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  1. Anew redevelopment proposal is in the works for the Royal Towers Hotel site in New Westminster

    New Westminster will consider towers of 30 to 40 storeys in height on the Royal Towers Hotel site.

    The city has received rezoning and development permit applications for the Royal Towers site at 140 Sixth St. -the corner of Sixth Street and Royal Avenue. In order to deal with the applications, staff sought clarity from council about anticipated building heights for the site.

    The applications include an initial concept with towers between 30 to 40 storeys,” said a report to council. “Staff are seeking direction from council as to whether such building heights should be further explored.”
    By Theresa McManus
    23-10-2024

  2. The secret to tackling overwhelm is outsourcing

    Outsourcing alleviates these common challenges in real estate, empowering you to grow your business while focusing on what truly matters.

    1. Time constraints: Long hours managing multiple clients, listings, open houses and more.

    2. Administrative overload: Paperwork and scheduling consume your energy.

    3. Market competition: Standing out requires maximizing your productivity.
    By Brittney Ashley
    23-10-2024

  3. The Bank of Canada (BoC) made a jumbo-sized cut on Wednesday morning, lowering the policy interest rate from 4.25% to 3.75%.

    This was the fourth announcement of 2024. Such a low has not been seen since December 2022.

    At first, experts expected a 0.25% rate cut, but after the Consumer Price Index (CPI) fell below the Bank’s target of 2% earlier in October, hopes about a bigger cut strengthened.

    Now, more frequent rate decreases are expected. Only one announcement is scheduled for the rest of the year, on December 11.

    The BoC lowered its key interest rate to 4.25% in September, marking its third rate cut of the year.

     

    By Imaan Sheikh
    23-10-2024

  4. The Competition Bureau is continuing its investigation into the Canadian Real Estate Association’s (CREA) policies

    The Bureau is examining whether CREA’s rules on real estate commissions—particularly the requirement that sellers’ agents offer compensation to buyers’ agents for properties listed on Multiple Listing Service (MLS®) systems—are affecting competition. The Bureau is investigating whether these rules discourage realtors from competing by offering lower commission rates, potentially leading to higher costs for both buyers and sellers.
    By Joanna Gerber
    22-10-2024

  5. Metro Vancouver developers propose shifting construction fees directly to homebuyers

    Metro Vancouver developers say they should not be on the hook for development cost charges levied on new home construction projects to pay for growth-related infrastructure; however, one developer has pitched a proposal that such fees first be financed by government then paid by homebuyers, upon purchase.

    Property developers have, again, asked Metro Vancouver regional government members for development fees to be waived, deferred or redirected citing escalating costs to construct new homes.
    By Graeme Wood
    22-10-2024

  6. Wednesday's interest rate decision by Bank of Canada could pack a large punch

    The Bank of Canada may be ready to trim much more fat from its overnight rate this week than previously expected, according to one economist.

    The central bank is set to announce its decision on the target for the overnight rate Wednesday (Oct. 23). It currently stands at 4.25 per cent.

    While two-thirds of economists polled by Reuters last week expect a reduction of 50 basis points, or 0.5 percentage points, there might be a reasonable argument to be made in favour of a 75-basis-point cut at tomorrow’s announcement in Ottawa.

    In an Oct. 18 note to investors, Avery Shenfeld, managing director and chief economist with Canadian Imperial Bank of Commerce (TSX: CM), said the central bank often shifts its overnight rate in increments of 25 or 50 basis points, but that a 75-basis-point drop is not totally out of the question.
    By Jami Makan
    22-10-2024

  7. Another high-rise application comes to City of Delta

    Another high-rise application has been submitted to the City of Delta for the busy Scott Road corridor.

    The application by BMG Projects is for 32-storey mixed-use development at 9321 120 St. and 11958 93A Ave.

    It would include 395 units including 59 dedicated as rental units.

    In 2022, the site sold for full asking price at $16 million as a potential redevelopment for a high-rise tower.

    That same year, final approval for an adjacent rezoning and lot consolidation for a proposed 29-storey high-rise was granted by council.

    That mixed-use development in the 9300-block of Scott Road (9365 to 9383 120 St.) and 11000 block of 93A Avenue (11959, 11969 93A Ave.), will have a combined 314 residential units.

    The project will comprise a residential tower with ground floor commercial space, a daycare which would be owned by the city, as well as a six-storey rental building with some of the units to charge below market rental rates.
    By Sandor Gyarmati
    20-10-2024

  8. BC landlords are required to adhere to strict rules regarding rent increases and practices

    British Columbia’s provincial government has confirmed that the maximum annual allowable rent increase for 2025 will be capped at 3%, a reduction from the 3.5% allowed in 2024. It is tying rent increases to inflation, as calculated using the Consumer Price Index (CPI).

    By Joanna Gerber
    17-10-2024

  9. September enjoyed a sweet spot in terms of affordability

    The latest affordability report data compiled by Ratehub.ca finds that affordability conditions improved in 11 of 13 major housing markets across the nation, as a third Bank of Canada rate cut led to a month-over-month drop in borrowing costs. Cumulatively, the central bank has slashed the cost of borrowing in Canada by 75 basis points since June, bringing its benchmark overnight lending rate – which sets the pricing for lenders’ prime rates and variable mortgage rates – down to 4.25% from its longstanding 5%.

    The report calculates the minimum annual income required to buy an average home in some of Canada’s major cities based on September 2024 and August 2024 real estate data. It also illustrates how changing mortgage rates, stress test rates and real estate prices are impacting the income needed to buy a home.

    Source: other
    17-10-2024

  10. Indigenous-led developments in British Columbia are transforming the province’s real estate market

    At the heart of this shift is the reclamation of traditional lands and the rise of economic independence in Indigenous communities. First Nations such as the Squamish, Tsleil-Waututh, and Tsawwassen Nations have become key players in the provincial real estate market. By leveraging unceded territories and land settlements, these Nations are developing ambitious and transformative residential and commercial projects.
    
    Source: other
    17-10-2024

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