• Victoria
  • Sidney
  • Saanich Peninsula
    250-656-4626
In your neighbourhood...
  • Victoria
  • Sidney
  • Saanich Peninsula
    250-656-4626
In your neighbourhood...

Blog

Rental Housing Market Trends

Posted by Jack Barker

As the housing market shifts further and further towards rental opportunities, it’s important for potential buyers and investors to understand where the rental housing market is trending in British Columbia. Recently this market has seen an influx of investment and incentive programs with encouraging results. 

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Latest Trends In The BC Housing Market

Posted by Jack Barker

With the recent figures for sales and prices for April and May in the books, it’s clear that the British Columbia housing market remains in a state of flux, with present challenges competing against cautiously optimistic projections to leave forecasters, agents and buyers alike opting for a ‘wait and see’ approach. 

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Get Ready For Generation Z!

Posted by Jack Barker

Gen Z is bigger than the Baby Boomers and is about to upend consumerism.

Generation Z thinks differently about marketing and commerce. Surveys show that unlike Millennials, Gen Z is cautious about consumption.

Here's how the oldest members and consumers compare with previous demographic cohorts in the United States:

Boomers: 54-72 Years Old
Generation X: 38-53 Years Old
Millennials: 22-37 Years Old
Generation Z: Born after 1996

Gen Z are more ethically minded spenders than the previous generation.

Gen Z are harder to reach. Forget TV — social media will be how they connect. Statistics Canada notes they're sometimes called the "Internet generation", as the first generation born after the popularization of the internet.

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Stress Test Policy Leading To A Bottleneck Of Housing Demand

Posted by Jack Barker

As was expected by many market forecasters, the B20 Stress Test implemented as a part of Federal level mortgage policy has had negative repercussions throughout the housing market.

This is especially true here in British Columbia, with the BCREA observing that residential unit sales figures in March saw a decline of 23% from the same point last year. These figures, coupled with a decline of 5.4% in residential house prices in BC in the same period, painting a stark picture of the current housing market in the province.

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Strata Development Termination

Posted by Jack Barker

Two recent BC court cases clarify when a strata council might list a terminated development project for sale, or contract to sell it to a buyer.

Many of BC's earliest strata developments are around 50 years old. Aging strata buildings may be located in an area rezoned for higher density development, or need so much remedial work that selling the project to a developer for redevelopment is more cost effective. In 2016, the province of BC made it easier for strata owners to choose to terminate their development, lowering the threshold for a winding-up resolution to 80%. Since then, the Supreme Court of British Columbia has decided several important termination cases.

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BC Real Estate Money Laundering Investigations

Posted by Jack Barker

A recent news report suggests that up to $1 billion may have been laundered through Vancouver luxury real estate in 2016. BCREA has been supporting the provincial government's ongoing investigations and efforts to understand and eliminate money laundering vulnerabilities in BC real estate transactions.

“As the report says, money laundering is a complex problem and recognizing when sophisticated international crime syndicates – who are experts at fraud and deception – are at work behind the scenes takes significant resources,” noted BCREA CEO Darlene Hyde. “At BCREA, we are ready to make our contribution to keeping BC's economy safe from organized crime and we have committed to assisting the government.”

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Exemptions to Bill 45

Posted by Jack Barker

As of the passing of Bill 45, the Budget Measures Implementation (Speculation and Vacancy Tax) Act, the Government of British Columbia has approved additional exemptions to the tax, addressing advocacy concerns brought to the Province’s attention by BCREA. The Bill now allows for exemptions for British Columbians going through traumatic life events such as illness, divorce, or separations, and for owners of properties that are being developed or undergoing renovations.

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Local School Locations Added To REALTOR.ca

Posted by Jack Barker

New school catchment information on REALTOR.ca will roll out nationally in phases, and is already available for Victoria and Vancouver. Coverage reached 80% of school boards in Canada by September. An additional feature allowing parents to search for a property within a particular school’s catchment area will be available later in the fall.

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New Chair For The Real Estate Council of BC

Posted by Jack Barker

The Government of British Columbia has appointed Elain Duvall as the new chair of the Real Estate Council of British Columbia, with a mandate to protect the public interest in the province’s real estate sector. RECBC will be working under Ms. Duvall’s leadership to achieve a province where real estate consumers have confidence in competent and ethical real estate professionals. In co-operation with the Office of the Superintendent of Real Estate and the Ministry of Finance, they work to ensure that BC's real estate sector is trusted and effective.

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