The big sell: This two-bedroom False Creek condo not only has a sought-after freehold status but a waterfront position to boot with marina, downtown and mountain views from its location above the seawall. With more than 1,100 square feet of interior living space, the principal reception rooms can accommodate house-sized furnishings including a king-sized bed in the primary bedroom, while the 170-square-foot patio bathes in the picture postcard scenery. 

Click here to read more 

This West Vancouver condo was snapped up after just one day on the market in this listing. The big sell: It took just one day for this West Vancouver view home to be snapped up with a sale price just north of $5,600,000.

Located in Dundarave’s Bellevue tower, the two-bedroom condo certainly lives up to the name of the complex with southwesterly ocean vistas that span UBC to the Gulf Islands from its corner-unit position. Constructed by Cressey, the four-year-old development offers an indoor lap pool, steam and sauna rooms, a fitness centre, a yoga/Pilates studio, and 24-hour concierge services. click here to read more 

Federal government extends foreign buyer ban on Canadian homes to 2027

Foreign nationals and companies will be banned from buying residential properties in Canada for an additional two years, the federal finance minister said Sunday, the latest in a raft of measures aimed at addressing housing affordability concerns that have dogged the governing Liberals for months.

Under the ban, which came into effect last year and was set to expire at the beginning of 2025, foreign commercial enterprises and people who are not Canadian citizens or permanent residents are prohibited from purchasing residential property in Canada.

There are some exceptions, including for those with temporary work permits, land, refugee claimants commercial properties and international students who meet certain criteria. Whistler is exempt from the Foreign Buyer Ban click here to search all Whistler Listings that we can help you buy.

Here's what you need to know about the amendments to the Foreign Buyer Ban.

Repealing existing provision so the prohibition doesn’t apply to vacant land.
Repealing section 3(2) of the regulations, so the prohibition does not apply to all lands zoned for residential and mixed use. Vacant land zoned for residential and mixed use can now be purchased by non-Canadians and used for any purpose by the purchaser, including residential development. Contact me to find out where and what you can buy as a Foreign Buyer. READ MORE

Bank of Canada cuts key interest rate again, more cuts 'reasonable' if inflation keeps easing.

The Bank of Canada cut its key interest rate to 4.5 per cent on Wednesday, with governor Tiff Macklem saying during a news conference that it would be reasonable to expect further rate cuts if inflation continues to ease.

The cut was widely expected by economists after inflation eased in June. It marked the central bank's second consecutive cut after last month's meeting, when it cut rates for the first time since March 2020.

READ MORE 

BC Government Responds to Industry Feedback on Residential Tenancy Act Changes
In the immediate wake of publicly voiced concern from the BC Real Estate Association (BCREA), the BC Government has reversed course on two recent changes to the Residential Tenancy Act (RTA) as they relate to buyers of tenanted properties.

The initial changes laid out in Bill 14, which came into effect on July 18, 2024, required four months' notice – instead of the previous two months' notice – for evictions due to personal or caretaker use. The legislation also raised the dispute period from 15 days to 30 days.

Now the government is amending the regulation to lower the personal-use notice period to three months and the dispute period to 21 days for situations when a landlord gives notice to a tenant on behalf of a purchaser. These changes come into effect on August 21, 2024.

As you navigate the complexities of selling tenant-occupied properties, it's crucial to be aware of the latest regulations, including Bill 14 Tenancy Statutes Amendment Act, 2024, and best practices to ensure compliance and protect all parties involved. Here are the key points you need to know.

Key Changes Effective July 18, 2024

Mandatory Use of Landlord Use of New Web Portal:

Landlords must use this portal to generate Notices to End Tenancy for personal or caretaker use. Landlords using the website portal will be required to have a Basic BCID to access the site. The portal will require landlords to provide details about the persons moving into the home. The details of the new occupant of the home will be shared with the tenant. While using the website portal, landlords will be given information about the required conditions for ending a tenancy and the penalties associated with ending the tenancy in bad faith. They will also be informed about the amount of compensation they will be required to issue to tenants when ending a tenancy.

Occupancy Requirements:

The individual moving into the property must occupy it for at least 12 months.

Landlords found to be ending a tenancy in bad faith could be ordered to pay the displaced tenant 12 months’ rent. CLICK HERE TO READ MORE 

Metro Vancouver suffers a double whammy in regard to outrageous house prices. It's a gateway city for foreign capital. And it's located in a country that compounds unaffordability through unrivalled population growth.

This phenomenon has been captured by Josh Gordon of McMaster University and economist David Williams of the Business Council of B.C. Their research counters past accusations by politicians, real-estate industry executives and pundits that it is xenophobic to suggest such a thing.

And now the Bank of Canada and countless others are recognizing that overall Canadian prices and rents are exaggerated compared to other well-off countries — largely because of Canada’s unprecedented population growth, almost all of which comes from international migration.

Let’s start with a closer look at how the Vancouver region became such an outlier. READ MORE

The Bank of Canada cut its benchmark interest rate by 25 basis points on Wednesday, the first reduction in more than four years, bringing its policy rate to 4.75 per cent. We can relax a bit today knowing this is trending in the right direction.

The decision was widely expected by economists. The central bank cited progress on lowering inflation, weaker than expected economic growth in the first quarter, and employment growing at a slower pace than the working-age population.

“With continued evidence that underlying inflation is easing, Governing Council agreed that monetary policy no longer needs to be as restrictive and reduced the policy interest rate by 25 basis points,” the Bank of Canada said in a statement.

“Recent data has increased our confidence that inflation will continue to move towards the 2 per cent target.” read more

The District of West Vancouver council has rejected a rezoning that would have allowed additional coach houses and secondary suites on about 200 residential properties and brought the district in line with new provincial legislation.

The vote to reject the plan comes after the province gave municipalities a deadline of June 30 to bring local bylaws in line with new rules allowing greater density on single-family lots to supply more “small scale housing.”

Most single-family lots in the rest of West Vancouver already allow both secondary suites and coach houses, so wouldn’t have been impacted by the change.

But about 220 properties – or about 1.6 per cent of the total in the district – stood to have their allowable density increased as a result of the provincially-mandated change (about 40 of the properties already have apartments, so the real number impacted is closer to 180).

The rules about how many dwellings must be allowed on lots varies depending on the size of the lot and how far it is from major bus routes.

Senior planner David Hawkins previously stressed to council the new rules don’t require owners to build on their properties and will only impact property owners who decide they want to build additional housing on their lots. CLICK HERE TO READ MORE. 

Article content

Weekly roundup of properties that recently sold in Metro Vancouver.

1103 — 1790 Bayshore Dr., Vancouver

Type: Two-bedroom, two-bathroom apartment

Size: 1,553 square feet

B.C. Assessment: $1,930,000

Listed for: $2,188,000

Sold for: $2,150,000

Sold on: Jan. 20

Days on market in this listing: Two

Listing agent: Holly Calderwood PREC at Royal LePage Sussex

CLICK HERE TO READ MORE