I have listed a new property at 413 3602 ALDERCREST DR in North Vancouver.
DESTINY 2 – a Resort inspired development with a West Coast flair. Bright south facing unit with good size balcony and views of the Destiny II pond and the ocean. Open Concept light filled living space with 9' ceilings throughout. Large open Kitchen features, s/s appliances, gas range & quartz countertops. Large primary bedroom with walk-in closet & 5 piece ensuite bathroom. The building amenities include a large fitness center, club house, bike storage, car wash area, dog wash area. You will be welcomed into its peaceful family friendly neighbourhood and surrounded by wooded trails of the North Shore while simultaneously being close to busy downtown core and walking distance to shopping, restaurants, schools, golf, beach and more. 2 parkings side by side and 2 lockers.
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B.C.'s population has surpassed five million people for the first time in its history, growing at a rate of 7.6 per cent between 2016 and 2021, the latest census data from Statistics Canada shows.


The province has four of Canada's five fastest-growing metropolitan areas — all of which are outside the Metro Vancouver region.


The Kelowna, Chilliwack, Kamloops and Nanaimo census metropolitan areas all saw growth of 10 per cent or more in between 2016 and 2021.


The province's largest cities remain unchanged, with Vancouver in the top position followed by Surrey, Burnaby, Richmond and Abbotsford. (Source from CBC News)


The information was released in Statistics Canada's first round of 2021 census data on population and dwelling counts, information that is used by political leaders and planners to shape decision-making around their communities


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Here are three key takeaways from  Economist Keith Stewart’s forecast.


Year-over-year sales will decline 9 to 20 per cent in 2022

It’s difficult to set a record for sales two years in a row, so the real question is what kind of decline will we see? Our forecast sees a decline of around 12.5 per cent for the REBGV area, which would be approximately 38,600 sales compared to the record of nearly 44,000 sales in 2021. The declines will vary between areas and property types.

And while doom-and-gloom media headlines would jump on a double-digit decline in a year-over-year sales total, context is important to keep in mind. A sales total of 38,600 in 2022 would be 17 per cent above the 10-year average for the region and would register as the fourth-highest total in the last 10 years.


A continuing lack of supply will keep upward pressure on prices


There hasn’t been a smaller pool of homes for the region’s buyers to choose from to start a new year in the last 30 years. Low inventory has been the key driver behind the price growth we saw throughout 2021, and it doesn’t look like there will be relief until at least the second half of 2022.

What will help inventory replenish? New construction of a diverse and more streamlined supply of homes coming onto the market would help break the logjam of availability. The ugly answer? The continued deterioration of affordability will push more potential buyers out of the market.


The X factors: Government intervention and rising interest rates

Rumblings about potential interventions from both the federal and provincial governments have been growing. Provincially, it’s likely the government will implement a cooling-off period for all resales in BC, like what’s in place for pre-sales. Federally, there’s been talk of an “anti-flipping” tax and a ban on so-called blind bidding.

And we already saw interest rates creep up to close 2021. The Bank of Canada will raise rates this year, which will have a suppressing effect on sales. A sharper rise in rates, especially early in the year, will in turn see a sharper decline in sales.


Please read his full presentation online.


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The share of home purchases by first-time homebuyers has declined since 2015. (Source: Bank of Canada)



The federal government plans to stop speculators and investors from driving up property values and hoarding properties which has led to a shortage of resale homes and overbidding across Canada, according to Prime Minister Justin Trudeau.  


In a December 16, 2021 mandate letter to Ahmed Hussen, minister of housing and diversity and inclusion, the prime minister directed the minister to work with provinces, municipalities, the deputy prime minister, and minister of finance to develop a Fairness in Real Estate Action Plan.  


The plan includes: 


developing policies to curb excessive profits in investment properties while protecting small independent landlords; and 


reviewing the down payment requirements for investment properties that are not owner-occupied.  


The government is expected to: 


increase the down payment required for a non-principal residence, currently at 20 per cent; and  

exclude home equity lines of credit as the source of the down payment.


Why these measures? 


The Bank of Canada has consistently highlighted supply and demand imbalances and household debt. 


UBC professor and Bank of Canada deputy governor Paul Beaudry, told the Ontario Securities Commission, “a sudden influx of investors in the housing market likely contributed to the rapid price increases we saw earlier this year.”    


The Bank of Canada’s research report, Housing demand in Canada: A novel approach to classifying mortgaged homebuyers (January 2022) found that the share of first-time buyers significantly declined, while the share of homes bought by investors climbed above 20 per cent.   

