In my News Bulletin Fall 2018, I outlined the City of Vancouver initiative to increase the supply & affordability of housing for both renters & buyers in most Vancouver’s residential neighbourhoods. Called “Making Room Housing Program” the City proposed dramatic re-zoning proposals to increase density & supply in most Vancouver’s residential neighbourhoods. These initiatives included:

• Amendments to most RS (single family) areas to allow the construction of (strata...

By now, BC property owners should have received a mailed notice from the BC NDP Government requiring them to complete a Declaration (by March 31, 2019) to be exempt from a new, selective tax that targets their homes & property, which will, in thousands of cases, cause them to pay a tax of 0.5% of its assessed value. The declaration must be made each year going forward, & be completed by each & every registered property owner. Under the misnomer “Speculation Tax”, this &ldq...

The Vancouver Real Estate market - especially for Detached Homes - went through a rough patch from late Summer 2018 to Winter 2019. The effect of restrictive new mortgage lending policies introduced by the Federal Government, combined with a sense of uncertainty and trepidation created by policies of both the Provincial NDP and Vancouver City Council intended to subdue Real Estate prices & activity, caused a definite market chill. During this period, total Detached home sales declined by approx...

On November 28th, Canada Mortgage and Housing Corporation released its Fall Rental Housing Market Report for the Census Market Areas of Vancouver. CMHC releases these reports semi-annually, and the lengthy document contains a great deal of statistical information that should be of interest to landlords and tenants alike.

The report details a rental market which tightened further this year as strong employment growth, population growth and declining home sales (especially at entry level prices) contributed...

By now you likely thought we have been taxed enough? Did you also think that the City’s social engineering agenda had completely gone into Totalitarian State mode? As of Feb 2nd (now moved to March 5th) all Vancouver residential property homeowners must submit a property status declaration each year to determine if their property is subject to the new Vancouver Empty Homes Tax. The question everyone may be thinking is “how will this impact me?” If you own your own home (principle...

The Vancouver Real Estate market - especially for Detached Homes - has gone through a bit of a roller coaster ride from Winter/Spring 2016 through to now - Winter/Spring 2018. 2016 1st half saw a very robust, hot market which was chilled by the BC Government introduction of the 15% Non Resident Tax. This caused the 2nd half 2016 into early 2017 to experience a significant increase in listing counts, accompanied by a drop in sales and market values. As 2017 proceeded through the Spring, however, sales...

As of January 1, 2018, uninsured mortgage consumers (i.e. those with 20% or more downpayment) must now qualify for property financing using a new minimum qualifying rate. The rate will be the greater of the five-year benchmark rate published by the Bank of Canada OR the lender contractual mortgage rate +2.0%. Previously, the home buyer/owner qualified at the contract rate offered by the lender, so this new rule significantly impacts & reduces the amount of mortgage for which the home buyer/owner...

The 1st half of 2017 in the Vancouver Residential market (at least for Detached and land based property) can justifiably be characterized as “The Comeback” - i.e. from the effects of the 2016 Non Resident Sale Tax introduced by Christy Clark’s Liberal government on July 29, 2016.

In the 1st couple months after that event, we saw a significant, downward movement in the Vancouver market. For the West Side, sales in Aug 2016 were down 44% from the # in July 2016, and down 59% from sales...

For decades - as many of my Clients and Readers know - I have been expounding (ad nauseam ?) my belief in the underpinnings of Vancouver Real Estate values and the fundamental economic conditions that predict an inexorable continuing increase in those values. This opinion has often flown in the face of the opinions and predictions from the Major (Toronto) Banks and major (Toronto) news media. Well! Now my views seem to be shared by no less an authority than Bloomberg News. A recent Bloomberg article...

As noted in my last Fall Newsletter, 2016 was a “Dr. Jekyll/Mr. Hyde” Real Estate Market in Vancouver. After a very robust 1st half, the market was blindsided by the 15% Non-Residents Tax, and struggled and limped a bit through the latter half of the year. This period was characterized by what I referred to as a “reset” - a euphemism for a softer market with much greater supply, sharply decreased sales, and discernibly lower prices. I predicted that the beginning of 2017 would...

