Category: Uncategorized

68% of B.C. residents worry about housing costs, and 93% find rent costs a serious issue. A generational housing shortage in B.C. necessitates action from policymakers at all levels. The province's affordability problem stems from an imbalance between housing demand and supply.

The housing crisis in Canada has led to a new trend of homeowners renting out single rooms to strangers. This is seen as a way for homeowners to mitigate soaring mortgage payments and for renters to find more affordable accommodations. The trend is particularly prevalent in cities with high home prices, such as Vancouver. Shared…

BCREA forecasts ↓ 4.8% in residential sales in BC to 76.7K units in 2023. In 2024, a modest rebound is expected, with residential sales ↑ 4.8% to 80.3K units. With just ~30K listings, the supply of homes for sale is considerably lower than the historical avg of ~45K active listings for a healthy market.

British Columbia sees a 37.2% monthly increase in residential construction intentions. Vancouver, Kelowna, and Victoria lead in residential permits. Non-residential permits show a quarterly increase, with the institutional sector reaching a new record high.

Avg benchmark prices across Southern Interior regions show varied trends in homes, townhomes, and condos. In the Central Okanagan, the avg home price ↑ to $1,025,700, with slight sales ↓. The North Okanagan sees a ↑ in single-family home prices to $755,400 and ↑ sales.

In the upcoming fall financial update, alongside additional funds for new construction, the government aims to ensure that existing homes contribute to alleviating the current housing challenges in Canada. The new legislation regarding short-term rentals is set to implement stricter measures, significantly increasing fines for rule-breaking hosts and introducing new requirements for operators with the…

The term “McMansion” defines ostentatious, large homes lacking architectural integrity, prevalent in suburban US areas. Large houses prioritize functionality, whereas McMansions emphasize excessive size, often leading to impractical spaces.

Predicted number of sales in Q4 2023: 76.7K, ↓ 4.8% yearly Predicted number of sales in Q4 2024: 80.3K, ↑ 4.8% yearly Predicted avg price in Q4 2023: $977K, ↓ 1.9% yearly

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…

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.