As of August 2nd, 2016, the BC government put into law an additional tax on foreign buyers in the Greater Vancouver Regional District. Once a property is registered at the Land Title Office, the tax applies with no exceptions and strict non-compliance penalties. The tax’s sudden introduction with seeming little-to-no consultation from real estate professionals in the Vancouver market left a lot of people in uncertain waters over the August long weekend.

What Is The Foreign Buyers Tax?

The 15% Property Transfer Tax applies to all residential property transfers to foreign entities. It is important to note that this is in addition to the general property transfer tax that is already in place. Failure to pay or providing incorrect information to avoid the tax can result in up to $100,000 in fines or two years in prison.

Who’s Affected?

Foreign entity transferees including: foreign nationals, foreign corporations, and taxable trustees. This additional tax is applicable on the foreign entity’s proportionate share of any residential property transfer, and on transactions that were previously exempt from property transfer taxes such as a transfer between related individuals.

However, the new tax does not apply to mutual fund trusts, real estate investment trusts, or specified investment flow-through trusts.

For further information on filing, paying, and avoidance penalties, see the Ministry of Finance’s Tax Information Sheet.

What Does The REBGV Have To Say?

President Dan Morrison of the Real Estate Board of Greater Vancouver states, “We must ensure we’re doing what we can to help our clients understand and comply with the new tax.” For a more in-depth look at the REBGV’s stance, see their official statement.

If you have any questions regarding the new tax or its impact on the selling or purchase of your home, please don’t hesitate to contact us.

Majestic heritage trees and cherry blossoms line the streets of this quiet neighbourhood. With a thriving community atmosphere, the Dunbar region of Greater Vancouver’s Westside is a mix of beautiful single-family residences and a commercial area centered around Dunbar Street. Originally settled by First Nations around 400 B.C., it was the European settlement of the area in 1863 and subsequent introduction of the streetcar that caused the area to flourish.

Bordered by the sprawling Pacific Spirit Regional Park on the West, which features kilometers of trails and the 2,000 year-old wetland Camosun Bog, Dunbar is nestled between West 16th Ave and the Fraser River where it’s sister neighbourhood, the Southlands presides.

The Southlands

Predominately acreages and horse farms, like the Southlands Riding Club founded back in 1943, the Southlands is also home to a number of internationally recognized private and public golf courses and the Southlands Farm. A family-run working farm, it serves to educate about the life-cycles of our food.

Community Spirit

In 2007, The Story of Dunbar: Voices of a Vancouver Neighbourhood released. A compilation of over 350 stories of its residents, the historic Dunbar Theatre was featured on the cover. This little theatre that could boasts spacious legroom and the best popcorn in town. You might also recognize neighbourhood staple breakfast joint, Jethro’s Fine Grub, from the Food Network’s Diners, Drive-Ins and Dives for its line-ups and plate-sized pancakes. A full list of the locally-owned businesses that run the neighbourhood can be found on the Dunbar Village Business Association website. This active association also oversees a number of community initiatives, such as the community garden project Dig Dunbar.

Want to get caught up on all of Dunbar’s highlights and community happenings? They have their own magazine, Dunbar Life, for your reading pleasure.

Keep an eye out for our listings on Dunbar, and get a feel for our other neighbourhoods, Kitsilano and Shaughnessy. You can always contact us for a consultation, as well.

With an abundance of beautiful courses scattered across the Lower Mainland, it’s hard to narrow it down, but we’ve done our best to choose just five with exemplary characteristics. From private clubs to public courses, these are anything but par for the course.

University Golf Club

A luxurious public course amid old-growth forest, the University Golf Club has 10-minute tee time intervals for a leisurely experience. It also features a 1,600 sq ft retail space that stocks premiere gear and the latest products for golf lovers of all levels. Only a short drive from the city by UBC, it offers a private country club vibe. The original clubhouse is now home to the BC Golf Museum.

