Tri-City Neighbourhood Profile: Port Moody

 

There are so many reasons to love Port Moody, it's quiet, right on the water, quaint, full of life, and a growing foodie haven. Port Moody has transformed itself over the years into a hub for young families and maturing couples. It's a great safe community to raise your children with fantastic schools and programs to entertain kids of all ages.

 

 

Why we love Port Moody:

 

Like stated in the first paragraph, Port Moody is a safe community. Children still play outside on sunny days and walk home from school, you'll always be greeted with a "hello" when walking your dog through Rocky Point, and you'll never have a shortage of cafes or restaurants to sit at and people watch. This lovely community is really becoming the most desirable neighbourhood to live in the tri-cities and the real estate prices show the demand.

 

Real Estate in Port Moody:

 

Port Moody has grown immensely with the additions of Klahanie, Suter Brook, The Station on St. Johns and of course Heritage Mountain. The rapid growth and quality developments have brought people from all over to this city. With the influx of people the demand for homes is greater then 5 years ago, and we are really seeing that demand raise housing prices to a record level. Townhomes in Klahanie range from $650,000 to $900,000, Houses on Heritage Mountain range from $1,000,000 to $2,500,000+. It's a craze that we don't see truly dying off. Port Moody is one of those neighbourhoods that you wont want to leave, it has it all for the suburbs. You are only 30 minutes to downtown (on days without traffic), you're close to West Coast Express, Close to Lakes (Buntzen, White Pine Beach) and the Ocean, You have restaurants, shopping within a 5 minute drive or walk, and you are close to Coquitlam Centre for all the rest of your needs. It's population will continue to expand so keep you eye on this gem of the tri-cities.

 

 

Places to Eat/Drink/See in Port Moody:

 

Our top places to explore in Port Moody are: Romer's Burgers, JJ Bean, Gallagher's Cafe, Caffe Diviano, Browns Social House, Nagano Sushi, Yellowdog Brewery, Parkside Brewery, Moody Ales, Twin Sails Brewery, Charlie & Carlos, Brew Street, Boat House, Rocky Point Ice Cream and The Burrard.

 

 

If you're in the city check out these parks: Rocky Point Park, Buntzen Lake, White Pine Beach, Belcarra.

 

 

If you are thinking of moving or selling in Port Moody, don't hesitate to give me a call!

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How the new foreigner tax is affecting Canadian homeowners

Article by REP 

 

 

 

Cardboard moving boxes are piled about the living room of an otherwise half-packed house nestled on a tree-lined residential street in a quiet Vancouver-area suburb _ a scene frozen in time that the home's owners blame on British Columbia's controversial new tax on foreign buyers.

 

The in-transition state of the home in Coquitlam has been the status quo ever since its owners learned the house's sale, which they understood was a done deal, was thrown into question by the tax.

 

The couple is at risk of losing an $80,000 deposit they made to purchase a smaller duplex further east in the city, and reneging on the real estate contract would also open them up to being sued. "We feel like we've been let down,'' Heather Nyberg told reporters Tuesday in the family's small backyard as the couple's two young children, aged one and three, played together in the grass. "I just feel really disappointed that our family and many, many others like ours are being affected by a poorly planned tax that's unfair because it's retroactive.''

 

The B.C. government has said the 15-per-cent tax is aimed at addressing skyrocketing real estate prices in Metro Vancouver, the province's most densely populated region. The levy came into effect Aug. 2, days after it was announced, sparking a frenzy of last-minute activity as buyers and sellers rushed to close deals.

 

The couple sold their home earlier this year, but the deal isn't slated to close until Sept. 15. Nyberg said the people who agreed to buy their property had originally provided a local address, but that shortly after the tax was announced she and her husband discovered they were based in China.

 

She said the buyers' real estate agent won't reveal whether the clients are foreign but has floated the idea of the couple helping to pay part of the 15-per-cent tax. The confusion has created additional uncertainty around the deal, Nyberg said.

 

Housing Minister Rich Coleman said in an email that the initial adjustment period may be difficult, but the tax will eventually reduce demand from foreign investors until supply catches up to local needs. "This transition period is expected to be short-lived, and over the long term the additional property-transfer tax will help to ensure British Columbians can continue to raise their families in Metro Vancouver communities,'' he said. Nyberg's husband Dan Zimmermann said the new law has put the couple under a lot of strain and uncertainty, which defeats the purpose of selling it in the first place. "All we wanted to do was reduce the stress and reduce the size of our mortgage, and all of that's been thrown up in the air now,'' he said, adding that the change was also designed to allow them to spend more time with their children. "We made the best decision with all the information we had at the time and that's all we can do.'' Nyberg said if the sale of the home they bought three years ago falls through, they would likely have to back out of buying the new property because they can't afford two mortgages.

 

"I've stopped packing. I don't want to move into a duplex then move back three days later. Until we get more information we can't really make a plan,'' Nyberg said. ``We are just really stressed out. "We'd been doing these weekly drive-bys of our new place so my son can get used to it. We're really excited to join a new community where there are more families.

 

We had been setting up our lives to move and now we don't know what's going on.'' Jodie Wickens, an Opposition NDP politician who represents the area in the legislature, said she receives dozens of calls and emails every day from people affected by the tax. "I think that families that entered into a contract with an understanding shouldn't be unfairly penalized,'' she said. "To be impacted by this bill in such a negative way is unfair and unnecessary. It's not putting British Columbians first at all. It's a reactionary way to deal with bad headlines.''

 

Read original article HERE 

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With a slight slow down in the market this summer the Real Estate Board of Greater Vancouver has indicated a 18.9 per cent decrease compared to July 2015 a 26.7 per cent decrease since June 2016. June 2016 was an extra hot month where 4,400 homes were sold. 

 

" This is the first time since January that home sales in the region have registered below 4,000 in a month. “After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” Dan Morrison, REBGV president said.

 

Last month’s sales were 6.5 per cent above the 10-year sales average for the month. “Home sale activity showed some moderating signs in late June and this carried into July,” Morrison said. “We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”

 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,241 in July 2016. This represents a 2.5 per cent increase compared to the 5,112 units listed in July 2015 and a 10.8 per cent decrease compared to June 2016 when 5,875 properties were listed.

 

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 8,351, a 27.4 per cent decline compared to July 2015 (11,505) and a 6.9 per cent increase compared to June 2016 (7,812). The sales-to-active listings ratio for July 2016 is 38.6 per cent.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time." 

 

The Real Estate market in the tri-cities and Vancouver is still moving, but its just not moving with the same force it was just two months ago. This new Foreign Buyer Tax has put a hault on some projects and sales due to the unexpected extra monies owing. Real Estate is very much a rollercoaster ride but the silverlining is prices are staying steady which means you will sell for ask or over and you will be able to buy a home without paying $100,000+ over asking price. 

 

original article from the Real Estate Board of Greater Vancouver - Link HERE 

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