2025-is-the-year-for-first-time-home-buyers

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    Metro Vancouver rents remain depressingly high despite B.C. price drop

    British Columbia is tied for the largest annual decline in apartment rents in all of Canada, but Metro Vancouver renters may not be seeing the savings when it’s time to pay. According to the latest Rentals.ca and Urbanation report, which looks at numbers from June 2025, the country’s average asking rent for all residential properties declined 2.7 per cent year-over-year. It was the ninth consecutive month of annual rent drops. B.C. and Alberta experienced the biggest annual decline in apartment rents at 3.1 per cent. However, four of the top five most expensive cities to rent in the top Canadian markets list remain in the Metro Vancouver area. Alen Szylowiec/Shutterstock “Asking rents for purpose-built and condo rental apartments declined the most over the past year in B.C. and Alberta, each decreasing by 3.1 per cent, to an average of $2,472 and $1,741, respectively,” said Rentals.ca in its report. “Ontario and B.C. were the only provinces to record a two-year decrease in apartment rents, declining 3.6 per cent and 3.1 per cent, respectively.” According to Rentals.ca, North Vancouver is the most expensive municipality in Canada to rent for the fourth consecutive month, with the average asking rent for a one-bedroom rental reaching $2,602 per month and a two-bedroom rental coming in at $3,567 per month. Vancouver, Coquitlam, Burnaby, and Toronto round out the other five most expensive places to rent in the country. Rentals.ca The report also shows that among Canada’s six largest cities, Vancouver experienced the second-largest annual decline in apartment rents in June, dropping seven per cent. However, the asking rent for a one-bedroom is $2,529 per month, and for a two-bedroom, it is $3,388 per month. “Despite the dip in rents during the past year, average asking rents in Canada remained 4.1 per cent higher than the level from two years earlier ($2,042) and 11.9 per cent higher than the level from three years earlier ($1,899),” added Rentals.ca Volodymyr Kyrylyuk/Shutterstock Several other B.C. cities also cracked the 50 priciest Canadian markets to rent, including New Westminster at number 17, Victoria at number 19, Langley at number 21, Surrey at number 26, and Nanaimo at number 31. Average asking rents in Canada remain 5.7 per cent higher than two years ago and 12.6 per cent higher than three years ago. Are you a renter who’s seeing a drop in the asking rent price? Are you experiencing challenges finding a rental within your budget? Let us know in the comments or get in touch at [email protected] .

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    Vancouver mayor seeks to unlock development potential of five ‘exceptional’ sites

    Mayor Ken Sim is calling on City of Vancouver staff to explore new planning approaches for five strategically located industrial areas that could play a pivotal role in delivering both jobs and housing — particularly near existing and future SkyTrain stations. In a member motion expected to be approved by Vancouver City Council next week, Sim is calling on City staff to process without delay existing and new rezoning applications at what he describes as five “exceptional sites” across the city. Furthermore, City staff will perform a deep dive on the technical and policy implications of the redevelopment potential of each site. One of the biggest hurdles is the designation of these sites as protected industrial lands by Metro Vancouver Regional District. The regional district is generally very cautious with removing industrial land designations, as the region is experiencing a growing industrial land shortage, which is having major economic implications. At the same time, some of the protected industrial lands across the region are no longer suitable for traditional industrial uses for reasons such as site-specific issues, the location adjacent to emerging residential areas, and accessibility to major roads required for truck traffic, as well as the opportunity costs of not optimizing transit-oriented development sites near SkyTrain stations. The five sites identified by Mayor Sim are the former Molson Brewery at the south end of the Burrard Street Bridge, the former industrial sites owned by the municipal government at the southeast corner of the intersection of Main Street and Terminal Avenue next to SkyTrain’s Main Street-Science World Station, the Marine Gateway area next to SkyTrain’s Marine Drive Station, and the Mount Pleasant Industrial Area. Concord Pacific owns the 7.6-acre former Molson Brewery site. Prior to the pandemic, the developer unveiled its “Quantum Park” concept of redeveloping the under-utilized property into towers up to 25 storeys, with 1.8 million sq. ft. of building floor area providing 300,000 sq. ft. of creative industrial, office, and retail/restaurant space and 3,000 homes. The brewery was built at a time when False Creek saw heavy industrial uses. As well, the site’s freight needs were previously served by Canadian Pacific’s Arbutus railway corridor, which has since been dismantled, sold to the City, and converted into its current uses as an active transportation greenway. Moreover, the adjacent built form of the Senakw’s high-density grove of towers up to 58 storeys likely sets some new precedent for what is possible for Concord’s brewery site. Previous 2019 artistic rendering of Quantum Park, the redevelopment of the old Molson Coors brewery in Vancouver, conceived before the Senakw project. (Concord Pacific) Previous 2019 artistic rendering of Quantum Park, the redevelopment of the old Molson Coors brewery in Vancouver, conceived before the Senakw project. (Concord Pacific) Previous 2019 artistic rendering of Quantum Park, the redevelopment of the old Molson Coors brewery in Vancouver. (Concord Pacific) PCI Developments has also been looking to build a second phase of Marine Gateway on a five-acre site, replacing car dealerships immediately south of the 2015-completed first phase. Marine Gateway’s second phase would feature more high-rise towers — providing significant secured rental housing and affordable home ownership units on top of substantial creative/light industrial uses and some additional retail/restaurant space. The City of Vancouver also has a major works yard immediately east of this site. Previous 2021 artistic rendering of Marine Gateway Phase 2 at 8530 Cambie St., Vancouver. (Perkins&Will/PCI Developments) Previous 2021 artistic rendering of Marine Gateway Phase 2 at 8530 Cambie St., Vancouver. (Perkins&Will/PCI Developments) The Mount Pleasant Industrial Area is the largest of the five sites, spanning the general area framed by Cambie Street to the west, 2nd Avenue to the north, Main Street to the east, and Broadway to the south. Within the City’s Broadway Plan area, Sim states this is a centrally-located employment district with sites within the provincial government’s legislated Transit-Oriented Areas, specifically around SkyTrain’s Broadway-City Hall and Olympic Village stations and the future Mount Pleasant Station. He suggests there is a need for “modernized policy guidance” to “support innovative tech clusters, light industry, and creative economy uses while carefully considering residential uses.” Currently, existing policies allow for a broader range of uses only along the perimeter of the Mount Pleasant Industrial Area. This has enabled high-density, mixed-use residential and office developments along the west side of Main Street, including projects such as the Main Alley tech campus and the City Centre Motel redevelopment. Sim’s motion suggests he wants to go even further than the current allowances. Mount Pleasant Industrial Area. (City of Vancouver/Google Maps) October 2022 artistic rendering of Prototype/M5 at 2015 Main St., Vancouver. (Henriquez Partners Architects/Westbank) Artistic rendering of the City Centre Motel redevelopment at 2111 Main St., Vancouver. (Musson Cattell Mackey Partnership/Nicola Wealth Real Estate) The fourth site at the southeast corner of Main Street and Terminal Avenue has been planned as an “Innovative Hub” under the City’s False Creek Flats Plan. A mix of innovation economy uses are envisioned, including laboratories, research and development, creative/light industrial, tech offices, arts and cultural facilities, local food economy spaces, some residential uses, and the active ground-level uses of retail and restaurants. Recently, the City conducted a procurement process seeking a contractor to conduct a detailed technical feasibility study identifying redevelopment options for this 11.5-acre City-owned property next to Main Street-Science World Station. The fifth exceptional site identified by Sim is the 11-acre Railtown district spanning about six city blocks