 
During the pandemic investor activity increased 100 per cent, according to the Bank of Canada.


More than 25 per cent of homes were bought by buyers who already own a home according to Teranet’s Q4 2021 Market Insights


The details


Details of the government’s measures to cool speculation are expected sometime this spring.

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With a lack of supply, Canada’s housing markets saw record-breaking home sales and price growth in 2021.

Take a closer look at the key highlights from last year with CREA’s 2021 Year in Review housing market snapshot.


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District of West Vancouver


Mayor Mary-Ann Booth told Realtors, West Vancouver:


1. is seeing a decrease in its population, unlike most Greater Vancouver municipalities;

2. is rated as the least affordable city in North America;

3. is seeing 1,700 or 10% of all its homes sitting empty;

4. has the worst traffic in the region; and

5. has an aging population: 28% are age 65 and older, while just 2% of the population is age 25 to 40.


West Vancouver’s official community plan (OCP), adopted in 2018, envisions local area plans for: Ambleside Town Centre, Marine Drive, Horseshoe Bay, Taylor Way, Upper Lands, Cypress Village, and Cypress Way areas.

West Vancouver has completed its 2021-2022 Strategic Plan and its Housing Needs Report which calls for approval of 25 new housing units per year, 100 market or non-market rental, 75 infill or missing middle, and 75 strata apartment or mixed use.

Council is increasingly concerned about livability and well-being, and housing is a major component.

Marine Drive

West Vancouver is implementing the Marine Drive local area plan which will include mixed tenure residential units including market ownership and rental units, commercial space, and care space. In some buildings council is allowing additional floors in exchange for amenities.

Density will enhance the public realm since homes will be close to businesses and shops which will see increased activity and transit.

Horseshoe Bay

The local area plan was approved in June 2021. The plan expands housing diversity, supports history and a sense of place, and is sensitive to the wider context. Residents want kookie (creative and interesting) instead of cookie cutter.

Nearing completion is the 200-to-300-unit Horseshoe Bay residences in six buildings and ground-oriented townhouses with 500 parking spaces for residences and commercial businesses along with a new beach park.

Cypress Village

The goal is to reduce the footprint by 50 per cent which means more density in a mixed-use village core with 3,700 units of multi-family and low density residential, a community centre, fire hall, sports field, school, and independent transit including cycling and walking paths.

Ambleside plan

West Vancouver is starting work on this plan. Multiple opportunities for engagement and feedback will be coming. Five gas stations will be gone.

Taylor Way plan

The planning process begins in 2022. The city is developing city-owned land at 2195 Gordon Avenue into 217 residential units and an adult daycare in two six-storey rental buildings and one eight-storey condominium tower. Rentals are targeted to professionals - teachers, firefighters, and police with incomes of $50-$100,000 a year who can’t afford to buy a home or find a home to rent here. There’s a North Shore homelessness action initiative. Homeless residents tend to have grown up in West Vancouver and want to stay.

There is a neighbourhood working group focusing on redistributing density on lots by reducing 30 per cent for the principal residence and the remainder of density in coach houses and laneway or suites or infill. West Vancouver doesn’t need more 10,000-40,000 sq. ft. houses.

Enabling housing options

Zoning amendments will diversity housing type and character, apply to single-family zones, redistribute density, streamline approvals for one-storey coach houses, and expand opportunities for subdivision.

Hotel

There is interest in a boutique hotel with a rooftop deck on the waterfront.

Transportation

West Vancouver is a member of North Shore Connects, a partnership of five North Shore local governments - three municipalities and two first nations. Their goal is to improve mobility and reduce congestion to and in the North Shore.

Economic development

West Vancouver has hired an economic development officer who will look at where industry and commercial activity can best be located.

Read West Vancouver’s official community plan.

Read Mayor Booth’s presentation.

North Vancouver City

Mayor Linda Buchanan’s goal to make her city the healthiest in the world. Council has been leveraging the COVID-19 pandemic to building a prosperous, vibrant, diverse community everyone can call home.

Council’s strategic plan, the roadmap to achieving this, is the official community plan.

Housing

The City of North Vancouver is one of the only cities in Metro Vancouver meeting their housing needs.

Construction activity has been strong throughout the pandemic with new towers and the redevelopment of three-storey apartments at the end of life. The city is supporting a mix of housing including coach homes, duplexes, row houses, townhouses, infill, basement suites in duplexes, and multi-family to meet community needs. Three units are permitted on single family lots. The city leads Metro Vancouver with the most coach house permits issued. Density is hidden using landscaping.

