June 30, 2016
B.C. puts end to real estate self-regulation
B.C. Premier Christy Clark has put the province’s real-estate industry under government oversight, declaring the industry’s self-regulating body has failed to protect the public from cut-throat and illegal practices and has lost the public’s confidence in its ability to police itself.
The announcement comes a day after an independent advisory panel issued a report that included 28 recommendations for how the Real Estate Council of British Columbia should beef up its oversight ability to adjust to a market fuelled by speculation.
“The point of regulation is to protect people,...
June 28, 2016
B.C. panel calls for fines of $250,000 as part of overhaul of real estate industry
The B.C. real estate industry’s self-regulating body should become the sole agency responsible for enforcing far stricter rules, including dramatically higher penalties of up to $250,000 for unscrupulous agents, says a damning report from an independent panel created after Globe and Mail investigations into the Vancouver region’s housing market.
The panel’s report, released Tuesday, calls for a series of new rules designed to punish shady real estate agents and ensure they don’t profit from taking advantage of consumers. It also says agents should no longer be allowed to...
June 20, 2016
JUST SOLD: 619 9009 Cornerstone Mews, Burnaby, SFU
Bright corner unit on 3rd floor! First time buyer or investment alert! Very close bu transit, Coquitlam Centre and Henderson Malls, Parks, Lafarge Lake, Douglas College, Elementary Schools, and Hwy 1. You don't need a card to live here. The unit is a bright and breezy open space, large bedroom with walk-in closet leading to a semi-ensuite, large sunny balcony & completely private, brand-new washer dryer, pets allowed, rentals allowed. Great investment or place to call home.
June 20, 2016
Vancouver plans to impose tax on owners of vacant homes
Vancouver’s mayor says the city will impose a tax on property owners who don’t live in their residences as part of an effort to make housing more affordable, but Gregor Robertson acknowledges his council will have to figure out a way to work around a provincial government that has rejected previous efforts to tax empty houses.
After months of demanding action from the provincial and federal governments on the affordability crisis, Mr. Robertson said Tuesday he has no faith that the province in particular will intervene. He said city staff are looking at all options, even if it means...
June 20, 2016
JUST SOLD: 306 9298 University Cr., Burnaby North, SFU
Novo 1. Prime Burnaby Mountain close to SFU. 1 bedroom & den.. open floor plan. 1 parking stall. All info and measurements are approximate. Buyer to verify if important.
June 17, 2016
Vancouver developers shutting out regular buyers with insider condo sales
Major condo developers in Vancouver are shutting out average buyers by selling their most affordable new units privately – to clients of select realtors and “family and friends” – before their advertised sale dates, The Globe and Mail has learned.
The typical sales contracts also allow those insiders to legally flip the units under construction (known as presale) before closing as long as the developer gets a cut from that transaction. Like shadow flipping with houses, flips of presale condos have been controversial in Vancouver. When supply is scarce and prices are escalating,...
June 17, 2016
Trudeau worries measures calming Vancouver housing will hurt other markets
Prime Minister Justin Trudeau says overseas money from Asia is “obviously” playing a role in Vancouver’s increasingly out-of-control housing market.
But, during his two-day visit to Vancouver, he said he doesn’t want Ottawa to take any action that could make things worse, possibly by hurting other regions that benefit from foreign investment.
During an interview with CBC Radio, Mr. Trudeau said “obviously overseas money coming in is playing a role” in the region’s affordability challenges, which have seen housing prices soar by more than 30 per cent in some...
June 17, 2016
Canada's hot housing markets 'ripe for correction,' TD says
In its latest quarterly economic forecast, TD Bank said that while housing investment currently remains strong, "the party will come to an end."
TD pointed out that the Canadian housing situation is one of three stories: red hot Toronto and Vancouver; weak Alberta; and the rest of the country somewhere in-between with little or no growth in house prices.
Exactly when that housing market correction will happen remains difficult to predict, economists at the bank said.
In the second half of this year, resale activity and price growth are expected to cool as borrowing costs rise and "stretched...
June 15, 2016
Record Home Sales Creates Wave of New Home Construction
The British Columbia Real Estate Association (BCREA) reports that a record 13,458 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, up 32.3 per cent from the same month last year. Home sales last month exceeded April’s record of 12,969 units. Total sales dollar volume was $9.72 billion in May, up 51.1 per cent compared to the previous year. The average MLS® residential price in the province was up 14.2 per cent year-over-year, to $722,146.
“Record housing demand and dwindling inventories are continuing to push home prices higher in most...
June 15, 2016
Canadian economy making progress, Governor Poloz says
The Canadian economy is making progress in adjusting to low oil prices and recovering from the global financial crisis, Bank of Canada Governor Stephen S. Poloz said today.
In a speech to the Yukon Chamber of Commerce, Governor Poloz gave a progress report for the economy since the Bank’s last forecast in April. He reviewed the outlook in light of key risks the Bank had identified earlier, as well as the impact of the wildfires in Alberta that led to the evacuation of Fort McMurray and affected oil sands production.
While the energy industry continues to struggle, there are signs of strength...
June 15, 2016
Vacancy Rate in Seniors’ Residences Stands at 7.4 Per Cent
The vacancy rate for seniors’ residences decreased modestly over the past year, reaching 7.4 per cent in 2016, compared to 8.1 per cent in 2015, according to the Seniors’ Housing Report released by Canada Mortgage and Housing Corporation.
