HomeDiagramsDatabaseMapsForumSkyscraper Posters
     

Go Back   SkyscraperPage Forum > Regional Sections > Canada > Alberta & British Columbia

Reply

 
Thread Tools Display Modes
     
     
  #1  
Old Posted Apr 8, 2017, 5:48 PM
sunsetmountainland sunsetmountainland is offline
SUSPENDED
 
Join Date: Jun 2011
Location: Another great post taking place from the best place on earth!
Posts: 1,147
British Columbia Real Estate Thread

I think this is a good idea for a thread about real estate outside of Greater Vancouver. That deals with other areas of the province. With Vancouver becoming less affordable. The regional areas of the province are growing much faster.

Quote:
Vancouver sticker shock sends ripple effects across B.C.
Lower Mainland housing prices sending younger voters into political hinterland

The numbers are stark: while benchmark house prices in the Real Estate Board of Greater Vancouver’s area rose 17.8% in 2016 to $897,600, the price of housing sold through the Fraser Valley and Victoria real estate boards increased by more than 20%. Indeed, in the Fraser Valley, long considered the affordable alternative to pricey Vancouver, house prices rose a whopping 27% in 2016 to $628,200, nearly twice the growth logged in 2015.
It isn’t hard to see the reason: as 2016 dawned, article after article chronicled the plight of young families who couldn’t find affordable housing, let alone adequate child care, pulling up stakes in Vancouver for broader pastures.

Some moved to Vancouver Island and smaller communities where a home with a yard was more affordable.

Many others crossed the Port Mann, relocating far enough away from Vancouver to afford housing but close enough to maintain local connections.

BC Stats reports that net intraprovincial migration to the capital region has averaged about 1,500 people in the past five years, but Victoria Real Estate Board surveys indicate that 13% of buyers now come from the Lower Mainland – up from 6% in 2013.

The single biggest increase in net arrivals has been in the Fraser Valley Regional District, which added more than 2,600 people in each of the past two years. This was more than double the average in the previous decade.

While there are worse hardships than moving to Surrey, Langley or Abbotsford – a point Abbotsford made in a video spot last summer promoting its new community plan – many people say it’s a symptom of a larger trend going back to 2006, when the late architect Bing Thom warned that Vancouver risked becoming a resort for the rich.

“It now requires years’ more work to save a down payment on an average-priced home than it did a generation ago, as earnings have fallen and home prices skyrocketed,” said Paul Kershaw, an associate professor in the University of British Columbia’s School of Population and Public Health, best known for his leadership of housing advocacy group Generation Squeeze.

The discontent is provoking calls for a change in housing policy, making younger voters a potent force in the upcoming provincial election.

“This problem is galvanizing many young people to seek change in housing policy,” Kershaw said. “We are looking for evidence of that change in all political party platforms.”

In recent months, the BC Liberals have introduced measures aimed at addressing the concern and mitigating the effects of rising house prices.

In August, the government boosted the property transfer tax on B.C. residential sales worth $2 million and up, as well as on Metro Vancouver purchases by foreign buyers. December brought a program offering loans of up to $37,500 to first-time homebuyers, with no interest or payments required for five years.

Yet house prices barely responded. The benchmark price of housing in Greater Vancouver and the Fraser Valley stood still, with increases in townhouse and apartment prices offsetting declines in detached-home prices. Benchmark prices in Victoria and the rest of Vancouver Island rose 5%.

“Policy changes made by the incumbent government in the last six to eight months are noteworthy, but nowhere near sufficient,” Kershaw noted, trenchantly.

It’s not just academics like Kershaw who are taking note.

In a recent presentation to commercial real estate association NAIOP, Brian Lee Crowley, managing director of the Macdonald-Laurier Institute in Ottawa, argued that high housing prices were at odds with economic growth.

“All of the net job creation in Canada for the last few years has taken place in Vancouver and Toronto,” Crowley said.

“They are precisely the two markets where blue-collar workers and middle-class workers are most likely to find it prohibitively expensive to move, denying both job opportunities and the home ownership that is perhaps the key to durable membership in the middle class.”

