How to own an affordable house in Vancouver

Note: The Federal Immigrant Investor Program is now closed as 700 complete applications have been received at the Centralized Intake Office.  This new annual cap was introduced through ministerial instructions, which came into force on July 1, 2011. The cap will reset on July 1, 2012, unless otherwise indicated in a future ministerial instruction. The cap does not apply to the Quebec Immigrant Investor Program.

The Immigrant Investor Program seeks experienced business people to invest C$800,000 into Canada’s economy and become permanent residents. Investors must:

• show that they have business experience
• have a minimum net worth of C$1,600,000 that was obtained legally and
• make a C$800,000 investment.

Your investment is managed by Citizenship and Immigration Canada (CIC) and is guaranteed by the Canadian provinces that use it to create jobs and help their economies grow.

CIC will return your C$800,000 investment, without interest, about five years and two months after payment


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China is now limiting the amount of money that locals can take out of the country. At the same time they are allowing only one house to be bought per person. So where will all the money go? China is raising more millionaires everyday than any other country right now. Do they feel the stock market is safe? where will they go. We have seen a flurry in Vancouver West and West Vancouver and contrary to what the press say- anecdotily- its about 80 percent foreign buyers i see  in these areas. Citzens of China seems to be in a frenzy to buy a place here and get their money out of China before every loophole closes down. I dont blame anyone searching for stability.
These people are kind and  hard working but such a mass importation of a singlular culture is bound to have effects. Especially in small municipalities. In the meantime many locals are feeling the flush of new found cash and scaling down, so that will inevitably help the local economy.
 But areas like West Vancouver need a huge wakeup call. When a starter home is now over 1.5 million we better start looking at sensitive density solutions if we want our youth and wisdom of our seniors to stay and live among us. Who would want to turn  West Vancouver into an island of wealthy, middle age people?.
Not I, 
West Vancouver can be boring enough at times, we need a little more of the  " I've been through everything- this doesn't faze me" seniors attitude and " we are here for a good time, not a long time" youth attitude. We have way too many older folks- in between- who stick their head in the sand and want everything to be like it used to be. Well it isnt, the times they are a changin......

Eight enquiries have progressed to formal applications. 

Coach House Applications Received

Of the eight received applications, three have been approved – each keeping the existing main house. Thats 3 in one year. The City of vancouver  got to 100 in a year.

 Coach House Applications Approved

The first Level-B Coach House was approved by Council on September 2010, and is now under construction. The second Level-B Coach House was approved by Council in February 2011. Thats 5 months inbetween these 2 applications. 

In addition to the two Level-B Coach Houses approved by Council, staff have issued one DP for a Level-A Coach House. The DP will allow for the modest conversion of an existing garage into a Coach House. The homeowner notified all residents within a 20 metre radius of the application . I drove by and this coach houses seemed to be existing.
So after all the hoopla, where are all the applications? Council read a report last night with the above information. They can say the project is moving ahead but they should also ask themsleves a question. Did we create this policy to make us feel good and look green and progressive OR did we do this because we really feel this type of sensitive density is best. Best for preserving neighborhood character, best for creating rental housing, best for giving homeowners the chance at making it more affordable. If its the former, yes the policy passed and no big earth shattering issues, a few people are building one and all is good. If its the latter, 3 isnt good enough.  Given the current bylaws, we are not going to get alot more approved.
If we allow an outright 400 sq ft 2 car garage why cant i build a 400 sq ft coach house? i understand the 2 story issues, but why not just a single level 400 sq ft. cottage? North Van City will review the existing Policy in early summer

The federal government’s decision to reduce the maximum amortization period for government-insured mortgages from 35 to 30 years, effective March 18  will reduce affordability, particularly for first-time buyers, because monthly payments increase when the lending period shrinks.

If the average person earns around $50,000 per year. With a five-percent down payment, they can generally afford a $280,000 home at a four-percent interest rate and with a 35-year amortization period.

 If the mortgage is reduced to 30 years, the same buyer can only afford a $260,000 home( and if interest rates rise, as many observers predict, they’ll put an even greater squeeze on first-time buyers.)
 At 30 years with a five-percent rate, this same buyer would only be able to buy a home worth $230,000.

That could buy you a small closet in the sky, or a nice little laneway home if someone can give you their backyard.

*PEOPLE NEEDED TO LINE UP FOR NEW CONDO PROJECT

Just as the title says, we need people to hold spots and line up for a new condo project located in Burnaby (Kingsway/Willingdon Ave). Line up may start as early as weds/thurs night. Grand opening is Saturday February 19, 2011.

Warm beverages and washrooms will be provided by the developer.

Shifts are determined on how long you would like to stay. (preferably 8hours+)

Get paid cash quickly for sitting in a line up!

E-mail me your phone number + e-mail for more details. job-syk6p-2212992997@craigslist.org


The question is did they really want the spots held for overseas buyers or did they already sell units over there and wanted it to look like it was in demand?


Presales often come with a cutom designed contract- favouring the developer. there are so many things to lookout for - always hire your own agent and always get some legal advice on the contract.

for example. In a phased developement, did you know that if phase 1 was build before new home warranties and you buy in phase 4 with full warranty- you will be required to pay for any remediation required in phase 1 as you are all 1 strata! Or what if you buy phase 1 and phase 3 will have a great pool, rec centre etc.. but developer elects not to build anymore phases,  what recourse do you have?
Always get independant advice.Here is Wendy Mesley learning how they create the hype in presales:

http://www.youtube.com/watch?v=SNyltNIHhgs

 looking for more  housing space or an income helper, the solution might be in your own backyard. Consider making the same space more useable with Laneway housing. Keep your parking spot, keep your yard, but build an additional dwelling with multiple use potential. A laneway house can be : 

• rental unit
• caregiver suite
• in-law suite
• cottage for your adult child
• guest house for out-of-town friends
• home office
• your home while you rent out the main house and retire!

What is Laneway Housing?

• The City of Vancouver has approved the issuance Laneway housing permits in Vancouver
• Generally located in the space where a garage would be permitted
• In RS-1 and RS-5 single family areas
• Rental or family only
• cannot be strat titled 
• Minimum of one on-site parking space
• Unit size based on lot size to a maximum of 750 sq.ft. (approx. a 500 sq.ft. unit on a 33’ X 122’ lot)
• 1 and 1 ½ storey configurations, with guidelines to address upper storey massing, privacy, and shadowing

Other options to consider. Tennants in common purchase where by contract you designate main house to 1 owner and laneway house to another. effectively buying a home for 1/2 the price.
currently rental rates of up to $2200 on the larger units, these homes more than cover the cost to build.
Call me for more information or to see if your property is eligible 604 617 4856

Light Up the Lanes

A Fundraising tour inside six recently completed laneway houses in Vancouver

Saturday, December 11, 2010 (1 pm – 5 pm)  $50 + hst

($25 tax receipts issued upon request)

Lane houses have arrived.  We see them popping up all over the city, and six of them are opening to the public December 11th. Laneway housing can be a tool for the owners of older homes to densify and improve their propety while  contributing to the preservation of their their historic neighourhood. Only laneway houses constructed behind existing houses will be open on this tour. Get some ideas for building a lane house, or just come to see what the buzz is all about. 

• 500 – 750 square feet of creative rental living space
• 1 – 2 bedroom homes
• Project teams will be on site to discuss the projects
• Unique Christmas lights installations by CD/M2 Lightworks
• All fluffed for the tour by Fluff
• Enjoy hot chocolate and cookies
• tickets available www.vancouverheritagefoundation.org

View this recently sold Condo or see all my home sales