Category: Uncategorized
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B.C. real estate market notches downward amid climbing interest rates, association says
British Columbia's real estate market saw a slight increase in sales and prices in October compared to the previous year. The market is described as balanced, with a 1.8% increase in residential unit sales and a 4.1% rise in prices. The high borrowing costs and stricter stress tests for buyers have slowed down home sales…
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BC Condo Market Quandary
Vancouver condo investors hold properties due to low demand, with declining sales and increased listings. Vancouver condo market lags with a 17.1% sales decline in 2023, impacted by rising interest rates. Downtown Vancouver sees stagnant condo listings with price reductions, uncertain buyer interest.
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Surging B.C. Home Prices: Insights
B.C.'s avg home price in September ↑ 4.9% yearly. September had 5,531 home sales, about 20% ↓ from the seasonal norm, impacted by high borrowing costsTotal September sales amounted to $5.3B, ↑ ~16% yearly, but year-to-date volume ↓ 15%.
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Changes promise to cut B.C. development negotiations, provide certainty
New legislation in B.C. aims to expedite housing construction by eliminating lengthy re-zoning negotiations between developers and municipalities. The law also reforms development cost charges, giving municipalities more flexibility in funding infrastructure. It introduces amenity cost charges, a tool that allows municipalities to specify developers' contributions upfront, reducing delays and increasing transparency. However, the legislation…
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Waiving Taxes and Fees for Affordable Housing in BC
BC has 65K affordable housing units, down from a potential 600K due to provincial government de-investment over the past 4 decades. Building affordable housing is cost-intensive, and municipalities can help by: 1. Having a single local government staff point of contact
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Bank of Canada: Plan for long-term high rates
But the majority of Americans say they tip 15 per cent or less for a typical meal at a sit-down restaurant, according to a wide-ranging new poll on tipping attitudes from Pew Research Center. As the grocery code of conduct nears completion, the Canadian industry's biggest player is raising concerns the guidelines could add fuel…
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Rental Protection Fund Eyeing 25 Properties For Acquisition
The Rental Protection Fund aims to acquire 25 properties by November 2023 to safeguard renters from eviction and provide housing for those in need. Continue to full article
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B.C.’S Housing Targets: A 5-Yr Plan
10 BC municipalities must build over 60K new housing units in the next 5-yr. Vancouver has the highest target of 28,900 new units, followed by Abbotsford and the City of Victoria. The government will assess community progress after 6-mo in addressing the housing crisis impact.
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Best Mortgage Rates In B.C. For November 2023
Nesto, Dominion Lending Centres, The Mortgage Centre, and Island Savings offer competitive mortgage refinancing rates. These rates are lower than the national average and standard bank rates. Island Savings mortgages are backed by a reliable credit union. The services also provide competitive closing timelines, although specific rates and timelines are not disclosed. Continue to full…
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Metro Vancouver development fee hikes set up potential federal showdown over housing cash
In October 2023, Metro Vancouver's board of directors approved an increase in development cost charges (DCCs) on construction to fund infrastructure upgrades. This plan was opposed by the federal Housing Minister Sean Fraser, who called for a year's delay and changes to DCC waivers. He threatened to pull Housing Accelerator Funds from municipalities taking steps…