I have sold a property at 206 8880 JONES RD in Richmond.
Welcome to 8880 Jones road! This open and bright with a south-facing unit at The Redonda. Conveniently located walking distance to Richmond Centre, transit, recreation and countless shops and restaurants. Affordable and well priced. In-suite laundry, gas fireplace, balcony and very large private storage room on the same floor. Unit has been upgraded. Appliances including Blomberg dryer, washer and Bosch dishwasher and LG refrigerator.
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I have listed a new property at 206 8880 JONES RD in Richmond.
Welcome to 8880 Jones road! This open and bright with a south-facing unit at The Redonda. Conveniently located walking distance to Richmond Centre, transit, recreation and countless shops and restaurants. Affordable and well priced. In-suite laundry, gas fireplace, balcony and very large private storage room on the same floor. Unit has been upgraded. Appliances including Blomberg dryer, washer and Bosch dishwasher and LG refrigerator.
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With several Big-Five bank CEOs calling for regulatory action to slow the red-hot housing market, it didn't take long for the Office of the Superintendent of Financial Institutions (OSFI), the governor of federally regulated financial institutions, to respond. In a news release issued today, OSFI proposed an increase in uninsured mortgages' qualifying rate to the higher of the mortgage contract rate plus 200 basis points or 5.25% as a minimum floor.

Based on posted rates of the country’s six largest lenders, the current threshold is at 4.79%. Before the pandemic, the posted rate was widely considered too high relative to much lower contract rates. Remember, Canada's six largest lenders under OSFI's jurisdiction set the posted rate each week when they submit to the Bank of Canada the so-called 'conventional 5-year mortgage rate'. It has increasingly born little relationship to actual contract rates.

OSFI, once again, shows itself to cozy up to the Canadian banking oligopoly. Keep in mind that delinquency rates on the Canadian banks' mortgage books are very low--both in historical terms and compared with financial institutions in the rest of the world.

In the release, OSFI said, "The minimum qualifying rate adds a margin of safety that ensures borrowers will have the ability to make mortgage payments in the event of a change in circumstances, such as the reduction of income or a rise in mortgage interest rates. As mortgages are one of the largest exposures that most banks carry, ensuring that borrowers can repay their loans strongly contributes to the continued safety and soundness of Canada’s financial system."

The comment period ends on May 7. OSFI reported that they would communicate the revised B-20 Guideline by May 24, with an implementation date of June 1, 2021.

This all but ensures that the current boom in home buying will accelerate further in the spring market--providing an impetus for borrowers to get in under the June 1 deadline. OSFI's move will trigger an even hotter spring housing market as demand is pulled forward just as it was before the January 1, 2018 implementation date of the current B-20 ruling.

This will not impact non-federally regulated FI's such as credit unions, mono-lines and private lenders, nor does it immediately impact insured-mortgage borrowers.


The federal government is in charge of mortgage qualification for insured mortgages. CMHC and the finance department could well follow OSFI's lead in tightening qualifying rules for insured loans.
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The market is still very hot with people over bidding and properties having multiple offers. We also heard Bank of Canada's announcement confirming that they will not be increasing rates until January 2023. If this continues, prices will continue to go up due to the low rates.

Things are definitely getting busy around here with spring around the corner but we're looking forward to better weather and sunnier days!

STARTING RATES:

Banks and credit unions

5 yr variable starting at 1.35%
5 yr fixed starting at 2.14%

B-lenders

Starting at 2.54% + 1% fee

Private lenders

Starting at 4.95% + 2% fee.

