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10. September 2016 13:46

CLICK HERE FOR ALL FEATURE LISTINGS :  http://www.dolciesellshomes.com/aprg/list/featurepropstbl.aspx?sid=101353

 

W3597585
for Sale @ $1,089,000            Derry/Samuelson
Type Detached Style 2-Storey
#Bedrooms 4 #Washrooms 3
#Kitchens 1 #Parkings 2
Garage Type Built-In #Garages 2
Basement Full Fire Place Yes

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Millennials fleeing Vancouver for cities with more affordable housing

14. March 2016 06:06

 

Millennials fleeing Vancouver for cities with more affordable housing, threatening city’s tech economy

Rising costs are putting Vancouver’s vaunted growth engine at risk as the city hemorrhages people employed in tech and new media for more affordable locales, including Victoria and Kelowna.
Darryl Dyck/The Canadian PressRising costs are putting Vancouver’s vaunted growth engine at risk as the city hemorrhages people employed in tech and new media for more affordable locales, including Victoria and Kelowna.

Kevin Oke had a Vancouver millennial’s dream job, working as lead designer at a video-game company whose clients included Atari and Ubisoft Entertainment SA, but he still couldn’t afford a house. So he left his native city.

Without affordable housing, Vancouver risks becoming an economic ghost town

The tech economy in Vancouver and across Canada has never looked brighter. Yet the reality, in some respects, has never been bleaker.

Continue reading.

“Housing in Vancouver is insane — it was insane when I left and it’s more insane now,” said Oke, who co-founded educational-software company LlamaZoo Interactiveafter moving to Victoria in 2014. “If you’re trying to do the startup thing full-time, it would have been really difficult with all the expenses.”

Oke, now 33, is part of the millennial retreat from a city where housing prices have skyrocketed at a faster pace than even in San Francisco, another North American technology locus. Rising costs are putting Vancouver’s vaunted growth engine at risk as the city hemorrhages people employed in tech and new media for more affordable locales, including Victoria and Kelowna. The flight of millennials from Vancouver is similar to trends found in other cities with soaring home prices.

Rising Prices

Vancouver was ranked the third-least-affordable housing market in the world this year, after Sydney and Hong Kong, by consulting firm Demographia. It was the eighth straight year the city occupied a top-three spot.

 

The price of a typical Vancouver home rose 21 per cent to $775,300 in January from a year earlier, according to the city’s real estate board. That compares with a 14 per cent increase to a US$1.1 million median in San Francisco, according to residential-data website Zillow. Vancouver home prices have risen partly as a result of foreign buyers — from China and elsewhere — investing in property.

Rentals are hard to come by, and just as unaffordable. The vacancy rate of 0.8 per cent is one of the lowest in the country, and the average monthly rent of US$937 for a bachelor suite is tied at highest with the cost in Toronto, according to Canada Mortgage and Housing Corp. Rents for newly built units and renovated basement suites are pricier.

Millennials Retreat

As housing costs have risen, so have the number of people in their twenties and thirties leaving the city. The net number of people age 18 to 24 added to Vancouver’s population was the lowest ever last year, at 884, and the number of 25-to-44-year-olds decreased by about 1,300, the biggest decline since 2007, according to Statistics Canada.

That’s led startup leaders, including Ryan Holmes, founder of Vancouver-based Hootsuite Media Inc., to lament the loss of talent.

“Unaffordability is emptying Vancouver of one of its most valuable assets — young people who grew up in the city and who are invested in it,” Holmes wrote in a Financial Post op-ed in February.

Along with Ontario’s Waterloo region, Vancouver is often likened to Silicon Valley, San Francisco and Seattle for its startup scene. The city’s tech industry employs more people than oil and gas, forestry and mining combined, and it’s set to help lead economic growth among Canadian cities for the next four years, according to the Conference Board of Canada. Mayor Gregor Robertson created an agency to tackle the housing crisis, with a goal of delivering 2,500 low-cost units by 2021, among other targets.

