Holding the overnight interest rate steady in its October 25 announcement, the Bank of Canada warned that future rate hikes would be likely, although at a more tentative pace than previously anticipated.

Following two interest rate hikes in July and September at consecutive policy meetings, the central bank said it had decided to hold off with another rate hike – for now. This corresponds with the BC Real Estate Association’s prediction in September that interest rates won’t rise again until 2018.

http://www.rew.ca/news/bank-of-canada-promises-caution-in-interest-rate-hikes-1.23074532?utm_source=Consumer%3A+Vancouver+Market+News&utm_campaign=beef2b4ec5-REW_Consumer_News_Friday_October_10_27_2017&utm_medium=email&utm_term=0_8e94885b84-beef2b4ec5-93614499

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Last year, so many of you so generously donated items to the REALTORS’ CARE BLANKET DRIVE and  as a result, that success contributed to the more than 300,000 people in our communities who have been helped over the past 22 years.

 

This year, THE NEED HAS NEVER BEEN GREATER.

 

Between Tuesday, November 14 to Tuesday, November 21, is the 23rd REALTORS’ CARE BLANKET DRIVE, and we are asking you to help the homeless and working poor stay warm and dry again this winter.

 

Of course, the BLANKET DRIVE does not just mean blankets…….

 

You can help with donations of:
  • gently used or new blankets or sleeping bags
  • warm clothing, coats
  • hats, gloves, scarves
  • new socks and underwear
  • plastic ponchos, bivy sack

 

Although there are many drop off locations on the North Shore, we will save you a trip …….just give us a call and we will pick up your items from you!  Judi 604-868-9812 or Cathy 604-760-2786

 

Thank you in advance for your help again this year. The unbelievable success of this yearly BLANKET DRIVE  is thanks to your donations!

 

 

 

Judi Whyte                                                                  Cathy Wood

604-868-9812                                                              604-760-2786

 

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The net effect of having non-local buyers investing in a real estate market such as Vancouver, Toronto or New York is overall a “negative” one, according to two professors from UBC and New York who are jointly studying the out-of-town investment on cities.

http://www.rew.ca/news/out-of-town-buyers-have-negative-effect-on-locals-1.23068301?utm_source=Consumer%3A+Vancouver+Market+News&utm_campaign=2dbba4b1dc-REW_Consumer_News_Friday_October_10_20_2017&utm_medium=email&utm_term=0_8e94885b84-2dbba4b1dc-93614499

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ll mortgage applicants will have to pass a “stress test” on their qualifying income – no matter how high their down payment – from January 1, the Office of the Superintendent of Financial Institutions (OFSI) confirmed October 17.

 

The stress test was introduced last fall to all applicants of insured mortgages (those with less than 20% down), but has now been extended to all mortgage applicants including uninsured borrowers, as that group comprises a larger segment of the mortgage market.

http://www.rew.ca/news/stress-test-for-all-mortgages-to-launch-in-new-year-1.23068135?utm_source=Consumer%3A+Vancouver+Market+News&utm_campaign=2dbba4b1dc-REW_Consumer_News_Friday_October_10_20_2017&utm_medium=email&utm_term=0_8e94885b84-2dbba4b1dc-93614499

 

 

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New homes in the City of North Vancouver are slated to be a little more expensive and a lot more efficient.

City council unanimously endorsed new construction guidelines in accordance with the B.C. Energy Step Code at an Oct. 2 meeting. The change is slated to come into effect as of Dec. 15.

http://www.nsnews.com/news/city-raises-building-standards-to-combat-greenhouse-gas-emissions-1.23063400 

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The B.C. Real Estate Association is pushing back against a proposed ban on the controversial practice of allowing realtors to represent both sellers and buyers of a property.

The proposed ban on dual agency — also known as double-ending — is the most significant change among a number of rules proposed Wednesday by the B.C. government’s Office of the Superintendent of Real Estate. The draft rule changes, meant to protect consumers and improve transparency in B.C.’s red-hot real estate market, have been provided to realtors and the public for comment over the next month.

Dual agency has been restricted or banned in some U.S. states, and Ontario has also proposed a ban on it.

