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  1. Rule change could make it more difficult for first-time buyers to enter the housing market

    Recent changes to British Columbia's Residential Tenancy Act (RTA) have sparked concerns from housing industry associations, particularly regarding the impact on high-ratio buyers, including first-time homebuyers.

    In open letters, the BC Real Estate Association (BCREA) and the Canadian Mortgage Brokers Association – British Columbia (CMBA-BC) have called on the BC Government to amend the new rules, citing unintended consequences that could negatively affect homebuyers, rental-property owners, and tenants.
    By Candyd Mendoza
    27-07-2024

  2. West Vancouver brokerage among 12 entities fined by Fintrac in 2023/2024 for non-compliance of anti-money laundering and terrorist financing policies.

    The Financial Transactions and Reports Analysis Centre of Canada (Fintrac) has fined West Vancouver real estate firm Masters Realty (2000) Ltd., also operating as RE/MAX Masters Realty, $83,655 for five compliance violations of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act.

    In 2021, investigators for the financial regulator — whose mandate is to detect and deter money laundering and terrorist financing — found numerous documentation deficiencies, according to a July 16 public notice of administrative proceedings.

    Fintrac determined RE/MAX Masters Realty was not documenting enough information to properly assess money laundering risks.
    By Graeme Wood
    26-07-2024

  3. The provincial government's plan to tackle the housing crisis by allowing more multi-unit homes on properties

    Almost all British Columbia communities have adopted the provincial government's plan to tackle the housing crisis by allowing more multi-unit homes on properties.

    The province says nearly 90 per cent of 188 local governments have followed the legislation that would allow for row homes, triplexes and townhouses on former single-home lots.

    It says in a statement that 15 communities have asked for extensions to the June 30 bylaw deadline, while the District of Wells and the Northern Rockies Regional Municipality have been granted extensions because of recent or current wildfire evacuations.

    The government says the District of West Vancouver — where some of B.C.'s most expensive properties are located — has rejected passing the bylaw, but it has been issued a non-compliance notice and a ministerial order could be issued.
    By Canadian Press
    25-07-2024

  4. Sutton Group has appointed James Innis as its new president and COO

    As an outsider to the real estate industry, Innis is working alongside industry veterans to bring new perspectives. “We’re combining external expertise with insider knowledge,” he explains, highlighting his intention to work within the industry to drive it forward. This collaborative approach, merging new ideas with established experience, could be the key to Sutton Group’s future success in a rapidly evolving market.

    Innis’ vision for Sutton Group is clear: leverage the company’s national reach to distribute new solutions to agents and brokers across the market. 

    By Natalka Falcomer
    12-07-2024

  5. Many of Vancouver's most fancy condos are selling at discounts

    At the similarly over-the-top Hotel Georgia, 14 units are listed. The 48th-floor penthouse was once put on sale at $35.8 million, now it’s going for $20.8 million. In the neo-futurist Vancouver House, where Hutchinson says even storage lockers have sold for $150,000, more than 30 opulent apartments are up for grabs. There have only been three sales in six months, and those are smaller units going at about 10 per cent below list price.

    This inflated inventory coincides with a residential highrise construction boom in Metro Vancouver, including glamorous Westbank condos about to be finished at Oakridge Park and in downtown’s sky-high Butterfly. This isn’t to mention thousands more coming on stream in new highrise clusters in Burnaby and beyond.

    By Douglas Todd
    11-07-2024

  6. Vacancy rate hits 9.7%, second straight quarter of increase

    Metro Vancouver office vacancies are continuing to tick upwards as developers consider shifting their priorities mid-construction to hotels or residential.

    The region’s overall office vacancy rate rose to 9.7 per cent in the second quarter of 2024, according to a new report from real estate services firm CBRE.

    This marks the second consecutive quarter vacancies have gone up across Metro Vancouver.

    Split between Vancouver’s downtown and the surrounding suburbs, the former is struggling more with a vacancy rate of 10.8 per cent. The office vacancy rate in the suburbs landed at 8.4 per cent last quarter.
    By BIV Staff
    03-07-2024

  7. Saskatchewan’s real estate market in May 2024 was characterized by strong sales

    Listings

    Despite a seasonal increase in new listings, inventory levels remained critically low, reaching the lowest point since April 2008. The most significant inventory shortages were observed in homes priced below $300,000, indicating intense competition in the affordable segment of the market. This imbalance between supply and demand has put upward pressure on prices across the province.

    Prices

    May showed a slight rise in the provincial residential benchmark price to $340,400, up from $339,800 in April and over 4% higher compared to May 2023. Price increases were recorded across all property types, with apartments and row/townhouse-style properties showing the most substantial gains.
    By Joanna Gerber
    02-07-2024

  8. Rogers will act as the ceremonial head of the university and preside over all major ceremonies and convocations

    Rogers was Vancouver’s city manager from 1999 to 2008 and most recently served on Vancouver Fraser Port Authority’s board of directors, assuming the role of chair in August 2018.

    Rogers, a former UBC student, received the Order of Canada in 2017.

    As UBC’s chancellor, Rogers will act as the ceremonial head of the university and preside over all major ceremonies and convocations. She will also represent the university in a range of events and activities.
    By David Carrigg
    02-07-2024

  9. A Third of Canadian First-Time Home Buyers Require Parental Wealth

    Are you a Canadian having a hard time buying your first home? Have you tried getting wealthier parents? CIBC crunched its numbers and found the role of parental wealth is playing a more important role for both first-time buyers and “mover uppers.” Canadian real estate has become so unaffordable that now a third of first-time homebuyers require a 6-figure gift from their parents—up considerably from just a few years ago. 

    Canadian first-time buyers require a little, okay—a lottle help from friends and family. Nearly a third (31%) of first-time buyers needed a gift to help buy a home in the bank’s 2024 YTD data. That’s up from 20% back in 2015, which seemed high back then. 
    Source: other
    26-06-2024

  10. Buyers are exercising caution despite dropping rates and rising inventory

    On June 5, 2024, the Bank of Canada (BoC) made a strategic move by reducing its key interest rate by 25 basis points. While aimed, in part, at stimulating the housing market and making home loans more affordable, many real estate buyers remain cautious. If you recall in our Dexter Realty May Market Update, sales in May were down 20 percent year-over-year. It also marked the first month-over-month decline in sales in 2024.

    One of the main reasons for buyer hesitation is ongoing inflation. Or at least, rising living costs. Despite the BoC's efforts to lower borrowing costs, inflation continues to affect everyday expenses. Rising prices for goods and services reduce disposable incomes, making it harder for potential buyers to save for down payments and manage monthly mortgage payments. The fear that inflation will continue to erode purchasing power makes many hesitant to commit to long-term financial obligations.

    By Erin Best
    24-06-2024

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