June 2018

Found 43 blog entries for June 2018.

Dirty money isn’t driving hot housing market, says BC Real Estate Association

In the wake of former high-ranking Mountie Peter German’s damning independent report on money laundering in B.C. casinos, attention is now shifting to possible illegal flows of money in the real estate industry.

The report highlighted potential money laundering links to both the illegal drug trade and the city’s white-hot housing market, and a Global News investigation identified similar troubling connections in what is known as the “Vancouver model” of transnational crime.

Attorney General David Eby has tasked German with a second phase of the investigation, looking at the role of organized crime in the real estate sector.

Cameron Muir, chief economist for the BC Real Estate Association, acknowledged that money laundering is a concern, but

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Conversations That Matter: In Vancouver, a real estate tragedy unfolds

The tax upon tax upon tax that was implemented to make housing in B.C., and in Vancouver in particular, affordable is having the opposite effect. It all started with the City of Vancouver’s empty home tax which was designed to bring up to 10,000 empty homes into the rental market.

The prediction appears to have significantly missed the mark. Currently the City of Vancouver has devoted more than $10 million to a program that may turn a few hundred empty or under-utilized homes into rental units.

The provincial government of Christy Clark jumped on the bandwagon and imposed a foreign buyers tax which is being challenged in the courts as unlawful and discriminatory.

The John Horgan government, sensing the time was right to continue to meddle in

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Most blame foreigners for high home prices in Vancouver

B.C. has the highest foreign-home buyer tax in the world and the number of “transnational” buyers is waning, but the majority of Metro Vancouver residents still see foreigners as the biggest driver of high home prices.

Sixty-eight per cent of Metro Vancouverites believe “foreign investors have a lot of influence in driving up home prices” – the highest such perception in Canada – according to survey released this week by Canada Mortgage and Housing Corp. (CMHC).

That belief may be more perception than reality.

A new Statistics Canada transnational buyer study, also released this week, confirmed that foreigners own just 4.8% of Metro Vancouver homes, with the highest ratios in the cities of Vancouver at 7.6% and Richmond, at 7.5%. A Metro

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More than 1 in 10 homes are owned by non-residents in one part of Metro Vancouver: data

A new report from Statistics Canada shows where foreign ownership of real estate is the most popular, and why much of it is held by corporations. Ted Chernecki has the details.

There’s one part of Metro Vancouver where non-residents own more than one in 10 of the homes, according to data released by Statistics Canada on Tuesday.

But just like the last time the agency released data on non-resident homeowners, a different picture emerges when you drill deeper into the numbers.

The data comes via the Canadian Housing Statistics Program (CHSP), an effort by Statistics Canada to track information on non-resident property ownership in B.C. and Ontario.

The latest release, which came after a separate one in December, provided revised data on

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Perception of foreign ownership heavily influences housing prices: CMHC

TORONTO - Foreign buyers might make up a small sliver of Canada's biggest real estate markets, but homebuyers in Toronto, Vancouver and Montreal still believe they are heavily influencing housing activity.

A study from the Canada Mortgage and Housing Corporation released Wednesday found that 68 per cent of Vancouver respondents, 48 per cent of Toronto respondents and 42 per cent of Montreal respondents believe foreign buyers are having “a lot of influence” on their markets and are driving up home prices.

The insight into perceptions around foreign buyers that 30,000 respondents in the three cities shared with the Crown Corporation between September and mid-October is in stark contrast with recent data from Statistics Canada showing foreign

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A must see! Beautifully maintained 5 bedroom home located on a huge lot with tons of greenspace!

 21 46745 Hudson Road, Sardis

A must see! Beautifully maintained 5 bedroom home located on a huge lot with tons of greenspace! This lovely Promontory residence is the perfect place for a growing family. Features include new quartz counters in the kitchen & bathrooms, gas stove, new stainless steel fridge & dishwasher, fresh paint, new subway backsplash & large front load washer/dryer. Additionally, you'll find crown molding throughout the main floor, 9' ceilings on the main, hardwood & slate floors, and a fully finished 1 bedroom in-law suite with separate entry. Enjoy the outside while relaxing on the large stamped concrete patio. Located in a quiet family oriented neighborhood,

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What it costs to implement and administer the Empty Homes Tax

The City of Vancouver has pulled in $18 million so far from the Empty Homes Tax out of what's anticipated to be $30 million in the first year.

More than half of the $18 million is going towards one-time implementation costs ($7.4 million) and operating costs ($2.6 million).

(Council approved recommendations this week on how the remaining $8 million will be spent. It’s allocated for affordable housing initiatives. Read the details HERE.)

Here’s how the one-time $7.4 million implementation cost breaks down. The cost, spread over 2016, 2017 and 2018, included project team resources, set-up costs for the new administration, audit and collection team costs and technology costs to automate the process:

  • $800,000: project team ($80,000 less
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B.C.'s ski resorts have highest non-resident homeownership: StatCan

Vancouver’s overseas homeownership rate of 7.8 per cent pales in comparison with Sun Peaks and Whistler

The province’s top two ski resorts are the areas with the highest proportion of non-Canadian-resident owners of residential real estate, with Vancouver lagging in third place, according to new data.

A study released June 25 by Statistics Canada says that Sun Peaks has the highest overseas homeownership in the province, at 16.5 per cent of homes. This is followed by Whistler at 15.5 per cent. Both areas are not subject to the province’s speculation tax.

Both resort municipalities have more than double the non-resident ownership reate third-placed Vancouver (city, not Census Metropolitan Area), which the 2016 Census revealed to have just over

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City to consider rezoning application for dual-tower, 438-room hotel on site of Park Inn and Fairview Pub

Huge hotel proposed for West Broadway takes next step (IMAGES)

A major new hotel on West Broadway in Fairview, on which public input was sought earlier this year, is under consideration by the City with its rezoning application now submitted.

The proposed site is at 878-898 West Broadway, between Willow and Laurel streets, which is the current home of well-loved live-music venue the Fairview Pub and three-star 117-room hotel the Park Inn.

The hotel, designed by Arno Matis Architecture, is intended to serve both tourists and families visiting the nearby Vancouver General Hospital, with a large proportion of much-needed long-term-stay suites. 

The proposal comprises two towers at 13 and 11 storeys,

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Reasonable Doubt: Divorcing couples surprised by property division in hot real-estate market

 

The hot Vancouver real-estate market in recent years has created a unique situation for separating couples who own property during the relationship and must now divide their property. People are often surprised when they seek legal advice and learn how their property—specifically, real property that has increased significantly in value during and after the relationship—is divided according to family law in British Columbia.

To understand the unique situation created by the hot real-estate market, you will first need to understand which property constitutes “family property”—which is property that will be divided equally between the spouses (note that there are some exceptions to equal division, depending on the circumstances)—and how

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