In an interview on Thursday, the B.C. Real Estate Association’s CEO, Robert Laing, said realtors worry that banning dual agency will hurt both consumers and realtors.

“Our biggest concern is the consumer’s right to make a choice about who they work with is being taken away from them,” Laing said. “The superintendent is trying to protect the consumers, but we think he is forgetting that in a free-enterprise market the consumer needs choice.”

 

http://vancouversun.com/news/local-news/realtors-group-criticizes-proposed-ban-on-dual-agency 

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Vancouver's second-last downtown gas station sold to a development company for a bargain price of $72 million, and now its last fuel centre is on the market.

CTV News reports the Esso station located at the intersection of Burrard and Davie Street is listed without an asking price, but adds that it will likely sell for a similar price as its former competitor.

 

The city's skyline continues to expand, and may do so at the expense of commuters or visitors in and around the downtown core due to an increased inaccessibility of fuel. However, this surplus of earnings may prove valuable to land owners.

 

“[Unlike real estate,] pumping gasoline is not a very high margin business,” said Tsur Somerville, director of the University of British Columbia Centre for Urban Economics, to CTV News.

 

http://www.huffingtonpost.ca/2017/04/17/vancouver-gas-station-last_n_16063296.html?utm_hp_ref=ca-bc-business

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B.C. real estate agents will be generally banned from acting as dual agents for both buyers and sellers under tough new rules drafted by the Office of the Superintendent of Real Estate and obtained by Postmedia News. 

The draft rules were based on recommendations from the report of an independent advisory group released in June 2016 to address problems in B.C.’s real estate industry. Those problems included some realtors putting their own interests ahead of clients, some not abiding by rules around reporting requirements to prevent money laundering, realtors failing to disclose assignment of contracts (known as shadow flipping).

The draft rules will be provided to realtors and the public, with superintendent Michael Noseworthy open to feedback over the next month. 

 

http://vancouversun.com/news/local-news/b-c-realtors-to-be-banned-from-dual-agency-as-part-of-rule-changes 

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A 23-storey residential tower is being proposed for the Central Londsale neighbourhood of North Vancouver, following City Council's decision to bring the development to public hearing in the fall. 

The 166-unit development would be located at 1441 St. Georges Avenue, just west of the 14-storey Royal George rental building, which has stood in the area since 1968. The Royal George would be refurbished and be brought up to modern building codes as a part of the development. Nine additional rental units would also be added to the existing building. 

http://www.rew.ca/news/23-storey-residential-tower-proposed-for-north-vancouver-1.21496704

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While residential real estate transactions continue to drop on a weekly basis as summer deepens, condo sale prices remain robust, increasing again during the week of July 24-30.

There were 323 home sales registered as sold last week, as of August 3, in the area covered by the Real Estate Board of Greater Vancouver. Of those, 197 units were condos, 58 were townhomes, row houses or duplexes, and the remaining 68 were detached houses (including float homes and manufactured homes).

http://www.rew.ca/news/condo-sale-prices-defy-summer-market-slowdown-1.21590780

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Owning real estate is a privilege, and in doing so, you are committing not only to serving your own personal interest, but potentially that of your family for years to come. A success story is increasingly possible, and for many of us real estate is our single most important asset when it comes to retaining value. When managed well, the rights in land associated with the building on it, not only maintain their value while factoring in inflation, but increase in value. The key to retaining your home’s value while ensuring comfort is good maintenance and a few simple upgrades.

http://www.rew.ca/news/how-to-maintain-the-value-of-your-biggest-asset-1.21248389

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The Vancouver real estate market, far from reaching its peak in terms of unaffordability and lack of housing, is merely “dancing on the edges of a massive problem,” according to one leading development marketer.

Speaking to a packed audience at the Urban Development Institute luncheon on new home marketing at the Fairmont Hotel Vancouver June 8, Cameron McNeill of MLA Canada added, “We ain’t seen nothing yet.”

http://www.rew.ca/news/vancouver-housing-market-ain-t-seen-nothing-yet-1.20508243

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Affordability continues to be a "major vulnerability" in Vancouver's housing market, as the effects of the 15% foreign buyer tax implemented last year seem to be waning, according to RBC's Canadian Housing Health Check. The report, published July 27, measures affordability by examining the cost of home prices as a percentage of household income. 

