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Housing affordability is a hot topic in Vancouver and I wanted to take a few minutes to talk about it and throw out 3 ideas that could be implemented to solve this issue. I am a real estate agent in Vancouver and I know first hand how challenging it is becoming for families to live in this beautiful city. Let’s dive right into this. Here are the three steps that I would suggest:

1) Prefab housing. What is this this? Do you remember playing with erector sets when you were a kid? This method of building housing has been around for years and is being implemented in other parts of the world like Europe, China and Israel. It essentially allows construction to be fast, efficient and systematized by manufacturing construction components off-site and assembling those components using a crane and minimal labour. Steel frame and hollow core concrete slabs can cut the time and cost to build a building dramatically.

2) Fast track building permits. How long do you think it takes to gain approval for a highrise development in Vancouver? If a rezoning is part of the process, which it usually is, it can take 6 or 7 years from the time a developer envisions a project to the time buyers actually take possession and move in. This entire process needs to be streamlined and the city has to cut the red tape and fast track the public consultation process.

3) Reducing the cost of building permits, development cost charges and community cost charges. Did you know that when a land assembly happens in Vancouver, the homeowners selling their homes at high values do not participate or give back to the community for the extra value the city has created through the rezoning? It is up to the developer to pay the higher land cost and pay the city the community cost charge. This cost is in turn passed on to the end user or purchaser of the condominiums that are ultimately built. If we want affordability, all of these charges need to be dramatically reduced.

As a final note, I wanted to mention the alternative to finding affordability is to find a way to generate more individual or family income. Average family incomes are $60k to $70k in Vancouver. Obviously, with the cost of housing where it is in Vancouver, average income families can no longer own a home. We have to look for additional means of income and understand how money works. If you want to see how financially literate you (take the quiz) are or if you are looking for a new carrier my wife, Alison, is growing a financial company that is looking for ethical, hardworking individuals and you can reach out to her through the link below this video.

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Download Special Information Update: http://davidsetton.com/15-foreign-tax.html
Special Report - Vancouver Detached Single Family Homes Westside - Impact from Foreign 15% Tax
- take a few minutes to how new 15% tax introduced Aug 2nd has impacted single family market in Vancouver Westside
- look at 3 variables see how changed since tax introduced and since this time last year.
1) inventory, 2) # sales 3) Sale Price
1) Inventory: here is the challenge for buyers in the Westside - inventory hasn’t really changed since Aug or this time last year. +/- 1%. This is why we will see prices haven’t moved much.
2) # Sales: Sales are actually up since Aug when the tax was intro. by 24% but when you look at Oct 2015 comp to now sales are dn 52%
3) Sale Price: down 9% comp to Aug this year, but we are still up 10% compared to Oct 2015.
Lots of stats! One last thing - strong seller’s market in Oct 2015 now market favouring buyers.
Information package Westside, North Vancouver, Richmond, Burnaby, Surrey, Coquitlam

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Download 10 Sales Here: http://davidsetton.com/what-is-selling-in-kitsilano.html
What’s hot in the Kitsilano Single Family for November 2016
The Van Westside Single Family market is now favouring buyers but the Kitsilano market is balance.
- 10 Homes sold in Kits for between $1.395M for a 1925 built home on a 42 x 54 lot up to $3.28M for a 2015 built home on a 33 x 122 lot on 16th Ave
- 49 homes were available and on the market in Kitsilano in October so to have 10 sales puts us in a balanced market at a 20% SR (21% or more is a seller's market)
- Sold values in Kitsilano are lower at $2.3M than the median price for a home in the Westside - now at a $3.2M
If you like to take a look at these sales, I have a new package you can download at the link below map locating them and photos and details for each property.

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What’s hot in the Kitsilano Single Family for Jan 2016
See all homes that sold in Kitsilano last month here: http://davidsetton.com/what-is-selling-in-kitsilano.html
The Van Westside Single Fam market is very strong and very much fav sellers and Kits is no exception.
- 11 Homes sold in Kits for between $1.851M bought 33’ x 115’ land on 8th ave up to $3.3M for two ½ duplexes on a 49’ x 110 on 5th Ave
- 10 / 11 homes sold for over asking price
- 11 homes were available and on the market in Kits in Dec so to have 11 sales puts us in a strong seller’s market at a 100% SR (21% or greater)
- Sold values in Kits are lower at $1.9M than the median price for a home in the Westside - now at a staggering $3.2M
If you like to take a look at these sales, I have a new package you can download at the link below map locating them and photos and details for each property. specialize ph number

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