Announced the morning of Oct 16, 2023;
The latest housing legislation introduced by the province is aimed specifically at short term housing within the province as municipalities across the BC deal with long term rental shortages causing record increases in monthly rent. 

The Gov't of BC plans to phase-in the legislation over 2 years. You can find the full details at the link below but here are my highlights;

1. Primary Residents Only: The legislation appears to restrict short-term rentals to primary residents, meaning those who live in the property as their main residence. Secondary suites on the same property may be allowed for short-term rentals.

2. Fines and Data Sharing: The legislation includes provisions to increase fines for operators of short-term rentals. It also requires platforms such as Airbnb and VRBO to share data with local and provincial government authorities, which can help in monitoring and enforcement.

3. Host and Platform Registry: The province plans to establish a provincial host and platform registry by late 2024, which is aimed at enhancing accountability in the short-term rental market.

4. Compliance and Enforcement Unit: A provincial short-term rental compliance and enforcement unit is to be set up. This unit will be responsible for ensuring that the rules and regulations are followed by short-term rental operators.

Enforcement is a significant concern, as many cities, including Vancouver, already have bylaws that are stricter than the ones introduced in this Act. Vancouver, for instance, requires short-term rental operators to be primary residents, have a business license, and restricts the rental of secondary suites unless they are the primary residence. However, enforcement has been a challenge in these municipalities and they have been asking the province for assitance.

The BC Hotel Association's report, authored by McGill University Professor Dr. David Wachsmuth, released in September 2023 highlights that a significant portion of short-term rental revenue comes from commercial operators who do not live in the properties they rent out. If the province can effectively enforce the new regulations and penalize violators, homes could return to the long-term rental market, alleviating a bit of the pressure related to long-term rental shortages and rising monthly rents in major municipalities. 

To stay informed on the latest, make sure to sign up for my newsletter.

Kade

To learn more about new short-term rental rules in B.C., visit: https://gov.bc.ca/ShortTermRentals

Full "The housing impacts of short-term rentals in British Columbia’s regions" report found here:
https://upgo.lab.mcgill.ca/publication/strs-housing-bc-2023-summer/Wachsmuth_BC_2023_08_10.pdf

Hyperlocal.

If you stick to the headlines, you’ll be trying to make a move when everyone else is. And competition is not desirable as a buyer or a seller. There are markets within markets within markets so keep a close eye on your area (or partner with someone who will) so you can evaluate the right market for YOU to make a move and ignore the click bait headlines telling you the broad strokes.

If you own a condo in Mt Pleasant or want to own a condo in Mt Pleasant; these are the numbers you need to be watching.

The Mount Pleasant condo market is proving to be resilient once again, making a small month to month jump (0.53% up) to a new record high benchmark price of $763,000, having surpassed the previous May 2022 peak in June of the year and continuing upwards. Although the trajectory is slowing and I expect it to stabilize rather than keep climbing.

This price stability despite high borrowing costs is (and will continue to be) fuelled by a lack of inventory. The August 2023 condo inventory in Mount Pleasant was 25% lower than the 10 year average. 

The median Days on Market jumped from 8 in July to 13 in August and were the highest since last October. This tells me less homes sold in their first week and sellers had to be more patient for summer buyers to make their move.

The sales to active ratio for August was 38%, still well in the seller's market range (defined by a market with an over 20% sales to active ratio).

If you are looking to sell; there is plenty of demand for well marketed, well priced, Mt Pleasant condos especially as fall brings buyers back to their routines and goals.

Reach out and let’s start strategizing how to present your home in it’s best light!

Kade

I love helping turn Mt Pleasant renters into Mt Pleasant homeowners✨

 These buyers filled their home buying bingo card in a very short amount of time including three inspections, having to walk away from an accepted offer and competing against 8 other offers.

This meant they had narrowed down their livable compromises and the deal breakers through tough decisions including just how important staying in Mount Pleasant was.

They were seasoned buyers after less than 2 months of shopping. So, when this place popped up, they were in the next day to view and sent an offer that evening that was strong enough to deter the seller from waiting for their open house.

