bc.-real-estate-market-building-momentum-into-2025:-association
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B.C. real estate market building momentum into 2025

ByCharlie Carey

Posted November 6, 2024 7:52 am. The BC Real Estate Association (BCREA) says 2025 will see a big rebound in home sales. The association expects sales will jump by more than 13 per cent next year following a flat 2024. CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE! “Following two pretty challenging years for sales, it looks like markets across BC are starting to build momentum,” said BCREA Chief Economist Brendon Ogmundson. “In addition to lower mortgage rates, new policy changes allowing longer amortization for first-time homebuyers and increased mortgage insurance caps will provide a boost to market activity.”  The association also forecasts the average sale price of a home will rise next year, provincially by about three per cent, but by only one per cent locally. For Vancouver, the BCREA is forecasting an average listing price in the fall of 2025 to be around $1.3 million, with the average listing in the Fraser Valley to be around $1.05 million.

millennials,-gen-z-set-to-buy-homes-within-five-years-despite-tough-canadian-economy:-report
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Millennials, Gen Z to buy homes within five years despite tough Canadian economy

ByAasthapandeykanaan

Posted October 29, 2024 10:51 pm. Most people think of the words “expensive,” “out of reach,” or even “impossible” when it comes to the younger generations buying homes in Vancouver. While some of those attitudes may hold true, more than half of Canadian millennials and Gen Z, according to a new Scotiabank report, are still set on buying homes in the next five years despite the high cost of living. “Within my friend group, it’s kind of a big deal right now, kind of an urgency to be able to buy a house,” a Vancouver resident told CityNews Vancouver. “A few of my friends already have purchased but we definitely have a couple who, they just got engaged and they’re expecting, and now it’s like, are we going to be able to? That’s definitely on their radar.” Another Vancouverite says they are determined to find a home as a couple but “at some point financially, we might have to choose to go somewhere else, outside of Vancouver, the Lower Mainland, something that we can afford.” The report from Scotiabank says in B.C. across all age groups 39 per cent of all respondents were looking to buy a home within five years which is about on track with the rest of the country at 42 per cent. While fewer younger Canadians own a home today compared to three years ago, realtor Kit Sorongon tells CityNews Vancouver that he’s not surprised by their unwavering determination to buy. “They’re waiting for the opportunity to be able to be qualified and be able to afford, and that’s why their prediction of the next five years, that’s actually very, very accurate, and very realistic,” Sorongon said. The report says more than half of Millennials and Gen Zeds find the economy is pushing back their home-buying plans, but the demand for homeownership is still strong. Sorongon says he expects more younger clients to qualify for a mortgage because the Bank of Canada cut its key interest rate by half a percentage point last week. “Having that already intimate desire to own a property with all the signs showing up, it gives them the optimism to be able to purchase again,” he said. In B.C., the number of homeowners remained steady at 59 per cent this year, while fewer are renting and more are living with family.

bc-ferries-to-add-5-new-vessels-by-2031
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BC Ferries to add 5 new vessels by 2031

ByCharles Brockman

Posted September 16, 2024 3:46 pm. BC Ferries says it’s going ahead with the next steps in procuring five new major vessels needed on its busiest routes between Vancouver Island and the Lower Mainland. The company says the new vessels will help it to address projected population growth, replace aging vessels, and meet customer expectations. CEO Nicolas Jimenez tells 1130 NewsRadio that the Ferry Commissioner still has to approve the designs, but they’re hoping to get the first of the five new vessels in the water by 2029 — with all of them operating by 2031. “What we would see is essentially a ship deployed about every six months. It takes a bit of time to bring a new ship into service. So it’s not like five show up day 1, and day 2 you take out five or four old ships. You need time to absorb that into your system,” Jimenez explained. For now, the company says, it’s going to work on maintenance to extend the operational life of two current vessels — the Queen of Surrey and the Queen of Oak Bay. The C-class vessels serve routes between Vancouver Island and the mainland, and BC Ferries has said its current fleet is aging. Last week, BC Ferries had to pull its ship, the Queen of New Westminster, out of service for six months after a propeller fell off the vessel into the sea. The company says the new fleet will help meet the record-breaking demand it saw this summer, with over 8,040,000 passengers and over 3,150,000 vehicles transported between June 1 and Aug. 31. “[We’re] one of the few transportation services, I think, in North America that have surpassed our pre-COVID high. So definitely we’re feeling the pressures and we’re going to continue to be there,” said Jimenez. Ed Hooper, the company’s executive director of shipbuilding says the five new ferries will be more environmentally friendly than its older ships. “These new vessels will be quieter and cleaner than the vessels they replace, allowing us to achieve a significant reduction in our corporate greenhouse gas emissions,” said Hooper. BC Ferries says it needs seven new vessels in total, but will look at adding in the remaining two ships later on.

