Real Estate Blog

B.C.'s top lawmaker says the province will bring in new, concrete measures to "close the loopholes" that allow lenders connected to the fentanyl trade to launder money by granting large cash loans and mortgages to Vancouver-area property owners. Attorney-General David Eby said possible changes include requiring private lenders to provide proof of how the money they are loaning was obtained and provide more information about who they are, before they can register a mortgage or claim against real estate. "For too long it's been too easy to do business in B.C. under a cloak of secrecy," Mr. Eby said. "I can reassure British Columbians we are fully engaged in this issue. We are formulating the policy work to ensure that our responses are as bullet proof as…
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Vancouver's in the midst of a serious housing crisis, that much is clear. What's less clear is what, exactly should be done about it. The voices calling for drastic action are growing louder. For many, the idea of a ban on foreign buying of real estate is no longer considered a radical idea – neither is revolutionizing property taxes, or joining forces with Beijing tax collectors. The cry is to simply do something big enough that it will turn this runaway train around. BC Green Party Leader Andrew Weaver released a document last month that outlined a host of housing measures, including a ban on foreign buyers purchasing existing housing in B.C. The idea is that foreigners can continue to purchase new builds, pumping money into the economy by investing in…
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In a report from real estate company CBRE, Metro Vancouver’s industrial vacancy rate dropped from 3.9 per cent to 2.3 per cent between 2016 and 2017, and they predict that by the end of 2018 it will fall to a historic 1.7 per cent. The report says rent is up 13.6 per cent year-over-year in Metro Vancouver, at an average $10.23 per foot by the last quarter of 2017.Senior vice president of industrial, Chris MacCauley, said that small businesses wanting to expand may be pushed out of the province. “People are gonna have to go to not maybe an ideal spot for their business. They’re gonna have to go down the list.”


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Original news retrieved from Global News
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Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.

The Real Estate Board of Greater Vancouver reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.

Last month’s sales were 7.1 per cent above the 10-year January sales average. By property type, detached sales were down 24.8 per cent from the 10-year January average, attached sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period.

“Demand remains elevated and listings scarce in the attached and apartment markets

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Canadian real estate sales just fell off a cliff. Canadian Real Estate Association (CREA) numbers show a decline of buyers in January. The decline is one of the largest in Canadian history. Some agents claim this is temporary, but it’s in line with the estimated declines we posted earlier. Canadian real estate sales drop over 13 per cent Canadian real estate sales made large declines. CREA reported 39,609 sales when seasonally adjusted for January. This a 13.8 per cent decline from December, and represents a 6.2 per cent decline compared to last year. Unadjusted, that number was just 24,931 sales. It’s normal for a monthly decline in January, but the size should be of concern. CREA noted this is the first time since 2015, that sales have fallen below the…
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Vancouver property developers are posing a big question right now. If they build shiny new office towers downtown, will tech-sector tenants fill them up? Reliance Properties, on Wednesday, launched its $80-million bid that they will, declaring that the firm will start construction on a 13-storey high-end office property at Burrard and Drake Streets, aiming to be complete by early 2020, the first of five new office projects at some stage of development downtown. And Reliance is breaking ground without the comfort of an anchor tenant to back it up at the start. “We have had the opportunity to kind of pick our time,” Reliance CEO Jon Stovell said. The site was zoned several years ago as part of a bigger, one-million-square-foot Burrard Place development, but…
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Andy Yan is a 42-year-old East Vancouverite who came up out of the proud working class ranks of Van Tech high school, toiling on weekends in the kill tank at the old Hallmark Poultry Factory on Clark Drive. He set out on a career in urban regeneration and applied demographics that took him to projects in New Orleans, New York City and San Francisco. Nowadays he’s the director of the City Program at Simon Fraser University, and while he’s too modest to boast about it, along the way he’s picked up a couple of exceedingly rare civic distinctions.

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Original news retrieved from Maclean's

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Despite home sales falling between December of 2017 and January of this year, the number of homes sold last month was up when comparing year-over-year, according to the B.C. Real Estate Association (BCREA). There were 5,306 homes sold last month, an increase of 18.3 per cent from January of 2017.


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Original news retrieved from Global News
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A record number of Metro Vancouver residents have fled the region for other areas of B.C., according to the most recent population data from Statistics Canada. At the same time, Metro, which is home to more than 2.5 million people, has seen sustained population growth thanks to steady immigration from other countries. StatsCan’s population estimates for sub-provincial areas, released Tuesday, show that Vancouver saw a net 9,926 people leave its census metropolitan area — which encompasses Metro, an area that stretches from Lions Bay to Langley — between July 1, 2015, and June 30, 2016, and settle in other areas of the province. The migration losses were most pronounced among those aged 25-64 years and children under 18. Patrick Charbonneau, a senior…
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One-third of Canadian baby-boomers – and more in Metro Vancouver – plan to give ‘living inheritances’ to their adult children specifically to help them buy real estate, a new survey has found. Sotheby’s International Realty Canada’s latest Generational Trends Report analyzes a Mustel Group survey of more than 2,000 Canadians aged 52 to 71 carried out in October 2017, and says that this group – which makes up more than 30 per cent of the population – is highly influential on the real estate market.

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