Simeon G.

Vancouver Multiplex Home Buying Considerations Fairly soon home buyers will be able to buy a multiplex home in Vancouver. Multiplex (Multiple Complex) is a vague term describing a range of housing options. The most common configuration is one or two duplexes up front with one to two laneway homes in the back. The second most common configuration is one building containing four homes with one home in the back. Lot width and depth dictates the configuration. The exciting element of buying a multiplex home is the range of choice. Buyers can choose their home based on neighborhood, school catchment, design style, development density, size and price. Townhomes have been limited by zoning so home owners had little choice as to location. Multiplex is available in most neighborhoods. With 201 multiplexes in development bringing 856 homes to market there is plenty of choice. The number of homes in development will rise by year end. Design I find most of the West Side duplexes looks the same. There has been much talk of standard designs but home buyers are looking for originality not commonality. Lightwell has five completely different architectural styles for multiplexes so far. School catchment For every school there is a multiplex nearby. Multiplex provides home buyers with access to neighborhoods which up to now have had price barriers. Lightwell has developments in Dunbar, Kerrisdale, Shaughnessy, Cambie Village, Oakridge and South Cambie on the West Side. We are in Fraserhood, Trout Lake and Vancouver Heights on the East Side. Amenities Lightwell chooses locations close to schools, community centres and shopping. We have avoided neighborhoods where amenities are absent. Size: 2 to 4 bedrooms Lightwell has an 800 sq ft two bedroom laneway all the way up to 1800 sq ft four bedroom and den home. Most of Lightwell’s designs are three bedroom homes. Privacy Some home buyers will prefer not sharing a wall and will purchase the laneway homes. Laneway homes range in size. Lightwell’s range from 800 sq ft to 1700 sq ft depending on the development. There is a minimum 20 ft common area separating the buildings. Each home also has their own private outdoor area. Parking All of Lightwell’s developments to date have one parking spot for each home. Many multiplexes do not offer parking with each home. Of the 856 homes in development just 477 come with parking. Street parking is usually available but can be crowded depending on the street. Multiplex homes provide home buyers with more selection than they have ever had. It will be interesting to see which homes buyers gravitate toward. #multifamilydevelopment #multifamily #realestate #realestatedevelopment

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West Vancouver Multiplex Zoning Update The Province's Bill 44 calls multiplex Small Scale Multi Unit Housing, or SSMUH for short. Below is from the Vancouvermarket.ca website. In summary, there will be very few multiplexes built in West Vancouver. The District of West Vancouver has released a report outlining their response to Provincial Bill 44: Housing Statutes (Residential Development) Amendment Act that requires municipalities to allow for Small Scale Multi Unit Housing (SSMUH) on all single family and duplex zoned lots by June 30, 2024. West Vancouver has taken the approach that the vast majority of their lots are not subject to the legislation since “the definition of “Restricted Zone”….does not encompass parcels that permit single-family dwelling, secondary suites and detached secondary suites (coach house). Consequently, the District’s RS1-5 and RS7-10 zones are not “Restricted Zones” and not subject to SSMUH requirements.” The report goes on to outline that there are only 222 parcels affected by the proposed zoning amendments, constituting 1.6% of residential lots in West Vancouver and resulting in a theoretical net increase of 363 units in zoned capacity. Below is a map, outline in orange, those single family lots which are within 400 metres of frequent bus service and therefore will require update to allow up to 6-units #multifamily #multifamilydevelopment #realestate #realestatedevelopment

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It's not as simple as signing on the dotted line (or e-signatures nowadays). Experience matters. Networks matter. It's time to level up your network and your net worth. It's the only way to fight inflation - you have to get ahead of it. If you're one of those people who bought an investment property at the height of the market and now, you're property is either in a negative monthly cash-flow and/or has dropped in value, reach out to me and I will assess your situation. There's a strategy in every market. Millennial's Choice Group of Companies

