Thursday, July 30, 2009

West Vancouver Secondary Suites Approved - West Van Basement Suites Now Legal - Licenses Available Early 2010!

West Vancouver Secondary Suites APPROVED!


Legalization of West Van secondary suites is expected to have full approval by early 2010 says Sarah of the North Shore News. The amendment and the zoning bylaws were passed in December 2009 for the second and third readings at West Vancouver City Council meetings but a decision on when the issuing of secondary suite permits was tabled until early in the new year. The director of planning for West Vancouver real estate, Bob, mentioned that the lands and permits license of West Vancouver secondary suites approval will be about six hundred and fifteen dollars ($615) for the first license fee, and then $465 or four hundred and sixty fivedollars for a renewal if the increased city costs are not covered by the initial fee. Because of the West Van secondary suite licensing fee, some councillors are wary that home owners may not apply for these fees, and therefore operate or continue to rent out illegal suites for rent. Some say that this tax grab by the city will deter a lot of people from renting or renovating their homes to accommodate new West Vancouver secondary suites, which is likely going to help affordability as well as the tight rental market in the city. The approximate increase in municipal services for 1.5 residents per secondary suites is only an additional $600 per year. However, the higher property taxes on homes with West Vancouver secondary suites will account for about only three hundred and ninety five dollars increase per year. Therefore, some balance must be met in order for all parties to benefit from the approval of the secondary basements suites in West Van real estate. Some Councillors however indicate that the license fees should be even greater as it is more of a business for home owners to benefit from and therefore, should not be burdened on other people living in the city. In many ways, expenses such as license fees for West Van secondary basement suites will be passed on to the tenant in the form of higher rental amounts, argues other Councillors. The approval of secondary suites will be made available early next year for any West Vancouver single family detached home or even duplex home. In addition, some of the provisions or regulations surrounding these basements suites have further been changed so that the secondary suite’s entrance does not need to face the same direction of the main home. However, the legal West Vancouver secondary suite must have its own private entrance. In addition, home owners can rent one of their two existing parking spots to the tenant of the basement or secondary suite, so they only need a minimum of 2 secured parking spots for their entire lot. For those home owners who break any of the rules and regulations of the West Vancouver secondary suite process will be fined three hundred dollars ($300) per day for operating an illegal suite. That’s a hefty price to pay when considering the license fee is only $615 (subject to change) per year.

The City of West Vancovuer Moves to Legalizing Secondary Suites


If you own a home in West Vancouver real estate market, legal secondary suites may be approved very soon. According to various news outlets, West Vancouver is one of three cities in the Lower Mainland regional district that doesn’t allow the rental of secondary suites in homes according to the district’s director of planning, lands and permits, but may be moving towards approving legal West Vancouver secondary suites. Currently, there are approximately six hundred to three thousand illiegal secondary suites in operation in the West Vancouver rental market and the city hopes to address these issues by contemplating and formulating some bylaws that will see the legalization of suites. Currently, West Vancouver bylaws only allow for secondary suites in homes if they are occupied by family members of the owners, and with Delta, the West Vancouver bylaws was recently ruled as discriminatory according to the Supreme Court of BC, a major issue amongst a few municipalities currently. Currently, the West Vancouver council is looking to legalize West Van secondary suites only if they are self contained and attached to the primary residence. In addition, the proposed bylaw that will allow for West Van legal secondary suites will limit one unit per lot. The latest survey of West Vancouver district residents have shown that the majority of people in the city actually approve and support the legalization of secondary suites in the city and will also pull more tax dollars to the city every year. According to West Vancouver council, a Victoria secondary suite study found that a home with a legal secondary suite will up its property value by $40 to $60k in value and that would cost about $105 per home in property taxes per year. The West Vancouver legal secondary suites will have to be smaller than 30 per cent of the total floor space of the home though and will only be legal if the primary home owner is living there too. The West Van secondary legal suites will not be given separate title or metered water, hydro or cable service and the parking requirements include 1 off-street parking space or garage. The secondary suite will also need a separate entranc that doesn’t face the same way as the primary house entrance.

