October 2018

Found 28 blog entries for October 2018.

Mayor McCallum’s Langley Express

Let’s call Mayor McCallum’s proposal to scrap the LRT L-line for SkyTrain down the Fraser Highway for what it is: an express train to Langley.

No wonder the new mayor of Langley is heartily in support.  No wonder the Surrey Board of Trade isn’t.  The benefits will largely accrue to the businesses, real-estate developers and commuters up and down the 200th-Street corridor, east of the Surrey border.  Meanwhile, Guildford and Newton will have to settle for its B-line.

As Ken Ohrn mentioned below, transportation and land use go together – arguably, the latter being more the point than the former. We rarely travel just for the purpose or pleasure of moving; it’s to get to a place to do something.  The more places where you can stop along the way,

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Vancouver housing market highly vulnerable despite easing prices: CMHC

The Metro Vancouver housing market is still exhibiting signs of overvaluation as home prices continue to outpace local income growth, according to a new Canada Mortgage and Housing Corporation (CMHC) report released October 25. 

The federal housing agency’s Housing Market Assessment for 2018’s second quarter said the region has been highly vulnerable for ten consecutive quarters.

Although home price growth is moderating in Vancouver, evidence of overvaluation and overheating remains high as prices have accelerated past what is affordable to most household incomes over the past few years. 

“House prices are higher than the price levels supported by the fundamentals,” the report said. “However, with price growth moderating and the young adult

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'Industry is long overdue for another option' other than blind bidding, says expert

Transparent real estate bidding process benefits everyone, says OREA

When Vanessa Witkowski and her husband were tasked with selling his grandmother's home, they both knew they didn't want to do it the traditional way.

What they wanted was to have a more transparent process and to avoid wasting time "playing games" with potential buyers.

So, they decided to put the house up for auction.

"We really didn't like the traditional process. My husband and I would rather see the home sell to someone that truly loves it and values it, and not just have someone lose out on the bid because of any undisclosed information," said 47-year-old Witkowski.

"It just seemed very stressful, and in certain situations, unfair."

The

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They are calling it the green rush. Some are invoking comparisons with the Wild West. The legalization of recreational marijuana has generated tremendous interest and investment from all quarters, and the world of real estate has been no exception.

Millions of square feet of commercial real estate are suddenly in play. The marijuana industry in Canada requires warehouse, greenhouse and retail space to meet the demand of a growing market. While the growth presents exciting opportunities, the tremendous hype and uncertainty about how big the market will be pose real risks for investors in the real estate space.

Nevertheless, many in the commercial real estate industry believe that marijuana legalization couldn’t have come at a better time, when

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Real estate developers will have to change the way they do business, Vancouver’s new mayor warns

VANCOUVER—At 12:35 a.m. on Saturday night, Kennedy Stewart learned he would be Vancouver’s next mayor — and, as an independent, would head a council made up of four different political parties amid housing and overdose crises.

Sitting down at a Yaletown coffee shop on Tuesday, the former NDP MP told StarMetro how he plans to make it all work, including getting started on an ambitious housing plan, securing funding to extend a planned subway extension all the way to UBC and striking a task force on opioid overdoses.

“I do have a plan,” said Stewart, “but there’s all the details of the negotiations” with other councillors, other mayors in the region, the province and the federal government.

He added he’s already had a short but “pleasant” talk

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Housing is ‘absolute priority,’ Vancouver mayor-elect says

Vancouver’s mayor-elect will lead a divided city council whose most pressing job, he says, will be to create affordable housing in Canada’s most expensive city.

Kennedy Stewart, the former NDP MP who won Saturday’s election with a margin of fewer than 1,000 votes, said accomplishing that goal will mean moving away from some of the priorities of outgoing Mayor Gregor Robertson and his Vision Vancouver party, which has been all but wiped out.

Mr. Stewart, who ran as an independent, said voters have clearly said they don’t want to continue on the path the city was on with Mr. Robertson. The mayor faced persistent complaints that his government was too cozy with developers and that a push to add density to the city only benefited the very wealthy.

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With the number of jobs in real estate expected to continuously grow by 6% through 2026, according to the U.S. Bureau of Labor Statistics, the competition for agents is and will remain strong. This can make it a challenge for a homebuyer or seller to find the right real estate agent to work with.

With so many agents vying for clients, you may feel overwhelmed with offers and opportunities as a buyer or seller. Matching your wants and needs with an agent who can provide you the personality, drive and effort you are looking for can make the difference in whether you have a good experience with your property search or home sale.

Thirteen members of Forbes Real Estate Council shared a few useful tips for a homebuyer or seller to make sure the real

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Greens demand change of controversial new speculation tax

VICTORIA - Just 48 hours after the British Columbia government introduced its planned speculation and vacancy tax, amendments are being made to ensure the legislation passes with the support of the Green party.

Finance Minister Carole James and Green Leader Andrew Weaver announced three changes to the bill introduced Tuesday that aims to cool the real estate market and convince owners of vacant homes to sell or rent their properties.

James says the Green amendments would cut the tax rate for all Canadians who own vacant properties in certain urban areas in B.C. to 0.5per cent from oneper cent, while revenues from the tax would be directed in the communities they are collected.

The legislation would also establish an annual meeting between the

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It was 1968 — the year that Metro Vancouver got its first condominium complex.

A great deal has changed in the ensuing 50 years. Now roughly one out of three residents of the region live in a condominium. Metro Vancouver has about 600,000 condo units, with the city of Vancouver having 130,000 of those. The province in total has about 900,000 units, according to the Condominium Homeowners Assoc. of B.C.

Metro Vancouver could be the poster city illustrating the results of the legal changes half a century ago that made condominiums possible. A strong case has been made that the “condofication” of Metro Vancouver has done more than anything else to define this West Coast city. It’s come with some benefits, including for many owners, but the deeper

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Canada’s Best Performing Real Estate Markets Aren’t Toronto Or Vancouver

Canada’s real estate hubs of Toronto and Vancouver are slowing down. Canadian Real Estate Association (CREA) numbers show the price of a typical home in small cities climbed the most over the past year. In fact, the economic suburbs of Toronto and Vancouver have outperformed the cities over the past 5 years.

Vancouver Real Estate Is The Most Expensive In Canada

Vancouver, Oakville, and Fraser Valley are the most expensive real estate markets. Vancouver’s composite benchmark reached $1,070,600 in September, up 2.21% from last year. Oakville, an affluent suburb of Toronto, reached a benchmark of $952,700, up 1.35% from last year. Fraser Valley reached $860,300, up 8.48% from last year. All three of these markets are experiencing rapid deceleration

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