Category: Uncategorized
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Single family detached home prices in Burnaby surpass average of $2M
Burnaby's benchmark prices for single-family detached homes exceed $2 million, with Burnaby East rising 3.2% to $2,007,200, while North and South saw slight declines. Residential properties also decreased, with Burnaby South townhouses dropping 3.5% to $1,050,100. Total sales in Greater Vancouver fell 17.1% to 1,904, despite a 4.2% increase in listings. Sales remain about 20%…
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Why Metro Vancouver Is Heading to a Buyer’s Territory
Metro Vancouver's Real Estate market has seen rising inventory and a jump in sales, suggesting a shift towards a buyer's market. The market is segment-specific: condo inventories are rising, while well-priced detached homes and duplexes still receive multiple offers
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Vancouver Remains Attractive to Investors
Vancouver's cap rates are among the lowest in Canada, indicating lower risk and potential high returns.Cap rates expected to remain stable for Q3 2024.
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Construction starts on long-awaited Burnaby affordable rental development
Construction has begun on a non-market rental housing project at 3838 Hastings St. in Burnaby, expected to be completed in 2026. The development will feature 161 apartments, including studios and one- to three-bedroom units, along with a 74-space child-care center operated by the YMCA. Approximately 70% of the units will be affordable for low-income households.…
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Burnaby gets a failing grade on transit-oriented housing
Goodman Commercial Inc. has given Burnaby an F for its refusal to comply with new provincial housing legislation, raising concerns among developers about housing projects in the city. While Burnaby approved other housing changes, it has resisted participating in the provincial plan. The report highlights a significant increase in development costs, with new apartments now…
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Vancouver Rentals Still Most Expensive in Canada
Vancouver and Burnaby remain the priciest rental markets in Canada despite year-over-year declines.Vancouver's one-bedroom rentals dropped 7.7%, and two-bedrooms fell 5.6% year-over-year.
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Vancouver: What’s Driving the Prices Up?
Land Speculation: Global investors and speculators drive up land prices, making housing less affordable. Limited Supply: Restricted land availability and zoning regulations constrain housing supply, pushing prices higher.
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Housing construction slowdown hitting Vancouver
Housing construction in the Vancouver area has significantly declined, with a 15% drop in new housing starts in July 2024 compared to the previous year. Factors such as high interest rates, rising construction costs, and permitting delays are hindering development, despite government efforts to increase housing supply. Predictions indicate further declines in housing starts, with…
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What Vancouver’s empty home tax really means for Canada’s housing supply
The Canadian housing market is struggling with a supply-demand imbalance, leading to higher property prices, rents, and homelessness. Policymakers are using short-term measures like vacant property taxes, such as Vancouver's increase from 1% to 3%, which has improved housing availability but not reduced rental prices. A comprehensive strategy, including supply-side measures and affordable housing initiatives,…
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Vancouver’s Iconic Views: Protected or Sacrificed?
Vancouver’s revised view-protection rules now include fewer protected views, impacting city skyline and development. These changes could result in 20 million square meters of additional development over the next century.