The Next Steps for West Van Legal Suites


A West Vancouver town hall meeting is being scheduled to review the draft of the legalization of secondary suites in West Van later in the fall. The draft will become available to the general public for review at www.west-vancouver.net.

Legal Secondary Suites in West Vancouver Rental Market – Will It Be a Go?


From the North Shore News in August 2009 – The City of West Vancouver is planning on initiating talks regarding the legalization of secondary suites in West Vancouver homes to increase the rental housing stock in the city. Secondary suites could be legal by the end of the year, if the current recommendation is passed by the District staff this week and is passed by city council. A new housing bylaw, would allow a separate living space for non family members within an existing West Vancouver home and will b a legal secondary suite or basement suite for rent. There is currently a city bylaw that prevents West Van secondary suites, so it is currently illegal for a home owner to rent out their basement or extra suite to a non family member. Recommended for both the West Vancouver draft strategic plan in addition to the business plan, it is estimated that there are currently almost three thousand illegal West Vancouver secondary suites that are rented out right now. By legalizing basement/secondary suites in West Van rental market, there will be more choice for renters as more current home owners will take the steps to finishing their basements and renting out extra space. These so called mortgage helpers will also allow a new influx of young families into this aging population in West Vancouver, as the renters of the legal West Van secondary suites can help them pay down their mortgage, or make them more manageable at least. In addition, the legalization of the West Vancouver secondary suites and basement units will also allow the city to shut down current sub-standard suites in addition to adding an alternative income source for West Van homeowners. The low income housing and more affordable basements suites will add to the very restrictive and tight West Van suite rental market and the vacancy levels will go up a bit and become more ‘normal’. In addition, the legal West Van secondary suites will allow home owners to get some passive income sources as well through the rental of their basement units. Currently, the City of West Vancouver only allows in law suites for relatives where home owners are living in the primary residence. Legally back in 1997, the Supreme Court of B.C. actually ruled against a regulation that restricted who can and who cannot occupy a home/residence, and that is being tested through the process of legalizing West Vancouver secondary basement suites at this time.

The West Vancouver Legal Secondary Suite Requirements


The West Van homeowners or landlords will be only able to rent out a single suite per lot and must be less than nine hundred and sixty eight square feet (968 sq ft) and cannot take up more than thirty per cent (30%) of the total West Vancouver property lot area. In addition to these suite size requirements by the City of West Vancouver bylaws, the legal secondary/basement suites much actually be a separate living space that is private for the resident in addition to having a separate washroom, separate cooking area (can be full kitchen or kitchenette) as well as a separate entrance. The legalized West Van secondary basement suite must also have its own entry way in addition to one off-street parking spot reserved for the renter. The current illegal basement suites operating in West Vancouver rental market will be asked to apply for the appropriate permits that are part of the new requirement for secondary suites in addition to making sure that their rental units meet all safety standards as indicated by this new housing bylaw. Some councillors are unsure about the legalization of the secondary suites in West Vancouver rental market as the new influx in population and people migrating into the city will actually not be contributing in the way of property taxes, but will be exhausting some of the conveniences, parks, schools, and other city amenities during their time renting in the city. However, other councillors indicate that the increase population caused by the legalization of the West Van secondary suites is on par with an increase in electricity, power and water, that the current homeowners and new renters will be paying. In addition, the value of the West Van homes with secondary suites or basement units for rent is typically higher than those that don’t have this secondary source of income, which obviously results in higher property taxes to the current home owners. There have been two public studies done in West Vancouver regarding the legalization of secondary suites in the city, and both polls have been overly positive in favour of the legal basement suite bylaw change. Approximately ¾ or seventy five per cent of people interviewed actually agreed with the housing bylaw change for legal West van secondary suites during both pools. The City of West Vancouver has also pointed out that in the Lower Mainland area, only Pitt Meadows, Bowen Island, Langley and West Van do not permit any sort of legal secondary suites at this time. The proposed housing bylaw is going to council October 26, 2009 and if it is a go, it can be passed by the end of the year.

