Category: Uncategorized
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Predicting BC Real Estate Trends in 2024: What’s Next?
BCREA forecasts ↓ 4.8% in residential sales in BC to 76.7K units in 2023. In 2024, a modest rebound is expected, with residential sales ↑ 4.8% to 80.3K units. With just ~30K listings, the supply of homes for sale is considerably lower than the historical avg of ~45K active listings for a healthy market.
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Residential Construction Boom in BC
British Columbia sees a 37.2% monthly increase in residential construction intentions. Vancouver, Kelowna, and Victoria lead in residential permits. Non-residential permits show a quarterly increase, with the institutional sector reaching a new record high.
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Where will land prices be in 10 years?
Read Also ‘Am I better off to pay more for land right next to me, or pay the right value for land that’s farther away?’ – Pascal Thériault.‘Am I better off to pay more for land right next to me, or pay the right value for land that’s farther away?’ – Pascal Thériault. J. P.…
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Struggling with a high mortgage? More B.C. homeowners are now renting out single bedrooms
The housing crisis in Canada has led to a new trend of homeowners renting out single rooms to strangers. This is seen as a way for homeowners to mitigate soaring mortgage payments and for renters to find more affordable accommodations. The trend is particularly prevalent in cities with high home prices, such as Vancouver. Shared…
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Southern Interior’s Early-Q4 Housing: Price Diversities
Avg benchmark prices across Southern Interior regions show varied trends in homes, townhomes, and condos. In the Central Okanagan, the avg home price ↑ to $1,025,700, with slight sales ↓. The North Okanagan sees a ↑ in single-family home prices to $755,400 and ↑ sales.
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B.C. increases Rental Protection Fund
Over 1,500 homes in British Columbia are seeking funding from the $500 million Rental Protection Fund, which aims to protect housing affordability. The fund allows non-profits to acquire older rental buildings to address the lack of housing for middle-class renters and curb renovictions. The province is focusing on acquiring properties for the fund rather than…
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What’s the Difference Between a Large House and a McMansion?
The term “McMansion” defines ostentatious, large homes lacking architectural integrity, prevalent in suburban US areas. Large houses prioritize functionality, whereas McMansions emphasize excessive size, often leading to impractical spaces.
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New Listing: 21219 95A AVENUE
Discover Walnut Grove, one of Langley's finest neighborhoods with all levels of schools, and many amenities nearby. This home sits on a generous 7745 sq ft lot and has many renovations throughout. No expense spared on this home with new PEX waterlines, new hot water on demand, new furnace and A/C, new windows and siding,…
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Confused about BC short term rental regulations? You’re not alone
After the story was published, the Central Okanagan Regional District told iNFOnews.ca that La Casa is located in a C5 residential zone and that amendments to that zone's short-term rental rules will not be changing at this time. “The regulations are going to be determined by the province and so until that happens I’m not…
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Federal Government announces over $67 million for new rental homes in interior British Columbia
The Canadian government has invested $67 million in low-interest loans to fund the construction of new rental homes in Kelowna and Penticton. These homes aim to provide safe and secure housing for residents. The projects include properties with various unit sizes and amenities, such as play structures, bike storage, and EV charging stations. The government's…