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5 Things You Must Know About Vancouver

5 Things You Must Know About Vancouver

Credit: Paolo Macorig

Vancouver, British Columbia is one of the coolest cities on the face of the earth. It’s known for it’s aromatic coffee scene, the eclectic night life, and for being surrounded by gorgeous islands.

But if you plan on moving to Vancouver, there’s some lesser-known facts that are only really known to the locals.

Here are five things that you should know before you move to help you feel like a local on day one.

Stanley Park: An Environmental Mecca

Vancouver is known for being a haven for outdoor lovers and environmentalists alike, but did you know that the city’s first ever green space is one of the largest urban parks in North America? Stanley Park is 1001-acre’s large and is home to many fun attractions and walking paths, making it perfect for a day out away from the bustle of the city.

It’s Known As “Hollywood North”

The amount of movies and TV shows which have been shot in Vancouver is impressive. Between the government providing tax credits to producers and a favorable exchange rate from the USD to the CAD, it enables producers to film movies here on the cheap. A few notables made here are the tv shows Arrow, The Flash, and The 100. It was also the location for Mission: Impossible – Ghost Protocol.

Everyone Knows About Diamond and Diamond

The Diamond and Diamond Law Firm has been a recent phenomenon in Vancouver. They originally started in Toronto, but now Diamond and Diamond are in Vancouver. Having recently opened up their law firm here, they have put ads all over the city, making it difficult to go anywhere without catching a glimpse of Jeremy Diamond and crew.

The Great Fire of Vancouver

In those departed days of 1886 when the city had only been founded for a few months, the city was completely burned down and this is known as the Great Fire of Vancouver. Out of the entire blaze, less than five buildings survived the demolition. It’s estimated that around $1.3 million was lost in property. This prompted the town to raise money for their first firehall.

We’ve Held The 2010 Olympic Games

To top all of this off, the city of Vancouver also held the 2010 Winter Olympics. These games featured 82 countries and more than 2,500 athletes. The games lasted for 17 days and was watched by an astounding 3 billion people on television. The games took place all over Toronto and created an exciting atmosphere across the city.

Vancouver is hands down one of the neatest places on earth. It’s an eclectic city with a personality all it’s own. It’s been home to contest by Olympians, large fires, and some of the biggest shows on TV.

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4 Tips On Finding The Perfect Office Space

4 Tips On Finding The Perfect Office Space

Credit: Marc Mueller

If you’re about to purchase a retail space for your new office, it’s important to understand what to look for. Here at Condo Move we want to help you find an office space that’s comfortable, professional, and has enough room for you to grow as a business. Here are some of our best tips on what to look for in your new office.

Space to Grow

If you’re a new business, you need to make sure there’s space for you to grow. For instance, if you’re a firm of injury lawyers in Vancouver, then you need to be able to handle increased client loads by hiring more staff. Where you’re moving, is there enough office space available to allow for more staff?

Location, Location, Location

Discovering the right location for you can be a bit of a challenge. You need to juggle price ranges, traffic volumes, and the nearby competition. Wherever you move, make sure that you’re nearby a lot of foot traffic so that you can be sure enough people will see your building to develop increased brand awareness.

You should also research how close competition is for your services and products. If competition is too, it may negatively impact sales so that it’s difficult to afford both fixed and variable costs.

Remember Your Tax Deductions

Come tax time you’ll be able to file for tax deductions for new businesses, so don’t forget as this can be a large sum of income for your business to continue to grow. Tax deductions are viable on many business expenses such as office equipment and occasionally even payments regarding your rent such as utilities.

Sublease Some Office Space

If you do take up some extra space to give your business that extra room to grow, you can sublease it as additional office space in the mean time while you’re not using it. This will allow you to receive an additional income and it helps give you more potential options for leasing office space because you’re not as worried about a space being a little too big.

Work With a Trusted Agent

A trusted agent will be able to show you all the best spots in the city so you know that you’re taken care of. Before you hire an agent, look into their background in order to see what people have to say about them. The better agent you find, the better experience you’re going to have while shopping for your new retail space.