Yet workers have few options for well-paying jobs outside the major cities, undermining the growth of these areas.

Yet for the regional centres caught between the big cities and the small towns of the B.C. Interior, there’s a glimmer of hope.

The short-term political impact of rising home prices may be a raft of measures to soothe voters, but Amrit Manhas, CEO of the Nanaimo Economic Development Commission, expects the long-term effects of the affordability crisis will benefit communities currently receiving the housing migrants.

It might not be part of the province’s job plan, but as a new generation seeks affordable housing, it’s bringing fresh talent in search of opportunities to towns in need of revitalization.

The housing shift may seem like a bad-news story for a major city like Vancouver, but Manhas, who was raised in the Lower Mainland, said it may well prove more positive for the province than it seems.

Vancouver, she pointed out, continues to grow. Meanwhile, smaller towns are absorbing the overflow as upward pressure on house prices carries buyers into new territory.

“It’s doing so well it’s spilling over to other regions,” she said of Vancouver’s development.
https://www.biv.com/article/2017/4/v...effects-acros/
Reply With Quote
     
     
  #2  
Old Posted Apr 8, 2017, 9:20 PM
sunsetmountainland sunsetmountainland is offline
SUSPENDED
 
Join Date: Jun 2011
Location: Another great post taking place from the best place on earth!
Posts: 1,147
If I recall correctly. I remember reading that when the economy is really good in Vancouver the population does not grow as fast as it becomes less affordable, while places such as regional cities on Vancouver island and the rest of B.C. tend to grow faster.

When the economy is not as strong Vancouver grows faster because it is those same places that people tend to leave to find work in Vancouver.
Reply With Quote
     
     
  #3  
Old Posted Apr 9, 2017, 1:32 AM
240glt's Avatar
240glt 240glt is offline
HVAC guru
 
Join Date: Sep 2006
Location: EDM ->->-> Okanagan
Posts: 10,405
We've just started seriously looking for a 2-4 acre parcel of semi-rural bare land in & around the north Okanagan, and I'm a little surprised at what the admission fee is going to be for property in the areas we're looking. There's also a fair number of high end properties that look like they've been for sale for a while

Prices have gone up in the area over the years, but for the interior I think it's generally less what the local Vancouver economy is doing and more so what the Calgary economy is doing
Reply With Quote
     
     
  #4  
Old Posted Apr 9, 2017, 2:43 AM
sunsetmountainland sunsetmountainland is offline
SUSPENDED
 
Join Date: Jun 2011
Location: Another great post taking place from the best place on earth!
Posts: 1,147
Quote:
Originally Posted by 240glt View Post
We've just started seriously looking for a 2-4 acre parcel of semi-rural bare land in & around the north Okanagan, and I'm a little surprised at what the admission fee is going to be for property in the areas we're looking. There's also a fair number of high end properties that look like they've been for sale for a while

Prices have gone up in the area over the years, but for the interior I think it's generally less what the local Vancouver economy is doing and more so what the Calgary economy is doing
I suppose it is different in certain areas of the Interior because the news I have been reading says the same that there is not enough on the market for the demand from the buyers. Perhaps Vernon is in a different situation?

For both Kamloops and Kelowna the news seems to be pretty much the same.

https://www.kamloopsthisweek.com/low...ales-kamloops/

https://www.castanet.net/news/Kelown...or-home-buyers
Reply With Quote
     
     
  #5  
Old Posted Apr 9, 2017, 2:47 AM
canucklehead2 canucklehead2 is offline
Registered User
 
Join Date: Feb 2004
Location: YEG
Posts: 6,103
With my job ending (whether I like it or not) next year, I am also planning on making my way across the divide. I'm planning more of Valemount-area hunt for reasons of affordability and the fact that next year it looks like the new Whistler will finally get underway...
Reply With Quote
     
     
  #6  
Old Posted Apr 9, 2017, 3:04 AM
sunsetmountainland sunsetmountainland is offline
SUSPENDED
 
Join Date: Jun 2011
Location: Another great post taking place from the best place on earth!
Posts: 1,147
Quote:
Originally Posted by canucklehead2 View Post
With my job ending (whether I like it or not) next year, I am also planning on making my way across the divide. I'm planning more of Valemount-area hunt for reasons of affordability and the fact that next year it looks like the new Whistler will finally get underway...
That is a real beautiful area for sure. I have always wanted to climb Mt Robson.

