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Bank of Canada says Mortgage stress tests helped prevent spike in delinquencies

Stress test curbed credit growth while reducing risks for borrowers facing higher payments Mortgage stress tests have proven to be effective in preventing an uptick in delinquencies despite recent interest rate hikes, according to a new Bank of Canada (BoC) report. The federal government and the Office of the Superintendent of Financial Institutions (OSFI) first…

Bank of Canada December cut
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Bank of Canada warns of tinkering with mortgage rules

Second in command speaks out amid supply and demand imbalance The Bank of Canada’s second in command cautioned against “tinkering too much with the mortgage market” to fix housing affordability. Canada’s high home prices are primarily a function of a supply and demand imbalance, and the fix “will take time,” Senior Deputy Governor Carolyn Rogers…

Mortgage war

Mortgage war. Canadians may emerge winners as banks fight for business

Canadians could see a “mortgage war” in the months and years ahead as interest rates fall and unprecedented conditions drive competition among the country’s banks, according to RBC Capital Markets. The growth restrictions recently imposed on TD Bank’s U.S. operations and the eventual arrival of open banking in Canada are among the factors at play,…

Pros and cons of a 10-year fixed mortgage: Is stability worth the cost?

Pros and cons of a 10-year fixed mortgage: Is stability worth the cost?

While the vast majority of homeowners opt for the familiar 5-year fixed term, a tiny percentage of Canadians prefer the stability that comes with locking in a 10-year rate. In an unpredictable world where interest rates fluctuate, a 10-year fixed mortgage can offer peace of mind with long-term, stable payments. However, this product comes with…

Fixed mortgage rates may not follow Bank of Canada cuts

Fixed mortgage rates may not follow Bank of Canada cuts

Variable-rate mortgages track the Bank of Canada’s overnight rate, which is now down 125 basis pointssince May. Fixed-rate mortgages, however, are influenced by bond yields—and Canadians shouldn’t count on those yields dropping much further, Drummond noted. “Odds are, they will be above the bank rate, and we will have a positive yield curve. Why? Because time…

Condo vacancy rates hit new low
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Condo vacancy rates hit new low: Developers pivot to bigger units

BUYERS – Find the best deals, foreclosures, bank distress, estate sales and exclusive listings. Visit www.vreg.ca and go to “EXCLUSIVE DEALS” Changing demand drives trend toward bigger, more functional spaces Canada’s rental market has hit a critical low in vacancy levels, but developers are struggling to keep pace with the growing demand for new housing. Despite a…

