Vancouver Real Estate Archives - Page 8 of 18

03Oct

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 [...]

Canada, Toronto, Ontario, Vancouver Real Estate

26Sep

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 [...]

COVID-19, Economic Outlook, Vancouver Real Estate

25Sep

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 [...]

British Columbia, Vancouver Real Estate

23Sep

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 [...]

Canada, COVID-19, Economic Outlook, Toronto, Ontario, Vancouver Real Estate

20Sep

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 [...]

COVID-19, Economic Outlook, Vancouver Real Estate

17Sep

Vancouver Mayor Kennedy Stewart seeks to permit up to six properties on one residential lot

[Globe and Mail - September 14, 2020] Vancouver Mayor Kennedy Stewart is launching a bold push to create cheaper forms of housing in Vancouver’s single-family neighbourhoods by calling for the city to allow up to six units on any residential lot. The catch is that two would have to be rented or sold at below-market rates permanently. That could be a first for Canada and is only outdone by Portland, Ore., which recently passed a similar policy in mid-August except that it [...]

Economic Outlook, Vancouver Real Estate

16Sep

Vancouver market on the uptick, but worries persist

[Globe and Mail - September 16, 2020] In downtown Vancouver, the condo market has softened considerably, with prices coming down as more units come onto the market. And although the detached house market is robust, the number of houses for sale could increase once the people who took mortgage deferrals have to start paying again. If cash is tight, they might choose to unload their houses, increasing supply. The key word for the current state of the housing market is uncertainty. [...]

British Columbia, COVID-19, Vancouver Real Estate

14Sep

B.C. amends law in effort to address sky-high condo and townhouse insurance

[CBC - September 13, 2020] Regulatory changes end insurance referral fees to strata managers, require commission disclosure by agents The B.C. government has announced regulatory changes aimed at bringing more transparency to condo insurance premiums, which have risen by as much as 40 per cent. The Finance Ministry says effective Nov. 1, insurers or insurance agents will be required to give 30 days' notice to condo or "strata'' corporations if they intend not to renew a policy or to make any changes. It [...]

British Columbia, Vancouver Real Estate

12Sep

Canada real estate: House of Commons petition says tax on home equity will punish millions of residential owners

[Georgia Straight - September 3, 2020] A petition in the House of Commons opposes the idea of taxing home equity. It calls on Liberal Prime Minister Justin Trudeau to reject “any possibility of this tax being implemented in the future”. “It is wrong to punish homeowners with added taxes when they sell their home after years of investment,” the petition states. Home equity is the difference between the market value of a home and the unpaid mortgage. To illustrate, if a home is worth [...]

Canada, Vancouver Real Estate

04Sep

Vancouver real estate: Home prices rose in August amid recovery from COVID-19 pandemic

[CTV - September 2, 2020] VANCOUVER -- Metro Vancouver home sales hit 3,047 in August at a benchmark price of $1.04 million, as the housing market continued its recovery from the COVID-19 pandemic. The number of homes sold last month was nearly 20 per cent higher than the 10-year average for August, although there was a slight decrease from the 3,128 homes sold in July, The Real Estate Board of Greater Vancouver said on Wednesday. The benchmark price in August was 5.3 [...]

Vancouver Real Estate