Sutton Showplace Realty (2015) Chilliwack

  604-858-1800 

Winter Wonderland CONTEST 2018

12 November 2018
Sutton Showplace Realty Chilliwack

** CONTEST IS NOW CLOSED**

Enter our Winter Wonderland Contest to WIN 2 Tickets to Cirque Musica, in Abbotsford on December 21st, courtesy of Sutton Showplace Realty!

Please follow the rules to be eligible. Good luck everyone!

Contest Opens: Nov 12, 2018 at 9:00am
Contest Closes: Nov 30, 2018 at 12:00pm

TO ENTER:
1) 'Like' the Sutton Showplace Realty Facebook Page.
2) ‘Like’ this contest post on Facebook.
3) Comment on the original Facebook post by tagging a friend you’d like to take with you to Cirque Musica!

One winner will be randomly selected on November 30, 2018 and will be notified via Facebook. (For prize pickup, the winner can drop by our office on weekdays between 9am-5pm *Our office is closed on weekends and holidays.

RULES:
1. One (1) entry per person.
2. By entering this contest, contestants and their legal guardians consent to Sutton Showplace Realty 2015 publishing and/or announcing the Prize Winner’s name (first name only), and photograph posted publicly, including print advertising and social media.
3. This contest is in no way sponsored, endorsed or administered by, or associated with, Facebook or Cirque Musica.
4. This contest is not associated with any other Sutton Realty offices. Each office is independently owned and operated.

Sutton Showplace Realty office is located at #100-7134 Vedder Road, Chilliwack. 604-858-1800


Office Closure for Remembrance Day

11 November 2018
Sutton Showplace Realty Chilliwack

The Sutton Showplace office will be closed today. Please take a moment today to honor those who have fought for our freedom.
Chilliwack will be hosting a Remembrance Day Procession and Service. Click the link for further details.

http://www.chilliwack.ca/main/page.cfm?id=2752


The 24th Annual REALTORS Care ®️ Blanket Drive is Gearing Up

18 October 2018
Sutton Showplace Realty Chilliwack

The cold weather is approaching and we're collecting gently used items to distribute within the Lower Mainland.. Donations of any new or gently used items such as blankets, sleeping bags, coats & warm clothing can be dropped off at Sutton Showplace Realty #100 7134 Vedder Rd, Chilliwack. Mon-Fri 9-5pm, as well as at any other Real Estate Office in the Lower Mainland. For more information and alternate drop off locations please visit http://www.blanketdrive.ca


Fraser Valley becomes favoured real estate investment destination

03 October 2018
Sutton Showplace Realty Chilliwack

Surrey is the fastest-growing metro centre in B.C., and its young population – 22 per cent of B.C. births are now in Surrey – is gunning to claim the title of  the province’s biggest city within a generation.


The population gap between Surrey and Vancouver will narrow to 100,000 people within three years and will be non-existent by 2040, according to a report Michael Heeney, president and CEO of the Surrey City Development Corp. (SCDC), presented September 13 at an event sponsored by the Real Estate Institute of British Columbia.



Anticipation of the light-rail transit line linking Newton with central Surrey has helped drive the cost of land zoned for higher-density multi-family in the transit corridor above $4 million per acre. | Surrey City Development.

The pace could be even quicker, based on the number of people moving south across the Fraser River to find work and affordable housing in the city of 518,000. The SCDC study showed that Surrey posted an 11 per cent population growth between 2011 and 2016, compared with 6.5 per cent in Vancouver and 6 per cent in Metro Vancouver. In the same period, Surrey’s employment growth was 51 per cent, compared with 7.2 per cent in Metro Vancouver.

The home price gap is just as revealing. In August, for instance, 229 detached houses were listed for sale in Surrey-Delta for $1 million or less, compared with just one in Vancouver. There were two-dozen in North Surrey alone, according to data from the Fraser Valley Real Estate Board.

The typical Surrey condo apartment sells for $340,000 compared with $846,100 in Greater Vancouver. 

