{"id":4421,"date":"2016-12-29T11:11:27","date_gmt":"2016-12-29T19:11:27","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=4421"},"modified":"2017-01-20T13:54:43","modified_gmt":"2017-01-20T21:54:43","slug":"transit-foreign-buyers-top-metros-property-topics","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/12\/transit-foreign-buyers-top-metros-property-topics\/","title":{"rendered":"Transit &#038; Foreign Buyers Top Metro\u2019s Property Topics"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Evergreen opening<\/strong><\/p>\n<p style=\"text-align: justify;\">Seven years ago, people formed long queues to be among the first to ride the Canada Line between Vancouver and Richmond. The project completed with enthusiasm for the coming Olympics. The development of sites along the line in anticipation of its completion warranted a mention, too.<\/p>\n<p style=\"text-align: justify;\">A quieter buzz attended completion of the Evergreen Extension, perhaps muffled by the season\u2019s first snowflakes.<\/p>\n<p style=\"text-align: justify;\">But development, and demand, have proceeded apace in the Tri-Cities area with the opening of the new rapid transit line between Lougheed Town Centre in Burnaby and Coquitlam.<\/p>\n<p style=\"text-align: justify;\">\u201cWhen the Evergreen Extension was announced a few years ago, we saw an influx of interest along the SkyTrain line, and it has remained strong ever since,\u201d said Cameron McNeill, president of MLA Canada (the parent of the recently merged real estate marketing firms MAC Marketing Solutions and BLVD Marketing Group). \u201cIn recent months TransLink has ramped up its marketing and promotions, and with the completion it has helped to draw greater attention to the communities around the rapid transit system.\u201d<\/p>\n<p style=\"text-align: justify;\">McNeill said traffic through the firm\u2019s presentation centres adjacent to the Evergreen Extension has increased with the line\u2019s opening, though the latest Fifth Avenue Real Estate Marketing Ltd. market review suggests there\u2019s not much to be had.<\/p>\n<p style=\"text-align: justify;\">\u201cHighrise product located within close proximity to the line continued to be absorbed,\u201d remarked the report, released shortly before the line opened. \u201cOnly 22 units remain unsold at the end of the third quarter.\u201d<\/p>\n<p style=\"text-align: justify;\">A similar number of low-rise homes remained available, while just nine townhomes had yet to sell.<\/p>\n<p style=\"text-align: justify;\">Pre-sales at Otivo Development Group\u2019s 64-unit project Simon in west Coquitlam, which launched in October, have been similarly swift. The project is now more than half sold.<\/p>\n<p style=\"text-align: justify;\"><strong>Foreign-buyer data<\/strong><\/p>\n<p style=\"text-align: justify;\">Strong sales in the Tri-Cities might lead one to ask just who is buying those units.<\/p>\n<p style=\"text-align: justify;\">One might think that since August 2, when the province slapped an additional 15% property transfer tax on foreign purchases of residential real estate in Metro Vancouver, those buyers would be entirely domestic.<\/p>\n<p style=\"text-align: justify;\">However, the latest stats from Victoria indicate that foreign participation in Vancouver\u2019s residential market increased to 3% in October, up from 0.9% in August.<\/p>\n<p style=\"text-align: justify;\">While this is a shift from the participation rate of 13.2% reported in June and July, it hews closely to the 2.2% foreign ownership rate Canada Mortgage and Housing Corp. reported among highrise condos at the end of November.<\/p>\n<p style=\"text-align: justify;\">Simply put, most observers concede that the tax is being taken in stride, with minimal impact on condo sales and no impact on interest.<\/p>\n<p style=\"text-align: justify;\">Nor has there been a flight to surrounding municipalities, as some predicted.<\/p>\n<p style=\"text-align: justify;\">Whistler and Squamish both had above-average years in 2016, but foreign buyers haven\u2019t been a significant factor.<\/p>\n<p style=\"text-align: justify;\">Lisa Bjornson, managing broker of Royal LePage Black Tusk Realty in Squamish, said foreign buyers typically represent about 3% to 4% of local sales. Activity is typically driven by those looking to escape Vancouver, either for lifestyle reasons or in search of cheaper property.<\/p>\n<p style=\"text-align: justify;\">Upgrades to the Sea-to-Sky Highway have facilitated the movement, bringing a more stable group of residents than in the early 1990s, the last time an uptick in house prices sent Vancouverites looking for cheaper housing elsewhere.<\/p>\n<p style=\"text-align: justify;\">But when the province clamped down on foreign buyers, it cooled sales in Squamish.<\/p>\n<p style=\"text-align: justify;\">\u201cWe were seeing people cash out and bring their money to Squamish,\u201d she said. \u201cThe foreign buyers weren\u2019t buying here; we were getting the trickle-down. When the foreign buyers stopped buying, we stopped getting the trickle-down.\u201d<\/p>\n<p style=\"text-align: justify;\">This isn\u2019t necessarily a bad thing, either, after two years of frenzied activity.<\/p>\n<p style=\"text-align: justify;\">\u201cWe\u2019re seeing a more traditional pattern,\u201d she said. \u201cWe\u2019re seeing a market come back to balance.\u201d<\/p>\n<p><a href=\"https:\/\/www.biv.com\/article\/2016\/12\/transit-and-foreign-buyers-top-metros-property-top\/\" target=\"_blank\">2016 Year in Review : Transit &amp; Foreign Buyers Top Metro\u2019s Property Topics<\/a> by Peter Mitham | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Evergreen opening Seven years ago, people formed long queues to be among the first to ride the Canada Line between Vancouver and Richmond. The project completed with enthusiasm for the &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/12\/transit-foreign-buyers-top-metros-property-topics\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-4421","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Transit &amp; Foreign Buyers Top Metro\u2019s Property Topics &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/12\/transit-foreign-buyers-top-metros-property-topics\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Transit &amp; Foreign Buyers Top Metro\u2019s Property Topics &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Evergreen opening Seven years ago, people formed long queues to be among the first to ride the Canada Line between Vancouver and Richmond. The project completed with enthusiasm for the &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/transit-foreign-buyers-top-metros-property-topics\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2016\\\/12\\\/transit-foreign-buyers-top-metros-property-topics\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"Transit &#038; 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