Bank of Canada not done on rate hikes: CIBC’s Tal
Fergal McAlinden
other
Fergal McAlinden
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Posted in Real Estate Related | Comments Off on Banks announces that a three-quarter-point hike in September could be the final rate increase of the year | CIBC
Peter Mitham
Western Investor
Housing downturn likely to be short-lived despite headwinds
Finance Minister Selina Robinson. Photo via B.C. GOVERNMENT
The province expects to post a surplus of $706 million in the current fiscal year, according to its first-quarter fiscal update released September 12.
Higher taxes as well as revenues from the reviving oil and gas sector supported the rosy outlook.
“While we can’t ignore today’s global inflation and the economic turbulence ahead, the Province performed better than expected because British Columbians have worked hard to keep our economy going,” said provincial finance minister Selina Robinson in delivering the report.
But one area where British Columbians are working less appears to be in real estate, with the province reporting lower revenues from the property transfer tax.
The province collected $863 million in property transfer taxes in the three months ended June 30, well above the budget forecast of $795 million. A cooling real estate market meant that collections were down 8.8 per cent from a year ago, however.
During the period, data from the B.C. Real Estate Association indicates that the province saw $24.5 billion worth of residential sales. This was down 29.2 per cent from the value that changed hands last year.
By the end of the fiscal year, the province expects to receive $2.5 billion from the property transfer tax. This is down from 25 per cent from last year.
The latest housing market outlook from the BCREA, released Sept. 8, forecasts unit sales to decline 34.4 per cent through the end of the year. It will be mitigated by a 4.5 per cent increase in the average sale price to $969,400.
BCREA chief economist Brendon Ogmundson says the downturn is likely to be short-lived, however.
“While the housing market is currently feeling the weight of higher interest rates, the downturn is unlikely to be long-lived as BC’s strong population growth combined with extremely favourable demographics means there will be no shortage of demand for housing in the province,” he said.
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on The province expects to post a surplus of $706 million in the current fiscal year
Nelson Bennett
Western Investor
Province’s forecasted deficit now expected to be a surplus
“The province performed better than expected” in the first quarter, says B.C. Finance Minister Selina Robinson.Province of BC
As B.C.’s economy navigates uncertain waters between a pandemic and a possible global economic recession in 2023 — precipitated by an energy crisis, war, inflation and rising interest rates — it appears B.C.’s ship of state is still steady and not taking on any water.
Employment remains strong, revenues from commodities like natural gas are up, and a $5.5 billion deficit that had been forecast for 2022-23 is now expected to be an operating surplus of $706 million, according to an economic uopdate based on the first quarter of the fiscal year that was released today by B.C. Finance Minister Selina Robinson.
“While we can’t ignore today’s global inflation and the economic turbulence ahead, the province performed better than expected because British Columbians have worked hard to keep our economy going,” Robinson said.
While there are fears that inflation is curbing economic growth, and could lead to a recession in the U.S., Europe and China in 2023, B.C.’s economy is proving resilient so far. B.C.’s unemployment rate remains low, at just 4.8%, and employment is up 3.6% this year as of August.
B.C.’s nominal gross domestic product (GDP) is forecast to grow by 11.6% in 2022 and 3.5% in 2023. When inflation is accounted for, real GDP growth is forecast to be 3.2% in 2022 and 1.5% in 2023.
However, B.C. economy does appear to be seeing some some cooling, as a result of inflation.
While retail sales are up 1.5% in the first six months of the year, higher costs for consumer goods has resulted in “moderating” retail spending.
And while housing construction is still “elevated” for a 10-year average, home sales have fallen below average historical levels in recent months, the Ministry of Finance notes.
On the other hand, high commodity prices have been good for B.C.’s resource economy. Natural gas royalties are up $1.7 billion this year.
“Strong commodity prices, such as natural gas and coal have benefitted the value of B.C. goods exports,” the ministry notes. ”Year-to-date to June 2022, B.C. goods exports were up 32.1% and service exports are continuing to recover as tourism resumes.”