The report found this ratio to be 79% in Vancouver, over 30% higher than the national average of 45.9%. The report states that anything above 45.1% poses a major risk.

http://www.rew.ca/news/affordability-still-a-major-vulnerability-in-vancouver-housing-market-1.21446622

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Over $40,000 has been raised by real estate agents across Metro Vancouver for the Red Cross BC Fires Appeal, in an effort to aid victims of the ongoing wildfires affecting communities across British Columbia. 

Through the REALTORS Care® initiative, members of the Real Estate Board of Greater Vancouver (REBGV) donated $10,000 to the cause, with the BC Real Estate Association (BCREA) matching the donation and Board members continuously raising money by organizing fundraising events around the province. 

 

http://www.rew.ca/news/local-real-estate-industry-comes-together-to-aid-wildfire-victims-1.21707642

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July 2017

Nearly a year ago, the provincial government implemented an additional 15 per cent Property Transfer Tax (PTT) for residential real estate purchases by foreign buyers in the Metro Vancouver region.

BCREA's Economics Department conducted a thorough analysis of the impacts of this policy. The Association created a simulation for the Real Estate Board of Greater Vancouver (REBGV) region, showing where sales would have been if the foreign buyers' PTT had not been implemented.

The result? Over time, the impact has been minor. 

 

http://web.bcrea.bc.ca/Connections/articles/2017-07_article3.html

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Huffpost Canada

July 14.2017

They Raised the Interest Rate.....Now What?

They finally did it. After seven years, the Bank of Canada raised its rates to 0.75%. So what now?

HuffPost Canada business editor Daniel Tencer outlined what the rate hike could mean for most Canadians. If you're carrying debt in the form of variable-rate mortgages or lines of credit, the next few weeks would be a good time to review your finances to make sure that the new rates won't stretch your budget.

http://www.huffingtonpost.ca/2017/07/14/housing-newsletter-they-raised-the-interest-rate-now-what_a_23030268/?utm_hp_ref=ca-british-columbia

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Vancouver Globe and Mail

Friday, June 2, 2017

 

The Vancouver region’s detached-housing market has turned hot again as the affordability crisis becomes a priority for the new political alliance formed by the BC NDP and Greens.

The average price for detached houses sold in Greater Vancouver reached a record of $1,830,956 in May, up 5 per cent from the same month in 2016 and just surpassing the previous high of $1,826,541 in January, 2016.

While the market for detached homes cooled in the second half of 2016, condos and townhouses experienced a short lull before continuing on a tear, smashing former highs. The average price for condos sold in Greater Vancouver last month hit a record of $656,919, up 15.1 per cent from a year earlier, and the average price for townhouses jumped 7.4 per cent to a new high of $858,994.

This week, the BC NDP formed a political alliance with the Green Party to co-operate, notably with plans to vote down the BC Liberals once Premier Christy Clark reconvenes the legislature. Reining in housing prices ranks high on the agenda for BC NDP Leader John Horgan and BC Green Party Leader Andrew Weaver.

https://www.theglobeandmail.com/real-estate/vancouver/vancouver-home-sales-edging-back-toward-record-levels/article35186406/

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Royal LePage – The Homeowner Summer 2017

 

According to the Royal LePage House Price Survey, Canada’s residential real estate market saw substantial price growth in the first quarter of 2017. While the majority of Canadian housing markets posted modest gains, price appreciation across much of Ontario significantly outpaced the rest of the country. Meanwhile, the pace of home price appreciation in Greater Vancouver was noticeably lower than the historic highs witnessed in 2016, and for the first time since 2013, home values for the region as a whole declined on a quarterly basis.

 

In the first quarter of 2017, the price of a home in Canada increased 12.6 per cent year-over-year to $574,575. When broken out by housing type, the price of a two-storey home rose 13.9 per cent year-over-year to $681,728, and the price of a bungalow climbed 10.9 per cent to $490,018. During the same period, the price of a condominium increased 8.9 per cent to $373,768.

