Vancouver Real Estate Archives - Page 9 of 18

30Aug

Sharp drop in foreign students and immigrants slowing real estate

[Vancouver Sun - August 27, 2020] House prices are more or less flat in Vancouver and Toronto, which are considered gateway cities for global migrants. Rental prices are softening in Vancouver and Toronto and housing prices are soon to follow as the number of new immigrants and foreign students falls sharply because of border restrictions aimed at combatting the spread of COVID-19. Average rents have dropped by eight per cent in Vancouver and Toronto in recent months. Hundreds of thousands of dwellings [...]

British Columbia, International Influence, Toronto, Ontario, Vancouver Real Estate

30Aug

A tax on home equity would hurt Canadians during the best of times — but right now it would be reckless

[The Star - August 15, 2020] Every so often, an idea comes along that is so out of touch and unfair that it unites pretty much everyone in their disapproval. Recently, the Canadian Mortgage and Housing Corporation (CMHC) appeared to be doing exactly that when media reports suggested the federal housing agency is researching a new home equity tax on primary residences. According to reports, CMHC is spending $250,000 in partnership with the University of British Columbia’s School of Population to investigate [...]

British Columbia, Canada, Toronto, Ontario, Vancouver Real Estate

30Aug

Tenants given up to July2021 to repay rent in instalments under B.C. government guidelines

[CBC - July 16, 2020] The B.C. government has released a framework for how — and when — rent that went unpaid during the pandemic is expected to be gradually repaid to landlords. In March, the province announced a freeze on evictions for unpaid rent, along with a monthly rebate for renters. The eviction freeze is set to be lifted Sept. 1, meaning tenants will have to pay full rent for September. Tenants will still owe their landlord rent that was missed [...]

British Columbia, COVID-19, Economic Outlook, Vancouver Real Estate

29Aug

Government is why housing in Canada is unaffordable and more taxes won’t help

[Financial Post - August 5, 2020] Opinion: A home equity tax would be but the latest example of politicians using housing as their personal ATM The Canada Mortgage and Housing Corporation (CMHC) is giving $250,000 to Generation Squeeze, an advocacy organization for young Canadians, to research ways to improve housing affordability. The group stated it will focus on “wealth generated by rising home values,” which incited fears the government is considering a home equity tax on the capital gains generated when Canadians sell their [...]

Canada, International Influence, Toronto, Ontario, Vancouver Real Estate

08Aug

Real-estate spin torques the reality of home sales in a COVID-19 world

[Vancouver Sun - August 7, 2020] You can be forgiven for feeling perplexed about what’s happening to Metro Vancouver’s real-estate market after almost six months of COVID-19 anxiety and varying degrees of lockdown. The spin coming from the real-estate industry is bewildering — with some realtors saying the market is “hot” and “fantastic.” Some agents say B.C. buyers are “jumping in with both feet,” activity is “up dramatically,” numbers are “record setting” and prices are “20 per cent higher year over [...]

COVID-19, Economic Outlook, Vancouver Real Estate

06Jun

An argument for not getting your mortgage at a bank

[Globe and Mail - June 4, 2020] A pandemic financial hardship story has revealed the expensive trap built into mortgages offered by big banks. If you have to get out of a mortgage before it comes up for renewal, expect to pay a penalty to the lender. But penalties differ among lenders, with banks at the high end. An Ontario real estate agent recently decided to put her house up for sale because her income had dropped as a result of the [...]

Vancouver Real Estate

24Apr

Forced Selling May Be Headed For Canada’s Housing Market – Some previously priced-out homebuyers might have a shot at getting into pricey housing markets right now.

[Huffpost - April 22, 2020] A sharp rise in joblessness, combined with the bust-out of the short-term rental market, will send Canadian house prices down in the short term, some market experts are saying. And for some homebuyers ― those who are still in decent financial shape in this crisis ― that presents a rare opportunity for bargains in some of Canada’s priciest cities. So far, experts aren’t predicting a huge price decline. Stephen Brown, senior Canada economist at U.K.-based Capital Economics, [...]

COVID-19, Vancouver Real Estate

17Apr

Real estate agents use virtual tours to show homes amid COVID-19 pandemic

[CTV - April 16, 2020] TORONTO -- While real estate support has been declared an essential service in Ontario during the COVID-19 pandemic, some agents are making sure to keep their physical distance by offering virtual tours of homes. Buying a home is one of the largest purchases most people will ever make and so it is difficult to find the perfect house without seeing it in person first hand. Michael Collins, president of the Toronto Real Estate Board, told CTV News [...]

COVID-19, Vancouver Real Estate

31Mar

Provincial government lists REALTORS® as an essential service 

[Real Estate Board of Greater Vancouver - March 26, 2020] The provincial government announced on March 26 that real estate agents are considered an essential service in BC, alongside measures to centralize our healthcare response, ban the secondary resale of essential goods, and secure supply lines for British Columbians. Other real estate-related essential services include: Land registration services Construction work Professional services, including lawyers and accountants Insurance services Building code enforcers and inspectors What does it mean to be an essential service? Being an [...]

COVID-19, Vancouver Real Estate

24Mar

Vancouver real estate board warns against holding open houses during pandemic

[CTV News - March 19, 2020] VANCOUVER -- The Real Estate Board of Greater Vancouver is "strongly recommending" against its members holding open houses during the COVID-19 pandemic. The board, which has approximately 14,000 Metro Vancouver real estate agents as members, announced the recommendation Thursday. It has also suspended its rule requiring properties that are listed for sale to be made available for showings. “Realtors want to do their part to help prevent the spread of illness in our communities and to [...]

COVID-19, Vancouver Real Estate