Take a look at our weekly round-up of interesting links and talking points about Kitsilano and the Real Estate Market.
Kitsilano Real Estate News
Vancouver Baby Boomers Sitting on $163 Billion Worth of Property (Vancouver Sun)
The dollar amount may be surprising, but the idea of the older generation owning some fantastic lots isn’t. They bought before the uptick in Vancouver Real Estate, and were able to secure a nice home in a great location for an affordable price. Many of our younger clients are getting financial help from their parents in order to buy their next home, and often this has been happening after their parents downsize. We also see the mature generation coming through our open houses, looking for a smaller home, that’s still located in Kitsilano (near all the best in Vancouver!). Expect to see a lot of Kits Character houses that need some reno’s and updating when baby boomers decide to sell..
Condo Owners Ignoring Depreciation Reports? (Business in Vancouver)
A Depreciation Report is a 30 Year Building Maintenance Plan – every component of the building is assessed and given a life span and cost of replacement (based on industry standards). The report sets out a 30 year financial plan to cover the costs, whether that be through special assessments or strata fees. A new rule enforced every strata building in Vancouver to either have a Depreciation Report done by 2013, or vote to postpone it (the Depreciation Report can only be postponed for 3 years before the building has to have it completed). Apparently, only 25% of buildings in the city have chosen to have this report done. This is a surprisingly low number, but I expect it to jump in the next year or two. Many strata building chose to postpone the report until they saw the effects the report had on other buildings, and others chose to postpone it while they finished already agreed upon building maintenance. One thing is certain – expect the strata fees to increase in every building that completes the report, as they begin to plan for their financial future.
Trains again down Vancouver’s Arbutus Corridor (The Vancouver Sun)
It’s hard to believe that trains once ran down the old train tracks cutting through Kitsilano at Arbutus, and it’s even harder to believe that there has been discussion of that happening again! I doubt anything will come of this, as the city isn’t on board, but it’s a good read. In related news, this isn’t surprising, but property values would take a hit. (The Vancouver Sun)
There was a fantastic article about the end of the immigrant investor program, and it’s effect on Vancouver Real Estate, but unfortunately, that article is not available online! Pick up the May 2014 “Restaurant Awards” issue for the article about this, as well as an interesting take on parking issues in the city.
Kitsilano Community News
My favourite time of year! Local farmers bring their bounty to many of Vancouver’s neighbourhoods so we can enjoy homegrown fruits and vegetables and other interesting products like cheese, organic meats, sauces and more. Check out the location and schedule of each farmer’s market, and plan for an outing each weekend. Expect fresh rhubarb and asparagus at this time of year! The Kitsilano Farmer’s Market is every Sunday, from 10am to 2pm, at Kitsilano High School on 10th and Larch.
Car Free Days! June 15 across the city.
Car Free Day is back in Vancouver – June 14th and 15th in Kitsilano! A fun weekend where different neighbourhoods in Vancouver shut down their main thoroughfare so we can enjoy community focused entertainment, food, shops and more. Kitsilano’s hosts an entire “Block Party” weekend. Gather your friends and family, it’s a great way to spend some time outdoors in your neighbourhood.