Real estate association economist doubts B.C.’s flipping tax is worth the trouble
The Pique News Magazine
VANCOUVER — Policy watchers are split on the value of British Columbia’s upcoming provincial flipping tax targeting those looking to make a quick buck in the real estate market.
Brendon Ogmundson, chief economist of the British Columbia Real Estate Association, says the tax could end up reducing the overall number of homes on the market while only applying to a small number of properties. Read more…
B.C.’s aggressive push to clear roadblocks for housing is still meeting … roadblocks
The Pique News Magazine
British Columbia’s NDP government has poured billions of dollars into creating new homes as part of its effort to improve the affordability of housing, the biggest financial pain point for many residents of the province.
But as the seven-year-old government heads for a fall election, it is facing significant difficulty in making a difference that is visible to voters. That’s despite huge amounts of money promised this year and in previous years,including in this week’s provincial budget, as well as a slew of new legislation aimed at encouraging denser housing in cities. Read more…
Budget 2024: B.C. predicts home sales, prices will rise this year
The Pique News Magazine
Rosier days may be ahead for B.C.’s real estate market, with the provincial government predicting on Thursday a rebound in sales activity in 2024.
However, those hoping for lower home prices shouldn’t hold their breath as home prices are expected to rise by 2.3 per cent this year, in addition to a further 2.9 per cent in 2025, according to forecasts included in the B.C. government’s latest budget. Read more…
Budget 2024: B.C. introduces new home-flipping tax
The Pique News Magazine
New and expanded tax measures, as well as investing in the new BC Builds program are among the province’s top housing priorities, according to the NDP government budget unveiled on Thursday.
Budget 2024 features a new tax on flipping homes, expansions on existing tax measures and funding for the recently announced BC Builds program. Read more…
BC United’s new housing plan is ‘small ball,’ says UBC researcher
The Pique News Magazine
B.C.’s official opposition is locking in plans to fix housing affordability, but a trio of researchers is expressing doubts.
“There’s really not anything more [BC United] can do on the supply side than what the NDP is doing,” said Tsur Somerville, an associate professor specializing in real estate at the University of British Columbia’s Sauder School of Business. Somerville has contributed to a December 2023 study that was prepared for the Ministry of Housing under the NDP government. Read more…
Vancouver and Toronto renters lament quality of life more than homeowners: StatCan
The Pique News Magazine
VANCOUVER — Renters across the country faced record low vacancy rates and record high rent increases in 2023, but Statistics Canada says Toronto and Vancouver residents who don’t own their homes face the greatest financial pressures.
The agency says survey results over the last few years show renters are more prone to reporting lower quality of life than homeowners, especially in Vancouver and Toronto. Read more…
Squamish’s real estate market: Price movements and inventory insights
From The Squamish Chief
Squamish was a lot like the rest of the Lower Mainland in terms of the way the 2023 real estate market tracked, according to Andrew Lis, the director of economics and data analytics with Greater Vancouver Realtors (GVR), which was formerly the Real Estate Board of Greater Vancouver.
“The elevated interest rate situation, the Bank of Canada having raised rates significantly in order to [quell] inflation, that’s meant slower sales in most markets, and Squamish is no exception by that metric,” he said. Read more…
New real estate show explores Squamish’s SEAandSKY development
From The Squamish Chief
Squamish’s newest housing development is taking shape against the backdrop of the Garibaldi Mountains. Bosa Properties’ SEAandSKY is a master-planned community that will offer up to 295 new homes — good news for a city that’s seen a 25% population growth in recent years. Read more…
ALTERNATIVE HOME OWNERSHIP MODELS IN THE CANADIAN HOUSING MARKET
Necessity is the mother of invention. Economic conditions are compelling young Canadians to explore alternative ways to achieve their dream of home ownership. Read more…
Your Guide to the Multigenerational Home Renovation Tax Credit
How Climate Change is Affecting Real Estate
A recent survey for Rates.ca and BNN Bloomberg found that 60 percent of young homeowners were thinking about the possible effects of climate change on the area where they were purchasing their residential property. By comparison, this rate was 31 percent for those 35 and 54 and a little more than one-quarter (27 percent) for those over 55. Read more…
Stay tuned for next week!
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