As the real estate market in Burnaby and Vancouver continues to heat up, many buyers are looking for properties with outdoor spaces to enjoy the beautiful Pacific Northwest weather. In this article, we will discuss upcoming patio trends for 2023 and how they can enhance your outdoor living experience. We will also provide tips on finding an experienced and top-rated Vancouver real estate agent to help you find the perfect property with a patio.

1. Biophilic Design

Biophilic design is a trend that focuses on incorporating natural elements into the design of a space to promote wellness and reduce stress. This trend is becoming increasingly popular in outdoor spaces, with features such as living walls, green roofs, and natural materials like wood and stone. If you're looking for condos or houses for sale in Burnaby or Vancouver, consider properties with a patio that incorporates biophilic design.

2. Multi-Functional Spaces

Another trend to watch out for in 2023 is the use of multi-functional spaces in outdoor areas. This trend is perfect for those who want to make the most of their patio, as it allows for a variety of activities to take place in one area. Some popular multi-functional features include outdoor kitchens, fire pits, and seating areas that can be easily reconfigured.

3. Lighting

Outdoor lighting is an essential element of any patio, but in 2023, we can expect to see more creative and unique lighting designs. From string lights and lanterns to LED strips and smart lighting systems, there are many options to choose from that can transform your patio into a magical and inviting space.

Tips for Finding an Experienced and Top-Rated Vancouver Real Estate Agent

If you're looking for condos or houses for sale in Burnaby or Vancouver with a patio that incorporates the latest trends, it's important to find an experienced and top-rated Vancouver real estate agent who can help you find the perfect property. Here are some tips to help you find the right agent:

1. Look for agents with experience in the type of property you're interested in, whether it's condos, houses, or commercial real estate.

2. Check their credentials, including their licensing and any awards or recognition they've received.

3. Read reviews from past clients to get a sense of their communication skills, professionalism, and responsiveness.

4. Interview multiple agents to find one who you feel comfortable working with and who understands your needs and goals.

For 2023 patio trends offer exciting opportunities for buyers of condos or houses for sale in Burnaby or Vancouver who want to enhance their outdoor living experience. From biophilic design to multi-functional spaces and creative lighting, there are many ways to create a beautiful and inviting patio. By finding an experienced and top-rated Vancouver real estate agent, you can find the perfect property that meets your needs and incorporates these trends.

Burnaby, located in British Columbia, Canada, is a beautiful and thriving city that offers a wealth of opportunities for both residents and visitors. From its bustling commercial center to its quiet residential neighborhoods, Burnaby is a great place to live, work, and play. If you're in the market for a new home, Burnaby's real estate market offers a variety of options to suit your needs and budget. In this article, we'll discuss some of the top reasons why you should consider buying a home in Burnaby.

Great Location: Burnaby is conveniently located near Vancouver, making it an ideal choice for those who want to enjoy the city's amenities without having to deal with the hustle and bustle of Vancouver. Additionally, Burnaby is situated close to other popular areas in the Lower Mainland, including Richmond, Surrey, and Coquitlam. This makes Burnaby an excellent choice for those who work in these areas or have family and friends living there.

Variety of Housing Options: Burnaby's real estate market offers a range of housing options, including single-family homes, townhouses, and condos. Whether you're looking for a spacious family home or a low-maintenance condo, Burnaby has something to suit your needs. Additionally, the city offers a range of housing styles, from classic older homes to modern new builds, ensuring that there is something for every taste.

Great Amenities: Burnaby has an abundance of amenities that make it a great place to call home. The city is home to several shopping centers, including the popular Metropolis at Metrotown, which features over 400 stores and restaurants. Additionally, Burnaby is home to several parks and green spaces, including Central Park, Deer Lake Park, and Burnaby Lake Regional Park. These parks offer residents the opportunity to enjoy hiking, cycling, and other outdoor activities. Burnaby is also home to several top-rated schools, making it an ideal choice for families with children.

Strong Real Estate Market: Burnaby's real estate market is strong and has been consistently growing over the past several years. This means that if you buy a home in Burnaby, you can expect your property value to appreciate over time. Additionally, Burnaby's rental market is also strong, making it an ideal choice for those who want to invest in rental properties.

Great Transportation: Burnaby has a well-developed transportation system, making it easy to get around the city and to other areas in the Lower Mainland. The city is home to several major highways, including the Trans-Canada Highway, making it easy to access other parts of British Columbia. Additionally, Burnaby is home to several SkyTrain stations, which provide fast and convenient access to downtown Vancouver and other areas in the Lower Mainland.