Looks like the area might have some jobs.

https://ca.indeed.com/jobs-in-Valemount,-BC

Were you thinking of getting a job with the mountain resort that is getting underway?
Reply With Quote
     
     
  #7  
Old Posted Apr 9, 2017, 3:48 AM
canucklehead2 canucklehead2 is offline
Registered User
 
Join Date: Feb 2004
Location: YEG
Posts: 6,103
Nope. I'm in writing/communications or I was prior to the economic crash of 2008 which kinda derailed a lot of job prospects. My job here in Edmonton is entirely unrelated but its only got a year left on it tops so, I just want a cheap place to live in a nice mountain town with lots of potential and it seems to fit the bill. I also like that its relatively remote compared to the usual suspects which means fewer people are willing to take the risk and the winter drive so why not live in the Canadian equivalent of Valais, Ticino or Graubunden?

Plus it's not like they don't need the help getting the word out...
Reply With Quote
     
     
  #8  
Old Posted Apr 9, 2017, 5:52 PM
sunsetmountainland sunsetmountainland is offline
SUSPENDED
 
Join Date: Jun 2011
Location: Another great post taking place from the best place on earth!
Posts: 1,147
Quote:
Plus it's not like they don't need the help getting the word out...
I would love to learn more about it! Do you have info or links that would be interesting for me to read?
Reply With Quote
     
     
  #9  
Old Posted Apr 10, 2017, 6:04 AM
canucklehead2 canucklehead2 is offline
Registered User
 
Join Date: Feb 2004
Location: YEG
Posts: 6,103
Here's a bit more info on the resort plan which just passed its last hurdle last week. The timeline for opening day is December 2018. When built out it will have the third highest skiable vertical in the world at nearly 7000. http://valemountglaciers.com/
Reply With Quote
     
     
  #10  
Old Posted Apr 10, 2017, 6:34 PM
240glt's Avatar
240glt 240glt is offline
HVAC guru
 
Join Date: Sep 2006
Location: EDM ->->-> Okanagan
Posts: 10,405
Quote:
Originally Posted by sunsetmountainland View Post
I suppose it is different in certain areas of the Interior because the news I have been reading says the same that there is not enough on the market for the demand from the buyers. Perhaps Vernon is in a different situation?

For both Kamloops and Kelowna the news seems to be pretty much the same.

https://www.kamloopsthisweek.com/low...ales-kamloops/

https://www.castanet.net/news/Kelown...or-home-buyers
In the Okanagan the vacation market and the residential market are really two separate entities. not really sure what the inventory levels should be in a balanced market so can't say it it's unbalanced right now or not

The high end/ lake view/ 2nd home market is totally different from the regular market in that area, so the factors driving sales are quite a lot different
Reply With Quote
     
     
  #11  
Old Posted Apr 11, 2017, 4:05 AM
sunsetmountainland sunsetmountainland is offline
SUSPENDED
 
Join Date: Jun 2011
Location: Another great post taking place from the best place on earth!
Posts: 1,147
Quote:
Originally Posted by 240glt View Post
In the Okanagan the vacation market and the residential market are really two separate entities. not really sure what the inventory levels should be in a balanced market so can't say it it's unbalanced right now or not

The high end/ lake view/ 2nd home market is totally different from the regular market in that area, so the factors driving sales are quite a lot different
It is very low inventory levels as well as lots of buyers and this seems to be in all the larger regional markets. Vancouver, Victoria, Kelowna, Nanaimo, and Kamloops anyways they seem to have very low inventory right now. I suppose some of that is the question what do I buy when I sell? Because there is nothing on the market to buy!So no one is selling because there is nothing to buy.
Reply With Quote
     
