Real Estate Current Article
Condos and Industry Battle It Out in Vancouver’s Red-Hot Real Estate Boom
The Port of Vancouver, Canada’s biggest, is being hemmed in as property is snapped up for housing, offices, and even movie sets. The regional port authority estimates the region may run out of industrial land within 10 years. This could push some of the port’s $200 billion in trade to rival gateways if related businesses “can’t get a site or can’t do it in an economic way,” says Peter Xotta, vice president for planning and operations for the authority. Click here for more information.
Vancouver real estate market won't cool soon, Royal LePage says
The real estate agency is predicting that during the second half of the year, the average home price will increase 12.4 per cent, compared to the second half of last year. The company says that’s because the U.K.’s vote to leave the European Union will likely prevent central bankers from raising interest rates, therefore delaying any cyclical cooling of Canada’s hottest real estate markets. “Our forecasting models, which pointed to a slowing housing market as the year progressed, included a modest increase in the cost of borrowing,” Phil Soper, president and CEO of Royal LePage, said in a statement. Click here for more information.
Province to tax foreign buyers of Metro Vancouver homes
The B.C. government took steps Monday to reduce some of the pressure in Metro Vancouver's overheated real estate market, introducing legislation that would add a 15 per cent property transfer tax for foreign nationals buying real estate there. Click here for the full article.