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  1. City Of Burnaby Introduces ProposedRates For Updated DCCs, New ACCs

    In November, the Province of British Columbia announced that it would introduce a new development financing tool that would streamline the development timelines that often hold cities back from building housing faster.

    That new tool, introduced via Bill 46, theHousing Statutes (Development Financing) Amendment Act, is the creation of amenity cost charges (ACCs) along with changes to how development cost charges (DCCs) and community amenity contributions (CACs) currently work.

    Currently, DCCs — which are called development cost levies (DCLs) in the City of Vancouver — are charged by municipal governments on all new development projects and typically have set rates that are payable early on in the approval process. The funds that municipal governments collect from DCCs are limited in what they can be used for, however, specifically to cover costs associated with growing infrastructure, such as roads, sewers, or drainage.

    By Howard Chai
    28-02-2024

  2. Tri-Cities turn to transit-oriented development to accommodate population boom

    Population growth, increasing demand for housing and new provincial legislation have set the stage for “unprecedented” growth in the area, said Leslie Courchesne, CEO of the Tri-Cities Chamber of Commerce. The result is an increasing number of master-planned communities, new transit-oriented development (TOD) and a rethinking of the kinds of developments that are needed in the area.

    “The number of master-planned communities of significant size … is something we’ve never seen before. It’s exciting, but it also really brings to the forefront how important it is for the region to be working together to make sure we get this right,” said Courchesne.

    Examples of new and vast developments are Coronation Heights by Polygon Homes Ltd. in Coquitlam, which will add more than 2,800 housing units across nine towers and roughly 4.5 hectares of land.
    By Claire Wilson
    27-02-2024

  3. Do Realtors make too much money? What do you think?

    Like any small business, what you pay them is not what they get. They have overhead that does not even include the overreaching tax rate they are susceptible to.

    Most have to pay for staffing, office space, their split to their broker, franchise fees, a transaction coordinator, ongoing training and coaching, their car and gas, marketing, photos, signs and sign installation, software to run their business, client parties, advertising and on and on… You can see how the check collected at the closing goes away fast. 
    By Jared James
    26-02-2024

  4. Vancouver developer asks for another extension on $10-million city fee

    Anthem Properties was required, as part of rezoning for a 33-storey, 127-unit West Georgia Street condo development, to pay $26.1 million for what’s called a community amenity contribution to offset costs to the city resulting from the project.

    Anthem paid more than $15 million of the total, and the city allowed the remaining $10.4 million, the final 40 per cent of the contribution, to be deferred until the first building permit was given the green light.

    Last June — just over two years after the rezoning was approved in principle and just over a year after the bylaw itself was approved following a public hearing — council voted to defer the outstanding balance until the project reaches Stage 2, or two years after enactment of the bylaw, whichever came first.

     
    By Joseph Ruttle
    25-02-2024

  5. New Property Transfer Tax exemptions for first-time buyers and new homes in BC

    n an effort to improve housing affordability, three major changes are being made to the Government of British Columbia’s Property Transfer Tax (PTT) framework.

    Firstly, the threshold to be eligible for the first-time homebuyers’ exemption will be increased from a fair market value of $500,000 to $835,000, with the first $500,000 exempt from the tax. The phase-out range for the complete elimination of the exemption will be $860,000, while properties with a fair market value under $500,000 will be completely exempt. These changes will start on April 1, 2024.
    By Kenneth Chan
    22-02-2024

  6. Budget 2024: B.C. introduces new home-flipping tax

    Flipping Tax  

    The BC Home Flipping Tax is a 20 per cent tax on the gain from sale of a home within a one-year time horizon and a pro-rated tax on sales up to within a two-year period. The tax will apply to both properties and assignments of contracts and is in addition to any existing federal or provincial income taxes incurred from the sale of the property, including the federal anti-flipping tax. Exemptions will be available for certain life circumstances that might motivate the sale of a property within two years, including for added supply through the creation of rental accessory dwelling units. 

     

    The BCREA Economics Department’s preliminary analysis estimates the flipping tax will decrease home sales by between 1-2 per cent over a three-year period. Given the relatively small impact, prices and housing attainability are essentially unchanged by the tax. This is unsurprising, given that short-term flipping represents a low share of sales activity (less than 2 per cent in both Vancouver and Victoria). 

    By Claire Wilson
    22-02-2024

  7. The BC NDP have walked back on changes to the province’s Land Act

    The BC NDP have walked back on changes to the province’s Land Act, citing a need for more consultation and demonstrations of how shared decision-making with Indigenous governments will work.

    “We need to take the time to further engage with people and demonstrate the real benefits of shared decision-making in action,” Water, Land and Resource Stewardship minister Nathan Cullen said in a statement announcing the pause. “We want to get this right and move forward together.”

    The province announced plans in early January to revise the Land Act, launching a public consultation and engaging stakeholders, including ranching, resource and outfitting groups.
    By Peter Mitham
    21-02-2024

  8. Canada’s commercial real estate landscape is set for a “seismic shift” not seen since the early 1990s

    While the high interest rates of 1982 ruined many, Bains said the downturn of 1993 was even worse for the Vancouver real estate market in terms of liquidity.

    The liquidity challenges have returned in the current environment, where interest rates have risen faster and stayed high for longer than they did 40 years ago.

    The result has been a reset in people’s expectations of the cost of capital, heralding a changing of the guard similar to the late 1980s and early 1990s.
    Source: Western Investor
    21-02-2024

  9. There’s been a sizable uptick in the number of homes for sale, according to the latest RE/MAX National Housing Report

    According to the latest RE/MAX National Housing Report – which surveyed 50 U.S. metro areas – the number of newly listed homes in January was 66.3% higher than in December and 21.5% higher than in January a year ago.

    The December-to-January jump was significantly larger than that of years past. What could this mean, exactly? Well, it could bode well for a bustling spring market.

    By RE/MAX Newsroom
    20-02-2024

  10. There’s been a sizable uptick in the number of homes for sale, according to the latest RE/MAX National Housing Report

    According to the latest RE/MAX National Housing Report – which surveyed 50 U.S. metro areas – the number of newly listed homes in January was 66.3% higher than in December and 21.5% higher than in January a year ago.

    The December-to-January jump was significantly larger than that of years past. What could this mean, exactly? Well, it could bode well for a bustling spring market.

    By RE/MAX Newsroom
    20-02-2024

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