Vancouver and BC Real Estate Updates, And More!

Canadian home prices have been climbing for years, but with the introduction of new mortgage rules and January’s Bank of Canada rate hike, will prices continue to rise in 2018? According to some industry experts, the answer is they likely will.

In Canada’s hottest housing markets — Toronto and Vancouver — many industry watchers are predicting that price growth will continue this year as strong demand, particularly in the condo segments, is met by limited supply. 

Low supply causing prices to spike

Although the Greater Toronto Area saw a 17 per cent year-over-year increase in new listings last month, total new listings were the second lowest for the month of January in the past 10 years. Meantime, new listings in Metro Vancouver dropped 8.3 per

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After more than a decade of planning, construction is set to begin on the Oakridge Centre redevelopment by the end of the year for a full completion in 2025.

And the international team behind the ambitious project says it was worth the wait, as they were able to refine the design to a world-class standard not seen anywhere else in the country.

In fact, the redevelopment in its final form is something more akin to what you would find emerging now in places like Singapore.

“I feel like now I have a few projects where I can legitimately say, at the risk of hyperbole, that it’s amongst the best work going on in the world today,” Ian Gillespie, founder of Westbank, told Daily Hive at the project’s exhibition at Whistler’s Audain Art Museum.

“If you

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You must submit your 2017 property status declaration by February 2, 2018.  

Every owner of residential property in Vancouver is required to submit a property status declaration each year to determine if their property is subject to the Empty Homes Tax.

Failure to declare by February 2, 2018, will result in your property being deemed vacant and subject to a tax of 1% of its assessed taxable value.

This declaration is for the year:

  • Beginning: January 1, 2017
  • Ending: December 31, 2017

The information you provide on your declaration will determine if your property is subject to the Empty Homes Tax for this period.

Go to

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Canada has once again ranked as the number two overall country in the world to live in.

The number two ranking is out of a list of 80 countries, and Canada only trails behind Switzerland at number one.

Canada also came in at number one for quality of life and number four for citizenship.

The quality of life sub-ranking is based on several factors: affordability, job market, economic stability, family-friendliness, income equality, political stability, safety, and quality of public services such as the healthcare and school systems.

According to the publishers, the 2018 Best Countries report and rankings are based on how global perceptions define countries in terms of a number of qualitative characteristics, impressions that have the

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Surrey is currently undergoing a surge in population growth.

As of May of 2016, the population of Surrey had risen to an impressive 517,887; this figure shot up 10% from the 2011’s total of 468,251.

In fact, the city of Surrey is now on pace to outgrow the City of Vancouver in population. According to Urban Surrey, “It is expected that Surrey will surpass Vancouver in population to become the largest city in BC by 2030.”

The driving factors for Surrey's recent surge include recent land developments, increased safety, and affordability. As Vancouver becomes increasingly unaffordable, Surrey presents a viable alternative with it's much less expensive real estate options.

The city has been undergoing a revitalization.

Surrey Central Station

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Based on the economies recent strength the Bank of Canada has once again increase the interest rate, this time to 1.25%. This is the third time the bank has increase the rate this year with other hikes coming in July and September.

While the central bank mentioned that more rate increases are likely over time, it highlighted the growing, negative impacts related to the the renegotiation of the North American Free Trade Agreement.

The bank not only made a point of emphasizing the potential negative effects on trade, but also the impacts on business investment in Canada.

Moving forward, the bank said “some continued monetary policy accommodation will likely be needed” to keep the economy operating close to its full potential. The bank said it would

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The Canadian Office of the Superintendent of Financial Institutions announced that new mortgage rules will affect mortgages starting 18th January 2018. These rules target uninsured mortgages. These are mortgages where the homebuyer puts down a deposit of less than 20%. These mortgages must pass the same “stress-test” as other high ratio or insured mortgages.

Stress test

The new rules require that the minimum qualifying rate for uninsured mortgages must be higher than the 5-year benchmark rate set by the Bank of Canada, or 200 points (2%) above the rate at which a mortgage holder is offering the mortgage, whichever is greater.

Impact

The new rules will largely affect new homebuyers and persons in the lower income bracket. Take the following

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