May 10, 2013
Condo Smarts: What is the value of a depreciation report
Dear Condo Smarts: Our strata approved a depreciation report as part of the 2013 budget last fall. Our building is four years old and our plan is to save enough in our contingency funds each year so we won’t, we hope, have special levies.
We hired an engineering company that did an excellent job, and by starting early enough, our monthly contributions to our contingency are increasing on average from $42 a month to $87 a month. We understand the reasons for starting early and saving the fully funded amount, but other than the plan for contributions, what else is the value of the depreciation report? Gerrit H., Surrey
Dear Gerrit: The depreciation report provides a wealth of information for the strata corporation that not only...
March 21, 2013
Station Square Save-On-Foods demolished BURNABY
The Save-On-Foods store at Station Square mall—once jokingly known as Cave-On-Foods for the collapse of its rooftop parking lot on opening day— is now a pile of rubble.
The closure and demolition happened earlier than originally expected, but Save-On plans to return one day to the redeveloped site.
Anthem Properties, which is redeveloping the mall with Beedie Development, had previously said the supermarket would stay open during construction and eventually move into a new space in the first phase of the project being built at the northeast corner of the property.
Instead, Save-On's parent company, Overwaitea...
March 10, 2013
China’s housing crackdown may drive cash to Canada’s condo market
Foreign buyers are trying to move their money to a safer spot for capital preservation. They are looking for hard assets and the condo sector has a track record of increasing prices
The bad news for China’s real estate market could be good news for Canada’s condominium market.
A crackdown on real estate ownership in the world’s most populous county might translate into Chinese citizens looking to move more of their money abroad, with Canada a leading destination.
“Absolutely it will have a positive impact [on the condo sector],” said Benjamin Tal, deputy chief economist with CIBC World Markets. “If it’s softening now, it will soften less rapidly than otherwise. This is a positive move because some of...
March 10, 2013
Canadian home building rebounds on condos
OTTAWA — A big month-to-month jump in multi-unit housing construction is being credited with a higher rate of Canadian housing starts in February.
Canada Mortgage and Housing Corp. says its seasonally adjusted rate of housing starts rose to 180,719 units in February, up from 158,998 in January.
The main reason for the increase in housing construction was an 18.4% rise in urban starts, led by a 27.7% increase in multiple-unit dwellings such as condos and apartments.
The actual number of housing starts last month, without seasonal adjustments, was down year-to-year.
There were 10,965 starts last month, down from 12,247 in February 2012.
February 17, 2013
Developers bullish on Metro condo market ‘Well-priced’ units near amenities, rapid transit have the advantage
By Tracy Sherlock, Vancouver Sun
Read more: http://www.vancouversun.com/Developers+bullish+Metro+condo+market/7955341/story.html#ixzz2L8IR9Jt2
Station Square is a five-tower development near Metrotown in Burnaby slated to have units ready for occupancy by 2015.
Photograph by: Colin Goldie Productions
Sales of new condominiums slowed in the second half of 2012, but there has been a slight increase in activity during the first six weeks of the new year, said Jeff Hancock, a senior manager with real estate market firm MPC Intelligence.
“There were some moments of brilliance, for sure; there were some products that did really well in the second half of the year as well,” Hancock said Tuesday after...
February 17, 2013
Will you soon be able to "buy" a secondary suite in Vancouver with strata ownership?
Don Cayo: The case for strata ownership of secondary suites Move would increase the supply of affordable homes, advocates say
By Don Cayo, Vancouver Sun
Metro Vancouver’s myriad secondary suites — often built illegally in the early days, but increasingly inclined to have the blessing of their city or district council — have long been a major source of affordable rental units in the region.
Could they soon play as big a role in providing affordable homes for people to buy?
Yes, say some smart folks who think about these things. I talked to a couple of them — North Shore realtor Dave Watt and Vancouver developer and consultant Michael Geller, who are independently and in different ways starting...
February 4, 2013
New strata property regulations approved by BC government
Highlights of the new regulations
Depreciation reports help strata corporations plan for future repair and maintenance costs. The report will help owners determine how repairs will be funded and the amount that could be contributed to the CRF. The most recent report will also be provided to potential purchasers.
Depreciation reports are now mandatory for all strata corporation with two exemptions:
- strata corporations which have less than five units; and
- strata corporations which have more than five units but exempt themselves through an annual three-quarter vote. If a three-quarter vote expires, strata corporations will have 18 months to get a depreciation report.
A depreciation report must be updated every three years, and...
August 31, 2012
Vancouver Condo Prices Expected to Drop as Average Canadian Price Rises : Study
By Sunny Freeman the Canadian Press
A new condo report suggests first-time buyers, retirees and population growth will continue to fuel demand and price growth for the compact living spaces over the next few years.
The study by Genworth Canada found that average condo resale prices are expected to rise next year in seven of the eight metropolitan centres studied.
Prices in Toronto are projected to jump 2.5 per cent to $312,352.
The highest increase however, is expected to be in Edmonton where prices could rise 3.2 per cent.
Vancouver is the only city where condo prices are expected to drop, by two per cent to $348,152.
The report stands in contrast to warnings from economists and officials that the condo market in some hot markets is reaching...
July 23, 2012
Condo law changes could help affordability
By DANIEL FONTAINE
If you’ve lived in Metro Vancouver for any length of time, the topic of housing affordability has likely come up at the dinner table. With the average price of a Vancouver home pegged at more than $1 million, it’s fairly obvious why this issue has captured our attention.
This week, Vancouver City Hall released yet another report on how to increase housing affordability in one of the most expensive places to live on Earth. While the task force should be commended for its efforts, I note the report had one glaring omission.
It failed to address B.C.’s Strata Property Act and how it manages to discourage affordable rental units from entering the market.
Section 141 of the act allows a strata council to...
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