‘it-feels-like-a-cash-grab’:-vancouver-residents-speak-out-against-broadway-plan-high-rise-development-–-ctv-news-vancouver
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Vancouver residents speak out against Broadway Plan high-rise development

A group of Vancouver residents are speaking out against a proposed 18-storey high-rise development for W 14th Street and Yukon. “It doesn’t feel like the most appropriate thing for this area,” said Graeme Webber, a resident who lives in the neighbourhood. “It feels like a cash grab.” Signs in the neighbourhood posted on lawns read ‘Save 14th & Yukon’. The 100+ unit building was proposed as part of the city’s Broadway Plan to add more density along the new Broadway subway line. The neighbourhood currently boasts primarily detached homes or small apartment buildings approximately three-stories high. “Densification is important,” said Webber. “But it’s already a densely packed neighborhood.” Webber says he’s concerned that public services wouldn’t be able to handle an influx of residents. He tells CTV News that his son is currently on a waitlist to attend a nearby kindergarten. “As it is right now, we have to drive twenty minutes to get my kid to his elementary school,” said Webber. Eleanor Clark offered her support to the group, despite living several blocks away. She tells CTV News that another Broadway Plan development near Birch and 13th Street will eventually force her to move. “It’s happening everywhere,” said Clark. “I think they need to actually talk to people – talk to people that live in houses that are being destroyed, or four-story walk-ups that are being destroyed, and find out their stories and what it means to be displaced.” The Broadway Plan was approved in June 2022 and aims to transform a large section of Broadway into a second downtown. “I recognize change is difficult,” said Lisa Dominato, Vancouver City councilor. Dominato wouldn’t comment specifically on the development at 14th and Yukon, as the proposal still has to go before a public hearing, but she speak on the Broadway Plan’s vision. “We are trying to be responsive to what we’ve heard year after year after year is the issues of housing need, addressing the lack of the rental vacancy in the city, the inability to live here, to address affordability,” said Dominato. Dominato acknowledged that federal funding is needed to improve infrastructure, adding how City staff are currently reviewing the Broadway Plan and a new report is expected in the coming months. “We’re working collaboratively with the province, with the federal government to advocate for more infrastructure dollars to support the housing. They go hand in hand.” This comes as Council approved its first Broadway Plan high-rise on Thursday after a lengthy public hearing. The building is set for East 10th and St. George. For Webber, he hopes the city takes a close look at what makes sense for each neighbourhood. “We’d like it to be done more thoughtfully, more intentionally and not just trying to maximize density and put the smallest units in the tallest buildings possible,” said Webber. 

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Recently sold Vancouver home loses $820K in just over one year

A recently sold Vancouver home lost some big money in just over a year. The home at 6869 Beechwood Street was listed for sale in September 2023 for $9,998,000, but it didn’t sell for over a year after that last week for $7,281,580. It sold for nearly $3 million under the asking price of $9,998,000. According to Zealty, the home was last sold in May 2023 for $8,100,000, with the same asking price of $9,998,000. That means that between May 2023 and November 2024, there was a loss of $819,420. Zealty says the Beechwood Street home in the Vancouver SouthWest Marine region was built in 2018. It features seven bedrooms and nine bathrooms, and is a sizeable 7,889 sq ft. The lot is quite large, at 11,814 sq ft. Royal Pacific Realty Corp. Royal Pacific Realty Corporation’s listing says the home is an “exquisite mansion” with premium hardwood flooring and European stone throughout. Royal Pacific Realty Corp. It also features an indoor swimming pool, sauna, hot tub, and even golf training equipment, but the listing doesn’t include pictures of the fun stuff. Royal Pacific Realty Corp. The home’s most recent assessed value was $6,702,000. Royal Pacific Realty Corp. After the Vancouver home sold, there was discussion on X surrounding the amount it lost compared to the previous sale. Massive loss of capital. Almost 1 mil. That stings big time. — Law of Reflection (@david_door57003) November 15, 2024 This is another example of a long line of similar sales over the past year, with many owners looking to sell for more than the assessed value but having to bring the price down to snag a buyer. “October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” said Greater Vancouver Realtors in last month’s report. Earlier this month, we spoke to Ryan Dash, who works with eXp Realty and is one of the people behind the Vancouver Life Real Estate Podcast ; he also had some thoughts on the current real estate climate. Dash said there’s been a bit of a stalemate, as everyone thought buyers would flood the market after rates went down. Instead, sellers flooded the market. “They wanted to sell and move on and a lot of sellers that wanted to sell a year ago chose not to because interest rates were so high.” After that, inventory wasn’t moving, and sellers kept flooding the market with housing supply. “We’ve seen a lot of buyers sit on the sidelines, and they’re letting sellers compete. Sellers are lowering their prices to try and make buyers come and put a deal together.”

