Renderings of the massive redevelopment of Vancouver’s Molson brewery

[Daily Hive - October 28, 2020] Daily Hive Urbanized provided the first glimpse of Concord Pacific’s proposed redevelopment plans of the Molson Coors brewery in Vancouver in December 2019. And now, additional details and renderings show the true breadth of the massive mixed-use redevelopment of the 7.6-acre industrial property, located at the south end of the Burrard Street Bridge. The developer intends to build a redevelopment with a total floor area of 1.8 million sq ft, including 300,000 sq ft of office [...]

Read more...

Home improvement business is booming amid COVID-19 pandemic

[Globe and Mail - October 21, 2020] Paul Sangha has run a busy architectural landscape business for most of two decades, but by the end of 2019, business was “dead quiet,” and Mr. Sangha was preparing for a rough year. He had to lay off four staff. When the lockdown hit in mid-March, Mr. Sangha began paying staff their salaries in advance to give them a sense of certainty. But then something strange happened. Business suddenly picked up. By May he [...]

Read more...

Look for U.S. buyers to snap up more Vancouver homes

[BC Business - October 9, 2020] COVID-19 and political unrest stateside will help drive property purchases by Americans over the next year, real estate services firm Engel & Völkers forecasts Every time there’s a U.S. election, it seems, Americans threaten to move to Canada. Google searches for “How to apply for Canadian citizenship” peaked after the recent train wreck of a debate between President Donald Trump and Democratic rival Joe Biden. Andrew Carros, licence partner with Engel & Völkers Vancouver,  thinks this time really [...]

Read more...

Vancouver well positioned for housing market recovery, industry experts say

[Globe and Mail - October 7, 2020] Winter is coming. But once the pandemic is over and immigration numbers return, Vancouver will be well positioned for a housing market recovery, said industry experts at the Vancouver Real Estate Forum held last week. The annual forum, held virtually this year, is the largest in the Lower Mainland, and covers all matters related to development. Opening speaker Benjamin Tal, deputy chief economist at CIBC, was frank about the fact that the dark days [...]

Read more...

From pet clauses to rent forgiveness: Vancouver council to consider quartet of housing motions

[Vancouver Sun - October 5, 2020] From no pets clauses to rent forgiveness, a look ahead at some of the housing questions councillors are set to take on. Vancouver city councillors are set to debate a handful of housing motions aimed at expanding affordable options for residents and protecting and aiding renters as the COVID-19 pandemic wears on. Some of the four motions, slated for Tuesday’s chockablock council session, simply call on the province to resolve the issues, while others push staff [...]

Read more...

Vancouver home sales surge 56.2% to record level for September

[CBC - October 2, 2020] 3,643 were sold in September this year, up from the 2,333 sold last September The real estate market in Vancouver had its best September on record this year in terms of the number of homes sold. The Real Estate Board of Greater Vancouver (REBGV) said on Friday that 3,643 homes were sold last month, up 56.2 per cent from the 2,333 sold in September 2019. Sales were also up 19.6 per cent from the 3047 homes sold in [...]

Read more...

Buying a home in Canada is suddenly substantially more affordable — but there’s a catch

[Financial Post - October 1, 2020] Don’t expect the income boost we’ve been seeing to last Buying a home in Canada hasn’t been this affordable in four years, but there’s a catch — actually more than one. According to RBC Economics' Housing Affordability Measure out this week the proportion of income Canadians need to meet housing costs (mortgage, taxes, utilities) fell 3.3 percentage points to 47.3% in the second quarter, the most affordable since 2016. Substantial improvements were evident from coast to coast with [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...

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 [...]

Read more...