How Trees Can Affect Your Home’s Value

Vancouver Real Estate by Tom Ikonomou

There are many things that deter potential buyers from your home for sale. One of those is having trees in your back yard. When buying a home you need to ask yourself three very important questions;

  1. Will I be living in it for a long time
  2. Will be selling it in the near future
  3. Will I be keeping it as a rental investment

If you’re planning on living in it for a long time, you will most likely use the yard for outdoor family gatherings, kids and pets etc. Unless you are not planning on installing an in-ground pool, you will be fine.

If you will be selling it in the near future, then you must discount the price to reflect the limited amount of buyers looking for your home. Did you consider that when you purchased the home? The next buyer will do the same.

If you’re keeping it as an investment, then you can be sure the rental pool will also be limited to those that do not have kids and so the amount of rent will also be decreased. Which again affects the value of the home.

The following link explains the tree cutting process in South Surrey British Columbia. Other municipalities may vary so be sure to consult with your city officials before you decide to purchase a home with trees in the yard.

Tree Cutting Permit Application Process

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AI in the Vancouver Real Estate Industry

Here’s A Peek At What Artificial Intelligence Tells Us About Vancouver Property Values

Here’s A Peek At What Artificial Intelligence Tells Us About Vancouver Property Values

This article was written by:

Co-Founder and chief data nerd at Better Dwelling.

This week we revealed we’re working with IBM’s Watson artificial intelligence, to build predictive real estate models. We revealed a few tidbits about Toronto, so to be fair we thought we’d give our readers a brief update on what we’ve learned about Vancouver real estate too. Without further ado, here’s a peek at what our robo-intern Watson has learned about the year a home is built, and the property’s value.

Land Assessment Value By Year Built On

This isn’t a shocker, but older structures tend to be located on more expensive land. Land with structures from the 1900, 1899, 1887 averaged property values of $21,636,052, $16,574,000, and $7,093,000 respectively. There was one wildcard, structures built in 2015 had the fourth most expensive average land assessment value, with an average of $6,510,555. Older buildings tend to be located on larger, more central plots of land – so it’s somewhat expected they would be worth more. However, 2015 is an interesting break from the pattern.

The lowest average property values were a little more random, but there are some correlations with the dates. Buildings from 1800 (which there may not be that many of), have the lowest average land assessment value at $100,800. The next four years were 1998 ($711,605),  1999 ($732,936), 2009 ($839,822), and 1997 ($840,528). What’s interesting about those years are, they were immediately preceded by drops in real estate prices, which may indicate there was a larger number of properties built to maximize profits over land value.

Average Land Value By Year Developed

Land Assessment Value By Decade Built On

The artificial intelligence engine also produced some interesting insights when looked at by median property value by decade built on. The 1930’s produced properties with a median average value of $3,383,473. On the flip side, homes built from 2000 – 2010 were the decade with the lowest average land value, with a media of $1,100,257. So if you’re looking to maximize land value, you might want to start finding homes made in the 1930s.

Median Land Value By Decade Developed

While that’s just a few of the insights Watson provided, it does highlight an interesting pattern of land development in Vancouver. The development cycles of property, and the value assigned by certain neighbourhoods by decade, gives us a better understanding of where Vancouverites want to live. If pricing is higher in neighbourhoods developed in the 1930s, how will tearing down these homes impact future land value? I guess that’s another question we’ll take a look at on another day.

 

 

Collingwood

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Location

Collingwood is located in East Vancouver and boarders Boundary Road on the East, Nanaimo Street at the West, East 29th Ave at the north with a north west section crossing Vanness Ave and East 41st Ave at the South.

Parks

Collingwood has Eleven Parks including, Slocan park, Cariboo Park, Carleton Park, Price Park, Collingwood Park, Norquay Park, Gaston Park, Earls Park, Melbourne Park, Foster Park & Aberdeen Park.