Our survey makes the distinction between two types of spaces: standard and non-standard spaces. Standard spaces are those occupied by a resident paying market rent and who does not receive 1.5 or more hours of care per day. A non-standard space is one in which the residents are receiving at least 1.5 hours of care per day,...
June 15, 2016
CREA Updates Resale Housing Forecast
The Canadian Real Estate Association (CREA) has updated its forecast for home sales activity via the Multiple Listing Service® (MLS®) Systems of Canadian real estate Boards and Associations in 2016 and 2017.
Canadian resale housing market trends that defined 2015 have intensified. National sales activity and average prices reached new heights in the first half of 2016 amid a growing supply shortage of single family homes in British Columbia and Ontario, particularly in B.C.’s Lower Mainland as well as in and around the Greater Toronto Area (GTA).
Price gains in these regions stand...
June 15, 2016
Canadian home sales drop in May following April’s record
According to statistics released today by The Canadian Real Estate Association (CREA), national home sales dropped in May 2016 after having set an all-time monthly record in April.
- National home sales dropped 2.8% from April to May.
- Actual (not seasonally adjusted) activity was up 9.6% compared to May 2015.
- The number of newly listed homes fell 3.2% from April to May.
- The MLS® Home Price Index (HPI) rose 12.5% year-over-year in May.
- The national average sale price climbed 13.2% in May from one year ago; net of Greater Toronto and Greater Vancouver, it advanced 9.1% year-over-year....
June 14, 2016
Demand for land helps boost commercial real estate activity to start 2016
Commercial real estate sales in the Lower Mainland outpaced historical averages in the first quarter (Q1) of 2016, according to data from Commercial Edge, a commercial real estate system operated by the Real Estate Board of Greater Vancouver (REBGV).
There were 660 commercial real estate sales in the Lower Mainland in Q1 2016. This is a 26 per cent increase over the 524 sales in Q1 2015, and represents the most active quarter for commercial real estate in the last five years.
The total dollar value of commercial real estate sales in the Lower Mainland in Q1 2016 was $2.904...
June 9, 2016
Overall risks to financial stability are largely unchanged, but household vulnerabilities have moved higher
The overall level of risk to Canada’s financial system is largely unchanged from six months ago, the Bank of Canada said today in its biannual Financial System Review (FSR). While household vulnerabilities have moved higher, the ongoing economic recovery in Canada means that the overall risk remains the same. The Canadian financial system is resilient and functioning effectively.
The Bank continues to highlight two vulnerabilities related to Canadian households: the elevated level of household indebtedness and imbalances in some regional housing markets. A third vulnerability identified is...
June 8, 2016
Canadian Housing Starts Trend Declines in May
The trend measure of housing starts in Canada was 191,000 units in May compared to 194,950 in April, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts.
“Housing starts slowed in May, and are now on pace to reach 191,000 units in Canada — falling within the upper range of our housing market outlook forecast for the year,” said Bob Dugan, CMHC Chief Economist. “The decline we see in the trend is led by fewer multiple starts...
June 7, 2016
CMHC Survey Provides Insight Into Mortgage Consumers
Canada Mortgage and Housing Corporation (CMHC) released today its annual Mortgage Consumer Survey. The largest and most comprehensive survey of its kind provides insights into the behaviours, attitudes and expectations of Canadians when acquiring, renewing or refinancing a mortgage.
“Understanding the way active Canadian mortgage consumers behave and what they are looking for allows mortgage professionals to provide better service and improve the overall customer experience” said Nathalie Fredette, Vice-President, Client Relationship Management.
June 5, 2016
JUST SOLD: 402 9262 University, Burnaby, SFU, UniverCity
FABULOUS INVESTMENT OPPORTUNITY AT NOVO 2! This bright 1 bedroom home features floor to ceiling windows a high level of finish, including airy open floorplan w/an abundance of natural light! Gorgeous kitchen w/lots of cabinets and large granite island for all your entertaining. The oversized balcony is ideal for your those summer BBQ's overlooking a very tranquil & calm surrounding. RENTED FOR $1750 p/month, this CASHFLOW POSITIVE investment awaits., SFU Burnaby boasts one of the lowest vacancy rates & best rental yields in Metro Vancouver. Start building your investment portfolio today!...
June 2, 2016
Record Breaking Housing Demand Sweeps BC
The British Columbia Real Estate Association (BCREA) released its 2016 Second Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in the province are forecast to climb 12.3 per cent to a record 115,200 units this year, eclipsing the previous record of 106,310 units in 2005. Housing demand is expected to pull back by 8.3 per cent to 105,600 units in 2017. Strong economic fundamentals are expected to underpin the housing market and produce above average consumer demand through 2017. The ten-year average for the province is 83,000 MLS® residential unit sales....
June 2, 2016
Demand remains elevated across the Metro Vancouver housing market
Metro Vancouver* homes continue to sell at an unprecedented rate in communities across the region.
Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 per cent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 per cent compared to April 2016 when 4,781 homes sold.
Last month’s sales were 35.3 per cent above the 10-year sales average for the month and rank as the highest sales total on record for May.
"Home sellers are becoming more active in recent months, although that activity...