Metro Vancouver Real Estate Market To Stabilize In Coming Months, Says Economist

Metro Vancouver Real Estate Market To Stabilize In Coming Months, Says Economist

The Metro Vancouver housing market is in a healthier position for first-time homebuyers or someone looking to get into the real estate market, says one expert.

Multiple Listing Service (MLS) residential sales in B.C. are forecast to decline 34.4 per cent from a record high 2021 to 81,900 units this year.Pierre Longnus/The Image Bank/Getty Images

As Metro Vancouver moves out of a quieter summer season for the housing market, home prices are expected to stabilize in the next three months, according to the British Columbia Real Estate Association (BCREA).
read more

REBALANCING OF THE MARKET ACROSS BRITISH COLUMBIA

REBALANCING OF THE MARKET ACROSS BRITISH COLUMBIA

Over the past few weeks, MLA Canada’s Advisory team gathered and interpreted market reports to identify and summarize market trends seen in the month of July. As an authority on the Canadian real estate market, the MLA Advisory team maintains an exhaustive understanding of market intelligence and the ability to translate that knowledge into actionable information.

July was a month of rebalancing in British Columbia, with Greater Vancouver, Fraser Valley, and Greater Victoria, and the Okanagan all reflecting more favourable buyer conditions. As resale activity compressed for the fourth consecutive month, the area continues to see rebalancing market conditions. Hesitancy stemming from rising interest rates is giving supply time to replenish from historic lows and, in turn, is creating improved buyer conditions across markets in the Lower Mainland and BC.
read more

CMHC Confirms Government Costs Raise New Home Prices

CMHC Confirms Government Costs Raise New Home Prices

In Vancouver, fees and charges accounts for 20 per cent of the price of a new condo apartment, new federal study says

Verifying what home builders have been saying for years, a new report from Canada Mortgage and Housing Corp. (CMHC) confirms that government costs and fees add tens of thousands of dollars to the price of a new home.

According to a new joint CMHC and Altus Group Housing Market Insight report, Government Charges on Residential Development in Canada’s Largest Metropolitan Areas, released July 5, government fees impact the cost of new home construction by as much as 24 per cent.
read more

10 of The Weirdest Housing and Property Laws in Canada

10 of The Weirdest Housing and Property Laws in Canada

Owning a home in Canada comes with myriad rules and regulations, but there are several strange and little-known laws that govern what you can, and can’t, do on your property.

From the length of your grass to the colour of your garage door, RE/MAX has rounded up some of the weirdest homeowner laws in Canada.

Some will make you neighbourly, some will make you laugh, and some will make you question how such a law was passed.

Check out 10 of the strangest housing and property laws in Canada, below.
read more

Higher Rates But Less Inflation Panic

Higher Rates But Less Inflation Panic

Mounting fears of a recession have gripped equity markets, with the S&P/TSX Composite Index now firmly in correction territory. The S&P/TSX is down 13 per cent from its record closing high of 22,087, reached on March 29.

The Globe and Mail recently spoke with Benjamin Tal, deputy chief economist at CIBC Capital Markets, who shared his perspectives on the risk of an economic contraction, monetary policy and implications for the housing market. Mr. Tal also provided some suggestions on which stocks may do well in this challenging environment.
read more

Back to work(place): As employers beckon, telecommuters grow more entrenched at home

Back to work(place): As employers beckon, telecommuters grow more entrenched at home

March 23, 2022 – With work-from-home orders a thing of the past, Canadian employers are getting more serious about calling their employees back to the office.

Banks have “led the pack”. CIBC brought employees back starting this week as part of a hybrid model, while last week HSBC opened two new offices in Vancouver and Toronto with 50 per cent capacity.

A new study from the non-profit Angus Reid Institute, in partnership with the Canadian Broadcasting Corporation, finds workers from home reluctant to return. More than half (56%) of those currently working from home say they would look for a new job if they were asked to return to the office, including almost one-quarter (23%) who say they would quit on the spot.
read more

New Program Matches Buyers to Purchase Homes Together

New Program Matches Buyers to Purchase Homes Together

High housing costs lead to a matchmaking service for joint ownership

Peter Mitham,   Mar 18, 2022

A year ago, Elizabeth Wilcox thought she would be priced out of the Vancouver housing market. With prices rising after the initial restrictions associated with COVID-19 lifted, she and her husband found themselves scrambling to find anything within their budget.
read more

40% of Vancouver’s Generation Z Adults Expect 1st Home to be Co-Owned, Real Estate Survey Suggests

40% of Vancouver’s Generation Z Adults Expect 1st Home to be Co-Owned, Real Estate Survey Suggests

Published: Alyse Kotyk, CTV News Vancouver, March 9, 2022

More than a third of Generation Z adults living in Vancouver expect they’ll co-own their first home with someone else like friends or family, a recent survey suggests.

The Generation Z Report, released by Sotheby’s International Real Estate and the Mustel Group Wednesday, looks at how that age group is preparing for home ownership across the country. It suggests 37 per cent of Canadian Generation Z adults, which included those aged 18 to 28, living in urban areas expect they’ll be able to purchase their first home in less than five years.

read more

Getting Lights at Lafarge ready to illuminate Christmas in Coquitlam

Getting Lights at Lafarge ready to illuminate Christmas in Coquitlam

It takes dozens of city workers and volunteer more than a week to install tens of thousands of lights for the annual Lights at Lafarge Christmas display in Coquitlam.

Nov 20, 2021 6:52 AM By: Janis Cleugh

Thousands of little lights are going up around Lafarge Lake in anticipation of next weekend’s opening of Lights at Lafarge, an annual display at Town Centre Park in Coquitlam.

This month, city staff from the parks and recreation department as well public works joined employees from Star Illuminations in Port Coquitlam and nearly 1,000 Park Spark volunteers to string up the bulbs, and fabricate and install the holiday pieces for the winter event.

read more