Category: Uncategorized

In November 2023, Metro Vancouver voted to triple the fees they charge developers to undertake construction, resulting in a 73% increase in townhouse rates to $9,839 per unit by 2026, and a 64% increase in detached home rates to $10,952 per unit. This has caused a call for a more consistent strategy for DCC increases,…

British Columbia and Ontario are the most expensive provinces in Canada to save for a home. In BC, the avg home price was $996K in September, and the median annual income is $42K. In Ontario, the avg home price was $931K, and the median annual income is $41K.

The Metro Vancouver housing market is currently balanced, with increased demand for housing and a steady supply of homes for sale, according to the Real Estate Board of Greater Vancouver. Continue to full article

In Metro Vancouver, the supply of newly listed properties has increased, providing more choice to home buyers, but sales remain below long-term averages. This has resulted in a more balanced market, with the multifamily segment remaining more active than the detached segment. Price increases have slowed, however borrowing costs remain high and are constraining affordability.…

The “eleventh hour of the eleventh day of the eleventh month" of 1918 that signaled the end of World War I. On this day we honour those who have sacrificed so much to keep our flag flying high. Remembrance Day Salute to all heroes, and thank you for your service.

The Rental Protection Fund has pre-approved 22 non-profit housing organizations across BC to acquire 1,363 rental units, with 68% of them being studio or one-bedroom units and the remaining 32% being two- and three-bedroom units. These organizations have a collective portfolio of 287 buildings and 14,000 units across BC, and aim to preserve existing rental…

In October 2023, the B.C. government introduced new legislation to restrict owners from renting out units for the short-term unless it is a principal residence, which has caused concern for property owners like Debra Sheets who invested all her money in buying four units in the Janion building in downtown Victoria. Despite the financial struggle…

BC faces significant housing market downturn risks in 2024. BC's household debt-to-disposable income is Canada's highest at 220%. Real estate and mortgage debt in BC hold a disproportionately large share of total household assets.

In October 2023, BC introduced new provincial short-term rental laws which require hosts to declare their primary residence and allows municipalities to fine up to $3,000 for non-compliance. Activist Rohana Rezel has raised concerns about the legislation, as it does not adequately penalize online platforms for violations. Continue to full article

Landlords can increase rent once a year, with a maximum allowable increase of 3.5% for 2024. Rent increases can only occur 12- mo after a tenant moves in, or after the last legally permitted increase. Landlords can apply for exceptions to raise rent above the set annual rate, including: – Permission from tenants – Increased…