Category: Uncategorized
-
Identify Significant Issues with Changes to Residential Tenancy Act
The BC Real Estate Association and Canadian Mortgage Brokers Association in British Columbia are urging the government to revise recent changes to the Residential Tenancy Act. Concerns include extended eviction notice periods affecting buyers, privacy issues with new reporting requirements, and misalignment with mortgage approval timelines. Recommendations include adjusting notice rules for different types of…
-
52% of BC Renters Not Buying Soon
In British Columbia, 23% of renters spend up to 30% of their income on rent. 42% of BC renters spend between 31%-50% of their income on rent.
-
Sun Peaks receives $1.5 million in federal funding to accelerate housing development
Sun Peaks, B.C. has received $1.5 million in federal funding from the Canada Mortgage and Housing Corporation’s Housing Accelerator Fund to support the development of affordable and market housing. This funding aims to address the community's employee housing challenges and will help advance the municipality's affordable housing strategy. Sun Peaks is collaborating with CMHC on…
-
Slow Growth Predicted for BC Despite Rate Cuts on Horizon
A recent economic forecast predicts no further interest rate cuts in Canada until fall 2024. The BoC is expected to cut rates in September and December this year, followed by further cuts throughout 2025.
-
BC Announces Housing Targets for 10 Municipalities
BC Government sets housing supply targets for 10 more municipalities, expanding the list to 20. New targets total 55,478 homes, a 41% increase over historical projections, starting July 1, 2024.
-
Slow resurgence of Canada’s real estate market to begin later in 2024
Canada's real estate market is expected to slowly rebound in the second half of 2024, with increased sales and tightening market conditions. The Bank of Canada's rate cut in June led to a slight improvement in housing numbers. Home sales rose by 3.7% from May to June 2024 but were down by 9.4% compared to…
-
BC Grants Speed Home Construction
38 local governments in BC are set to receive grants for faster home construction. The program aims to enhance development approval processes across municipalities.
-
Rising Costs Threaten BC’s Homebuilding Industry
Despite a booming appearance, experts warn of a potential slowdown in BC's homebuilding market due to several factors:Higher borrowing costs and stricter lending conditions are discouraging new construction projects.
-
HOME SALES CONTINUE BELOW AVERAGE PACE FOR JUNE
In June 2024, British Columbia saw a 19% decrease in residential unit sales compared to June 2023. The average residential price rose by 1% to $998,159. Total sales dollar volume dropped by 18% to $7.1 billion. BC MLS® unit sales were 24% below the ten-year average for June. Year-to-date, residential sales dollar volume in BC…
-
BC Policy Shift: Up to 20 Storeys in Transit Areas
BC government supports Broadway Plan amendments to increase housing density near transit areas. Policy changes will enable buildings up to 20 storeys in areas previously limited to 6 storeys.