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housing | HousingHub | Local | North | Real Estate
21 B.C. municipalities granted housing legislation extensions after all
Posted September 16, 2024 4:06 pm. Last Updated September 16, 2024 4:07 pm. The provincial government announced Monday it’s granted extensions to 21 municipalities that were having trouble meeting the deadline for adopting multi-unit housing legislation. The deadline was designed to force local governments to comply with the new provincial small-scale, multi-unit housing (SSMUH) legislation. In a release Monday, the province says it is now giving 21 communities more time. Where the SSMUH requirements apply, the following governments have been granted an extension for all zones: Northern Rockies Regional Municipality has been given until Dec. 31, 2024. Wells has been given until Dec. 31, 2024. City of North Vancouver has been given until June 1, 2025. Coquitlam has been given until June 30, 2025. Fraser Valley Regional District has been given until Dec. 31, 2025. Peace River Regional District has been given until Dec. 31, 2026. Sun Peaks Mountain Resort Municipality has been given until June 30, 2027. Greenwood has been given until March 31, 2028. Osoyoos has been given until Dec. 31, 2029. Kitimat has been given until Dec. 31, 2030. Others have amended their bylaws for most areas of their community, the province says, but were granted an extension for certain areas and neighbourhoods where infrastructure upgrades are needed or underway, including: The Lougheed/Shaughnessy block in Port Coquitlam has been given until Dec. 31, 2025. Various areas within the Sunshine Coast Regional District have been given until Dec. 31, 2025. The 4th Avenue extension in Ladysmith has been given until Dec. 30, 2026. The Queensborough neighbourhood in New Westminster has been given until May 4, 2029. The Silver Creek and East Kawkawa Lake areas of Hope have been given until Dec. 30, 2030. Electoral Areas B, C, E and F in the Kitimat-Stikine Regional District have been given until Dec. 30, 2030. The Malone Road subdivision, Lot 5 Holland Creek, Forest Field Area, and south areas of Ladysmith have been given until Dec. 30, 2030. The Okanagan Falls and Faulder and Heritage Hills areas in the Okanagan-Similkameen Regional District have been given until Dec. 30, 2030. Steveston in Richmond has been given until Dec. 30, 2030. Various areas in Kamloops, including the Rayleigh Waterworks District have been given until Dec. 31 2030. Part of the Proper neighbourhood and surrounding Hazel Park in Chilliwack have been given until Dec. 31, 2030. The Western Foreshore and Kye Bay areas of Comox have been given until Dec. 31, 2030. The province says seven requests for extensions from Ladysmith, Langley, Maple Ridge, the Mount Waddington Regional District, the Nanaimo Regional District, Sooke and View Royal were declined. “Communities that did not receive an extension have 90 days from the date they were first notified to adopt the new bylaws.” The extensions are frustrating District of West Vancouver Mayor Mark Sager after Housing Minister Ravi Kahlon refused to grant West Vancouver an extension just weeks ago. “[I’m] very disappointed that they wouldn’t extend the same courtesy,” Sager told 1130 NewsRadio Monday. Sager thinks the government is pulling back now because the election is coming up and the legislation has seen pushback from mayors across the province. After meeting with the Union of BC Municipalities Monday, Sager says his city is not alone, feeling as though the housing ministry could have handled the legislation better. “I don’t think there’s a single mayor that is even remotely happy with the way this has been rolled out. They’re encroaching on municipal authority. Municipal responsibility is why we offer ourselves for public service, to do proper long-term planning that works in the community, to make sure that we have the proper infrastructure to service whatever is built — make sure that the simple things like the sewer pipes and the wire pipes are adequate. And so this one-size-fits-all dictated out of Victoria just seems to me and my council to be really offside,” said Sager. —With files from Srushti Gangdev.