Yet average family incomes in Surrey are higher than in B.C.’s biggest city, reports Statistics Canada. 

“Surrey is the future,” said Surrey developer Charan Sethi, president of Tien Sher, who has built and sold out half a dozen low-rise condominium projects in and around Surrey Centre. 

Sethi is now pulling together plans and permits for the redevelopment of the former Flamingo hotel site into Tien Sher’s first highrise residential project. 

Bigger players also have expansive plans for the city.

Walmart Canada will spend $175 million to build a 300,000-square-foot fulfilment centre in Surrey’s Campbell Heights Business Park, the giant retailer has announced. It will be part of a national plan by Walmart to offer home delivery of groceries. 

The future Surrey distribution centre will have space for frozen foods and produce as well as for shelf-stable groceries and other products. Walmart expects the centre will be operational by 2022. Construction will begin early in 2021. The site will employ between 150 and 200 people.

Walmart’s competition in the online-sales space is indisputably mega-retailer Amazon.com Inc., which already has two large distribution centres in Metro Vancouver, including one in Delta.

Walmart said its future Surrey site would deliver fresh produce and frozen grocery products to 60 Walmart locations across the province.

It also touted its future Surrey site for being “zero-waste” and having many sustainability features. Outgoing Surrey Mayor Linda Hepner praised the building’s sustainable design as a “novel, forward-thinking approach.”

Industrial strength

The selection of Surrey for a massive new distribution centre comes as no surprise to industrial real estate professionals on both sides of the Fraser River.

“Surrey has the greatest amount of industrial space under construction in Metro Vancouver, at approximately 1.05 million square feet,” noted Andrew Rojek, manager of market intelligence, Western Canada, for Colliers International.

Even with the boom in building, Surrey’s industrial vacancy rate is 1.2 per cent and its average industrial lease rate is $9.14 per square foot, both among the lowest in Metro Vancouver.

A recent report from the Vancouver Economic Commission recognized the industrial power shift that is transferring investment, and jobs, south of the river.

A squeeze on industrial space means 10 per cent of industrial businesses in Vancouver plan to relocate in the next two years, the commission found. This equates to the loss of 6,000 jobs. 

A further 40 per cent of industrial businesses are thinking about moving out of Vancouver by 2020 due to the cost of doing business in the city and the difficulty of finding workers, according to Pietra Basilij, a sustainable community development specialist with the commission and the report’s author.

Companies leaving Vancouver head for Delta, Surrey and Langley, Basilij said. 

Multi-family 

In September, Prime Minister Justin Trudeau visited Surrey to confirm federal funding for the Surrey-Newton-Guildford light-rail transit (LRT) line. The $1.65 billion line will run 10.5 kilometres along King George Avenue and 104th Street to link Newton with the Surrey Central transit station. 

The transit link has created a development buzz in Newton because higher-density residential zoning will be allowed. But the planned route has been known for years, and some investors say the gravy train has already left the station. 

The cost of an acre of residential land in Surrey hit $3.1 million this year, according to Colliers, up from $2 million in 2016.  In the Newton area, residential land sells for $4 million to $5 million per acre, estimates land specialist Joe Varing, director of sales for Varing Marketing Group. 

“I plead with everyone, ‘find me two to five acres’ in Newton’,” Sethi joked, but he suggested land speculation has driven the prices too high for smaller multi-family developers. Still, he thinks the LRT is “pivotal” to the growth of Surrey’s downtown. 

Rental investors see fast-growing Surrey as a prime market. Giant landlord Mainstreet Equity Corp. of Calgary, for example, has been buying older apartment buildings in Surrey for years and now holds 1,775 rental units in the city. 

Even with a 21 per cent increase in the past year, the average price of a Surrey rental apartment building now averages $206,000 per suite compared with $586,000 in Vancouver and nearly $500,000 across Metro Vancouver, according to the Goodman Report from HQ Commercial.

