$3.6 million provincial funding to enhance regional airpot infrastructure-B.C’s

March 18th, 2021

Northern B.C. airports share $3.6 million in government funds

Tom Summer and Glacier Media
Western Investor

 — Northern Rockies Airport, Fort Nelson, B.C. | Northern Rockies Airport

Nine regional airports across northern B.C. are slated to receive $3.6 million in provincial funding.

The funding is part of B.C.’s COVID-19 economic recovery plan and B.C. Air Access Program grants. Transportation Minister Rob Fleming says the pandemic has caused hardship and financial stress for the aviation sector and community airports throughout BC.

“But we’re also looking to better days ahead, post-pandemic. That’s why we’re taking action to support communities with important infrastructure upgrades so we can boost jobs, tourism and trade that will give us a head start with B.C.’s economic recovery,” said Fleming.

The funds will enhance local airport infrastructure such as upgraded taxi lanes, new airside paving, and green building projects. The nine airport projects being funded are as follows:

• Atlin Airport – $445,460 to update and retrofit airfield lighting and modernize fuel system

• Kitimat Air Park – $822,913 for runway and taxiway improvements;

• Mackenzie Airport – $127,500 for well construction for airport fire suppression system;

• McBride Airport – $401,687 for access road culvert replacement;

• Northern Rockies Airport, Fort Nelson – $163,726 for electric-metered fuel system upgrade for avgas and jet fuel;

• Prince George Airport (Project 1) – $299,250 for replacement of old back-up generator;

• Prince George Airport (Project 2) – $196,500 for runway hold signs;

• Tumbler Ridge Airport – $326,250 for replacement of airport lighting;

• Vanderhoof Airport – $490,083 for apron and taxiways rehabilitation.

The air access program is entering its seventh year, with $32.5 million committed to 51 airports since 2017. More than 300 public airports, heliports and water aerodromes exist in BC; grant applicants are assessed based on need, safety, environmental improvements and essential access.

 

© Copyright 2020 Western Investor 

Zone RT-2 Two Family Residential unit sold for $11.5 million located 4940 & 4958 Main Street, Vancouver

March 18th, 2021

Main Street 0.42 acres with holding property sells for $11.5 million

Goodman Commercial Inc.
Western Investor

— Goodman Commercial Inc., Vancouver, for Western Investor

Property type: Development land

Location: 4906, 4924, 4936, 4940 & 4958 Main Street, Vancouver

Size of property: 52,576 square feet

Number of units: 65 (residential); 4 commercial

Land size: 18,847 square feet

Land size in acres: 0.42 acres

Zoning: RT-2 (Two-family residential)

Potential: Floor-space-ratio (FSR) 3.3

Sale price: $11.5 million

Brokerage: Goodman Commercial Inc., Vancouver

Brokers: Mark Goodman and Cynthia Jagger

 

© Copyright 2020 Western Investor 

City Hall rejected a proposed 11-storey condo building across from a subway station for being too tall

March 18th, 2021

Dan Fumano: At key Kits corner, condos rejected and social housing pitched

Dan Fumano
The Province

Serena Eagland in front of lot at West 8th and Arbutus in Vancouver. Photo by Arlen Redekop /PNG

Social housing, market condo development, the terminus of multi-billion dollar rapid transit line: There’s a lot of city-building conversations right now centred on the intersection of West Broadway and Arbutus.

City hall recently rejected an 11-storey condo building proposed for one corner of the intersection, a case many knowledgeable observers described as highly unusual. Meanwhile, just across Arbutus, the city is looking to partner with the province on a 12-storey supportive housing building.

Between those two sites, on the intersection’s northeast corner, work recently began on the planned end of the line for the $2.8 billion Broadway subway.

The condo building proposed for the northwest corner, currently home to a gas station, was refused last month by Vancouver’s development permit board after board members cited concerns about the project’s height.

