On Wednesday, December 21, the federal government released the supporting regulations on the Prohibition on the Purchase of Residential Property by Non-Canadians Act (Foreign Buyers Ban) which includes definitions, exceptions, and enforcement elements to help individuals understand and comply with the law.

The Canadian Real Estate Association (CREA) is extremely disappointed by the government’s decision to move forward with this legislation and the rollout of its regulations. Parliamentarians that supported the introduction of this measure need to recognize it will have a detrimental impact on Canada’s reputation, labour market, economy and severely hinder our ability to attract global talent. Our CEO Michael Bourque recently spoke at the Senate Committee on National Finance where he stated why CREA believes this piece of legislation does not address the core of Canada’s housing crisis.

How can REALTORS® reduce risk?

The regulations clarify that an order requiring the Residential Property be sold may be sought provided certain conditions are met, namely the Non-Canadian is the owner at the time the order is made and notice requirements have been met. The Act provides any person knowingly assisting or attempting to assist a Non-Canadian in the purchase of a prohibited property may be subject to a summary conviction offence under the Criminal Code and a fine of up to $10,000.

CREA recognizes the regulatory analysis states “the regulations do not impose information collection, processing or reporting requirements on Canadian professionals, nor do they impose requirements with respect to the completion of forms or other types of documentation.”

Despite record keeping not being a mandatory obligation, CREA recommends REALTORS® perform due diligence. To better assist REALTORS® with risk mitigation, CREA has developed a certificate entitled Certification and Consent of Purchaser.

With limited information available on how this law and its regulations will be interpreted and enforced, please be aware the certificate is a risk mitigation tool to try and help REALTORS® comply with the law.

The certificate should be completed before assisting or advising a potential purchaser, and it should be used in combination with other due diligence practices. Other due diligence practices may include reviewing and keeping a record of the purchaser’s valid and current identification (such as a passport) to determine the purchaser’s citizenship, residency, or exempt status.

As you are aware, REALTORS® already have an obligation to Know Your Client pursuant to the FINTRAC Regime. This includes ID’ing clients and recording certain information. The key difference is that under the FINTRAC Regime you may ID your client at the time of the transaction, whereas pursuant to this law, REALTORS® should ID clients before assisting or advising them on the purchase of a property.

As real estate is provincially regulated, REALTORS® should ensure they comply with any guidance provided by their provincial regulator, board, and association.

What is the Prohibition on the Purchase of Residential Property by Non-Canadians Act?

On June 23, 2022, Parliament passed the Prohibition on the Purchase of Residential Property by Non-Canadians Act. Coming into force Sunday, January 1, 2023, this Act:

• Does not apply to Canadian citizens or permanent residents.
• Applies to non-Canadians directly or indirectly purchasing residential property in Canada for a period of two years.
• Applies to residential property, including detached houses or similar buildings of one to three dwelling units, as well as parts of buildings such as semi-detached houses, condominium units, or other similar premises.
• Applies to direct or indirect purchases of residential property, including purchases made through corporations, trusts or other legal entities.
• Establishes penalties for non-compliance applicable to non-Canadians, as well as any person or entity knowingly assisting a non-Canadian in violating the prohibition.

What are some of the key elements covered in the regulations?

Purchase

The regulations broadly define the term purchase to include the direct or indirect acquisition of a right or interest in Residential Property. The regulations then specifically exclude, among other things, acquisitions of interests resulting from transitional or life events such as death, divorce, separation, or a gift.

Application of Prohibition to Non-Canadian corporations and other entities The term Non-Canadian, as it relates to corporations and other entities, has been defined as:

• an entity not formed pursuant to the laws of Canada or one of its provinces; and
• an entity formed under Canada’s laws that has direct or indirect ownership by a Non-Canadian of 3% or more of the value of the entity’s equity or voting rights.

Excluded residential properties

Properties located outside of a Census Agglomeration (CA) or Census Metropolitan Area (CMA) are excluded from this prohibition.

Exceptions

Exceptions to the prohibition are permitted for international students, temporary residents, foreign nationals, and refugee claimants, subject to varying conditions, such as tax filing and residency obligations. For further details, please consult the regulations and/or ensure the buyer who may fall into one of these exception groups seeks legal advice on their eligibility.

Additional guidance

Further to the information that has been provided in the regulations, Canada Mortgage and Housing Corporation (CMHC) has released additional information and FAQs with respect to the interpretation of the Act and regulations.

