Real Estate News & Articles

The central bank will continue to seek more proof of the economy cooling and inflation decelerating in response to the rate hikes, Rogers says

2023-03-10

Further evidence required to keep rate unchanged: BoC deputy governor Ephraim Vecina CMP Carolyn Rogers noted that productivity "isn't trending in the right direction so far" Despite the Bank of Canada’s latest decision to keep its be…

2,794 sqft commercial building in Dawson Creek, B.C. sells for $260,000

2023-03-09

Dawson Creek commercial building trades for $260,000 Western Investor Staff Western Investor The 2,794-square-foot property is zoned commercial on a large corner lot in the northern B.C. city. Re/Max Commercial, Dawson Creek, B.C., for West…

27 units of multi-family rental building sells for $6.2M located 116 Prideaux Street, Nanaimo, B.C.

2023-03-09

Nanaimo 27-suite multi-family sells for $6.2 million Western Investor Staff Western Investor Sale price was $100,000 over list for property close to downtown, with all rentals as one-bedroom units. It sold at a 5.09 per cent cap rate, agent…

Bank of Canada is keeping its key interest rate at 4.5 per cent

2023-03-09

Vancouver realtor says holding key rate could provide 'sense of stability' to slumping housing market Kevin Charach CTV News Many mortgage-holding homeowners are breathing a sigh of relief with news the Bank of Canada is keeping its key int…

Canada's housing market was still in the process of correcting itself but showed signs of "gradually letting up"

2023-03-08

The end is nigh for Canada's housing market downturn, RBC reports Mary Or CMP But the road to recovery is a long one uphill, it warns Royal Bank of Canada (RBC) has published its report and outlook on the country’s housing market and …

0.83 acres land assembly in Mission sells for $3.5 Million

2023-03-08

Mission, B.C., three-lot land assembly sells for $3.5 million Western Investor Staff Western Investor Assembly totals 35,000 square feet and has potential for four duplex residential lots Royal LePage Commercial/Wheeler Cheam Realty, Missio…

9.96 acres development land sells for $5.5 Million located at 36160 McKee Road, Abbotsford, B.C.

2023-03-07

Near-10-acre Abbotsford development site sells for $5.5 million Western Investor Located in the emerging McKee Peak residential area, the land is destinated for ground-oriented housing, as single-detached houses, row houses or townhouses. F…

Canada home prices already fallen roughly 15% from 2022 peak and are forecast to drop 12% this year

2023-03-03

Canadian home prices expected to drop 12% Milounee Purohit other `It's a necessary correction to restore affordability’ Average home prices have already fallen roughly 15 per cent from an early 2022 peak. The drop in home prices in Ca…

BoC will hold its key policy rate at the current level of 4.5% until the end of this year and will start cutting rates in January 2024

2023-03-02

Bank of Canada to hold rates steady in 2023, budget watchdog says Ismail Shakil The Vancouver Sun The central bank has raised rates at a record pace over the past year to tame inflation that hit a four-decade high of 8.1% in June. Governor …

3.3 acres industrial land in Kelowna sells for $7.3 Million

2023-03-02

Kelowna 3.3 acres of industrial sold as a sale-leaseback Western Investor Staff Western Investor Seller sold the land for $7.3 million and will continue to operate business as the new owner prepares redevelopment. William Wright Commercial,…

Greater Vancouver home sales up 77% from Jan., down 47% from last year: board says

2023-03-02

Home sales in Vancouver area up 77% from January, but lag behind last year's numbers: real estate board The Canadian Press CBC Radio The downtown Vancouver skyline pictured on Dec. 21, 2022. The Real Estate Board of Greater Vancouver says i…

Commercial real estate remains highly abnormal and uncertain | BCREA

2023-03-01

Leading indicator spots slowing of 'highly abnormal' CRE market Western Investor Staff Western Investor Quarterly index reveals dip in commercial real estate sector late in 2022 as it continued a six-month downward trajectory Courtesy: BC R…

Redevelopment site sells for $9.5 Million located at 41 W Pender Street, Vancouver

2023-02-27

Vancouver 6,000-square-foot Crosstown site sells for $9.5 million Western Investor Staff Western Investor Lot on West Pender Street has current commercial income potential and is approved for a mixed-use of retail, office and 16 units of re…

76 acres conservation site sells for $1M located at Saturna Island, B.C.

2023-02-27

76 acres on Saturna Island, B.C., sold for $1 million Western Investor Staff Western Investor Conservation group, federal government, acquire waterfront bluff to protect rare fauna and wildlife. Bluff home to rare swallow and fauna. Native …

Greater Vancouver home sales up 162% compared to the same period in January 2023

2023-02-21

Don't look now but Vancouver's home sales are heading back up Frank O'Brien Western Investor After posting dismal numbers in January, early February data suggests sales are gaining strength and active listings are increasing Mid-February ho…

Metro Vancouver area drove rental demand in 2022 | CMHC

2023-01-26

Metro Vancouver's rental vacancy rate drops as demand, prices soar: CMHC Claire Wilson Western Investor The rate for purpose-built rentals in the region fell below one per cent last year, while the average asking rent for vacant units is 43…

Higher building costs and supply-chain issues continue to hamper investment and limit rental supply growth | CMHC

2023-01-26

Rental vacancies fall across Western Canada as demand rises Peter Mitham Western Investor Most market segments saw rents increase as demand outstripped new supply Strong tenant demand helped push down rental vacancies across Western Canada …

GTA new home sales started strongly in 2022 before easing in the second half of the year with annual sales sitting at a four-year low | Edward Jegg

2023-01-25

How was the Greater Toronto Area housing market's performance in 2022? Ephraim Vecina CMP New report highlights market's struggles Over the course of 2022, the Greater Toronto Area saw its lowest level of new home sales since 2018, accordin…

Ministry of Housing making mandatory for developers and strata corporations to make minimum contingency reserve fund payments of 10% as of Nov. 2023

2023-01-24

B.C. government raising payments for strata contingency reserve funds CBC Staff CBC Radio The B.C. government is ushering in changes it says will help protect owners in strata developments at risk of higher insurance costs due to neglected …

B.C. had record spending on exploration in 2022

2023-01-24

B.C. saw a record $740M spent on mineral exploration in 2022 Nelson Bennett Western Investor Mineral production in B.C. totalled $18 billion last year, also a new record Teck Resources' Highland Valley Copper mine near Logan Lake, about 50 …

Vancouver property owners can now start make their EHT property status declarations for the 2022 tax year

2023-01-20

Vancouver Empty Homes Tax 2022 declarations open REBGV Staff REBGV At a glance: (2 minute read) Vancouver property owners can now  make their Empty Homes Tax status declaration . All owners need to make the declaration, even if they li…

Fed announces a joint investment $3M to support the development of new affordable housing in Toronto

2023-01-20

Toronto housing supply gets another boost from governments Ephraim Vecina CMP New housing complex to offer units for in-need Torontonians Federal and local governments have announced a joint investment of nearly $3 million to support the de…

Housing market in 2022 generally outperformed expectations both in terms of sales and price growth | CREB

2023-01-20

How did the Calgary housing market defy national trends? Ephraim Vecina CMP Regional housing industry group highlights the market's strengths In a stark reversal from the deceleration trends seen in most Canadian markets, the Calgary housin…

3.41 acres land assembly sells for $24.42 Million located at Langley, B.C.

2023-01-19

22-lot Langley land assembly sells for $24.4 million Western Investor Staff Western Investor The single-family lot assembly totals 3.4 acres and sold in late 2021 for higher-density multi-family rental development Re/Max Little Oak Realty, …