Quebec realtors are campaigning against the unexpected large increase in licensing fees, which have to be paid to the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ), regulatory body controlling licenses, records, disciplinary proceedings, indemnity fund and many other key parts of real estate administration.

The fee went up from $410 to $906 quite unexpectedly, annoying most of the agents. They immediately started petition, collected votes of more than 2000 agents so far, and even held little demonstration at OACIQ offices. You can also join their fan group on Facebook.

OACIQ superseded former regulatory body, ACAIQ, in May this year. While at the beginning, many agents believed this change was going to be a vast improvement, most of them lost any zeal for the new system soon and some of them even say they were misled. OCAIQ renamed all agents into brokers, but that brought no real positive difference for the industry professionals. Ex-agents, now brokers, believe OCAIQ is not representing them as ACAIQ used to and it does not protect them at all.

OCAIQ extended the fees collection deadline from June to September, but continues to threaten the brokers with license revocation. According to REM Online, the leader of the revolt, Montreal based broker Mario Rizzi, believes some 3,000 of current 18,000 realtors in Quebec will give up their jobs, if the fee increase remains so high, OCAIQ does not seem responding to their plea. Nevertheless, they still have a plan, if everything fails – to get some seats in the OACIQ board during the upcoming elections and reverse the fees for the next year.
 

Quebec Sales Reps Revolting Against Fees

Post from: Vancouver Realtor Jay Banks

Unusual project is being built on 60 West Cordova. It comes without parking spaces, with minimal marketing and with requirement of self-maintenance by the future inhabitants. The goal is clear – to construct condominium affordable for a couple working for minimum wage.

Developer Ian Gillespie situated the 108-unit development, designed by architect Gregory Henriquez, on the border of Gastown and the Downtown, on the neighbouring block to his Woodward’s complex, project that combines condos, social housing and art centre. Lack of parking should both drive down the costs (single downtown parking space costs around $40,000) and keep wealthier households' interest off.

Habitat for Humanity, which collaborates on the project (along with Vancity credit union and a Downtown Eastside housing group), will choose the 4 suitable families from those applying; another 8 units goes to local community workers. The rest of 96 units will be sold to buyers, who will have to prove their commitment not only to personally occupy the purchased condo, but also to maintain the property regularly.

Majority of the condominiums will be offered for less than $300,000 and most of these will be affordable to couples on minimum wage. However, this project is not without opposition. Its opponents believe that despite the goal, the project will bring property price increase and even gentrification to the area.

Low Cost Condo Experiment in Vancouver

Post from: Vancouver Realtor Jay Banks

Smile by Romain

Over $100,000 was raised during the Yard Sale for the Cure on May 29, organized by RE/MAX Canada. The sum will be donated to Canadian Breast Cancer Foundation and will help to fund breast cancer research, healthy life style and cancer awareness promotions and training.

Marie Sheppy, Senior Coordinator, Corporate Affairs, RE/MAX of Western Canada: "RE/MAX is wholly committed to the Canadian Breast Cancer Foundation’s ultimate goal of creating a future without breast cancer. It’s a goal we’ve taken to heart and one that inspires. That is why, each year, Yard Sale for the Cure prompts greater participation and creativity, as each RE/MAX office strives to surpass the previous year’s goal. The level of enthusiasm is simply remarkable.”

More than 50 offices from all over Canada joined the effort. The Yard Sale for the Cure is annual event since 2006, which helped to collect almost half million so far. RE/MAX cooperates with Canadian Breast Cancer Foundation for six years. Beside the annual yard sale, Re/Max associates can donate a sum from every closed deal on Sold on a Cure program.

Sandra Palmaro, CEO of the Canadian Breast Cancer Foundation, emphasizes the fruitfulness of the cooperation: “The Foundation is so proud to have such a committed partner. Since 2004, RE/MAX has contributed over $1.2 million to breast cancer research that is making real change happen.”

RE/MAX Raised 100,000 CAD For Cancer Fight

Post from: Vancouver Realtor Jay Banks

If you plan to go for a barbecue somewhere around the BC coastal region, don't forget to pack portable stove – unless you want to face $345 fine. Official ban of campfires starts this Friday at noon.

Authorities were forced to issue this ban due to long period of extremely dry conditions, which substantially increased the risk of wildfires and set fire danger ratings to high or even extreme level. The ban will last until dumper weather comes.

Starting a wildfire can result in up to three years in jail and fine up to $1 million. Be aware that fireworks, torches and gas stoves with flames exceeding 15 centimeters are banned too.

What areas are affected by the ban? It stretches from the Lower Mainland to the Coast Mountains and includes Vancouver Island. The Island's western coast is ban free for now due to milder conditions, but the ban covers private property and provincial and federal parks.

Be aware that also Whistler has its own fire ban, which includes the municipality's forests, parks (except propane barbecues) and in peoples' backyards. Vancouver still allows smoking and wood burning in municipal parks, however the hazard is rising in Stanley Park and other forested parks. So you better keep your lighter at home.
 

Campfire Ban Begins

Post from: Vancouver Realtor Jay Banks

Colliers International has been publishing its survey of parking costs for a decade now. Latest results proved parking business is completely recession proof, at least in Canada.

Average monthly parking expenses climbed all over the country. Calgary is at the top with monthly average $453.38, followed by Toronto ($336.25), Montreal ($280.60) and Edmonton ($275). Vancouver placed 5th; our drivers spend $266.81 on average in June to park their cars. If you want it cheaper, you should probably move to Kitchener-Waterloo (Ontario), where you would spend only $116.94.

Prices are driven up by inexhaustible demand, which is fuelled not only by population and motorization growth, but also by new condo developments in some of the cities. The most expensive city, Calgary, deliberately decided to keep as many cars out of the city as possible – as Kirk Kuester, Vancouver managing director for Colliers International, said: "When a building is constructed in Calgary, there's a requirement that far less parking has to be built."