Metro Vancouver’s housing market sees fewer home buyers and sellers in August 

Metro Vancouver’s housing market is experiencing a quieter summer season marked by reduced sale and listing activity.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,870 in August 2022, a 40.7 per cent decrease from the 3,152 sales recorded in August 2021, and a 0.9 per cent decrease from the 1,887 homes sold in July 2022.

Last month’s sales were 29.2 per cent below the 10-year August sales average.

“With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer,” Andrew Lis, REBGV’s director, economics and data analytics said. “This shift in market conditions caused prices to edge down over the past four months.”

There were 3,328 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2022. This represents a 17.5 per cent decrease compared to the 4,032 homes listed in August 2021 and a 16 per cent decrease compared to July 2022 when 3,960 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 9,662, a 7.3 per cent increase compared to August 2021 (9,005) and a 6.1 per cent decrease compared to July 2022 (10,288).

“Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs,” Lis said. “Preparation is critical in today’s market. Work with your Realtor to assess what today’s home prices, financing options, and other considerations mean for you.”

For all property types, the sales-to-active listings ratio for August 2022 is 19.4 per cent. By property type, the ratio is 12.2 per cent for detached homes, 25.3 per cent for townhomes, and 24.8 per cent for apartments.

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,180,500. This represents a 7.4 per cent increase over August 2021 and a 2.2 per cent decrease compared to July 2022.

Sales of detached homes in August 2022 reached 517, a 45.3 per cent decrease from the 945 detached sales recorded in August 2021. The benchmark price for a detached home is $1,954,100. This represents a 7.9 per cent increase from August 2021 and a 2.3 per cent decrease compared to July 2022.

Sales of apartment homes reached 998 in August 2022, a 38.8 per cent decrease compared to the 1,631 sales in August 2021. The benchmark price of an apartment home is $740,100. This represents an 8.7 per cent increase from August 2021 and a two per cent decrease compared to July 2022.

Attached home sales in August 2022 totalled 355, a 38.4 per cent decrease compared to the 576 sales in August 2021. The benchmark price of an attached home is $1,069,100. This represents a 12.7 per cent increase from August 2021 and a 2.5 per cent decrease compared to July 2022.

Download the August 2022 stats package.

Welcome to “Boardwalk” This beautiful former Liberty Homes display home has a stunning view of the Fraser River from 3 angles.

Imagine sitting on your decks & watching the boats go by. Main floor has 9ft ceilings & large windows.

Elegant living room with gas fireplace & dining room has sliders leading to a large sundeck.

The family room has a tv alcove & bonus shelves.

Updated bright white kitchen with stone counters+gas range+SS appliances+breakfast bar+eating area.

Easy care wood flooring + custom blinds.

Sundeck off of family room is perfect for BBQing & people watching. You will spend hours here.

Elegant primary bedroom with walk-in closet & soaker tub in ensuite. 2 other good size bedrooms, all with water view.

Walkout daylight basement with rec room with custom cabinets for storage & 3-piece bath, perfect for the teen + patio. Great yard space. Air conditioning.

http://www.listings.360hometours.ca/15800

Calmer than last spring’s record pace, Metro Vancouver home buyer demand remains elevated

While down from last year’s record numbers, home sale activity in Metro Vancouver’s housing market remained elevated in March.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 4,344 in March 2022, a 23.9 per cent decrease from the 5,708 sales recorded in March 2021, and a 26.9 per cent increase from the 3,424 homes sold in February 2022. 

Last month’s sales were 25.5 per cent above the 10-year March sales average. 

“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” Daniel John, REBGV Chair said. “Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.” 

There were 6,673 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2022. This represents a 19.5 per cent decrease compared to the 8,287 homes listed in March 2021 and a 22 per cent increase compared to February 2022 when 5,471 homes were listed.

 
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,628, a 16.6 per cent decrease compared to March 2021 (9,145) and a 13.1 per cent increase compared to February 2022 (6,742). 

“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure,” John said. “The number of homes listed for sale on our MLS® system today is less than half of what’s needed to shift the market into balanced territory.” 

For all property types, the sales-to-active listings ratio for March 2022 is 56.9 per cent. By property type, the ratio is 38.8 per cent for detached homes, 73.3 per cent for townhomes, and 70.3 per cent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,360,500. This represents a 20.7 per cent increase over March 2021 and a 3.6 per cent increase compared to February 2022. 