Such rejections are rare. This was only the second application in almost 15 years, out of more than 100, to reach that stage in the process with city staff’s recommendation, and then get turned down at the last minute.

Not every potential real estate project gets to that stage: Generally by the time a project comes to the development permit board, the proponent has been working with city staff for years to refine the project, so that when staff tell the board it complies with zoning rules and recommend approval, the board usually approves.

In fact, the board’s only other project refusal in the last decade-plus led to litigation. After the board refused a controversial 2017 proposal for 105 Keefer St. in Chinatown, the developer Beedie sued the city, a case that, coincidentally, was in court this week.

But the recently rejected proposal from Bastion Development for Broadway and Arbutus is quite different from Beedie’s 2017 Chinatown project. The Beedie project was hugely controversial, the subject of fierce protests and council debates.

Bastion’s Broadway project, however, was not controversial.

It was not even widely known, as development board meetings do not tend to be high-profile events. City Duo, a Vancouver blog that keeps a close eye on urban growth, first reported the board’s rejection, calling it “stunning news.”

Among those aware of the project, it actually appears to have been popular: Out of 119 comments the city received through community engagement, 87 were in favour of the project, 18 were opposed, and 14 had mixed views, an unusually high level of support for such a project.

The development board’s three senior city staffers all voted against the Bastion project. One of them was Theresa O’Donnell, who was the city’s deputy director of planning at the time, but was earlier week appointed acting chief planner after Gil Kelley’s departure was announced.

When O’Donnell cast her vote against Bastion’s proposal at last month’s board meeting, she noted concerns about the project’s height, as did one of her colleagues.

In early March, she explained she and her colleagues on the board were “constrained by the existing regulations in place today, which prevented us from getting to where this applicant wanted to be.”

When asked if she believed that meant her staff had made a mistake by recommending approval, she said she did not believe staff had erred.

The proposed building’s height exceeded the guidelines for the area — but the zoning allows for taller buildings to be approved there, subject to the city’s discretion.

Asked about the rejection, O’Donnell acknowledged: “It is subjective. Had they (the proponents) come in with a superior application, we might have been able to get there.”

Arbutus is planned to be the line’s westernmost end, unless it extends to UBC, as city council, the university, and the local First Nations’ development corporation want.

O’Donnell understands, she said, confusion from some observers that this kind of density wouldn’t be supported across the street from a transit station.

“We do want to see development at the station that’s commensurate with being at this significant public investment, we’ve committed to TransLink that we are going to densify around these stations, we want to be able to do that,” she said.

“We acknowledge those existing regulations are out of date, and that’s why the Broadway Plan is in progress,” O’Donnell said, adding that if the application had come in after the Broadway Plan was in place, expected to be later this year, it might have seen a different result.

“We anticipate the Broadway Plan will allow additional considerations, so it’s really more of a timing thing. Timing is everything.”

Charles Montgomery, the urbanist and author of Happy City, wrote on Twitter that the Bastion decision — an 11-storey residential development across from a subway station rejected for being too tall — represented “so much of what is wrong with Vancouver.”

But “the bigger issue,” Montgomery said when reached by phone, was what that rejection could mean for the 12 storeys of social housing proposed across the street.

 

Charles Montgomery, editor of book, Happy Cities in Vancouver Photo by Nick Procaylo /PNG

The public comment period for that supportive housing project, which would provide 140 homes for local adults, seniors and people with disabilities at risk of homelessness, runs until the end of March.

O’Donnell said the Bastion project’s rejection means “nothing either way” for the supportive housing’s prospects.

The strata president of the townhouse complex across the alley from the Bastion site, Diana McMeekin, a retired real estate development consultant, supported Bastion’s condo proposal and was very surprised it “was rejected.”

But she opposes the B.C. Housing building. McMeekin says she and her neighbours have concerns about the supportive housing building’s design — which she called “colossally out of scale” — as well as its location across the street from an elementary school and a playground.

Not every neighbour agrees.