In conclusion, Burnaby is an excellent choice for anyone looking to buy a home in the Lower Mainland. With its great location, variety of housing options, abundance of amenities, strong real estate market, and great transportation, Burnaby has everything you need to enjoy a high quality of life. Whether you're a young professional, a family with children, or a retiree, Burnaby has something to offer everyone. So why wait? Start to get in touch with a real estate agent and your search for your dream home in Burnaby today!

B.C. Financial Services Authority report recommends major changes to buying and selling process across B.C.

The regulator for British Columbia's real estate sector has recommended that the province adopt a so-called "cooling-off'' period of three business days to protect people buying a home, through legislation tabled this spring.

A report from the B.C. The Financial Services Authority released Thursday advises that sellers be required to provide reasonable access for a property inspection during the three-day homebuyer protection period, which would start the day after an offer is accepted.

It also advises that B.C. implement a "modest'' termination fee of 0.1 to 0.5 per cent of the price of a home to be paid by buyers who pull out of a deal.

The fee "strikes a balance between discouraging frivolous offers and recognizing the disruption in the selling process,'' the report said.

Additional recommendations include a five-day "pre-offer'' period after a property is listed, when a seller may not accept any offers, along with suggestions aimed at enhancing transparency in the transaction process.

For example, the report advises that key strata documents should be made available when a strata property is listed. The province could also require buyers to disclose to sellers any other active offers they've made, it suggests.

The report also recommends ending blind bidding and exploring an open bidding process used in many Scandinavian countries.

The B.C. government introduced amendments to property legislation in March. Finance Minister Selina Robinson tasked the independent regulator with consulting the real estate industry on the parameters of a cooling-off period and other potential measures.

Right next to Lougheed SkyTrain station, a new 80-storey highrise is under consideration by Burnaby city council.

development wrote, "The tower podiums will share common thematic elements and will be interconnected with sky bridges allowing pedestrian movement between buildings and a connection to the Lougheed Mall Precinct."

The proposal includes a total of 1,466 market strata residences.

Both buildings incorporate a mix of one-, two- and three-bedroom units.

The development will meet its inclusionary rental obligation (required by Burnaby's Rental Use Zoning Policy) by providing 405 rental units at the Burnaby affordable rate of 20% below the market median for Burnaby North in a different building at nearby 3846 Carrigan Crt.

There are 311 adaptable units planned for phase 1 (147 in the first building and 164 in the second) with 173 accessible parking stalls.

The total number of residential parking stalls is 1,612, with 1,067 spaces for commercial parking.

The staff report says the developer will support alternative modes of transportation by including a subsidy for a two-zone transit pass to 15% of the strata units for 24 months, 14 car share parking spaces, and a fund to support car share services — equivalent to one car per 100 units, with memberships available to all strata residents.

The development will include work lounges, parcel storage rooms and a bike repair and storage room (the report allocates 3,374 spaces for residential, visitor and commercial bicycle parking).

It will also include a fitness centre, yoga studio, swimming pool, private party rooms and children's play room.

Further phases of the development are waiting on an agreement to be reached with the developer and the British Columbia Transportation Financing Authority, a Crown corporation which owns the private driveway access for the bus exchange off Gatineau Place.

The tallest building in the province is currently Vancouver's Living Shangri-La at 62 storeys. In Burnaby, construction on the Gilmore Place development is underway for up to 65 storeys.

There will be a public hearing regarding this development on May 31.

Whether you're buying or selling; looking for your first home, upgrading or downsizing, Call Joel Korn to achieve your Real Estate goals. Joel Korn 604.722.4588

Full article can be found here

'Never again,' said economists decades ago. But inflation plus stagnation may be on the way’

Like a boogeyman to scare children, stagflation is rolled out every now and again by economic prognosticators to warn of how awful things can get if we're bad. Perhaps that's why many economists don't seem to be taking the threat seriously.

Similar to the response after warnings of inflation in 2020, most financial commentators have been saying that the threat of stagflation — an unusual combination of a stagnant economy and steady inflation — is small.

But U.S. Federal Reserve Chair Jerome Powell did not seem as confident this week as he has been in the past.

"I think we have a good chance to restore price stability without a recession, without, you know, a severe downturn," Powell told a news conference on Wednesday.

"No one thinks it's easy, no one thinks it's straightforward, but there is certainly a plausible path … to do that."

Slaying the inflationary dragon

Powell made it clear that getting inflation under control was the priority, praising his predecessor Paul Volcker, who finally slew the inflation dragon, with interest rates of nearly 20 per cent that drove the 1980s economy deep into recession.

