Cambie Gardens Vancouver by Onni Group Cambie Gardens by Onni is an ambitious new development coming soon to the Cambie corridor in Vancouver. This impressive master-planned community is located at 650 W 57th Avenue, which is at the corner of 57th and Cambie. It will consist of 2,160 residential condos spanning a 25.4-acre site. This remarkable project will include a 2.5-acre park and a health centre, as well as commercial and retail space. Onni is also set to privately-fund a new Canada Line transit station. Additional amenities include a YWCA, social and recreational opportunities, and an urban farm. In addition,  25-metre swimming pool and therapeutic pool and a 69-space childcare centre are planned. There will be a multitude of shops and restaurants in this redeveloped space. The assortment of separate structures range from 3 to 28 storeys high. Storage will be available for residents. Details of parking have not been completed. Floor plans are not finalized as yet, either, but a wide range of unit options can be expected. Onni promises that the community will reflect flawless harmony of green space, connectivity, and architecture. The development is an expertly planned community based on the City of Vancouver’s objectives for economic,

Steve Saretsky -

Midtown Central Vancouver by PortLiving – 702 E Broadway Midtown Central by PortLiving is a 4-storey mid-rise building coming soon and preselling in the flourishing community of Mount Pleasant. Midtown Central is located in the heart of Mount Pleasant at 702 E Broadway, and it is within convenient walking distance of shops, lively bars, cafes, exotic restaurants, and boutiques. Mount Pleasant is a prime location and a Vancouver hot spot. Vancouver Community College is among the nearby amenities. This development is situated beside main streets Fraser and Broadway. A genuinely walkable community, residents enjoy easy access to markets, grocery stores, amazing restaurants, and other popular services. Midtown Central will have wood frame construction and will consist of a boutique collection of 35 modern condo units. The development is expected to include 20 studios, nine one-bed units, and four two-bedroom units. All will have parking and storage space. The floor plans have not yet been finalized, but the developer describes it is a  “Place with Personality” and “Thirty-Five Modern Homes.” The third Mount Pleasant development from PortLiving in the area, the developer takes pride in continuing to help shape the community with the addition of Midtown Central. Interested parties are encouraged

Steve Saretsky -

Cardero Vancouver by Bosa- Georgia & Cardero Introducing Cardero by Bosa Properties, a cornerstone connecting Coal Harbour’s seawall, Stanley Park, and the downtown core. An illustrious gateway to a famously livable city, Cardero blurs the line between structure and sculpture and is destined to raise the bar for architecture and innovative design in Canada. Bosa Properties and Henriquez Partners Architects are set to transform 1575 West Georgia Street into an urban cornerstone with a dual-tower residential building perched atop a four-storey podium, offering retail on the ground floor and three floors of office space. This boutique collection of luxury residences raises the bar for architecture and innovative design in Vancouver. Anchoring the corner of Georgia and Cardero streets, a distinctive 26-storey tower, 7 levels of underground parking is fitted with special screens to reduce solar heat gain while providing residents with greater privacy and shade. Amenities include social lounge, outdoor terrace, fitness room and yoga studio. Cardero will also feature charging stations for electric vehicles, and a temperature controlled storage for grocery delivery. As a Cardero homeowner, you’ll be ideally situated near the Coal Harbour waterfront and its multi-purpose seawall, connecting the convention centre and cruise ship terminal at Canada

Steve Saretsky -

Terrace House by Portliving Terrace House, the world’s tallest timber frame hybrid building is coming soon to the Coal Harbour area. Located at 1250 W Hasting Street, this new development by Portliving will be 19 stories high and feature 20 residential units. The first 12 floors will be concrete construction, the remaining triangular portion will be built by locally sourced timber. Designed by Pritzker Prize winning architect Shigeru Ban, Terrace House represents the best in design, exclusivity and luxury urban living. Set to become the world’s tallest hybrid timber structure, offering cutting edge design and material use, it will set a new precedent for architecture and innovation not only in Vancouver, but around the world. To register for Terrace House updates click here.

