Support Your Local Small Business!

We know it’s been a tough time for small businesses everywhere, but we are so proud of our community for their resilience and how they’ve adapted! We gave some of our favourite local businesses a call to see how they’re doing and we asked them how they have adapted to the social distancing regulations. Watch the video below to meet the incredible people behind these local businesses!

James spoke with Jordan Foss over at Steel & Oak. They have adapted by offering online ordering and home delivery service. You can order online here.

Denny spoke with Evan Moore over at Fit First Footwear. They have adapted by offering virtual shoe fittings. Schedule a zoom call to set up your own virtual fitting here.

Monica spoke with Riley Ableman at the St. James Well. You can still support them by ordering online for pick up or delivery! Order your next dinner here.

Adam spoke with Daniel English at Driftwood Athletics. Get in that home workout with one of their online crossfit classes. Contact them through their instagram page or check out their website here.

Lucas spoke with Amanda at Wow1day Painting. They are now offering free live virtual consultations! If you have any painting questions give them a call or visit their website here.

Make sure to support local and and if you check out one of these awesome businesses tell them we say hello!

 

How To Get Rid Of Unwanted Furniture And Junk

Getting a new home means you’re going to be moving. We’ve got some moving tips that will help make moving day easier and more enjoyable before the pizza and beer arrive.

Moving can be a stressful time especially if you’re packing and organizing your belongings in addition to working. One of the most stressful, and sometimes expensive, tasks are getting rid of unwanted items and large furniture.

To avoid some of the headaches we have compiled a list of the ‘go- to’ organizations and companies that will accept your donations, as well as some tips to help you sell your unwanted items.

Do you have a great company or organization that has helped you out, but isn’t on our list? Let us know.

MOVING TIPS TO SELL YOUR STUFF

The best ways to sell your items is an online website like CraigslistKijiji, or Ebay.

• Make sure to include a brief description & photos of the items. That will eliminate e-mails or calls from prospective buyers wanting more info or pictures.
• Add ‘OBO’ (Or Best Offer) if you are flexible on the price.
• Update your post daily (if possible) to keep your ad current. Don’t forget to take it down once your items are sold
• Beware of scammers!! Especially on Ebay. Always be careful opening attachments. If you think something smells fishy… it probably is.

MOVING TIPS TO GIVE AWAY YOUR STUFF

Donating or giving away your free items can be quite painless. But ridding yourself of larger items can be a challenge.
Fortunately, one person’s clutter is someone else’s treasure or an organization’s need.
Here are some great companies and organizations that will take your unwanted items (in good condition) whether by drop-off or home pick-up!

Click on the company logo for their website.

 Big Brothers of Greater Vancouver will provide pick-up service which you can book online. They also have convenient drop-off bins around the Lower Mainland. You can also book a pick-up online. Click here for items they accept.

 

 

 Developmental Disabilities Association accepts items like clothing, books, small housewares and bottles. They operate a number of donation bins around Metro Vancouver, and you can also book a pick-up online.

 

 

 Aunt Leah’s Place helps kids transitioning out of foster care and young mothers. They accept small apartment sized furniture, home decor, accessories, jewelry, and clothing. Donations go to support individuals and they also operate an Urban Thrift Boutique at 177 East Broadway in Vancouver. For information to donate, click on their donation guide.

 

 

 The Canadian Diabetes Association operates a Clothesline donation program that accepts gently used clothing and footwear as well as small household items and electronics. Click here for all the information you need to be able to make a donation or schedule a pick-up.

 

Monarch Place is a local transition house for abused women and families. They are often in need of gently used clothing for women and children, bedding and linens, kitchen utensils and small appliances.  Click here for more information on how to help.

 

 

Champagne Taste is the go-to furniture consignment store in Metro Vancouver. They are located on the corner of 11th St and Royal Avenue in New Westminster. They were the winners of 2010 Best Consignment Store and Best Customer Service so you know the ladies know their furniture.  For all the information on consigning, what they accept, and how to start click here.

 

 

 


The Salvation Army has convenient drop bins and thrift stores where you can donate clothing, household items, even furniture. They also offer a pick-up service.  For accepted items click here.

 

 

The Treasure Chest is a great local thrift store located in New Westminster. All donation revenue goes to the Canadian Mental Health Association. For more info and how to donate click here.