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How Much Should You Pay For A Multiplex Development Property On The East Side Of Vancouver There are pro’s and con’s to developing multiplex on the East Side of Vancouver Pro’s 1) healthy absorption of homes. Duplexes are sold between $950 and $1200 a foot. The average is around $1050 a foot compared to over $1500 a foot on the West Side 2) Lower Bonus Density Fees. On a standard lot anywhere in Vancouver it’s $3 a foot, $12,078 3) DCLs are $35,891. 4) No PMT required so eliminates costs. 5) Young families prefer East Side to West Side as it’s more affordable and has more retail amenities. More bars and restaurants. Cons 1) smaller lots have lower density and lower margin. The East Side is predominantly small lots but there are some larger lots 2) The City fees are similar on small lots as they are on larger lots. Detention tanks, sewer and water hook ups are the same cost but have a bigger impact on margin on East Side projects as density is lower. Building permit fees and Metro Vancouver fees are proportional. Vancouver is looking at Metro Vancouver fees. 3) lower sales price. 4) high price per foot on the land as developers are competing with single family home buyers. A $2 million price of a 4026 sq ft lot is $496 a foot. However, the sales price is less than the West Side. We see prices for lots between $1.6 million and up depending where the property is on the East Side. We have several projects on the East Side but location is key given tighter margins. We look to buy as close to $400 a foot as possible near Main Street but can be as low as $280 a foot further east. #multifamily #multifamilydevelopment #realestate #realestatedevelopment

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What HouseSigma Can’t Do Do you solely rely on the price estimation on Housesigma? If you do, you can be completely pricing the home incorrectly. This can mean you’re leaving a lot of money on the table if you’re a seller. If you’re buying, then you might be overpaying. Watch this video to see how appraisers and realtors price homes.

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WOW 65' x 150' lot! Are you looking for more space, privacy, and potential? 19 Meadowland Gate offers incredible benefits and here's a few reasons why:' 1. Room to Expand: Dreaming of adding more square footage? With this lot size, there’s plenty of space to extend your home or build that dream backyard! 2. Privacy & Serenity: Larger lots mean more distance between neighbours, giving you extra peace, quiet, and privacy and this one is surrounded by natural privacy landscaping! 3. Outdoor Living: Whether it’s a garden, pool, space for kids and pets to play, or that dream outdoor kitchen, a bigger lot offers endless opportunities. 4. Increased Value Potential: With more land comes higher long-term value, especially in sought-after neighborhoods. As we so often hear, 'they are not building anymore land'! Ready to find your next home with ample space to grow? Let’s chat about 19 Meadowland Gate! Asking $1,133,300 #EvansRealEstate #PoolSizeLot #Pool #HomeForSale #BramptonRealEstate #TorontoRealEstate #LotValue

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How To Finance A Multiplex Development in Vancouver You have a plan. Now you need the money to buy the property and build your multiplex. What resources do you need to raise the capital? As a developer you need debt and equity to develop a multiplex. Debt can come from banks, credit unions and private lenders. Lenders will require guarantees but also… 1. An experienced team The more experience in construction, development and business you have the better. 2. Enough networth and liquidity to make the lender comfortable I know developers with nine figure net worth who can’t get financing because they lack liquidity. Lenders need to know the guarantors can access cash to fix problems. 3. A proforma showing healthy ratios and returns. Lenders typically like to see a profit to cost ratio of 15%. The higher the better. 4. A property appraisal. We use LW property advisors. Currently we are seeing term sheets from banks and credit unions providing up to 75% loan to cost. Private lenders can provide loan to cost in some cases up to 85%. Lenders like multiplex loans as they are relatively small. Multiplex loans range from $2.5 million to $10 million depending on project size, location and cost. The loan structure is split between the property purchase loan and the construction loan. To receive the construction loan all the equity has to be raised and available. The equity is placed against the property purchase. The construction draws provide the capital needed to complete the project. A quantity surveyor reviews each draw package. Interest reserves are included in the financing package but it’s a fixed amount. The developer will have to fund any overages. Developers who were caught with the interest rate increases had to fund the overages. One of the reasons lenders look for liquidity in the development group. Hopefully rates continue to decline in the future. Where to raise equity? If you have all the equity, congratulations you are on your way. At Lightwell we have 7 projects in development so we raise equity. Equity comes from friends, family, and investors in your network. I know developers who raise through social media advertising and institutionally. Raising capital is a full time job so be prepared to speak with hundreds of people. Who do you need on your team? An experienced mortgage broker I have a lot of experience raising debt from banks but I prefer to use a broker. Lending markets are in constant flux. I like the saying, “your back office is someone’s front office.” Delegate to the experts. You will need your free time to raise capital. An experienced securities lawyer. We use GP/LP structures. A lawyer is needed to form these. You also need to understand securities regulations. A Graphic Designer You will need an investor presentation. It should look professional and be informative. #multifamily #multifamilydevelopment #realestate #realestatedevelopment

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How is the Interest rate news going to impact the market? Here are Save Max's thoughts, please share what you feel about it in the comments. #interestrates #Economy #realestateagents #HomeBuying #sellinghomes #realestate #bankofcanada #RiseWithRaman #SaveMax