Serena Eagland, a 30-year-old nurse, is part of a group of Kits residents banding together to support the supportive housing project. Eagland’s group, which includes homeowners, renters, landlords, co-op residents, young families and seniors — “every demographic you can think of,” she says — feels so lucky to enjoy such a great neighbourhood that they feel an obligation to speak up for the less fortunate. She thinks the city needs more market housing so she has no objections to Bastion’s 11-storey condo proposal, but she cares a lot more about seeing the supportive housing built.

“As people who typically have good access to employment, health care, and housing, we just strongly feel everybody deserves the same sort of access,” Eagland said. “As a community member of Kits, it’s kind of my responsibility to support that happening.”

The Arbutus subway station will be located at Broadway and Arbutus. PNG

As another sure sign of the big changes coming to Broadway and Arbutus, the days are numbered for the intersection’s most prominent landmark: the massive retro Fletchers Fabricare sign that’s been rotating above the southeast corner for half a century.

After TransLink bought the property from Fletchers in 2018, the dry cleaner has remained as a client, but they know their lease will end eventually, said managing partner Cameron Bastien. They’ve already opened a second Fletchers a few blocks further west on Broadway.

“It’s going to be a tear-jerker” the day the original Fletchers closes and that sign stops spinning, said Bastien. “But we need to embrace change.”

 

© 2021 The Province

More tips for this generation regarding Mortgage Lending during this pandemic

March 17th, 2021

A New Era in Mortgage Lending – Winning the Bidding Wars in a Red-Hot

Michelle Hopkins
REW

A booming housing market:

The housing market has been on fire during the pandemic, with record-low mortgage rates and a sudden wave of relocations made possible by remote work. With home prices pushing new boundaries as buyer demand continues to surge, that translates into a red-hot market where buyers need to act fast – especially when it comes to securing a mortgage.  

Technology changing our real estate buying habits: 

Technology has vastly changed our world. Where shopping for a new home once meant heading to one Open House after another, has now gone virtual. At the click of our mouse, we can take virtual tours of the style of home we are looking for, in our preferred neighbourhood, in our price range. 

As more people do business from the comfort of their couch, they are also looking for the convenience and speed to shop around for the best mortgage rate. Traditionally, consumers shop around with multiple lenders or they ask their lender to match a lower rate offer. Both of these methods can be time consuming.

A new way to shop for a mortgage rate:

Now, there is an alternative. WiiBid is a digital auction platform that enables you to obtain the best mortgage rate possible from a roster of reputable lenders.

With an emphasis on consumer-friendly, innovative technology, WiiBid puts the mortgage seekers in the driver’s seat and gives them the autonomy to control the entire process by using auction to create competition amongst lenders, then selecting, and accepting the best offer suitable to their needs. 

According to WiiBid CEO and licensed Mortgage Broker, Mr. Amin Eskooch, “WiiBid brings borrowers and lenders together”. Allowing prospective mortgage seekers to compare bids from qualified lenders, manage documents, and maintain data security online  and take control of their own mortgages—The platform  provides convenience, savings, and speed from the comfort of your home. 

“Users would simply fill out an application online, which typically takes under 10 minutes, then the application is exposed to multiple lenders,” says Mr. Eskooch. “Lenders can then compete for your mortgage business, which translates into 75 per cent faster process and better interest rates, all under a very secure portal.” 

In chatting with Mr. Bains, a recent WiiBid customer, he explained that he enjoyed using the platform and felt empowered as the lenders bid for his mortgage. “I got three offers at the auction in no time, without even having to talk to anyone.” Mr. Bains also commented on the transparency, security, and simplicity of the process: “I received real time status updates and support along the way, saving substantially, by shaving 1.25 per cent off my mortgage.”