 

 

 

BASES Family Thrift Store BASES is a new thrift store in Burnaby that assists at-risk children and families in the Edmonds area. Proceeds from the thrift store will go towards programs at area schools such as breakfast and after-school programs, sports, music, arts and summer camps. They accept donations of clothing, household goods, countertop appliances and small furniture items, which can be dropped off at 7825 Edmonds St.

 

MOVING TIPS TO RECYCLE YOUR STUFF

Of course, not everything can be donated or is even worth donating. That’s where recyclers can help.

Metro Vancouver has a great site that allows you to input in the items/material you need to recycle and your location to provide you with a custom solution.

 

 

 

Getting rid of an old mattress can be difficult. This Richmond company will break your mattress down and recycle up to 90 per cent of its components.  Mattresses and box springs must be dropped off. They are located at 11571 Twigg Place. Click here for their current prices.

 

Canadian Mattress Recycling is based out of Annacis Island in Delta. They recycle mattresses, box springs, and metal bed frames as well as furniture like couches, armchairs and desk chairs. Items can be dropped off at #140-715 Eaton Way. Or pickup can be booked online.

 

The City of Burnaby offers a curb side pick up service for residents looking to dispose of large furniture items and appliances. The city also operates a large eco-centre for recyclables like scrap metal, plastics, cardboard boxes, paint, and batteries.

 

MOVING TIPS TO TAKE YOUR STUFF TO LANDFILLS

Vancouver Landfill rates and information

Metro Vancouver transfer stations/landfills.

How To Support Local Businesses during COVID-19

Now is the time to step up and support your local businesses! Covid-19 has affected thousands of New Westminster businesses and we can have a huge impact by helping them out. Consider purchasing a gift card from your favourite local restaurant, hair dresser, shop online for clothing, use contact-less pickup from a local pet store or order some girl guide cookies online!

James and Denny visited local New West businesses Bruncheria and Mila & Paige and asked them how this pandemic is affecting their business, what they are doing to adapt and how we can help. Watch the video below to find out!

**Video from March 16th, 2020

Our friends over at Sweet Legs New Westminster have started to compile a list of other local New West businesses we can support. Here it is:

  1. Sweet Legs New Westminster
  2. Origins Chocolate Bar
  3.  New West Music ⁣
  4. Another Beer Co
  5. Steel & Oak Brewing Co. ⁣
  6. Bruncheria
  7. Mila & Paige ⁣
  8. Vancouver Fashion Truck ⁣
  9. Good Omen
  10. Mindful Mutts ⁣
  11. Royal City Donuts
  12. Bosley’s by Pet Valu ⁣
  13. Unfurl Wellness ⁣
  14. Keenan Family Farms ⁣
  15. Kurt’s Tupperware ⁣
  16. Rocky Point Ice Cream ⁣
  17. Ca Croustille ⁣
  18. Hoochy ‘Booch Kombucha
  19. Your local Girl Guides
  20. Press Start Video Games
  21. Harmony Laser & Skincare
  22. IMPACT Parkinson’s Centre (selling hand sanitizer and raffle tickets to help save the centre which is also rented out by ZHOOSH Fitness Boxing & Kickboxing and Queens City Boxing
  23. Great Wall Tea Co.
  24. Zoom Hair Studio
  25. Pacific Breeze Winery
  26. The Refill Stop
  27. Pharmasave Columbia Square
  28. Old Crow Coffee Co.
  29. T&N Games
  30. The EyeSite New Westminster
  31. Bunches & blooms (offering contactless pickup)
  32. Piva
  33. El Santo 
  34. Alliance Motor Cars
  35. Cartwright Jewelers Ltd.

Lets continue to grow this list! If you own a business in New West or know of one that is offering online options, contact-less pick-up or delivery, we would love to add it to our list. Please send us an e-mail to info@gdrealestate.ca or message us on Facebook or Instagram!

