Category: Uncategorized
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Vancouver West Market Update
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Vancouver housing market more balanced after spring and summer slowdown: board
In September 2023, the Real Estate Board of Greater Vancouver reported a 13.2% increase in home sales compared to the same month in the previous year. This was accompanied by a 28.4% increase in new listings, allowing overall inventory levels to recover modestly from the previous spring and summer. The composite benchmark home price was…
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ABC Vancouver pushes to prezone 26 city ‘villages’ to accelerate housing
Vancouver Mayor Ken Sim has announced seven ideas to increase housing supply in the city. These include prezoning 26 "villages" to permit construction of multiplexes, townhouses and low-rise apartments, and amending the Vancouver Charter to remove the need for rezoning. The six other ideas will be discussed at a council meeting next week. Continue to…
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Vancouver Proposes Rent Increases for Moderate Income Rental …
Vancouver city staff are proposing an increase in the rates for moderate income rental housing to address the city's affordable housing shortage. The proposal has been met with criticism from former city councillor Jean Swanson, who believes it is an attempt for developers to make more money. City councillors are debating alternative solutions to support…
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The Challenge of Building Rental Homes in Vancouver
Vancouver city hall has proposed policy amendments to incentivize developers to build more rental homes, both market-rate and below-market. Despite the 2017 pilot program for below-market rentals being initially successful, construction of the 70 approved projects have not yet taken place due to increasing construction costs and interest rates. The proposed policy changes include increasing…
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$108 million in federal financing for new Oakridge rental housing in Vancouver
The federal government has announced that it is providing Marcon Developments with $107.5 million in fully repayable low-interest loans through the Rental Construction Financing Initiative for a major secured purpose-built rental housing project in Vancouver's Oakridge area. This will enable Marcon to construct two towers with a total of 426 rental homes, including 215 market…
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Vancouver shifting to more ‘balanced’ housing market as inventory rises: Board
The Real Estate Board of Greater Vancouver reported that in September 2023, there was an increase in new listings of 28.4% year-over-year, helping to bring some balance back to the region's housing market. There was also a 13.2% increase in sales from the same month last year, but the total was still 26.3% below the…
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Vancouver downtown office vacancies hit highest level in nearly 20 years
The September 28 Colliers report found that the office vacancy rate in Metro Vancouver had climbed to 11.9% in the 3rd quarter of 2023, the highest rate in nearly 20 years. Despite these obstacles, asking rents remain high due to redevelopment and concessions beyond rent. The health-care sector was the leader for office demand in…
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Government backs construction of 215 rental units in Vancouver
The Government of Canada is investing $107.5 million in loans to Marcon Development for the construction of a 19-storey high-rise with 215 rental units in Vancouver. The high-rise will feature studio apartments, and one-, two-, and three-bedroom units, and will be located near the 41 Avenue Canada Line Skytrain station, parks, schools, and grocery stores.…
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Canada and British Columbia support more affordable housing in Vancouver
The governments of Canada, British Columbia, and the City of Vancouver have announced a combined funding of more than $91 million for a major affordable housing project in Vancouver. The 17-storey building will include 154 residential units and commercial space, and will be designed to passive house standards with mass timber to reduce carbon emissions.…