Category: Uncategorized

Early-Q1 2024 avg home price: $1,161,300 – Stress test rate: 7.71% – Mortgage rate: 5.71%

When buying a home, successful negotiation depends on understanding market value, finances, and inspection results. Tips include researching market value, knowing finances, and using a home inspection. Negotiate for price, repairs, warranties, closing costs, and other terms. Consider walking away if terms are unacceptable. Continue to full article

Vancouver's retail market is experiencing increased demand due to rising rents and a revitalized downtown area. Limited availability and escalating rents are prompting quick lease securing by retailers. Despite a potential softening in consumer spending, growth is projected for 2024, backed by the local tech sector and robust consumer spending. The city is flourishing with…

Vancouver's ABC party aims to double the 6,400 co-op housing units in the city. A motion by Coun. Sarah Kirby-Yung seeks to build more co-op housing on city-owned land, collaborating with non-profits like the Co-operative Housing Federation of B.C. The motion also addresses expiring co-op land leases and potential for increased density in existing co-op…

The Skeena Terrace project in East Vancouver will replace current housing with close to 2,000 affordable homes. Vancouver city council approved the development, which includes 1,924 units in 15 buildings. The project aims to address the city's housing crisis and will feature green spaces and community facilities. Continue to full article

Asking rent in Vancouver has more than doubled compared to Edmonton rates. Vancouver saw a decline in rent prices, with one-bedroom apartments at $2,653 and two-bedroom apartments at $3,541. Despite the decrease, Vancouver remains the most expensive city to rent in Canada, with Toronto following closely behind. Other BC cities also experienced drops in rent…

Leaseholders in a Vancouver building are facing a sudden increase in maintenance costs, causing panic among residents, especially seniors on fixed incomes. The private owner issued a $25,000 special assessment per unit, leading to financial strain. These leasehold arrangements lack oversight and fall outside existing legislation, affecting around 20 buildings and 4,000 residents. Residents are…

Reliance Properties plans to build a mixed condo-office tower at 902 Davie St. in Vancouver. The tower will include condos, retail space, and office space. The company believes there will be a shortage of new office space in the market in the coming years. Construction costs have increased due to the pandemic, but interest rate…

The provincial multiplex legislation in B.C. challenges single-family zoning, aiming to address the housing shortage. Vancouver's own multiplex policy falls short of provincial standards, potentially hindering the creation of new homes. Municipalities must update zoning bylaws, but the provincial standards are not strictly binding, raising concerns about the effectiveness of the legislation. Continue to full…

Vancouver experienced a strong sales surge at the beginning of the year, with a 12% increase in home sales compared to the previous month. Single-family dwellings saw significant growth, with 1,427 homes sold. New listings rose by 14%, but inventory also increased by 9.8%. Affordability remains a concern, and the MLS House Price Index showed…