TO BUY FIRST OR SELL FIRST? THAT IS THE QUESTION…

TO BUY FIRST OR SELL FIRST? THAT IS THE QUESTION…

Many of our clients find themselves in the dilemma of buying first or selling first, and there is no universal answer. We hope this article will give you some clarity on the questions to ask yourself when the time comes for your next purchase or sale.
Let’s assume the seller will not consider a ‘subject to sale’ offer… because if they will, go this route and don’t read any further. The negatives of a ‘subject to sale’ offer is that you could get bumped by another buyer, and in many cases a ‘subject to sale’ offer reduces your negotiating power as you’re not a ready to go ‘cash buyer’. Note that not all ‘subject to sale’ clauses written the same. The wording is crucial, and there are rare situations where you get bumped from a purchase (by another buyer) and end up selling your place anyway… call us to avoid this!
To Buy or Sell first? The main items to consider are your personal risk tolerance, finances, the subject properties involved, and the market.
Here are a few questions to ask yourself:
1) What is your risk tolerance? Will you sleep at night if you buy a property before having sold your own? If you buy first (and need to sell), you have to take whatever the market will bring. Plan conservatively. Make sure the purchase is feasible with a lower than expect sale price of your current property (maybe 5-10% below market).
2) How are your finances? Are you stretching yourself to make this purchase? or can you afford to carry two properties? If you’re stretching yourself on the purchase and you require top dollar for the sale of your personal property, it may make sense to sell first so you know exactly how much you can afford. We don’t want you to lose your deposit by committing to a purchase that the banks won’t finance (more likely for up-sizers or first time ‘House’ buyers). However, if you’re downsizing and are financial able to support the carrying costs of owning two properties, than buy when the perfect property is available.
3) What are you buying? Is it rare? If you find yourself looking for a property that’s on a certain block, or maybe a penthouse condo, or waterfront property that rarely comes available, you may not have a choice but to buy first or lose the property. If the property type you’re looking for is readily available (or maybe you’re just not picky) and it’s just a matter of time before the next one comes up… it may be best to sell first and put yourself in a strong negotiating position.
4) What are you selling? Is it very desirable, or is difficult to sell? If you have a very desirable property that would sell quick, it may make sense to purchase first. Alternatively, if you have a fixer upper, luxury home or busy street home (anything with a negative or very limited buyer pool), it may make sense to sell first.
5) How is the market? Is it hot or cold? In the hot market we experienced in 2016 everything sold fast, and as a result our clients were often buying first. In a hot market, sales are more predictable and risks of buying first is much lower. If the market is cold, like we’re experiencing now (2019), it’s typically best to sell first unless you’re prepared to own two properties.
Buying First: PROS
– You know where you’re going and when your Completion date is.
– Less likely to move twice. The challenge is to sell your place and match up the dates.
Buying First: CONS
– More financial risk, and potential loss of deposit (if you’re unable to sell current property).
Selling First: PROS
– Less financial risk.
– You know exactly how much you’re getting for your property, and will have a clear budget for your purchase.
Selling First: CONS
– You may not find a suitable place to buy right away. Be prepared to find temporary accommodation and move twice.
At the end of the day, every situation is different and needs to be evaluated on an individual basis. This is where we can help.’
Watch the video below and subscribe to our Youtube channel for more VLOGS!

The winter that won't quit

We thought we were done with winter.
We thought it was safe to start thinking about crocuses…
The mounds of snow and ice from a series of snowstorms in December had finally melted away when winter returned.
It’s been an exceptional season in these parts. We’re usually lucky to get away with one or two snowfalls through the season. And they’re quickly washed away by relentless rain.
But this year the cold and snow have stuck around. That’s made it tough for people to get around, navigating sidewalks that haven’t been shovelled, searching for parking in lots shrunken by sky-high piles of ploughed snow and ice.
It’s also created challenges for real estate. Photos of new listings can date pretty quickly when they’re shot through snowdrifts. We’ve got to remember to pack shovels to clear walkways when we’re hosting open houses.

There's been a lot of extra work in this winter that won't quit
Shovelling a path through the snow to an open house is all in a realtor’s day’s work this winter.

 
On the upside, sleds that were purchased years ago are finally out of storage, we’ve actually been able to skate on outdoor, natural ice (for a few days at least), the skiing has been fabulous and our familiar surroundings have taken on a whole new beauty.
So cozy up to the fireplace, snuggle into your favourite blanket and enjoy this stroll through our latest blast of winter. We’ve endured the cold so you don’t have to!

Who's buying a home in New Westminster?

