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  1. The two low-rise buildings, a high-rise tower planned for 2050-2070 Marine Drive in North Vancouver up for sale

    One of the larger ongoing development projects on the North Shore is the subject of foreclosure proceedings as a result of a substantial amount of debt and has now been listed for sale, according to filings in the Supreme Court of British Columbia and a sales brochure.

    The development was set for 2050-2070 Marine Drive and 2000 Curling Road in the District of North Vancouver, a few minutes east from the Capilano River and the border with the District of West Vancouver.

    The site is formerly home to the Travelodge Hotel by Wyndham Vancouver Lions Gate and a Denny's diner. The Pho Japolo restaurant on the site remains open.
    By Howard Chai
    03-05-2024

  2. Vancouver considers more gambling at city's two casinos

    The B.C. Lottery Corporation wants Vancouver to lift or amend its 13-year-old moratorium on the expansion of gambling in the city.

    According to the city’s general manager of arts, culture and community services, Margaret Wittgens, there has been recent interest from the BCLC to expand gambling at the city’s two casinos — Parq and Hastings Racecourse.

    “BCLC is seeking to expand gambling opportunities at the Parq and Hastings Racecourse casinos by potentially increasing the number of slot machines and table games,” Wittgens wrote in a report going to council’s committee on policy and strategic priorities on May 8.


    
    By David Carrigg
    03-05-2024

  3. The RE/MAX® brand delivers notable advantages – for agents with a RE/MAX brokerage

    As the 2024 RE/MAX vs. The Industry report shows, RE/MAX agents are the most productive, meaning they close more transaction sides than other real estate agents, on average. In fact, RE/MAX agents closed an average of 11.8 transaction sides throughout 2023, nearly double that of the competition

    But productivity isn’t the only place RE/MAX shines. The annual report, which ranks the results of national, full-service brokerage brands in the U.S., also highlights that the balloon-backed brand dominated in unaided brand awareness at 36.4%. 
    Source: other
    02-05-2024

  4. The clock is now ticking on hefty fines for those who don’t fall in line reguarding short-term rentals

    The province’s short-term-rental compliance enforcement unit officially swings into action Wednesday, as B.C.’s new rules banning most short-term rentals come into effect.

    The new rules passed in the fall — part of a multi-pronged approach to create more homes to rent or buy amid a national housing crisis — are aimed at converting thousands of short-term rentals into long-term rental housing for people who work and live in the province.

    Despite pressure from vacation-rental owners, Premier David Eby and Housing Minister Ravi Kahlon have not backed down from the controversial initiative to “rein in profit-driven mini-hotel operators” and return homes to people who need them.
    By Cindy E. Harnett
    01-05-2024

  5. The proverbial 'Bank of Mom and Dad' is strongest in B.C. and appears to be buoyed by foreign-derived income

    British Columbia leads all Canadian provinces and territories in co-ownership arrangements for residential properties between parents and their young adult children, according to a new report from Statistics Canada.

    The report found 20.3 per cent of the B.C. residents born after 1989 (adult children) who own a property had a co-ownership arrangement with their parents, as compared to 17.3 per cent for all of Canada.

    Furthermore, parents who are immigrants co-own properties more frequently with their adult children than Canadian-born parents; in Vancouver, 76.9 per cent of parents who co-owned properties were immigrants.
    By Graeme Wood
    01-05-2024

  6. Canadian mortgage payments went from virtually nothing to very high

    Canadian mortgage payments went from virtually nothing to the highest level in well over a decade, inflicting pain on mortgage borrowers. However, the value of homes also surged. In fact, from the rate cuts that sent home prices surging in March 2020 to the end of 2023, the growth rate of home prices outpaced the increase in the average mortgage payment on file at Equifax. This was true in most of Canada’s largest cities, especially in Eastern Canada where the average household’s payment significantly lagged home price growth. 

    Canadian Home Values Climbed Faster Than Mortgage Payments
    Source: other
    01-05-2024

  7. Recreational property prices will increase by 6.8% in 2024

    Recreational property prices will increase in 2024 as cottage owners opt to retain their properties despite concerns about interest rates, affordability and recent tax changes, according to a report from a major real estate listing firm.

    ReMax’s Canada Cottage Cabin Trends Report projects that recreational property prices will increase by 6.8 per cent in 2024, with the majority of Canadian cottage owners (64 per cent) not even considering selling their properties this year, despite new capital gains rules announced in the federal budget.

    By Shantaé Campbell
    30-04-2024

  8. B.C. housing market showing signs of marginal improvement

    B.C.’s housing market saw a slight improvement in March as home sales nudged higher following a 5.9-per-cent decline in February. Sales increased 0.7 per cent to reach 5,866 unit sales. Home prices rose 1.8 per cent. This said, housing momentum has waned in the last few months as buyer sentiment shifted amid interest rate uncertainty.

    MLS home sales increased in most of the province’s real estate board areas. The Greater Vancouver area saw home sales increase by 1.4 per cent following a decline in the previous month. In Chilliwack, home sales increased only slightly—by just 0.5 per cent—while the Kootenays reported a 17.2-per-cent increase. Home sales also rose 9.4 per cent on Vancouver Island, and were unchanged in the Fraser Valley. However, the Okanagan-Mainline and South Okanagan areas recorded sales declines of 8.9 per cent and 19 per cent, respectively.
    By Bryan Yu
    23-04-2024

  9. Lethbridge industrial market strengthens as options limited

    Western Canada’s industrial markets are at an inflection point as demand normalizes and the pause that hit new construction last year begins to make itself felt.

    Conservative market sentiment is now creating the conditions for stronger performance in 2024, Avison Young reports, with cities like Lethbridge poised to see a landlord’s market for industrial space.

    Lethbridge reported a 4.1 per cent vacancy rate in the first quarter, up from 4 per cent at the end of 2023. But space under construction is down more than half from last year to 50,000 square feet, creating potential supply constraints.
    By Peter Mitham
    22-04-2024

  10. Increase to capital gains tax will cause a flood in the cottage market: Muskoka realtor

    The new tax rates, set to be in force as of June 25, will increase the inclusion rate on capital gains from any sale from 50 per cent above the first $250,000 to 66 per cent.

    That change will have significant implications for cottage owners. Many have seen the value of their properties skyrocket in recent years, which could cause them to kick the tires and sell before the higher tax rules kick in. 

    By Whitney Keunen
    22-04-2024

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