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  1. Vancouver Mayor Ken Sim directed taff to limit the 2025 property tax to no more than 5.5%

    According to City staff, 4.5% of the property tax rate increase goes toward increasing the growing costs of operations and providing services, and 1% goes toward specifically directly addressing rapidly aging and under-sized utility infrastructure, especially sewerage connections. The 1% top-off for renewing utilities has been a budgetary practice for several years.

    The draft budget states the 5.5% rate is equivalent to a $130 increase for a median overall home worth $1.367 million, a $211 increase for a median single-family house worth $2.2 million, and a $77 increase for a median strata home worth $806,000.
    By Kenneth Chan
    22-11-2024

  2. Tools to engage prospective buyers now include video, social media and AI

    Real estate marketing is evolving to adapt to a changing marketplace in which creative online content can be used to connect with purchasers and help curate and close property deals.
    By Jami Makan
    21-11-2024

  3. Tools real estate marketers use to engage prospective buyers now include video, social media and AI

    Real estate marketing is evolving to adapt to a changing marketplace in which creative online content can be used to connect with purchasers and help curate and close property deals.

    Long before a project breaks ground, real estate marketers are retained by developers to optimize the project to appeal to prospective buyers, who can then be engaged through things like podcasts, social media, testimonials, immersive digital content and experiential offerings.

    Gone are the days when a sponsored spread in a newspaper would be enough to help a project achieve lift-off. Now, realtors are becoming influencers, using technology to drive public interest and target the right audiences.
    By Jami Makan
    21-11-2024

  4. Underused public land in some of Canada's larger cities could house a million people

    The Toronto area and five other cities would altogether have enough underused government-owned land to build homes for as many as one million people, according to a new study by University of British Columbia researchers.

    f all the well-located, vacant or underused government-owned land in the Toronto region was turned into affordable housing, there would be space enough to potentially provide low-cost homes for more than 587,000 Canadians.

    In Ottawa, this same valuable, public land, close to schools, parks and transit, could house about 200,000 people. And in Calgary, there’d be enough for nearly 89,000 residents – not even counting all the property the province also owns in the city.

     
    By Erin Anderssen, Rachelle Younglai, Chen Wang
    20-11-2024

  5. Boomer Inheritances & Millennial Buyers: The Coming Real Estate Revolution

    This past September, journalist Katrina Onstad wrote a Maclean’s article, The Jackpot Generation, which explored a significant financial shift Canadians will soon face. Over the next few years, Canadian baby boomers are expected to pass down a whopping $1 trillion to their heirs—primarily their millennial children. “According to an Ipsos survey, boomers planning to leave their entire estate to their children will pass on an average inheritance of $940,000,” theMacleans article states.

    This unprecedented wealth transfer will likely reshape the real estate landscape. Millennials will likely use these windfalls to break into a previously unattainable market. Even a fraction of that inheritance can open doors to homeownership or lucrative investment opportunities, particularly when paired with savvy financial planning.

    Think of a $200,000 down payment—less than a third of the average $940,000 inheritance. Zoocasa’s calculations, using a 25-year mortgage term and a 3.99% interest rate, showcase how effectively this amount can be leveraged in housing markets across Canada.

    By Angela Serednicki
    19-11-2024

  6. Finding reliable tenants for your property starts with a thorough tenant background check

    A proper background check includes credit history employment verification previous landlord references and criminal record searches. While it might seem like extra work upfront this vital step can save you from costly problems down the line. More landlords are now making background checks a standard part of their tenant selection process to ensure they’re making informed decisions about who’ll occupy their properties.
    By Alice Yang
    18-11-2024

  7. The Canadian real estate market experienced a relatively large burst of momentum in October 2024

    The Canadian real estate market experienced a relatively large burst of momentum in October 2024, with home sales activity reaching its highest level since April 2022. For the first time since the Bank of Canada’s interest rate hikes, monthly home sales broke above the 10-year monthly moving average, breaking a cold streak that has left the real estate industry feeling very recessionary. One exceptionally good reflection of this is the fact that the number of Realtors is in decline.

    The 7.7 per cent month-over-month increase in home sales activity is a striking development, especially considering the more modest gains of 1.9 and 1.3 per cent in September and August, respectively.
    By Daniel Foch
    18-11-2024

  8. Two B.C. Realtors were fined over $200,000 for failing to disclose key restrictions

    Two Realtors in B.C. are facing more than $200,000 in fines for failing to disclose information to clients related to a 2017 oceanfront property sale on the Sunshine Coast. 

    According to a consent order by the B.C. Financial Services Authority (BCFSA), Joel Patrick O’Reilly and Denise Anne Brynelsen with Royal LePage Sussex in Sechelt acted as dual agents, representing both the buyers and sellers in the sale.

    By Jordana Springgay
    18-11-2024

  9. National home sales rose by 16.7% from September to 44,041 sales

    The jump in home sales last month was definitely an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, CREA’s Senior Economist. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should be close to their expected lows, as well. With that in mind, you can think of the October numbers as a sort of preview for what we might expect to see next year
    By Mackenzie Scibetta
    15-11-2024

  10. Positive Market Shifts Lead to an October Sales Bump

    The fall market gained momentum in October as home sales growth continued across Canada. According to the Canadian Real Estate Association (CREA), national home sales rose by 16.7% from September to 44,041 sales. This represents a 30% increase from 2023, marking a notable shift from last year’s quiet fall market when many buyers took to the sidelines amid rising interest rates. 

    “The jump in home sales last month was definitely an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, 
    By Mackenzie Scibetta
    15-11-2024

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