We’re always curious about who’s buying a home in New Westminster.
After all, we don’t just work in New Westminster, we also live and play here.
It’s important for our clients, and for us, to have a handle on how the city is changing and how those changes might affect the local real estate market.
Whenever we hold an open house, we ask visitors where they’re from. The majority are usually local, mostly curious neighbours. But as we started tracking the numbers, we were seeing more and more people coming to our open houses from Vancouver. In fact, through Oct. 2016, 22 per cent of visitors to our open houses were from Vancouver.
When we looked at actual sales last year, the trends were even more definitive.
For detached single-family homes, 51 per cent of the buyers’ agents were from Vancouver, suggesting their clients likely are as well. For condos, 36 per cent of the buyers’ agents were from Vancouver. The next biggest source was from Coquitlam. But New Westminster residents who’ve chosen to stay in the city were close behind.
Infographic of who is buying a home in New Westminster
Who is buying a home in New Westminster
Overall statistics of who is buying a home in New Westminster
Overall 39 per cent of the buyers’ agents were from Vancouver.
It’s not surprising, really.
As real estate prices spiralled upward through the first half of 2016, Vancouver homeowners were cashing out and looking for value by buying a home in New Westminster.

Buying a home in New Westminster is affordable

New home buyers who can no longer afford Vancouver are looking for a place that fits their budget but still offers them the amenities of the big city they desire.
Like Justin Turcotte. The 29-year-old filmmaker and his wife, Jaycey, moved to New Westminster last year from East Vancouver. They bought a home in Sapperton because they could afford it, something they could no longer do west of Tenth Avenue.

Buying a home in New Westminster is an affordable alternative to Vancouver for many
Justin Turcotte, 29, takes a break from gardening in front of the home he and his wife, Jaycey, bought in New Westminster a year ago. The couple discovered the city when they could no longer afford to buy in Vancouver, where they’d lived the past six years.

 
But moving to New West hasn’t cost them the urban vibe they loved in East Van, says Turcotte. “It really doesn’t feel like a suburb.”
New Westminster is no longer a secret. The city is centrally-located, there’s a great sense of community and, quite frankly, it’s the most affordable community to buy into that’s within 30 minutes of downtown Vancouver.
Even people who grew up here are appreciating the value of buying a home in New Westminster.
Anna Horvath considered moving to Gastown, Chinatown and Mount Pleasant in Vancouver when she was shopping for her first home before she realized there’s no place like her hometown. She ended up buying a condo in the Trapp + Holbrook on Columbia Street.
Unique buildings are attracting people buying a home in New Westminster
New condo projects like Robert Fung’s Trapp + Holbrook on Columbia Street are helping make New Westminster more attractive to young urban professionals who’ve been priced out of the Vancouver market.


“The area needed to have a sense of community,” she says. “I wanted it to be on a transit line and no bridges between my place and the downtown core. I did not want to spend most of my disposable income on a mortgage.”
Anna’s thrift is well founded; a two bedroom, two bathroom condo that’s between 800 and 900 square feet, in a five to 10 year-old building, will cost a little over half in Downtown New West than it would in Vancouver’s Yaletown neighbourhood.
Buying a home in New Westminster is more affordable
But this new demographic of young professionals buying a home in New Westminster does create some challenges for British Columbia’s oldest city, says its mayor, Jonathan Coté.
“It certainly does present a challenge to be able to anticipate that services are in line with the growing population and demand,” says Coté.
To meet that challenge, the city embarked on a three-year process to update its Official Community Plan, a kind of road map for growth that was last visited in the 1990s. New Westminster’s population is expected to exceed 104,000 by 2041.
“The Official Community Plan is definitely a document that guides us how the city will transform,” says Coté. “The timing is perfect for a city in our stage of growth that is starting to become attractive.”
But to manage the city’s growth, it needs a variety of housing options, and the infrastructure like schools, transportation, recreation, culture and jobs, says Coté.

Attracting families buying a home in New Westminster

One key component is the city’s new Family-Friendly Housing Policy.
It was sparked by a 2015 City of New Westminster supply analysis that ranked New West 21st out of 22 Metro Vancouver communities for ground-oriented housing and 20th for housing options with three bedrooms that are more family-friendly.
But the need for family housing is growing. Census data from 2011 shows an 11 per cent increase in the number of families living in New Westminster compared to 2006. Of neighbouring communities, only Surrey and Coquitlam saw a larger jump, and BC’s overall increase was just 6 percent.

Matt Lorenzi and his family know the frustration of buying a home in New Westminster.
Matt Lorenzi says he searched for more than a year to find a condo in New Westminster that could accommodate his family of four.


