The newest edition to Yaletown living - 8X! On the edge of Emery Barnes Park, 200 homes elevated 35 stories finished with the highest qualities and offering a Skylounge and Skyfitness centre.
Contact Team YYL for pricing and floorplans.

Are you an art lover looking for a home to display your collection?  Tired of not being able to find a home with enough wall space?  Well we are proud to announce our newest listing that offers tons of space for any collection size.  As you enter through your private entrance, you are greeted with 30 ft. ceilings with stairs that lead you to the top floor where all the entertaining space is located.  This is an ideal home for the art lover who would love to showcase their collection.

Check out the details below

http://youryaletownlife.com/market-trends-and-tips.html/details-56721974

We will be hosting an Agents Open today from 10 am - 12 pm.  Feel free to bring your clients.  This one is not to be missed.  3 level Urban Home in the heart of Yaletown!  Spread out across the entire side of the building with soaring 30 ft. ceilings. in the Iliad - one of Vancouver's premiere buildings.  The home has been strategically designed with all the main living spaces on the top floor offering total peace and quiet and has been finished by the highest standards.  Hope to see you shortly!  Check out the interactive floorplan for 1247 Homer St. in the link below

http://youryaletownlife.com/market-trends-and-tips.html/details-56721974

Metro Vancouver home sales set an all-time record in 2015

New Down Payment Rules: Time to Exhale

 December 11, 2015   Steve Huebl   6k 

Finance Minister, Bill Morneau

If you’re trying to scratch together a down payment, or you sell mortgages for a living, today’s news could have been much, much worse.

The new down payment rules Finance Minister Bill Morneau announced this morning were as benign a policy change as one could hope for. This refers, of course, to the new minimum down payment requirement, which takes effect on February 15, 2016.

For properties between $500,000 and $1 million, folks getting an insured mortgage will now need to put more down—up to an additional 2.5% of the purchase price. In other words, 5% down will be required on the first $500,000, and 10% down will be required on the next $500,000.

For a $750,000 property, that means you’d have to cough up a 33% bigger down payment (compared to today), or another $12,500. The new rule doesn’t affect properties over $1 million because they don’t qualify for high-ratio mortgage insurance anyway.

As we reported last week, it seemed clear that some sort of down payment changes were on the way. But the speculation was that Ottawa would impose a flat 7-10% down payment for properties between $500,000 and $1 million. The actual rule announced today will affect far fewer borrowers than that (Benjamin Tal estimates about 4% of buyers overall). Many folks buying in that price range will find a way to scrape up an extra $5,000 or $25,000—from mom and dad, from borrowing their down payment, from selling other assets, etc.

Of course, buyers without other resources may have to save for another one to three years to buy a higher-priced home. But the deferral of these buyers will barely put a dent in home prices, at least in cities where high-value properties and multiple offers are the norm. (Properties over $500,000 in smaller metros will be more impacted.)

The changes I’d be more concerned about, as a consumer, are the higher securitization fees and larger capital requirements for lenders. These policies were announced in tandem with the down payment tweak.

Most lenders will absolutely pass down some or all of these costs to consumers. In fact, with the rate increases of late, some speculate they already have been.

I’ve been researching all day on what that means for mortgage pricing. The potential impact looks to be in the range of 3-8 basis points for the securitization fee change (depending on the lender), and another few basis points for OSFI’s additional capital requirements. Let’s call it a total 5-10 basis-point hike in mortgage rates over time.

CMHC says “the changes in guarantee fees are not expected to have a material impact on the level of mortgage rates, which remain at historically low levels.” And it’s right. But 5-10 basis points means a well-qualified ultra-low-risk borrower will cough up another $700 to $1,400 in interest over five years on a 5-year $300,000 mortgage. And who wants to pay that?

Then again, there’s a case to be made for building the war chests of CMHC and lenders, in the highly unlikely event that home prices crash land. So at least borrowers can take solace that their hard-earned interest payments are going to a “good” cause.

*******

Implementation details:

• Qualified borrowers who get approved before February 15, 2016, can still buy with only 5% down. But lenders will likely set their application submission deadlines 1-2 weeks earlier.
• People will still pay the same default insurance premiums, based on their overall loan-to-value (e.g., 3.60% of principal for a 5% to 9.99% down payment).
• Check out these FAQs for more details.

On securitization:

• CMHC’s intent was to raise CMB costs equally on small and large lenders alike. The increased cost amounts to roughly 40 bps for all lenders, says a source very familiar with the change.
• The new guarantee fees reduce the attractiveness of securitizing via Canada Mortgage Bonds, relative to NHA MBS (where fees are also going up for lenders issuing over $7.5 billion worth of NHA MBS).
• The MBS guarantee limit was raised from $80 billion to $105 billion for 2016, but it won’t create any more MBS funding or risk. The extra is just to support new requirements of the CMB program.
• The government’s stated purpose of these fee hikes was to “encourage the development of private market funding alternatives by narrowing the funding cost difference between government-sponsored and private market funding sources.” Good luck with that. Insured mortgages, to which these fees apply, can’t be securitized outside of CMHC-sponsored channels. And no “private” CMHC-sponsored securitization markets exist (that we know of anyway).