They secured a beautiful 6 year old home in a small strata in Vancouver's best neighbourhood.
No shared walls, so much storage and an attached garage.

Well done R & A 

If you’re buying a condo or thinking of listing, you should be watching the stats on a local level. 

Nothing new here, Mount Pleasant condos are a hot commodity. And with the skytrain extension, new St Pauls Hospital and office development booming in the area, I can’t see demand slowing anytime soon.

It may seem counter productive but with the possibility of more interest rate increases on the horizon; a prudent buyer will stay active or get active in this market. Why? One or two more hikes will not have the same affect on the market as the 8 straight increases between March 2022 and January 2023 BUT another increase in July combined with the typical summer lull from folks travelling may just open up a window for opportunity. At the very least, you could see less competition.

How about some good news for the small budget buyer? There are pockets of older buildings that can still bring great value per sqft if you can sacrifice luxuries like in-suite laundry for location. Of course it all depends on your personal priorities.

First time buyers; Unfortunately this neighbourhood is not going to get more affordable so starting where you can instead of waiting for the dream place is the way in. 

Kade

When a Strata is first registered with the Land Title Registry, the Developer registers a Strata Plan which, among many things, explains the portion each Strata lot is responsible for within the Strata.

This is called “Unit Entitlement”.

Unit Entitlement is used to calculate your share of a Special Levy as well as your monthly maintenance fees. In most cases that you’d see in Vancouver condos and townhouses; the unit entitlement is based off of habitable area. As in a 600 sqft condo would pay half of the maintenance fees and special levy as a 1200 sqft unit in the same complex. But it can also be divided evenly, with each Strata lot paying an equal share. That situation would be more likely in a side by side townhouse complex where each unit is pretty comparable in size or shared assets.

You can find your share of costs by dividing your Strata lot’s unit entitlement by the aggregate of all strata lots. This chart should be attached to the Strata Plan when you are looking through Strata documents but is also typically attached to any notice of special levy votes or change in maintenance fees in the Council Minutes.
Here is an example of one of those charts showing the unit entitlement for each lot and the aggregate amount at the bottom of the page;

So for this example; Strata lot #1 has a unit entitlement of 758 out of a total of 32,799.
Divide 758 by 32799 and multiply by 100 to get a %. In this case Strata lot #1 would be responsible for 2.31% of the annual budget paid via maintenance fees and any special levies approved while they are the registered owner. ($17,971.80 of that $778,000)..

The unit entitlement can not be changed arbitrarily by the Strata Management or Strata Council. Whatever is registered in the land title office should be relied upon as any legal challenge or change would need to be registered with that Strata Plan as well.

Potential Buyers! 

Forecasting future costs for the time you plan to own a home is a big part of the due diligence necessary before committing to the purchase of a Strata property. If the Strata is expecting a large project (parkade membrane, rainscreen or exterior renewal) most likely the CRF will not have the funds to cover the expense and a special levy will be necessary; knowing your unit entitlement will put those numbers into perspective. A $778,000 special levy that costs you $1500 is a very different conversation than one that will cost you $17,981.80 after you’ve already dipped into your savings for the downpayment and closing costs.

Thinking of buying into a Strata property? 
Click here for more information on Stratas or reach out directly, let’s chat!

-Kade
604-401-9199
kadelacasse@gmail.com 

So the market has shifted in Vancouver and you are planning to sell your home in the next 3-12 months; how you market and present your home will be the difference maker in how stressful and successful your sale is.

The biggest mistake I see in the market today is owners not putting enough emphasis on the staging of their home before listing. Yes homes have been selling high and quick BUT the new "stale listing" is only 15 days on market so if you don't sell in that first two weeks; you'll be fighting an uphill battle.

Now when I say staging I'm not (necessarily) referring to a staging company that you hire to refurnish your home but I do see value in that with some homes, especially those that are currently vacant or in the luxury market. Staging is referring to the process of getting your home ready for photos and showings. Staging can include; renting furniture, painting, small repairs, buying new appliances, and turning a guest room into an office but it most certainly should include deep cleaning, depersonalizing and decluttering.