Matt Lorenzi knows the frustration of finding a family home in New Westminster only too well. He spent about a year searching for a new, larger home that could accommodate his growing family, his budget, and his desire to stay centrally-located in the Lower Mainland as well as close to transit.
“We wanted more space, something as modest as a third bedroom or spacious den,” says Lorenzi, whose family of four could no longer fit into their one bedroom plus den apartment. “We knew the supply of three-bedroom condos was limited. But we didn’t really realize it until we started our search.”
After a series of consultations with residents and builders, the City brought in a new bylaw that mandates new multi-family projects must dedicate at least 30 per cent of the units to two and three bedrooms with at least 10 per cent of the total comprised of three-bedroom units.
New multi-family rental buildings must also include a minimum 25 per cent two and three-bedroom units, with at least five per cent of the total comprised of three-bedrooms or more.
The bylaw, the first of its kind in British Columbia, came into effect on Jan. 1, 2016.
So far developers have been receptive, says John Stark, New Westminster’s acting manager of planning. “There is a realization in the development community that three-bedroom units appeal to a wider market segment, like extended families and young professionals looking at shared living arrangements.”
In fact, says Stark, some projects that have been submitted by builders in the past year are even exceeding the mandated requirements for two and three-bedroom units. One of those is a new condo development planned for 100 Braid St.; 26.1 percent of its units will be two-bedrooms and 13.5 percent will have three bedrooms.
Stark credits an ongoing dialogue with developers as well as some key compromises, like not requiring the third bedroom to require direct light from a window, for the smooth transition. He says the city is committed to gauging the ongoing success of the bylaw and adjusting it if necessary.
“We’re still in the early days,” says Stark.
That gives Lorenzi hope his family will be able to stay in New West, even as their living requirements change. After flirting briefly with the idea of moving to Port Moody or elsewhere, they were able to find a suitable condo in Victoria Hill
“Over the eight or nine years prior to moving (to Victoria Hill) we grew to love New West,” says Lorenzi. “The city should encourage a mix of housing, especially larger units for growing families.”

Buying a home in New Westminster “the right choice”

Justin Turcotte says he’s confident moving to New West was the right choice.
“It took a bit of warming up to the idea of living so far from Vancouver,” says Turcotte. “We’re discovering new things about the city and have been pretty impressed by what we’ve seen so far. I definitely still think that it’s only going to improve and offer more.”
Anna Horvath says she’s also feeling good about her decision to stay in New West, close to family and the friends she grew up with.
“It ticks most of the boxes.”
 
A version of this article was commissioned for Tenth to the Fraser magazine, where it appears in the February, 2017 edition.

Keller Williams Elite is our new home

We’ve got a new home! Garbutt + Dumas is now part of the Keller Williams Elite real estate team.
Keller Williams is a global network of realtors and real estate professionals who believe in working together to help each other and our clients achieve success in business and life. In fact, Keller Williams is the world’s largest real estate franchise, with more than 110,000 realtors operating in 700 offices in Canada, the U.S., Indonesia, Vietnam, South Africa and Dubai.
That’s a lot of expertise and talent to draw upon.
The team at Keller Williams Elite is just that, a team. They understand the team model. Their support systems and commitment to training and innovation will make us more effective, able to provide an even better experience for our clients.
We’re pretty excited about the move. But that’s not all that’s new for us in this new year.
To celebrate our move to Keller Williams Elite, we’ve got a new look.
If you follow our social media channels (and, really, you should), you may have noticed our new signs being posted in front of our newest listings. As the market gets busier, you’ll also be seeing more of our signs around Metro Vancouver.
We like to think our new signs are bold and distinctive to catch the eye of passersby. But they’re still classy enough you’ll be pleased to place one on your lawn.

Garbutt + Dumas is now part of the Keller Williams Elite real estate team.
Denny posts our new sign at our first new listing of the year.

 
Finally, if you pay attention to the address bar at the top of your browser window, you may have noticed we’ve also got a new URL.
Our new site may not look that much different from the old one, but we’re building it to make it more functional and informative, even if you’re not currently in the market to buy a new home or sell your current one.
Our listings will continue to feature some of the best properties in Greater Vancouver. And now you’ll be able to easily search for properties in specific communities and neighbourhoods, as well as learn a little about what it’s like to live there. Each community page features an interactive map of its neighbourhoods where you can get familiar with amenities like parks, recreation and shopping, as well as its schools and transit information.
We also want to keep you up-to-date on everything real estate in Greater Vancouver. Our blog features timely updates on market news, issues and policies, as well as useful tips and information that will help you understand and navigate the process of buying or selling a home, or just make your life a little easier if you’re content right where you are.
After a record year in 2016, and with the support of Keller Williams Elite, our growing team at Garbutt + Dumas is poised for an even bigger 2017. But our priority will always be to provide our clients with the best service and a great experience.