21-bc.-municipalities-granted-housing-legislation-extensions-after-all
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21 B.C. municipalities granted housing legislation extensions after all

ByCharles Brockman

Posted September 16, 2024 4:06 pm. Last Updated September 16, 2024 4:07 pm. The provincial government announced Monday it’s granted extensions to 21 municipalities that were having trouble meeting the deadline for adopting multi-unit housing legislation. The deadline was designed to force local governments to comply with the new provincial small-scale, multi-unit housing (SSMUH) legislation. In a release Monday, the province says it is now giving 21 communities more time. Where the SSMUH requirements apply, the following governments have been granted an extension for all zones: Northern Rockies Regional Municipality has been given until Dec. 31, 2024. Wells has been given until Dec. 31, 2024. City of North Vancouver has been given until June 1, 2025. Coquitlam has been given until June 30, 2025. Fraser Valley Regional District has been given until Dec. 31, 2025. Peace River Regional District has been given until Dec. 31, 2026. Sun Peaks Mountain Resort Municipality has been given until June 30, 2027. Greenwood has been given until March 31, 2028. Osoyoos has been given until Dec. 31, 2029. Kitimat has been given until Dec. 31, 2030. Others have amended their bylaws for most areas of their community, the province says, but were granted an extension for certain areas and neighbourhoods where infrastructure upgrades are needed or underway, including: The Lougheed/Shaughnessy block in Port Coquitlam has been given until Dec. 31, 2025. Various areas within the Sunshine Coast Regional District have been given until Dec. 31, 2025. The 4th Avenue extension in Ladysmith has been given until Dec. 30, 2026. The Queensborough neighbourhood in New Westminster has been given until May 4, 2029. The Silver Creek and East Kawkawa Lake areas of Hope have been given until Dec. 30, 2030. Electoral Areas B, C, E and F in the Kitimat-Stikine Regional District have been given until Dec. 30, 2030. The Malone Road subdivision, Lot 5 Holland Creek, Forest Field Area, and south areas of Ladysmith have been given until Dec. 30, 2030. The Okanagan Falls and Faulder and Heritage Hills areas in the Okanagan-Similkameen Regional District have been given until Dec. 30, 2030. Steveston in Richmond has been given until Dec. 30, 2030. Various areas in Kamloops, including the Rayleigh Waterworks District have been given until Dec. 31 2030. Part of the Proper neighbourhood and surrounding Hazel Park in Chilliwack have been given until Dec. 31, 2030. The Western Foreshore and Kye Bay areas of Comox have been given until Dec. 31, 2030. The province says seven requests for extensions from Ladysmith, Langley, Maple Ridge, the Mount Waddington Regional District, the Nanaimo Regional District, Sooke and View Royal were declined. “Communities that did not receive an extension have 90 days from the date they were first notified to adopt the new bylaws.” The extensions are frustrating District of West Vancouver Mayor Mark Sager after Housing Minister Ravi Kahlon refused to grant West Vancouver an extension just weeks ago. “[I’m] very disappointed that they wouldn’t extend the same courtesy,” Sager told 1130 NewsRadio Monday. Sager thinks the government is pulling back now because the election is coming up and the legislation has seen pushback from mayors across the province. After meeting with the Union of BC Municipalities Monday, Sager says his city is not alone, feeling as though the housing ministry could have handled the legislation better. “I don’t think there’s a single mayor that is even remotely happy with the way this has been rolled out. They’re encroaching on municipal authority. Municipal responsibility is why we offer ourselves for public service, to do proper long-term planning that works in the community, to make sure that we have the proper infrastructure to service whatever is built — make sure that the simple things like the sewer pipes and the wire pipes are adequate. And so this one-size-fits-all dictated out of Victoria just seems to me and my council to be really offside,” said Sager. —With files from Srushti Gangdev.

whats-happening-with-the-massey-tunnel-replacement?-this-delta-councillor-wants-to-know
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Whats happening with the Massey Tunnel replacement? This Delta councillor wants to know