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👉 Key Challenges Faced by Developers and Builders in Vancouver's Lower Mainland Housing Development: 💲 Financial Burdens: High financing costs (9-12%) and city fees (12-35%) inflate expenses. ✂ Delays and Red Tape: Lengthy rezoning and permitting increase costs and impact viability. 🧑 Professional Shortage: A lack of planners and developers delays projects. 📜 Ineffective Policies: Rising charges like ACC and DCC hurt affordability. 📕 Bureaucratic Hurdles: CMHC loan conditions complicate rental development. 💸 Developer Struggles: Increased interest rates and costs cause project delays or cancellations. 🏚 Rental Market Issues: Elevated development costs discourage rental construction. 🏗 Regional Issues: Challenges span the entire Lower Mainland. 🌁 Policy Impact Assessment: Evaluation needed to compare new charges against previous totals. 💲 Interest Rates: High borrowing costs restrict land buying and building. 👪 Migration Trends: Migration to Alberta for affordability affects local economy #VancouverHousing #Surreyhousing #RealEstate #DevelopmentDelays #HousingCrisis #CutRedTape #LowerCosts #BuildMoreHomes #HousingAffordability #MetroVancouver #UrbanDevelopment #PolicyReform #BCHousing

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MORTGAGE FUNDED Financing Type: Commercial Mortgage Purpose: Land acquisition to build a duplex in Vancouver West · Our client was able to secure a property well below market value during the market slow down last year. They plan on converting this property into a duplex as the numbers pencils out for a healthy profit margin in a worst case scenario · They have good experience, building over 10 single family projects the past few years.  · Challenge: They were having challenges getting approved with their current lender due to the fact they have multiple projects on the go and many lenders during this phase of the market were tightening up their land and construction financing program · We were able to get them a construction loan at 75% LTC and at competitive pricing even though they were 6 to 8 months away from getting their permits · Success stories like this shows there is value for clients to leverage on specialist like us to help fine tune the loan request and saving them time by quickly matching them with a lender who would suit their needs and circumstance best. Not all lenders are the right fit or match for you as it depends on your unique financing situation. Also, lender appetite is constantly changing depending on the current market conditions   Message us if you have any questions or like to learn more about residential, commercial and construction financing #mortgages #commercialmortgage #residentialmortgage #constructionloans #realestate #refinancemortgage #mortgagebroker #mortgagespecialist #land #financing #landloan #development #developmentfinance #businessowners #businessloans #vancouverrealestate #realestatemarketupdate #realestateinvesting #vancouver #canadianrealestate #cmhc

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After deciding to enter real estate investing, many quickly realize how challenging it can be. It's like learning a new language—everything initially feels unfamiliar and uncomfortable. This is completely normal. A common reaction is to complain that real estate investing doesn’t work for them or that they missed the boat by not starting years ago. We often feel like we are unique cases—believing real estate investing works for others but not for our specific situations. "I've run the numbers, and nothing pencils out!" "There aren't any good deals right now." The biggest mistake is using these feelings as an excuse to give up rather than persevering. Real estate investing takes time, and it will be "hard" at the beginning. But that's okay because a hard today leads to an easier tomorrow! #realestate #investing

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According to commercial real estate brokerage JLL, office market activity in Metro Vancouver in Q2 2024 was "relatively muted," with "limited leasing activity" and "lack of deal velocity," reported Storeys. "The second quarter saw negative 25,345 sq. ft of absorption, primarily as the result of weak absorption in suburban markets, which are now at negative 88,920 sq. ft on the year, said JLL in their Q2 office market report." "Absorption in the suburbs has been negative for six consecutive quarters, a clear contrast to the continued demand in downtown and periphery nodes," said JLL. "While absorption remains stronger in the core submarkets, they have not experienced any significant uptick outside of new construction yet this year." JLL has the overall office vacancy at 10.2%, in line with Cushman & Wakefield's 10.3%, who also noted that this continues to be the lowest vacancy rate among major markets in North America with inventory greater than 69 million sq. ft., "showcasing the resiliency of the Metro Vancouver office market and defying the national trend." Both firms view this as a tenants' market and note that subleasing activity continues to decline. Here are the top 10 office transactions, by price, that occurred in Q2, according to JLL, Cushman & Wakefield, as well as Lee & Associates. https://lnkd.in/gZFQFq-E #metrovancouver #office #industrial #sales

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