Recent tripling of the provincial sales tax on parking caused the average rate to go up 19.1% since the last year, parking spots supply in Vancouver are still able to meet the demand, with some extended potential in the downtown peninsula.

Vancouver ranked the 44th most expensive city for parking globally. The first place is occupied by London with stunning $987.20 per month to park, followed by Hong Kong ($744.72) and Tokyo ($654).
 

Parking in Vancouver is Cheapest of the Biggest Canadian Cities

Post from: Vancouver Realtor Jay Banks

Canada Mortgage and Housing Corporation released regular monthly report for Canada. According to the latest records, seasonally adjusted annual rate of housing starts reached 189,000 units in June. Moreover, the rate was also revised for two previous months so there are adjusted results for both April and May.

New numbers say we reached 3.7% month over month growth in April 2010 (205,900 starts), while there were 5.1% (195,300 starts) and 3.1% decrease recorded in May and June. Bob Dugan, Chief Economist at CMHC’s Market Analysis Centre, said: "Housing starts decreased during June, largely due to the multiple starts segment in Ontario. The single starts segment was largely unchanged Canada-wide. After a robust start to 2010, we expect the pace of housing start activity to moderate and total 182,000 units by year-end.”

Urban starts reached 167,000 units (2.6% decline). Single urban starts were livelier, with 1.4% increase to 77,800 units, while multiple starts dropped by 5.8% to 89,200 units.

British Columbia reached more positive results than the national average. Urban starts increased by 6.3% in BC (Quebec and the Prairie were better with 11.6% respectively 8.6% growth).Atlantic Canada and Ontario populate the tail with 19.8% respectively 17.4% decrease in urban starts.
 

Housing starts in June

Post from: Vancouver Realtor Jay Banks

Home Renovations Guide: Part 6

Post from: Vancouver Realtor Jay Banks

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totaled 2,972 in June 2010, a decline of 30.2% compared to the 4,259 sales in June 2009, a 22.6% increase over June 2008, and a 30% decrease compared with June 2007 and a 5.8% decrease compared to May 2010 when 3,156 sales were recorded.

The MLSLink Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver has increased 11.8% to $580,237 in June 2010 from $518,855 in June 2009.

New MLS listings for detached, attached and apartment properties in Greater Vancouver totaled 5,544 in June 2010. An increase of 3.2% from June 2009 when 5,372 new units were listed and a decline of 21% compared to May 2010 when 7,014 properties were listed on the MLS.

Total active listings at 17,564 are up 1.2% compared to May 2010 and have increased 32% from June 2009.

Activity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,” said Jake Moldowan, president of the Real Estate Board of Greater Vancouver (REBGV).

According to Moldowan, “we didn’t experience any record-breaking activity in June, but we did see a stable summer market. The number of new listings coming on the market is not as dramatic as we saw over the previous three months and demand remains at a healthy level for this traditionally quieter time of year.”

“There has been less upward pressure on prices in our market the last few months, which has asaid.

2010 06 REBGV Stats Package

Click on the graph to see it in full size

You can also download the whole June 2010 REBGV statistics.

Activity steady to start the summer season

Post from: Vancouver Realtor Jay Banks

Canadian economy again proved its more than solid strengths, when unemployment rate fell below 8% in June, for the first time in one and half year.

According to Friday's announcement from Statscan, there were 93.000 new jobs created, almost five times more than the biggest optimists expected. Unemployment rate fell to 7,9% instead of expected stalling at 8,1%

It is the second best month in job creation (after April's record with 108.700 new jobs). According to Statscan, all loses caused by the crisis (417.000 jobs) have been erased.

"We've replaced those jobs already. It is quite something how we are rebounding," said Dawn Desjardins, assistant chief economist at Royal Bank. She mentioned low interest rates, a stable banking system and the government's comparative strong fiscal position as the main reasons of flourishing recovery.

Canada can with boast several more achievements. We are the first of G7 to raise interest rate; IMF predicts budget surplus in 2015 and one of the strongest banking systems in the world.

Canadian dollar reacted to the news and strengthened to 0.9674 USD.
 

Unemployment in Canada Below 8%

Post from: Vancouver Realtor Jay Banks

News about China's immense interest in Vancouver properties are brand new, however, this time it looks that buyers take it more than seriously.

China-based Internet sales company SouFun started to organize trips to Vancouver for real estate-hungry groups of wealthy investors. The first two groups from Shanghai and Beijing, consisting of around twenty potential buyers, are about to visit Vancouver and Toronto in August. Needless to say, their interest will focus on million-dollar listings.

As reported by Canada-based Ming Pao Daily News, these buyers are especially interested in neighbourhoods with ocean-views and neighbourhoods with high-class educational institutions. Until now, Chinese bargain hunters mostly used conferences and business meetings as an opportunity to look around local listings. This is the first time the home-hunt is the sole purpose of visit.

Why are they so attracted to come and live in Vancouver? Believe it or not, it is caused by the price level. Despite being at the top among Canadian markets when it comes to average price, Vancouver properties are cheaper compared to similar ones in Beijing or Shanghai. Canada boasts with high-quality education system, health care, safety and overall quality of life; therefore, it is one of the most favoured destinations for rich immigrants, especially from Asia.

Despite accounting for around 80% of showings in some parts of Vancouver, Asian buyers will probably not turn on a shopping spree immediately. Most of them just needs to explore potential future home, only then will proceed with immigration. Still, many of them will become our neighbours in the near future and will fuel the property market.
 

Chinese Buyers Hungry for Vancouver Homes

Post from: Vancouver Realtor Jay Banks