social-housing-units-converted-into-rentals-in-future-vancouver-tower
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Social housing units converted into rentals in future Vancouver tower

Some changes are envisioned for the future Curv tower project in downtown Vancouver’s West End, which is billed to be the world’s tallest Passive House green building. In June 2020, Vancouver City Council approved the rezoning application to achieve the project at 1059-1075 Nelson Street, located at the northeast corner of the intersection of Thurlow and Nelson streets, replacing old low-rise apartment buildings. This was approved as a 586 ft tall, 60-storey, mixed-use residential tower, containing 102 units of social housing on the lower levels (25% of the building’s floor area), 50 units of secured purpose-built market rental homes within the middle levels, and 358 luxury strata market ownership condominium units within the upper levels. However, Montreal-based developer Brivia Group has now returned to the municipal government with a revised rezoning application to amend the building’s uses, reconfigure the interior floor plans, and make slight revisions to the exterior design. The overall form of the building will remain the same. Presumably due in part to the current poor market conditions for strata units as a result of the sustained high interest rates, coupled with growing construction costs and challenging construction financing, the developer is looking to convert the floor area originally intended for social housing into secured purpose-built market rental housing to improve the project’s financial viability and to enable construction to finally advance. 2024 revised concept for the Curv tower at 1059-1075 Nelson Street, Vancouver. (IBI Group/Brivia Group) There will no longer be an on-site social housing component; instead of providing 102 units of social housing, the total number of market rental housing units will grow from 50 to 174. Furthermore, the social housing obligation of the project — an in-kind community amenity contribution (CACs) — will now be achieved as a cash CACs payment to the City, which will enable off-site social housing. During the 2020 rezoning process, it was indicated that the provision of 102 units of social housing within the tower carried an in-kind CACs value of $70 million. The number of strata homes will remain the same at 358 units. As well, in conjunction with the pivot to more rental housing, the rezoning amendment seeks to eliminate the balconies on the building’s east and west frontages to help achieve the Passive House green building certification targets. With the enclosed balconies now adding to indoor living space, along with other changes, the building’s total floor area grows from about 427,00 sq ft to about 456,000 sq ft. The building’s total floor area ratio (FAR; a measure of comparing the size of the building’s floor area to the land area it sits on) will grow from 24.7 during the 2020 rezoning to 26.4 in the amendment. The project’s architectural firm is IBI Group. Brivia Group initially submitted its rezoning amendment application in June 2023 to seek these changes, and this will now be up for public consultation. It was reported in October 2023 that 100 of the condominium units (28% of the total number of condominium units) were pre-sold for an average of over $2 million each, after pre-sales were initially launched in May 2023. Artistic rendering of Curv. (Brivia Group) Artistic rendering of Curv. (Brivia Group) In recent years, the municipal government has revised its policies under the West End Plan to improve the financial viability of stalled housing projects. This includes the previous move of providing developers with an alternative path of building projects along the Thurlow Street corridor with market rental housing and including a below-market rental housing component, instead of the only established framework of strata condominiums with a social housing component and CACs. Over the past five years, this move has pushed stalled projects forward, catalyzing a significant number of secured purpose-built rental housing units. Then in September 2024, Vancouver City Council made further changes to the West End Plan by reducing the inclusionary social housing requirements from 25% of the residential floor area to 20% or one-for-one replacement of the existing rental housing, whichever is greater. Also, a new cash-in-lieu option has been introduced to reflect the costs for the municipal government to generate off-site social housing projects, including the cost of land and construction. Both of these changes will be introduced on an interim basis for at least years until December 31, 2026. When complete, Curv will tie with The Butterfly as the city’s third tallest building. The Butterfly, developed by Westbank, situated toward the eastern end of the same city block, reached completion this year. However, as both buildings are built on the highest elevation point of the downtown Vancouver peninsula, they will appear taller in the skyline from a distance than their actual structural height. For example, Curv will appear as a 724 ft tall tower, as its site is 139 ft above sea level. 2024 revised concept for the Curv tower at 1059-1075 Nelson Street, Vancouver. (IBI Group/Brivia Group) 2024 revised concept for the Curv tower at 1059-1075 Nelson Street, Vancouver. (IBI Group/Brivia Group)