new homes | North | Real Estate | Social
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)
Canadian spots rank among top 100 best cities in the world
Several Canadian cities have been named among the best in the world, according to a new ranking. Resonance Consultancy and Ipsos Research’s list of the World’s Best Cities in 2025 has been released, ranking the top 100 global cities “shaping tomorrow.” The report looked at cities with over a million people, combining stats and user-generated data from platforms like Google, Tripadvisor, and Instagram. The ranking considers various factors, including affordability, education, and overall quality of life. Three Canadian cities cracked the top 50, with Toronto ranking the highest in 15th place. Ontario’s capital placed high for its tree cover, or the measure of an urban area’s land that’s covered with vegetation that’s at least 16 feet in height, and educational attainment. “The construction boom has reshaped downtown, from revitalized cultural landmarks like Massey Hall to the new Renzo Piano-designed Ontario Court of Justice,” reads the report. “The addition of Love Park, with its heart-shaped pond, adds greenery to the city’s core.” It also highlighted the upcoming Rogers Stadium, which will be the city’s largest outdoor concert venue, and the construction of Villiers Island, which is part of the Port Lands Flood Protection Project. Following closely behind is Vancouver in 22nd place. It also stood out for its tree cover and educational attainment. The reason for Vancouver’s ranking is based on a few factors. According to the list, “a panorama of ancient forests, totem poles, pan-Asian diaspora, and hockey-loving hipsters makes Vancouver a coveted destination.” The cons include an apparent lack of space in hotels and the ongoing ban on short-term rentals. “In the midst of rising real estate prices, the city is facing another challenge: fewer hotel rooms — a direct result of the government converting hundreds of rooms into social housing during the pandemic and cracking down on Airbnb-only rentals (ostensibly to free up rental housing).” The validity of that statement is highly debatable. City officials have been concerned about the hotel crunch for a long time, well before the pandemic. Rounding out the top 50 is Montreal in 35th place, getting accolades for its educational attainment and its low poverty rate. Resonance described it as Canada’s “laid-back second city (and North America’s most European).” Canada’s capital city Ottawa just missed the top 50, placing 52nd for its tree cover and educational attainment. “The cosmopolitan capital of Canada has a reputation for brainpower that’s attracting the world,” reads the report. Other major Canadian cities that made the list are Calgary in 54th place and Edmonton in 65th place. Do you agree with these rankings? Let us know in the comments. With files from Claire Fenton and Allison Stephen
Canadians getting first GST credit payment of the year today
New year, more money: Canadians are getting their first GST credit payments of 2025 today. The goods and services tax/harmonized sales tax (GST/HST) credit is a tax-free quarterly payment. According to the government, this credit aims to help families with low and modest incomes offset the taxes they pay. If you’re eligible, you’ll see extra cash in your bank account on Friday, January 3. Who’s eligible for the payment? The government says you’re generally eligible for the payment if you’re at least 19 years old and a Canadian resident for income tax purposes a month before the Canada Revenue Agency (CRA) makes the payment and at the beginning of the month. If you are under 19 years old, the government says you must meet at least one of the following conditions during the same period: You have (or had) a spouse or common-law partner You are (or were) a parent and live (or lived) with your child According to the government, parents in a shared custody situation may be eligible for half of the credit for that child. Additionally, if your income is equal to or exceeds the amounts below, you or your family won’t be eligible for the credit. Government of Canada How much will you get from the GST credit? According to the government, you could get up to: $519 if you are single $680 if you are married or have a common-law partner $179 for each child under the age of 19 Here are some examples of things you could spend this credit on. You don’t need to apply for the credit because you’re automatically considered for it when you file your taxes. In 2022, Ottawa doubled the GST credit for six months during the height of inflation. There are other ways you might get more money from the government this year. From the Canada Child Benefit to the Canada Carbon Rebate, check out the full list here.
Investment | Real Estate | rental | rental
The 8/16 Rule: A Simple Guide to Smarter Rental Property Investments
In real estate investing, complexity is often the enemy of action. That’s where the 8/16 Rule comes in—an easy-to-use framework that separates profitable rental properties from cash flow disasters. Whether you’re an investor crunching numbers or a renter debating your next move, this rule can save time and money. What is the 8/16 Rule? The 8/16 Rule compares a…
Business | Immigration | Local | Local Business | Local News | North
Immigration cuts will help housing gap
OTTAWA — The federal government is overestimating the impact its cuts to immigration will have on the country’s housing shortage, the Office of the Parliamentary Budget Officer said in a new report. OTTAWA — The federal government is overestimating the impact its cuts to immigration will have on the country’s housing shortage, the Office of the Parliamentary Budget Officer said in a new report. In the analysis published Friday, the PBO said its projections still indicate the country’s housing gap should fall by 45 per cent, assuming the Liberal government’s own population projections in its immigration plan are accurate. The PBO isn’t entirely convinced they are, saying “we judge that there is significant risk” to the demographic projections the government made in its 2025-27 immigration levels plan. The PBO cautioned its model assumed some non-permanent residents, whose permits or visas would expire and not be renewed under the new plan, will actually leave the country. “Both our estimated reduction in household formation and the housing gap under the (immigration levels plan) are uncertain and likely represent upper-bound estimates,” the PBO warned. In October, the Liberal government announced it was cutting the number of permanent residents allowed into the country over the next three years. The plan expects to see Canada’s population decline by 0.2 per cent in 2025 and 2026, marking the first time Canada would see an annual decline in population, the PBO said. The PBO now estimates Canada needs to build another 1.2 million homes by 2030 to close the housing gap. In its report Friday morning, the PBO said the revised immigration plan will reduce that gap by 534,000 units — or 45 per cent — by 2030. The government’s projections, factoring in its new immigration targets, suggested the population estimates would reduce demand for housing by 670,000 units by 2027, well above the PBO’s estimates and three years earlier than the PBO’s timeline. “This difference likely reflects several factors, such as the assumed age, region and household structure of the (non-permanent resident) outflows projected under the (immigration levels plan), as well as the time horizon and counterfactual population projection,” the PBO wrote. In a statement, Immigration Minister Marc Miller’s office said the PBO report confirms the government’s immigration levels plan will reduce the housing supply gap, and that the report’s projections are in line with the department’s own expectations regarding the housing supply gap for this year. “While an adjustment in immigration levels is helping to reduce the strain on our housing supply, it is also true that immigration and newcomers to Canada will continue to have an important role to play in helping us grow the housing supply,” Miller’s office said. “Immigrants are not to blame for the housing crisis and they, like everyone who lives in Canada whether temporarily or permanently, deserve to be set up for success while they are.” This report by The Canadian Press was first published Nov. 15, 2024. Nick Murray, The Canadian Press