Staging is scalable and will make an impact on the ease at which your home sells.

Since you are intending to sell this home as fast as possible, use the time preparing your home for sale to start the move. If you're fortunate enough to have more than one home, ideally you would prepare your home and leave it vacant while it's listed so it's always ready to show.

Do

Purge closets and cabinets for anything that can be packed early, tossed or donated.

Declutter your kitchen, seeing your counters full of appliances will only lead the buyers to question the amount of kitchen and pantry storage.

Paint. Fresh coat of white or neutral paint will work wonders.

Depersonalize, you want the buyer to walk through your home and picture their lives here. 

Consolidate your Art collection or add pieces if necessary. This is very important for listing photos but also helps to depersonalize and highlight attractive attributes in your home.

Store excess furniture and optimize the existing furniture in a way that shows off how functional the space is.

Keep the house clean while it is on the market, buyers will want to see your home outside of the open house windows and being able to accommodate that will support your goal of a quick sale at a strong price.


Do Not

Do Not Cheap out on the listing photos; these are the most important marketing your home has. I recommend asking your photographer to have videos and some photos shot in 16:9 ratio so your Realtor can optimize them on social media.

Do Not deodorize or use strong candles. This is a  for buyers and agents as it is assumed you are trying to cover up an unwanted smell.

Do Not shut the light out. This goes for listing photos and showings; you know when your home looks the best and try to showcase it in those windows (pun intended).

Do Not stick around for the showings. It can already be uncomfortable for Buyers to come into someone else's home, having the Seller on site is always awkward. Trust your Realtor will do their job and give the buyers their space.

While Vancouver's Housing Market certainly saw a shift towards balance in the late Spring of 2022, with the amount of interprovincial and international immigration BC has seen in the last 18 months, buyer demand is expected to stay strong and a well priced, well marketed home will sell!



-Kade Lacasse | Vancouver Realtor

Announced the morning of Oct 16, 2023;
The latest housing legislation introduced by the province is aimed specifically at short term housing within the province as municipalities across the BC deal with long term rental shortages causing record increases in monthly rent. 

The Gov't of BC plans to phase-in the legislation over 2 years. You can find the full details at the link below but here are my highlights;

1. Primary Residents Only: The legislation appears to restrict short-term rentals to primary residents, meaning those who live in the property as their main residence. Secondary suites on the same property may be allowed for short-term rentals.

2. Fines and Data Sharing: The legislation includes provisions to increase fines for operators of short-term rentals. It also requires platforms such as Airbnb and VRBO to share data with local and provincial government authorities, which can help in monitoring and enforcement.

3. Host and Platform Registry: The province plans to establish a provincial host and platform registry by late 2024, which is aimed at enhancing accountability in the short-term rental market.

4. Compliance and Enforcement Unit: A provincial short-term rental compliance and enforcement unit is to be set up. This unit will be responsible for ensuring that the rules and regulations are followed by short-term rental operators.

Enforcement is a significant concern, as many cities, including Vancouver, already have bylaws that are stricter than the ones introduced in this Act. Vancouver, for instance, requires short-term rental operators to be primary residents, have a business license, and restricts the rental of secondary suites unless they are the primary residence. However, enforcement has been a challenge in these municipalities and they have been asking the province for assitance.

The BC Hotel Association's report, authored by McGill University Professor Dr. David Wachsmuth, released in September 2023 highlights that a significant portion of short-term rental revenue comes from commercial operators who do not live in the properties they rent out. If the province can effectively enforce the new regulations and penalize violators, homes could return to the long-term rental market, alleviating a bit of the pressure related to long-term rental shortages and rising monthly rents in major municipalities. 

To stay informed on the latest, make sure to sign up for my newsletter.