Finally, for a change, some positive news and policy initiative by Government to support property owners and buyers, and strengthen the Real Estate market locally and throughout BC.

Through the B.C. HOME Partnership Program, the Province of BC is helping first-time home buyers get into the home ownership market by contributing to the amount they have already saved for a down payment with a loan that is interest-free and payment-free for the first 5 years. The program will match the buyer’s ...

On November 28th, Canada Mortgage and Housing Corporation released its Fall Rental Housing Market Report for the Census Market Areas of Vancouver. CMHC releases these reports semi-annually, and the lengthy document contains a great deal of statistical information that should be of interest to landlords and tenants alike.

The report details a rental market which tightened further this year as strong employment growth, populations growth and rising home prices contributed to even stronger demand for...

On July 28, the BC Liberal Government passed Bill 28 - the new Property Transfer tax - adding 15% to the price of all residential home and multifamily property purchases closing after August 2. The tax applies only to purchases by non residents of Canada (Asia, Europe, US etc), and does not apply to Commercial, Industrial, Farm etc properties. It only applies to properties in the Greater Vancouver Regional District, and does not include properties outside of that District, including Squamish, Whistler,...

The Vancouver home sales market was extremely active - hot - for the 1st half 2016 and it was constantly in the News and top of mind for Buyers and Sellers throughout the City, and beyond. After the July 25 announcement on the 15% Non-Resident Buyer Tax by the BC Government, the market has also been top of mind and constantly in the news - for the opposite reason. 2016 is shaping up to be the Dr. Jekyll/Mr. Hyde of Vancouver Real Estate markets, and looks unlike anything we have seen for a long time,...

On December 16th, Canada Mortgage and Housing Corporation released its Fall Rental Housing Market Report for the Census Market Areas of Vancouver and Abbotsford-Mission. CMHC releases these reports semi-annually, and while the lengthy document contains a great deal of statistical information that is likely not of interest to everyone, the report contains important information regarding the state and trends of the local rental market that should be of interest to landlords and tenants alike.

The report...

The Vancouver home sales market has been extremely active - even hot - for most of 2015, and it has been in the News & top of mind for Buyers and Sellers throughout the City, and beyond. We are well into the 4th Quarter of the year, so here is a summary of the Fall listings and sales activity to date, with a comparison/perspective from 2014, along with a forecast for the start of 2016. If you find the stats & numbers a bit dry, you may be interested in what they reveal and foretell. The statistics...

2014 has been a very strong year for Real Estate activity and sales for both the Commercial and Residential sectors in the Greater Vancouver market, and throughout B.C. generally. Furthermore, this strength is predicted to extend through 2015 and beyond.

Commercial Real Estate strength is measured by the BC Real Estate Association’s “Commercial Leading Indicator” (CLI) which was designed to forecast changes in broad Commercial Real Estate activity.

The CLI does this by recording...

Real Estate values are driven by supply & demand. The most potent drivers of real estate demand are population growth & economic growth. Vancouver & the Lower Mainland, with its limited, even fixed, supply of land, responds to these forces directly & quickly.

In 21st century Canada, population growth & economic growth are inextricably linked to immigration trends & legislation, particularly in B.C. & the Lower Mainland. At a recent REBGV seminar, Richard & Heather Bell...

Can prices go any higher!? Every year people ask this question about real estate in the Vancouver area. For local investors, this is a critical question as investment returns here rely heavily on capital appreciation of the property. Before predicting the future investment potential of Vancouver real estate, however, it is useful to consider what has happened here over the past 5 decades.  I first did this analysis in 1995 - almost 20 years ago - and when I revisited it in 2010, I was struck...

The Vancouver area Real Estate market has taken a significant hit lately, and the bloom is certainly off the rose. This is partly a result of the challenges now facing all world finance markets, and also due to a “natural” turning of the local demand and valuation cycle. A bit of perspective should be applied at this time however, and the changing market should be view in the light of potential opportunity rather than inevitable disaster.  A decision to invest in real estate (with...