Real Estate

B.C. economy forecast to fall from top but stay strong despite housing crunch

VICTORIA—British Columbia’s high performance economic engine is forecast to gear down this year as the province’s housing market cools, say some economic experts. B.C.’s economy has led Canada over the past two years, but that trend is not expected to hold in 2017, with Manitoba and Ontario projected to lead the country, says an RBC …

Foreign buyers 1.3 per cent of Metro Vancouver real estate sales since tax

VANCOUVER—The rate of foreign investment in Metro Vancouver housing has fallen to 1.3 per cent since the introduction of a new tax targeting international buyers, according to new data from the British Columbia government. The drop is dramatic compared with the seven-week period before the tax was introduced when foreign buyers accounted for 13.2 per …

Ask Brianna: Should I keep renting or buy a house?

“Ask Brianna” from NerdWallet is a Q&A column for 20-somethings, or anyone else starting out. I’m here to help you manage your money, find a job and pay off student loans – all the real-world stuff no one taught us how to do in college. Send your questions about postgrad life to askbrianna@nerdwallet.com. Q: Paying …

Mortgage expert weighs in on foreign buyer tax

The BC government pulled a surprise legislation to discourage foreign buyers from buying a property in Metro Vancouver, a harebrained attempt that could leave taxpayers footing the bill for a massive class-action lawsuit that is bound to happen. Mylene Villanueva Lim, a mortgage professional at Dominion Lending Centres, said, “It is not so much the …

Rockwell Land forays into affordable housing

MANILA – Lopez-owned property developer Rockwell Land Corp. has acquired a 37-hectare property in Lipa, Batangas as it forays into an affordable housing segment. Divino Villanueva, Vice President for Affordable Housing, said the company would start construction of its first horizontal housing project next year, catering the mid-market and affordable segments. Villanueva expects to complete …

B.C. budget falls short of addressing affordability crisis: housing experts

VANCOUVER—Measures introduced in British Columbia’s provincial budget aimed at tempering Metro Vancouver’s red-hot real-estate market miss the mark when it comes to the underlying factors fuelling the housing crisis, say experts. B.C. Finance Minister Mike de Jong unveiled the province’s fourth consecutive surplus budget on Tuesday, which bumped up the exemption level for the property-transfer …

Premier announces largest single affordable housing investment for B.C.

VANCOUVER—British Columbia has committed $355 million toward creating as many as 2,000 affordable housing units across the province. Premier Christy Clark and Housing Minister Rich Coleman made the announcement in Vancouver on Friday. Clark said the funding will be spent over the next five years and is the largest single affordable housing investment in B.C.’s …

B.C. superintendent of real estate denies ignoring ‘shadow flipping’ problem

VANCOUVER—British Columbia’s superintendent of real estate is denying that she has failed to take action on “shadow flipping,” saying she only learned of specific allegations from the media last week. Carolyn Rogers said her office has not received any complaints in recent years about the assignment clause, which involves a real estate agent selling the …

Average home prices to fall in 3 oil producing provinces next year: CREA

OTTAWA – The Canadian Real Estate Association expects average house prices in Alberta, Saskatchewan and the province of Newfoundland and Labrador to fall next year because of the downturn in the oil industry. The association is estimating Alberta’s average housing price will fall in 2016 by 2.5 percent. The decline in Saskatchewan is expected to …

Amid hot real estate sector, Montreal properties remain a relative bargain

MONTREAL – Sergio Bonici is disappointed that his fourplex in Montreal has attracted little interest in four months on the market. Despite only 10 people coming for a viewing, the 50-year-old has no plans to budge from his asking price of $525,000, saying the property is a revenue-generator and ideally located near a Metro station …

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