Richard Tsang Real Estate

Congrats to my Buyer who found this brand new home best fitted to their family needs. Thank you for your trust in me to secure this 2 bedrooms townhouse with amazing patio space. Big thanks and grateful to be working with you.... #RichardTsangRealtor #BurnabyRealtor #BurnabyRealEstate #Burnaby #newdevelopment #townhouse #professional #realestate #advise #opportunity #CMA #Tourguide #immigration #hustle #hardworking #realtor #agent

TAX TAX TAX Check out the lastest news on Vancouver Empty Homes Tax (EHT) The tax reduces the cost effectiveness of vacant speculation, forcing owners to decide if they really want to carry the empty home. There’s some notable exceptions, like if the home is a principal residence or rented for 6 months. ... Vancouver To Tax Vacant Homes At 3% Vancouver plans on tripling this tax for next year. Council voted to increase the vacant home tax to 3% of the assessed value for 2021. The rate last charged was 1% in 2019, and it’s slated to increase to 1.25% in 2020. The aggressive measures are likely to cause empty homeowners to really think about whether those empty units are worth it Source: Better Dwelling For more info, please click on below link. https://bit.ly/2KJyO9U #EHT #Homeowners #NeedToKnow #Vancouver #WhatsNewIn2021 #Vacant #Homes

CERS - This may be a Game-Changer for your business. Interested to know more on how federal Government can provide support for your business through the amended Canada Emergency Rent Subsidy program. Be sure to check out the below link: https://bit.ly/3kXZmBo... Source: Western Investor #Commerical #Rent #Relief #CERS #Federal #Subsidy #BusinessSupport #MortgagePayment #Wage #Assistance

Vancouver’s downtown office sector has seen sublease space increase by 347 per cent this year, pushing the vacancy rate from 4.2 per cent in the second quarter to 5.7 per cent as of the third quarter, according to a survey by JLL Canada. In comparison, Metro Vancouver’s suburban office market, has seen only a slight increase in vacancies, increasing to 8.8 per cent from 8.2 per cent in the previous three-month period. Total subleases now account for 23.4 per cent of vacant of...fice space in the suburbs. A key reason for this increase in subleases is because a number of downtown tenants are testing the market as their workforce continues to work from home, so existing premises sit empty, according to JLL Canada. For more info, please visit: https://bit.ly/3kzY9A1 Source: Western Investor

Skyrocketing strata insurance costs need addressing by the provincial government before B.C.’s housing crisis worsens as a result, Union of B.C. Municipalities delegates voted Sept. 23. Coun. Craig Hodge said rates have gone up 40% and deductibles in some cases tripled. Effective Nov. 1, insurers will be required to provide strata corporations with 30 days' notice if they will not renew, or if they plan to materially change, an insurance policy.... A resolution before delegates said increased costs are making it harder for stratas, and non-profit housing providers have experienced substantial cost increases to insurance premiums and have found it difficult to secure insurers. The resolution said the B.C. government has introduced initial legislation to address rising strata costs focusing on. For more info, please visit below link for details. Source: BIV https://bit.ly/3hXKot0 #BC #Strata #Costs #Insurance #Premiums #Skyrocket #Housing #Affordability #Government #Preliminary #Resolution

Recent rents comparison around Sky Train stations Source: https://bit.ly/32TisRj... #GVA #Locations #Skytrain #Rents #Market #Comparison

House prices are more or less flat in Vancouver and Toronto, which are considered gateway cities for global migrants. Rental prices are softening in Vancouver and Toronto and housing prices are soon to follow as the number of new immigrants and foreign students falls sharply because of border restrictions aimed at combatting the spread of COVID-19. Average rents have dropped by eight per cent in Vancouver and Toronto in recent months. Hundreds of thousands of dwellings filled... by last year’s cohort of 642,000 international students are empty. And a record number of investor-owned condo units, formerly rented, have been listed for sale. Despite a summer uptake of pent-up buying, house prices are more or less flat in both metropolises, which are considered gateway cities for global migrants. Along with some major banks, the Canada Mortgage and Housing Corp. is among those warning that property values should significantly depreciate in the next 12 months. The average price of a rental in both Metro Vancouver and Greater Toronto is now the same, $2,239 per month, while it is $1,709 in Montreal. The rental market in major Canadian cities has been especially hit by stalled migration rates. A slowdown in immigrant-related demand for homes could squeeze the rental and housing markets. Urban rental and housing markets and university budgets will be among the casualties as foreign student numbers drop almost in half and as immigration intake is slashed to roughly 240,000 this year, says RBC. The country took in 271,000 immigrants in 2015. Canada’s largest real-estate markets partially attribute their fast-climbing prices to immigration. However, with a significant decline in permanent residents, prices have yet to slow down, Punwasi observes. The cost of an average home this spring was $1.038 million in Metro Vancouver, $870,000 in Greater Toronto, and $435,000 in Montreal. The B.C. Real Estate Association confidently claimed on Tuesday that average home prices will rise 7.7 per cent in this province by the end of 2020 and 2.2 per cent in 2021, maintaining people in higher-earning jobs have not been hit hard by the pandemic. Source: VancouverSun For more info, please click on the following links: https://bit.ly/2EnPvVF https://www.youtube.com/watch?v=XnXbw4hJfao#action=share #RealEstate #Forecast #PropertyValues #TheNext12Months #Immigrations #RentalMarkets #HousingMarkets

Vancouver’s downtown office market has hit some serious headwinds but industry analysts expect all 15 of the planned new office towers some not yet under construction will complete by 2024. The downtown office sector has seen its vacancy rate increase to 3.6 per cent this June, compared to 2.6 per cent at the end of 2019, according to Avison Young’s mid-year Metro Vancouver office report, which notes Vancouver still has among the lowest vacancy rates in North America. Sou...ce: BIV https://bit.ly/3hpoXl4 #Vancouver #Downtown #Realestate #Office #Leasing #Construction #Outlook #commercialrealestate #Vacancy #Rates

LEASED! | 2286 ONTARIO STREET, VANCOUVER, B.C. V5T 2X2 Pleased to announce that we have represented the Tenant in securing 6,724 sq ft. of a freestanding industrial warehouse located in the heart of Mount Pleasant area of Vancouver. Due to Covid-19, we went through a few complexities to negotiate a best fit timeline for closing on the business purchase and lease. Special thanks to @Nara Kim for representing the Seller to complete sales transaction of the business. Please co...ntact us for more details or with any of your facilities needs. Richard Tsang Residential and Commercial Realtor (604) 761-9382 [email protected] #Vancouver #realestate #SabaRealty #commercialrealestate #industrialproperty #leasing #warehouse