Vancouver Real Estate Archives - Page 14 of 18

20May

New real estate taxes only created new problems

[Source: The Province, May 18, 2017] I’m not generally inclined to say “I told you so,” but the last few days have been quite validating for those of us who cautioned against government intervention through taxation in the Vancouver housing market. As most people know, the provincial government introduced a 15-per-cent property transfer tax on foreign buyers in August and Vancouver city council passed the empty homes tax, which also targets a lot of foreign buyers. The taxes were designed to [...]

British Columbia, Vancouver Real Estate

20May

Housing inventory at 20-year low, B.C. Real Estate Association says

[Source: CBC News, May 15, 2017] New data from the B.C. Real Estate Association (BCREA) shows housing supply in the province is at a 20-year low, and the association says that lack of supply is making the ongoing affordability problem worse. The BCREA, the provincial real estate professional association, says the supply of homes for sale is down 17 per cent from April 2016 and down 50 per cent since 2012 after adjusting for seasonal variance. "We're really in almost uncharted territory [...]

British Columbia, Vancouver Real Estate

18May

Home Buying Costs

[Source: Real Estate Board of Greater Vancouver, May 2017] If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you're paying for the property. Here’s an overview. Buying costs Mortgage application Lenders may charge a mortgage application fee, which will vary depending on the lending institution. If you are borrowing part of your down payment through the BC Home Owner Mortgage and Equity (HOME) Partnership Program, there will be additional fees. Mortgage insurance As of October 17, [...]

British Columbia, Mortgage Education Centre, Vancouver Real Estate

17May

Going big with smaller homes

[Source: The Province, May 11, 2017] When Statistics Canada released its 2016 census last week, two figures caught my eye. The first was the fact that for the first time, the number of older Canadians exceeded the number of younger ones. The second was the news that the population of families in the city of Vancouver is now in decline. What does this mean for our housing mix in Metro Vancouver? It goes without saying that vibrant communities need people of all [...]

British Columbia, Canada, Vancouver Real Estate

17May

Vancouver’s final development frontier – False Creek Flats poised for office boom

[Source: BIV, May 16, 2017] Fifteen years after Finning International Inc. left the flats of False Creek, bequeathing 18.6 acres of its property on Great Northern Way to the University of British Columbia, Simon Fraser University, the British Columbia Institute of Technology and the Emily Carr University of Art and Design, the area is finally coming into its own as the office hub it was long intended to be. With more than 20 years of city planning fuelling a vision for [...]

Vancouver Real Estate

10Apr

New Westminster poised to become real estate hot spot: study

[Source: BIV, April 5, 2017] Benchmark home prices have fallen, but they remain near record highs in Vancouver, and homebuyers are extending their reach beyond the city limits. As buyers turn to other municipalities across the region where prices aren’t quite so prohibitive, New Westminster in particular is set to become one of the province’s top real estate destinations within the next decade, according to a Real Estate Investment Network (REIN) report released April 5. New Westminster is a desirable location for [...]

Vancouver Real Estate

10Apr

Demand for homes continues to outpace supply in Metro Vancouver

[Source: Real Estate Board of Greater Vancouver (REBGV): April 4, 2017] A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March. Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold. Last month’s sales were 7.9 per [...]

News Releases From REBGV, Vancouver Real Estate

09Apr

Metro Vancouver Calls for “Urgent Overhaul” of BC’s Property Tax System

[Source: REW/News, April 6, 2017] Area homeowners pay disproportionate share of provincial taxes, report says Ahead of the upcoming provincial election, Metro Vancouver has asked the four main political parties to commit to making major changes to the “antiquated” way property taxes are implemented across the province, including the homeowner grant, the Property Transfer Tax (PTT) and provincial school property tax. “The system needs an urgent overhaul,” said Metro Vancouver vice-chair Raymond Louie. The recommendation, issued this week, comes after a report commissioned [...]

British Columbia, Vancouver Real Estate

09Apr

Fewer listings, strong demand boosts Metro Vancouver real estate

[Source: CTV News, April 4, 2017] VANCOUVER - Home sales in Metro Vancouver are bouncing back after a dismal February, but the Real Estate Board of Greater Vancouver says transactions are still almost 31 per cent below the March 2016 record. The board says a shortage of property listings and strong demand, especially for condos and townhomes, propelled the market in March. Board president Jill Oudil says sellers still seem reluctant to put their homes on the market, creating stiff competition for [...]

British Columbia, Canada, Economic Outlook, Vancouver Real Estate

09Apr

Vancouver realtors say demand picking up as prices begin to rise again

[Source: Financial Post, April 4, 2017] Realtors in Canada’s most expensive city for housing predict prices will continue to rise amid a shortage of listings they maintain is stifling the market. The Real Estate Board of Greater Vancouver said Tuesday that demand picked up in the condo and townhome segment of the market, something the group maintains coincides with a shortage of supply. “Home prices will likely continue to increase until we see more housing supply coming on to the market,” said [...]

British Columbia, Economic Outlook, Vancouver Real Estate