Kade

To learn more about new short-term rental rules in B.C., visit: https://gov.bc.ca/ShortTermRentals

Full "The housing impacts of short-term rentals in British Columbia’s regions" report found here:
https://upgo.lab.mcgill.ca/publication/strs-housing-bc-2023-summer/Wachsmuth_BC_2023_08_10.pdf

Hyperlocal.

If you stick to the headlines, you’ll be trying to make a move when everyone else is. And competition is not desirable as a buyer or a seller. There are markets within markets within markets so keep a close eye on your area (or partner with someone who will) so you can evaluate the right market for YOU to make a move and ignore the click bait headlines telling you the broad strokes.

If you own a condo in Mt Pleasant or want to own a condo in Mt Pleasant; these are the numbers you need to be watching.

The Mount Pleasant condo market is proving to be resilient once again, making a small month to month jump (0.53% up) to a new record high benchmark price of $763,000, having surpassed the previous May 2022 peak in June of the year and continuing upwards. Although the trajectory is slowing and I expect it to stabilize rather than keep climbing.

This price stability despite high borrowing costs is (and will continue to be) fuelled by a lack of inventory. The August 2023 condo inventory in Mount Pleasant was 25% lower than the 10 year average. 

The median Days on Market jumped from 8 in July to 13 in August and were the highest since last October. This tells me less homes sold in their first week and sellers had to be more patient for summer buyers to make their move.

The sales to active ratio for August was 38%, still well in the seller's market range (defined by a market with an over 20% sales to active ratio).

If you are looking to sell; there is plenty of demand for well marketed, well priced, Mt Pleasant condos especially as fall brings buyers back to their routines and goals.

Reach out and let’s start strategizing how to present your home in it’s best light!

Kade

I love helping turn Mt Pleasant renters into Mt Pleasant homeowners✨

 These buyers filled their home buying bingo card in a very short amount of time including three inspections, having to walk away from an accepted offer and competing against 8 other offers.

This meant they had narrowed down their livable compromises and the deal breakers through tough decisions including just how important staying in Mount Pleasant was.

They were seasoned buyers after less than 2 months of shopping. So, when this place popped up, they were in the next day to view and sent an offer that evening that was strong enough to deter the seller from waiting for their open house.

They secured a beautiful 6 year old home in a small strata in Vancouver's best neighbourhood.
No shared walls, so much storage and an attached garage.

Well done R & A 

If you’re buying a condo or thinking of listing, you should be watching the stats on a local level. 

Nothing new here, Mount Pleasant condos are a hot commodity. And with the skytrain extension, new St Pauls Hospital and office development booming in the area, I can’t see demand slowing anytime soon.

It may seem counter productive but with the possibility of more interest rate increases on the horizon; a prudent buyer will stay active or get active in this market. Why? One or two more hikes will not have the same affect on the market as the 8 straight increases between March 2022 and January 2023 BUT another increase in July combined with the typical summer lull from folks travelling may just open up a window for opportunity. At the very least, you could see less competition.

How about some good news for the small budget buyer? There are pockets of older buildings that can still bring great value per sqft if you can sacrifice luxuries like in-suite laundry for location. Of course it all depends on your personal priorities.

First time buyers; Unfortunately this neighbourhood is not going to get more affordable so starting where you can instead of waiting for the dream place is the way in. 

Kade

When a Strata is first registered with the Land Title Registry, the Developer registers a Strata Plan which, among many things, explains the portion each Strata lot is responsible for within the Strata.

This is called “Unit Entitlement”.

Unit Entitlement is used to calculate your share of a Special Levy as well as your monthly maintenance fees. In most cases that you’d see in Vancouver condos and townhouses; the unit entitlement is based off of habitable area. As in a 600 sqft condo would pay half of the maintenance fees and special levy as a 1200 sqft unit in the same complex. But it can also be divided evenly, with each Strata lot paying an equal share. That situation would be more likely in a side by side townhouse complex where each unit is pretty comparable in size or shared assets.

