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  1. Greater Vancouver teeters on the brink of losing its appeal a prime investment destination

    Well, just like the housing crisis is pricing out many Vancouverites and leaving them with no choice but pack up and move east, our latest economic impact study reveals that as the industrial land shortage inches closer to a crisis point, Greater Vancouver teeters on the brink of losing its appeal a prime investment destination.
    In fact, just in the last 4.5 years, an estimated 5.1 million sq. ft. of space has been taken up by firms in Calgary rather than Metro Vancouver. This includes firms that have left the region and others that preferred to invest in Vancouver but instead chose Calgary. The economic repercussions are staggering: The study estimates that our loss of 6,300 direct jobs, $477 million in wages, and nearly $500 million in GDP is Calgary’s gain.
    By Bridgette Anderson
    13-10-2023

  2. TD Economics reports a bigger and longer downturn in Canadian home sales and average prices than projected in June.

    They say home prices and sales will likely go down from Q2 levels during this year’s last quarter (Q4) and the early part of next – by 6 per cent and 8 per cent, respectively.

    Population change and appropriate supply increase from previously low levels are at the root of the decline.

    This doesn’t compare to the 20 and 40 per cent drops in prices and sales that happened – thanks to Bank of Canada rate hikes – from Q1 of 2022 to the same period this year. The group believes that the Bank of Canada will stop raising rates and lower the policy rate as of Q2 next year.
    By REM Editorial Team
    13-10-2023

  3. Kelowna’s property market surge highlights its allure, spotlighting intensifying housing demand

    Leveraging findings from a report from Real Estate Investment Network, called University Effect, the campus expansion represents far more than academic growth. Globally, universities have demonstrated their ability to bolster local economies significantly, enhance property values, and foster innovation hubs. With every kilometre closer to a university translating to a 1-per-cent increase in average house prices, and the potential for high-tech job growth in communities with strong academic institutions, this expansion is set to unlock a wealth of opportunities for investors, entrepreneurs and residents alike.

    By Sponsored
    29-09-2023

  4. Debut highrise will have more than 300 condos as an anchor of Beedie’s mixed-use development

    Beedie bought 96 acres of former industrial land along the Fraser River in Coquitlam, B.C., construction crews are now on site building a $10 million sales centre and preparing the groundwork for a community of 5,550 new homes in series of high rise towers, industrial and commercial space, plus community centres, a new school and extensive parklands.

    The first tower in Beedie Living's new  waterfront community got the city's blessing September 25 when council unanimously approved a development permit for a 36-storey condo highrise called Debut, with 318 homes at 1251 Ghuman Place.
    By Frank O'Brien
    28-09-2023

  5. Revised rezoning application calls for 11-storey office tower and a 19-floor residential tower

    Developer Bosa Properties, on behalf of the Cohen family, has presented a rezoning application for the shuttered Army & Navy store in Vancouver’s Downtown Eastside.

    The application calls for commercial and rental housing towers at 8 to 36 Cordova Street and 15 to 27 West Hastings following rezoning from HA-2 (Gastown Heritage designation) and DD (Downtown Development)  respectively, into a single CD-zone, (which allows flexible comprehensive development) ,according to the application.
    By Frank O'Brien
    26-09-2023

  6. The federal court has given the green light for a class-action lawsuit

    The court documents allege that the defendant brokerages entered into an illegal agreement that artificially inflated buyer brokerage commissions. According to Sunderland, he was forced to pay the standard commission to the buyer’s agent and their brokerage when selling his home. The case further contends that CREA and TRREB played a role in facilitating this arrangement.

    On Sept. 25, Chief Justice Paul Crampton allowed the class-action lawsuit to proceed despite the defendants’ attempts to have the claim struck down due to a perceived lack of merit. The lawsuit seeks to represent individuals who have sold residential real estate through TRREB’s MLS since Mar. 11, 2010.

    By Jordana Springgay
    26-09-2023

  7. Plans to build a mid-rise in a southern Coquitlam neighbourhood are including urban agricultural plots and a dog run for future residents

    Plans to build a mid-rise in a southern Coquitlam neighbourhood are including urban agricultural plots and a dog run for future residents.

    The rezoning bid by Allaire Properties Inc. for 700, 702 and 704 Delestre Ave. will go before Coquitlam city council tonight, Monday, Sept. 25, for first reading.

    Another hearing will be held on Oct. 16 for the public to comment on the proposal on behalf of landowners Silvana and Vincenzo Letteri, David and Maureen Fletcher, and Jerzy and Janina Wilczynski.
    By Janis Cleugh
    25-09-2023

  8. Projections. Policy. Presales. Here's what to expect for the Metro Vancouver real estate market this fall

    In this second year of the interest rate rollercoaster, the name of the game has been "acclimation." Many who wanted to buy a home have learned to make do with the circumstances, resulting in the British Columbia market seeing more resilience than many expected at the beginning of the year. 

    "If the Canadian economy finds itself in recession this year, it may come at a time when the BC housing market is already at a low point," the British Columbia Real Estate Association said at the beginning of the year. "BCREA's modelling suggests that if interest rates remain on their current rate path, housing market activity will remain well below its average historical level in 2023. Likewise, our model suggests that prices will trend downward in the coming months."

    By Storeys editorial team
    25-09-2023

  9. Vancouver and Toronto no longer in bubble risk territory with an avg 10% drop in prices in last year

    Vancouver and Toronto, Canada’s largest real estate markets, have seen a significant shift in housing market risk, according to the latest UBS Global Real Estate Bubble Index for 2023. This year’s report indicates the cities are no longer in the bubble risk category; instead, they are considered “overvalued.”

    The report highlights that the sharp drop in housing market imbalances was not solely due to declining house prices but also a result of inflation-driven income and rental growth....
    By REM Editorial Team
    25-09-2023

  10. Vancouver city council approved to allow “multiplexes” throughout most of the city’s lowest-density neighbourhoods.

    After the vote, Mayor Ken Sim heralded the move as a “bold action,” calling it “a huge step forward to increase housing attainability and build more homes faster.”

    But some described the zoning changes as too little too late. By city staff’s own estimation, these multiplexes are unlikely to produce many rental homes, a type of housing in especially short supply in Vancouver.
    By Dan Fumano
    23-09-2023

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