ByCharlie Carey

Posted September 19, 2024 7:55 am. Commuters heading to the Massey Tunnel can expect another day of gridlock with no word on how the replacement project is going. Delta Coun. Dylan Kruger isn’t happy, as the B.C. government hasn’t provided much of an update on the replacement project. Kruger’s wondering what’s going on. “We should have had a new crossing completed over two years ago … to relieve what is the biggest bottleneck in Metro Vancouver — over 100,000 commuters going through that crossing every day, stuck in traffic,” he told 1130 NewsRadio. CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE! Instead, Kruger says they’ve been given no information at the Union of BC Municipalities Convention, currently underway in downtown Vancouver. “There’s been no update to timelines or budget since pre covid. We are seeing almost every major multibillion-dollar infrastructure project go over time and over budget right now,” he explained. “I’m very concerned about the ability to deliver this project at the quote of $4.1 billion from a number of years ago, and I’m also increasingly concerned about meeting that 2030 deadline when we still don’t have an improved environmental assessment.” He points to what’s happened with other major projects like the North Shore Waste Water Treatment plant and the new Pattullo Bridge. Both have seen their price explode by billions of dollars, and delays in when the work is supposed to be done. “Building a tunnel is complex. You have to build it in segments on dry land and then plunk massive concrete tubes into the middle of the Fraser River estuary, so we still have an improved environmental assessment on the project and I’m also concerned about short and long-term impacts of one of our best regional parks in Metro Vancouver.” He says if the NDP had stuck with the project the then-BC Liberal government was building, people would already be using the new bridge. Kruger is crossing his fingers that Eby will give civic politicians an update at Thursday’s Union of BC Municipalities Convention.

bc.-announces-new-clean-energy-building-rebates
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B.C. announces new clean energy building rebates

ByCharlie Carey

Posted September 18, 2024 7:38 am. A new program aimed at supporting people and communities to make the switch to clean energy and save on their energy bills was announced by the B.C. government Tuesday. Minister of Energy, Mines, and Low Carbon Innovation Josie Osborne explained the ministry is launching the Clean BC Multi-Unit Residential Building Retrofit Program in partnership with BC Hydro. She says this program will provide rebates and energy coaching to business owners, strata councils, and equity co-op boards to undertake whole-building retrofits. “This includes everything from heat pumps to LED lighting, electrical upgrades, to better windows and ventilation,” she said. “Rebate amounts will depend on what retrofits and upgrades the building requires.” Osborne says one example could be that a building is switching from fossil fuel heating to electric heat pumps and may then receive $3,000 per heat pump installed. The minister says retrofitting buildings to make them cleaner is complex, and this program provides one-on-one advice and energy coaching to support building owners and managers in navigating the process. The ministry expects that a typical 65-unit building could save as much as $16,250 per year, or $250 per year per suite, after switching from central gas heating to in-suite heat pumps. “Making smart choices about how we use clean electricity has been core to our business for over 35 years,” said Chris O’Riley, president and CEO of BC Hydro. “Energy-efficiency programs defer the need for additional capital infrastructure, helping to keep rates affordable and offer additional flexibility to our electricity system. But equally important, programs like this one and the many others we offer provide our customers with the opportunity to save energy and money.”

host-first-nations,-bc.-govt-to-build-2,600-below-market-homes-in-vancouver
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Host First Nations, B.C. government to build 2,600 below-market homes in Vancouver

