Category: Uncategorized

Vancouver ended 2023 with a 5% increase in average home prices, reaching $1.17 million. Despite high borrowing costs, December home sales rose compared to the previous year. However, sales remained below the 10-year seasonal average. The Real Estate Board of Greater Vancouver reported 1,345 homes changing hands in December, a 3.2% increase from the same…

Experts expect increased new supply in Vancouver's Real Estate market for 2024, though it may not directly lower home prices.New residential housing construction ↑ 37% in 2023, potentially ↑ supply in the Real Estate market.

A new secured purpose-built rental housing and childcare facility will be built at SkyTrain Joyce-Collingwood Station, replacing a 1993-built condo building. The new development will include 679 rental homes, with a mix of unit sizes, and a 4,600 sq ft childcare facility. The project will also feature retail/restaurant spaces and parking. The developer will provide…

Vancouver city councillor Peter Meiszner expressed discomfort over the significant budget increases for two Metro Vancouver rental projects in Burnaby, citing lack of information to support the increases. The projects' costs have doubled their original estimates due to design changes and construction cost escalations. Meiszner voted against the budget increase, but the projects passed the…

The cost of two affordable rental developments in Metro Vancouver, the Connection and Steller projects, has nearly doubled to $121 million and $94 million respectively, due to rising construction costs, increased parking area, and childcare facility expansion. The additional funding will be sourced from Metro Vancouver reserves, mortgages, construction finances, and grants. The City of…

恭喜發財. Wishing you prosperity. Lunar New Year, is the most important celebration observed in China, with cultural and historic significance.The New Year celebration is centered around removing the bad and the old, and welcoming the new and the good. Traditional activities include reunion dinner, cleaning houses, visiting family members, setting off firecrackers and fireworks, and…

The median rent for a 1-bed in Vancouver was $2,730 in December. It was ↓ 1.8% MoM, but ↑ 10.5% yearly.

Rent prices in Vancouver dropped sharply in December compared to November, and overall, 2023 saw a decrease in prices compared to 2022. Vancouver remains the most expensive city for renters, but prices have decreased significantly in the past six months. Another BC city is also competing for the title of Canada's most expensive place for…

Metro Vancouver's home prices will see ↑ 3% to $1,281,732 this year. Detached properties will ↑ 2.5% to $1,778,785.

In Vancouver, the minimum family income to buy an avg home surged ~$25K in 8-mo, reaching $247K. Factors include ↑ 3.5% in home prices and Bank of Canada interest rate hikes. Buyers now face stress test rates at 8.5%, making homeownership harder for many residents.