Playing by new, stricter rules 

Another reason WiiBid is attracting attention are the tighter mortgage rules put in place in 2020, which many people now find themselves outside the strict guidelines set out by the banks.  Canada Mortgage and Housing Corporation (CMHC) changed its new debt-ratio formula that applies to insured mortgages for those with less than 20 per cent down payment, resulting in a reduction in homebuying power for some consumers. For example, those who are self employed need to find alternative lenders, such as Alpine Credit, Lanyard, Carevest, and more.  

In summary, innovative new technology platforms like WiiBid enable consumers to take control of their own mortgages, control their own data, and ultimately secure their own mortgages.

 

© 2021 REW.

Canadian home price continue to increase 0.5 percent in February

March 17th, 2021

Canadian home price growth accelerates again after 3 months of slowing: Teranet

Sean MacKay
Livabl

A closely watched Canadian home price index has taken off again following three consecutive months of slower price appreciation.

The latest reading of the Teranet-National Bank Home Price Index showed national home prices rose 0.5 percent in February from the month before, with four local markets — Halifax, Hamilton, Vancouver and Quebec City — posting particularly strong monthly gains.

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While home prices continued to increase between November and January, their rate of growth was declining on a monthly basis. February’s index reading, published today, is higher than January’s 0.3 percent monthly gain, so this indicates that home price appreciation is accelerating again.

Other local markets that saw monthly gains in February were Montreal, Victoria, Calgary and Toronto, with each market recording a modest increase between 0.4 percent and 0.5 percent. Meanwhile, Winnipeg’s local index was flat, while Edmonton and Ottawa-Gatineau posted relatively small monthly declines.

It was a different story when looking at annual index price growth. All 11 local markets that make up the composite index recorded annual increases, with Ottawa-Gatineau, Halifax, Hamilton, Montreal and Toronto all recording double-digit gains between 10 percent and 19 percent.

You may be thinking, ‘All I’ve been reading for months is how home prices have been soaring. What was this slowdown they’re talking about?’ Teranet and National Bank use a different methodology than the Canadian Real Estate Association (CREA) and local real estate boards when compiling their home price index. Because of this, the index is known to lag sales and price activity that’s picked up quicker in the monthly reports published by the realtor boards.

Its repeat sales methodology works by tracking the price change between the two most recent sales of the same property. The index uses prices entered into public land registries in the Canadian markets it tracks. These often are slower to respond to market changes because sale price data is not added to land registries as quickly as it’s entered into the MLS systems used by realtor boards.

In commentary that accompanied the data, National Bank Economist Daren King noted that February’s index rise “is consistent with the increase in the number of home sales over the last several months” reported by CREA.

King said that the number of sales pairs used to compile the 11 local indexes was higher than a year ago for the sixth month in a row. Considering the Canadian housing market has been hotter than ever in early 2021, it’s likely that this will be captured by Teranet and National Bank in the months ahead with the index trending higher.

 

© 2020 BuzzBuzzHome Corp.

Canadian home price continue to increase 0.5 percent in February

March 17th, 2021

Canadian home price growth accelerates again after 3 months of slowing: Teranet

Sean MacKay
Livabl

Canadas real estate market is getting stronger – learn how to take advantage on it

March 17th, 2021

Canada’s real estate market is booming-here’s how you can take advantage

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Photo by Tierra Mallorca /Unsplash

Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page.

This article was created by StackCommerce. Postmedia may earn an affiliate commission from purchases made through our links on this page.

There’s a ton of cash to be made in real estate and with the Canadian market booming, there’s no better place to invest. Real estate has always been a tried and true way of diversifying an investment portfolio, but with such large sums of money involved, you shouldn’t go in blind. Consider the risks, the strategies and the benefits and learn how to best navigate them by first investing in some dedicated real estate investing training.

An investment-friendly tax system

One of the best things about buying real estate in Canada is taxation. Compared to other countries, the system here is pretty encouraging to property investors. Advantages of buying property in Canada include amortization of the purchase price of 4 per cent per year, light taxation of income made from investment properties, no residency or citizenship requirement for buying and owning property, a beneficial tax credit system, and others worth a closer look.

