B.C. rental crisis deepens as Vancouver rents soar, vacancies plummet
From The Pique News Magazine
Like much of the country, B.C.’s rental market crisis deepened in 2023. The 2023 Canada Mortgage and Housing Corp. (CMHC) Rental Market Survey showed a 30-year-low national vacancy rate of 1.5 per cent and a surge in rents. In B.C., the vacancy rate for purpose-built rental apartment housing was even lower at 1.2 per cent and down slightly from 1.3 per cent in 2022. Read more…
“Seismic shift” ahead as new real estate investment cycle takes shape
From The Pique News Magazine
Canada’s commercial real estate landscape is set for a “seismic shift” not seen since the early 1990s as the cost of capital winnows out under-capitalized players and ushers in a new generation of investors.
“There’s going to be a seismic shift in what’s going to happen with the commercial landscape in Canada in the next three, four years,” Avtar Bains, founder and principal of Premise Properties Ltd. told commercial real estate association NAIOP in a Feb. 1 discussion of investment markets. Read more…
CMHC reports annual pace of housing starts in January down 10% from December
From The Pique News Magazine
OTTAWA — The annual pace of housing starts in January slowed by 10 per cent compared with December, as the rate of starts for new multi-unit projects such as apartments, condominiums and townhouses pulled back.
Canada Mortgage and Housing Corp. said Thursday the seasonally adjusted annual rate of housing starts came in at 223,589 units for the first month of the year compared with 248,968 for December 2023. Read more…
B.C. may need 700K more housing units by 2030, says economist
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