Labels: , , , , ,

Bookmark and Share

Monday, July 27, 2009

City of Vancouver Approves Secondary Suites in the Sky - Essentially Vancouver Basement Suites or Condos Within Condos - Minimum Size of 280 sq ft

The City of Vancouver Council Passes “Mortgage Helpers” in the Sky for Condos within Condos


According to Metro Vancouver newspaper, the City of Vancouver has passed the bylaw that would allow for secondary suites within Vancouver high-rise condominiums. Citing a few problems with the current model, the City of Vancouver explained that availability as well as affordability are expected to rise with the ability to rent condos/rooms within condos legally in the City of Vancouver rental market. Secondary suites within high-rise Vancouver condominium towers are coming soon to the city, as new property developments will certainly take advantage of these incentives for mortgage helpers for new homebuyers. In a great move that will see the rise in the City of Vancouver’s rental condo stock and home affordability, the City of Vancouver coundil has agreed to the development of Vancouver secondary suites within condo homes. Often termed as mortgage helpers for sky suites, the City of Vancouver is the second municipality in the Lower Mainland to pass this form of secondary suite, just after Burnaby ok’d earlier this year. Just like a Vancouver basement suite, the Vancouver secondary suites in the sky will be lock-off units within condos that will be quite small, but affordable rentals. Much like UniverCity SFU Burnaby real estate development that is the first full-scale condominium project that has created floorplans that sustain secondary mortgage helpers and condos within condos, these Vancouver basement suites allow people to purchase a larger home while renting out these mortgage helpers to help pay down debt, and even make it more affordable for them to purchase new property. Many homebuyers may ultimately purchase a 3 bedroom condo with one of the bedrooms as a lock-off suite, as the Vancouver mortgage helpers or condominiums within condos will help pay part of the mortgage.

For details about the recently passed housing bylaw for legal Vancouver laneway housing, please refer to this link.

More About the Vancouver Secondary Suite Lock-Off Unit Plan


A secondary advantage of these Vancouver secondary suites is that it will help increase the Vancouver rental stock, which for decades has been very tight. With these basement suites or Vancouver lock-off suites the size of a small hotel room, the bylaws surrounding these mortgage helpers will be a minimum size of 280 sq ft with a bathroom, kitchen area. And for new Vancouver condo development, floorplans allowing lock-off suites down to 205 sq ft will be allowed upon a case by case scenario as long as all regulations are followed including security, storage and lighting in the Vancouver mortgage helper suite. Residentiaul suites the size of a five ton truck has never been seen in the rental Vancouver real estate market, so this is definitely a first. Allowing for families to age in place, homeowners can now rent out the suite before they have children and expand their own home during the time when their kids grow up, and then lock-it off again once their children leave, allowing Vancouver homeowners to effectively utilize and leverage their property investment. The City Council expects that it will take about 1 year before the first master-planned Vancouver condo real estate development will have secondary lock-off suites built into the floor plans. What people don’t realize is that the City of Vancouver allowed for secondary suites in the South Vancouver East Fraserlands real estate development.

More information about Burnaby lock-off suites and Burnaby secondary suites in the sky, please click here.

