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  1. National home sales rose by 16.7% from September to 44,041 sales

    The jump in home sales last month was definitely an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, CREA’s Senior Economist. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should be close to their expected lows, as well. With that in mind, you can think of the October numbers as a sort of preview for what we might expect to see next year
    By Mackenzie Scibetta
    15-11-2024

  2. Positive Market Shifts Lead to an October Sales Bump

    The fall market gained momentum in October as home sales growth continued across Canada. According to the Canadian Real Estate Association (CREA), national home sales rose by 16.7% from September to 44,041 sales. This represents a 30% increase from 2023, marking a notable shift from last year’s quiet fall market when many buyers took to the sidelines amid rising interest rates. 

    “The jump in home sales last month was definitely an October surprise, although with the big interest rate cut of 50 basis points announced during the last week of the month, the increase was more likely related to the surge in new listings we saw in September,” said Shaun Cathcart, 
    By Mackenzie Scibetta
    15-11-2024

  3. Natalka Falcomer on Garry Bhaura’s blueprint for success

    “If you don’t change, others will change you,” says Gurcharan (Garry) Bhaura, president and broker of record at ReMax President Realty. In a rapidly evolving industry, Bhaura says this mindset has guided him for over 25 years, helping him stay ahead in a market shaped by technological disruption and shifting consumer expectations.

    Bhaura’s guiding principle is rooted in experience. It aligns with the core message of Clayton Christensen’s book, The Innovator’s Dilemma, which warns that even successful companies can fall behind by failing to embrace disruptive technologies. Bhaura’s brokerage, however, has thrived by adopting a “disrupt before being disrupted” approach.
    By Natalka Falcomer
    14-11-2024

  4. $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
    14-11-2024

  5. 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
    14-11-2024

  6. Investor ownership is influencing the condominium markets

    nvestor ownership is influencing the condominium markets in key urban centers like Toronto, Vancouver, and other Ontario cities. Investors hold a significant presence among small condominium apartments in Toronto and Vancouver. In 2022, nearly two in five condominium apartments (38.9%) in the Toronto CMA were classified as investment properties, while 34.2% in the Vancouver CMA were also investment properties. Furthermore, some areas in Ontario exhibit a notably higher share of condominium apartments functioning as investment properties compared to traditional rental buildings.
    
    By Joanna Gerber
    13-11-2024

  7. Scapegoating immigration ignores B.C.'s broader housing shortfalls

    Despite a rise in public anti-immigration sentiment, experts say immigration is just one factor in the housing affordability equation, and that post-COVID-19 federal policies have exacerbated issues that were previously contained.

    According to research by the Environics Institute published Oct. 17, almost six in 10 (58 per cent) Canadians say they now believe the country accepts too many immigrants, reflecting a 14-percentage-point increase since 2023, that followed a 17-point increase from 2022 to 2023.
    By Jami Makan
    13-11-2024

  8. 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
    13-11-2024

  9. Between October 1, 2023 and September 30, 2024, Vancouver recorded a total of 4,143 net new home completions

    For the first-year period between October 1, 2023 and September 30, 2024, Vancouver recorded a total of 4,143 net new home completions in its jurisdiction, which accounts for units that were demolished but offset by new completions.

    This includes 3,745 new secured purpose-built rental homes, 1,457 new ownership homes, and 104 new supportive housing units. The unit size mix achieved was 3,121 studio/one-bedroom units, 936 two-bedroom units, and 1,145 units with three or more bedrooms.

    The realized figure is 1,059 units short of the provincial government’s target of 5,202 net new homes in Vancouver for the first year of the Housing Targets Order.

     
    By Howard Chai
    07-11-2024

  10. The discussion around development cost charges (DCCs) continues

    The discussion around development cost charges (DCCs) continues to gain momentum in British Columbia as a result of the letter-writing campaign a group of prominent developers launched in September, targeting the forthcoming rate increases for DCCs paid to the Metro Vancouver Regional District (MVRD).

    That letter-writing campaign got those developers a special meeting with the MVRD Mayors Committee on October 17, where many voiced their concerns regarding the potential impacts on development and resulting effects on housing affordability.

    By Howard Chai
    07-11-2024

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