translink’s-first-ever-for-profit-tower-project-moves-forward

TransLink’s first-ever for-profit tower project moves forward

The notable project of a 30-storey mixed-use rental housing tower immediately south of SkyTrain’s future Arbutus Station has taken its next big step. A new development permit application has been submitted by PCI Developments for the project of 2096 West Broadway and 2560-2576 Arbutus Street — the narrow, but long, lot next to the Arbutus Greenway at the southeast corner of the intersection of Arbutus Street and West Broadway. The application also shows new detailed artistic renderings of a highly refined design by architectural firm Musson Cattell Mackey Partnership. You might also like: – Vancouver City Council approves TransLink’s first rental housing project, located at Arbutus SkyTrain station – TransLink to launch new for-profit real estate development arm – Massive mixed-use building development at VCC-Clark SkyTrain station with rental housing, office, childcare, grocery store, and retail uses – 25-storey rental housing tower proposed next to future SkyTrain South Granville Station – 20-storey condo tower proposed for SkyTrain’s future Arbutus Station This is the latest step for the project after its rezoning application was unanimously approved by Vancouver City Council in a public hearing in July 2024. It is a significant project; this is not only one of the first high-rise tower projects approved under the City of Vancouver’s Broadway Plan, but it is also TransLink’s very first building development project under the public transit authority’s new for-profit real estate development division. PCI Developments and TransLink have a 50-50 partnership for this project. This transit-oriented development will also have built-in space to enable a future secondary entrance into Arbutus Station by setting aside streetfront and underground spaces for such uses. During the rezoning application process, it was noted that this additional subway station entrance would be situated on the Arbutus Street side of the building. However, following previous suggestions by the City’s Urban Design Panel, the development permit application shows the subway entrance is now relocated to the northernmost frontage of the building, directly facing West Broadway at the intersection corner. Schematics show this entrance will feature a staircase, one escalator, and one elevator. Some of the building’s underground parking space will be used for the required concourse space to directly connect with Arbutus Station’s expansive concourse level directly below West Broadway. The tower’s primary use will be 260 secured purpose-built rental homes, including 208 market rental units and 52 below-market rental units, based on the Broadway Plan’s stipulation of requiring at least 20% of the residential rental floor area be set aside for below-market rental housing. About 7,400 sq ft of retail/restaurant uses will activate the building’s West Broadway, Arbutus, and West 10th Avenue frontages. Additionally, about 7,100 sq ft of community space over two levels for the new home of Ohel Ya’akov Community Kollel will be incorporated into the south end of the building, with the Jewish community organization space’s entrance fronting the Arbutus Greenway, where there will also be a cafe operated by the organization. Additionally, this project will also provide the adjacent segment of the Arbutus Greenway with a major public space upgrade, including a space for a large Mobi bike share station. During the public hearing, it was indicated that construction on the tower could begin in late 2025 for a completion in 2029. Earlier this year, the provincial government announced SkyTrain Millennium Line’s Broadway extension reaching Arbutus will see a further delayed completion and opening in Fall 2027 instead of early 2026. You might also like: – Vancouver City Council approves TransLink’s first rental housing project, located at Arbutus SkyTrain station – TransLink to launch new for-profit real estate development arm – Massive mixed-use building development at VCC-Clark SkyTrain station with rental housing, office, childcare, grocery store, and retail uses – 25-storey rental housing tower proposed next to future SkyTrain South Granville Station – 20-storey condo tower proposed for SkyTrain’s future Arbutus Station

vancouver’s-new-sky-high-zipline-is-now-open-for-a-limited-time
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Vancouver’s new sky-high zipline is now open for a limited time

Vancouver’s new zipline attraction is now open above the waters by Canada Place, but don’t delay your visit because it’s only here for a limited time. The zipline is part of the 2024 Grey Cup Festival, which opens today with a thrilling concert by Felix Cartal and concludes with the 111th edition of the CFL’s championship game at BC Place on November 17. There are two ziplines to choose from during the festival — RBC Harbour and Carstar Street — and the best part is that they are free to ride as many times as you like. >   > > > > > View this post on Instagram > > > > >   > > A post shared by 2024 Grey Cup Festival (@greycupfestival) You might also like: – VIFF’s most popular 2024 festival films are back in Vancouver this month – Where to get a FREE pancake breakfast in Vancouver this week – Free Eastside Culture Crawl returns this week with 500+ artists to discover The RBC Harbour Zipline will send people flying five storeys above the ocean on a 500-foot ride between the East and West Convention Centres. Meanwhile, the nearby Carstar Street Zipline will feature a 530-foot ride over Canada Place Way. Both ziplines will run from 4 to 8 pm on November 13 and from 11 am to 9 pm on November 14, 15 and 16. The last registration will be accepted half an hour before closing. The minimum weight for a rider is 75 pounds, and the maximum weight is 275 pounds. There are no height restrictions as long as weight restrictions are met. After completing a mandatory waiver form, riders will receive one ride across either zipline per queue. They can then rejoin the back of the line to ride again. Wait times will be updated and posted along the queue. Organizers also say there are no holding spots in line for other people who are not yet there. Organizers expect over 500,000 festival-goers for the street festival, which will take place on Canada Place Way between Thurlow and Howe from November 13 to 16. The lively street festival will also feature family-friendly activities like mini football fields, food trucks, and partner activations. Team parties and ticketed concerts will take place inside Vancouver Convention Centre West. 2024 GREY CUP FESTIVAL When: November 10 to 17, 2024 Time: Various times Where: Various locations Cost: Free and ticketed events, purchase online With files from Rob Williams and Kenneth Chan