Steve Saretsky -

Synchro Vancouver By Bold Properties- 379 E Broadway Synchro by Bold Properties is a 5 storey mid-rise building coming soon to the up and coming Mount Pleasant area. Located at 379 East Broadway, Synchro is within walking distance of cafes, pubs, boutiques shops and exotic restaurants. Mount Pleasant offers a short walk to Olympic Village and False Creek. This new condo development will consist of 13 one bedroom suites ranging from 532 – 653 square feet and 16 two-bedroom units ranging from 724-1062 square feet. Synchro will offer state of the art design, smart technology, panoramic views, and multi-functional community communal spaces. To view all floor plans click here. To register for updates on the development click here.  

Steve Saretsky -

Yukon Residences Vancouver by Alabaster Albaster Homes has announced their newest development Yukon Residences. Situated along the Cambie Corridor, within walking distance of Winona Park and Langara Golf Course. Within minutes of grocery stores, fitness centres, Oakridge mall and the skytrain. Yukon Residences is a boutique development consisting 33 three and four bedroom townhomes. Expected completion has not yet been announced. Sales will begin in the spring of 2017. You can join their registration list for further details HERE. Alabaster highlights the new Vancouver development as “An incomparable location, perched high atop Winona Park. Yukon Residences will feature exquisitely appointed Townhomes and single-level Garden Homes. Close to top-ranked schools, Canada Line, and access to YVR.” View all New Condo Developments Here  

Steve Saretsky -

Arne Vancouver Townhouses by Mondevo Arne Vancouver is a new development by Mondevo. It will bring twenty new townhouses to the Mount Pleasant area. Located at 321 E16th Avenue.  Offering a clean, warm expression that balances architectural modernity with flexible layouts. Its floor space ratio, open courtyard layout, outdoor stroller lockers, and proximity to a park with a playground make this development ideal for young families. The first two storeys are a very crisp cube in white brick veneer, with form and material emphasizing the individuality of each dwelling. The upper storey is a more subtle, contrasting expression of metal faux wood siding that recedes from view, giving the impression of a smaller external facing. Arne Vancouver Prices It’s estimated completion is Spring 2018, the development is now sold out.

Steve Saretsky -

Grosvenor Pacific Vancouver- 819 Pacific Street Grosvenor, a privately owned property group has announced that they have plans to develop the site located at 801-819 Pacific Street in Vancouver. The proposed plan for this adjacent site includes a seven-storey City-owned arts and culture building as part of the community amenity contribution for the rezoning of 1380-1382 Hornby Street.  The plan also includes continuation of the new Pacific Street dedicated bike lane, expanded sidewalks and additional street trees to improve the public realm.  You can find more details on the application here. Located at the corner of Hornby and Pacific the development will consist of approximately 212 homes including 1,2 and 3 bedroom condos along with 3 two storey town-homes. This prime Yaletown location will feature spectacular views of False Creek and the city. Within walking distance of seawall, Aquabus, and Yaletown restaurants. You can register for more information at the Grosvenor website HERE.

Steve Saretsky -

Zero Risk, No Money Down Happy Monday Morning! Zero risk, no money down, no interest for 5 years! Sounds like an advertisement from a used car salesman.. Nope, it’s the BC Government’s 5 year interest free loans. The entry level market appears to be heating back up again, despite the detached market crumbling underneath us. In January, 25% of Vancouver condos sold over asking price. That’s down slightly from 38% the year previous but there seems to be a lot of momentum right now. Meanwhile, over in the Fraser Valley it’s even worse. So far in February, 37% of condos have sold over asking price. The condo market is littered with first time buyers competing for the few condos available. Many bidding up prices with cash in hand from the BC government. So far the program has approved 356 first time buyers since January 16. Gambling with BC taxpayer money, there appears to be little cause for concern about the health of the market. Risk aversion? What’s that? Just a couple weeks ago I was in a multiple offer situation with one of my buyers. After reading the strata documents it was discovered the unit was about to be hit

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The Canadian Economy

Steve Saretsky -

The Bank of Canada was back at it with their latest views on the direction for monetary policy. The latest dove at the helm, Tiff Macklem, signalled his commitment for a zero interest rate policy, and unprecedented levels of Quantitative Easing. Both interest rates and QE are here to stay,...