ByCharlie Carey

Posted September 19, 2024 9:39 am. Last Updated September 19, 2024 10:24 am. A new housing project on the lands of the  xʷməθkʷəy̓əm  (Musqueam),  Sḵwx̱wú7mesh  (Squamish), and  səlilwətaɬ  (Tsleil-Waututh) Nations will create 2,600 new affordable homes. CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE! The homes will be at Heather Lands, an 8.5-hectare (21-acre) lot between West 33rd and West 37th avenues on Heather Street, just east of Queen Elizabeth Park. The province says buyers will be able to purchase the homes at 60 per cent of market value — with 40 per cent of the cost covered by provincial financing. In an announcement Thursday, Premier David Eby explained the financing agreement isn’t a grant or a subsidy, it’s a loan from the province. “The 40 per cent is repaid at the end of 25 years, or when the owner sells. … What we have created here, together, is a financing tool that protects taxpayers, that minimizes impact on public budgets, and yet, at the same time, delivers affordable housing now,” Eby explained. “And when the loan is paid back by the homeowner, [it] protects affordability in the future,” he added. Eby shared that the homes will be sold as 99-year strata-leaseholds with Musqueam, Squamish, and Tsleil-Waututh Nations. “The unit prices will be determined at the time they actually go up for sale, but if they were for sale today, under current market conditions, a studio apartment on the site would sell for $620,000. Under this program we’re announcing today, that same studio apartment will sell for $370,000,” he said. “On this site today, the market price for a two-bedroom condo is $1.3 million. Under this program that we’re announcing today, that will be $780,000.” Eby added priority will be given to first homebuyers, and there will be “strict” criteria around income and asset ceilings for would-be purchasers. “I want to assure you that we will have strict rules and screening measures in place, and anyone who thinks that they can game the system when we detect that, there will be serious consequences.” The province says that to cover the 40 per cent of purchase prices, it will need to finance an estimated $670 million. If purchasers would like to buy out the remaining 40 per cent of the value of the home, Eby shared owners are able to do just that, “but if they exit in advance of 25 years, then they need to pay the appreciation in the value of the property as well.” “Say property values go up, they would have to pay that share of the government’s appreciation of the property as well. And say, property values go down, they would still have to pay the full amount back to the government that was loaned at the first instance,” he added. More to come.

median-luxury-home-price-in-vancouver-down-1.8-per-cent-from-2023:-report
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Median luxury home price in Vancouver down 1.8 per cent from 2023: report

ByCharles Brockman

Posted September 19, 2024 10:46 am. Vancouver’s luxury home market is still soft, according to the latest report from Royal LePage, but that doesn’t mean prices are dropping. The real estate group says sales in the segment are down almost 40 per cent through the first eight months of the year, compared to the same time last year. But prices barely fell — by less than two per cent — to a little under $7 million. The report considers $ 5.5 million to be the entry-level price for Vancouver’s luxury market. It says from January to the end of August, the median luxury home price in Vancouver was $6,975,000 — the highest in the country. For comparison, the median in Toronto over the same period was $5,820,000. “In Vancouver’s luxury segment, it seems everyone is trying to time the bottom of the market. As such, we’ve seen a slowdown in activity of late. After all, buyers love to buy when others are buying,” said a sales representative for the company. He says a “pullback” in Vancouver’s luxury market began about eight years ago, and activity has never fully rebounded. “The implementation of the 2023 foreign buyer ban, which has limited residential real estate purchases by non-Canadians, has reduced demand, although it has not had a material impact on prices,” he added. Royal Lepage expects moderate activity levels through the fall, despite the likelihood of additional interest rate cuts.

bc.-businesses-seek-concrete-economic-vision-from-parties-ahead-of-fall-election
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B.C. businesses seek concrete economic vision from parties ahead of fall election

ByNews Staff

Posted September 10, 2024 1:15 pm. Last Updated September 10, 2024 8:49 pm. Leaders from a wide array of businesses in British Columbia are urging the province’s political parties to “deliver a clear and actionable plan” for revitalizing an economy that they say has pushed many residents into a “personal recession.” Groups representing the forestry and mining industries, independent businesses and contractors say they have sent a survey of 10 questions to leaders of political parties ahead of the fall election, asking for a clear response on their economic visions for B.C. and concrete steps to get there. Business Council of British Columbia president Laura Jones says her group is seeing more residents expressing a loss of hope in their “prospect of building a good life” in the province due to economic concerns, even if B.C. isn’t technically in a recession. Other business leaders say they want the next B.C. government to answer concerns about the high cost of doing business, government budget deficits, bureaucracy in delaying permitting of projects, public safety and acute labour shortages. The call for action comes the same day provincial finance minister Katrine Conroy is unveiling B.C.’s first quarterly report, and Greater Vancouver Board of Trade (GVBOT) President Bridgitte Anderson says businesses remain in the dark about the economic platforms of the major parties. Anderson says a recent parliamentary budget report painted a “dire” picture for B.C.’s finances that requires “billions of dollars that need to be cut or increased in taxes” for stability, and businesses are asking those who could form the next government “to show us a vision.” “I think there’s a lot of voters who are undecided right now, within the business community and public at large,” Anderson says. “And I think this is an opportunity for all of the parties to look at their platforms and to appeal to the voters. “This is a unique opportunity, and elections matter, campaigns matter. And this campaign will matter more than anything.” In late August, the province said B.C. ended the fiscal year with a deficit of around $5 billion due to items such as wildfire expenses and essential spending on “priority services.” That comes as the GVBOT says its members have incurred an additional 6.5 billion dollars in government imposed costs in the last two years, which Anderson tells 1130 NewsRadio is unsustainable for small businesses. “The regulatory system is challenging when it comes to licensing and permitting. So businesses in British Columbia are facing many challenges right now, and the cost of doing business is simply too high,” she said. Anderson says members of the board came up with 10 questions for political parties ahead of the election, hoping they are answered publicly.  She says the questions focus on the economy, business growth, innovation, and investment, “but also other items like ‘what is the energy policy of all of the parties?’ And ‘how will they address some of the very serious issues we’re seeing around public safety and crime?’” Anderson says the NDP government has made some positive adjustments to their regulation thresholds to allow for breaks for small businesses, but many of the over 5,000 members of the GVBOT have answered surveys saying it’s still too expensive to do business in the region. “It is property taxes, it is the cost of labour, it is inflation, it is licensing and permitting. It is so many layers of different costs that businesses are dealing with right now that simply make this jurisdiction just really unaffordable.” The fiscal update in August also said natural resources revenues are down while vehicle insurance revenue from ICBC rose. Earlier this month, Canfor Corp. announced it is shuttering two northern B.C. sawmills , citing a recently imposed U.S. tariff as a key factor on top of ongoing financial losses, a weak lumber market and difficulty accessing economically viable timber in the province. –With files from Srushti Gangdev.

