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Cabin Fever

Melissa Edwards, BC Business, July/August 2017

2577. That’s how many recreational properties changed hands in 2016 – a 75 per cent surge over the previous year and up almost threefold from 2011. Vacationing Lower Mainlanders may dream of ownership as they snooze on rented lakefront decks this summer, but British Columbias aren’t driving sales, says Rudy Nielsen, president of Niho Land and Cattle Co. Ltd., on of the province’s largest recreational property dealers.

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As Metro Vancouver’s affordability gap widens, a search for answers

Kerry Gold, The Globe and Mail, Jun. 09, 2017

Last year, a series of government interventions was implemented to cool Metro Vancouver’s runaway property market and increase affordability. And yet, the market is hotter than ever, and the gap between house prices and incomes is growing wider in unexpected parts of the region.

Greater Vancouver reached a record benchmark price of $967,500 – an 8.8-per-cent increase from the year before.

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Chilliwack the last bastion of housing affordability in the Lower Mainland

Paul Henderson, Abbotsford News, June 7, 2017

Chilliwack may be the last bastion of single-family home affordability in the Lower Mainland from here to Vancouver Island.

A report on housing affordability issued June 6 by Vancity of 30 municipalities found the ability for families to purchase homes in the suburban areas outside Vancouver is getting worse, but Chilliwack is still one of the most affordable.

“Buyers looking for affordable housing options used to be able to look to municipalities around Vancouver to find affordable options,” said Ryan McKinley,

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Growing house unaffordability in B.C. hits suburbs hardest: Vancity report

Rattan Mall, The Indo Canadian Voice, June 6, 2017

A new report by Vancity has found that over the past year, housing affordability in most municipalities in the Lower Mainland and Greater Victoria has gotten worse, decreasing in some by as much as 38 per cent.

The report, “Home Stretch: Comparing housing affordability in B.C.’s hottest markets,” tracks the affordability of 30 municipalities over a one-year period ending on February 28,

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Speculators target B.C. farmland after foreign buyer tax introduced for residences

Sam Cooper, Vancouver Sun, May 26, 2017

Sales of farmland in B.C. surged and prices jumped immediately after the provincial government announced a foreign buyer tax on residential land in July 2016, a Postmedia investigation shows.

The surge in agricultural land sales and prices — on property that is not subject to the 15 per cent foreign buyer tax — was largely driven by record-setting sales in the Fraser Valley,

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Infill homes ease housing demand, report finds

Mike Xue, Burnaby Now, April 12, 2017

As Burnaby grows and densifies, low-density detached housing contributes to the undersupply of real estate in the city. A new housing analysis shows regional municipalities can do more to help densify properties in single-family zones.

The 2017 Housing Approvals Study issued jointly by the Greater Vancouver Home Builders’ Association and Landcor Data Corporation cites deterrents to effective land use such as lengthy wait times for permits and substantial fees for builders and owners.

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Opinion: ‘Gentle density’ can help increase Metro Vancouver’s supply of affordable housing

Robert (Bob) de Wit, Vancouver Province, April 07, 2017

When it comes to building new homes, many people are surprised to learn that it takes far longer to make it through city hall than it does to build the house.

To put it in context, a ‘typical’ two-level, 2500-square-foot home takes 16-18 weeks to build, however getting to the stage where the shovel hits the ground can take several months,

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Infill housing an untapped solution for B.C.’s supply shortage: report

Frances Bula, The Globe & Mail, Apr. 03, 2017

One of the solutions that many local politicians talk about when it comes to increasing the supply of housing without building towers everywhere is infill – unobtrusive additions through laneway houses, suites in existing homes, granny flats over garages, and duplexes and triplexes.

But a new analysis of infill housing in the region shows that many Lower Mainland cities make it difficult for owners and builders to create those new kinds of housing in single-family zones,

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Nearly all detached homes in Vancouver assessed at $1-million or more

Brent Jang, The Globe and Mail, Feb. 24, 2017
Vancouver is edging close to having 100 per cent of its detached houses assessed at $1-million or more.

A new study by Andy Yan, director of Simon Fraser University’s City Program, shows that 99.7 per cent of single-family detached properties in the city of Vancouver had an assessed value of at least $1-million last July, compared with 91 per cent in mid-2015 and 65 per cent in mid-2014.

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Vancouver brimming with million-dollar houses as affordability crisis hangs over city

Breng Jang, The Globe & Mail, Feb 13, 2017

Vancouver is awash with detached houses reaching the $1-million milestone as the affordability crisis hangs over the city and nearby suburbs.

Within city limits, 99.7 per cent of the 75,295 detached properties in Vancouver had assessed values of at least $1-million last summer, according to a new study by Landcor Data Corp., which tracks real estate in British Columbia.

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