Category: Uncategorized

Mid-month data from REBGV suggests a potential shift in the housing market in favor of buyers. There have been 2.9K new listings in mid-September, which is higher MoM. Housing sales ↓ MoM to 896 as of September 15, but slightly ↑ yearly.

A report from rates.ca has found that the gap between the average home price in Vancouver and what the average earner can afford is widening. The median after-tax household income in Vancouver is $86,988, which would allow for a $347,000 house with an insured mortgage of $329,650. However, the average home price in Vancouver is…

The City of Vancouver has released a new tool, the Project Requirements Exploration Tool (PRET), to quicken permitting times for laneway houses in an effort to address housing supply gaps. This tool is designed to help single-family residential lot owners apply for permits to build secondary rental suites and is part of the three-year Housing…

Vancouver Mayor Ken Sim has announced a multi-faceted strategy to address the city's housing affordability and supply crisis. The strategy includes implementing 26 new Village Areas, exploring steps to harmonize and align the Vancouver Building Code with the BC Building Code, reviewing building height restrictions, and increasing the maximum floor. Sim hopes this strategy will…

Vancouver City Council considers allowing up to 6 strata or 8 rental units on single-family lots. The proposal aims to reduce the size of new detached houses, lowering the maximum floor area ratio (FAR) from 0.7 to 0.6, ↓ 14%. This reduction aims to discourage replacing detached houses with larger ones and promote building more…

This is a fantastic opportunity to own a bright and spacious 2-bedroom, 2-bathroom home at "Sahalee" in Klahanie, built by Polygon. With 813 square ft of living space and an additional 40 square ft covered balcony, this home faces northeast, providing plenty of natural light. Residents have exclusive access to the 15,000 square ft "Canoe"…

Metro Vancouver's fee changes intensify housing affordability issues, impacting both current and new residents. The plan is to shift fees to new developments by 2026. Existing homeowners benefit with minimal fees, while new residents bear 99% of costs.

In October 2023, rent in Vancouver has increased significantly, with the average rent for a two-bedroom apartment reaching $3,908, a 0.7% increase month-over-month and 11.1% year-over-year. Combined with other expenses, the annual amount for a single person in BC is $63,240, leaving little to nothing for a single person with an average salary of $63,087.…

Metro Vancouver's housing market saw price fluctuations this year. Detached: ↑ 5.8% yearly, ↓0.1% MoM to $2M Apartment: ↑5.8% yearly, ↓0.2% MoM to $769K Attached: ↑5.3% yearly, ↓0.5% MoM to $1.1M Low inventory due to high mortgage rates drove up prices in spring and summer.

The rental market in Vancouver is competitive and expensive, with recent renters paying an average of $2,000 for a two-bedroom unit and existing renters paying $1,500. Renters, especially those under 34, are more likely to be living in unaffordable housing than owners. With rising interest rates, homeownership is becoming increasingly difficult to attain and competition…