Category: Uncategorized
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Listings for Vancouver Homes Over $6M Are Increasing.
Sales of luxury homes in Vancouver are ↓ steadily. There have been 8 sales of properties priced above $6M in September. Rising interest rates are having an impact on the luxury Real Estate market.
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Vancouver Condo Investors Hesitate Due to Weak Demand
Condo investors in Vancouver are holding onto their properties despite high carrying costs because there are few takers if they try to sell.Potential sellers are choosing to put their properties back on the rental market instead of selling because of limited demand from buyers.However, some are considering selling even if the property's value has decreased…
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Vancouver Proposes Rent Increases for Affordable Housing
Vancouver city staff recommend rent increases for affordable housing to combat shortages. The Moderate Income Rental Housing Pilot Program, launched in 2017, incentivized developers to build affordable rental housing. Proposed amendments suggest rents to ↓ 20% below the avg for Vancouver.
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Vancouver’s Late-Q3 Two-Bedroom Rents Squeeze Budgets
Vancouver one-bedroom avg rent in Late-Q3: ↓0.4%% MoM to $2,976 However, two-bedroom avg rent ↑0.7% MoM to $3,908. Avg salary: $63,087 Burnaby's one-bedroom rent: ↑5.7 MoM to $2,700 Two-bedroom: ↓0.6% MoM to $3,411
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Vancouver housing: Cost to rent an apartment in November
Rent prices in Metro Vancouver have decreased for the second consecutive month, but they are still high. The average price for a one-bedroom, unfurnished rental unit in November was $2,362. Prices have not significantly increased compared to last year. West Vancouver has the highest rental prices, followed by the City of Vancouver and North Vancouver.…
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Call for Fair Vancouver Fee Structure
Metro Vancouver's fee changes intensify housing affordability issues, impacting both current and new residents. The plan is to shift fees to new developments by 2026. Existing homeowners benefit with minimal fees, while new residents bear 99% of costs.
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Solutions for Tackling Vancouver’s Affordable Housing Crisis
Metro Vancouver is facing a severe shortage of affordable housing, with long waitlists and rising costs affecting households of all income levelsTo address the housing crisis, experts suggest: 1- Replacing exclusionary zoning with by-right zoning to permit density for affordable homes. 2- Simplifying and adding predictability to the approvals process to reduce risks and delays.
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Facing the ‘F’ word in Vancouver’s housing market
Despite rising interest rates and a slowing economy, Canada's residential real estate market remains resilient with a low mortgage default rate. However, in Metro Vancouver, deep price discounts are exposing a rising risk of defaults. The discounts on properties in the final stage of delinquency have increased from 5-15% to 20-34%. This change coincides with…
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Metro Vancouver Market Trends and Predictions
Some sellers aim to profit by reselling pre-sale units they never intended to occupy. Difficulty in closing pre-sales can lead to discounted assignment sales. More assignments are entering the market than six months ago.
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Vancouver residents react to new rules for short-term rentals
In October 2023, the BC government announced new regulations targeting short-term rental services such as Airbnb. These regulations include a provincial registry and fines for non-compliance, and have been met with both positive and negative reactions. The goal of the regulations is to open up more housing and combat speculation in the rental market. Continue…