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Business Licences Now Required for Airbnb Short-Term Rentals in Vancouver
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(Posted on Nov 16, 2016 at 05:00AM by Michelle Bogle)
In recent years, there has been a sharp increase in online platforms, such as Airbnb, that allow people to rent out rooms or suites on a nightly basis to tourists and business travellers.In fact, according to the City of Vancouver, there are currently more than 5,000 active short-term rental listings in the city.
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As a result, a new proposal is being put forward where proprietors must obtain a new business licence that will allow short-term rentals (less than 30 days) in principal residences, whether owned or rented.Â
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"Vancouver is striking a balance in our approach to short-term rentals that ensures the best use of all our housing. Long-term rental supply will be protected and residents will be able to do short-term rentals in their principal residences," says Mayor Gregor Robertson. "Housing is first and foremost for homes, not operating a business. Both our research and broad public input tell us we can have short-term rentals in Vancouver to help supplement income, while ensuring long-term rentals are back in the rental market."
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Under the proposed policy, principal resident owners and renters who wish to list part or all of their home on a short-term rental site will:
• Require a business licence
• Have to post their license number in any advertisements for the rental
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To obtain a short-term rental business licence, principal residents would need to prove:
• Control of the home they propose for short-term rental, through a copy of title or tax assessment (owners), or signed tenancy agreement (renters) that permits short-term sublets
• The property's strata by-laws must not prohibit short-term rentals
• Regular personal business at this address, through a valid government ID with photo and address and a utility bill or piece of government correspondence dated within the last three months
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Short-term rentals would remain illegal in homes that are not principal residences, including empty and investment properties, or structures, such as boats or trailers, that are not considered dwellings.
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Short-term rental licensees may also be subject to a hotel or other tax that will be re-invested to fund affordable housing initiatives in the city.
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Staff are seeking approval on the proposal and will consult with stakeholders, including Airbnb, other listing sites, and the hotel and tourism industry, on implementation and enforcement of the new regulations.Â
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A final recommendation with go-forward steps will be announced in Q1 2017.Â
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For more information regarding short-term rental regulations in Vancouver or multi-family and hospitality investment opportunities across British Columbia, please contact our office to speak with an advisor.
Celebrated Vancouver Architect, Bing Thom, Dies
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(Posted on Oct 8, 2016 at 01:00PM by Michelle Bogle)
One of Vancouver’s brightest architects, Bing Thom, passed away on October 4, 2016, of a brain aneurysm at Hong Kong’s Eastern Hospital. He was 75. Â
He leaves behind a legacy across the globe of notable projects – many of which are located right here in Vancouver.
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After completing a Bachelor of Architecture degree from the University of British Columbia, followed by a Master's Degree from the University of California at Berkeley, Thom joined Canadian architect Arthur Erickson at his firm. There, he worked on projects, such as the Vancouver Courthouse and Robson Square Complex.
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In 1982, Thom stepped out on his own and established Bing Thom Architects. Here, he completed a number of significant international projects through the years, including:
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• The Expo 92 Canada Pavilion in Seville, Spain
• Arena Stage Theatre in Washington, D.C.
• Xiqu Centre Opera House in Hong Kong
• University of Chicago Centre in Hong Kong
 • Arena Stage Theatre in Washington, D.C.
• Xiqu Centre Opera House in Hong Kong
• University of Chicago Centre in Hong Kong
But, he also continued to work on a number of notable local projects across British Columbia, such as:
• The Chan Centre for the Performing Arts at UBC
• Central City Surrey
• Sunset Community Centre
• Surrey City Centre Library
• Guildford Aquatic Centre
• Simon Fraser University’s Sustainable Energy and Environmental Engineering Building
Thom also had a great impact on Vancouver’s commercial real estate scene. He could often be found wading through urban planning debates or suggesting out-of-the-box ideas, like creating a beach on the northeast shore of False Creek in 2011. His ideas have helped to spark other innovations from young entrepreneurs; just this summer, a group proposed to build a surf park on that site with a beach.Â
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In his 75 years on this earth, Bing Thom made a difference through his work. He will be missed by his family, colleagues and community – both here in Vancouver and across the globe.
New Options for Owners of Older Strata Properties
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(Posted on Sep 5, 2016 at 01:00PM by Michelle Bogle)
Positive news for strata property owners – the Strata Property Act has been amended to permit strata corporation members to terminate a strata corporation by an 80% vote. Previous, a strata corporation could only be terminated with a 100% vote.
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According to the Hon. Rich Coleman, Minister of Natural Gas Development and Minister Responsible for Housing, this change was made to give strata lot owners more freedom to choose what they want to do as their property nears the end of its life cycle.Â
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He adds, “We don’t want strata owners to be stuck in a situation where they’re paying for repairs on a property not worth repairing, but they can’t terminate the strata because it’s really difficult to get a unanimous vote.†With the amendments made to the Strata Property Act, owners now have some much-needed flexibility.