calls-for-traffic-calming-measures-on-east-vancouver-streets
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Calls for traffic calming measures on East Vancouver streets

ByCharlie Carey

Posted September 12, 2024 6:42 am. Last Updated September 12, 2024 6:53 am. Worried for the safety of his toddler, a Vancouver man is voicing his concerns about speeders in his neighbourhood. Wilson Tran lives at Adanac and Skeena streets in the Hastings-Sunrise area of East Vancouver. It’s a 30km/h zone and there’s a park nearby frequented by the Tran’s and their neighbours. “Adanac is not officially a major thoroughfare road, but a lot of rush hour traffic uses it to avoid congestion on Hastings Street and Boundary. So, during the peak rush hour periods, there’s a heavy amount of traffic that goes through,” he explained. CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE! The intersection has a three-way stop with one pedestrian crossing. “We have to hold ourselves there because a car charges through the stop sign without slowing down or recognizing that we’re there. And just the traffic, in general, is pretty terrible and dangerous, frankly,” Tran said. “At times, I can just look out my front window and I’ll watch as, say, a senior pedestrian will be crossing, and he has to stop because a car literally charges through in front of him.” From his vantage point, Tran says drivers almost never go the posted limit, instead opting to go around 50km/h. “There’s actually a couple of speed bumps as well, but a lot of times I would say 50km/h, minimum 40km/h, definitely not 30 km/h,” he explained. Wilson Tran lives at Adanac and Skeena streets in the Hastings-Sunrise area of East Vancouver. It’s a 30km/h zone and there’s a park nearby frequented by the Tran’s and their neighbours. (CityNews Image / Sonia Aslam) Tran wants increased police enforcement in the area a couple of times a week to help curb the number of speeding drivers. “[I’m] scared for my kid’s life. He’s been such a great change in our lives to have him. He’s our first child and just knowing that drivers are going through and many times not paying attention, either they’re focused on getting to work or home on time or in a rush and they don’t watch,” Tran told 1130 NewsRadio. “He’s my first kid. I, obviously, care a lot for his well-being and obviously our own. It’s a terrible thought that he could get seriously hurt.” He says the number of near-misses in the area are concerning. “I’ve been in so many near-misses that it really is a matter of time until someone gets hurt or worse.” Tran suggests the city put up warning signs in the area to slow down. “The 30km/h sign clearly doesn’t have any effect to something that has flashing lights or something that gets attention would help.” The City of Vancouver tells 1130 NewsRadio it has a plan to improve the area . It says the entire neighbourhood will become a 30km/h vehicle travel zone by no later than next year. “Speed humps on Skeena St. between Turner and E. Pender St. [will be] installed 2024/2025. Raised crossings on Adanac Street integrated into future design between Rupert Street and Boundary Road [will be] installed sometime 2026 onwards,” it shared in an email . The city adds the overall goal is to improve safety for all road users and reduce vehicle speeds. Tran believes having some of the changes not kick in until 2026 is too late. “Of course, their intent is for improvement in the long-term but there’s a long two-year wait before something happens and in two years a lot of bad can happen if they don’t do something about it right now,” he said.