Furry Creek Golf and Country Club

Along the famed Sea-to-Sky Highway, Furry Creek is a full 18-hole public course offering panoramic ocean views and the occasional encounter with indigenous wildlife. Warm up at the two hitting nets and putting green on your way to the first hole, aptly named “The Drop Zone”.

The Redwoods Golf Course

Surrounded by panoramic views of the coastal mountains, Redwoods is a Ted Locke-designed championship course just 30 minutes outside Vancouver in Langley. Extensive amenities including practice facilities, driving range, lessons, golf shop and a licensed restaurant.

Nicklaus North Whistler

This award-winning course prides itself on guest services, exceptional course conditioning, and features the largest clubhouse in Whistler. Designed to complement the area’s natural habitat, Nicklaus North bares the name of the pro himself to underscore the exceptional experience one would expect.

Northview Golf & Country Club

With an international reputation, Northview’s claim-to-fame is its two courses, designed by legendary Arnold Palmer. The championship Ridge and Canal courses are accompanied by the Academy, home to Canadian PGA and LPGA golf pros ready to help you master the game on the same courses used as practice facilities for the PGA tour.

What’s your favourite course in the Lower Mainland? Share with us!

Far from the Monday - Friday grind that usually populates your To Do list, try one or a combination of our long weekend must-do’s in celebration of BC Day Monday, August 1st.

R + R Starts Here

Indulge in Patio Season! We rounded up our favourite summer outdoor dining spots in a recent post, and there’s something for everyone on the list. From chill late night eateries featuring the best in west coast cuisine to people-watching meccas and patios showcasing views for miles, you could spend all weekend dining outdoors.

To Be or Not To Be

Get your culture on at Western Canada’s premiere Shakespeare festival and catch a show at Bard on the Beach in Vanier Park. With breathtaking sunset water and mountain views behind the main stage, you’ll never experience anything else like it. On the programme for this year is The Merry Wives of Windsor, Romeo and Juliet, Othello and Pericles.

Sip Your Way to Satisfaction

Play tourist in your own town the grown-up way with the Craft Beer ‘n Bites Tour. Hosted by Vancouver Food Tour which was founded by Local Entrepreneur of the Year 2011, Melody Fury, you’ll sip your way through Gastown’s craft beer scene tasting the best on tap paired with carefully selected nibbles. You’ll discover hidden gems while learning about beer’s history and aspects of the brewing process.

Light up the Night

The annual Celebration of Light wraps up on Saturday, July 30th with an amazing spectacle of fireworks by the USA. Sponsored by Honda, the celebration features more than just fireworks. There’s also the Shorefest Sunset Beach live music festival and The Stanley Park Brewing Sunsetter Lounge to enjoy a few cold ones while waiting for the light show to begin. Check out their website for transportation and other tips.

Spa-aah

Escape to the Scandinave Spa in Whistler where silence is embraced as the key to the success of finding one’s inner stillness for total relaxation. This 20,000 square foot Nordic day spa is known for its outdoor thermal baths and Thai yoga massage. Re-energize by alternating between warm and cool with the waterfall baths, steam rooms, saunas, and showers before chilling in the hammocks by the outdoor fireplace with beautiful mountain vista views and Whistler Blackcomb’s valleys to keep you company.

What’s your favourite way to play this long weekend? Share on our Facebook page!

The Real Estate Board of Greater Vancouver’s June numbers are in, and it’s still clearly a seller’s market out there. “While we’re starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions,” said Dan Morrison, REBGV president.

While the sales-to-active listings ratio was lower last month than it has been since February, overall last month’s residential property sales were 28.1% above the 10-year sales average for June, totalling 4,400. It ranks as the highest selling June on record. “Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison concluded.