     
  #12  
Old Posted Apr 11, 2017, 4:08 AM
sunsetmountainland sunsetmountainland is offline
SUSPENDED
 
Join Date: Jun 2011
Location: Another great post taking place from the best place on earth!
Posts: 1,147
Quote:
Originally Posted by canucklehead2 View Post
Here's a bit more info on the resort plan which just passed its last hurdle last week. The timeline for opening day is December 2018. When built out it will have the third highest skiable vertical in the world at nearly 7000. http://valemountglaciers.com/
Thanks for that information. That is going to be some really awesome skiing!
Reply With Quote
     
     
  #13  
Old Posted Oct 5, 2017, 4:32 PM
240glt's Avatar
240glt 240glt is offline
HVAC guru
 
Join Date: Sep 2006
Location: EDM ->->-> Okanagan
Posts: 10,405
Inventory levels appear to have improved a little in the Okanagan and it feels like prices are softening up a tad. No suprise given the time of year. We've got a property for sale in Edmonton right now, hoping it sells within the next few months as we'd like to use the equity to pick up a piece of bare land somewhere near Vernon or Lake Country
Reply With Quote
     
     
  #14  
Old Posted Nov 14, 2017, 5:03 PM
240glt's Avatar
240glt 240glt is offline
HVAC guru
 
Join Date: Sep 2006
Location: EDM ->->-> Okanagan
Posts: 10,405
Interesting article on affordability in several BC cities.

I've been following trends in the interior lately, as well as following some community forums, and affordability is a major concern not only in Vancouver but a number of cities. Wages don't seem to be keeping up with rising prices, and even some smaller towns have really grappled with problems related to homelessness and affordability for residents this summer

http://www.cbc.ca/news/canada/britis...uver-1.4397508
Reply With Quote
     
     
  #15  
Old Posted Nov 27, 2017, 12:29 AM
240glt's Avatar
240glt 240glt is offline
HVAC guru
 
Join Date: Sep 2006
Location: EDM ->->-> Okanagan
Posts: 10,405
Here's an article from the 100 Mile House Free Press regarding a fourplex that a local dentist hoped to build. It's interesting to see that small towns are having the same type of problems as big cities with regards to how to integrate density into mature areas

Most good rental housing in the 100 Mile House area is on larger properties outside of town. Most of the rental stock in the town proper is in really poor shape. The article states that the dentist was having problems retaining professionals because of the lack of decent rental housing

http://www.100milefreepress.net/news...fourplex-plan/
Reply With Quote
     
     
  #16  
Old Posted Dec 8, 2017, 12:26 AM
SpongeG's Avatar
SpongeG SpongeG is online now
Registered User
 
Join Date: Jun 2006
Location: Coquitlam/Rainbow Lake
Posts: 31,094
Australian company increases B.C. oil and gas holdings in November’s land rights sale

Quote:
On November 15th, a total of 12 parcels of land were on the auction block, though only four drilling licenses were purchased. The auction raised a paltry $672,221.59 for provincial coffers, which is far lower than in October’s sale, which netted just over $2.5 million. Of the 3,975 hectares of drilling rights that were picked up, the highest was a 782-hectare parcel that went for roughly $206,000.

Australia’s Calima Energy announced in a press release today that it increased its acreage in Northeast B.C. by approximately 1,100 hectares during the most recent provincial auction. The company said that with the land picked up last month, it has increased its holdings in the liquids-rich Montney Basin by four percent, to a total of 28,589 hectares.
https://energeticcity.ca/2017/12/aus...d-rights-sale/
__________________
belowitall
Reply With Quote
     
     
  #17  
Old Posted Dec 8, 2017, 6:25 AM
SpongeG's Avatar
SpongeG SpongeG is online now
Registered User
 
Join Date: Jun 2006
Location: Coquitlam/Rainbow Lake
Posts: 31,094
Building numbers in Fort St. John increased during the fall



FORT ST. JOHN, B.C. — After a lacklustre first nine months of the year, the value of construction in Fort St. John picked up slightly in October and November.

