April 2018

Found 16 blog entries for April 2018.

Seattle’s leaders are working to build a network of connected bike lanes, but every inch of pavement is contested and tensions run high. In Vancouver, which already has such a network, cycling numbers are up. Driving numbers are down. And the opposition has largely melted away.

In Seattle, every bike lane, whether it’s just a painted white line or a fully separated, landscaped bikeway, seems to be fought tooth and nail, in a never-ending battle over precious street space.

The city’s been trying to build one 1.4-mile stretch of bike path in Ballard for nearly three decades. A long-planned bike lane on Fourth Avenue has been pushed back to 2021.

North of the border, the battle has, if not disappeared, at least faded. Former foes have become

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BC is launching a review of the province’s real estate regulators to “make sure that British Columbians are effectively protected,” announced Finance Minister Carole James, this week.

“Buying and selling property can be stressful,” James said. “People need to trust the professionals they are working with.”

She added that it’s the government’s duty “to make sure the regulatory system is protecting people and functioning effectively.”

James said the review will examine the roles and responsibilities of the Real Estate Council of British Columbia and the Office of the Superintendent of Real Estate.

Topics under review include the appropriate structure and composition of the regulators, how they should communicate, mechanisms for resolving

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Buyers of 40 homes in Langley learned the hard way earlier this month that buying a pre-sale contract for a home in B.C. comes with the risk that a court will break the pre-sale contracts if the developer goes into receivership.

Risk-of-pre-sale-contracts.

Some also told Business in Vancouver that their experience is evidence that the B.C. government needs to step in with strict guidelines for developers conducting pre-sales and to issue fines when developers break rules and sell units multiple times and pocket deposits without putting them in trust.

BC Supreme Court Justice Shelley Fitzpatrick ruled April 4 that receiver Bowra Group Inc. should sell the 40 homes at Langley’s Murrayville House at market value to raise additional capital to pay lenders that lost money

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British Columbia commercial real estate investment activity and dollar volume achieved record heights in 2017 with the disposition of 230 office, industrial and retail properties valued at $7.5 billion during the record-setting year. The previous record was set in 2016 when 147 deals worth $4.1 billion transacted. Values and deal velocity have risen exponentially in B.C. since 2015, according to Avison Young’s Year-End 2017 B.C. Real Estate Investment Review.

B.C.'s commercial real estate sales

The reasons behind this massive increase includes large pools of private and institutional capital (both local and foreign), an ongoing shortage of land for development and an extended low-interest-rate environment, but it is the mindset of market participants that ultimately dictates

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The Haider-Moranis Bulletin: They could here too, once marijuana is legalized this year — but not the way you think

As Canada moves closer to legalizing the recreational use of marijuana, many are speculating on how the decision will affect society and the economy. While some are concerned about health and safety effects, others are optimistic about potential new tax revenues and the prospect of bringing the sale and distribution of marijuana out of the criminal sphere.

property-values

One area that few are talking about, however, is how legal marijuana will affect residential property markets.

While retail rents are likely to benefit first, housing prices may also get a boost, if the experiences in other jurisdictions that have legalized marijuana are

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As housing sales dropped to the lowest level in five years, Metro Vancouver new home starts have soared in the first quarter of the year, with starts in Vancouver alone more than twice as high as during the same period in 2017. 

There were 6,542 home sales on the Multiple Listing Service (MLS) in Metro Vancouver during the first quarter of 2018, which is a 13.1% decrease from the same period last year. 

This represents the region’s lowest first-quarter sales total since 2013, reports the Real Estate Board of Greater Vancouver (REBGV). 

But total housing starts across the region increased to 6,864 units in the first three months of 2018, up 30% from a year earlier.

In Vancouver, first quarter starts soared 109% to 1,956 homes, including

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Millennials’ prolonged stay at Parents Inn is having a profound impact on housing markets

Should millennials rent, or should they own?

To rent or not to rent is not the question. At least, it is not the complete question.

 

When housing prices escalated in the recent past, some experts recommended prolonged renting to those who couldn’t afford to own. Some even wondered if Canada would transform into a nation of renters while others dreamed of a “Wealthy Renter.”

Despite the recent romanticising of renting and the hypothetical assertions that millennials have shunned homeownership, renting is unlikely to become a national aspiration. The desire to own a home is likely to continue driving growth in housing markets.

 

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Kevin Carmichael: If not next week, then perhaps in May. But don’t panic the economy will be OK

Donald Trump may have changed the rules of politics, but luckily for Canadians, the laws of trade gravity are harder to bend.

A new survey of executives by the Bank of Canada — and the last significant economic indicator before policy makers’ interest-rate decision next week — suggests most companies are tuning out the U.S. president’s harangues about “horrible” commercial agreements and his threats to correct the alleged unfairness with tariffs.

Or at least they were between early February and early March, when the latest Business Outlook Survey (BOS) was conducted. That was before the U.S. and China squared off for a trade war, so maybe animal

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The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,517 in March 2018, a 29.7 per cent decrease from the 3,579 sales recorded in March 2017, and a 14 per cent increase compared to February 2018 when 2,207 homes sold.

Last month’s sales were 23 per cent below the 10-year March sales average.

There were 6,542 home sales on the Multiple Listing Service® (MLS®) in Metro Vancouver during the first quarter of 2018, a 13.1 per cent decrease from the 7,527 sales over the same period last year. This represents the region’s lowest first-quarter sales total since 2013.

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore,

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Starlight Investments announced Thursday afternoon it has acquired four “landmark” concrete high-rise apartment buildings comprising a total of 456 units in downtown Vancouver and North Vancouver.

The acquisition lifts Starlight’s Victoria and Vancouver portfolio to approximately 1,700 units in 18 concrete high-rise towers and mid-rise multi-residential buildings.

Financial terms were not disclosed in a release issued by Starlight.

“Starlight has once again demonstrated its ability to execute its strategic plan through the recent acquisition of four highly desirable multi-residential high-rise concrete towers in Vancouver’s city centre,” said Daniel Drimmer, Starlight Investments president and chief executive officer, in the release.

“In

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