Accessibility and affordability 

In Canada, the real estate sector has been exhibiting consistent growth in most urban and sub-urban areas, but accessibility still exists in comparison to other major cities around the globe. For example, in Paris, the cost per square meter can be as high as 10,000 euros versus 2,000 to 3,000 euros in Canada. Living in a well-situated area is not only plausible in Canada, it is relatively affordable.

Short- and long-term growth

Determining which areas offer growth potential in the short-term versus the long-term can help guide your strategy. If you’re looking to invest short-term — perhaps with a renovation and flip — you need to find a hot location with some inventory in need of TLC. If a long-term investment is more your deal, then buying something at a lower cost to sell later at a better price requires strategic planning.

If you’ve got some cash kicking around, with planning and strategic thinking, you can make some serious money in real estate. Want to learn more about that planning and strategy? The eight-course Complete Real Estate Investing Bundle offers an education with well-reviewed classes taught by top-rated industry pros. It’s a pretty solid solution that can decrease your risk of a bad investment if you apply your newfound knowledge in a meaningful way.

This online training offers 14 hours of insight on how to flip houses, how to build a cash buyers list, understanding the barriers and breakthroughs of wholesale real estate, the ins and outs of master probate real estate, and much more across 224 lessons.

The Complete Real Estate Investing Bundle retails for over $2k and is on sale for $37.99, a discount of 98 per cent.

 

© 2021 Financial Post

Rental prices drop in metropolitan cities but Vancouver city remains number 1 on spots

March 17th, 2021

In Burnaby, $1,660 a month for a one-bedroom: Rental rates reveal a big-city exodus

Shari Kulha
The Vancouver Sun

Rental rates in Toronto and Vancouver drop dramatically, while Windsor comes on strong. Photo by Ernest Doroszuk/Postmedia Network/File

It’s status quo on the country’s list of most expensive cities to rent. Despite seeing its rental prices drop, Vancouver still ranks No. 1, with Toronto a close second. The rental rates there and in many other cities have fallen, following from pandemic changes many residents made to their lifestyles.

According to rental search site PadMapper.com’s March rent report for Canada, prices in Toronto and Vancouver as of March 2021 have hit four-year lows. Vancouver’s one-bedroom rent was at $1,900, down 13.6 per cent year over year, a low it hasn’t been at since March 2017, while Toronto’s one-bedroom rent was at $1,750, off 21.5 per cent, a low it hasn’t touched since February 2017.

As people have left the denser urban areas for nearby suburbs and exurbs, the increased demand has  caused prices to rise in those markets. Burnaby, a populous suburb abutting Vancouver, saw prices for a one-bedroom unit fall, by 7.8 per cent from March 2020 and by 6.4 per cent for a two-bedroom, but Abbotsford, an hour farther east, had the country’s highest price increases. One-bedroom rental price rose 20.2 per cent from March 2020 and a two-bedroom rose 14 per cent. Abbotsford rates are approximately $600 and $900 lower, respectively, than Vancouver’s.

In Barrie, Ont., 90 minutes north of Toronto, one-bedroom rental rates rose 12.9 per cent over the year, but pulled back in March 2021 by 4.8 per cent for a one-bedroom, landing at $1,570 per month. Two-bedroom units there rose 1.2 per cent over the year to $1,690, with a 5.1 per cent pullback in March. Hamilton, 90 minutes west, registered rental increases of 6.2 per cent and 8.3 per cent respectively year over year. Oshawa, 90 minutes east, posted one-bedroom rents up 0.7 per cent to $1,390 and two-bedroom rates up 2.8 per cent to $1,490.

Windsor, Ont. saw the country’s highest price rise year over year, at 21.1 per cent, reaching $1,380 for a two-bedroom unit. One bedrooms there are available at a median price of $1,100, up 10 per cent over the year.

