Proposed Anti-Flipping Tax On April 7th, 2022, the federal budget plan proposed a new anti-flipping tax. The tax is imposed on people who own real estate for less than a year. You may lose your Principal Residence Exemption if you buy a primary residence and move for non-exempt reasons. Additionally, if you sell an investment…
There are four main incentive programs for first-time home buyers in Canada: Land transfer tax rebates, which rebate some or all of your land transfer tax. Some municipalities have down payment assistance programs (DPAPs) for first-time homebuyers. The Home Buyers’ Plan which allows you to withdraw up to $60,000 (since April 16, 2024) from your Registered Retirement Savings Plan (RRSP) without…
If you are interested to have access to all Vancouver Foreclosures MLS® Listings, please click on the “VIP Insider Access” button. In the “Notes” box include the code “Foreclosures” or visit Vancouver Foreclosures and register What You Should Know Foreclosed homes are typically homes put on sale by lenders after the previous buyer defaults on their mortgage. Foreclosures are rare…
Economists react to the latest consumer price index print The Bank of Canada has made it clear that any changes in interest rates will be data dependent, but how is the latest consumer price index data likely to influence its decision? With the CPI print from Statistics Canada released Tuesday showing an uptick in the pace of…
A recent waterfront home for sale along the Sunshine Coast embodies the saying, luxury living. Located at 5871-5879 Sunshine Coat Highway, this stunning property overlooks breathtaking views of Trail Bay in Sechelt — the only thing more jaw-dropping than its views is its $14,800,000 price tag. According to Zealty, the property’s asking price is almost three times higher than its assessed value, which came to $5,660,000 in 2024. InFrame Real Estate InFrame Real Estate InFrame Real Estate The waterfront estate offers its future owners five bedrooms and eight bathrooms and is described as an “architectural masterpiece.” There are custom-tailored bespoke finishings throughout the home, from custom entry doors to a gorgeous wrap-around staircase. It is constructed with a traditional timber frame, which mirrors the beauty of the surrounding nature inside the property. The real showstopper of the home is its floor-to-ceiling fireplace, which spans an impressive 30 feet. Constructed of ancient Utah ocean floor rock and anchored by a six-ton solid black granite hearth, this fireplace takes the already-luxurious living room to a whole new level. InFrame Real Estate InFrame Real Estate But it’s not just the inside of this property that will leave you speechless. As you step into the exterior of the home, you’ll find multiple outdoor spaces extending the living area while maintaining an unobstructed view of the ocean and sunset. During the summer months, you can enjoy your lunch breaks outside on the vast patio and even take a quick dip in the pool between meetings. InFrame Real Estate InFrame Real Estate InFrame Real Estate It’s not hard to see why this estate has a hefty price tag. So, if you have a cool $15 million to spare, why not pay a visit to this property? To check out the full listing, click here.
A Kitsilano homeowner, criticized for allowing a garage at the back of his home to collapse, says he has wanted to do a massive renovation but the slow pace of Vancouver’s City Hall is frustrating matters. The house is located on Arbutus Street, valued just under $4 million and across from Kitsilano Beach. Aaron Chan, who currently lives in Taiwan, grew up in Vancouver, got his MBA in New York, then worked in Hong Kong and India before Taipei. But Vancouver has always been home. “We still have a lot of family in Vancouver and we typically bring our kids to to Vancouver in the summertime, you know, except for the pandemic years,” Chan told Global News. He and his wife purchased the house in 2021. Chan said the house is 100 years old and they always planned to renovate it. Story continues below advertisement They started communicating with the City of Vancouver in early 2022 and Chan said they hired an architect. “We were given a list of things that we need to do,” he said. “And we were very patient and we tried to be cooperative and comply with whatever the city wanted. And every time we submitted what was requested and we always ask the question, ‘Is this the list? Is that it?’ And I think the reply has always been, ‘Yes, this is if you do ABCD, this is what we need from you.’” Chan said that despite following what the city requested, they would continue to get emails asking them to do more. 1:33 Buckled garage across from Kitsilano Beach creates safety hazard “I have been doing skyscrapers in New York, in Hong Kong, Taipei, Tokyo,” Chan said. