Real Estate Blog

It’s what CMHC is calling the “most thorough examination of house price patterns” ever done of the housing market in the country’s five largest cities, including Vancouver. Canada Housing and Mortgage Corp. on Wednesday released a 225-page report called Examining Escalating House Prices in Large Canadian Metropolitan Centres. It was completed to better understand how much prices rose between 2010 and 2016 (in Vancouver, a lot), factors that drove the hikes, why the hikes are important and what can be done about them.

Original news retrieved from The Province


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Paul Robinson was visiting Singapore for business in mid-January and decided to drop by a sales and marketing "road show" for the opulent new condo tower, the Butterfly, to be built in downtown Vancouver. The Butterfly is one of the last designs by Vancouver's legendary architect Bing Thom, who died last year. When the 57-storey skyscraper is completed by 2022, it will be one of Vancouver's iconic structures, centrally located at 969 Burrard St., with the city's best views. It will also be one of the city's most expensive. To live in one of the units on the upper floors of the beautiful building will cost a buyer millions of dollars. Mr. Robinson, a 36-year-old engineer from Ohio, has been renting an apartment in the West End for eight years with his…
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The growing numbers of non-permanent residents who are working or studying in Canada on temporary visas are having an impact on the real estate markets in major cities such as Vancouver and Toronto. A new report from Canada Mortgage and Housing Corp. shows non-permanent residents accounted for 3.9 per cent of new mortgages provided in 2016 in Vancouver, an increase from 3.3 per cent in 2014. They accounted for 2.7 per cent of new mortgages Toronto in 2016, up from 2 per cent in 2014, and 2.9 per cent of mortgages in Edmonton, a slight decline from 2.8 per cent two years earlier. The report uses data obtained from Canada's five largest banks on their mortgage lending trends in the prior three years in five major census metropolitan areas, which encompass…
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Stocks and bonds may be going through a bad patch, but a more important question for many Canadians is how a new feeling of financial uncertainty is affecting their biggest single investment: their homes. Statistics Canada doesn't ask Canadians directly whether they invest in stocks or bonds. However, as of May 2016, 67.8 per cent of Canadian households owned their own homes.

Original news retrieved from CBC


 stocks and bonds house prices
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From the always affable Daily Scot, Scot Bathgate sends this rather cheeky article from The Guardian where 26-year-old Elle Hunt who defines herself as “squarely a millennial” decides to account for all her purchases to see if she can save up for a down payment on a place. And she is in London England. As Ms. Hunt notes “House prices have grown faster than rents and incomes, moving far beyond what is considered affordable, especially for twentysomethings. The only people my age I know who have bought a house have done so outside London, as part of a couple, with help from their parents or all three. But you wouldn’t know that from the commentators who argue that a deposit would be within the grasp of all millennials – if only we would cut back on takeaway…
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Developers have anted up to start and complete Metro Vancouver transit plans, which are seen as “crucial” to the local economy – and real estate sales. At the Marine Gateway Canada Line station in Vancouver, developer PCI Group paid $2.5 million for access and safety improvements to the existing Canada Line rapid-transit station before PCI began construction of a mixed-use complex. Cressey Development Group, a residential developer, and Morguard Real Estate Investment Trust, which owns Coquitlam Centre mall, anted up about $20 million for the Lincoln station on the SkyTrain Millennium Line extension into Coquitlam that opened in December 2016.

Original news retrieved from BIV
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The Real Estate Board of Greater Vancouver says demand continues to be high for condominiums and townhomes in the region, but less so for detached properties. The board says 1,818 homes sold in January — up 19.4 per cent from the same time last year, but down 9.8 per cent from December 2017. However, townhouse and condo sales were above the 10-year January average by 14.3 and 31.6 per cent respectively, while detached homes fell 24.8 per cent below it. The board says the sales-to-active listings ratio last month, which looks at how many properties sold compared with those listed, was 57.2 per cent for condos, 32.8 per cent for townhouses and 11.6 per cent for detached properties.


Original news retrieved from CBC

Condos, townhomes in Metro Vancouver
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VANCOUVER — The Real Estate Board of Greater Vancouver says demand continues to be high for condominiums and townhomes in the region, but less so for detached properties. The board says 1,818 homes sold in January — up 19.4 per cent from the same time last year, but down 9.8 per cent from December 2017. However, townhouse and condo sales were above the 10-year January average by 14.3 and 31.6 per cent respectively, while detached homes fell 24.8 per cent below it.

Condo Townhouses Metro Vancouver

News originally retrieved from The Province
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The province’s mayors and councillors brought a sharp new focus Thursday to finding effective ways to cool intense foreign and domestic speculation in housing. The Union of B.C. Municipalities announced 32 recommendations designed to fix the home ownership and rental crises that have devastated many residents of Metro Vancouver. “B.C.’s housing policies are no longer working,” said Port Coquitlam Mayor Greg Moore, chair of the Metro Vancouver regional district. He emphasized how the development industry’s push to solve housing unaffordability by building more units has failed to curb out-of-control house prices and rental costs.






Original news retrieved from Vancouver Sun
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When a lawyer is standing in front of a judge clutching an emergency motion, the case rarely concerns a real estate deal gone wrong. But Toronto-based lawyer Albert Frank recently raced to the courthouse to untangle a real estate twist he'd never before encountered in 30 years of practice. Mr. Frank was representing a couple who sold their three-bedroom house in Markham, Ont. Three weeks before the closing date of Sept. 28, the buyer's lawyer let the sellers know his client did not plan to close the deal. She also wanted her $50,000 deposit back.


News originally retrieved from The Globe and Mail
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