According to the latest building numbers from the City, the value of construction in October totalled roughly $6.9 million, while in November the total was approximately $12.2 million. In October, the city granted permits for a total of seven projects: three commercial properties, one industrial property, and three garages or renovations.

The one industrial property owned by LPC totalled $4.85 million. Last month, the lion’s share in the value of building starts was held by a 50-unit apartment building on 93rd Ave, which is valued at $9 million. So far this year, the value of construction in the Energetic City totals $54.49 million, which is roughly $25 million lower than at this point in 2016.

...

https://energeticcity.ca/2017/12/bui...ncreased-fall/
__________________
belowitall
Reply With Quote
     
     
  #18  
Old Posted Dec 14, 2017, 11:07 PM
240glt's Avatar
240glt 240glt is offline
HVAC guru
 
Join Date: Sep 2006
Location: EDM ->->-> Okanagan
Posts: 10,405
Vernon BC approves a fairly substantial laneway housing project just south of the downtown area, touted as an affordable alternative for residents.

Vernon and the Okanagan in general is in a bit of a housing crisis at the moment, with significant affordability issues and a lack of affordable product on the market. These types of developments may become more popular in areas that are struggling with affordability

Vernon multi-density housing project applauded

The evolving residential landscape of Vernon was at the heart of development variance permit for eight row housing units on two lots at the corner of Mission Road and 16th Avenue.

While a laneway neighbour of the property called the density housing design “greedy,” city council endorsed the project as an affordable housing options for local residents.

The proposal calls for a multi-unit development on what is currently five individual lots at 1601 and 1603 Mission Road.

The development will consist of one single detached unit fronting on Mission Road, and eight row-housing units contained within two four-plex buildings, all fronting on 16th Ave.

https://www.vernonmorningstar.com/ne...ect-applauded/
Reply With Quote
     
     
  #19  
Old Posted Jan 12, 2018, 7:17 PM
240glt's Avatar
240glt 240glt is offline
HVAC guru
 
Join Date: Sep 2006
Location: EDM ->->-> Okanagan
Posts: 10,405
Some interesting food for thought regarding real estate prices in the Okanagan,

I decided to look at assessed values vs. list prices on some homes for sale in Vernon. All in the sought after East Hill area, the differences between assessed value and asking prices are significant

2703 15st- asking: $549k assessment: $385k
3800 16st- asking: $489k assessment: $359k
1607 Pottery Rd- asking: $479k assessment: 368k
4404 Wellington Dr- asking: $665k assessment: $534k
928 34ave- asking: $865k assessment: $713k

You see asking prices above assessed value fairy often, not uncommon. But These are major discrepancies. Are municipalities short-changing themselves by under-assessing property ?
Reply With Quote
     
     
  #20  
Old Posted Jan 12, 2018, 11:51 PM
Abii Abii is offline
Registered User
 
Join Date: Nov 2014
Location: Vancouver
Posts: 82
Quote:
Originally Posted by 240glt View Post
Some interesting food for thought regarding real estate prices in the Okanagan,

I decided to look at assessed values vs. list prices on some homes for sale in Vernon. All in the sought after East Hill area, the differences between assessed value and asking prices are significant

2703 15st- asking: $549k assessment: $385k
3800 16st- asking: $489k assessment: $359k
1607 Pottery Rd- asking: $479k assessment: 368k
4404 Wellington Dr- asking: $665k assessment: $534k
928 34ave- asking: $865k assessment: $713k

You see asking prices above assessed value fairy often, not uncommon. But These are major discrepancies. Are municipalities short-changing themselves by under-assessing property ?
Assessments are from July. I don't know how it is outside of Vancouver, but those assessments can be off depending on the type of property (based on current demand). I remember a couple of years ago a townhouse close to my parents' house selling for 250k+ over asking, which was already over what the July assessed value was lol
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Regional Sections > Canada > Alberta & British Columbia
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 5:47 PM.

     

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2018, vBulletin Solutions, Inc.