Sales of detached homes in March 2022 reached 1,291, a 34.3 per cent decrease from the 1,965 detached sales recorded in March 2021. The benchmark price for a detached home is $2,118,600. This represents a 23.4 per cent increase from March 2021 and a 3.6 per cent increase compared to February 2022. 

Sales of apartment homes reached 2,310 in March 2022, a 14.3 per cent decrease compared to the 2,697 sales in March 2021. The benchmark price of an apartment home is $835,500. This represents a 16.8 per cent increase from March 2021 and a 3.4 per cent increase compared to February 2022. 

Attached home sales in March 2022 totalled 743, a 29.0 per cent decrease compared to the 1,046 sales in March 2021. The benchmark price of an attached home is $1,138,300. This represents a 4.4 per cent increase from March 2021 and a 28.1 per cent increase compared to February 2022.

Download the March 2022 stats package.

20750 115^th Ave Maple Ridge 

FORE!! This fabulous home is a very short stroll away from the Maple Ridge Golf Course. Located in Golf Wynd Estates, this home is located on a quiet cul-de-sac and is ready to move in.

Lovely living room and dining room with valued ceiling. Gas fireplace in living room to keep you warm at night. Cute kitchen with eating nook.

Enjoy your private patio and covered deck for summer entertaining.

Large primary bedroom upstairs with large 5-piece ensuite. Upstairs landing is a perfect spot for a comfy chair to curl up with a book. 

Main floor second bedroom is large and could also be a primary bedroom. Third bedroom would make a great home office space. Four-piece bath on main.

Double car garage, flat driveway. Call your Realtor today…

Listed for $1,260,000.00

http://www.listings.360hometours.ca/15799

12515 Colemore Place Maple Ridge 

Absolutely stunning 3 bedroom & 2 bath Rancher on a quiet cul-de-sac. From the moment you drive up you will be impressed.

Beautiful living room with lovely gas fireplace & bayed windows. Dining room with cabinet alcove. Bright & white kitchen cabinets, corian countertops & S/S appliances. Skylights for extra light.Breakfast bar & eating area nook.

Family room with 2 white glass cabinets. Sliders to covered patio for year-round enjoyment. Fenced cute yard for Fido & family.

Lovely primary bedroom with updated 3-piece ensuite. Other 2 good size bedrooms. Updated main bath. Beautiful easy-care floors.

Bonus flex room for a games room, media space, or a great home office business area. Lots of storage.

Eco paving on driveway and patio for easy care.

This home is beautifully decorated with all the extra touches. Truly a beauty.  Call your Realtor today…

Listed for $1,350,000.00

http://www.listings.360hometours.ca/15796

Welcome to 6 Brackenridge in Heritage Mountain.

Listed for $2,100,000.00 

This fabulous executive home is just what you have been waiting for.

Located on a quiet street, this home has had many updates through the years.

Elegant living room & dining area.

The gourmet kitchen is the show piece of the main floor. Stunning wood cabinets, gleaming S/S appliances & shiny stone counters tops, large walk-in pantry would make a chef proud.

Large eating area & family room also finish this area. Large sundeck for bbqing or relaxing & taking in the beautiful greenbelt.

Upstairs boosts 3 bedrooms & 2 updated bathrooms.

The lower floor would make a great teen area or perhaps an in-law suite, with an updated bathroom.

Sliders leads to an extra-large patio.

Beautifully landscaped backyard has easy care green turf, perfect for the kids or Fido.

Truly a pleasure to show…

If you’re fortunate enough to own a home with a covered garage, you know how handy it can be to store things like sporting equipment, tools, off-season tires and boxes of holiday decorations. But if your vehicle is permanently parked outdoors because your garage has become a disorganized catch-all for countless boxes of unused items, it may be time for an intervention.

Heading into the fall, this is the perfect time to clean and organize your garage. Ideally, your garage can be a place where only necessary items live and everything has a home. Most importantly, it’s where your vehicle can be parked, away from extreme cold (and extreme heat), inches of heavy snow and thick layers of ice, which is an inevitability during Canadian winters.

Follow these helpful tips to get your garage in order before the cold weather hits!

