The Tillicum Centre has changed hands for a cool $110 million. The shopping complex -- in Saanich, British Columbia -- is now the latest holding for Crestpoint Real Estate Investments and Anthem Properties. The real estate deal was inked at the beginning of February and further diversifies each company's investment portfolio.
The federal government may step in with some sort of financial help for younger people aiming to own their own homes. In British Columbia as in other provinces, the dream of homeownership is slipping away from many, especially millennials. Escalating prices and federal stress tests have made owning real estate a far-fetched notion for many Canadians. The federal Liberals are on a mission to engage younger voters for a strong election turnout, according to some analysts.
Many young professionals are high-tailing it out of Vancouver. These 20- and 30-somethings are heading for places where real estate is more affordable -- like Kelowna. The high cost of living in the most expensive British Columbia city is getting a little stressful and unaffordable for many, especially for the young. And because real estate is so expensive in Vancouver, renters are often turfed out of their homes through no fault of their own, but because the owners are selling for big bucks.
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.
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.
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.
Could it be possible that what is happening in the housing market in Canada could have an effect on the birth rate? Some real estate experts say yes. With burgeoning prices, some couples, including those in British Columbia, are opting to buy condos instead of single family homes and that could mean delaying starting a family. A recent study points to some interesting findings regarding real estate and birth rates.
Buying a condominium or home is often one of the highest-value transactions that a person will make. Given how much is on the line, it makes sense that a person would want to ensure that every detail is considered before finalizing their purchase.
The new provincial government in B.C. wants a review of the real estate regulatory system. The NDP government wants to have its own report regarding the regulation of real estate, even though regulators faced a major overhaul two years ago under the Liberals. Apparently, the fledgling government wants to ensure regulators are acting in the best interests of British Columbia residents.
A new tax slapped on out-of-province purchasers of real estate has the Okanagan Mainline Real Estate Board (OMREB) adding its two cents to the conversation the move has created. The board president believes the tax will create hardship in the Okanagan real estate economy as well as in other British Columbia locations. The perceived unintended consequences the tax may create -- particularly towards Albertans who own property in B.C. -- is concerning.