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    Who Are the First-Time Home Buyers?

    Buying Through the Uncertainty Among the first-time home buyers, 67% felt uncertain or had concerns during their home-buying journeys. Their concerns ranged from living with high monthly carrying costs to interest rate increases, as 63% are already overpaying for a home worried about their future finances and mortgage payments. This fear may explain why more than half of these first-time buyers opted for co-ownership: purchasing a home with their parents, siblings, or even their friends instead of their partner or spouse. Most FTHBs believe that they have received the best mortgage for their needs. 56% chose a fixed mortgage, leading to 72% saying they are comfortable with their mortgage debt. 79% believe that homeownership is a good long-term financial investment, and 71% are confident that the value of their home will appreciate in the next year. Gifts and Incentives: A good 41% of FTHBs have received monetary gifts or inheritance towards their down payments, averaging $74,570; however, 80% of those who received a gift stated that they would have proceeded to purchase a home even without one. This means that purchasing a home would have still been within their means, whereas only 65% have paid the maximum of their budget. Other incentives that have helped first-time buyers include utilizing savings from a tax-free home savings account (FHSA) and savings outside of a registered retirement savings plan (RRSP). A Home Buyer’s Plan (HBP) is an FTHB program that enables a withdrawal of up to $60,000 from an RRSP to purchase a home, requiring repayment of that amount over 15 years. The federal government has also recently released a new GST relief program for FTHBs to receive a full GST rebate on new homes valued at up to $1 million and a phased reduction between $1 million and $1.5 million, which means FTHBs can save up to $50,000 on taxes. Unexpected Costs: Even though a majority of first-time home buyers discussed potential unexpected homebuyer costs with their mortgage professional before purchasing, 44% still incurred these unexpected costs. From lawyer or notary fees to home inspection and immediate repairs, these costs may have been anticipated and factored into the budget if they had known what to expect. 56% of FTHBs utilize social media, including YouTube, Facebook, and Instagram, to receive information regarding mortgage options. This is where it is crucial to do your homework to research and fact-check the information you are receiving! Much of the news and circulating information can be stretched, misrepresented, or not offer the whole truth.

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    Can’t Buy Alone: Why Today’s Homebuyers Are Leaning on Family to Enter the Market

    In today’s Canadian housing market, the dream of homeownership remains alive—but for a growing number of first-time buyers, that dream is only possible with a family safety net. According to the 2025 CMHC Mortgage Consumer Survey, more Canadians are entering the market for the first time, but they’re not doing it alone. From gifted down payments…

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  • Minimum qualifying rate for uninsured mortgages

    Current rate:The greater of the mortgage contract rate plus 2% or 5.25%. The minimum qualifying rate (MQR) for uninsured mortgages is a mortgage stress test applied by lenders to borrowers. OSFI obliges federally-regulated lenders to apply this stress test to their borrowers. This helps lenders prepare borrowers so they can continue to make mortgage payments…

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  • Listings of Metro Vancouver Acreage Properties updated by the hour

    Stan Direct: 604-202-1412E-mail: ssteam3000@gmail.com Feel free to contact us if you are not very familiar with the whole process of purchasing Vancouver Acreage Properties. Do you know the pros and cons of purchasing Vancouver Acreage Properties? Are you aware of the risks? Do you know the banks’ requirements for granting the financing? Click the first two…

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