While we're currently far below those levels, Powell pushed rates up half a percentage point, saying he expected the next two moves would also be half-point increases.

• U.S. central bank hikes benchmark interest rate by largest amount in 22 years

But there are some who fear the current U.S. central banker has waited too long to hike rates, allowing rising prices to get a foothold and making recession inevitable, even as North America faces surging imported inflation.

A number of prominent U.S. commentators, including former U.S. treasury secretary Larry Summers and economist Mohamed El-Erian, have been warning that rate hikes, while too late to stop people from expecting persistent inflation, could themselves nudge the U.S., Canada and the world into recession — and into stagflation.

• EU proposes Russian oil ban to make Putin 'pay high price' for Ukraine

Recently that view has spread beyond the worrywarts, as demonstrated by the normally cautious Conference Board of Canada putting out a report entitled Could Inflation's Surge Lead to Stagflation?, explaining how it could happen in Canada.

The weird thing about stagflation, and why it so seldom occurs despite repeated frightening predictions, is that under normal circumstances, two traditional preconditions — inflation and falling GDP growth — are economic opposites and don't often occur together.

Worst of both worlds

According to the guidance of the Phillips curve, which some say was out of whack even before the pandemic, inflation and economic strength (as measured by job creation) rise together. 

But in 1965, Iain Macleod, the British Conservative politician who coined the term, was among those who noticed the Keynesian rule of thumb wasn't working.

"We now have the worst of both worlds; not just inflation on the one side or stagnation on the other, but both of them together," Macleod is recorded as saying in the British House of Commons, where he was finance critic. 

"We have a sort of 'stagflation' situation," he said. "And history, in modern terms, is indeed being made."

As with many ideas in economics, there is a lot of argument over the whys and wherefores. But when stagflation swept the U.S. and Canada in the 1970s, blame was cast on the supply shock brought on when OPEC members suddenly demanded an increased price for their oil, pushing already-high inflation even higher and simultaneously battered the economy.

Never again, whoops

"When I was a graduate student, all the professors would say, 'Oh, we'll never see this era again of letting the inflation genie out of the bottle,'" economist Constance Smith, a professor emeritus at the University of Alberta, said wryly.

Like others who lived through that time, she remembers it as being "unpleasant" — a term echoed exactly by Powell from his own memories, as repeated attempts by central banks to quash inflation failed to convince people that prices would stop rising.

For more information or questions regarding your property value in the current economical climate, or if your thinking about purchasing in this economy; 

Call Joel Korn at 604.722.4588 to learn the advantages available to you, by stretching every dollar. 

Full article/source can be found at here

 

Canada’s housing market will “moderate from historic 2021 levels” in terms of price, sales, starts and rentals over the next year – but not to the point where owning or renting a home will be any more affordable than it is now.

That is the forecast published by the Canada Mortgage and Housing Corporation, or CMHC, this morning in its latest Housing Market Outlook. The report noted that, despite the expected moderation in prices and the number of sales throughout Canada, costs growth will continue to outpace income growth in several major cities – placing “greater pressure on the affordability of home ownership.”

“Improving levels of employment and immigration are expected to be key factors, as the impact of pandemic restrictions continue to recede,” said CMHC chief economist Bob Dugan in a statement about sales, prices and housing starts remaining elevated in 2022. “In 2023 and 2024, the growth in prices will trend closer to long-run averages, with sales and starts activity expected to remain above 5- and 10-year averages.”

The report paints the same picture for Metro Vancouver, Canada’s most expensive real estate market. According to the CMHC outlook, price growth of homes should slow down this year from the blistering pace seen in 2020 and 2021 – but immigration-driven demand and rising debt servicing costs will lead to a worsening of affordability.

CMHC projects the growth rate of home prices in the Greater Vancouver region will not continue on its double-digit rate beyond Q1 2022, and the rate of growth in prices will actually fall to below 5% year-over-year by 2023.

When asked during a media call on the forecast’s release, Dugan - despite noting a variety of factors - laid majority of the blame on one specific cause.

“Despite the strong base of housing starts, the housing stock in Canada is too low, and the pace of new home construction forecast over the next several years will not be sufficient to rectify the shortfall,” he said. “Much more housing supply is needed.”

Dugan added the tightness in the home sales market will likely have a knock-on effect on rents, as people who might have been able to afford entry-level homes will now likely be forced to stay in rentals - further stressing the lack of inventory while keeping rental demand at a high level.

“[Housing] supply has been so low relative to demand that even if you have demand pull back somewhat, I think you can still have a situation that continues to drive prices higher,” he said.