You can find your share of costs by dividing your Strata lot’s unit entitlement by the aggregate of all strata lots. This chart should be attached to the Strata Plan when you are looking through Strata documents but is also typically attached to any notice of special levy votes or change in maintenance fees in the Council Minutes.
Here is an example of one of those charts showing the unit entitlement for each lot and the aggregate amount at the bottom of the page;

So for this example; Strata lot #1 has a unit entitlement of 758 out of a total of 32,799.
Divide 758 by 32799 and multiply by 100 to get a %. In this case Strata lot #1 would be responsible for 2.31% of the annual budget paid via maintenance fees and any special levies approved while they are the registered owner. ($17,971.80 of that $778,000)..

The unit entitlement can not be changed arbitrarily by the Strata Management or Strata Council. Whatever is registered in the land title office should be relied upon as any legal challenge or change would need to be registered with that Strata Plan as well.

Potential Buyers! 

Forecasting future costs for the time you plan to own a home is a big part of the due diligence necessary before committing to the purchase of a Strata property. If the Strata is expecting a large project (parkade membrane, rainscreen or exterior renewal) most likely the CRF will not have the funds to cover the expense and a special levy will be necessary; knowing your unit entitlement will put those numbers into perspective. A $778,000 special levy that costs you $1500 is a very different conversation than one that will cost you $17,981.80 after you’ve already dipped into your savings for the downpayment and closing costs.

Thinking of buying into a Strata property? 
Click here for more information on Stratas or reach out directly, let’s chat!

-Kade
604-401-9199
kadelacasse@gmail.com 

So the market has shifted in Vancouver and you are planning to sell your home in the next 3-12 months; how you market and present your home will be the difference maker in how stressful and successful your sale is.

The biggest mistake I see in the market today is owners not putting enough emphasis on the staging of their home before listing. Yes homes have been selling high and quick BUT the new "stale listing" is only 15 days on market so if you don't sell in that first two weeks; you'll be fighting an uphill battle.

Now when I say staging I'm not (necessarily) referring to a staging company that you hire to refurnish your home but I do see value in that with some homes, especially those that are currently vacant or in the luxury market. Staging is referring to the process of getting your home ready for photos and showings. Staging can include; renting furniture, painting, small repairs, buying new appliances, and turning a guest room into an office but it most certainly should include deep cleaning, depersonalizing and decluttering.

Staging is scalable and will make an impact on the ease at which your home sells.

Since you are intending to sell this home as fast as possible, use the time preparing your home for sale to start the move. If you're fortunate enough to have more than one home, ideally you would prepare your home and leave it vacant while it's listed so it's always ready to show.

Do

Purge closets and cabinets for anything that can be packed early, tossed or donated.

Declutter your kitchen, seeing your counters full of appliances will only lead the buyers to question the amount of kitchen and pantry storage.

Paint. Fresh coat of white or neutral paint will work wonders.

Depersonalize, you want the buyer to walk through your home and picture their lives here. 

Consolidate your Art collection or add pieces if necessary. This is very important for listing photos but also helps to depersonalize and highlight attractive attributes in your home.

Store excess furniture and optimize the existing furniture in a way that shows off how functional the space is.

Keep the house clean while it is on the market, buyers will want to see your home outside of the open house windows and being able to accommodate that will support your goal of a quick sale at a strong price.


Do Not

Do Not Cheap out on the listing photos; these are the most important marketing your home has. I recommend asking your photographer to have videos and some photos shot in 16:9 ratio so your Realtor can optimize them on social media.

Do Not deodorize or use strong candles. This is a  for buyers and agents as it is assumed you are trying to cover up an unwanted smell.

Do Not shut the light out. This goes for listing photos and showings; you know when your home looks the best and try to showcase it in those windows (pun intended).

Do Not stick around for the showings. It can already be uncomfortable for Buyers to come into someone else's home, having the Seller on site is always awkward. Trust your Realtor will do their job and give the buyers their space.

While Vancouver's Housing Market certainly saw a shift towards balance in the late Spring of 2022, with the amount of interprovincial and international immigration BC has seen in the last 18 months, buyer demand is expected to stay strong and a well priced, well marketed home will sell!



-Kade Lacasse | Vancouver Realtor