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Tony Gioventu, the Executive Director of the Condominium Home Owners’ Association, agrees with this change – it’s a definite step in the right direction. “This also benefits strata corporations considering liquidation of their buildings for redevelopment,†said Gioventu.
To read the Strata Property Act in its entirety, please click here.
To read the Strata Property Act in its entirety, please click here.
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For more information on strata housing investment opportunities in the Lower Mainland, please contact our Vancouver office to speak with an associate.
You can also view our current commercial real estate listings by clicking here.
You can also view our current commercial real estate listings by clicking here.
Vail Resorts to Buy Whistler Blackcomb for $1.4 Billion CDN
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(Posted on Aug 8, 2016 at 02:08PM by Michelle Bogle)
Colorado-based Vail Resorts Inc. has announced that it will be buying B.C.’s Whistler Blackcomb for a reported $1.4 billion CDN ($1.1 billion USD).
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In this deal, Vail will acquire 100% of Whistler Blackcomb's stock, paying shareholders $17.50 CDN in cash and 0.0975 of Vail Resorts common stock, with a total value of about $36 CDN per share. The deal is expected to close this fall.
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"This relationship will bring greater resources to support our current operations and our ambitious growth plans, including the Renaissance project – the most exciting and transformative investment in Whistler Blackcomb's history," Dave Brownlie, Whistler Blackcomb's CEO, said in a statement. He will continue to lead Whistler Blackcomb as chief operating officer.
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For Vail CEO Rob Katz, his outlook is also positive, saying that the combined expertise of the two companies will improve the experience for guests and preserve the brand and character of the popular all-season resort.
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Major deals and projects, such as the Whistler Blackcomb Renaissance and the Woodfibre LNG plant in neighbouring Squamish, are transforming the Sea-to-Sky corridor’s economy and thus fueling demand for real estate – both residential developments and commercial.Â
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David Fox, our Sky-to-Sky expert, is keeping a watchful eye on commercial real estate activity in Whistler and Squamish. To learn more, please contact him directly with your inquiries.
Vancouver's Oceanfront Commercial Properties: Sitting Pretty
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(Posted on May 18, 2016 at 10:47PM by Michelle Bogle)
Commercial properties may only take up 2% of the land lining Vancouver’s oceanfront, but, when broken down, they account for nearly 600 businesses geared towards catering to visitors in the area.
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In fact, in a recent Vancouver Sun report, there are at least 77 office buildings, 73 hotels, 37 stores, 12 restaurants and five theatres directly on the Pacific Ocean between Lions Bay and South Surrey. It’s a bustling oceanfront commercial hub with Vancouver taking up three-quarters the land.
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The most popular commercial properties? Marinas, of course. To date, there are 152 of them, valuing more than $200 million.
Additional seaside industrial operations also include 34 storage and warehouse facilities, 21 parking lots, two gas stations and one car wash.
Additional seaside industrial operations also include 34 storage and warehouse facilities, 21 parking lots, two gas stations and one car wash.
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The parking lots alone have a combined value of nearly $200 million, with the most valuable properties being offices at $790 million and hotels at $635 million. The Westin Bayshore Hotel takes up a good portion of that value. To date, it’s situated on land valuing near the $154 million mark.
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With Vancouver’s strong commercial real estate market, these land values are expected to rise and gain continued interest from foreign investors looking to capitalize on the low Canadian dollar and interest rates.Â
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To learn more about oceanfront commercial real estate opportunities in the Lower Mainland, please contact our Vancouver office to speak with an advisor.Â
Provincial Property Transfer Tax Act Applies to Commercial Assets
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(Posted on Mar 30, 2016 at 01:00PM by Michelle Bogle)
Commercial real estate investors, take note!The B.C. government’s planned changes to the Property Transfer Tax Act, which requires real estate buyers to disclosure citizenship and residency status information, applies to not only residential assets, but commercial as well.
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These changes were initially announced in the 2016 provincial budget, as a result of increasing foreign real estate investing in Metro Vancouver.
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The purpose of this new layer of disclosure is to provide the province with clearer data to better understand British Columbia real estate, both residential and commercial, and its drivers.
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Individuals buying property will need to disclose whether or not they are Canadian citizens or permanent residents. Corporate buyers must also disclose the total number of directors, the number of those who are Canadian citizens versus permanent residents, and the name, address and citizenship of all foreign directors.
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This new change is planned to take effect by late spring/early summer of this year.
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For more information, please contact our Vancouver office for details.
Lower Mainland Commercial Real Estate Sales Reached Five-Year Record High in 2015
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(Posted on Mar 18, 2016 at 06:00AM by Michelle Bogle)
Vancouver’s commercial real estate sector ended 2015 very strong. It was a year that saw great sales growth in land, office and retail, industrial and multi-family categories.
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In fact, according to the Real Estate Board of Greater Vancouver, there was a total of 2,307 commercial real estate sales in the Lower Mainland in 2015 – a solid 16% increase over the 1,985 sales in 2014.
