Mo’ houses, mo money?
Canada Mortgage and Housing (CMHC) reported that Metro saw developers start construction on 28,141 new homes in 2019, up 20 per cent from 2018, with a substantial number of those, some 6,727, purpose-built rental units.
The CMHC report came out on the same day that Royal LePage released its latest house-price survey showing that aggregate home prices across the region declined 4.8 per cent in the fourth quarter of 2019 but in a market showing signs of recovering sales.
Read the full article here.
Sales are neither rocketing to the stars nor plummeting to the depths of the seas. They are currently just about where expected compared to a 10 year average.
The benchmark price for detached homes was down 5.8 per cent from a year ago at $1.415 million, while the condo benchmark price was down 3.8 per cent at $651,500.
read the full article here.
Vancouvers empty home tax is bringing in some decent coin – almost $40 million in 2018.
If you believe in a vibrant vancouver and want to do your part to support it, you can own a home here and keep it empty – that extra tax income goes to support affordable housing and rent protections.
If you really want to go the extra mile, don’t report your empty home: Audits raises $22.1 million in taxes and fines from empty home owners.
Read more here.
Remember when the Olympic village was “the last waterfront” development available in Vancouver?
Looks like you might get one more chance at “last” if that’s what your looking for.
The Squamish nations plans to build up to 6000 new units by the water in Kits.
An anecdote from southseacompany:
Post from one of my LinkedIn connections;
“Lead indicators … Vancouver’s Development Permit Board reviews major project applications. Their agenda looks rather empty. ”
July 22, 2019 – Cancelled
August6, 2019 – Cancelled
September 3, 2019 – Cancelled
September 16, 2019 – Cancelled
“When I served on the DPB (1999 -2002) we commonly had 3 to 4 items on the agenda EVERY two weeks.”