Saeed Farahani’s Blog
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Vancouver Market: Buyer’s Market Ahead
With increased inventory and cooling prices, the market is expected to favour buyers into 2025. Residential sales are projected to remain low due to high borrowing costs and cautious buyer sentiment.
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Vancouver Accelerates Social and Cooperative Housing
The Social Housing Initiative proposes eliminating individual rezonings, and expediting social and cooperative housing construction by non-profits.The initiative allows buildings up to 18 stories, addressing housing needs for seniors and low-income families.
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Vancouver Investors Opt for Smaller Condo Units
Vancouver has seen a notable increase in smaller condo units over recent years. Investors significantly shape Vancouver's condo market by preferring smaller units for higher rental yields.
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Vancouver office market at ‘turning point’ as investment recovers
The Vancouver office market is experiencing a recovery, with investment volume rising significantly in the first half of 2024, reaching nearly $685 million, compared to just $69 million in the second half of 2022. Despite a high office vacancy rate of 10.4%, experts believe leasing activity will improve as the economy stabilizes and interest rates…
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Vancouver Home Sales Decline 3.8% in Late-Q3
Home sales in Vancouver ↓ 3.8% in September compared to last year. 1,852 residential homes were sold in Vancouver during September, 26% below the 10-year avg.
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Vancouver Developers Focus on Hotels
Office Construction Decline: New office builds are at a historic low, with minimal space under construction. Shift to Hotels: Developers redirect efforts toward hotel projects, especially in mixed-use developments.
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Vancouver to vote on single-stairwell buildings
Vancouver city council is considering changes to building bylaws that would permit only one stairwell in residential buildings up to six storeys, aiming to increase living space. This aligns with recent provincial legislative updates. While proponents argue it enhances design and functionality, fire chiefs express concerns about safety, stating that a single exit could hinder…
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Metro Vancouver: Declining Sales and Rising Listings in Late-Q3
Home sales in September: – Fraser Valley: ↓ 10% yearly to 982 sales – Greater Vancouver: ↓ 4.1% yearly to 1,834 sales Inventory levels have increased: – Fraser Valley: ↑ 17% yearly to 3,352 – Greater Vancouver: ↑ 12.8% yearly to 6,144
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Vancouver’s High Costs Stall High-Rise Projects
Vancouver saw a drop in housing starts due to slow sales, high financing costs, and reduced profitability. Average construction times in Metro Vancouver reached a record high of 20.4 months due to rising costs and delays.
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Bills 44, 46, 47 & 18: Housing Affordability Needs in Vancouver
Bills 44, 46, 47 & 18 shift zoning authority from municipalities to the Province, failing to address affordability.Vancouver's updated housing targets favour market housing (82%) over affordable housing (19%), worsening the crisis.
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