immigration-cuts-will-help-housing-gap,-pbo-says,-but-less-than-government-projects
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Immigration cuts will help housing gap

ByBusiness in Vancouver

OTTAWA — The federal government is overestimating the impact its cuts to immigration will have on the country’s housing shortage, the Office of the Parliamentary Budget Officer said in a new report. OTTAWA — The federal government is overestimating the impact its cuts to immigration will have on the country’s housing shortage, the Office of the Parliamentary Budget Officer said in a new report. In the analysis published Friday, the PBO said its projections still indicate the country’s housing gap should fall by 45 per cent, assuming the Liberal government’s own population projections in its immigration plan are accurate. The PBO isn’t entirely convinced they are, saying “we judge that there is significant risk” to the demographic projections the government made in its 2025-27 immigration levels plan. The PBO cautioned its model assumed some non-permanent residents, whose permits or visas would expire and not be renewed under the new plan, will actually leave the country. “Both our estimated reduction in household formation and the housing gap under the (immigration levels plan) are uncertain and likely represent upper-bound estimates,” the PBO warned. In October, the Liberal government announced it was cutting the number of permanent residents allowed into the country over the next three years. The plan expects to see Canada’s population decline by 0.2 per cent in 2025 and 2026, marking the first time Canada would see an annual decline in population, the PBO said. The PBO now estimates Canada needs to build another 1.2 million homes by 2030 to close the housing gap. In its report Friday morning, the PBO said the revised immigration plan will reduce that gap by 534,000 units — or 45 per cent — by 2030. The government’s projections, factoring in its new immigration targets, suggested the population estimates would reduce demand for housing by 670,000 units by 2027, well above the PBO’s estimates and three years earlier than the PBO’s timeline. “This difference likely reflects several factors, such as the assumed age, region and household structure of the (non-permanent resident) outflows projected under the (immigration levels plan), as well as the time horizon and counterfactual population projection,” the PBO wrote. In a statement, Immigration Minister Marc Miller’s office said the PBO report confirms the government’s immigration levels plan will reduce the housing supply gap, and that the report’s projections are in line with the department’s own expectations regarding the housing supply gap for this year. “While an adjustment in immigration levels is helping to reduce the strain on our housing supply, it is also true that immigration and newcomers to Canada will continue to have an important role to play in helping us grow the housing supply,” Miller’s office said. “Immigrants are not to blame for the housing crisis and they, like everyone who lives in Canada whether temporarily or permanently, deserve to be set up for success while they are.” This report by The Canadian Press was first published Nov. 15, 2024. Nick Murray, The Canadian Press

home-prices-decreasing-in-bc.s-ski-regions,-says-royal-lepage
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Home prices decreasing in B.C.s ski regions

ByJami Makan

Interest rates, capital gains taxes and short-term rental measures are some factors in province’s recreational property transactions Prices of detached homes and condominiums have registered slight decreases in B.C.’s popular ski regions so far this year. However, they are expected to increase in 2025 as interest rates continue their expected decline. In the first nine months of the year, the median price of a single-family detached home in the province’s ski regions decreased 2.6 per cent year-over-year to $1,729,200, according to the 2024 Winter Recreational Property Report by Royal LePage Real Estate Services Ltd. Meanwhile, the median price of a condominium also decreased 2.6 per cent to $477,500. Royal LePage examined several B.C. ski regions including Whistler, Invermere, Revelstoke, Mount Washington, Sun Peaks and Big White.  The Nov. 14 report noted that less snowfall has impacted some resort areas, although this is made up for during biking and golfing seasons. The report also noted that provincial measures regarding short-term rentals, which affect some ski regions, have resulted in more personal and family use of properties. The foreign-buyer ban similarly exempts some communities, also resulting in a varied impact. Interest rates and capital gains taxes have played a significant role in these markets, according to the report. Many buyers are waiting to jump in as they anticipate further reductions in the key interest rate, which has been reduced incrementally from five per cent in April to 3.75 per cent last month. Meanwhile, this year’s federal budget increased the basic inclusion rate for all capital gains and losses from one-half to two-thirds as of June 25, spurring a surge in transactions prior to the deadline. Some markets are attracting buyers from elsewhere in Western Canada, as they may be located closer to Alberta. Some had more inventory and transaction volume than others, while the accessibility of price points varied by market. In Whistler, for example, a house or condominium slope-side or at mountain base typically start at $3 million and $500,000, respectively. Among the report’s highlights: Whistler – The median price of a single-family detached home in Whistler’s recreational property market for the first nine months of the year decreased three per cent year-over-year to $3,569,100, while the median price of a condominium decreased 12.4 per cent to $583,600. Prices are expected to rise nine per cent over the next 12 months. Invermere – The median price of a single-family detached home in Invermere’s recreational property market for the first nine months of the year increased 13.5 per cent year-over-year to $749,000, while the median price of a condominium increased 11.4 per cent to $344,900. Prices are expected to rise 10 per cent over the next 12 months. Revelstoke – The median price of a single-family detached home in Revelstoke’s recreational property market for the first nine months of the year increased 4.9 per cent year-over-year to $862,500, while the median price of a condominium increased 14.3 per cent to $802,000. Prices are expected to rise five per cent over the next 12 months. Mount Washington – The median price of a single-family detached home in Mount Washington’s recreational property market for the first nine months of the year increased 29.4 per cent year-over-year to $1,100,000, while the median price of a condominium decreased 1.1 per cent to $455,000. Prices are expected to rise two per cent over the next 12 months. Sun Peaks – The median price of a single-family detached home in Sun Peaks’ recreational property market for the first nine months of the year decreased 30.1 per cent year-over-year to $1,337,500, while the median price of a condominium decreased 14.3 per cent to $360,000. Prices are expected to increase five per cent over the next 12 months. Big White – The median price of a single-family detached home in Big White’s recreational property market for the first nine months of the year decreased 13.7 per cent year-over-year to $1,510,000, while the median price of a condominium decreased 22.1 per cent to $413,000. Prices are expected to increase five per cent over the next 12 months. Royal LePage compiled insights, data and forecasts from 18 popular ski regions. Median price and sales data was compiled and analyzed by Royal LePage for the periods between Jan. 1, 2024 and Sept. 30, 2024 and Jan. 1, 2023 and Sept. 30, 2023. Data was sourced through local brokerages and boards in each of the surveyed regions. [email protected] @JamiMakan