 

“For the first time in several years, real estate markets in Vancouver and Toronto are headed in opposite directions,” said Phil Soper, President and CEO, Royal LePage. “The Vancouver market stalled, as confused consumers took to the sidelines after a series of uncoordinated moves by all three levels of government. With its housing shortage becoming more acute, Toronto easily stepped forward to assume the title of Canada’s most overheated real estate market.”

 

Significant home price appreciation, caused by market dynamics similar to those that have driven housing activity in the Greater Toronto Area, is being seen across the entire “Golden Horseshoe” region of south-central Ontario, and as far away as Windsor and London in southwestern Ontario. In fact, the torrid pace of home price appreciation in much of Ontario contributed almost half of the national aggregate home price increase in the first quarter, with the rest of Canada appreciating by a healthy, but much lower, 6.4 per cent year-over-year when excluding all Ontario-based regions.

 

“The overall Canadian market is healthier in 2017 than it has been in years, yet the downside risks are greater too,” concluded Soper. “Our economy, which has recovered nicely from the 2014 oil crisis, is sadly dependent on moves by an unpredictable U.S. federal government and can be swayed by unforeseen global events, such as fallout from Europe’s restructuring. Still, housing activity is strong and prices are rising at a healthy mid-single-digit rate across the land. The trend in Alberta, Quebec and Atlantic Canada is particularly encouraging. Our concerns with the state of Canadian real estate begin and end in Toronto and Vancouver.”

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Condominiums and townhomes in high demand across Metro Vancouver

VANCOUVER, BC – May 2, 2017 – Demand for condominiums and townhomes continues to drive the Metro Vancouver* housing market. Residential property sales in the region totalled 3,553 in April 2017, a 25.7 per cent decline compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March 2017. April sales were 4.8 per cent above the 10-year average for the month. For the first four months of the year, condominium and townhome sales have comprised a larger percentage of all residential sales on the Multiple Listing Service® (MLS®) in Metro Vancouver.

 

Over this time, they’ve accounted for 68.5 per cent, on average, of all residential sales. This is up 10 per cent from the 58.2 per cent average over the same period last year. “Our overall market is operating below the record-setting pace from a year ago and is in line with historical spring levels. It’s a different story in our condominium and townhome markets,"

http://www.rebgv.org/sites/default/files/4.%20REBGV%20Stats%20Package%20April%202017%20%281%29.pdf

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TORONTO — Royal LePage says early evidence suggests that the recent correction in Vancouver’s housing market may be short-lived.

The realtor released a report Tuesday saying Canada’s two largest real estate markets continued their divergence in the first quarter of the year.

The aggregate price of a home in the Greater Toronto Area rose by an “unprecedented” 20 per cent across all housing types to $759,241 in the first three months of 2017.

In the Greater Vancouver area, the price of a home rose 12.3 per cent year-over-year to $1,179,482.

Royal LePage CEO Phil Soper says the housing correction in Vancouver began seven months ago, around the time that the B.C. government introduced a 15 per cent tax on foreign nationals buying real estate in the city.

 

Sales volumes then plunged and prices slowed their torrid upwards trajectory.

But just in the past month, sales in the Vancouver area have leapt forward by close to 50 per cent on a month-over-month basis, says Soper — better than the seasonal average.

“An unfortunate side effect of heavy-handed regulatory intervention is that we risk market whiplash,” Soper said in a statement.

“In the coming weeks, it is possible that six months of pent-up demand will be unleashed on the market, sending prices sharply upward again; this when the pre-intervention 2016 trend was a natural market slowdown based on eroding affordability.”

Across Canada, the aggregate price of a home grew 12.6 per cent year-over-year to $574,575 during the first quarter, Royal LePage said.

The price of a two-storey home climbed 13.9 per cent year-over-year to $681,728, while the price of a bungalow rose 10.9 per cent to $490,018. Condo prices increased by 8.9 per cent to $373,768.

In Calgary, home prices were up 0.6 per cent to $461,635, while in Edmonton they rose 0.3 per cent to $381,733.

Royal LePage says early evidence suggests that the recent correction in Vancouver’s housing market may be short-lived.

The realtor released a report Tuesday saying Canada’s two largest real estate markets continued their divergence in the first quarter of the year.

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