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  1. Canada home prices already fallen roughly 15% from 2022 peak and are forecast to drop 12% this year

    Canadian home prices expected to drop 12% Milounee Purohitother `It’s a necessary correction to restore affordability’ Average home prices have already fallen roughly 15 per cent from an early 2022 peak. The drop in home prices in Canada this year will be steeper than forecast three months ago but mild compared with a historic run-up […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    02-03-2023
    Real Estate Related

  2. 3.3 acres industrial land in Kelowna sells for $7.3 Million

    Kelowna 3.3 acres of industrial sold as a sale-leaseback Western Investor StaffWestern Investor Seller sold the land for $7.3 million and will continue to operate business as the new owner prepares redevelopment. William Wright Commercial, Vancouver, for Western Investor   Property type: Industrial Location: 9340 & 9360 Balser Court, Kelowna. B.C. Land size: 145,055 square […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    01-03-2023
    Real Estate Related

  3. BoC will hold its key policy rate at the current level of 4.5% until the end of this year and will start cutting rates in January 2024

    Bank of Canada to hold rates steady in 2023, budget watchdog says Ismail ShakilThe Vancouver Sun The central bank has raised rates at a record pace over the past year to tame inflation that hit a four-decade high of 8.1% in June. Governor of the Bank of Canada Tiff Macklem walks outside the Bank of […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    01-03-2023
    Real Estate Related

  4. Commercial real estate remains highly abnormal and uncertain | BCREA

    Leading indicator spots slowing of ‘highly abnormal’ CRE market Western Investor StaffThe Vancouver Sun

    By Les Twarog Vancouver Real Estate and Condo Blog
    28-02-2023
    Real Estate Related

  5. Redevelopment site sells for $9.5 Million located at 41 W Pender Street, Vancouver

    Vancouver 6,000-square-foot Crosstown site sells for $9.5 million Western Investor StaffWestern Investor Lot on West Pender Street has current commercial income potential and is approved for a mixed-use of retail, office and 16 units of residential rentals Corbel Commercial Inc., Vancouver, for Western Investor   Property type: Redevelopment site Location: 41 West Pender Street, Vancouver […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    26-02-2023
    Real Estate Related

  6. 76 acres conservation site sells for $1M located at Saturna Island, B.C.

    76 acres on Saturna Island, B.C., sold for $1 million Western Investor StaffWestern Investor Conservation group, federal government, acquire waterfront bluff to protect rare fauna and wildlife. Bluff home to rare swallow and fauna. Native Trust of B.C. for Western Investor   Property type: Conservation site Location: Saturna Island, B.C. Size of land: 76 acres (approx.) […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    26-02-2023
    Real Estate Related

  7. Greater Vancouver home sales up 162% compared to the same period in January 2023

    Don’t look now but Vancouver’s home sales are heading back up Frank O’BrienWestern Investor After posting dismal numbers in January, early February data suggests sales are gaining strength and active listings are increasing Mid-February housing sales in Greater Vancouver were up 162 per cent compared to the same period in January 2023.| Western Investor Early […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    20-02-2023
    Real Estate Related

  8. Higher building costs and supply-chain issues continue to hamper investment and limit rental supply growth | CMHC

    Rental vacancies fall across Western Canada as demand rises Peter MithamWestern Investor Most market segments saw rents increase as demand outstripped new supply Strong tenant demand helped push down rental vacancies across Western Canada despite new construction, underscoring the strength of the sector. Calgary and Edmonton led Canada with the strongest growth in occupied units […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    25-01-2023
    Real Estate Related

  9. Metro Vancouver area drove rental demand in 2022 | CMHC

    Metro Vancouver’s rental vacancy rate drops as demand, prices soar: CMHC Claire WilsonWestern Investor The rate for purpose-built rentals in the region fell below one per cent last year, while the average asking rent for vacant units is 43 per cent higher than occupied ones Rents for vacant units in Metro Vancouver increased more sharply […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    25-01-2023
    Real Estate Related

  10. GTA new home sales started strongly in 2022 before easing in the second half of the year with annual sales sitting at a four-year low | Edward Jegg

    How was the Greater Toronto Area housing market’s performance in 2022? Ephraim VecinaCMP New report highlights market’s struggles Over the course of 2022, the Greater Toronto Area saw its lowest level of new home sales since 2018, according to Altus Group and the Building Industry and Land Development Association. The region saw a total of […]

    By Les Twarog Vancouver Real Estate and Condo Blog
    24-01-2023
    Real Estate Related

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