Vancouver real estate: early September numbers show steep drop in sales from August highs

[Georgia Straight - September 25, 2020] Home sales in the city of Vancouver are dropping big time.  This is based on tracking by real-estate site fisherly.com as of late morning Friday (September 25). Compared to record highs in August, early numbers for September show a steep decline in transactions. In August, a total of 490 condo units sold in Vancouver. As of this posting September 25, fisherly.com recorded 202 condo sales so far this month. Last month, 212 detached homes changed owners. September sales so [...]

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Here’s how much B.C. landlords can increase rent by next year

[CTV - September 3, 2020] VANCOUVER -- After a nearly year-long moratorium on rent increases, landlords will be able to charge more next year. The province announced Thursday that the maximum allowable increase for 2021 will be 1.4 per cent. The increase for those living in mobile homes is the same, plus a proportional amount for changes in levies and utility fees. Prior to charging more, landlords must give their tenants at least three full months' notice in B.C., using a notice of [...]

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LOTR – the Land Owner Transparency Registry

[Clark Wilson - September 16, 2020] In an effort to increase disclosure of the ownership of real estate in B.C., the Land Owner Transparency Act (“LOTA”) received royal assent and will be in force as soon as regulations are prescribed.  The Land Title and Survey Authority of BC  is advising that the Land Owner Transparency Registry (“LOTR”) will be launched soon – as early as this Fall. Once launched, transferees will be required to file a “transparency declaration” which will [...]

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Home prices to drop, new report predicts — and even Toronto and Vancouver won’t be immune

[Financial Post - September 23, 2020] Moody's predicts prices for all housing types to fall more than 7 per cent The pandemic will punish Prairie house prices the most in Canada, but even hotspots Toronto and Vancouver will see prices drop on the back of rising rental market vacancies and lower immigration rates, according to a new report. Average single family detached house prices will fall by 6.7 per cent next year as the recovery stalls, economic stimulus fades and debt problems [...]

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Toronto and Vancouver now joined by two more Canadian cities with ‘overvalued’ homes

[Financial Post - September 21, 2020] Canada's housing market moderately vulnerable, CMHC says Overvalued homes continue to be a feature of Canada’s largest cities during the second quarter as the pandemic bit into the number of houses entering the market, according to the country’s largest public mortgage provider. And other Canadian cities are also seeing home prices heat up. “There was sharp pullback in new listings and resulting low levels of inventory,” the Canadian Mortgage and Housing Corporation said in its second [...]

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Canada real estate: RBC Economics observes growing preference for single-detached homes over condos

[Georgia Straight - September 8, 2020] Last July, Statistics Canada predicted a shift in demand from condos to single-detached homes. “As working from home becomes more prevalent,” the agency stated,” we may see an increase in the demand for larger living spaces that single-family homes can offer, causing a shift in demand from condominium apartments towards single houses.” A recent housing commentary released by RBC Economics appears to validate the forecast. “Buyers nationwide are demonstrating a stronger preference for single-detached homes,” bank economist [...]

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James feeling optimistic despite projecting economic decline in B.C.

[Vancouver Sun - September 11, 2020] VICTORIA — Finance Minister Carole James cited grounds for optimism Thursday, even as she continues to preside over B.C.’s worst economic and financial crisis in modern times. “I don’t like to sugar-coat things — I am a realist,” James told reporters in releasing the latest economic and financial update. “I am optimistic when it is warranted. … But I am feeling optimistic about B.C.’s economic future. We have started down the road to economic recovery.” Her outlook [...]

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Why real estate prices continue to rise despite the pandemic

[CBC - September 20, 2020] Opinion - Mark Ting, CBC's finance columnist, on the connection between unemployment, government aid, and real estate. Last May, I wrote an opinion piece titled Time to buy? What the pandemic means for Vancouver's real estate market where I explained that historically for every one per cent rise in unemployment there is a four per cent decrease in housing prices. However, this is not what has happened during the last several months. Between February and August this year the unemployment rate doubled while [...]

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How the pandemic has put flexibility front and center in home design

[Washington Post - September 17, 2020] Six months ago the coronavirus pandemic turned the entire nation into homebodies. Now architects, builders and interior designers are addressing the pain points that emerged when our homes became our offices, schools and entertainment venues. It’s a little too soon for completely new model homes to be built that take the new normal into account. Still, incremental changes in floor plans and interior design have been made that point the way to the future. “While there are [...]

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Mortgage delinquencies expected to jump in latter part of the year, CMHC says

[Globe and Mail - September 10, 2020] Canada’s housing agency said there could be a “significant increase" in mortgage delinquencies later this year as banks’ loan deferrals during the COVID-19 pandemicend and alternative lenders deal with more troubled borrowers. Mortgage Investment Corporations (MICs), which are alternative lenders that pool investor funds to provide loans, were already seeing a rise in delinquency rates before the pandemic struck in March, according to an annual report from the Canada Mortgage Housing Corp. Then, in the [...]

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