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. “You know, I’m comparing (this) to some developed country, some major city in the world. And so I thought to myself, if I could handle doing major development in those cities, and the codes and regulations are very, very stringent, this is a wooden structure, this is a house, a small house, actually. I thought I could easily handle that, but I guess I was very wrong about it.” Story continues below advertisement Chan said they only received the demolition permit for the garage this week from the City of Vancouver — two years after starting the process. “This is a house in dire need of some loving and caring,” he said. “And I’m an experienced real estate developer. We’re talking about a three-storey wooden structure. I never expected this to be this difficult by any global standards.” Chan said they still don’t have the permits in place to fix the house. ‘When we started that process, there were still a lot of COVID protocols,” he said. “The responses were not quick. You know, the hurdle that we had to go through was a lot. So, yeah, we’re happy to respond to any request from the city. But there is simply a lot of bureaucracy.” 0:34 Collapsing garage at multi-million dollar home in Vancouver’s Kitsilano In a statement to Global News, the City of Vancouver said that in 2022 the homeowner for the house submitted a pre-submittal application for proposed interior and exterior alterations. Story continues below advertisement The development permit application was submitted on Dec. 7, 2023, according to the city, with fees paid on Dec. 19, 2023. Once the fees were paid, the city initiated the review process. “On April 16, 2024, City staff issued a deficiency list to the applicant, outlining required revisions and providing comments from our Building Review Branch (BRB),” the city said. Trending Now “These revisions are necessary to meet the City’s requirements. Since then, staff have been in regular communication with the applicant to provide support and answer questions. However, the applicant has not yet submitted the revised plans addressing the identified deficiencies.” The city said the delays in this case appear to be related to incomplete revisions and outstanding requirements on the part of the applicant. In June 2023, the City of Vancouver adopted the 3-3-3-1 permit approval framework to fast-track applications. Targets include three days to approve home renovation permits, three weeks to approve single-family home and townhouse permits, three months to approve permits for professionally designed multi-family and mid-rise projects where existing zoning is in place and one year to approve permits for a high-rise or large-scale project. “As you know, this is a big organization and it takes a little bit of time,” Vancouver Mayor Ken Sim said on Thursday. Story continues below advertisement “What I can tell you is we have amazing people and they have been working diligently, so we have a lot of anecdotal evidence of our permitting process being sped up.” Sim said while there is more work to do, the program has been successful. 2:21 City of Vancouver to crack down on illegal Hastings street market Chan said he understands his house is 100 years old but his experience has been far from successful. “I wish I was given a list of things that we need to comply and do,” he said. “And when we were given that list, it could be given to us in one request rather than piecemeal.” Chan said it does not stop his family’s desire to move to Vancouver. “However, when
Hundreds of Vancouver residents gathered at city hall Saturday afternoon to urge councillors to “pause and rethink” the Broadway Plan. Adopted in 2022, the policy governs development along the Broadway corridor, aiming to create high-density homes for 50,000 more people along the under-construction Broadway Subway extension. A petition touted by the organizers of Saturday’s event has received more than 2,800 signatures. It describes the plan as “playing out in a way many residents never imagined,” with rezoning signs “popping up like mushrooms” and “18- and 20-storey tower proposals on quiet residential streets some distance from rapid transit.” Towers were on the minds of protesters CTV News spoke to at the rally, including Gordon Yusko, who said one is under construction behind his Fairview apartment building. “The Broadway plan allows too many high-density towers in too small of an area and it’s going to make neighbourhoods unlivable,” Yusko said. Roni Jones said she’s been a renter in Kitsilano for decades, and has seen people lose their affordable homes in her neighbourhood so that new towers can be built. “For instance, across the street from me was a rental of all seniors, and they’ve all been evicted,” she said. The Broadway Plan includes protections for renters who are displaced by redevelopment. Developers must offer them units in the new building for the same rent they were paying, and displaced renters “may choose to receive a temporary rent top-up,” according to the city. The forced relocation is still disruptive, however, and market rents are generally hundreds, if not thousands of dollars higher than what long-term tenants are used to paying. “I’m really concerned about that,” said Jones. “I’m concerned about, ‘Where do all these people go?'” Both Jones and Yusko insisted they’re not against increasing the density of the Broadway corridor, but argued that the Broadway Plan as it’s currently being implemented is not the right way to add density to the area. “Density is important,” said Yusko. “I’m not opposed to density, but it has to be livable density, like, six to eight storeys, maximum.” “Yes, density has to happen, but it can happen within consultation with the neighbourhoods to not lose that character,” said Jones.