June 2016 By The Numbers:

New Listings (detached, attached, and apartment): 5,875

1.2% increase from June 2015

6.6% decrease from May 2016

Total Active Listings on MLS®: 7,812

35.9% decline from June 2015

1.1% increase from May 2016

Sales-to-Active-Listings ratio: 56.3%

Benchmark price for all residential properties: $917,800

32.1% increase from June 2015

Benchmark price for a detached property: $1,561,500

38.7% increase from June 2015

Detached property sales: 1,562

18.6% decrease from June 2015

Benchmark price for apartment property: $501,100

25.3% increase from June 2015

Apartment property sales: 2,108

18.8% increase from June 2015

Benchmark price for an attached unit: $656,900

28.1% increase from June 2015

Attached property sales: 730

7.2% increase from June 2015

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

*REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

If there’s one thing our city does well, it’s outdoor dining featuring scrumptious menus. With summer finally here, what better way to enjoy Pacific Northwest cuisine than by lounging on Vancouver’s best patios! From swanky chic to tucked away, the Lower Mainland offers some of the best patios with the coolest vibes. Check out our curated list to find your next favourite spot to relax, nibble and sip.

Joe Fortes

Roof top dining doesn’t get any better than Joe Fortes. This steak and seafood institution nestled just off Robson Street on Thurlow delivers consistently delicious West Coast fare, and their spacious patio overlooking the famed shopping district on Robson is outfitted with its own bar, umbrellas, and heaters.

The Roof

For late-night drinks and grilled meat-and-seafood dining, The Roof at Black + Blue Steakhouse in the heart of downtown on Alberni Street features open pit fireplace tables. Its distinctly modern vibe for a sophisticated experience is courtesy of the Glowbal Restaurant Group.

Minami

Minami’s hidden patio in Yaletown is like stepping into a private garden. Relax in a true urban oasis while dining on their signature flame-seared sushi, made to perfection by trained Japanese chefs with Ocean Wise fare.

The Galley Patio & Grill

Take in Vancouver’s breathtaking beach and mountain views from The Galley Patio & Grill at the Jericho Sailing Club. Known for their beachside vibe, Burger Bar, and locally crafted beer and BC wine list, The Galley is the perfect chill spot to while away an afternoon or take in the sunset.

The Sandbar

Cozy up in complimentary blankets under the Granville Street bridge at The Sandbar on Granville Island. Enjoy the fresh seafood-inspired menu by Chef Cooper Green on their covered, elevated patio; complete with fireplace and views of the boats passing in False Creek Harbour.

What’s your favourite summer patio in Vancouver? Share with us on Facebook!

Image credit: Glowbal Group

Known fondly around town as “Kits”, the neighbourhood has undergone several personality shifts since the early 1800s when the Squamish people moved into the area. Named for their chief August Jack Khatsahlano, the area stretches between West Point Grey, Fairview and is bordered by the south shore of English Bay. Largely residential, the remnants of a 1920s apartment boom is still apparent in the Tudor Revival along Cornwall Ave. But beyond the eclectic mix of architectural styles that make up the neighbourhood, Kits is better known for its two main retail areas along West 4th Avenue and West Broadway, restaurants, and organic specialty stores.

History

Two of Kitsilano’s best known landmarks were constructed in the 1930s: the outdoor saltwater public pool right on Kits Beach and the Burrard Bridge that irrevocably expanded downtown Vancouver to the Westside. After the Squamish people relinquished their hold on the reserve land to the federal government in 1946, Kits went through a hippy phase in the 60s as an inexpensive place to live. The Naam restaurant at 4th and Macdonald still stands as a reminder of those days, serving up vegetarian, vegan and natural foods.

Today

Kits still plays host to Greek Day and the outdoor Shakespeare festival Bard on the Beach in Vanier Park as a testament to the area’s varied cultural past. Slowly gentrified by yuppies and young families, the neighbourhood retains a relaxed atmosphere with easy access to 17 beaches, parks, and close in proximity to both downtown and Granville Island. It’s also home to current and former famous residents David Suzuki, actors Ryan Reynolds and Joshua Jackson, and hockey players Trevor Linden and Ryan Kesler. Not to mention that Kitsilano is fittingly the birthplace of famed yoga brand Lululemon Athletica.

Keep an eye out for our listings in lovely Kitsilano! Looking for something even more posh? Read our spotlight on Shaughnessy. You can always contact us for a consultation, as well.