Finding an office space to lease is an exciting time, but one that can be pretty stressful. By focusing on these tips, you’ll be more fully prepared to take on your new task!

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The Vancouver housing market is in trouble with a 40% plunge in sales – prices are expected to follow the same downward trend

The Vancouver housing market continues to show signs of anxiety with only 444 detached homes selling in January and prices down more than six per cent in the past six months. The Real Estate Board of Greater Vancouver said Thursday there were 1,523 sales in January 2017, down from 2,519 sales a year ago and a drop of 11.1 per cent from the 1,714 sales in December. The January sales figures were 10.3 per cent below the 10-year average for the month. Metro Vancouver’s detached properties are thought to be highly sought after by overseas buyers. However, the slower pace of sales, represented a 57.6 per cent decline from a year ago. This leads us to believe that the Vancouver region’s real estate market could be headed for its first year of price declines since 2012 as home sales extend their slide. New principal tax rules surrounding capital gains exemptions could also create further tension within the real estate market. David Rotfleisch, Toronto Tax Lawyer, quotes “If you don’t fall into the non-resident category, your headache will be the new reporting requirements on the sale of property. Not doing this right will open you up to audits and bring the risk of significant penalties.”

As far as prices are concerned, the board said its MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver was $896,000 in January, a 3.7 per cent decline over the past six months and a 0.2 per cent drop from December, 2016. The falling numbers come as Vancouver continues to deal with the impact of a 15 per cent foreign property transfer tax the province began imposing in August.

“From a real estate perspective, it’s a lukewarm start to the year compared to 2016,” Dan Morrison, president of the board, said in a statement. “While we saw near record-breaking sales at this time last year, home buyers and sellers are more reluctant to engage so far in 2017.”

Supply of new housing units on the other hand appears to be ramping up quickly. The total number of new listings for detached, attached and apartment properties in Metro Vancouver was 4,140 in January, 2017. That figure represented a 6.8 per cent decrease from a year ago but was up 215.5 per cent from December, 2016. The total number of homes listed for sale on the Multiple Listing Service in Metro Vancouver climbed 9.1 per cent over the last year to 7,238 in January, 2017. Total listings jumped 14.1 per cent from the 6,345 listings in December, 2016. The sales-to-active listings ratio of 21 per cent in January, 2017 was 21 per cent, the lowest ratio for the region in two years.

“Analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months,” the board said in a statement.

Morrison said property type is defining activity in the Greater Vancouver market. “The townhome and condominium markets are more active than the detached market at the moment,” Morrison said, adding while detached home prices are falling, townhome and condominium prices are holding steady.

 

 

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We’re ready for the TRID rules!

At 5 p.m. EST June 17, the Consumer Financial Protection Bureau issued a statement that the effective date for the TILA-RESPA Integrated Disclosure (TRID) rules would be pushed back to Oct. 1, 2015.

CFPB Director Richard Cordray said in a prepared statement: “The CFPB will be issuing a proposed amendment to delay the effective date of the Know Before You Owe rule until Oct. 1, 2015. We made this decision to correct an administrative error that we just discovered in meeting the requirements under federal law, which would have delayed the effective date of the rule by two weeks. We further believe that the additional time included in the proposed effective date would better accommodate the interests of the many consumers and providers whose families will be busy with the transition to the new school year at that time.”

Rainier Title has been working towards the TRID implementation for over a year and felt prepared for August 1st. However, with the proposed delay we will be taking this opportunity to continue our education and training of TRID. While we believe that we have been proactive and ready for this change, there are still so many unknowns that will have to be addressed at the time of implementation. The industry should still prepare for 45-60 days for transaction to close due to the new timing parameters of the forms.

We’re working hard to be ready for all changes!

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Real Estate Roundup

Active Home-Building Industry Will Lead to More Demand for Warehouse Space

Strong consumer spending and the rise in housing construction activity are currently the prime factors for the incredible rebound of the U.S. industrial real estate sector, and experts say as home buying continues to increase, so will demand for warehouse space. — From NRE Online

To Buy or Not to Buy: That Is the Developer’s Question

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