Green Party pressures B.C. government to specify what 'moderating' housing market means

The Green Party is calling on the B.C. government to offer more specifics on how it will define success in tackling the housing affordability crisis through its 30-point plan. "What outcomes is the government actually looking for with the plan it's putting forward? We've been stonewalled ... and that's troubling," said leader Andrew Weaver.  "Public policy is there to de [...]

26 February 2018

Let your situation — and not the signs — direct real estate decisions

With Lunar New Year beginning on Friday, Vancouver realtor Grace Kwok smiles and notes that this year’s zodiac figure — it’s the Year of the Dog — carries with it advice that she would follow year in and year out in the world of real estate: Consider your needs first before consulting the stars. Under Chinese zodiac lore, if you were born in a Year of the Dog, one of the 12-year cycle of [...]

15 February 2018

There isn’t enough industrial real estate in Metro Vancouver: report

In a report from real estate company CBRE, Metro Vancouver’s industrial vacancy rate dropped from 3.9 per cent to 2.3 per cent between 2016 and 2017, and they predict that by the end of 2018 it will fall to a historic 1.7 per cent.The report says rent is up 13.6 per cent year-over-year in Metro Vancouver, at an average $10.23 per foot by the last quarter of 2017.Senior vice preside [...]

15 February 2018

Supply shortages in Toronto, Vancouver left house prices 'nowhere to go but up'

Home construction in Toronto and Vancouver failed to keep pace with surging demand between 2010 and 2016, leaving prices with “nowhere to go but up,” according to a new report from Canada’s federal housing agency.Home prices soared 40 per cent in Toronto over the period examined and 48 per cent in Vancouver.While conventional economic factors such as population growth, migration to [...]

08 February 2018

Vancouver Art Gallery expansion project stalled

Several new art galleries have opened in B.C. in the last couple of years, but, with $150 million in government support yet to materialize, progress on the long-proposed expanded Vancouver Art Gallery (VAG) remains largely in limbo.Aritzia Inc. founder and CEO Brian Hill and his wife, Andrea Hill, are the newest private benefactors keen to see a large new art gallery in downtown Vancouve [...]

16 January 2018

Vancouver condo rush sparks local and foreign flipping frenzy

[VANCOUVER] - The condominium market has turned red-hot in Vancouver, with agents saying local and offshore buyers are snapping up units that are not yet completed, even as a foreign buyer tax has sent detached home sales plunging. Condo prices have escalated so quickly that some owners are flipping their units before construction is finished, a move that allows foreign buyers to capi [...]

17 November 2017

Toronto, Vancouver housing markets move in drastically different directions

Canada's two most expensive housing markets have moved in different directions over the past year, leaving average national sales with an appearance of relative stability that masks sharp regional differences. Greater Toronto Area home sales fell 27 per cent in October compared with a year earlier, while Greater Vancouver saw home sales climb 35 per cent in October on an annual basis, [...]

16 November 2017

B.C. real estate watchdog bans controversial practice of 'dual agency,' despite industry objections

Over objections from the industry, B.C.’s real estate regulator will prohibit the controversial practice of dual agency — where a single realtor represents both the seller and buyer in a transaction — saying the ban will improve transparency and protect consumers.The dual agency ban announced Wednesday is part of the first major rules to be introduced by B.C.’s Office of the [...]

16 November 2017

Vancouver housing market likely to cool, prices won't decrease just yet: realtor

VANCOUVER (NEWS 1130) – You may not be able to afford a home with the rate housing prices are increasing right now, but they’re likely to stop growing according to a local realtor. “I think that you’ll see a cooling for sure,” explains Steve Saretsky, a realtor with Sutton West Coast and author of Vancity Condo Guide. “I just don’t think the price growth that we’re seeing righ [...]

06 November 2017

B.C. real estate watchdog issues public alert as Langley condo development ordered into receivership

B.C.’s real estate watchdog has issued its first public consumer alert in four years, following a B.C. Supreme Court decision this week to send a troubled Langley condo development into receivership.As Postmedia reported earlier in the week, longtime Metro Vancouver condo developer Mark Chandler was trying to keep Murrayville House, his 92-unit Langley condo development, out of receive [...]

07 October 2017

Canada Revenue Agency targets more Vancouver pre-sale condo contracts

The Canada Revenue Agency (CRA) is taking more developers to court for information identifying pre-sale condo buyers who assigned their purchase contracts before completion. The move comes after the CRA successfully obtained court orders in July against the companies behind Marine Gateway and the Residences at West. The latest federal court applications take aim at pre-sale buyers of units in West [...]

07 October 2017

Too many bedrooms: Single-family zoning contributes to housing shortage, UBC expert says

There may be no place for the state in the bedrooms of the nation, but that’s not stopping sociologist Nathan Lauster.The associate professor at the University of B.C. recently examined how Metro Vancouverites use their bedrooms in order to find solutions to the local housing crisis.Using Statistics Canada data, Lauster counted 459,994 extra bedrooms in homes across Metro, estimat [...]

02 October 2017

Is Vancouver in a retail real estate crisis?

VANCOUVER (NEWS 1130) – Have you noticed more stores with “For Lease” signs hanging from the door when you go shopping in Vancouver?A recent story in Vancouver Magazine suggests we’re headed towards “retail ghost towns,” saying you’re more likely to see those signs dotting trendy shopping districts like South Granville than you are to see luxury brand stores.The article poi [...]

16 September 2017

No change in housing market from July to August: B.C. Real Estate Association

The B.C. Real Estate Association says home sales in August were up 2.4% from the same month a year ago, and the total sales dollar volume of $6.2-billion was up by 22%READ MORE: Metro Vancouver housing sales up in AugustThe average price was also up 19% from August of 2016 to $678,186.Association Chief Economist Cameron Muir says home sales in August were unchanged from July.He says [...]

15 September 2017