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.

should-the-bc-government-create-the-ministry-of-construction?
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Should the BC government create the Ministry of Construction?

ByKenneth Chan

Ahead of the October 2024 provincial election, two organizations representing the construction industry in British Columbia are calling on the province’s political parties to commit to creating a new provincial government Ministry of Construction. According to the Vancouver Regional Construction Association (VRCA) and the BC Construction Association (BCCA), such a dedicated ministry led by its own cabinet minister would work with the Ministry of Housing to accelerate the construction of affordable housing. They would also collaborate with the Ministry of Labour and Ministry of Education to address the skilled labour shortage, as well as liaison and advocate for new and improved regulations that streamline construction and public procurement practices, and improve environmental sustainability. Both organizations suggest that the construction industry needs its own cabinet role, given that this particular industry contributes $27 billion to the province’s GDP and the total current value of construction projects is approximately $160 billion. This new minister would be the “ultimate project manager” for cutting through the red tape and making the construction process in BC more efficient. “Given the importance of BC’s construction industry, not to mention its size, complexity, and impact on communities across the province, we remain steadfast in asking for this commitment,” said Chris Atchison, the president of BCCA, in a statement. VRCA President Jeannine Martin adds, “Construction isn’t just about buildings. It’s about communities, infrastructure, and the future of this province. We need a minister who will ensure our industry gets the voice and attention it deserves. It’s time we had someone in charge of this vital, economy-driving, entrepreneurial industry.” Both associations are also urging for the creation of “Prompt Payment Legislation” that would help ensure timely payments for construction contractors and subcontractors, which they say would provide greater financial security and stability and help mitigate cash flow challenges faced by small- and medium-sized businesses. According to the VRCA and the BCCA, the Northern Regional Construction Association and the Southern Interior Construction Association fully support the creation of a Ministry of Construction. Atchison notes the idea is not new, as the BCCA has been advocating for the creation of such a Ministry since 2019. Currently, the Ministry of Transportation and Infrastructure delegates the responsibility of managing and overseeing major transportation infrastructure projects to the provincial Crown corporation Transportation Investment Corporation (TI Corp), which was previously the agency responsible for collecting tolls on the Port Mann Bridge. TI Corp oversees about $15 billion in major provincial-led transportation infrastructure projects, including the replacement Pattullo Bridge, the replacement George Massey Tunnel, SkyTrain’s Millennium Line Broadway Extension, SkyTrain’s Expo Line Surrey-Langley Extension, and the fourth phase of the Kicking Horse Canyon Project. This also comes at a time when the provincial government is seeing significantly higher costs for its various major construction projects.

vancouver-west-end-tenants-fighting-more-phony-evictions
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Vancouver West End tenants fighting more phony evictions

ByCharlie Carey

Posted September 13, 2024 7:48 am. Last Updated September 13, 2024 12:00 pm. A Vancouver landlord with a history of losing tenancy board hearings recently lost another attempt to evict a renter from Park Beach Manor in the West End in late August, but some neighbours at the apartment say they’re still fighting phony evictions and harassment from the landlord. Park Beach Manor tenants and other supporters from the Vancouver Tenants’ Union crashed the doors of Plan A Real Estate – their corporate landlord – in Downtown Vancouver Thursday afternoon. “I’m delivering this letter on behalf of the Park Beach tenant collective, demanding you to drop the recent evictions for Jody and Jen,” said a tenant to a Plan A staff member, who opened the office door. “We have information they’re based on false information, mismanagement by Plan A’s payment platform and communication.” CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE! Park Beach Manor resident Paul Kot says some of his neighbours braced themselves when they heard Plan A was going to buy their apartment earlier this year. For months, supporters have been campaigning against Plan A’s alleged actions. “A lot of us do not feel safe in our own homes,” said Kot. Kot says the BC Residential Tenancy Branch (RTB) has granted two orders of repossession in his building, which gives the landlord the right to take back the units. He says another case has been granted an interim stay, which lets the tenant live in the unit until the judicial system can review the case. “There’s a lot of falsified information,” said Kot. “The two judges that sided for the interim stay have stated that there’s strong merit to the tenant’s case, since they were granted interim stay. So, I think the fact that the justice system does recognize that there’s merit to these cases, shows that Plan A doesn’t have very much to stand on.” Speaking to CityNews over the phone, Plan A’s managing broker Anoop Majithia says these tenants represent a small, vocal minority at the building, and maintains that Plan A has a good relationship with the majority of its renters. “We don’t actively go around harassing tenants or pick fights with tenants – we’re a professional landlord, we have hundreds of properties, and that’s not the way we conduct ourselves,” he said. But Kot alleges that Plan A gave false information to the RTB for its recent eviction rulings. Documents provided to the RTB. (CityNews Image / Kier Junos) A receipt showing the tenant’s August rent was paid in full. (CityNews Image / Kier Junos) That included a document showing a tenant didn’t pay enough rent in August, while a payment receipt from the same date shows the complete amount was paid. CityNews hasn’t been able to verify the accuracy of these documents, but as RTB information officer tells CityNews if a tenant feels concerned about fraudulent or incomplete evidence, they can make an appeal “Get together. Communicate with your neighbours,” said Kot. “Because at the end of the day, when a landlord comes in like this and harasses you and threatens you – it strips away your right to quiet enjoyment, and that should never be allowed.”