Surrey’s rental vacancy rate is less than 1 per cent, similar to Vancouver.  Surrey rents are lower than in Greater Vancouver, but the average capitalization rates on apartment buildings are higher, at around 4 per cent, according to HQ.

Article from https://www.vancourier.com/real-estate/fraser-valley-becomes-favoured-real-estate-investment-destination-1.23451856?fbclid=IwAR02XppwQvJSTY7g4JCM67RfqPmz0vBGSIp9mcgWIoRjztyj8ZV7PR0whPE

  Buyers  News

B.C. government cuts automatic 2% increase in annual rent allowance for 2019

26 September 2018
Sutton Showplace Realty Chilliwack

The B.C. government is capping rent increases in the province at the rate of inflation, a move that will drastically cut the maximum annual rent hikes that had been allowed under the old formula.

The province dropped the automatic two per cent increase in annual rental costs for renters around the province, starting next year.

The increase will now be limited to the annual rate of inflation, which now stands at 2.5 per cent.

This comes on the heels of recommendations from the Rental Housing Task Force to limit rental increases to the inflation rate alone.

The maximum rent increase that was allowed for next year, under the current formula, was 4.5 per cent.

Landlords will still be able to apply for higher amounts if they prove they are maintaining or upgrading units.

"It’s simply not sustainable for renters, many of whom are on fixed incomes, to see their rent increase by more than inflation each and every year,” said Premier John Horgan in a media release.

“We have to eliminate the risk of such huge increases for renters. Our new approach strikes a balance between giving relief to renters while encouraging people to maintain their rental properties.”

As a result of eliminating the additional 2 per cent increase, the government says people living in a $1,200 per month apartment, which is the average rent in B.C., could save up to $288 in 2019 over what they could have paid under the old formula.

People in an average two-bedroom apartment in Vancouver could have faced paying up to $432 more over the course of the year.

“We recognize supply is key to bringing down rental costs in the long term, but renters have told us they are hurting and need help today,” said Selina Robinson, Minister of Municipal Affairs and Housing in a release.

“That’s why we are taking careful steps to address the housing crisis and ease the pressure on renters, while also making sure that landlords have the tools they need to continue to invest in their rental properties.”

The opposition BC Liberals have attacked the move, which they say will penalize landlords and make it difficult to maintain aging, affordable rental units.

“Landlords are now being told that when they need to do maintenance and renovations they will have to apply to the government to be able to afford it,” said Kamloops-South Thompson MLA Todd Stone in a statement.

“The arduous bureaucratic process to approve them will result in landlords having little incentive to renovate ageing housing stock in cities like Vancouver and Victoria.”

However, BC Green Leader Andrew Weaver applauded the government’s move.

“The lack of affordable rentals has wide-ranging impact in every corner of society, from seniors on fixed income, to young people and students, to small businesses struggling to find employees,” said Weaver in a release.

“I believe this policy strikes the right balance of encouraging affordable rents while giving landlords the ability to apply for justified higher increases. I look forward to releasing the rest of our recommendations soon so that we can continue to deliver on our shared promise to address the affordability crisis.”

Article from Amy Judd from Global News: https://globalnews.ca/news/4489854/b-c-government-cuts-increase-annual-rent-allowance-2019/?utm_source=GlobalBC&utm_medium=Facebook

  News

OUR VIEW: Are foreign buyers really leaving B.C.'s real estate market?

23 August 2018
Sutton Showplace Realty Chilliwack

It looks like foreign buyers have all but disappeared from the Metro Vancouver real estate market – if you believe the latest data.

The latest property transfer data from the B.C. Ministry of Finance, compiled at the end of July, suggest that foreign buyers have pulled back dramatically from buying in Metro Vancouver.

According to the numbers released, just one per cent of all real estate transactions in Metro Vancouver and the Fraser Valley Regional District during the first six months of this year involved foreign nationals, down from three per cent in the same period a year ago.