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Top 7 Home Renovation Trends of 2024

Over the past year, homeowners focused on creating environments that nurture well-being, provide comfort and serenity, and reflect their personal values. The home renovation trends of 2024 were all about creating intentional and personalized spaces. Whether it was enhancing the home with wellness features, embracing nature and the simplicity of Japanese-inspired interiors, or crafting spaces for family fun and relaxation, these trends emphasize a shift towards meaningful, mindful living. Drawing on insights from experts at the leading design platforms like Houzz and Pinterest, we reveal how the top trends are shaping the future of home interiors and how homeowners are transforming their living spaces into personalized retreats. Annie Schlechter Organic Modern Style In 2024, organic modern emerged as the design style of choice, seamlessly blending modern simplicity with nature-inspired elements and materials. By incorporating elements like stone, wood, and organic fabrics, organic modernism fosters a calming, cohesive, and well-balanced space. “With searches on Houzz for ‘organic modern bedroom’ jumping nearly 3.5x year-over-year, homeowners may be looking for a soft place to land at the end of a long day,” says Mitchell Parker, senior editor of Houzz. But it’s not just the bedroom where this style shines. Organic modern is also trending across dining rooms, kitchens, bathrooms, and living rooms, underscoring its versatility and widespread appeal. Japanese Design Influence “Japanese design, which embraces simplicity, natural elements, and harmonious living spaces, is experiencing a resurgence, reflected in notable increases in searches related to kitchens, bedrooms, and bathrooms,” Parker says. Searches for ‘Japandi living rooms’ (a fusion of Japanese minimalism and Scandinavian functionality) have risen 48% on Houzz, while Pinterest searches for ‘Japanese living room design’ are up by 135%. Popular Japanese concepts like wabi-sabi and zen gardens also saw notable search growth, suggesting homeowners seek peaceful, sanctuary-like spaces inside and outside their homes. Better Homes & Gardens Leisure Spaces The pursuit of work-life balance is reshaping how we use our homes, with homeowners carving out dedicated leisure spaces. Searches for ‘listening rooms’ have more than doubled on Houzz, and interest in ‘living room pianos’ is up by 39%, reflecting a trend towards creating spaces for music and relaxation. Social areas for group activities have also gained momentum, with searches for ‘bowling alley,’ ‘game room,’ and ‘bocce court’ increasing as well. These areas enable homeowners to enjoy downtime with family and friends, enhancing the home’s role as a haven for entertainment and connection. Wellness Features Wellness remains a priority in home renovations as homeowners strive to create spa-like retreats within their living spaces. Searches for cold plunge pools, indoor saunas, home spas, and steam showers surged on Houzz in 2024, reflecting a growing interest in transforming bathrooms into sanctuaries of relaxation. Shower rooms, which offer an enclosed, intimate space and feature steam and sauna capabilities, are increasingly popular. According to Parker, homeowners are tapping professionals to bring nature indoors in subtle yet impactful ways, such as increasing natural light with large windows and skylights to support wellness and align with circadian rhythms. Ali Harper Dark and Moody Color Palettes Deep paint colors reigned this year, as we saw with many of the 2024 Colors of the Year. Searches for ‘moody living room’ and ‘moody kitchen’ more than doubled on Houzz compared to the year prior, signaling a shift away from light grays and whites. “Designers on Houzz use dark and moody colors to help make spaces feel cozy and intimate or bold and dramatic,” Parker says. According to Pinterest’s Autumn 2024 Trend Report, searches for ‘moody purple bedroom’ and ‘dark green bathroom’ rose by 350%, highlighting these spaces as focal points for exploring more daring, experimental, and personal color preferences. Even ceilings are joining the trend, with searches for ‘dark ceiling’ on Houzz more than doubling, proving that the fifth wall is now a canvas for homeowners looking to make a statement. Kids’ Zones Creating playful, personalized spaces for kids is another trend that took hold in 2024 as parents sought inspiration to cater to their children’s evolving needs. On Houzz, searches spiked for ‘Jack-and-Jill bathrooms’ and ‘teen lounge.’ These searches reflect a desire to design spaces where kids can express themselves and feel a sense of ownership within the home and a forward-thinking approach to home renovation.  Cameron Sadeghpour Outdoor Kitchens Dining al fresco took on an entirely new meaning in 2024, with homeowners expanding their outdoor kitchens far beyond the classic grill. According to the  2024 Houzz U.S. Outdoor Trends Study, nearly 9 in 10 homeowners include a grill in their outdoor remodels, but new additions like pizza ovens, smokers, kamado-style barbecues, and Argentinian-style gaucho grills have also become increasingly popular this year. This shift reflects a deeper commitment to alfresco living, with homeowners creating versatile spaces that cater to diverse cooking styles and outdoor gatherings.

