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  1. Monogram will be a skyline stand out

    With its planned height at just under 500 feet, Prima Properties’ 49-level Monogram development slated for Burrard Street is set to be a standout in Vancouver’s evolving skyline.

    The mixed-use tower on Burrard Street (at Davie Street) falls under Vancouver’s Higher Buildings Policy, which applies to specific downtown areas. According to the policy, the buildings must make a significant contribution to the “beauty and visual power” of the city’s skyline and demonstrate “leadership and advances in sustainable design and energy efficiency.”

    Buddle describes the building as flat iron shaped — somewhat triangular — with its largest facade on the southwest designed to capture English Bay views and the sunset to the west.

    By Kathleen Freimond
    25-10-2024

  2. ales over $4 million fell 13% this past summer, according to Sotheby’s

    Sales of luxury homes are declining in Vancouver, creating a unique window for buyers to capitalize on a market defined by transitory interest rates, political uncertainty and growing inventory, says a new report.

    During the summer months, luxury residential real estate sales over $4 million in the City of Vancouver fell 13 per cent to 49 sales in July and August, compared to the same period in 2023, according to Sotheby’s International Realty Canada.

    The firm’s Oct. 23 report found there were 12 luxury sales over $4 million in September, down 52 per cent from 25 properties sold during the same period last year.

    Factors behind the buyer's market include the high cost of living, public safety concerns, the uncertain political climate and a greater willingness by sellers to negotiate, said the brokerage’s president and CEO, Don Kottick.
    By Jami Makan
    24-10-2024

  3. Anew redevelopment proposal is in the works for the Royal Towers Hotel site in New Westminster

    New Westminster will consider towers of 30 to 40 storeys in height on the Royal Towers Hotel site.

    The city has received rezoning and development permit applications for the Royal Towers site at 140 Sixth St. -the corner of Sixth Street and Royal Avenue. In order to deal with the applications, staff sought clarity from council about anticipated building heights for the site.

    The applications include an initial concept with towers between 30 to 40 storeys,” said a report to council. “Staff are seeking direction from council as to whether such building heights should be further explored.”
    By Theresa McManus
    23-10-2024

  4. The secret to tackling overwhelm is outsourcing

    Outsourcing alleviates these common challenges in real estate, empowering you to grow your business while focusing on what truly matters.

    1. Time constraints: Long hours managing multiple clients, listings, open houses and more.

    2. Administrative overload: Paperwork and scheduling consume your energy.

    3. Market competition: Standing out requires maximizing your productivity.
    By Brittney Ashley
    23-10-2024

  5. The Bank of Canada (BoC) made a jumbo-sized cut on Wednesday morning, lowering the policy interest rate from 4.25% to 3.75%.

    This was the fourth announcement of 2024. Such a low has not been seen since December 2022.

    At first, experts expected a 0.25% rate cut, but after the Consumer Price Index (CPI) fell below the Bank’s target of 2% earlier in October, hopes about a bigger cut strengthened.

    Now, more frequent rate decreases are expected. Only one announcement is scheduled for the rest of the year, on December 11.

    The BoC lowered its key interest rate to 4.25% in September, marking its third rate cut of the year.

     

    By Imaan Sheikh
    23-10-2024

  6. The Competition Bureau is continuing its investigation into the Canadian Real Estate Association’s (CREA) policies

    The Bureau is examining whether CREA’s rules on real estate commissions—particularly the requirement that sellers’ agents offer compensation to buyers’ agents for properties listed on Multiple Listing Service (MLS®) systems—are affecting competition. The Bureau is investigating whether these rules discourage realtors from competing by offering lower commission rates, potentially leading to higher costs for both buyers and sellers.
    By Joanna Gerber
    22-10-2024

  7. Metro Vancouver developers propose shifting construction fees directly to homebuyers

    Metro Vancouver developers say they should not be on the hook for development cost charges levied on new home construction projects to pay for growth-related infrastructure; however, one developer has pitched a proposal that such fees first be financed by government then paid by homebuyers, upon purchase.

    Property developers have, again, asked Metro Vancouver regional government members for development fees to be waived, deferred or redirected citing escalating costs to construct new homes.
    By Graeme Wood
    22-10-2024

  8. Wednesday's interest rate decision by Bank of Canada could pack a large punch

    The Bank of Canada may be ready to trim much more fat from its overnight rate this week than previously expected, according to one economist.

    The central bank is set to announce its decision on the target for the overnight rate Wednesday (Oct. 23). It currently stands at 4.25 per cent.

    While two-thirds of economists polled by Reuters last week expect a reduction of 50 basis points, or 0.5 percentage points, there might be a reasonable argument to be made in favour of a 75-basis-point cut at tomorrow’s announcement in Ottawa.

    In an Oct. 18 note to investors, Avery Shenfeld, managing director and chief economist with Canadian Imperial Bank of Commerce (TSX: CM), said the central bank often shifts its overnight rate in increments of 25 or 50 basis points, but that a 75-basis-point drop is not totally out of the question.
    By Jami Makan
    22-10-2024

  9. Another high-rise application comes to City of Delta

    Another high-rise application has been submitted to the City of Delta for the busy Scott Road corridor.

    The application by BMG Projects is for 32-storey mixed-use development at 9321 120 St. and 11958 93A Ave.

    It would include 395 units including 59 dedicated as rental units.

    In 2022, the site sold for full asking price at $16 million as a potential redevelopment for a high-rise tower.

    That same year, final approval for an adjacent rezoning and lot consolidation for a proposed 29-storey high-rise was granted by council.

    That mixed-use development in the 9300-block of Scott Road (9365 to 9383 120 St.) and 11000 block of 93A Avenue (11959, 11969 93A Ave.), will have a combined 314 residential units.

    The project will comprise a residential tower with ground floor commercial space, a daycare which would be owned by the city, as well as a six-storey rental building with some of the units to charge below market rental rates.
    By Sandor Gyarmati
    20-10-2024

  10. BC landlords are required to adhere to strict rules regarding rent increases and practices

    British Columbia’s provincial government has confirmed that the maximum annual allowable rent increase for 2025 will be capped at 3%, a reduction from the 3.5% allowed in 2024. It is tying rent increases to inflation, as calculated using the Consumer Price Index (CPI).

    By Joanna Gerber
    17-10-2024

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