B.C. to spend $1.9 billion to help build rental housing over the next decade

B.C. to spend $1.9 billion to help build rental housing over the next decade
VICTORIA — British Columbia’s government is investing $1.9 billion over the next 10 years to help build 14,000 affordable homes for renters. Premier John Horgan says fixing the housing crisis in the province isn’t just about ownership, but making sure that those who rent can find and afford homes where they can have a future. The new rental homes will be... Read More

Medicine Hat, Alta., to be home to new cannabis operation

Medicine Hat, Alta., to be home to new cannabis operation
EDMONTON — Aurora Cannabis Inc. says it is acquiring about 29 hectares of land in Medicine Hat, Alta., to build a new high-tech cannabis facility. The company says a memorandum of understanding with the city includes a prospective 10-year, 42 megawatt energy supply agreement. Aurora says the new facility, to be named “Aurora Sun,” will be the size of 21... Read More

March home sales volume plunges 22.7%, national average price down 10.4%: CREA

March home sales volume plunges 22.7%, national average price down 10.4%: CREA
OTTAWA — Canada’s real estate industry organization says the number of homes sold in March plunged 22.7 per cent and the national average price was down 10.4 per cent from the same month last year. The Canadian Real Estate Association says the sales activity marked a four-year low for the month of March and was seven per cent below the 10-year average. The national average price... Read More

Home prices continue to climb in B.C., despite dramatic sales decline: BCREA

Home prices continue to climb in B.C., despite dramatic sales decline: BCREA
VANCOUVER — Home sales in British Columbia plummeted last month compared with March of last year, but the B.C. Real Estate Association says the decline was not reflected in prices. Sales figures released by the association for March show 7,409 homes changed hands last month, a decline of 24.6 per cent over March 2017, while average property prices climbed 5.3 per cent over... Read More

Shaquille O’Neal to open luxury high-rise in New Jersey

Shaquille O’Neal to open luxury high-rise in New Jersey
NEWARK, N.J. — Former NBA star Shaquille O’Neal is opening a high-rise apartment complex in New Jersey’s largest city. O’Neal was joined by city and state officials on Tuesday in Newark for a news conference to discuss the project. The Newark native partnered with New Brunswick-based Boraie Development and Goldman Sachs to build the $79 million complex. The 22-story tower... Read More

Vancouver rules for short-term rentals to ease city’s vacancy rate: mayor

Vancouver rules for short-term rentals to ease city’s vacancy rate: mayor
VANCOUVER — The city of Vancouver is moving to legalize short-term rental accommodation like Airbnb but operators will only be able to advertise their principal residence. Vancouver Mayor Gregor Robertson said Wednesday that new regulations to be enacted next week are designed to protect and free up rental housing in response to a critically low vacancy rate. “The goal of the city is... Read More

Nearly half of existing mortgages face renewal in 2018: CIBC report

Nearly half of existing mortgages face renewal in 2018: CIBC report
TORONTO — Nearly half of all existing mortgages in Canada will need to be renewed this year, substantially more than in prior years, according to a new report, amid rising interest rates and new rules that make it tougher for some borrowers to shop around. A CIBC Capital Markets report suggests an estimated 47 per cent of all existing mortgages will need... Read More

Renters struggle to find homes as prices climb, availability declines

Renters struggle to find homes as prices climb, availability declines
VANCOUVER — Joanna Fletcher lives in a one-bedroom apartment on Vancouver’s east side with her 10-year-old son. The building has mice and mould, and her new landlord is threatening eviction. While she has plenty of reasons to leave, Fletcher says she’s fighting to stay for as long as possible because she can’t afford anything else in the area and leaving would mean disrupting her son’s... Read More

RBC CEO says housing market slowdown a welcome shift in consumer psychology

RBC CEO says housing market slowdown a welcome shift in consumer psychology
TORONTO — The chief executive of Royal Bank says the housing market slowdown is a welcome shift in consumer psychology toward more caution. David McKay told shareholders at the company’s annual meeting Friday that the bank is seeing a more balanced pricing trend after tighter conditions last year. The Vancouver and Toronto region real estate boards, representing the country’s hottest markets, reported double-digit... Read More