Collingwood Residential Market Stats

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Vancouver Eastside Stats – July 2017

Inventory Sales Sales Ratio* /strong> Inventory Sales Sales Ratio*
$0 – 300,000 1 1 100% Champlain  Heights 19 14 74%
300,001 – 400,000 19 13 68% Collingwood 39 41 105%*
400,001 – 500,000 24 49 204%* Downtown 14 4 29%
500,001 – 600,000 43 33 77% Fraser 6 8 133%*
600,001 – 700,000 31 23 74% Fraserview 16 14 88%
700,001 – 800,000 33 16 48% Grandview 6 11 183%*
800,001 – 900,000 14 18 129%* Hastings 14 12 86%
900,001 – 1,000,000 8 6 75% Hastings East 2 5 250%*
1,000,001  – 1,250,000 21 14 67% Killarney 9 1 11%
1,250,001  – 1,500,000 20 8 40% Knight 11 4 36%
1,500,001  – 1,750,000 3 1 33% Main 6 4 67%
1,750,001  – 2,000,000 1 0 NA Mt Pleasant 50 52 104%*
2,000,001  – 2,250,000 2 0 NA Renfrew  Heights 0 0 NA
2,250,001  – 2,500,000 1 1 100% Renfrew 4 5 125%*
2,500,001  – 2,750,000 2 0 NA South Vancouver 0 0 NA
2,750,001  – 3,000,000 0 0 NA Victoria 29 8 28%
3,000,001  – 3,500,000 0 0 NA TOTAL 225 183 81%
3,500,001  – 4,000,000 0 0 NA
4,000,001  – 4,500,000 0 0 NA
4,500,001  – 5,000,000 1 0 NA
5,000,001 & Greater 1 0 NA
TOTAL 225 183 81%
0 to 1 Bedroom 68 80 118%*
2 Bedrooms 106 73 69%
3 Bedrooms 45 26 58%
4 Bedrooms & Greater 6 4 67%
TOTAL 225 183 81%
Median Data June July Variance
Inventory 205 225 10%
Solds 279 183 -34%
Sale Price $580,000 $565,000 -3%
Sale Price SQFT $786 $715 -9%
Sale to List Price Ratio 106% 103% -3%
Days on Market 8 9 13%

 

 Tom Ikonomou East Vancouver Realtor

Renfrew

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Location

Renfrew is located in East Vancouver and boarders East Hastings Street at the north, Grandview Highway on the south, Nanaimo Street on the west and Boundary Rd at the East. Renfrew is a diverse area that includes a substantial business community in several areas.

Parks

Renfrew has seven parks including Hastings community Park, Adanac Park, Charles Park, Rupert Park, Clinton Park, Sunrise Park & Kaslo Park.

Residential Market Stats

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Some foreign buyers get break from tax they face on Vancouver real estate

This article was written by Derrick Penner in the Vancouver Sun on March 17, 2017

The real lesson Ontario can take away from B.C.’s carbon tax
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The province has expanded its exemptions to the foreign-buyer tax on real estate to include workers coming into B.C. under the provincial nominee program, Premier Christy Clark announced Friday.

She also said the government will rebate the tax to foreign nationals who become permanent residents of Canada within a year of purchasing a principal residence, so long as they lived in the home for a full year.

Because the 15-per-cent tax has helped cool Metro Vancouver’s property markets, Finance Minister Mike de Jong said the province “is now in a position to provide targeted relief to help ensure our province continues to attract skilled workers and entrepreneurs.”

In February, the government announced it would offer exemptions to the tax for foreign nationals living in Metro Vancouver who held work permits.

Also, people who arrived in B.C. on the provincial nominee program after Aug. 2, 2016, when the tax took effect, will be able to apply for retroactive exemptions.

In a news release, Clark said the revisions to the tax were made in part to help the province’s booming tech sector, which relies heavily on the provincial nominee program.

The province brought 6,000 skilled workers into the province using the nominee program in 2016, 900 of whom came here for jobs in technology. B.C. aims to bring another 6,000 workers to the province under the program this year.

“British Columbia has always welcomed the world’s best and brightest, where they find a place that embraces them,” Clark said in the news release.

In making the announcement, the Ministry of Finance distributed job-creation figures showing that employment growth in B.C.’s tech sector, at 2.9 per cent, exceeded the overall provincial average of 2.5 per cent employment growth.

The province estimates that one-third of new job openings expected by 2025 will have to be filled by immigrants, according to ministry calculations.

 

 

 

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