The three markets with the highest month-over-month one-bedroom gains were Abbotsford, Oshawa and Kelowna. Aside from Toronto and Vancouver, the steepest drops were seen in Quebec, Montreal and St. John’s.

Across the rest of the country, rents essentially stabilized from the double-digit year-over-year declines experienced as a result of the pandemic.

Overall, rents rose in nine cities, six stayed flat and rates in nine markets fell.

Padmapper’s Canadian Rent Report analyzed rental data from hundreds of thousands of active listings across the country. Listings were aggregated on a monthly basis to calculate median asking rents for the Top 24 most populous metro areas.

 

© 2021 Vancouver Sun

Residential land assembly sold for $2.1 million located at 291 Island Highway and 280 Stewart Avenue, View Royal, B.C.

March 16th, 2021

Vancouver Island land assembly sells nearly $300K over assessment

Royal LePage Commercial
Western Investor

-Royal LePage Commercial, Vancouver Island, Victoria, for Western Investor

Property type: Land assembly

Location: 291 Island Highway and 280 Stewart Avenue, View Royal, B.C.

Number of assembled units: 3

Property size: 2,837 square feet

Land size: 20,908 square feet

Land size in acres: 0.48 acres

Zoning: Residential

BC Assessment value 2020: $1.87 million

List price: $1.99 million

Sale price: $2.1 million

Date of sale: March 3, 2021

Brokerage: Royal LePage Commercial, Vancouver Island, Victoria, B.C.

Broker: Colevin Crause

 

© Copyright 2020 Western Investor

Toronto and Vancouver rental markets continue to fall to lowest levels recorded since 2017

March 16th, 2021

Toronto and Vancouver rent prices sink to 4-year lows in March

Michelle McNally
Livabl

Rental markets in Toronto and Vancouver yet again posted double-digit price declines in a report published today by Padmapper, with both cities seeing one-bedroom rents continue to fall to their lowest levels recorded since 2017.

It was the second consecutive month that one-bedroom rents in the two high-priced cities sunk to levels unseen in four years.

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In its March 2021 market report, the rental search site reported that Vancouver one-bedroom rental prices fell by 2.1 percent monthly and 13.6 percent annually to $1,900, the lowest price recorded since March 2017. Two-bedroom prices in the city fared a little better, with prices dropping by 12 percent annually and holding steady month-to-month at $2,630. Despite these significant declines, Vancouver retained its title as Canada’s most expensive city for renters.

In Toronto, the price for a one-bedroom rental dropped by 1.1 percent monthly and 21.5 percent annually to $1,750, the lowest the city has seen since February 2017. Similar to Vancouver, two-bedroom prices performed slightly better in Toronto as rents inched up by 0.4 percent month-to-month, but were down 18.1 percent compared to the same period last year. Canada’s largest city remains the second most expensive rental market in the country.

While Padmapper did not provide an in-depth analysis in its report, renter migration away from urban centres and abundant rental supply in downtown cores are typically cited as the leading drivers of the sustained rent price declines.

“Meanwhile, rents in the rest of the country seem to have stabilized as the earlier pandemic months of nationwide double-digit year-over-year declines have passed and are now only concentrated in the top 2 most expensive markets,” explained the Padmapper report.

The Padmapper report analyzes rental data from Canada’s top 24 urban areas. This month, the report noted that prices grew in nine communities, stayed flat in six, and declined in the remaining nine. Abbotsford saw the highest levels of rental price growth for one-bedroom units in the country, with prices rising by 4.8 percent monthly and 20.2 percent yearly to $1,310. In Oshawa and Kelowna, one-bedroom rentals rose by 3 percent and 2.1 percent month-to-month to $1,390 and $1,480, respectively.

Since the pandemic began, renter movement outside of large communities has been attributed to price downturns in cities and the rise of rental costs in smaller, neighbouring communities.

 

© 2020 BuzzBuzzHome Corp.