Burnaby, however, still leads the pack.
According to an article in Business in Vancouver,“Burnaby, Coquitlam and Richmond were the top destinations for foreigners buying property in the first half of 2018, with three per cent of transactions in Burnaby and two per cent in each of the other two municipalities involving foreign nationals.”

The number of foreign buyers is an important issue for people in this province. “A recent Insights West poll found foreign homebuyers are the most commonly identified contributor to the region’s housing crisis, with 84 per cent of Metro Vancouver residents naming them – more than the proportion that identified population growth or that other bête noire, shadow flipping,” said the BIV article.

It’s why the BC Liberals imposed a tax on foreign buyers – although it left a loophole by not including pre-sale condos – and why the BC NDP increased the foreign buyer tax, added a speculation tax, and is tightening up the reporting rules when it comes to identifying who is buying.

It’s that last point that makes us skeptical about whether foreign buyers are really leaving the local housing market. There are questions about whether the data being collected truly shows who is buying a property – or whether foreign buyers are using loopholes. Are foreign buyers just using proxies to front for their purchases? We remain unconvinced that the official data is truly reflective of who is buying.

What’s obvious is home sales have slowed.

“Total residential sales in Metro Vancouver fell by 25 per cent in the first six months of this year compared with sales during the same period a year earlier,” said BIV.

In Burnaby, detached home sales have definitely slowed, with a total of 56 sold in June, down from 103 in June 2017. Over the same period, the median price of a home fell from $1.65 million to $1.45 million.

Overall, prices across the region have generally flattened but remain still sky-high. We’re hopeful that new reporting rules beginning in September will at least provide more accurate information on who is really buying.

Article sourced from: https://www.burnabynow.com/opinion/editorial/our-view-are-foreign-buyers-really-leaving-b-c-s-real-estate-market-1.23410763

  News  Selling

Housing, housing, housing. Does anything else matter this election?

03 August 2018
Sutton Showplace Realty Chilliwack

The last full week of council decisions across the Lower Mainland before the August break brought with it political debates on a wide variety of … nah, it was mostly just housing.

In the District of North Vancouver, there's now a referendum question asking whether it should spend up to $150 million to create up to 1,000 units of non-market housing in the next decade.

In Burnaby, the city is suddenly pushing staff to develop bylaws for rental-only zoning, less than 10 days after one of its councillors said "it's going to take some time" to get moving.

In Vancouver, city council declared (through a last minute amendment to a motion), that a tower next to BC Place would have to be 100 per cent market rental if the developer applied for it to be higher than 300 feet.

What's the common denominator? Well, part of it is local councillors and mayors showing voters they're responsive to the housing crisis and deserve to be entrusted with another term in office.

Four years ago, the benchmark price of a Lower Mainland property was $561,400, according to the Real Estate Board of Greater Vancouver. Now it's $1,006,600.

Secondly, it's a continuation of the never-ending feedback loop we seem to be in: new stats come in about the price of homes, voters get angry and demand answers, politicians come up with solutions, media covers them … and then a whole new whack of stats come in, and we start the cycle again.

There are municipalities where this isn't always the case (transportation and crime are shaping up as greater wedge issues in Surrey for instance), but there are seven candidates running to be mayor of Vancouver, and until we emailed all of them this week, only one of them had made any public comments on bike lanes.

Read the full article here: https://www.cbc.ca/news/canada/british-columbia/metro-matters-second-newsletter-1.4762136

  Buyers  News  Selling

B.C. property buyers must give more details in measure aimed at tax evasion

27 July 2018
Sutton Showplace Realty Chilliwack

The B.C. government is closing a loophole in an effort to avoid tax evasion in real estate.

It says buyers, including real estate speculators, will have to disclose more complete information when they purchase a property through a corporation or trust.

Starting Sept. 17, the new property transfer tax will require people to report additional information, including their name, citizenship and social insurance number, if they purchase through a corporation or trust.

