Mindblown: a blog about philosophy.
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BC’s Real Estate Sales and Prices: Q4 2023 and 2024 Outlook
Predicted number of sales in Q4 2023: 76.7K, ↓ 4.8% yearly Predicted number of sales in Q4 2024: 80.3K, ↑ 4.8% yearly Predicted avg price in Q4 2023: $977K, ↓ 1.9% yearly
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Fraser Valley real estate market weakens as sales and prices continue to edge downward
In October 2023, the Fraser Valley Real Estate Board recorded a decrease of 12% in property sales and 11% in new listings compared to the previous month, with elevated interest rates causing consumers to put home buying and selling decisions on hold. The sales-to-active listings ratio was 15%, creating balanced conditions in the overall market,…
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BC Condo Market Quandary
Vancouver condo investors hold properties due to low demand, with declining sales and increased listings. Vancouver condo market lags with a 17.1% sales decline in 2023, impacted by rising interest rates. Downtown Vancouver sees stagnant condo listings with price reductions, uncertain buyer interest.
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Surging B.C. Home Prices: Insights
B.C.'s avg home price in September ↑ 4.9% yearly. September had 5,531 home sales, about 20% ↓ from the seasonal norm, impacted by high borrowing costsTotal September sales amounted to $5.3B, ↑ ~16% yearly, but year-to-date volume ↓ 15%.
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Northern B.C. Detached-House Prices Drop to $408K
The avg detached-house price in Northern B.C. is now $408K. Lower Mainland of B.C.'s avg detached-house price is $1,797,800, ↑ 5.5% yearly. Fort Nelson homes are available for an avg of $155,262, ↓ $50K drop in two years.
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B.C.’S Housing Targets: A 5-Yr Plan
10 BC municipalities must build over 60K new housing units in the next 5-yr. Vancouver has the highest target of 28,900 new units, followed by Abbotsford and the City of Victoria. The government will assess community progress after 6-mo in addressing the housing crisis impact.
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BC’s new Rental Protection Fund considering 25 property acquisitions
In November 2023, the provincial government created the Rental Protection Fund (RPFS) to consider proposals by experienced non-profit housing operators to acquire at-risk housing properties to maintain their use for existing residents at affordable rents for middle-income households. The RPFS has received over 70 applications and shortlisted 25 proposed housing acquisitions with a combined total…
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The Rental Protection Fund Highlights Its Immediate Demand in First Official Report
The Rental Protection Fund (RPF) was established in January 2023 with a $500 million investment from the Province of British Columbia to secure 2,000+ rental units over three years. Since launching applications in July 2023, the RPF has received more than 70 applications from the community housing sector and has already identified 1,363 units in…
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Ontario and Bc’s Most Expensive Provinces to Save for a Home
British Columbia and Ontario are the most expensive provinces in Canada to save for a home. In BC, the avg home price was $996K in September, and the median annual income is $42K. In Ontario, the avg home price was $931K, and the median annual income is $41K.
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Waiving Taxes and Fees for Affordable Housing in BC
BC has 65K affordable housing units, down from a potential 600K due to provincial government de-investment over the past 4 decades. Building affordable housing is cost-intensive, and municipalities can help by: 1. Having a single local government staff point of contact
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