struggles-with-housing-shortages-affecting-bc.’s-small-towns
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Struggles with housing shortages affecting B.C.’s small towns

A shortage of affordable housing has led to a growing crisis, and it’s taken shape with a tent city in downtown Sechelt that sprung up in recent years. Catherine Leach thought she would be pushed out of British Columbia’s Sunshine Coast when her landlord decided to sell her home. “I got super lucky that one of the few apartment buildings opened up and I got a suite in that building,” she says. “I would have had to leave the Coast. It was that close. And it’s not just about people having a home to live in. It’s about an affordable home and having homes so that people can actually work here.” Ms. Leach is executive director of the Sunshine Coast Community Services Society, a large 50-year-old multiservices nonprofit that serves a scattered population of 32,000 people along 100 kilometres of coastline. The Sunshine Coast is about a half-hour ferry ride from Horseshoe Bay in West Vancouver, and it’s long been an idyllic draw for residents of Metro Vancouver who want a quieter, less expensive seaside lifestyle. But a shortage of affordable housing has led to a growing crisis in the small community, and it’s taken shape with a tent city in downtown Sechelt that sprung up in recent years. “It’s impacting everybody in every way – that’s how bad it’s become,” she says of B.C.’s housing crisis. Nonprofit workers on the front line know that people aren’t just sleeping in tents or in shelters and living in the rough. There are hidden homeless people living in their cars, in wooded areas, sleeping in boats and on couches, in motel rooms, and even in short-term rentals, because they’ve been squeezed out of the housing market. Low-income groups such as seniors are particularly impacted. Marc White, chair of the Older Persons and Elders Advisory Committee, which advises Vancouver city staff and council, has heard reports of seniors sleeping in the Vancouver airport because it’s safer. “I think it’s all over [the province],” says Dr. White, who is Clinical Assistant Professor with the Department of Family Practice at the University of British Columbia. “Because when you look at 43 per cent of the people on the BC Housing wait list, they are 55 and older, and half of those are experiencing homelessness for the first time as a senior – and that is incredible.” He cites a recent Statistics Canada report that shows B.C.’s hidden homelessness rate was at 17.7 per cent in 2021. People had been asked if they’d ever had to live somewhere temporarily because they had nowhere else to go. Considering the rents B.C. seniors are paying, it’s no wonder. “Right now, based on census data, there are 14,000 [Vancouver] seniors paying more than 30 per cent of their household income on rent in the private market, and 5,100 households spending 50 per cent of their household income on rent,” he says. The Sechelt encampment is located near the Sunshine Coast’s only year-round homeless shelter and a transitional housing project with health and social services. There aren’t enough beds or services, so the community is pulling together. The Sunshine Coast Community Services Society is soon breaking ground on a striking new housing project by lead architect Jesse Garlick of Studio 531 Architecture. Part of the inspiration behind the U-shaped design, says Ms. Leach, was to create an inward sense of safety. The building will include 35 units of housing for single women and women with children, in response to the statistic that 59 per cent of the Coast’s children are living with a single parent who is living below the poverty line. Ms. Leach says the project, in partnership with BC Housing, is six years in the making. As executive director of Kitsilano Neighbourhood House, she was also involved in that redevelopment, and she learned that support for vulnerable people starts in their own communities. “If there was any wish for me – and the government knows this, everybody knows this: fund projects that are more complex that are actually going to affect change. Like, don’t continue to just put very targeted, particularly very vulnerable people all jammed together in one location and walk away. Don’t do that any more.” Their crisis is an extension of the Vancouver crisis, but they don’t have the same resources to address it, says Kelly Foley, Sunshine Coast regional housing co-ordinator for Cover the Coast, a local affordable housing society. She co-authored a 2023 assessment needs report that shows crime, particularly violent crime, increased between 2016 and 2021, with a major spike in violent crime in 2020. “Because we are such a bedroom community to Vancouver, the cost of housing in Vancouver has certainly had an impact here,” says Ms. Foley. “You combine that with older adults moving here and we are in a tough situation, because we have a lack of working-age adults that can’t afford to live in our community, and who could help support those people.” Half the population of the Coast is older than 55, and about one-third are over 65, she says. As well, the average household income is lower than the B.C. average. People are fearful of the sudden changes they are seeing, particularly in downtown Sechelt, says Ms. Foley, who has met with residents of the encampment. “What I’m hearing is that there are people who are living in tents, who are very vulnerable, and also there’s

national-home-sales-surge-in-october-after-previous-month’s-supply-bump:-crea
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National home sales surge in October

