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  1. $574 million in federal financing to help build 950 rental homes in Vancouver

    The federal government is providing more than $574 million in financing to help build about 950 rental homes in Vancouver.

    The government says in a news release that a project on 42nd Avenue is one of four locations receiving funds through the Apartment Loan Construction Program, which offers repayable low-interest loans to encourage more rentals builds for middle-class Canadians.

    Three other sites in Vancouver are also receiving loans from the program, which includes $185.4 million for 1099 Harwood Street, $184 million for 1066 Harwood Street and $94 million for 1317 Richards Street.

    Source: other
    on 14-11-2024

  2. CLC to sell its share in the Jerico Lands to MST

    In October 2014, CLC and MST entered a joint partnership to acquire the 21-acre former BC RCMP headquarters campus, now referred to as the Heather Lands, located within the Cambie Corridor just west of Queen Elizabeth Park, and the 52-acre eastern portion of the 90-acre Jericho Lands, previously the Jericho Garrison, in West Point Grey.

    And now, just over 10 years after the historic acquisition, CLC will be selling its significant stake in the Heather Lands to MST Partnership in two waves. This is expected to occur upon the first enactment of the rezoning, which is expected to occur before the end of this year.

    By Kenneth Chan
    on 14-11-2024

  3. For the first time since July 2021, average asking rents for all residential property types in Canada saw an annual drop in October.

    According to the latest report from Rentals.ca and Urbanation, rents dropped 1.2 per cent compared to October 2023, bringing the average monthly rent to $2,152.

    This decline is primarily driven by decreases in larger cities, particularly in British Columbia and Ontario. Vancouver recorded a year-over-year drop of 9.1 per cent for one bedroom units, Burnaby, B.C. saw a 9.4 per cent decrease, and Toronto registered an 8.7 per cent decline. Calgary and Montreal also reported annual decreases of 4.3 per cent and 4.6 per cent, respectively.

    Source: REM
    on 13-11-2024

  4. The BC government has officially passed its home flipping tax, set to take effect on January 1, 2025

    This new tax significantly impacts short-term sales. Clients aiming for quick profits from property flips will face a declining tax based on how long they hold their property. Properties sold within 365 days will be subject to a 20% tax on the profit, with the rate decreasing until the property is held for 730 days, after which the tax no longer applies. This shift means agents need to counsel clients carefully about holding strategies and tax exposure when considering short-term property sales.

    By Joanna Gerber
    on 06-11-2024

  5. Restructurings more common in current difficult economic, regulatory environment

    Developers in Vancouver are facing a confluence of economic and regulatory factors that are financially stressing projects and making insolvencies more common.

    Even if developments don’t fail, they may require a restructuring to make financial sense in a new environment characterized by a significant escalation in costs and other barriers.

    Various factors are creating a challenging climate for builders. They include inflation, the steep jump in the key interest rate from 0.25 per cent in March 2022 to five per cent in June 2023, redistributive taxes and policies, rising construction costs, permitting delays and changing building codes.

    By Jami Makan
    on 06-11-2024

  6. A Realtor’s guide to navigating strata documents in B.C.

    Realtors play a vital role in guiding buyers through the often overwhelming process of purchasing a unit in a multi-family complex. For many, the volume of required documentation—from disclosure statements and financial reports to meeting minutes—can feel daunting. Knowing what to focus on and interpret is crucial for a smooth experience and can make all the difference in helping clients make informed decisions.

    By Jaclyn Jeffrey
    on 06-11-2024

  7. Condo sellers in towns like Toronto are about to give buyers a windfall chance at low prices

    The psychology in some of Canada’s biggest condo markets, particularly those with large immigrant populations, has been deteriorating for months, but the meltdown is worsening. It may not be a Chernobyl — because prices will someday recover — but it’s definitely feeling Three Mile Island-esque.

    n the GTA, TRREB says third-quarter condo resales dropped 4.4 per cent while listings jumped 10.6 per cent. But that’s before the government’s bombshell announcement that it was slashing Canada’s population for the next two years. Talk about kicking the legs out from under a market. Condos in places like metro Toronto, Vancouver and Montreal are heavily tenanted by temporary residents and immigrants.

    By Robert McLister
    on 01-11-2024

  8. How to Get the Best Return on Investment with a Rental Property

    Investing in rental properties can be a powerful way to build wealth and generate passive income. However, maximizing the return on investment (ROI) from rental property ownership requires careful planning, smart management, and a focus on both income generation and cost control. Here’s a guide to help you get the best ROI on your rental property. 

    Choose the Right Property Location

    Location is the foundation of any real estate investment. An area with high demand for rentals, like shops and restaurants is more likely to attract quality tenants and offer higher rental yields. Here’s how to evaluate a location:

    • Neighborhood Quality: Look for areas with low crime rates and good local services. 
    • Job Market Proximity: Proximity to a strong job market can ensure a steady flow of tenants, especially young, working professionals. 
    • School Quality: Areas with well-regarded schools are attractive to families, which can lead to longer lease terms and stable income.

    By Aiden Lowrie
    on 30-10-2024

  9. Prices of new residential homes in Vancouver unchanged from a year ago

    New home prices in the Vancouver region declined in September on a month-over-month basis, according to Statistics Canada.

    In an update released Oct. 25, Statistics Canada said its New Housing Price Index in September was down 0.2 per cent from August – and unchanged from a year ago – for the Vancouver census metropolitan area (CMA).

    In the Victoria region, prices were unchanged from August to September. Prices were up 0.6 per cent in the Kelowna region. For B.C. as a whole, the monthly index was down 0.2 per cent, and down 0.1 per cent year-over-year.

    By Jami Makan
    on 28-10-2024

  10. Canadian homeowners who frequently rent properties on Airbnb could face 13% tax when selling it. Here’s what you need to know

    Canadian homeowners might want to think twice before listing their properties on Airbnb as they might have to pay a 13 per cent tax on the property if they sell it. 

    The relatively new tax ruling comes following a decision earlier this year from the Tax Court of Canada that says properties that are consistently rented out on short-term listing platforms are subject to HST on the property when they sell it. This could equal hundreds or thousands of dollars in tax.

    By Breanna Marcelo
    on 25-10-2024
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