Jeff Booth

Another interesting article covering the future of the Fraser Valley's economy. This one in B.I.V. by Glen Korstrom . There is great opportunity BUT many obstacles to overcome in order to allow the opportunities to become realities. Take a read of this article and share your constructive, solution-oriented thoughts below. Together we can find work arounds to make it happen. https://lnkd.in/gK4bBdku

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Vancouver zoning update unlocks industrial office opportunities 🔹Changes to Vancouver zoning bylaws will allow for wider and more creative use of coveted industrial land. 🔹The city’s updated I-2 zoning regulations aim to address maximize industrial land use amid low industrial vacancy by allowing certain kinds of tenants to occupy the upper floors of light and medium industrial buildings. 🔹The vacancy rate for industrial land in Metro Vancouver reached 1.4 per cent, as of the fourth quarter of 2023 🔹The average asking rent for industrial land in Metro Vancouver was $21.44 per square foot in the fourth quarter of last year 🔹The zoning update will allow office tenants in medical, dental, legal, accounting, real estate, insurance and other industries to utilize industrial land 🔹The new zoning will apply to all I-2 zones in Vancouver https://lnkd.in/d6bMdYDY #vancouverrealestate #realestatemarketupdate #realestate #realestateinvesting #vancouver #canadianrealestate #Commercialmortgages #Residentialmortgages #mortgages #mortgagebroker

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📢 It’s that time of year again! Calling all new Canadian Sustainable Proptech startups! We're updating this year's #sustainableproptechcanada report and are looking for new companies!! Tag them below ⬇️

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Canada's booming! With 400,000 new residents each year and a total growth of 5 to 6 million over the last decade, it's clear that immigrants are fueling our growth. They're not just moving into apartments; they're starting businesses, energizing communities, and contributing significantly to our economy. Universities and landlords are thriving thanks to this influx. So why not embrace this dynamism? Let's adopt the hardworking and smart approach of our new neighbors. Remember, immigration enriches our society and has a hugely positive impact on the real estate market.https://https://lnkd.in/gFr-AE4S

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June 2024 CREA recap Penelope Graham, Director of Content July 15, 2024 The latest report from the Canadian Real Estate Association (CREA) shows transactions increased 3.7% between May and June, a result of the Bank of Canada’s quarter-point rate decrease on June 5th. “It wasn’t a ‘blow the doors off’ month by any means, but Canada’s housing numbers did perk up a bit on a month-over-month basis in June following the first Bank of Canada rate cut,” said Shaun Cathcart, CREA’s Senior Economist. “Year-over-year comparisons don’t look great mainly because of how many buyers were still jumping into the market last spring, but that’s a story about last year. What’s happening right now is that sales were up from May to June, market conditions tightened for the first time this year, and prices nationally ticked higher for the first time in 11 months.” Compared to the same month in 2023, sales are down -9.4%, with a total of 45,654 homes trading hands. New home supply outweighs sales However, sellers continue to flood the market with new listings, well offsetting sales activity. A total of 180,000 properties were listed for sale by the end of the month, up 26% on a year-over-year basis. However, CREA points out, new listings increased just 0.5% from May, which could indicate the inventory glut that’s grown across Canada may be slowing. The supply of new homes is growing most in the Greater Toronto Area and Vancouver markets, points out CREA, which has dialed down the pressure for buyers in those cities and given them plenty of choice. Average home price down nearly 2% from 2023 As well, soft sales and plentiful supply has done little to support price growth, with the national average home price dipping -1.6% in June to $696,179. The MLS Home Price Index, which measures the most typical type of home sold, also slid by 0.1% on a monthly basis, and down -3.4% annually. Home prices have fallen in most markets across Canada with the expectation of the Prairies – Calgary, Edmonton, and Saskatoon continue to see price increases – as well as Montreal and Quebec City The association now expects a total of 472,395 residential properties to sell in 2024, a 6.1% increase from 2023. This is a decrease from its previous forecast of 492,083 transactions and 10.5% increase. Then, in 2025, sales will rise another 6.2% to 501,902 transactions as “interest rates continue to decline and demand continues to flow back off the sidelines.” This is down from the previously called for 7.8% increase, with 530,494 sales. The national average home price is to increase a total of 2.5% in 2024 to $694,393, and then increase another 5% in 2025 to $729,319. Previous forecasts had called for growth of 4.9% this year to $710,120, and by 7% in 2025 to $760,120. Looking to buy, sell, rent, invest in Kelowna/Vancouver? Call Paul www.vancityurbanliving.ca www.kelownaurbanliving.ca

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