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  1. 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

  2. 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

  3. 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

  4. Elton Ash, Re/Max Canada’s executive vice president, will retire at the end of October this year.

    Says the organization’s president, Christopher Alexander: “Elton is the definition of an iconic real estate leader. He has achieved more in his career than most people can fathom and is an incredible person, too. While we will miss him dearly at Re/Max, I am excited for him and his next chapter. Thank you, Elton, for all of your wisdom and guidance throughout our many years of working together. Re/Max Canada is privileged to continue to build on your incredible legacy.”
    By Susan Doran
    21-09-2023

  5. Hotel rates in New York City likely to go up with Airbnb rentals gone

    Many Airbnb users with bookings in New York City this Christmas are scrambling to find new accommodations.

    The regulations, which caused an uproar among travelers and short-term rental owners, require hosts be present for stays of less than 30 days, with no more than two people staying in a dwelling at a time. Hosts must also register and get approval from the city — or both hosts and booking sites may be subject to hefty fines.
    By Monica Pitrelli
    18-09-2023

  6. B.C. to streamline permitting, offer incentive to homeowners to rent secondary suites

    The province is launching a new guide for homeowners who want to build and manage a rental suite on their property. That comes ahead of planned legislation to make secondary suites legal throughout B.C. and an incentive program that would offer some 3,000 homeowners forgivable loans of up to $40,000 to build and rent them below market rate.

    The province is also launching a one-stop shop digital hub for homebuilding permit applications to help clear backlogs.
    By Elizabeth McSheffrey
    18-09-2023

  7. Ottawa pledges to overhaul competition rules to tackle affordability crisis

    The federal government plans to strengthen competition laws, cut the GST from new home rental construction and push grocery chains to stabilize prices or face consequences, in a wide-reaching effort to address the rising cost of living that the Liberals acknowledge has left voters angry and frustrated.

    Prime Minister Justin Trudeau unveiled the measures at the end of a three-day caucus retreat in London, Ont., where the beleaguered Liberals have been regrouping in the face of declining public opinion polls, falling fundraising numbers and a resurgent Conservative Party.

    By Marieke Walsh
    15-09-2023

  8. Canada is giving small businesses in Canada more time to pay back emergency loans

    The Liberals have decided, after consistent calls from businesses, to give them another year to pay back their Canada Emergency Business Account (CEBA) loans, despite previously taking the position that repayment deadlines were "final and cannot be changed."
    By Rachel Aiello
    15-09-2023

  9. A chronic lack of hotel rooms is a headache for Vancouver tourism, but the effects of the shortage reverberate far beyond that sector

    Vancouver’s limited hotel capacity produces several ripple effects, and has been repeatedly flagged as a problem by tourism businesses.

    Hotel rooms are needed for leisure tourists, people travelling for business and conventions, and for cultural and athletic events of all sizes. 
    By Dan Fumano
    14-09-2023

  10. Stanley v. Grech, the Court of Appeal for British Columbia upheld the dismissal of an action for professional negligence against the plaintiff’s real estate agent

    he property in issue was one of two lots on a residential “strata” property in the Southlands area of Vancouver, in a neighbourhood containing large properties which had luxury homes as well as equestrian facilities.

    It turned out, however, that both the plaintiff and the agent operated under misapprehensions as to the nature of the strata lot. The plaintiff believed that he had exclusive use of both the portion of the lot with the dwelling and the related limited common property and that the entire property could be redeveloped without the consent of the owner of the second strata lot. However, it could not be redeveloped without the consent of the owner of the other strata lot.
    By James R. G. Cook
    13-09-2023

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