British Columbia real estate market moves into recession

On Behalf of Porter Ramsay LLP | Dec, 31, 2018 | Real Estate Law

After a volatile decade or so, the real estate market in British Columbia is expected to remain rather sedate over the next few years. In fact, according the latest figures, the real estate market in the province is experiencing a mild recession. It doesn’t look as though that is going to change anytime soon. In what has been a seller’s market in the lower mainland, declining sales and lower prices have turned the climate into one which favours buyers. There was a 17 per cent drop in the number of residential real estate transactions in the province in 2018. The median... View Article

First drop in years in real estate prices on West Coast

On Behalf of Porter Ramsay LLP | Dec, 19, 2018 | Real Estate Law

Property prices have finally dropped in Vancouver — for the first time in many years. Prices in British Columbia’s largest West Coast city have been climbing, until now, since 2013. The Real Estate Board of Greater Vancouver said the numbers do not come as a shock, considering additional inventory and a decrease in sales. Still, Vancouver and the surrounding region is one of the most expensive in the country for real estate, with the average home priced at more than $1 million.  There were more than 1,600 in sales in Vancouver in November — a decrease of more than 18... View Article

Real estate law: Only 4 areas in British Columbia are affordable

On Behalf of Porter Ramsay LLP | Dec, 04, 2018 | Real Estate Law

Homeownership is becoming more difficult for many British Columbians. In fact, there are apparently only four areas in British Columbia that are affordable when calculated against total household income. Many residents won’t be able to afford to buy a home in the province, especially with the federal real estate law that governs the financial stress test. The City of Vancouver has always been known as being one of the most expensive places to purchase real estate, but most all places have now earned that distinction. A recent study compared the minimum income needed to buy a home in major areas... View Article