The Real Estate Board of Greater Vancouver released their May numbers, which show no signs of slowing. Though they’re still being outpaced by home buyer demand, sellers are increasing their activity to the point where sales were 35.3% above the 10-year sales average for the month -- the highest sales on record for May.

There were 4,769 residential property sales listed on MLS®, a 17.6% increase from May 2015 and only a marginal 0.3% decline from April this year. REBGV president Dan Morrison attributes sales to our strong economy. “Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity,” Morrison said. The result: more record-breaking numbers.

May 2016 By The Numbers:

New Listings (detached, attached, and apartment): 6,289

11.5% increase from May 2015

2.6% decrease from April 2016

Total Active listings on MLS®: 7,726

37.3% decline from May 2015

2.3% increase from April 2016

Sales-to-Active-Listings ratio: 61.7%

Benchmark price for all residential properties: $889,100

29.7% increase from May 2015

Benchmark price for a detached property is $1,513,800

36.9% increase from May 2015

Detached property sales totaled 1,865

8.2% increase from May 2015

Benchmark price for an apartment property is $485,000

22.3% increase from May 2015

Apartment property sales totaled 2,150

34.4% increase from May 2015

Benchmark price for an attached unit is $632,400

24.9% increase from May 2015

Attached property sales totaled 754

2.9% increase from May 2015

For a complete comparison, visit rebgv.org. Want to sell, buy, or require a consultation? Contact me today.

*REBGV Editor’s Note: Areas covered by Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster, Pitt Meadows, Maple Ridge, and South Delta.

Cruising is one of those vacations you either love -- or you don’t. Big ships, quarters smaller than a Vancouver condo, and you better like your travel companions and the gentle lull of waves to sleep every night. It’s also one of the best ways to see some of the most amazing sights in an immersive experience.

Five Cruises That’ll Take Your Breath Away

Sip and savour as you explore the legendary land of wine, truffles, and cognac centered around Bordeaux, France on Viking’s Châteaux, Rivers & Wine excursion. This 8-day cruise along the Dordogne, Garonne, and Gironde Rivers offers 6 guided tours with extension options to stay in the Loire Valley or Paris.

If you’re seeking a little more adventure, the South American travel experts of Rainforest Cruises will guide you through Peru, Brazil, Ecuador, the Galapagos islands and Panama, depending on where your tastes lie. Spend three nights in the Treehouse Lodge in Peru, or choose from one of the smaller luxury catamarans for a romantic cruise through the Galapagos; the possibilities are extensive. 

If famed Japanese restaurant Nobu for room service and on-board piano lessons sound more like your bag, Crystal Cruises offers a wide variety of world-wide options. Travel up the North American coast from New England to Canada, or visit Europe in the lap of luxury. 

See the world a little differently with Regent Seven Seas Cruises to India, the Middle East and Africa from aboard a luxury vessel. From extraordinary landmarks to the beauty of Cape Town, the all-inclusive cruises offer a view of history and culture like you’ve never experienced. 

For a once in a lifetime experience, Fred Olsen Cruise Lines is going Around the World in 108 nights. Stopping in 88 ports, this cruise departs from Southampton, United Kingdom January 3rd, 2017 and returns April 21st. Princess Cruises also has World Cruise excursions. Just to say you did it.

We’d love to hear about your favourite cruising experience! Share with us on Facebook.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures

* This represents the total of the Vancouver - East area, not the sum of the areas above

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures.

* This represents the total of the Vancouver - East area, not the sum of the areas above.

* This represents the total of the Vancouver - East area, not the sum of the areas above

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures

Note: $0 means that there is no sales activity, not $0 as an MLS® HPI Benchmark Price.

Note: $0 means that there is no sales activity, not $0 as an Average Price Per Square Foot.

Current as of June 02, 2016. All data from the Real Estate Board of Greater Vancouver. Powered by ShowingTime 10K. Percent changes are calculated using rounded figures