Rental Suites Inside Condos Approved by Vancouver City Council


According to Real Estate Weekly, the City of Vancouver have approved Vancouver lock-off suites within condos as small as two hundred and five square feet which is meant to ease the very tight rental market in the city. With Vancouver lock-off rental suites within condominiums becoming reality, many Vancouver condo owners will be able to rent out these ‘mortgage helpers’ to students or other individuals looking for small affordable spaces to live. Lending some of the approval to the City of Burnaby’s UniverCity development that saw the creation of these legal lock-off suites within condos, homebuyers in the Vancouver real estate market can now look from larger residences such as two and three bedroom condos and then rent out the legal rental suite within the condo to help with their mortgage payments, thereby making their own home into a valuable asset. With lock-off suites approved in Burnaby, the City of Vancouver has now followed suit, allowing for Vancouver lock-off suites within existing condos as small as 205 sq ft. In Burnaby, condo lock-off suites can be up to 240 square feet and were part of the UniverCity real estate master planned community for student housing. The rental suite or lock-off suite within the condo will have its own entrance, kitchen, bathroom and can be as small as 280 square feet in Vancouver down to 205 as a minimum as long as there is adequate lighting and storage for the tenant. Such rezoning and approval of Vancouver lock-off suites in condos will allow the densification of areas such as downtown Vancouver as well as Southeast False Creek in future developments. South Vancouver East Fraserlands had already gotten approval from City Council for secondary suites in strata units and that community is in its development stage right now.

Labels: , , , , , ,

Bookmark and Share

Thursday, December 4, 2008

North Shore Property Update: West Vancouver Secondary Suites Issue, West Van Limits Size on Monster Homes, Problems with North Van Coach Houses

City of North Vancouver Cancels Coach House Installation


In the latest twist to the ever slowdown of results and progress for affordable housing in North Vancouver, city councillors narrowly voted down a proposal on Monday that would have installed a prototype coach house for display on unused city land according to North Shore News, Benjamin. Home show demo home offered at cost, but North Vancouver councillors balks at the $150,000 required to complete a demo Coach House in North Van real estate to showcase the benefits of affordable housing initiatives that could alleviate the shortage of affordable rental units on the North Shore. The motion called on the City of North Vancouver to spend up to $150k out of a reserve fund for the purchase of roughly six hundred square foot home. The intent was to display the North Vancouver coach house to the public at 204 East First Street for an unspecified period before selling and moving it ot the buyer’s lot. The proceeds of the sale of the coach home in North Vancouver would have been returned to the reserve fund when all said and done. Keating emphasized the energy efficient features of the Smallworks coach house prototype. However, Coun. Bookham opposed the motion because she thought it was highly inappropriate for the city of North Vancouver to promote the services and products of a third party builder. She also couldn’t fathom how the city could justify spending up to $150,000 on a coah house model at this time. Bookham and the City of North Vancouver could produce a list of xisting privately owned North Vancouver coah houses in the city for interested buyers to inspect. Mussatto told city council that the had visited a homeless shelter over the weekend that had turned away 70 people. “There are still camps out there, people looking for shelter. There are people one paycheque away from losing their home, losing their mortgage. And they’ll be looking for somewhere to go. This is one option we could consider,” as he talked about the City of North Vancouver plans to go ahead with coach houses rental suites. But council was not swayed by the mayor’s appeal, and defeated the motion marginally by four to three. Mussatto immediately tabled another motion directing staff to request competing proposals for a similar North Vancouver coach house project in hopes this will addres some of the Councillors objections. This was also voted down, so there is not much anything is being done about the affordable housing problems in North Vancouver. The interior of the Laneway Loft House built by Smallworks Studios/Laneway Housing coach house is at the B.C. Home and Garden Show until Sunday.

West Vancouver Secondary Suites Recommended


Report calls for more housing options in the form of West Vancouver secondary housing suites for the city. This according to Daniel Pi for the North Shore Outlook newspaper. A report presented to West Vancouver Council Monday night recommends allowing secondary suites in the West Vancouver community to raise housing stock in the expensive North Shore community. On Monday, West Vancouver councilors sent the report, penned by the Community Dialogue on Neighbourhood Character and Housing Working Group, to district staff for further research. According to Stephen Mikicich, senior community planner for the district, staff will be reporting back to council in the fall with ideas to implement the 20 recommendations listed in the report, including the West Vancouver secondary suites housing issue. Besides allowing secondary suites in West Van, the recommendations include: considering “infill” housing, exploring new West Vancouver housing types with pilot programs, utilizing surplus district owned lands “to address identified housing gaps in the community, protecting and defining neighbourhood character, and finding ways to reduce residents’ reliance on cars. The report also recommends amending the West Vancouver Official Community Plan’s Housing Policies “to enable consideration of new housing types to meet the current and future needs of West Vancouver residents.” The working group developed its recommendations through public input that included community forums, workshops, and presentation, and an online form. The group also sent out a questionnaire and two newsletters to residents.