The Canadian Real Estate Association says the number of homes sold in October rose 30 per cent compared with a year ago, marking a shift from the market’s holding pattern. On a seasonally adjusted month-over-month basis, national home sales rose 7. The Canadian Real Estate Association says the number of homes sold in October rose 30 per cent compared with a year ago, marking a shift from the market’s holding pattern. On a seasonally adjusted month-over-month basis, national home sales rose 7.7 per cent from September, as 44,041 residential properties changed hands last month across Canada. The association said rising home sales activity was broad based, with the Greater Toronto Area and British Columbia’s Lower Mainland recording double-digit increases in October. CREA senior economist Shaun Cathcart called the jump in sales a “surprise,” even as the Bank of Canada continues to lower its key interest rate. The central bank has lowered its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market. Jason Ralph, broker of record for Royal LePage Team Realty in Ottawa, said activity often picks up in the fall, but surpassed his expectations last month. Still, he said the market rebound seems to be happening gradually, rather than all at once. He attributed that trend to the Bank of Canada’s messaging surrounding its rate cut cycle. “There’s not going to be this massive rush to the market like we saw in the pandemic. That was an anomaly,” said Ralph. “The 50-basis-point drop was enough to push some people on the sidelines into the market where they found it enticing enough to jump in, but it wasn’t that massive wave that everybody’s waiting on because the messaging is, ‘We’re lowering it and we’re likely going to lower it again.'” Cathcart said the sales increase last month was more likely related to the surge in new listings that hit the market in September. That month saw a 4.8 per cent increase in new homes on the market, pushing supply to some of the highest levels seen since mid-2022. “There probably won’t be another rush of new supply like that until next spring, and at that point, mortgage rates should be close to their expected lows, as well,” said Cathcart in a press release. “With that in mind, you can think of the October numbers as a sort of preview for what we might expect to see next year.” CREA chair James Mabey added that October’s strong sales numbers “suggest buyers have been in the market since rates began to fall in early summer, but they were waiting for the right property to come up for sale, which didn’t happen in a big way until September.” “The extent to which that will be able to continue between now and next spring will depend on the number of listings coming onto the market,” he said. In October, the number of newly listed properties was down 3.5 per cent month-over-month. The association said the national pullback was led by a drop in new supply in Greater Toronto. There were 174,458 properties listed for sale across the country at the end of the month, up 11.4 per cent from a year earlier but still below historical averages for that time of year. The national average sale price for October amounted to $696,166, up six per cent compared with a year earlier. Ralph said that with property prices expected to increase amid more demand, would-be sellers are growing more confident to list, while potential buyers are feeling more comfortable paying current prices. “Buyers have been sort of going, ‘Well, where’s my deal?’ And sellers have been going, ‘Well, I still want my price.’ So we’ve been having a little bit of a game between buyers and sellers,” he said. “I think we’re seeing a little bit more movement as people understand that as rates come down, prices are steady and probably going to go back up.” BMO senior economist Robert Kavcic said the sales figures show Canada’s housing market “is finding some life.” “Sales volumes have bounced from last year’s lows, prices have stabilized across many regions and outright buyers’ markets are disappearing,” he said in a note. “To be fair, last October and November were very soft after accounting for seasonality, but it’s clear that activity has risen with more selection and lower borrowing costs. Price reductions across some segments have also allowed the market to clear better as the ‘bid-ask’ spread narrows.” This report by The Canadian Press was first published Nov. 15, 2024. Sammy Hudes, The Canadian Press

home-prices-decreasing-in-bc.s-ski-regions,-says-royal-lepage
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Home prices decreasing in B.C.s ski regions