1. Set aside a reasonable amount of time (you’ll probably need an entire weekend) to purge and clean out your garage. Categorize items by those you will keep, donate or sell, and toss. 
2. Once your things are organized, give the garage a proper cleaning. Sweep and wash the floor and wipe down the doors and walls. 
3. Everything from tools to golf clubs to household items should have their own designated spot, and proper storage solutions are imperative to maintaining an organized garage. Measure how much space you will need to park your vehicle and safely open the doors. 
4. Once you know the depth you have to work with, install appropriate shelving or cabinets for organized storage. Keep items in clear bins on the shelves for easy access and safe keeping. Install wall hooks or peg boards to hang things like shovels and hoses. If space is limited, use overhead storage racks to keep items you don’t need to access often. Do your best to keep items off the ground to avoid water damage. 
5. Remove any items that should not be stored in a garage, like old paint, propane, unsealed food items that can attract animals, or important paperwork that can be destroyed by moisture.
6. To ensure your garage stays clean and organized, make a point to ‘spring clean’ the space at least once or twice each year. 

Stay in the habit of parking inside the garage. If you know the space in the centre is always occupied by a car, you will not be tempted to fill it up with miscellaneous items. Plus, parking inside can actually extend the life of your vehicle by protecting it from the elements.

Before the cold weather sets in, make sure your home is winter-ready. Be sure to check these important tasks off your list. 

• Clear leaves and debris from your eavestroughs to avoid clogging
• Winterize landscaping and remove leaves your lawn, as this can lead to rotting in the spring
• Drain and shut off all outdoor water supplies, including garden hoses, sprinkler systems and outdoor taps
• Seal your doors and windows with caulking or weather stripping to limit the amount of cold air that comes and hot air that can escape
• Clean and cover your air conditioning unit to protect it from snow and ice. This will help to increase the lifespan of your unit
• Clean and inspect your furnace, gas fireplace and dryer vents to avoid fires when the heat is turned on in the winter. And, don’t forget to replace old filters
• Cover your outdoor equipment and patio furniture to protect it from the elements
• If you have a working fireplace, clean and inspect your chimney before the first use of the season
• Seal cracks in your driveway to prevent water from seeping in, freezing and expanding
• Test your snowblower and other winter equipment in advance
• Replace the batteries in your smoke and carbon monoxide detectors, and test them to ensure they are working properly
• Check your fire extinguishers and replace them if they’ve expired

Since the late spring of 2020, Canadian home prices have been rising at historic rates, following the onset of the global pandemic. Widespread lockdowns suddenly forced millions of workers and students to conduct their daily business from home. While the trend of working remotely was gaining in popularity in the years prior, the seemingly unending health crisis accelerated the movement, driving many Canadians living in major urban centres to trade in their cramped quarters for more space in smaller cities and rural communities.

The latest Royal LePage House Price Survey and Market Forecast shows price growth in Kingston’s single-family detached segment was the highest in the country, posting an increase of 46.5% year-over-year in the third quarter. Following Kingston, Ajax had the next highest year-over-year home price appreciation for the detached properties, rising 36.2% year-over-year; then, Langley (34.5%) and Greater Victoria (34.0%). Kingston also had one of the highest aggregate price increases nationwide (36%), second only to Saint John, New Brunswick (36.4%).    

“Competition in Kingston’s housing market is incredibly high. Inventory has reached an all-time low, while demand gets stronger everyday,” said Bob Armer, area manager, Royal LePage ProAlliance Realty. “Today, there are even more buyers from out of town – namely from Toronto and the GTA – than there were a year ago. This migration continues to put a lot of upward pressure on prices, which is especially challenging for local buyers.”

Armer noted that Kingston’s proximity to Toronto has made it very popular among young people who can work remotely but may need to be in the office once or twice per week. 

This is just one example of secondary cities that have grown in popularity and population over the last 15 months. Nationally, home price appreciation is being driven by the detached segment in secondary cities, like Kingston.

Royal LePage is forecasting that the aggregate price of a home in Canada will increase 16% per cent to $771,500 in the fourth quarter of 2021, compared to the same quarter last year, putting real estate values on track to grow 33% by the end of the year from June, 2020.

Read Royal LePage’s third quarter release for more regional and national insights. 

Just Sold 303-2368 Marpole Avenue in Port Coquitlam for a record sale price for the building

Welcome to River Rock Landing.

Fabulous 2 bdrm & den condo is move in ready.

The living room has a gas fireplace & sliders that lead to the a private deck.