West Vancouver Home Sales Drop by Half


According to the North Shore News: Metro figures similar but economist says U.S.=style collapse in the West Vancouver real esate market housing prices unlikely. Written by James W. West Vancouver home sales are down more than 50 per cent from last summer, according to figures released by the Greater Vancouver Real Estate Board, and it’s possible there is more to come. Just 101 detached homes were sold in the West Vancouver / Howe Sound area between June and August this year, according to the September 3rd release. That’s down from 230 West Vancouver homes sold during the same period in 2007, a drop of 56 per cent. Other West Vancouver real estate resident types have seen similar declines. With just 13 per cent sales, attached homes in West Vancouver real estate property are down close to 19 per cent; and with 29 sales, condos are down almost 53 per cent. The slide is part of a wider trend across the Greater Vancouver region, according to the board. Lower Mainland homes ales of all kinds dropped 53.7 per cnet last month compared to August last year. North Vancouver is among the communities caught in the fall, although declines there have not been quite as pronounced as its neighbour’s in West Vancouver real estate market update. Summer sales of North Vancouver detached homes are off by more than 33 per cent, and other home types by more than 46 per cent. In a nutshell, says one expert, the good times are coming to a close. “It’s the end of the boom,” says Tsur Somerville, director of the Centre for Urban Economics and Real Estate at UBC”s Sauder School of Business. He identified three factors behind the change in West Vancouver and North Vancouver real estate property markets in summer of 2008. The first is a simple truth inherent to all housing booms: they just can’t last forever. Eventually it gets to a point that people can’t pay any more. “You can’t continually have growing number of sales and rising prices unless the economy is growing faster and faster and population is growing more and more,” said Somerville. “since we don’t have those conditions, we have a boom and it tires itself out.” This is what is happening in the new West Vancouver real estate market housing values are dropping. This works in conjunction with a second, psychological component: Canadians are looking at what happened to the housing market in the United States and wondering if the same might happen here. But when asked what thi means for the future, Somerville’s answer was very simple, “I don’t know.” The real estate market in West Vancouver is a difficult thing to rpedict, he said, and any forecasting on his part would likely come back to bit hime. “That’s an invitation for me to be wrong and have everybody remember it,” said Somerville. That said, he made certain observations that might shed some light on the future. For one thing, a crash on the scale of the American housing crisis seems unlikely. That’s because the conditions were different in Canada and West Vancouver real estate market when our neighbour was building its bubble.

The extremely cheap credit that has been available south of the border in recent years encourage speculation in the real estate market. Many Americans, emboldened by super lower interest rates, have been borrowing more money than they can afford, and investing it in houses they hope will make them a quick buck. That in turn inflated housing prices in the U.S. beyond a sustainable level. Canada has not seen credit quite as cheap, however, so speculation here in West Vancouver and North Vancouver real estate markets has been more limited, said Somerville. That doesn’t mean it has been non-existent, however. “We do have potential for bad things to happen in the condo market because we have so many real estate investors there,” he said. “There is definitely is speculation in that market.” And if condos tank as a result, they could drag down other types of West Vancouver property with them, added Somerville. “People wouldn’t be moving up (from condominiums to houses) and people who are… comparing the two might say, ‘Hey, I’m not going to buy a house for this much when I can get a condo for that.” However, guarding against an all-out collapse is the fact that BC’s economy does not appear to be as bad as has been suggested. “I’m not saying it’s all good news. But you look around the Lower Mainland, and where’s the 15 per cent unemployment and the shutting mills and the real problems?” said Sommerville. “A lot of industries are not doing great, but they aren’t abysmal.” Rather than plummeting, housing prices in West Vancouver real estate market may just rise at a slower rate,” he said. And at the end of the day, the Lower Mainland – which ahs been limited supply of homes, is still drawing new people who need a place to live. That has to push up property values in West Vancouver real estate over the long term, said Somerville. So what should homeowners do if they’re thinking of selling? “Be prepared to take a lower price than they think they’re going to get,” he said. “Be prepared to wait longer to sell.” His advise to home buyers in West Vancouver real estate was not far from the same. “If you’re thinking of buying, it’s a time to take your time,” said Somerville. “There’s not reason to feel rushed.

