Nearly $100M owed to five creditors of delayed Squamish resort project

From The Squamish Chief

The two companies behind a delayed ski and snowboard resort near Squamish owe $99.5 million to five creditors.

That is according to a Dec. 14 list published by Ernst & Young, the court-appointed receiver for Garibaldi at Squamish Inc. (GAS Inc.) and Garibaldi at Squamish LP (GAS LP).

“The receiver will seek to undertake a sales solicitation process for the property with a view of maximizing recovery to stakeholders,” said the Dec. 14 document. Read more…

BC commercial real estate outlook hinges on interest rates easing

From Western Investor

High interest rates remain the biggest factor at play as commercial real estate markets enter 2024.

The Bank of Canada’s decision to hold its policy rate steady at 5 per cent on Dec. 6 meant no immediate relief for investors wrestling with high payments and strategizing around refinancing this year. Read more…

Metro Vancouver residential sales end year on a balanced note

From Western Investor

Metro Vancouver housing prices largely held onto gains made in 2023, despite a slight decline in the latter half of the year.

The prospect of a stable interest rate environment as the year began fuelled an 8 per cent rise in the Real Estate Board of Greater Vancouver’s composite benchmark price for residential properties in the first half of the year. Read more…

How to Assess an Offer on Your House

From Remax blog

When you’re in the process of selling in Canada, it can be confusing to navigate an offer on your house and figure out whether any are worth accepting. Assessing offers on a house involves carefully considering various components to ensure the best outcome for the seller. Whether you are in the vibrant cities of Toronto and Vancouver or the tranquil landscapes of rural Canada, our guide can help you secure an offer that meets your financial and real estate goals. Read more…

Guide to Mortgage Renewal: How Do I Renew My Mortgage?

From Remax blog

During the pandemic-era housing boom, many homebuyers purchased residential properties at rock-bottom mortgage rates. In response to the national economy’s pressures, the Bank of Canada (BoC) slashed interest rates to near zero, allowing prospective homeowners to obtain greater purchasing power and acquire a detached house, townhome, or condominium suite that might have exceeded their initial budgetary limits. Read more…

Assessing Your Home-Buying Wants vs. Needs

From Remax Blog

The journey of buying a home is an exciting and pivotal moment in many people’s lives. It marks the beginning of a new chapter, a place to call your own and a space where memories are made. However, before you embark on this adventure, it’s essential to recognize the distinction between your home buying needs and wants. Needs are the fundamental elements that form the foundation of your new residence, while wants are the desirable extras that can make your dream home even more special. Balancing your needs and wants allows you to find a home where you can thrive. Let’s explore your home buying wants vs. needs. Read more…

The Open House Debate: Weighing the Pros and Cons

From Remax Blog

Are you planning to sell your home? Whether or not to hold an open house is still a hotly debated topic. An open house is when a property is made available for potential buyers to view and explore during a specific time period. It can be a vital part of the home selling process for some sellers, while others may remain entirely indifferent. As a prospective home seller, you might wonder whether hosting an open house is the right move for you. To decide on the best course of action, you need to carefully consider your unique circumstances and weigh the pros and cons. Read more…

Why Lower Canadian Real Estate Prices Could Benefit Sellers this Spring

From Remax Blog

The Canadian real estate market is going through an adjustment period right now. After a couple of years of meteoric growth across the entire housing sector, conditions seem to be settling, the frenzy has come to an end, and Canadian housing markets from coast to coast are regaining equilibrium.

According to the 2024 RE/MAX Canadian Housing Market Outlook, the national average residential price is expected to rise only slightly this year, by 0.5 per cent. Meanwhile, 61 per cent of markets surveyed in the report are expected to see unit sales increase year over year. This is a complete retreat from the challenging market conditions experienced in early 2022. Read more…