Dining room for entertaining.

The kitchen cabinets have been freshly painted white & bright.

New stainless-steel appliances. Stone counter tops & tiled back splash.

New laminate flooring in most areas & new carpet in bedrooms.

The 2 bathrooms have been updated in recent years as well as the washer & dryer.

Principal bedroom has a large walk-in closet plus sliders that also lead to the private deck.

The second bedroom would make a great home office.

Great prime location with parks, shopping, transit, new Poco Rec Centre & a wide array of restaurants & pubs.

For generations, Canadians have been asking themselves this important question:

‘Is it better to buy a home or rent?’

On the one hand, owning comes with more responsibility and higher monthly expenses, but offers more stability and a long-term investment. On the other hand, the money spent on renting will never be recuperated, however, it can offer some flexibility if you’re not sure how long you will live in one place.

According to a recent Royal LePage-sponsored study by economist Will Dunning, it is more financially beneficial to purchase a home than to rent in Canada, more than nine times out of ten. The study uses price data for 278 scenarios (broken out by city and housing type) across the country and assumes the owner is able to provide a 20% down payment. In 91% of scenarios, the monthly cost of owning a home is less than renting an equivalent dwelling, when considering the net ownership costs (total cost of ownership minus the portion of mortgage payment that goes toward principal). This is called the ‘ownership advantage’. 

“While Canadians do want their homes to appreciate, potential homebuyers will find it reassuring that significant price appreciation is not necessary for ownership to be financially worthwhile,” said Karen Yolevski, chief operating officer, Royal LePage Real Estate Services Ltd. “Historically, home ownership has been very profitable for Canadians, many of whom have factored their real estate investments into their retirement planning. Owning a home is widely viewed as a means to save money and build equity.” 

While home prices are expected to continue rising, the study found that even with a 10% decline in home prices, approximately half of the homeowners studied would still see a positive rate of return on investment, while the other half would break even or see a modest loss as an investment.

“For many people, buying a home – especially the first – is a landmark event and one of the most challenging decisions we’ll make in our lives,” said Will Dunning, president, Will Dunning Inc. “It is a decision that  is usually based on a lot of hard work. This research tests a belief that is held by a lot of Canadians, that owning is better financially than renting. And, it finds that this belief is very often correct.” 

Tor more insights, read the full release and report summary linked below:

Welcome to River Rock Landing. Fabulous 2 bdrm & den condo is move in ready. The living room has a gas fireplace & sliders that lead to the a private deck. Dining room for entertaining. The kitchen cabinets have been freshly painted white & bright. New stainless-steel appliances. Stone counter tops & tiled back splash. New laminate flooring in most areas & new carpet in bedrooms. The 2 bathrooms have been updated in recent years as well as the washer & dryer. Principal bedroom has a large walk-in closet plus sliders that also lead to the private deck. The second bedroom would make a great home office. Great prime location with parks, shopping, transit, the new Poco Rec Centre & a wide array of restaurants & pubs, minutes away by foot, bike or car.

http://www.listings.360hometours.ca/15765

Downtown Vancouver for Fleurs de Villes ROSÉ – a fresh floral trail supporting breast cancer research.

From June 11-20, this stunning showcase of floral talent will be freely open to the public and will feature over 50 stunning floral installations, created by some of Vancouver’s favourite florists.

Supported by the Downtown Vancouver and Robson Street business associations, Fleurs de Villes ROSÉ will be freely open to the public, and visitors will be able to safely walk through this self-guided trail through the downtown core while adhering to social distancing

Welcome to the Belcarra, the premier low-rise building @Newport Village.This rare style condo unit with 2 bedrooms/2 bath+den, is move in ready.This home seems larger with it’s open floor plan & windows.Kitchen has light wood grain cabinets/stone counters & S/S appliances.Gas fireplace in living room.Recent updates such as designer paint colours, flooring & much more.Principal bedroom with walk-in closet.Large 2nd bedroom & the den makes a great home office.Laundry closet with high efficiency W/D.BONUS 2 separate covered decks,2 side by side parking & 1 storage locker.The building includes an exercise room, amenity room, & bike storage.Set in beautiful Newport Village with everything a short stroll away, Evergreen Skytrain/WestcoastExpress/shopping/Brewery Row/Rocky Point Park & much more.

http://www.listings.360hometours.ca/15084