The idea is to streamline design and draft common regulations to cut construction time by at least a third Published Nov 18, 2024 • 3 minute read Rendering of six storey design found in Metro Vancouver report on rental apartments made of wood. Credit: Iredale Architecture. Photo by Iredale Architecture When you think of new construction in Metro Vancouver, you think of concrete towers with glass facades. A Metro Vancouver report on rental housing is considering a different approach: Making it easier to build six-storey apartment buildings out of wood. The report’s name is a mouthful, “Streamlining the Delivery of Rental Housing Through Pre-Approved Plans and Off-Site Construction.” THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Vancouver Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Sign In or Create an Account or Article content But it has a simple goal: making rental housing cheaper to build. Concrete buildings typically cost 20 to 24 per cent more to build than wooden ones. So the report, which will probably go to Metro in January, calls for low-rise wood frame buildings. The report also wants to make it easier to build. “We’re collaborating with B.C. Housing on (ways) to essentially speed up the delivery of six-story rental wood frame apartments,” said Michael Epp, director of housing, planning and development at Metro Vancouver. “One of the key ones is trying to harmonize some of the regulatory approaches for that type of building.” Building regulations vary from city to city. Going through the bureaucratic process can be time consuming — Epp said it usually takes five years from “conception to occupancy” to build a wood-frame apartment building in Metro Vancouver. “Our short-term goal is to try to bring that time down by at least 30 per cent,” he said. “But I think it’s possible, in an ideal state, to cut 50 per cent of that delivery time. So going from five years from start to finish to a 2½-year start to finish.” By signing up you consent to receive the above newsletter from Postmedia Network Inc. Article content Article content The idea is to draft regulations for these buildings that essentially pre-approve them, cutting out the need for time-consuming rezoning applications, and to also allow for some prefabrication of the buildings in factories. “Time is a really substantial component of (building) cost, whether or not you’ve got land carrying costs during that entirety of that time,” Epp said. “You’re paying your professional consultants, you’ve got insurance costs, you’ve got (construction) escalation (costs). So the shorter you can make that time, the more you’re saving. “On some projects, this could be hundreds of thousands of dollars a month that can be saved when you’re shaving time off.” Only one rendering of what the six-storey buildings might look like has been released so far. The illustration by Iredale Architecture looks like something you’d see in Vancouver’s West End, a basic apartment block with balconies. The goal is to make regulations that can be adapted to different designs. “The idea here is we’ve got a hybrid approach to building,” said Epp. “This is not a modular building where you ship a shipping container to the site and assemble them on site. It’s more like an Ikea approach to a building, where there would be many components that are flat packed. Article content “Now you’re not only shrinking the time on the approval side, which is huge, but you’re also cutting the time to actually get the project built on site, because you’re able to just bring these components in and assemble them on site.” Eleven municipalities in Metro have signed on as “interested partners” in the study, including Vancouver, Surrey, Burnaby, Richmond, the District of North Vancouver and New Westminster. The study is aimed at non-market rental buildings, but Epp said new regulations could be applied to market-rent buildings as well. Many low-rise market condo buildings are already built with a concrete base and foundation, with wood
If your home ownership dreams have been put on hold, there may be hope on the horizon as Canada’s falling interest rates are impacting how much income is needed to purchase a property. But depending on where you live, it still requires a hefty paycheque to enter the market. According to a new report from Ratehub.ca, the income needed to afford a home has fallen in 12 of 13 cities across the country. This comes after the Bank of Canada (BoC) announced a massive interest rate cut in October. The BoC dropped the rate by 50 basis points, bringing it from 4.25% to 3.75%, which many referred to as a “jumbo-sized” drop. This was the fourth announcement of 2024, and such a low rate hasn’t been seen since December 2022. According to Ratehub.ca’s Penelope Graham, “affordability conditions have been improving since June, when the Bank of Canada first started cutting its benchmark interest rate, easing mortgage costs and the pricing of other borrowing products.” RateHub Vancouver and Toronto, Canada’s most expensive cities, saw the most significant drops in the income needed to purchase a home between September and October 2024. “While both of these cities saw a robust increase in sales activity in October, they remain well supplied, which has helped keep a lid on price growth,” notes the report. Still, prospective buyers in these cities need to take home significant paycheques to get into the housing market. The income required to purchase the average home in Vancouver now stands at $214,000 annually. In Toronto, it’s slightly lower at $195,420. Moreover, Canada’s smaller cities haven’t experienced the softer prices of their larger counterparts. A drop in supply and an increase in buyer activity have resulted in prices going up, as six out of 13 markets across the country saw month-over-month price hikes. Fredericton was the only market where affordability deteriorated between September and October as home prices increased by $16,100, meaning buyers would need $1,890 more income to purchase an average property. Ratehub.ca provided an optimistic outlook for prospective buyers over the next few months as mortgage rates are expected to drop further. The overnight lending rate is predicted to drop by another 25 basis points, bringing the benchmark interest rate to 3.5%. Rates are expected to drop further in 2025. However, lower rates will likely lead to an uptick in prices as more buyers could enter the market. “The national average home price is expected to end the year largely flat at $683,200 – just a 0.9% increase – before rising 4.4% next year to $713,375,” concluded Ratehub.ca.
Current rate:The greater of the mortgage contract rate plus 2% or 5.25%. The minimum qualifying rate (MQR) for uninsured mortgages is a mortgage stress test applied by lenders to borrowers. OSFI obliges federally-regulated lenders to apply this stress test to their borrowers. This helps lenders prepare borrowers so they can continue to make mortgage payments…