November 2018

Found 11 blog entries for November 2018.

Landlords the winners as Metro Vancouver housing sales slump

With a near free-fall in Metro Vancouver, British Columbia housing sales will plunge 23 per cent this year, according to the BC Real Estate Association (BCREA), and the projected 2019 recovery will be led by centres outside of the Lower Mainland, particularly in the Kamloops region and the north.

In Metro Vancouver, the real winners in 2019 will be existing residential landlords who can expect high demand, less competition and low vacancy rates, based on Western Investor's analysis for its annual residential investment outlook. 

Metro Vancouver 

Despite a 35 per cent plunge in Lower Mainland housing sales this year, home prices remain the highest in Canada while rising mortgage rates will also help to keep buyers sidelined. As of October

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Canadians are obsessed with housing affordability — so why isn't Ottawa talking about it?

While the federal Liberals unveiled a national housing strategy last year, it's mainly focused on tackling homelessness and housing low-income Canadians

Housing may be the topic you’re most likely to hear discussed at the local coffeeshop or see on the neighbourhood Facebook page, but it’s not dominating question period.

It may seem like a slam dunk political issue for either the government to solve or the Opposition to make some hay out of, but housing affordability is a multi-jurisdictional issue that doesn’t lend itself to easy answers. And, when those answers do come, they often take months or even years to have a tangible effect, while Canadians wait anxiously.

New Democratic Party Leader Jagmeet Singh is the only federal politician

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B.C. budget surplus projected to grow despite real estate, ICBC dips

The B.C. government’s budget surplus is projected to reach $1.35 billion by the end of the fiscal year in March 2019, Finance Minister Carole James says.

Presenting the province’s second quarter financial report Monday, James said B.C. continues to benefit from higher than forecast personal and corporate income tax revenue, with strong employment and 2.4 per cent growth in the economy, the highest in Canada.

The continued surplus comes in spite of an expected $150 million drop in property transfer tax revenue, and an additional $206 million decrease in net revenue from the Insurance Corp. of B.C. Forest fire and flood costs were up $160 million above last February’s budget forecast.

Growth projections are helped by the signing of a new

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It’s the topic you can’t avoid at social gatherings, especially if you live in one of Canada’s bigger cities: real estate. Either you’re wondering how to climb the property ladder or you’re daydreaming about cashing in.

The Globe and Mail can give you an edge in making smart real-estate decisions. Our insight can help you strike a great mortgage deal or spot a promising property in a promising place. Here is a sample of the kind of value The Globe provides.

For consumers trying to save for a house, a 30-year mortgage offers a glimmer of hope. The era of low interest rates is over, says The Globe’s personal finance columnist, Rob Carrick. As rates rise, the lower payments that come with an extended-period loan could give you breathing room to start a

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Those with insider knowledge on money laundering now have a safe way to share information with province

B.C. launches anonymous tipline on dirty money in real estate and other markets

People with inside information about shady goings-on in real estate and other luxury sectors now have a way to share it anonymously with the B.C. government’s investigative team. 

A new online tip portal was launched November 18 to give B.C. residents a safe avenue to report what they know about money laundering in the real estate, horse racing and luxury automobile markets.

Attorney-General David Eby, who is leading the money laundering crackdown, said in a media statement, “British Columbians want their government to crack down on money laundering, wherever it takes place. We agree and we also believe that British Columbians can help.

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High-end B.C. house prices dropping, but no relief at lower levels

VANCOUVER — The British Columbia government says it’s already seeing positive results from the policies it put in place to address the housing crisis, but one expert says there’s still a long way to go.

Housing Minister Selina Robinson says the government is seeing some high-end house prices starting to drop.

“Right now we’ve got the speculation and empty home taxes, so part of what we need to do is monitor the impact that it has and continue to see what it does,” Robinson said in an interview Sunday.

But Andy Yan, the director of the City Program at Simon Fraser University, says that while very expensive houses are starting to show a decline in price, the numbers haven’t translated to mid- and lower-level units.

“Sixteen months is a

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Steady strength

When investment sales figures for the first half of 2018 began being released in September, signs pointed to a record year and rising caution. CBRE Ltd. indicated that 2018 investment deals could exceed last year’s total of $11.75 billion. Meanwhile, Avison Young tipped “heightened political uncertainty, rising construction costs and affordability issues” as factors in a more cautious approach among “buyers and lenders alike.”

CBRE executive vice-president Paul Morassutti, also executive managing director of CBRE’s valuation and advisory services division, echoed those sentiments at the opening breakfast of the Vancouver Real Estate Strategy and Leasing Conference on November 1.

A decade of cheap debt, originally extended

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Home sale activity across Metro Vancouver* remained below long-term historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold.

Last month’s sales were 26.8 per cent below the 10-year October sales average.

“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition,

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More Canadian companies embrace remote workers as solution to expensive office space, desire for flexibility

Five months ago, Alistair Vigier launched his all-virtual law firm, with a staff of eight who telecommute from a variety of locations across the country.

While Vigier is based in Victoria, ClearWay Law's lawyers are distributed around the Greater Toronto Area, and its admin and other staff are spread around Victoria, Vancouver and Regina.

All work from home, meeting their family law clients in their homes or at coffee shops when needed.

At a previous firm where Vigier was an investor, the company spent around $20,000 per month for office space, keeping with the industry's tradition of projecting an image of success through big

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In 2005, everyone was buying houses. It was common knowledge you were stupid to wait. House prices flourished and loans flowed like drinks at an open bar. Lots of people made money—until they didn’t. In 2009 the music had stopped and people were frantically looking for someone to pass the hot potato to. By 2010, those “smart” people were the ones looking stupid. Foreclosures dominated the market place and the great real estate boom of ‘05 looked more like a ghost town as the real estate downturn hit full effect.

Fast forward to 2018 and it’s starting to look a little familiar. In Northern California, we frequently see homes sell significantly over asking price, regardless of appraisals or the condition of the home. Demand is outpacing supply, and

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