Municipal bylaws are rules to live by

The wintry weather we’ve all endured for the past month has focused attention on municipal bylaws about clearing snow and ice from sidewalks.
The unusual pattern of snowfall, followed by a slight thaw, followed by an extended cold snap, caught many people out. Homeowners, property managers and even city crews that didn’t clear the first snowfall right away suddenly found themselves confronted with a thick moonscape of ice, frozen slush and crusted snow on sidewalks, parking lots and even roads. That made getting around tough for cars, treacherous for pedestrians.

Municipal bylaws exist so members of community can co-exist.
Weeks of snow and cold weather can make it tough to get around. Municipal bylaws regulate when property owners have to shovel their sidewalks.

 
Municipal bylaws are a set of rules and regulations that set standards for safety, maintenance, appearance, liveability and sustainability in a community. They’re implemented so residents, businesses and visitors can enjoy the community and coexist harmoniously. One of the those rules, common to many cities, mandates when property owners must clear snow from sidewalks or foot paths bordering their property.
In New Westminster, bylaw 6.28.2 says “the owner or occupier of real property shall: remove snow and ice from any Sidewalk, transit landing and foot path bordering that person’s real property and from the roof and other part of a structure adjacent to or abutting on any portion of the Street, not later than 10:00 a.m. of the day after the snow or ice was deposited thereon.” The sidewalks must be cleared their full length and width, right down to the bare concrete; it’s not good enough to create just a shovel-wide foot path. And if you’ve got an awning that hangs over a sidewalk, it should be cleared as well.
In Burnaby, businesses have to remove accumulated snow by 10 a.m. of any day they’re open to the public and residents must clear their sidewalks “as soon as possible.”
But regulations about clearing snow are only the tip of the municipal bylaws iceberg.

Municipal bylaws affect daily life

Municipal bylaws can affect many aspects of your life, from where you can park your car, to how loud and late you can play your stereo, to how well you must care for your property and the kind of renovation work you can do on it. They can govern when and how you dispose of your garbage, how you care for your pets, and even what kind of pets you can keep.
Municipal bylaws are passed by elected councils. They’re often created to address specific issues in communities, sometimes in response to concerns and complaints from community members.
For instance, the value New Westminster residents have placed on preserving the city’s heritage homes and buildings led to the creation of a “Community Heritage Register” of those properties in 1997. It’s accompanied by a whole series of municipal bylaws that regulate how protected heritage properties must be maintained. They also set procedures owners of those properties must follow if they want to do any renovations, restorations or even just paint the exterior.
The growing concern about the loss of trees and the possible impact on climate change as well as the appearance of neighbourhoods has led many communities to pass municipal bylaws that regulate the removal of trees. Those bylaws stipulate what size and kind of trees can be removed, as well as procedures to remove those trees so other trees aren’t affected and replant new trees.
When you become a homeowner in a community, it pays to familiarize yourself with its municipal bylaws. Or rather, you won’t pay if you know the rules because then a bylaw enforcement officer won’t show up at your door with a ticket for a violation.

Where to find municipal bylaws

Busy year for Vancouver real estate

Slight price increases for detached houses, townhouses and condo apartments in New Westminster capped a busy year for Vancouver real estate.
The benchmark price for a single family detached home in New West reached $1,035,600 in December. That’s a .9 per cent increase over November and 18.7 per cent higher than December, 2015. Townhouses were up 4.6 per cent over the month prior, 20 per cent more than a year ago; and the benchmark price for condos increased .2 per cent to $380,700, 22.6 per cent more than the end of last year. Overall, the benchmark price for a typical property in New West increased .6 per cent over November, 21.2 per cent more than a year ago.

Slight price increases New Westminster in December finished a busy year for Vancouver real estate
The benchmark price for condos in New Westminster increased .2 per cent in December over the previous month.

 
The benchmark price for residential properties in South Burnaby also increased one per cent in December over November to $858,300. That’s mostly due to a 2.7 per cent bump in the price of condos in the area while townhouses and detached homes dipped slightly.
A busy year for Vancouver real estate was capped by a slight increase in the price of condos in South Burnaby
The benchmark price for condos in South Burnaby went up 2.7 per cent in December over November to end a busy year for Vancouver real estate.

