Daily Market Update

Vancouver’s rich are getting richer… Chinese developer makes first purchase in Canada… Vancouver commercial sector driven by smaller deals… Why brokers are so valuable for renewals…

 

Vancouver’s rich are getting richer

New figures show the extent of price increases for Vancouver’s highest-value properties, the top 1 per cent. Using data from Crown valuation corporation BC Assessment, the top 1 per cent now means a home above $5,586,000. In the five years from 2008 to 2013 there was a 65.4 per cent price increase, and there has been a similar growth in prices of those in the top 5 per cent in the city. Although these increases occurred through the financial crisis there seems to be no shortage of high-end buyers, especially from other provinces and abroad. The latest assessments show the most expensive home in Vancouver is the waterfront mansion owned by athletic clothing magnate Chip Wilson which is worth a staggering $54.2 million, up from $34.2 million when it was being built. Read the full story.

 

Chinese developer makes first purchase in Canada

Chinese property giant Greenland Holding Group has made its first investment purchase in Canada following high profile acquisitions in London and New York. Greenland has purchased a two-tower condo project in Toronto called King Blue and has said that it is just the start of its Canadian portfolio. The company sees Canada as a growth market, Toronto in particular. Read the full story.

 

Vancouver commercial sector driven by smaller deals

The sale of commercial real estate over $100 million is fairly non-existent in Vancouver currently. The so called ‘big trophy’ deals typically involve large institutions but it is smaller, private investors that are most active in the market. A mid-year report by Avison Young shows that offices are the most active part of the commercial sector in Vancouver, accounting for almost half of all sales, with retail next and industrial units some way behind. Experts say that Vancouver has relatively little in the way of office space, compared with Toronto for example, so businesses are less likely to seek a move. Read the full story.

 

Why brokers are so valuable for renewals

With our busy lives we strive for things to be easy and that will often apply to mortgage renewals too. It might seem an easy option to sign and return the renewal form and let the lender take care of the rest, after all the rate they are offering seems ok. Writing in the Globe and Mail, wealth adviser Ted Rechtshaffen of TriDelta Financial points to the importance of shopping around. He was offered a renewal that was 2 per cent higher than a deal he was able to get elsewhere and when he phoned his existing lender he was offered a far better deal. He was also told that a lot of people just accept what is offered. Some people may phone around but clearly a broker is an even better choice and the story highlights how important it is for brokers to follow up with previous clients as their renewals approach. Read the full story.

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