Inflation remains high, however, which introduces uncertainty into economic forecasts, since the cure for inflation – rising interest rates – are designed to cool spending and can curb economic growth.
“A lot can change between now and the end of the year, and we need to keep making thoughtful decisions – especially with everything that’s going on around the world,” Robinson said.
“But this indicates that we’re in a strong position to continue investing in the things people need to reduce costs, strengthen services and build a stronger B.C. for everyone.”
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on The province performed better than expected in Q1, minister says
Andrew McCredie
The Province
West Coast vibes are in the nature of this downtown hotel with hip lounge, classic steakhouse
September is one of the best months here on the southwest coast of B.C., with warm days, cool nights and fewer tourists in the downtown core. In other words, the perfect excuse to maintain that staycation state of mind.
The next month also features a packed schedule of sports and concerts at the city’s two arena venues — B.C. Place and Rogers Arena — which makes the Douglas Hotel an ideal choice to take in a game or a show and to explore Yaletown and Olympic Village. All are in easy walking distance from the 188-room boutique-style hotel, with a name, décor, and striking lobby desk that pay homage to the Douglas fir, that iconic tree that played an integral role in Vancouver’s economic growth and continues to be a natural touchstone for the city and its citizens.
The Douglas is part of the expansive Parq complex, which includes sister hotel JW Marriott, a full-service spa, the Parq casino and no less than 10 dining and drinking establishments, ranging from a high-end steak house to a vibrant sports bar to an eatery inspired by a Singapore night market. The centrepiece of the Parq is, well a park, though one located six floors above ground level and featuring 30,000 square feet of secluded and peaceful sanctuary above and hidden from the madding crowd. While the Marriott remained open throughout the pandemic — serving as a hub for visiting health-care workers — the Douglas closed for the better part of a year, so the hotel and staff are making up for lost time.
To check into the Douglas, you take an elevator to that sixth floor, where you’re greeted by a unique piece of functional art. The lobby check-in and concierge desk is a nearly eight-metre-long replica Douglas fir encased in glass, and when I checked in, there wasn’t a guest at the desk who didn’t bend down to have a closer look — myself included. Beside the lobby is the Douglas’ lounge, called the D/6 and exemplifying the hotel’s ode to the West Coast Mother Nature. The décor is natural wood hues with large comfortable seats, a full-sized pool table, a curated hardcover book selection and a steam fireplace that casts a cabin-like glow in the lounge. Outdoor seating also has open flame features that warm the cool night and provide that distinctive West Coast vibe. And like that lobby desk, D/6 has something that every guest just has to have a closer look at. Push one side of the floor-to-ceiling bookcase and it swings open to reveal a private room for more intimate gatherings. The rooftop lounge is also a great place to enjoy a pre-dinner cocktail before strolling outside through the park over to the Victor, the Parq’s first-class steak house. Just as D/6 nails the look, feel and vibe of an old-school West Coast lounge with a dash of hipness, the Victor checks all the classic steak house boxes. There are high-backed chairs, oak dining tables and leather banquets. The staff is knowledgeable, attentive and professional. The menu is loaded with carnivore delights, including a selection of Wagyu cuts, cowboy rib-eyes, porterhouse and the prerequisite Tomahawk to share. There’s also a wide seafood selection — from Nova Scotia lobster to sushi to whole branzino. And the Victor boasts one of the country’s largest in-house Enomatic wine systems, with the tasteful and elegant dispensers located throughout the dining room.
I was told that about 60 per cent of the Victor’s clientele is local, so despite its well-hidden location, high above the city streets and accessible only through the park, it’s certainly not the city’s best-kept steak house secret.
After a fantastic dinner, I headed down to the casino to check out the action then back to D/6 for a nightcap before retiring to my room, which glowed with the ever-changing light show of B.C. Place’s roof, which was so close out my window, I felt I could touch it.
There are a number of package deals available.