Steve Saretsky -

The Vancouver Real Estate market made headlines this past week with a whopping 64% increase in sales on a month-over-month basis. While headline readers may be stricken with a sudden panic of missing the dip (if you can call it that), further analysis suggests there really is nothing to fear....

Stephanie McHugh -

Tudor House Vancouver by Formwerks Tudor House by Formwerks Boutique Properties is a boutique development in pre-construction phase to be located at 441 W 63rd Avenue in Vancouver’s Cambie Corridor. The architecture on this 4-storey building is classic Tudor style. There will be 15 residences, including townhomes with 1, 2,...

Stephanie McHugh -

Cambie Gardens Vancouver by Onni Group Cambie Gardens by Onni is an ambitious new development coming soon to the Cambie corridor in Vancouver. This impressive master-planned community is located at 650 W 57th Avenue, which is at the corner of 57th and Cambie. It will consist of 2,160 residential condos...

Steve Saretsky -

Midtown Central Vancouver by PortLiving – 702 E Broadway Midtown Central by PortLiving is a 4-storey mid-rise building coming soon and preselling in the flourishing community of Mount Pleasant. Midtown Central is located in the heart of Mount Pleasant at 702 E Broadway, and it is within convenient walking distance...

Steve Saretsky -

Cardero Vancouver by Bosa- Georgia & Cardero Introducing Cardero by Bosa Properties, a cornerstone connecting Coal Harbour’s seawall, Stanley Park, and the downtown core. An illustrious gateway to a famously livable city, Cardero blurs the line between structure and sculpture and is destined to raise the bar for architecture and...

Steve Saretsky -

Terrace House by Portliving Terrace House, the world’s tallest timber frame hybrid building is coming soon to the Coal Harbour area. Located at 1250 W Hasting Street, this new development by Portliving will be 19 stories high and feature 20 residential units. The first 12 floors will be concrete construction, the...

Steve Saretsky -

Synchro Vancouver By Bold Properties- 379 E Broadway Synchro by Bold Properties is a 5 storey mid-rise building coming soon to the up and coming Mount Pleasant area. Located at 379 East Broadway, Synchro is within walking distance of cafes, pubs, boutiques shops and exotic restaurants. Mount Pleasant offers a...

Steve Saretsky -

Yukon Residences Vancouver by Alabaster Albaster Homes has announced their newest development Yukon Residences. Situated along the Cambie Corridor, within walking distance of Winona Park and Langara Golf Course. Within minutes of grocery stores, fitness centres, Oakridge mall and the skytrain. Yukon Residences is a boutique development consisting 33 three...

Steve Saretsky -

Arne Vancouver Townhouses by Mondevo Arne Vancouver is a new development by Mondevo. It will bring twenty new townhouses to the Mount Pleasant area. Located at 321 E16th Avenue.  Offering a clean, warm expression that balances architectural modernity with flexible layouts. Its floor space ratio, open courtyard layout, outdoor stroller lockers,...

Steve Saretsky -

Grosvenor Pacific Vancouver- 819 Pacific Street Grosvenor, a privately owned property group has announced that they have plans to develop the site located at 801-819 Pacific Street in Vancouver. The proposed plan for this adjacent site includes a seven-storey City-owned arts and culture building as part of the community amenity contribution...

Steve Saretsky -

Zero Risk, No Money Down Happy Monday Morning! Zero risk, no money down, no interest for 5 years! Sounds like an advertisement from a used car salesman.. Nope, it’s the BC Government’s 5 year interest free loans. The entry level market appears to be heating back up again, despite the...

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The Saretsky Report. December 2022