Commercial real estate sales in 2015 were also 15% higher than the region’s five-year sales average. At the end of 2015, the total dollar value of commercial real estate sales in the Lower Mainland was $8.389 billion – a 33% increase from the previous year’s $6.273 billion total.
Commercial real estate sales in 2015 were also 15% higher than the region’s five-year sales average. At the end of 2015, the total dollar value of commercial real estate sales in the Lower Mainland was $8.389 billion – a 33% increase from the previous year’s $6.273 billion total.
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2015 Vancouver Commercial Real Estate Sales Breakdown By Category
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Land
There were 819 commercial land sales in 2015 – up 26% from the 650 land sales in 2014. The dollar value of 2015 land sales was $3.825 billion – up 21% from 2014’s $3.139 billion.Â
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Office and Retail
There were 807 office and retail sales in 2015 – up 6% from the 757 sales in 2014. The dollar value of 2015 office and retail sales was $2.364 billion – up 40% from 2014’s $1.678 billion.
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IndustrialÂ
There were 545 industrial land sales in 2015 – 15% from the 471 sales in 2014. The dollar value of 2015 industrial sales was $988 million – up 20% from 2014’s $823 million.
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Multi-Family
There were 136 multi-family land sales in 2015 – up 27% from the 107 sales in 2014. The dollar value of 2015 multi-family sales was $1.210 billion – up 91% from 2014’s $631 million.
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As you can see, 2015 was an extremely solid year for Vancouver’s commercial real estate sales. Overall, these numbers represent our city’s strong economy and real estate growth in the province.
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To learn more about the Lower Mainland commercial real estate market and how you can partner with Marcus & Millichap, please contact our Vancouver office for more information.Â
Marcus and Millichap Takes on Vancouver's Commercial Real Estate Industry
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(Posted on Mar 12, 2016 at 02:08AM by Michelle Bogle)
The word is out and it's official!Marcus & Millichap has opened its newest Canadian office in Vancouver, British Columbia.
More news will be released in the coming days.
Check back soon to hear all of the exciting details!
Marcus and Millichap Selects Vancouver as Its Next Venture
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(Posted on Mar 11, 2016 at 07:49PM by Michelle Bogle)
Marcus & Millichap, a leading commercial real estate investment services firm in the United States and Canada, has recently selected Vancouver, British Columbia, as its next venture.
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Steered by Rene Palsenbarg, Regional Manager at Marcus & Millichap, the newly opened Vancouver office provides real estate investment sales, research information and advisory services for a variety of commercial real estate assets. This includes multifamily, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets – all within the municipality of Vancouver.
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Expanding into the active Vancouver marketplace was a natural choice for Marcus & Millichap. As the eighth-largest Canadian city, Vancouver boasts a dense population of 603,502 people (according to 2011 census data). Located on the coastal seaport of the province’s mainland, Vancouver is also one of the most culturally and linguistically diverse cities in the country. In fact, 52% of its residents have a first language other than English and 17% speak Chinese.Â
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Established on First Nations land and built-up by immigrants, Vancouver has achieved prosperity through worldwide trade. Today, as the city continues to achieve growth through office developments, industrial technology and foreign real estate investments, Vancouver remains a highly attractive market for local and international investors alike.
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To learn more about investing into Vancouver’s growing commercial real estate market, please contact our team of skilled brokers for details.Â
Marcus and Millichap Expands into Vancouver, British Columbia
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(Posted on Mar 11, 2016 at 07:42PM by Michelle Bogle)
Marcus & Millichap, a leading commercial real estate investment services firm in the United States, has recently expanded into the highly-competitive Vancouver, BC marketplace.Â
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Led by Rene Palsenbarg, Regional Manager at Marcus & Millichap, the Vancouver office provides real estate investment sales, research information and advisory services for a variety of asset classes in the Vancouver area.Â
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Palsenbarg and his team of sole-asset focused commercial advisors specialize in multifamily, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets – all within Vancouver.
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“Western Canada is considered one of Canada’s most powerful economic engines,†says Palsenbarg. “In Vancouver alone, we’re experiencing a strong economic resurgence through office developments, growth in the industrial technology sector and foreign investment within the thriving real estate sector. It’s a highly attractive market for local and international investors alike.â€Â
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In fact, according to a recent CIBC World Markets report, British Columbia is expected to lead Canada in economic growth by 2.8% in 2016, due to overseas investment and from its close proximity to some of the fastest growing areas of the U.S. economy.Â
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And, Vancouver will be the epicenter of much of this activity, which is why the timing couldn’t be better for Marcus & Millichap to expand into this city. The office is poised and ready to provide investors with access to the industry's largest inventory of commercial property real estate listings, and connect them with a large pool of qualified private and institutional buyers and sellers.
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To learn more, please contact us directly at our Vancouver office for details.Â
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