”We do definitely expect price growth to moderate going into the next year as mortgage rates go up,” Dugan continued. “… but the main idea is that supply constraints remain binding in this environment and it continues to put upward pressure on prices... We need to do a lot more work on supply in order to sort of get to the point where we can stabilize prices and allow incomes to catch up.”

Braden Batch, CMHC’s senior analyst of market insights (and author of the outlook’s chapter on Vancouver), noted there are variables in the projection of continued growth for the Lower Mainland’s real estate market. Batch noted that “trouble in the national and global markets” – ranging from interest rates to other economic pressures on B.C. home buyers – could slow market activity to a greater degree than what’s projected if Metro Vancouver cannot remain insulated.

Similarly, total housing starts will fall this year in Metro Vancouver and shift towards row and semi-detached units, but shortage in skilled trade labour and supply chain bottlenecks will continue to push costs of construction higher.

“Vancouver will emerge from the pandemic with a strong economy,” Batch said in the report. “Immigration will be a major demand driver over the next few years, but a lack of supply at all levels and tightening credit has worsened affordability.”

The theme of continued unaffordability stretches to the rental market. The CMHC is projecting Vancouver’s rental vacancy rate to remain around 1%, all while the economic and migration rebound will put new pressures on demand, leading to rent increases.

“Long development timelines and the current level of construction won’t provide enough new units in the next three years to raise vacancy rates or to provide sufficient competition among property owners to lower rents,” Batch said. “Upward pressure on rents is inevitable for much of the market, particularly when rent controlled units turn over and reprice for the current market.”

Overall, the forecast projects the MLS average price for the Vancouver CMA to be in the range between a high of $1,459,000 and a low of $1,064,000 – showing no significant deviations from 2021’s average of $1,150,357 and demonstrably higher than the pre-COVID level of $923,070 recorded in 2019.

Home resale transactions this year will range between 44,000 and 60,000, again not venturing far from 2021 and 2020 figures (61,829 and 44,468, respectively). Again, those projections are significantly higher than levels recorded pre-pandemic in 2019 (35,715 sales transactions).

Call Joel Korn for more information at 604.722.4588

Article Sources 

The full report can be found at https://biv.com/article/2022/04/cmhc-no-affordability-relief-sight-vancouver-housing-2022

CMHC - Original Source

https://www.cmhc-schl.gc.ca/en/professionals/housing-markets-data-and-research/market-reports/housing-market/housing-market-outlook

Chrystia Freeland, who also serves as the finance minister, says the issue is her top domestic concern amid affordability crisis

What is property tax?

Property tax is paid by landowners and funds municipalities’ public services, such as emergency services (fire, police, and paramedic), public schools, parks and trails, as well as road and sewer maintenance. The property tax is set based on the percentage of the market value of a given property, whether it be residential, commercial, industrial, or farm, and is paid to your municipality or regional municipality.

Can I be exempt from property tax?

Some properties and owners may be exempt from paying this tax, including religious buildings, low-income households, and any federal or provincial property. Municipalities set these rules, so it’s best to consult your local municipality for more details on exemptions and eligibility.

How is property tax calculated?

Property tax is determined by multiplying the value of a property by the base municipal and education taxation rate. These rates are set according to the type and use of a property by elected officials based on the city’s budget. They’re also determined by how much revenue comes from services, fines, and provincial transfers. Property values are determined with regular property tax assessments. 

For instance, if you owned a property valued at $300,000 and the combined municipal and education tax rate is 1.13%, your annual balance would be: $3,390. 

Your municipality will make the information in your tax statements as clear as possible so you know exactly what makes up your property tax. Some charges like waste removal or rural stormwater drainage (ditches) may show up as a flat fee, depending on your municipality or property location.

Your municipality will also give a detailed breakdown of how your tax dollars are being distributed between things such as emergency services, library services, roads and traffic, etc. Understandably, rates differ broadly across Canadian municipalities based on the types of properties, and density. 

What is a property assessment?

Property assessments are required to determine the value of your property, which then factors into how much your property tax will be. Keep in mind, property assessments are different from a home inspection or appraisal. A property assessment is the process of determining the value of a property based on the open market sale averages of other properties in the surrounding area. In the case of residential properties, the location (neighbourhood), size of the lot, building type, size, age, and the building materials used, plus any updates or additions, are taken into account to determine value.

Why are property assessments necessary?

Since all properties are different, assessments are necessary to ensure everyone pays a fair share based on the value of their property and how said property is being used. First, property values change over time, either appreciating or depreciating in value, depending on real estate market trends in those areas. Secondly, population sizes change when urban and suburban centres expand with new construction. Property assessments also play a part in determining taxation rates. If property values increase more in comparison to the municipality’s budgetary needs, a tax rate reduction may result.