One Size Doesn’t Fit all in West Vancouver Real Estate


According to Jessica B of the North Shore News: District of West Vancouver residents are willing to let go of monster house mania to make way for smaller, more affordable housing, council heart Monday. In addition to smaller houses, West Vancouverites want a greater variety of housing types, but still like the idea of a single family home with a garden or green space. “One or two sizes no longer fit the community that we live in,” said Any, Vice Chairman of the neighbourhood character and West Vancouver housing working group. “We need to change in order to stay the same.” The West Vancouver housing working group, comprised of West Vancouver residents, many with backgrounds in urban planning, engineering and real estate, has been collecting public input through meetings and workshops for more than a year. The Group appeared at Monday’s meeting to president its findings to the West Vancouver Real Estate Council, complete with 20 recommendations based on resident input for preserving community character and shaping neighbourhoods for the future. “This whole dialogue was about people talking to people,” said Christine Banham, group chairwoman. “We heard many personal stories telling of Wets Vancouverites’ struggles and challenges in their neighbourhoods.” Banhm spoke of single retirees coping with the high cost of West Vancouver living, disable adults with accessibility concerns and the so called “sandwish generation” who are at once caring for aging parents and not yet independent children. “Each story is unique, but we heard the same messages over and over again,” Banham said. “West Vancouver residents want to maintain thei homes and neighbourhoods, they wan to remain in community over the long run, even as their needs and abilities change over time. The report’s recommendations for the West Vancouver real estate future include an overwhelming need and public support for West Vancouver secondary suites such as coach houses or infill housing district wide. The West Van working group also suggested leasing district lands for lower-income housing and developing pilot projects in certain neighbourhoods. One thing all the recommendations have in common, Banham said, is that they intended to move council to take action.

West Vancouver Plans New Limits on Large Homes


First steps to a rewrite of zoning in the City of West Vancouver real estate according to Jessica B for the North Shore News. Zoning bylaws in the District of West Vancouver are in for an overhal that will make it more difficult for developers and homeowners to build bulky houses. A series of zoning amendments designed to close loopholes in current legislation that allow real estate developers to skirt the existing bylaws were introduced to council on Monday night for first reading. According to director of planning Bob Sokol, the proposed amendments are the first part of a comprehensive rewrite of bylaws that will overlap with concerns by residents, brought up last week in the neighbourhood character and housing dialogue. The floor area ratio is the amount of floor area that is allowed in relation to the size of the lot. Most West Vancouver housing neighbourhoods allow houses that are 35 per cent of the lot. For example, a 10,000 square foot lot would allow up to 3,500 square foot house. In Ambleside, Dundarave and Horseshoe Bay, however, houses may take up to 50 per cent because the lots tend to be smaller. But Sokol said exceptionas to floor area ratio are contributing to West Vancouver’s bulky monster house epidemic. The biggest culprits, Sokol said, are covered decks on second floors and attached accessory buildings that don’t count toward the floor space ratio. “Over the past few years, there’s been kind of an explosion of people putting covered decks on their houses,” Sokol said, “They add substantially to the bulk of the West Vancouver house, particularly when theyr’ on the second storey.” Sokol added that people routinely add accessory buildings as extensions to their West Vancouver houses too. The accessory buildings are supposed to be separated from the house by a dividing wall. However, Sokol said the walls frequently come down after real estate developers and homeowners receive their last building inspection Under the proposed bylaw amendments, second storey covered decks will still be allowed but would be included in the floor area ratio. The proposed West Vancouver real estate amendments also reduce attached accessory building exemptions from 240 sf to 50 sf. Bylaws limiting changes to grades and retaining wall heights were also introduced along with a proposal to reduce rock and soil removal from 600 cubic metres to 200 cubic metres. More aspects of the neighbourhood character and West Vancouver housing working group report will likely be seen as Sokol proceeds with the zoning and policy rewrites. For instance, Sokol said he did not want to limit basement sizes right now because they may play a role if council decides to allow West Vancouver secondary suites in some neighbourhoods. The interim amendment are “baby steps” on the way to the comprehensive rewrite, Sokol added, which could take up to a year to complete. The zoning bylaws of West Vancouver real estate will also undergo a technical rewrite to bring the 1968 document up to 2008 standards. Council voted unanimously to refer the amendements to the deign review committee for comment. A public hearing on the proposed West Vancouver real estate amendments is scheduled for October 20th and Sokol is expected to return to council on October 27th with a technical review and a list of other policy issues his team will be addressing.

