September 2018

Found 33 blog entries for September 2018.

Tenants of West End highrise worried they're being 'renovicted'

Tenants at a well-known high-rise in Vancouver's West End that's about to undergo major renovations say they're afraid of becoming victims of "renoviction"— the practice of evicting tenants so a landlord can demolish, renovate or sell a property for quick profit.

Residents of Berkeley Tower held a rally Wednesday appealing to the building's owner to either let them stay or move out temporarily while the property is upgraded.

The tower is 60 years old and Reliance Properties, which manages the building, said it needs major structural, electrical and plumbing work that "will make it healthier for tenants and the environment, plus ensure its longevity."

The work will take more that will take more than two years to complete and require the

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Following a lacklustre summer performance, Metro Vancouver’s $1 million-plus real estate market is set to see even greater declines this fall, according to a Sotheby’s forecast released September 26.

The luxury real estate brokerage said that the patterns in “top-tier” real estate activity over the summer, across all three property types, suggested the market was weakening further.

The report said that all of the top-tier market saw low sales in July and August. Sales of single family homes over $1 million dropped 27 per cent from the previous summer to 213 units, and detached sales over $4 million fell 38 per cent to 24 homes.

Sotheby’s said that even the more robust condo market, which has continued to see increasing prices, will be

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Task force recommends changes to B.C.'s rent hike formula

B.C.'s Rental Housing Task Force has proposed changes to how annual rent increases are calculated in the province that could prevent some tenants from having to pay a 4.5 per cent hike next year. 

Landlords are currently allowed to raise rents by two per cent plus the cost of inflation, a formula that has left renters facing their biggest rent hike since 2004.

The task force's proposal would instead make the annual increase tied to inflation only, scrapping the automatic two per cent hike from the calculation to ease the pressure on renters. If adopted quickly, that would allow for a 2.5 per cent increase in 2019 instead of 4.5 per cent.

NDP MLA Spencer Chandra Herbert, the chair of the task force, said the province has heard the outcry from

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For the past three years, housing has consistently topped the charts as the most important issue facing most cities in Metro Vancouver. Aside from Surrey, where crime and public safety are regarded as a more pressing concern, all other municipalities are primarily worried about housing.

Earlier this month, 67% of respondents to a Research Co. poll in the city of Vancouver said housing is the top issue facing the city.

The proportion has been strikingly similar in Burnaby and the adjacent communities to the east, as well as on the North Shore.

The discussions related to where people will live affect all generations. In Vancouver, 74% of residents aged 18 to 34 and 71% of residents aged 55 and over are concerned about housing. Millennials who

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When you're planning on buying a housein the near future, you're subject to lots of advice. Suddenly, everyone seems to have an opinion on which features your new home needs to have. We thought we would take this debate to the experts to settle it once and for all. In that light, we asked real estate agents what buyers should look for in a home. Here's what they had to say:

Location, location, location:

"The old adage 'location, location, location' is as true today as it ever was. Buyers should consider the quality of the schools, their commute to work, the neighbors, and any noise when thinking about purchasing a house. I always stress to my clients: Pay attention to the things that you can’t change about a house and to make sure you can live with

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West Van moves below-market apartments ahead

District of West Vancouver council has debuted plans for 170 units of below-market housing on a plot of land the district purchased in Ambleside.

Using its windfall from the sale of the old West Vancouver police station, the municipality purchased the 76,000 square feet of land at 2195 Gordon Ave. from Vancouver Coastal Health in 2014 for $16 million with the intention to one day develop it into affordable housing.

Council voted unanimously Monday night to send two concept design options for public consultation this fall. Under the plans made public at council, there would be 170 purpose-built rental apartments offered at 30 per cent below-market rates, as determined by Canada Mortgage and Housing Corp. data, plus 30 market strata condos to help

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Vancouver councillors have ended two days of public hearings by voting to allow duplexes in most city neighbourhoods currently restricted to single-family homes.

Mayor Gregor Robertson says the decision is another step toward adding homes in the city for the so-called “missing middle,” which includes young families pushed out of Vancouver by soaring property prices.

A news release from the mayor's office says the policy change means duplexes are now permitted on approximately 67,000 single family lots, offering an option that is more affordable than a detached home.

The 7-4 vote was split along party lines with Robertson, five Vision Vancouver members and councillor Hector Bremner approving the motion, while three Non-Partisan Association

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Harness The Knowledge To Beat The Real Estate Market At Its Own Game

Ask any group of people what drives the real estate market, and it's a given that you’ll get entirely different answers from each. One might say it’s simply price. Another might say it’s foreclosures. Yet another will argue it’s the loan market and the availability of capital. And another would argue it’s all local — what’s happening in Philly doesn’t play in Austin. And while there’s some truth to each argument, the fact remains that in many respects, real estate is no different than any other commodity, and simple economic principles are an overriding factor. It’s micro versus macro economics and basic supply and demand.

It's been said that all real estate is local, and there is a certain truth in that. Think back to that college econ 101 class

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Policymakers may have actually pulled off the elusive "soft landing" — at least so far.

Canadian Housing Market Has Avoided Disaster, Experts Convinced After Latest Data

Could it be that Canada's policymakers have successfully engineered the "soft landing" in the housing market that they had been hoping for?

Some experts are saying yes, declaring the Canadian housing market healthy again after a weak first half of the year that had some people worried about a major downturn.

Home sales across the country rose by 0.9 per cent in August, the fourth consecutive monthly gain, the Canadian Real Estate Association (CREA) reported on Monday.

 

But compared to a year ago, sales were still down by 3.8 per cent, dragged down primarily by weakness in the Vancouver market, where sales were down 36.7 per

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Did you get grandma to buy your house for you? Be honest.

Mortgages Soar For Canadians In Their 80s, 90s

With new mortgage rules and higher interest rates putting the squeeze on Canadian homebuyers, some have found a new approach: Get the parents (or grandparents) to bankroll your purchase.

The number of mortgages issued to people in the pre-war generation — aged 73 to 93 — jumped by a whopping 63 per cent in the first quarter of this year, according to a new report from credit agency TransUnion, and the report suggests helping family members with a down payment may be one of the primary reasons.

Mortgages also jumped by 18 per cent among baby boomers aged 54 to 72, compared to a year earlier, the report found.

But at the same time, the number of mortgages issued to millennials fell by

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