 
Those increases came even though there were fewer listings and sales. They also bucked a slight downward trend across Metro Vancouver where the benchmark price for all properties dipped 1.2 per cent from November.
In North Burnaby the overall benchmark price dipped .5 per cent in December and it was down .4 per cent in East Burnaby.
A general cooling of the real estate market in the last half of 2016 wasn’t enough to keep the year from being the third-highest selling on record, said Dan Morrison, the president of the Real Estate Board of Greater Vancouver. Only 2015 and 2005 recorded more property sales.
“The supply of homes for sale couldn’t keep up with home buyer demand for much of 2016,” said Morrison. “This allowed home sellers to raise their asking price.”
In fact, the benchmark price for all homes in Metro Vancouver reached $897,600 at the end of 2016, 17.8 per cent higher than December, 2015. The benchmark price for a typical single family detached home increased 18.6 per cent over the year to $1,483,500 while townhouses went up 20.4 per cent in 2016 to $661,800 and condos increased 17.3 per cent to $510,300.

Too soon to tell if 2017 will be another busy year for Vancouver real estate

Morrison said while government interventions to temper the frenzy in the local real estate market in the first six months of 2016 may have contributed to lower sales volumes and prices in the last half of the year, it’s still too soon to tell if their impact will continue to be felt into the new year.
“The long-term effects of these actions won’t be fully understood for some time,” said Morrison of the provincial foreign-buyers’ tax that was implemented in August to discourage off-shore speculators and new rules to make it tougher to qualify for a mortgage that were introduced by the federal government in the fall.
Another new measure introduced by the provincial government, a loan program to help first-time homebuyers with their down payment, begins accepting applications on Jan. 17.
Morrison said the market was under the microscope as sales and prices peaked in the late spring.
“Escalating prices caused by low supply and strong home buyer demand brought more attention to the market then ever before,” said Morrison. “As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. It was an eventful year for real estate in Metro Vancouver.”
All the stats from a busy year in Vancouver real estate
Wrapping-up our record year

Assessment notices hitting mailboxes

Property assessment notices for 2017 are in the mail, and some homeowners might be excused if they go a little bug-eyed in the next few days. In some parts of Greater Vancouver, assessed values have jumped 30-50 per cent for a detached single-family home, and 15-30 per cent for strata properties.
In New Westminster, assessments increased by an average of 28.48 per cent. In Burnaby the average increase over 2016 was 30.72 per cent. Assessments in Coquitlam increased by an average of 32.91 per cent; in Port Moody it was 31.49 per cent and in Port Coquitlam it was 33.86 per cent. Residential assessments in Surrey increased by an average of 36.26 per cent.

Assessment notices are in the mail and show some eye-popping increases.
Property assessments in New Westminster are up more than 28 per cent.

 
The most expensive residential property in Greater Vancouver is at 3085 Point Grey Rd. in Vancouver, with an assessed value of $75,821,000. All of the top 100 most expensive properties receiving assessment notices in the region are located in either Vancouver or West Vancouver.
Across the province, 2,017,364 properties were assessed for a total value of $1.68 trillion, a 25 per cent increase in value over 2016.

Assessment notices part of formula to set property taxes

Property assessments are set on July 1 by BC Assessment. Assessment notices are then sent to homeowners early the following January.
The agency estimates the market value of every residential, commercial and industrial property in the province based upon an analysis of current sales in the immediate area of each property, as well as its size, age, quality, condition, location and view. That information is then used by municipalities as a component for calculating property taxes, although a 30 per cent increase in assessed value doesn’t typically mean a corresponding increase in property tax. In fact, if the increase in the assessed value for a property is in line with the average increase of other properties in the community, your property tax will likely go up only by the rate set by the municipality to meet its budget.
But a property’s assessed value isn’t necessarily an accurate reflection of what that property might currently sell for on the open market. Some properties sell for more than their assessed value, while others can sell for less. A month after BC Assessment set its values for this year, the BC government introduced its foreign buyers’ tax on residential property transactions in Greater Vancouver that accelerated the usual summer slowdown of prices. Subsequent initiatives by the provincial and federal governments to help address the affordability of housing further impacted sales and prices.
Homeowners who can’t wait for their property assessment notice to arrive in the mail, can check their assessment online. They can also compare their assessment to others in their neighbourhood, as well as get information on how to correct or appeal incorrect assessments.