10,000 units of public rental housing needed in Metro Vancouver every year: report

[December 11, 2019 - Vancouver Urbanized] There is a need for a public housing program that generates 10,000 units of non-market rental housing in Metro Vancouver annually, according to a new report by a think tank. The Canadian Centre for Policy Alternatives says such an ambitious housing strategy led by the provincial and federal governments could take inspiration from the public housing programs of cities like Singapore and Vienna, where half of the housing is by the state. This would address the [...]

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Toronto, Vancouver home sales surge as Canada’s most expensive cities move into recovery mode

[Globe and Mail - October 3, 2019] Home sales rose sharply in Toronto and Vancouver last month as Canada’s most expensive cities continued to move strongly into recovery mode after a long slump. Sales of all home types climbed by 22 per cent in the Greater Toronto Area in September compared with the same month last year, while average prices rose by 5.8 per cent. Much of the growth in activity came from a sharp rebound in sales of detached houses. In [...]

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Pent-up demand, falling prices fuel first monthly housing sales increase in Vancouver in 18 months

[Globe and Mail - August 2, 2019] Pent-up demand helped drive Greater Vancouver housing sales higher last month as buyers on the sidelines took advantage of slumping prices. The Real Estate Board of Greater Vancouver said on Friday there were 2,557 sales in July for various housing types in the region, up 23.5 per cent from the same month in 2018. It marked the first time monthly sales have increased year over year since January, 2018. Greater Vancouver’s residential benchmark price slipped [...]

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Metro Vancouver real estate market continues to cool

[July 14, 2019 - CityNews] For the first time in a decade home buyers in Metro Vancouver are in the driver’s seat, according to a local expert. Real Estate Advisor Adil Dinani says that 25 per cent more homes are on the market than they were at this time last year, giving buyers more options. “For the first time in several years buyers have the opportunity to take their time, make an informed decision and do the due diligence process without being [...]

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Pre-sale condo buyers back out of contracts as market slows in Lower Mainland

[CBC - June 20, 2019] "Real estate lawyer says contracts are nearly iron-clad once buildings near completion" When the market was hot, people lined up overnight to get their hands on pre-sale condominiums. Now that the housing market in B.C.'s Lower Mainland has cooled, some buyers are trying to back out of their contracts — unable to obtain the financing they need. A Vancouver lawyer says clients are coming to him several times a week hoping he can help find loopholes to get out of [...]

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Where to buy real estate in in 2019: Vancouver

[Money Sense - June 3, 2019] Our No. 1 Vancouver community offers excellent value in a city where real estate prices have been grossly exaggerated. Buying a single-family home in the City of Vancouver has felt like a bit of a pipe dream for many. But if you can get over the steep price—the average detached house in the City of Vancouver goes for north of $1.7 million—then 2019 might be the year to buy a single-family home in Vancouver. Prices are [...]

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Expert who predicted Vancouver housing price drop now expects condos to flood market

[NEWS 1130 - June 5, 2019] Get ready to see a lot more condominiums for sale across Metro Vancouver. That’s the latest from the real estate analyst who correctly predicted two years ago that local housing prices would fall. Dane Eitel’s new research suggests buyers will have more breathing room for at least two more years, even though overall sales rose in May. “We’re firmly in the down trend,” Eitel says. “May, historically is one of the better sales months and this [...]

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How to take advantage of a real estate buyers’ market

[CBC - May 25, 2019] Metro Vancouver home sales 43% below April's 10-year average as buyers wait it out April is usually the month when we see an uptick in real estate prices and sales, but that is not the case this year. April home sales in Metro Vancouver were 43 per cent below the 10-year average as many buyers continue to sit on the sidelines hoping that if they are patient, the market will continue to become less expensive. We are at an [...]

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Opinion: When is the best time to buy in a down market?

[January 14, 2019 - Vancouver Courier] Many first-time buyers are taking a wait-and-see approach, in case home prices drop further - is that the best strategy? Recently I was asked to guest live on CityTV’s BT Vancouver morning news show to recap a range of industry predictions for real estate in 2019. During the interview, I was asked what strategy first-time buyers should adopt if they’re hoping to get into the market but are waiting to see what will happen.  This question, [...]

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More choice, lower prices: Why now may be a good time to buy real estate in Vancouver

But new CMHC report also notes Metro Vancouver housing market is still vulnerable [May 2nd, 2019 - CBC News] According to the Canada Mortgage and Housing Corporation, prices on homes in Metro Vancouver are down seven or eight per cent since June, 2018. A new quarterly report on the Metro Vancouver housing market says there's a high degree of vulnerability in the market, but prices are down, and inventory is up, which means buyers will find some advantage. According to the Canada Mortgage and [...]

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