national-housing-market-in-holding-pattern-as-buyers-patient-for-lower-rates:-crea
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National housing market in holding pattern as buyers patient for lower rates: CREA

ByNews Staff

Posted September 16, 2024 6:54 am. The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down. The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year. On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July. CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.” The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier. The number of newly listed properties was up 1.1 per cent month-over-month.

vancouver-chinatown-project-pivots-from-condos-to-social-housing
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Vancouver Chinatown project pivots from condos to social housing

ByKenneth Chan

The Brickhouse development site on the southern edge of Vancouver’s historic Chinatown will be pivoting into a 100% social housing project for its residential uses, removing all of the previous strata market ownership condominium uses. This follows the property’s sale to the Hogan’s Alley Society last year. As previously reported by Daily Hive Urbanized in April 2024, Bonnis Properties sold their property at 796 Main Street and City’s 2021-approved development plans to Hogan’s Alley Society in November 2023, with the non-profit organization paying the developer $20 million. On the same day the deal was finalized, the federal government’s Canada Mortgage and Housing Corporation (CMHC) provided Hogan’s Alley Society with a $25.2 million mortgage. The property is a 12,800 sq ft lot that is largely vacant but contains several small structures — the 1910-built two-storey building fronting Main Street, which contains the Brickhouse Late Night Bistro and Dive Bar, and a 1925-built single-storey building fronting Union Street, which previously housed the Jimi Hendrix shrine. Location of the approved design for 728-796 Main Street, in relation to the future developments on the city-owned blocks to the south, including Hogan’s Alley (right city block). (Studio One Architecture/Bonnis Properties) Brickhouse development site of 796 Main Street in Vancouver’s Chinatown. (Kenneth Chan/Daily Hive) Artistic rendering of the 2021-approved design for 728-796 Main Street, Vancouver. (Studio One Architecture/Bonnis Properties) This week, the City of Vancouver noted it had received an application to allow a change in residential tenure to 100% social housing. The building’s height will also increase slightly from 116 ft to 127 ft, which will enable more floor space — an increase in the floor area ratio (FAR) density from a floor area that is 6.79 times larger than the size of the lot to a density of 7.4 FAR. Other details on the revised project are not available at this time. This application, first submitted in June 2024, is being considered under the City’s Affordable Housing Policies. In February 2021, after a long delay, the previous makeup of Vancouver City Council approved Bonnis Properties’ rezoning application to redevelop 796 Main Street into an 11-storey building with 94 homes, including 75 strata market condominium homes and 19 social housing units, as well as over 6,000 sq ft of retail/restaurant uses. Artistic rendering of the 2021-approved design for 728-796 Main Street, Vancouver. (Studio One Architecture/Bonnis Properties) Brickhouse development site of 796 Main Street in Vancouver’s Chinatown. (Kenneth Chan/Daily Hive)

Homebuyers Should You Make a Subject Free Offer

Homebuyers Should You Make a Subject Free Offer?

Bymichael

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