Interest rates, capital gains taxes and short-term rental measures are some factors in province’s recreational property transactions Prices of detached homes and condominiums have registered slight decreases in B.C.’s popular ski regions so far this year. However, they are expected to increase in 2025 as interest rates continue their expected decline. In the first nine months of the year, the median price of a single-family detached home in the province’s ski regions decreased 2.6 per cent year-over-year to $1,729,200, according to the 2024 Winter Recreational Property Report by Royal LePage Real Estate Services Ltd. Meanwhile, the median price of a condominium also decreased 2.6 per cent to $477,500. Royal LePage examined several B.C. ski regions including Whistler, Invermere, Revelstoke, Mount Washington, Sun Peaks and Big White.  The Nov. 14 report noted that less snowfall has impacted some resort areas, although this is made up for during biking and golfing seasons. The report also noted that provincial measures regarding short-term rentals, which affect some ski regions, have resulted in more personal and family use of properties. The foreign-buyer ban similarly exempts some communities, also resulting in a varied impact. Interest rates and capital gains taxes have played a significant role in these markets, according to the report. Many buyers are waiting to jump in as they anticipate further reductions in the key interest rate, which has been reduced incrementally from five per cent in April to 3.75 per cent last month. Meanwhile, this year’s federal budget increased the basic inclusion rate for all capital gains and losses from one-half to two-thirds as of June 25, spurring a surge in transactions prior to the deadline. Some markets are attracting buyers from elsewhere in Western Canada, as they may be located closer to Alberta. Some had more inventory and transaction volume than others, while the accessibility of price points varied by market. In Whistler, for example, a house or condominium slope-side or at mountain base typically start at $3 million and $500,000, respectively. Among the report’s highlights: Whistler – The median price of a single-family detached home in Whistler’s recreational property market for the first nine months of the year decreased three per cent year-over-year to $3,569,100, while the median price of a condominium decreased 12.4 per cent to $583,600. Prices are expected to rise nine per cent over the next 12 months. Invermere – The median price of a single-family detached home in Invermere’s recreational property market for the first nine months of the year increased 13.5 per cent year-over-year to $749,000, while the median price of a condominium increased 11.4 per cent to $344,900. Prices are expected to rise 10 per cent over the next 12 months. Revelstoke – The median price of a single-family detached home in Revelstoke’s recreational property market for the first nine months of the year increased 4.9 per cent year-over-year to $862,500, while the median price of a condominium increased 14.3 per cent to $802,000. Prices are expected to rise five per cent over the next 12 months. Mount Washington – The median price of a single-family detached home in Mount Washington’s recreational property market for the first nine months of the year increased 29.4 per cent year-over-year to $1,100,000, while the median price of a condominium decreased 1.1 per cent to $455,000. Prices are expected to rise two per cent over the next 12 months. Sun Peaks – The median price of a single-family detached home in Sun Peaks’ recreational property market for the first nine months of the year decreased 30.1 per cent year-over-year to $1,337,500, while the median price of a condominium decreased 14.3 per cent to $360,000. Prices are expected to increase five per cent over the next 12 months. Big White – The median price of a single-family detached home in Big White’s recreational property market for the first nine months of the year decreased 13.7 per cent year-over-year to $1,510,000, while the median price of a condominium decreased 22.1 per cent to $413,000. Prices are expected to increase five per cent over the next 12 months. Royal LePage compiled insights, data and forecasts from 18 popular ski regions. Median price and sales data was compiled and analyzed by Royal LePage for the periods between Jan. 1, 2024 and Sept. 30, 2024 and Jan. 1, 2023 and Sept. 30, 2023. Data was sourced through local brokerages and boards in each of the surveyed regions. [email protected] @JamiMakan

bc.-real-estate-market-building-momentum-into-2025:-association
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B.C. real estate market building momentum into 2025

Posted November 6, 2024 7:52 am. The BC Real Estate Association (BCREA) says 2025 will see a big rebound in home sales. The association expects sales will jump by more than 13 per cent next year following a flat 2024. CLICK HERE TO LISTEN TO 1130 NEWSRADIO VANCOUVER LIVE! “Following two pretty challenging years for sales, it looks like markets across BC are starting to build momentum,” said BCREA Chief Economist Brendon Ogmundson. “In addition to lower mortgage rates, new policy changes allowing longer amortization for first-time homebuyers and increased mortgage insurance caps will provide a boost to market activity.”  The association also forecasts the average sale price of a home will rise next year, provincially by about three per cent, but by only one per cent locally. For Vancouver, the BCREA is forecasting an average listing price in the fall of 2025 to be around $1.3 million, with the average listing in the Fraser Valley to be around $1.05 million.