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.

historic-vancouver-home-still-for-sale-despite-millions-in-price-drops
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Historic Vancouver home still for sale despite millions in price drops

ByAmir Ali

A Vancouver home that has been listed on and off since 2018 still hasn’t found a buyer despite millions in price drops. The most recent assessed value, pegged by BC Assessment at $5,578,000, is much lower than the asking price. Located on 1416 Acadia Road, the Vancouver home is currently listed for $9,998,000. It has been listed numerous times since 2018, and the asking price has steadily dropped. Angell, Hasman & Associates Realty The ocean-view estate is in what the listing calls “Vancouver’s most coveted University Endowment Lands.” It features five bedrooms, six bathrooms, and 7,070 sq ft of space on a 20,800 sq ft lot. It’s massive. The listing also calls the home a “historic masterpiece,” which makes sense as it was built in 1935. Angell, Hasman & Associates Realty Interior shots reveal an exquisitely staged home, and it’s easy to see why the owner values it so highly. Despite the historic home’s size and design, BC Assessment only values the building at $712,000. Angell, Hasman & Associates Realty The home was listed for $18,980,000 in 2017, but that listing expired in 2018. The year after, it was listed again for $15,888,000, but that listing also expired. Angell, Hasman & Associates Realty In 2019, it was listed again with another price drop, down to $13,980,000. That listing expired in 2020 and stayed off the market for three years. It wasn’t listed again until 2023 when the asking price dropped to $10,500,000. That listing expired in 2024. After that, it was listed twice more at the same price. One of those listings expired, and the other was terminated this August. Finally, it was listed earlier this week for $9,998,000. Angell, Hasman & Associates Realty The home features walk-out access to a private garden terrace and an outdoor summer dining area overlooking Pacific Spirit Park. Angell, Hasman & Associates Realty The sink area in this bathroom is a sight to behold. Angell, Hasman & Associates Realty “The entire property has been [professionally] landscaped and is beautifully illuminated at night with dramatic effect,” the listing says. Angell, Hasman & Associates Realty If you had all the money in the world and could make a bid on this home, what would you offer?

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.

are-you-a-canadian-prioritizing-a-mortgage-before-marriage?
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Are you a Canadian prioritizing a mortgage before marriage?

ByIsabelle Docto

If you and your long-term partner are ready to take your relationship to the next level, what are you choosing to do first: a mortgage or marriage? According to a recent Houseful survey, a majority of young first-time homebuyers in Canada are choosing doorbells before wedding bells. The online Canadian real estate platform owned by RBC found that 78% of single and unmarried first-time homebuyers under 30 are prioritizing saving for a mortgage over having a big, lavish wedding. “Younger adults are increasingly conscious of ongoing housing affordability challenges, which motivates them to secure a financially stable future by seizing saving opportunities earlier,” said Karen Starns, CEO of Houseful, in a news release. “After getting a foothold in the market, they can gain the flexibility to pursue other life milestones that are important to them.” With the cost of living crisis in Canada, buying a home or having a wedding is easier said than done. According to a recent report from the Canadian Real Estate Association (CREA), the average price of a home went up significantly this year. The actual (not seasonally adjusted) national average home price in March 2024 was $698,530, up 2% from March 2023. In January, CREA said this national average was $659,395, up 7.6% from January 2023. This means from January to March this year, buying a home became $39,135 pricier. Houseful’s survey found that prospective homebuyers are aware of these difficulties in the current market, with 73% of those under 30 saying that reports about the market make housing look unattainable. But this isn’t stopping them from prioritizing home ownership, with 71% believing it will be an important part of their retirement plan. If you’re prioritizing a mortgage over marriage, Daily Hive wants to hear from you. Why have you decided to prioritize buying a home over having a wedding? How are you saving up? Share your story with us in the survey below or email your responses to  [email protected] :

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.