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  1. B.C. can take four bold steps to tackle unaffordable housing head-on

    Canada’s housing problem is at a point of no return. Housing deficits grow each year by hundreds of thousands of units. Our ability to meet the needs of our citizens is eroding, as is our ability to fulfill the promises of a better life we once were able to proudly make to future generations and those who join us from around the world.

    More than 60 per cent of new immigrants move to Montreal, Toronto, Calgary and Vancouver, the places where our gravest housing affordability problems exist.

    Sadly, as the housing situation has worsened for Canadians, governments have consistently added costs upon costs. The more unaffordable housing has become for you, your families, your neighbours, your friends and your communities, the more all levels of government have profited.
    By Gordon Cambell
    09-10-2024

  2. 2024 BC Provincial Election: What Does The Political Landscape Hold For Housing?

    Housing continues to be a hot-button issue as we approach the BC provincial election on October 19, 2024. Earlier this year, as the housing market continued to reel from a one-two punch of quantitative tightening and roaring inflation, policies at all levels of government were enacted in an effort to adjust market dynamics, influence housing affordability, and control speculative activities.  

    As we move into election season, let’s take a closer look at these policies, the current political landscape, and how each party’s platform could impact the market moving forward. 
    By MLA Canada
    09-10-2024

  3. Commercial transactions in the Lower Mainland spiked ahead of the June 25 deadline

    There were 553 commercial real estate sales in the Lower Mainland in Q2 2024, a 66.6 per cent increase from the 332 sales in Q2 2023, according to data from Commercial Edge, a commercial real estate system operated by Greater Vancouver Realtors (GVR).

    The total dollar value of commercial real estate sales in the Lower Mainland was $3.459 billion in Q2 2024, a 71.5 per cent increase from $2.017 billion in Q2 2023.

    Source: other
    04-10-2024

  4. Strand Development has new ambitious plans to redevelop a trapezoid-shaped lot near the Southeast False Creek area

    Previously, the local developer had proposed redevelopment concepts with employment-only uses for the site at 302-360 West 2nd Avenue, which is situated at the southwest corner of the unique intersection of West 2nd Avenue, West 3rd Avenue, and Alberta Street.

    This includes an original 2019 proposal for a new four-storey building with 56,000 sq ft of creative industrial and office space uses.

    Then in 2022, they returned to the City with a revised proposal to build a new seven-storey building with about 38,000 sq ft of creative manufacturing space within the first two levels and 75,000 sq ft of office space within the upper five levels. This previous building concept was subsequently marketed as “Three Sixty”.

    By Kenneth Chan
    04-10-2024

  5. BC NDP has released their full campaign platform in a document of over 60 pages

    When it comes to new interventionist policies, David Eby’s party would further increase the provincial government’s housing speculation tax and “clamp down on home flipping.” They charge that the Conservative Party of BC would reverse such measures that encourage the use of housing transactions for profits.

    The BC NDP would also eliminate blind bidding as another measure to reduce housing prices so that homebuyers do not overpay for the home they want.
    By Kenneth Chan
    03-10-2024

  6. Beginning December 15, 2024, the expansion of 30-year amortizations for insured mortgages will apply

    With the recent announcement of mortgage reforms and their impacts on pre-construction purchases, now is a good time to consider the benefits of investing in pre-construction properties. 

    Beginning December 15, 2024, the expansion of 30-year amortizations for insured mortgages will apply not only to new builds but also to all types of homes, including pre-construction properties. This shift significantly lowers monthly payments for investors, making it easier to manage the financial commitment. Additionally, investors purchasing pre-construction homes will benefit from the new provision, which allows them to switch lenders without requalification, ensuring access to competitive rates without the added barrier of a new stress test.
    By Simeon Papailias
    01-10-2024

  7. Analisis of the rise and fall of amenities in new builds

    Condo living in 2024 is about more than just space; it’s about the carefully curated amenities that turn buildings into communities.

    Gone are the days of a gym, party room, and concierge being most-appreciated amenities – today, they’re considered must-haves. And they’re now joined by things we once may have never imagined in our condo-dwelling lives, like remote offices, wellness spas, pet washes, and cold plunges.

    The common denominator is modern-day convenience: amenities that remove the need for residents to leave the building for everyday routines and rhythms. But, as life evolves, so do the types of amenities today’s (and tomorrow’s) condo dwellers desire. While plentiful, not every one of today’s condo amenities are created equal.
    By STOREYS Custom Studio
    26-09-2024

  8. The project is set for 3200 E Broadway, 3270 E Broadway, and 2625 Rupert Street

    On Wednesday, the City of Vancouver revealed the two concept options that are being explored for the large-scale redevelopment next to Rupert Station, ahead of a formal rezoning application submission by the developers.

    The project is being led by the xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish), səlilwətaɬ (Tsleil‑Waututh) nations through their joint development firm, MST Development Corporation, in partnership with Aquilini Development, which is owned and operated by the Aquilini family that also owns the Vancouver Canucks.

    The site of the project is the former BC Liquor Distribution Branch adjacent to the Millennium Line SkyTrain's Rupert Station, on the southwest corner of Rupert Street and East Broadway. It consists of 3200 E Broadway (legally known as 3150 E Broadway), 3270 E Broadway, and 2625 Rupert Street, which BC Assessment values at $132,538,000, $5,873,900, and $30,513,000, respectively, for a total valuation of $168,924,900.

    By Howard Chai
    26-09-2024

  9. Stress test requirement changes comeing November 21

    The national banking regulator says it will no longer require borrowers with uninsured mortgages to undergo a stress test when switching providers.

    The Office of the Superintendent of Financial Institutions says it will end the policy for lenders to apply the minimum qualifying rate to straight switches — when uninsured mortgages are renewed at a different institution under the mortgagor’s current amortization schedule and loan amount.

    OSFI says the change comes after feedback from the industry and Canadians “about the imbalance between insured and uninsured mortgagors at the time of mortgage renewal.” It also says data shows the risks that the requirement had been intended to address “have not significantly materialized.”
    By The Canadian Press
    25-09-2024

  10. Canada’s banking regulator is set to relax mortgage rules for homeowners

    The Office of the Superintendent of Financial Institutions (OSFI) will no longer require banks to apply the mortgage stress test on borrowers who switch lenders if they are simply renewing their loan, the regulator told The Globe and Mail on Wednesday.

    The change will make it easier for borrowers with uninsured mortgages to move to a different bank at renewal. It is also expected to motivate banks to offer cheaper mortgage rates in order to retain their current borrowers and attract new customers. The move is set to go into effect Nov. 21, according to OSFI, and will be in place as the federal government relaxes other mortgage policies.

    By Rachelle Younglai
    24-09-2024

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