North Shore Real Estate Update by Alan Skinner, the Most Trusted Source of Property Information – October 2008


The Supply/Demand Dictatorship. WE know we live in a democracy, but not everybody realizes that there is a tyrant – depends on which side you’re on – that dictates our lives. Obviously, my old hobby horse, embodie in the term willing seller/willing buyer, is that of which I speak. Say, for a minute, the Supply side represented by potential sellers, got together, and said… buyers (Demand side) are not appearing confident to make the decision to buy a home. Therefore, it makes sense to take our homes off the market (or not add them to the supply pool). But, I hear you sya, that is not realistic as so many of us really want to (need to) sell. Precisely my point! Now, and this is not meant to be facetious; Sellers, realize that it is your collective wants and needs that will cause prices to drop. Supply must decrease or the confidence of home buyers must be restored. We do know that a very large part of that “damage” can only be repaired by the actions of our neighours to the south. Just how long will it take?

North Vancouver Home Rentals


Beware the pitfalls of renting your home to vacationers according to the North Shore Outlook Contributor Jennifer R. If you’re looking to earn a little extra cash this summer, a short term vacation rental may sound like a sweet deal. A quick and easy way to help lighten your mortgage load over the holiday months right? But, according to the Better Business Bureau, many North Vancouver home owners are unaware of the pitfalls of renting their homes to vacationers. “What can look like an easy way to make profits is really not so easy,” says Lynda Pasacreta, Better Business Bureau president and CEO. “Being successful with vacation rentals requires extensive planning and knowledge on how to market your property effectively.” But with some experts saying a homeowner could double or even make up to 10 times the amount with a short term vacation rental than a traditional month to month home rental, the potential pitfalls show no signs of slowing down eager North Shore residents. And with the 2010 Olympics around the corner, many North Vancouver homeowners are taking the time to prepare for winter visitors by renovating their residences. Capitalizing on vacationers often means taking loans to update homes and installing self-contained suites. But before you jump start a renovation project, the BBB urges homeowners to protect themselves by taking a few simple precautions. All you have to do is a little homework. If you are adding a suite to your home, you may need to install a bathroom or a kitchen, which often requires a building permit. It’s a good idea to check with the BBB before you hire a contractor to start the renovation. Next, make sure to get the right type of insurance. To help avoid future headaches consider fire insurance, liability insurance and burglary protection. Ask other North Vancouver homeowners in your neighbourhood what policies they have to cover their homes. Also, check your municipal laws and taxes before you move ahead with a home rental. Familiarize yourself with both provincial and local restrictions and contact your local tax office or chamber for up to date information including B.C. rental tax laws. A hotel room tax coule apply to your short term accommodation if you have four units for rent or more or if you rent to one person for longer than one month. Visit the Ministry of Small Business and Revenue website for more information (www.gov.bc.ca/sbr/). Licensing may also be required. If you are planning on providing services outside your own home rental, you may require additional licensing for areas such as property management and acting as a travel agent. Lastly, be careful when you advertise. The Internet can be a powerful tool for attracting vacation renters through online listings, but some sites are scams. Take your time, do your research and when possible ask for a referral. For more information and consumer tips visit www.bbb.org.

