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The minimum family income required to purchase an average home in Vancouver has increased by over $25,000 in just eight months. This is due to rising home prices and higher borrowing costs. The necessary annual income for a mortgage qualification is now $246,900, significantly higher than the average family income in Vancouver. The housing crisis…

Vancouver City Council has approved a 7.5% property tax increase for 2024, lower than the staff recommendation of 8%. The increase is part of a $2.15 billion operating budget, which includes additional funding for the police and fire departments. Mayor Ken Sim defended the increase, stating that lower tax increases are expected in the future.…

Metro Vancouver Regional District to increase development cost charges (DCCs) by 2027. DCCs for residential projects to rise between $11,360 to $24,106. Fee increases aim to fund $35B infrastructure plan over 30-yr.

Housing costs in Metro Vancouver are a significant burden, leading to dismal attitudes among both homeowners and renters.A survey reveals that 53% of people in Metro Vancouver spend more than half of their household income on housing costs. Concerns about missing mortgage or rent payments within the next 12-mo are high, with 48% expressing worries.

Vancouver's office market is being closely watched, particularly in the downtown area. The region has a significant amount of office space, with most of it located in Vancouver's Central Business District. The city has low office vacancy rates, but there is some concern about the impact of COVID-19 on the market. The debate between working…

Vancouver Island Real Estate Board (VIREB) reported a slower-than-expected housing market in October. The trend of sluggishness is attributed to high interest rates and an eight percent mortgage stress test, impacting demand. The British Columbia Real Estate Association anticipates VIREB closing the year with 7.1K home sales, the lowest since 2013.

Vancouver City Council is considering reevaluating the "60-40" housing ratio in the Downtown Eastside Area Plan due to a lack of affordable housing supply. Only two projects have been built in the area over the past decade, and Councillor Rebecca Bligh believes that rising construction costs and interest rates may make the current ratio unworkable.…

Vancouver housing: Monthly rental costs in December 2023 Continue to full article

The average rent for residential properties in Canada dropped slightly in November, marking a 0.2% decrease from the previous month's record high. Vancouver had the highest average rent for a one-bedroom unit, followed by Burnaby. In the Greater Toronto Area, Toronto had the third highest average rent for a one-bedroom unit. Rents have increased annually…