Who assesses properties, and how often?

Assessments are handled differently in each province and territory and are conducted by either the municipalities, a specific branch of the provincial government, or by independent organizations commissioned by provinces and/or municipalities. Assessment intervals also differ from province to province. 

For instance, in British Columbia, BC Assessment was formed to assess all properties annually in the province. Ontario has a similar organization, MPAC (Municipal Property Assessment Corporation), a non-profit corporation whose members are made up of Ontario municipalities, and who conduct assessments every four years. 

To dig a little deeper into assessments for your specific province, check out the links below.

• British Columbia

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If you’re on the hunt for a first home, or even settling in, you’re likely bracing for the inevitability of paying property taxes. You probably saw the annual property taxes displayed on REALTOR.ca property listings, and might be wondering who sets these rates, what purpose property taxes serve, and how tax rates are determined.

Fortunately, you’re in the right place! Let’s put the magnifier on property tax assessments across Canada.

NEW CREA Pilot Program Will Let Homebuyers See All Offers in Real Time

“Multiple offer scenarios have become increasingly commonplace in today’s real estate environment”

The Canadian Real Estate Association (CREA) is proud to announce a pilot project that will display real-time tracking of offers on REALTOR.ca listings, a first for Canada. Openn Offers, a ground-breaking offer management software provided by property technology company Openn Negotiation, has been selected to be integrated with REALTOR.ca, Canada’s No. 1 real estate 

Openn Negotiation, an Australian property technology company, has been in negotiation with Canadian Real Estate partners.  With CREA saying that it will kick off sometime this summer in select markets across the country. 

“Multiple offer scenarios have become increasingly commonplace in today’s real estate environment,” said CREA’s Chief Executive Officer Michael Bourque. “Canadian property buyers and sellers seek greater confidence in the process, while Canadian realtors seek tools to enable and more easily manage these situations. We’re very excited about the potential of this pilot to address both.”

The announcement came just one day before the federal government announced its intention to ban blind bidding Canada-wide in the 2022 Federal Budget. This followed a 2021 campaign promise made by Prime Minister Justin Trudeau to create a Home Buyers’ Bill of Rights, which would include the banning of blind bidding.

As rising home prices and fierce bidding wars rage-on, Canada is looking to follow the lead of other countries like Australia which use an open bidding system as a means to cool Canada’s housing market. Duncan Anderson, executive director of Openn and president of Openn North America, says that since launching, their software has offered Australian homebuyers much needed transparency.

“Through six-plus years of development, execution, and innovation in the Foreign market, we have proven that both the real estate professional and consumer benefit greatly from enhanced transparency,” Anderson said. “We are thrilled by the opportunity to partner with CREA to introduce Openn Offers to the Canadian marketplace.”

“ It’s important to note, however, that all of Australia’s home sales, as well as a large portion of New Zealand’s, are carried out via a live auction. And in Sweden, bids placed on a home are not legally binding. Both are significant departures from Canada’s typical home buying process”

Some have questioned federal government’s decision to implement open bidding, with one report from policy think tank Smart Prosperity Institute stating that not only is there no evidence to support the government’s claim that blind bidding causes prices to soar, but that actual evidence from countries like Sweden, New Zealand, and Australia suggests open bidding will lead to higher prices. It’s important to note, however, that all of Australia’s home sales, as well as a large portion of New Zealand’s, are carried out via a live auction. And in Sweden, bids placed on a home are not legally binding. Both are significant departures from Canada’s typical home buying process.

 “In Ontario, for example, the Real Estate Brokers Act prohibits realtors from revealing the dollar amount of competing bids, but requires they reveal how many other offers there are. In British Columbia, on the other hand, buyers must rely on a selling agent’s willingness to reveal how many other offers they’ve received”

The federal government has not yet provided any details on what exactly the blind bidding ban would entail or how it would be implemented. Currently, each province or territory have their own varied rules and regulations when it comes to open bidding. In Ontario, for example, the Real Estate Brokers Act prohibits realtors from revealing the dollar amount of competing bids, but requires they reveal how many other offers there are. In British Columbia, on the other hand, buyers must rely on a selling agent’s willingness to reveal how many other offers they’ve received.

Despite the current rules, the Real Estate Board of Greater Vancouver is on board with the CREA pilot.

“This opportunity is well-timed and well-suited for our market,” said Jeff King, CEO of the Real Estate Board of Greater Vancouver. “We are excited to participate in a by realtors for realtors solution that provides equality of access to information and facilitates increased transparency for the consumer.”