Other effects:

• First-time buyers were mostly spared by these new down payment regs. Their average purchase price is $293,000, well under the $500,000 threshold. 
• Moreover, less than 1 in 10 first timers are buying $500,000+ properties to begin with.
• Calgary could get hit the hardest (just what they need), because they have a much larger share of high-ratio mortgages, says Tal.

https://yaletowninfo.com/event/yaletown-kissmas/

CChoices, choices, choices! The 11th annual Taste of Yaletown takes place from October 15 to 29, and this year there are 26 participating restaurants, each offering one or more prix fixe menus at different price points.

Since it’s sadly not possible to eat all the menus, we’re helping make your choices easier by picking some of the standout selections available this time around. You’ll find a good mix of classic neighbourhood favourites, along with some newcomers to the TOY event.

$15 and Under Menus

DD Mau

Coming in at an impressive, and economic, $12 total, the TOY menu at DD Mau offers diners an entree of  their Malaysian Chicken Curry–served with a French baguette for dipping–and your choice of tea.

Address: 1239 Pacific Boulevard
Phone: 604-684-4446
Website: ddmau.ca

Lime & Moon Pie Company

If you’re going to open up shop in Yaletown, ahead of the annual TOY is a great time. Head to this Bowen Island-born small-batch bakery to check out their sweet offerings. It’s basically a double-header of pie goodness. For the main, enjoy a slice of their meat pie (Tourtiere) with a side of mixed greens. Then, because there’s no such thing as too much pie, enjoy a slice of one of their specialty pies for dessert.

Address: 1066 Mainland Street
Website: www.limeandmoon.com

$25 Menus

Urban Thai

Get three savoury courses for $25 at Urban Thai on their Taste of Yaletown menu. Kick things off with their Spicy Mango Salad (your choice of tofu or prawns), keep things warm with a soup course, then dive into your choice of three of their hearty and complex classic Thai main dishes. This much-loved and established Yaletown eatery is worth a re-visit if you haven’t been in a while.

Address: 1119 Hamilton Street
Phone: 604-408-7788
Website: thaihouse.com/urban-thai-bistro/index.php

The New Oxford

Fancy a trip ’round the pub? The New Oxford’s welcoming $25 menu kicks off with your choice of soup or salad to start, followed by a main (choose from the “pubbier” Mac and Cheese or Banger sausage, or hit the west coast with their salmon entree), then satisfy your sweet tooth with dessert. Options include a classic Eton Mess, or the more seasonal Pumpkin Cheesecake.

Address: 1144 Homer Street
Phone: 604-609-0901
Website: donnellygroup.ca/new-oxford

La Pentola (lunch)

There aren’t that many lunch options this year, but it’s always great to take a higher-end restaurant up on their prix fixe lunches, since you’ll often get to enjoy top notch eats in a more comfortable price range. Head to La Pentola and kick the meal off with a Parmesan Soufflé (a dish you don’t see often), enjoy a pasta main, end end on a sweet note with dessert.

Address: 350 Davie Street
Phone: 604-642-0557
Website: www.lapentola.ca

SEE ALSO: Taste of Yaletown 2015: Full list of 26 participating restaurants

$35 & Up Menus

Main course platter at Bistro Sakana during TOY 2014 (Lindsay William-Ross/Vancity Buzz)

Bistro Sakana 

Bistro Sakana has perfected the art of having a showstopping option during the annual Taste of Yaletown. No need to grapple with indecision here: A sea bream sashimi appetizer starts you off, and the main is a stunning five-item sampler platter spotlighting some of their signature bites. If that wasn’t enough, this three-course $35 menu ends on a sweet note with their green tea Matcha Tiramisu.

Address: 1123 Mainland Street
Phone: 604-633-1280
Website: www.bistrosakana.com

West Oak 

Choosing where to dine is just half the battle, and what’s really to love about West Oak is that their TOY menu offers multiple selections–four each for both the appetizer and the main courses. Warm up with Truffled Cauliflower soup and the Braised Lamb Shank, or keep it light with Tuna Tartar and Roasted B.C. Salmon. West Oak is a great fine dining experience, and three courses for $35 makes for a great affordable splurge-y night out.

Address: 1035 Mainland Street
Phone: 604-629-8808
Website: www.westoakrestaurant.com

Minami (Vegetarian Dinner) 

Minami has their upscale Japanese cuisine and sushi game on lock, but their $35 all-vegetarian menu is a standout option for those who need to skip the seafood (and other other meat) when they’re dining out.

Address: 1118 Mainland Street
Phone: 604-685-8080
Website: minamirestaurant.com

Central City on Beatty 

Central City’s new Red Racer restaurant in Vancouver is offering up a terrific TOY option. It’s a three-course $35 meal that gets going with Burnt End Cheese Toasties, features a sirloin steak (with Brussels spouts and potatoes) for the main, and ends with a decadent brownie. What makes this one special is that the savoury courses include 5-ounce taster portions of a cider (appetizer) and beer (main), and the dessert is paired with a cocktail. Cheers to that!

Address: 871 Beatty Street
Phone: 778-379-2489
Website: centralcitybrewpub.com/red-racer-restaurant-on-beatty-st/

The Parlour 

Sure, it looks like the most expensive option at $45, but what’s stellar about this menu at The Parlour is that it’s designed for sharing. Two appetizers, plus one of their signature pizzas, and you’re at just over $20 a person.

Address: 1011 Hamilton Street
Phone: 604-568-3322
Website: theparlourrestaurants.com

Check out TD Vancouver International Jazz fest this weekend at David Lam Park in Yaletown.

Come join the Yaletown Farmer's Market going on every Thursday from 12-6 pm

https://yaletowninfo.com/event/yaletown-farmers-market-2/2015-05-07/