Home Construction Down in North Vancouver Real Estate Market


This article taken from the North Shore Outlook newspaper and written by Jeff N for Black Press. Home builders say they see few signs so far of imminent collapse in the construction industry. Greater Vancouver Home Builders’ Association president Peter Simpson is pointing to the latest statistics showing Metro Vancouver housing starts are so far up 11 per cent from 2007 housing starts. “If we continue on this pace, we’re looking at the best year since 1993,” he said. Simpson was responding to predictions that the decline in Vancouver real estate prices in the region will soon trigger a building construction decline that could create a drag on Metro Vancouver’s economy. He did not rule out the possibility that will happen in the months ahead. “There are some clouds out there, but the sky is not falling,” Simpson said. “We warned our builders some time ago to be risk averse. Don’t plan out too far in advance.” He said there may be “ abit of shakeout” with smaller industry players, particularly newer entrants. “We’re looking ahead with cautious optimism.” Canada Mortgage and Housing Corporation (CMHC) analyst Robin Admanche said 2008 should be the fifth straight year in which housing starts have topped 18,000 units in the Greater Vancouver real estate region. She said the demand for new homes remains healthy, but the inventory of unsold new homes is beginning to rise. Surrey leads the region so far in new home construction, CMHC reported, with 4,000 units started – three quarters of them are multi family units. That’s a 66 per cent increase from the same period in 2007. Vancouver is up 74 per cent with 3,568 starts. Delta has twice as many new starts (171) this year. Langley, Burnaby, New Westminster, North Vancouver and Maple Ridge have all experienced significant declines of at least 20 per cent however. Real estate prices in Metro Vancouver peaked in March, the latest realtor statistics show, and are down about 4.5 per cent so far. Many more homes are now available for sale and buyers have become much more selective.

Community Update for Park & Tilford Shops & Gardens on the North Shore


Park & Tilford gets pedestrian friendly makeover according to the North Shore News magazine. New design of Park & Tilford makes a strong connection with the Gardens. One of the North Shore real estate’s favourite shopping, dining and entertainment destinations will soon be sporting an attractive new look. Park & Tilford Shops and Gardens is nearing the end of the first major renovation in its 20 year history. The $6 million makeover will include new fabric canopies, improved signage and a red brick façade designed to match the architectural style of the gardens at Park & Tilfod. “I think it’s going to be much more inviting, much more friendly,” says greg Richardson of Omicron, the project architect. “When you put canopies on a building you tend to lower the scale and make it more pedestrian friendly. It gives it a small town look and makes for a more comfortable shopping experience.” Richardson says the design of the new Park & Tilford North Vancouver shopping and gardens makes a much stronger connection between the shops and the gardens. “This will unify the whole centre. This is much more than a quick paint job,” says Tony Segaric, Vice President of Operations and Construction, Bentall’s Retail Property Management Division. “We are updating and upgrading the entire shopping centre.” Segaric says the North Vancouver Park & Tilford shopping centre experienced general wear and tear over the years and the exterior had suffered some damage from the elements. “The need for repairs gave us an opportunity to include an aesthetic upgrade to give Park & Tilford a warmer, more modern appearance and improved functionality.” Environmental considerations at the new North Vancouver Park & Tilford were also included in the renovation, and in day-to-day operations, with the use of building components that include recycled material as well as upgrades to improve energy efficiency. The improvements have earned Park & Tilford North Vancouver a “Go Green” designation from the Building Owners and Managers Association of Canada, which recognizes leadership in environmental stewardship. Segaric says the approach to the upgrades is consistent with Bentall’s long term view of retail property development such as Park & Tilford in North Vancouver. “We’re extending the lifespan of Park & Tilford to help our retail tenants deliver service and value to the community for many more years to come.”

Labels: , , , ,

Bookmark and Share