Housing Nearly 40% of All of Canada’s GDP

From Remax Blog

It is no secret that the Canadian real estate market represents a large portion of the national economy and household wealth.

From 2017 to 2021, the investment in dwellings as a percentage of total gross fixed capital formation was north of 40 per cent, larger than in other G7 nations. Read more… 

Interest Rate Announcement: BoC Holds the Line (Again)

From Remax Blog

The Bank of Canada held its overnight rate at 5% in this morning’s interest rate announcement, which was widely expected and marks the second announcement in a row that the rate hasn’t budged, amid a slowing economy. The Bank noted lagging economic growth and inflationary pressures, and left the door open for future interest rate increases. Read more…

Province made wise move by restricting short-term rentals, says prof

From The Squamish Chief

The province needed to control the proliferation of short-term rental units to help tackle the shortage of affordable housing, says a Vancouver Island ­University planning professor who “strongly supports” new legislation aimed at getting thousands of the properties into the long-term rental market. Read more…

Okanagan’s real estate listings could increase after new short-term rental rules

From Global News

Jack Mendes is already contemplating what he will do with his short term rental unit in downtown Kelowna, B.C., if new legislation prohibits him from renting it to vacationers four months out of the year. Read more…

Cracks appearing in B.C.’s industrial real estate fortress

From Western Investor

Asset sales fell 42 per cent quarter-to-quarter as high costs scuttled deals, vacancy rates edged up and construction hit a record high in Canada’s strongest industrial market Strikes at B.C. ports this year, higher financing costs and a slowing provincial economy are opening the first cracks spotted in B.C.’s formidable industrial real estate sector in three years, industry sources warn. Read more…

Vancouver’s luxury real estate market showing signs of fading, says report

From Western Investor

Vancouver’s luxury market is being reshaped by new buyer sentiments and economic factors like high housing prices and low supply.

That’s according to a new report from Sotheby’s International Realty Canada, which found the third quarter of 2023 “defied seasonal trends.” Read more…