*Rates may change without notice. Subject to approval.
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I have listed a new property at 10071 Springhill Crescent.
The highest level of quality and finishing details are apparent in this new home in the highly sought after “Springs” area of Steveston North. This stunning family home has 6 bedrooms, is over 3,700 sq/ft and sits nicely on a 7,280 sq/ft lot. This house has big revenue with separate entrances for 2 of studio bedrooms upstairs, a legal 1-bedroom suite and an additional large studio bedroom. Finished in 2019, beautiful stone floors, very open concept family room with eating nook, wok and big bright backyard. 4 big bedrooms upstairs, each with ensuite, master has extra large sun-deck with view of ocean and mountains. Quiet neighbourhood street walking distance to the ocean, parks both elementary and high school and all the amenities of Steveston.
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I have listed a new property at .
Investor's Alert! A rare opportunity to purchase a great improved two-storey mixed use building with a retail unit on the ground floor and a single three-bedroom apartment unit on the 2nd floor, at a high traffic location. This commercial and residential free-standing building is an ideal investment with plenty of potentials for land assembly and redevelopment. The building has been fully renovated both the interior and exterior in 2013. A revenue generator and solid mortgage helper in this prime location, with a 8,407 lot, approx. 10 parking space, next to King George Park, transit nearby, school and shops steps away, and street level commercial space 1218 sq ft, the retail unit generates income of $3000+ per month on a net basis. The home on the second floor 1218 sq ft is highly functional, has 3 bedrooms and a 1 full bathroom and 2 half bathrooms, fully renovated and well insulated. Floor plan to be provided upon request.
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I have sold a property at 9733 STEVESTON HWY in Richmond.
A revenue generator and solid mortgage helper in a prime location, 6 bedrooms and 4 baths, over 2500 sf, close to Ironwood Plaza, South Arm Community Centre, Richlea Square Shopping Centre, Silver City, Watermania and Richmond Golf & Country Club. Beautiful and stunning home with granite counter top gourmet kitchen, stainless steel appliance, radiant heat, engineered hardwood floor, crown moulding, contemporary paint colours, side by side double garage. Please do not disturb tenants. Showings available after offer accepted.
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I have listed a new property at .
Flex Industrial Strata in Hastings Sunrise area in Vancouver BC AVAILABLE UNITS Ground Floor: 1,500 SF up to 3,800 SF Sixth Floor: 1,600 SF up to 12,000 SF PRICING Pricing starting from just $1,010,900 PARKING 1 stall included in unit purchase price. Additional stalls available for purchase. ZONING I-2 - Light Industrial HIGHLIGHTS Private street frontage (ground floor units) Private north facing patio space (sixth floor units) Individual dock loading at rear (ground floor units) Common area roof top patio with spectacular city, ocean and mountain views Direct access to Highway 1 & 10 minute drive to Downtown Vancouver Secure underground parking and bike storage facilities Freight elevator
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I have listed a new property at Marpole, Vancouver East.
Development site with holding income, with plans for a 6-storey mixed use rental building. Includes a single family house on Granville Street and duplex on Granville Street with a combined gross annual income of approximately $91,000. Plans for a 15,574 sf residential and retail mixed use development, call listing brokers for additional information.
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I have listed a new property at .
High profile good gasoline franchise with franchise fast-food restaurant in Canada 1st time on market BC Interior close to Ashcroft Net income $1 million + With Land and building Firm price $8.5 million Principal only
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I have sold a property at 2805 3080 LINCOLN AVE in Coquitlam.
Panoramic City and mountain view, bright and unobstructed. Central located by Coquitlam near Coquitlam Centre Mall, Skytrain station, T&T, Walmart and Superstore. By developer Omni. Large den could be a second bedroom. Gourmet kitchen boasts Kitchenaid stainless steel appliances, quality cabinetry w/ undermount lighting, quartz countertop and island. Deluxe amenities outdoor pool, hot tub & sauna, fitness centre, yoga studio, conference room and 2 guest suites. 1 Parking and 1 large storage Locker. Move-in ready. Call to book appointments for viewings.
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I have listed a new property at North Vancouver.
Large daycare center with license for 73 and 137 kids. • Long term leases with attractive rates. Demo Clauses at both locations. • Great locationswith one central location near Lions Gate Hospital and one with easy access to the freeway. • This daycare is able to get top rates for its programs. Infant toddler rates are north of $1900 per child per month. • Facility uses DayCareWebWatch to provide live streaming for parents. • Fully licensed kitchen to provide food for the kids in both locations. • One facility has the largest outdoor play area in North Vancouver. • With high rates per child, great leases and the right programming and operations, this center is extremely profitable. Principal buyer only**
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I have listed a new property at .
High Potential Commercial Site Building in Mount Pleasant Variety of business and Hotel zoning building Tenanted commercial building with rental income First time on the market 2 storeys + basement Price: TBD
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I have sold a property at Kerrisdale, Vancouver West.
Beauty Salon Business in Kerrisdale Excellent opportunity to purchase a thriving Relaxing and Unique Concept beauty salon in Kerrisdale commercial area. 5 years with great reputation with many regular customers. 4 rooms in total and approximate 680 sq ft. Equipment and furniture not included. Profitable business with good traffic and reasonable rent. Please contact agent for private viewing appointment.
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I have listed a new property at Chilliwack.
Child care in Chilliwack Business with property A wonderful turn-key childcare operation is being offered for sale located in Chilliwack, BC. The business is being sold alongside the residential detached home located on the property. The childcare center was established over 20 years ago and has been operating with the current owner since 2018.
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I have listed a new property at 2805 3080 LINCOLN AVE in Coquitlam.
Panoramic City and mountain view, bright and unobstructed. Central located by Coquitlam near Coquitlam Centre Mall, Skytrain station, T&T, Walmart and Superstore. By developer Omni. Large den could be a second bedroom. Gourmet kitchen boasts Kitchenaid stainless steel appliances, quality cabinetry w/ undermount lighting, quartz countertop and island. Deluxe amenities outdoor pool, hot tub & sauna, fitness centre, yoga studio, conference room and 2 guest suites. 1 Parking and 1 large storage Locker. Move-in ready. Call to book appointments for viewings.
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