July 2018

Found 47 blog entries for July 2018.

Strong May growth reinforces forecasts for Canadian rate increase in October

Stronger-than-expected growth in the Canadian economy in May points to another interest rate hike this fall but economists don't think it will happen at the next Bank of Canada rate announcement in September.

On Tuesday, Statistics Canada said the Canadian economy grew by 0.5 per cent in May thanks to strong performances by both domestic and export-oriented sectors.

That was above market expectations of 0.3 per cent, said Josh Nye, senior economist with RBC Economics Research, who pointed out that with activity rising month-over-month in 19 of 20 industries, it was the most broadly-based gain in more than a decade.

"Today's solid growth numbers simply improve our confidence that the overnight rate is set to move higher again this year," he…
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'Significant or very significant': Analysis shows money-laundering vulnerabilities in B.C. real estate

Following the bombshell report detailing how Vancouver-area casinos became hubs of international money laundering, the second phase of B.C.’s battle against dirty money is expected to target real estate.

And while the real estate sector largely drives B.C.’s economy, many members of the industry appear to have significant work to do on this front. According to data obtained by Postmedia News, Canada’s financial intelligence watchdog found “significant” and “very significant” deficiencies in the anti-money laundering controls at 88 per cent of real estate entities they examined in B.C. over the last two years.

Between 2015 and 2017, the Financial Transactions and Reports Analysis Centre of Canada, or Fintrac, conducted 343 examinations in the

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Proposal for luxury condo tower in Vancouver pulled amid signs of weak demand

A proposal for a downtown Vancouver luxury condo tower that was scheduled to go to a public hearing next week has been abruptly cancelled by the owner.

It’s a sign of what some see as a shift in Vancouver’s hot real estate market, as the demand for high-end property has weakened, construction costs are skyrocketing and city officials are demanding ever-higher community-amenity contributions (CACs), a fee intended to pay for improvements to neighbourhood services.

A representative of the developer, Brilliant Circle Group, sent a letter to the planning department last weekwithdrawing the project. The letter, obtained by The Globe and Mail, explained that the decision “is due to the impact of the rapidly changing real estate market, which affects

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Canadian Housing Market Still Highly Vulnerable

The CMHC Housing Market Assessment (HMA) is an analytical framework that provides a comprehensive view of vulnerabilities to housing market instability in Canada. It assesses 4 main factors: overheating, price acceleration (also known as “price growth acceleration”), overvaluation and overbuilding.

Our latest HMA results are based on data from the first quarter of 2018 and market intelligence as of the end of June 2018. Here are the highlights:

  • For the eighth straight quarter, the HMA showed a high degree of housing market vulnerability at the national level. This vulnerability was due to the detection of price acceleration and overvaluation.
  • Housing markets in Victoria, Vancouver, Toronto and Hamilton remain highly vulnerable because of
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Dip in house prices doing little to help affordability for first-time buyers

New numbers show prices are dropping in some areas of the Metro Vancouver housing market, but the dip is doing little to help affordability for people trying to take their first step into real estate.

Homes are taking longer to sell in parts of the region, giving buyers of single-family homes the luxury of taking their time.

"In particular, when you get into $2- and $3-million properties, buyers have a lot more choice… and they have the ability now to negotiate with sellers," said Eric Bond, a market analyst with the Canada Mortgage and Housing Corporation.

A report released Thursday by CMHC says between June of last year and this year, luxury home prices in West Vancouver and Vancouver's West Side dropped between five and seven per cent.

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Property purchased through trusts and corporations to require additional buyer information

B.C. government takes step to crack down on tax evasion in real estate

Taking aim at tax evasion in real estate, the B.C. government has announced new rules requiring property buyers to disclose more information when they make a purchase through a corporation or trust. 

Beginning Sept. 17, 2018, purchasers will have to report the following additional information on their property transfer tax return. 

  • Name
  • Date of birth
  • Citizenship information
  • Contact details
  • Tax identification numbers (such as social insurance number)

"These changes give authorities another tool to make sure people are paying the taxes they owe," said Finance Minister Carole James. 

According to the province, these changes are part

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Website rouses opposition to proposed Northeast False Creek towers' impact on views of North Shore mountains

A proposal for a 400-foot building near B.C. Place Stadium has some worried about the loss of some of Vancouver's most exquisite views.

On Tuesday (July 24), city council is expected to vote on a rezoning application by B.C. Pavilion Corporation for a 400,000-square-foot mixed use building.

It's one of three towers proposed as part of the Northeast False Creek neighbourhood plan.

The general manager of planning, urban design, and sustainability, Gil Kelley, has recommended that council grant approval in principle.

But opponents say that it will have a terrible impact on the appearance of the North Shore mountains from the view cone at Cambie Street and West 10th Avenue.

They've created a website, SaveOurSkyline, to generate opposition

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Welcome to Richards Living in the heart of Yaletown! 

# 1806 1088 Richards Street, Vancouver

Welcome to Richards Living in the heart of Yaletown! This 1 Bed + Flex home offers an open concept floor plan with no wasted space! Features include beautiful Hardwood floors throughout, a masterful Chef's kitchen with stainless steel appliances & granite counters in kitchen & bathroom. The generous sized balcony is perfect for the BBQ and patio set. Fantastic building amenities including access to a fully equipped fitness centre, amenity room & a Podium-Level lush Urban Orchard! Richards Living combines front door access to every urban amenity imaginable with the luxury of living in one of North America's most vibrant trend setting hubs. 1 parking included. This is the one! Open House Saturday,

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City of Vancouver approves Jericho Lands planning policy

Vancouver city council Tuesday morning approved a planning program for the future of the Jericho Lands.

“The Jericho Lands in Vancouver’s West Point Grey neighbourhood will undergo a comprehensive planning and engagement program that will help guide future redevelopment of the site to create a new community that is sustainable, socially and culturally inclusive, and highly livable,” states a City of Vancouver press release.

The program approved by council Tuesday is the start of a two-year process aiming to establish principles, objectives and policies on: reconciliation, affordable housing, land use, density, height, public benefits, transportation, built form, character, sustainability, infrastructure and phases of development, the release

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Vancouver’s bubbly real estate market is deflating, say realtors

VANCOUVER—In the past six months, realtors working across Metro Vancouver say they’ve seen market conditions go from highly competitive multiple offers and condo pre-sale lineups, to falling prices and developers offering up to $100,000 “bonuses” in an attempt to lure buyers.

The correction is taking some time to work through the market, but the realtors pinpoint April as the month when conditions began to change. While the single family detached market has been softening for some time — ever since the previous B.C. government introduced a foreign buyer tax in the summer of 2016 — the latest change has affected condos and condo pre-sales, from the very high-end in downtown Vancouver, to mid-range and entry-level product in the suburbs.

It’s a

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