We Must Seek More Innovative Ways to Reduce Cost of New Homes
Canadian Real Estate Wealth Magazine
by Richard Lyall
18h ago
The popular adage, “If you build it, they will come,” no longer seems to apply to the residential construction industry these days. High interest rates, hikes in the cost of materials and labour, ridiculous red tape and bureaucracy, along with steep taxes, fees, levies and development charges, are making it increasingly difficult for the average working person in many communities to afford a new home. There is no point in building homes whose price tag is beyond the reach of most buyers. To be successful, builders must have some sort of return on their investment. Some are presently finishing ..read more
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Shifts in Vancouver’s Market in February with Sales Dipping
Canadian Real Estate Wealth Magazine
by Joanna Gerber
18h ago
Despite a strong start to the year, according to an Edge Realty Analytics report1, Vancouver’s housing market experienced a slight setback in February, with seasonally adjusted home sales declining by an estimated 2% compared to January. Despite this drop, February sales were still higher when compared to the same period last year, with an increase of nearly 14%. Source: Edge Realty Analytics Sales Both single-family and condominium sales have seen significant improvements from the levels observed in 2023, but they still fall below what is considered normal for the market. Source: Edge Realt ..read more
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The National Association of REALTORS®’ $418 Million US Settlement
Canadian Real Estate Wealth Magazine
by Joanna Gerber
2d ago
A recent landmark U.S. settlement could impact the Canadian housing market. Recently, the National Association of REALTORS® (NAR), a major U.S. group representing over one million realtors, announced a substantial settlement totalling $418 million US. This settlement will end legal claims from home sellers who argued that the NAR artificially inflated real estate commissions. As part of this agreement, the NAR has agreed to revise broker commission rules, including eliminating the standard 6% sales commission and other commission-related regulations. The NAR denies any wrongdoing, however. Coi ..read more
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Victoria, BC Hudson House Rental Home Completion
Canadian Real Estate Wealth Magazine
by Joanna Gerber
2d ago
With substantial backing amounting to $100 million from the federal government’s Apartment Construction Loan Program, Hudson House in Victoria, British Columbia, is embarking on a new chapter as it opens its doors to residents at 1700 Blanshard Street, providing homes for 245 families. Hudson House is a part of the larger Hudson District, which comprises more than 950 new homes across six buildings. On March 11, 2024, the Department of Finance Canada visited the Hudson House to commemorate the opening.  The goal of the federal grant to support the opening of these new rental homes was to ..read more
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Understanding the Landscape of Private Mortgage Investments in Canada and the Essentials of Investing in Private Mortgages
Canadian Real Estate Wealth Magazine
by Joanna Gerber
3d ago
Private lending is rapidly expanding in Canada’s mortgage sector, providing borrowers with a transparent and equitable alternative to traditional borrowing while offering investors beneficial investment opportunities. Private mortgage investments can be a lucrative alternative for investors seeking fixed-income opportunities outside of traditional avenues. In Canada, the landscape of private mortgage investments offers a diverse array of options, allowing investors to diversify their portfolios and potentially achieve higher returns. However, it’s an investment area not many are very familiar ..read more
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Calgary Rezoning Discussions
Canadian Real Estate Wealth Magazine
by Joanna Gerber
3d ago
Discussions are heating up in Calgary about a new proposed blanket rezoning to housing. This proposal aims to transition areas currently zoned for single-family housing, rezoning them to increase housing density.  Blanket rezoning was one of the recommendations of the Home is Here: The City of Calgary’s Housing Strategy 2024-2030 that City Council approved in September 2023 as part of efforts to address affordable housing concerns. The housing strategy included several other initiatives, but the blanket rezoning proposed change has caused some concerns. Calgary’s council voted against hol ..read more
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Canada’s Recession Indicators and Bank of Canada Rate Cuts
Canadian Real Estate Wealth Magazine
by Joanna Gerber
1w ago
Rate markets have been stable in recent weeks; the Bank of Canada rate announcement on March 6th seemed to maintain that, with a decision to hold rates steady. The Bank of Canada noted indications of wage pressures easing. The Bank of Canada will release its Summary of Deliberations for this decision on March 20th. However, according to a recent report from Edge Realty, the expectations for 75 basis points (0.75%) of rate cuts this year, with the first cut expected next month, may not be sufficient.  The report suggests that the economy is cooling at a much faster pace than what the BoC a ..read more
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Newfoundland and Labrador Market Update: February 2024
Canadian Real Estate Wealth Magazine
by Joanna Gerber
1w ago
According to the Newfoundland and Labrador Association of REALTORS®, the province experienced mixed trends in the housing market this February. Newfoundland and Labrador Housing Statistics In February 2024, there were 281 home sales, marking a 6.3% decrease from February 2023. The average residential price rose to $310,281, for a 9.9% increase compared to the previous year. February’s home sales were slightly below the five-year average by 1.5% but significantly passed the ten-year average for the month of February, by 19.7%. Year-to-date, 545 homes were sold in the first two months of 2024, s ..read more
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Winnipeg Market on a Rise for the Third Month Consecutively
Canadian Real Estate Wealth Magazine
by Joanna Gerber
1w ago
The Winnipeg Regional Real Estate Board announced this month that in February 2024 there was a significant increase in total MLS sales, listings, dollar volume, and average prices, year over year, making it the third month in a row to see this kind of growth. This upward trend was observed across residential detached, condominium, and residential attached homes, with the exception of active listings for residential attached properties, according to the WRREB. Residential detached active listings were 1,449, with 494 sales. The average price for a residential detached house, with an average squ ..read more
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The Rise of Condos in Calgary: Insights from a Top Condo Realtor
Canadian Real Estate Wealth Magazine
by Joanna Gerber
1w ago
Condos provide a convenient lifestyle, offering easy access to amenities and fostering a sense of community. They require less maintenance compared to single-family homes, making them ideal for busy professionals, retirees, or investors. With various sizes and layouts available, condos cater to diverse needs and provide a more affordable route to home ownership. In Calgary’s unique housing market, condos are particularly popular due to the city’s growing population and urbanization, driving demand for compact, low-maintenance housing options. Jesse Davies of Century 21 notes, “Condos offer an ..read more
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