Finance Minister Carole James says the government wants to prevent people from skirting tax laws and hiding property ownership behind numbered companies and trusts.

The new reporting requirements will apply to all types of property, with exemptions for charitable trusts and certain corporations, such as hospitals and schools.

The changes are part of a series of steps the government is taking to address tax fraud in the real estate market that includes tracking pre-sale condos, sharing homeowner grant information with the federal government and boosting the ability of auditors to act on tax evasion.

“These changes give authorities another tool to make sure people are paying the taxes they owe,” James says in a news release.

Article found here.

  News

Delaware Home Sells for $1.75 Million in Bitcoin

25 July 2018
Sutton Showplace Realty Chilliwack

93 Wedgewood Road, Newark, Sells

Back in January, the property of three bedrooms, five bathrooms, and two half-baths was reported on. Nothing too spectacular about that, but what did set it apart was the accepted payment options available.

Built in 2013, the home was a dream for the couple who initially lived there. However, after living in the 8,375 square foot home on 4.2 acres of land, they eventually moved out of the area. Putting the house up for sale, the asking price was listed at $1.75 million. Notably, though, Bitcoin was also an accepted payment option, making it the first home in the state of Delaware to accept cryptocurrency.

Now, seven months later, that house has been sold for the asking price, reports the Delaware Business Times. The home also boasts a five-car garage and backyard pool.

Read the rest of the article here: https://www.livebitcoinnews.com/first-home-to-accept-bitcoin-in-delaware-sells-for-1-75-million/

  News  Selling

Spring market kicks-off with slim supply in March

25 April 2018
Sutton Showplace Realty Chilliwack

Figures released by the Fraser Valley Real Estate Board showed that prices in markets covered by the FVREB rose in March compared to the previous month. The board covers Surrey, White Rock, Langley, Abbotsford, Mission, and North Delta.

While sales reached slightly above the ten-year average for the  month, a lack of sufficient inventory in the Fraser Valley continued to put pressure on home buyers in March.

The Fraser Valley Real Estate Board processed 1,664 sales of all property types on its Multiple Listing Service® (MLS®) in March, a decrease of 24.8 per cent compared to the 2,213 sales in March of last year, and a 20.1 per cent increase compared to the 1,385 sales in February 2018. The ten-year average for sales in the Fraser Valley in March is 1,658 transactions.


Of the 1,664 sales processed last month 410 were townhouses and 460 were apartments, together representing 52 per cent of all transactions in March.


Active inventory for the Fraser Valley finished at 4,796 listings last month, increasing 10.5 per cent month-over-month, and decreasing 0.2 per cent when compared to March 2017.


"We continue to see demand capped-off due to an inadequate amount of supply," said John Barbisan, Board President.
“March is typically when we see our market kick into gear, but we need to see higher levels of new listings coming in and greater overall inventory if we want more homebuyers to find success in the Valley.”


The Board received 2,865 new listings in March, a 24.9 per cent increase from February 2018’s 2,293 new listings, and a 6.7 per cent decrease compared to March 2017.


"On the plus side, despite a tighter market pricing has remained relatively stable for our region. Talk to your REALTOR® who can help show you the best options at the price level you’re looking for.”


For the Fraser Valley region the average number of days to sell an apartment in March was 13, and 16 for townhomes. Single family detached homes remained on the market for an average of 30 days before selling.


HPI® Benchmark Price Activity
• Single Family Detached: At $1,001,400, the Benchmark price for a single family detached home in the Valley increased 0.9 per cent compared to February 2018, and increased 15.2 per cent compared to March 2017.
• Townhomes: At $541,800, the Benchmark price for a townhome in the Fraser Valley increased 2 per cent compared to February 2018, and increased 24.9 per cent compared to March 2017.
• Apartments: At $440,400, the Benchmark price for apartments/condos in the Fraser Valley increased 4.3 per cent compared to February 2018, and increased 48 per cent compared to March 2017.

-- News Release by The Fraser Valley Real estate Board