Homeownership continues to be out of reach for many first-time buyers, so the city is exploring shared equity and rent to own models to encourage middle-income workers and new immigrants.    

Community Centre

The city is moving ahead with the Harry Jerome Community Centre, the single largest capital investment city has ever made, which includes seniors centre, daycare and more.

The Shipyards

This area has undergone a massive transformation in the last 25 years and the Shipyards has received top honours internationally in waterfront redevelopment, winning over giants like London, United Kingdom.

Waterfront Park, which is adjacent to the Seabus, is being redesigned. There will be more livable space including walking and cycling paths.

Transportation

The city is expanding transportation options and is launching an e-bike share. Bike lanes are good for business. There’s more economic activity and growth where there are cyclists and walkers, so the city is reallocating roadspace from cars. The city is also a partner in North Shore Connects. The city will also hide parts of the Upper Levels highway with a park over the highway. There will be a new Ironworkers Bridge, but it won’t be bigger. Instead, it will have options for cyclists and transit. The Seabus needs to be more effectively used to take away congestions from the Upper Levels highway.

Economic strategy

The city is creating an economic strategy to ensure economic benefits are shared more fairly.

Development permit process

Both West Vancouver and the City of North Vancouver are looking at ways to speed up the process.

Read North Vancouver city’s official community plan.

Watch a recording of the session.

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We hope that this information will be useful to inform you about the six important advantages of a property manager, explaining what process or procedure a good new tenant is selected through.


First, we will show you how to set the right rental price.

The most important thing to determine the appropriate rental price is to collect, compare and analyze the market price, region, and houses that can be compared. A few months ago, the owner of a house called and said that he contacted me because the rental had not been rented for 2-3 months. As a result of our analysis, pricing and marketing were the issues. After adjusting the price and marketing well, the house was rented in 2 weeks.


Second, we will tell you about the importance of marketing and advertising and how to do it well.

I would like to explain how to get the maximum amount of rent depending on how you do marketing and advertising, and how not to leave an empty house for a long time. Enter the information of the house that will be placed in the advertisement as accurately, easily, and in as much detail as possible, with particular emphasis on the merits. It will be differentiated from other houses by taking advantage of the greatest strengths of the house. Also, you should know the advantages of the surrounding area. (Example: transportation, school district, amenities….) And, clean and organize the house as much as possible, take photos and videos, and post them. Advertise on as many websites as possible. Also update the advertisements on the websites frequently.


The third and most important are the methods and tips for selecting good new tenants.

It would be a waste of time if an email or phone call came in and you just showed them the house any time. When contacted, it is better to ask a few questions to decide whether to show or not.  It would be a good idea to do an open house once or twice and select a new tenant. The content of the question can be mainly asked about name, occupation, number of occupants, and expected move-in date. If the landlord is looking for a new tenant within a month, but the new tenant is planning to move in two months later, showing them may be a waste of time. If the new tenant shows interest after the viewing, you can have them fill out the lease application form, receive the information, and write the new tenant's credit and background check. Also, it would be a good idea to get accurate information from the current landlord and employer through e-mail or phone. (Example; whether the rent is paid on time or not, and he or she does not cause any problems…)


Fourth, we will inform how to write a rental contract and additional documents.

If you choose a good tenant, you will first draw up a rental agreement. As a property manager, I add 2-3 pages of detailed documents to the general agreement. (Example: penalty for late rent, penalty for house maintenance and damage, ….) Before the tenant moves in, we thoroughly inspect each one of them together. It's also a good idea to take photos and videos to avoid disputes later.


Fifth, one of the strengths of property managers is that they know the law.

How much do you know about the laws that apply to landlords? One of the biggest advantages of hiring a property manager is that you avoid legal issues. A property manager who understands all provincial and federal laws regarding discrimination in screening and selecting tenants avoids violating discrimination laws. Also, if the tenant does not pay or delays in paying the rent frequently, property managers take an action to evict a tenant and a good property manager knows how to handle it in the most efficient way possible within applicable laws. If you choose a good new tenant, you won't have to worry.


Finally, property managers act as a buffer between owners and tenants.

When using a property manager, homeowners can maintain a professional distance with their tenants. Getting too personally involved can result in being too tolerant of certain issues or too defensive about certain types of complaints. Renting real estate is a business and it is much easier for a property manager to keep the housekeeping at a strictly professional level. If a problem arises, the property manager is ready to deal with it effectively.


I hope it was useful information. For more information, if you are currently looking for a property manager, or if you have a problem with an existing tenant, please feel free to contact me.

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.