Seeking Tenants

That driver of growth may evaporate as talent exits Vancouver, said Christine Duhaime, founder and executive director of the Digital Finance Institute, which supports Canada’s financial-technology industry. She’s having a tough time filling a 2,000-square-foot (186-square-meter) open-concept office for startups in Vancouver’s historic Gastown neighborhood she opened this year because potential tenants say they’re leaving the city for Victoria, Kelowna and as far away as London and Singapore.

“We’re banging our heads on the wall,” she said. “Why aren’t they staying? Because it’s too expensive. Vancouver is going to lose its tech edge.”

Why aren’t they staying? Because it’s too expensive. Vancouver is going to lose its tech edge.

One of the main recipients of the brain drain is Victoria, or “Tectoria” as it’s sometimes known, which opened a tech incubator in 2014 to accommodate the growth of what’s now a $4-billion industry in the city employing about 23,000 people. Billionaire investor Terry Matthews has injected capital into startups on the island, once known as the home of “newlyweds and nearly deads.”

“Interest from Vancouver has hit an all-time high for us,” said Dan Gunn, head of the Victoria Innovation, Advanced Technology and Entrepreneurship Council. “People in Vancouver are starting to look around and realize, ‘I may not be able to afford a home here.'”

Innovation Centre

Kelowna is another city seeing a recent flow of millennial housing refugees from British Columbia’s biggest city. The town of 123,000 is in the midst of building a six-story innovation centre for startups and Accelerate Okanagan, an organization that supports local tech companies.

Karen Olsson, chief executive officer for Kelowna-based software company Community Sift, says it’s getting easier to recruit people from bigger cities because they’re drawn to the lifestyle that includes farm-to-table dining, hand-roasted organic coffee and local beer.

“Kelowna is much more affordable — it’s a big piece of the sell for sure,” Olsson said. When she and her husband moved to Kelowna in September, they traded a 2,700-square-foot, $800,000 house in Squamish, a suburb 45 minutes away from Vancouver, for a 5-acre (2-hectare) farm in Kelowna that was $200,000 less and closer to downtown.

Now that he’s in Victoria, Oke, of LlamaZoo, said he misses Vancouver’s “shiny bustle” — until he leaves his apartment, a five-minute jog from the beach, and walks only 10 minutes to his office in space above a coffee shop that also houses a dozen other startups.

“I don’t know how many more good things I want to say about Victoria,” he said after ticking off myriad benefits of living in the city. “Then more people will come and push housing prices up.”

Bloomberg News

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Should You "High Ball" Your Listing Price? Mississauga Real Estate

30. November 2015 16:11

 

One of the most important decisions you make when selling your home is setting the listing price. That can be tricky. After all, if you price your property too low, you leave money on the table — perhaps thousands of dollars. On the other hand, if you price your home too high, many buyers won’t even bother to see it, believing it is too expensive.

Even with that reality, there are some sellers who contemplate setting a high listing price in the hopes of a windfall. They want some unsuspecting buyer to fall in love with the home and buy it — even though it’s overpriced.

That rarely, if ever, happens. 

Instead, the listing often languishes on the market because its listing price is conspicuously much higher than its market value.

Think about it. If two similar homes, side-by-side, are for sale, and one is priced $40,000 higher than the other, wouldn’t you wonder what was going on? That’s exactly what the market thinks. “Why is that home priced so high?”

Of course, many buyers, who might otherwise be interested in the property, won’t even consider seeing it, simply because it’s outside their price range.

It gets worse. When an overpriced home sits on the market with no offers for several weeks, the price will often need to be adjusted down. That helps the situation a little. However, you’ve lost the excitement created by a “new listing.” Yours is now an old listing struggling to get attention.

There’s a better way...

Setting your list price at or near the market value is much more likely to generate interest from qualified buyers and maximize how much you make on your home.

That market value may even be higher than you think.

Interested in finding out how much? Call today.

www.dolciesellshomes.com

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