The romantic package, called Love is Love, includes in-room dining for two and a $100 credit at the Victor, while the Park and Dine package includes parking and a $50 credit at D/6, the Victor or Honey Salt. For a complete list of Parq offers, visit parqvancouver.com/offers
© 2022 The Province
Posted in Real Estate Related | Comments Off on The perfect excuse to maintain that staycation state of mind
Denise Paglinawan
other
Canada’s six big banks have all raised their prime rates after the Bank of Canada hiked its key rate to 3.25 per cent Wednesday. Photo by REUTERS/Mark Blinch/File Photo
Major Canadian banks have increased their prime lending rates by 75 basis points to 5.45 per cent in response to the Bank of Canada’s move Wednesday to raise its key policy rate to 3.25 per cent.
Toronto-Dominion Bank, Royal Bank of Canada, Canadian Imperial Bank of Commerce, Scotiabank, Bank of Montreal and National Bank of Canada all had their prime lending rate at 4.70 per cent prior to the announcement.
The new prime rates come into effect Thursday. The hike in prime lending rate at Canadian banks indicate a higher starting point for lenders’ loan calculations.
Stephen Brown, senior Canada economist at Capital Economics, said major lenders matching the Bank’s policy rate by increases in their prime rates will mean an immediate jump in borrowing costs for many Canadians.
He said the hike in interest payments is worth about 0.5 per cent of household income at a national level, but the costs are heavily skewed toward those with variable rate mortgages, as the increase will take a much larger share of their income.
“This is likely to feed through to a reduction in household spending on goods and services and raises the downside risks to the economic outlook,” Brown said.
The banks’ announcements come after the central bank hiked interest rates 75 basis points on Wednesday, the fifth consecutive increase since it started tightening in March.
The central bank said more hikes are on the way to tame inflation that continues to be too widespread in the economy.
© 2022 Financial Post
Posted in Real Estate Related | Comments Off on Canadian banks increase prime lending rates by 75 basis points to 5.45 percent
Denise Paglinawan
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Posted in Real Estate Related | Comments Off on Canadian banks increase prime lending rates by 75 basis points to 5.45 percent
Western Investor Staff
Western Investor
The free-standing property sold to the occupier for medical use
Shindico Realty Ltd., Winnipeg, for Western Investor
Property type: Office building
Location: 340 Stafford Street, Winnipeg, Manitoba
Size of property: 1,600 square feet
Number of units: 1
Sale price: $500,000
Sold to: Occupier
Brokerage: Shindico Realty Ltd, Winnipeg
Broker: Jared Kushner
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on Office building sells for $500,000 located in 340 Stafford Street, Winnipeg
Carrie Lysenko
other
With national inflation, rising interest rates, and wide fluctuations in property prices, many buyers and sellers are sitting on the fence about when to list or make an offer. If you are a potential seller and are sitting tight for the moment, there are things you can do now to get your house ready to sell whether you list in a month or in a year! See below for tips to get your home pre-sale ready.
6 Tips for Getting Your House Ready to Sell
There is something about a new season, whether it is fall, spring, or even January 1. New seasons seem to bring about change in the air. For some, change means a new haircut, a new job, or even a potential move to a new neighbourhood or city. Especially throughout the pandemic, many of us found ourselves looking to change our surroundings and renovate or make room for all the new purposes our homes had to serve. According to the HomeStars 2022 Reno Report, it is estimated that Canadian homeowners on average will double their total home reno spending this upcoming year. While a full reno might not make sense if the plan is to relocate in the next three to 12 months, there are a few things that one can do around the home and property to get ready to sell.
1. Clean up the exterior of your home
Depending on where you live, winter could bring snow that hides a mess or summer could bring heat that makes planting or painting difficult. If it is spring or moving into fall, these are usually the best times to tidy up the exterior of your home.
2. Tidy up from previous projects and/or renovations
3. Re-evaluate the use of seasonal items
Holidays are a great time of the year but often we have to then store boxes of items in the off-season. These can create cluttered areas in closets, basements, and garages. If a move might be in your future and you will have to pack up all of these items anyway, why not make your life easier now?
4. Consider age-appropriate toys and activities for the kids in your home
If you have kids or have them come visit often, you have likely collected various toys, crafts, and activities over the years. These items can pile up all over the home and can collect dust if a child has outgrown them. Toys in safe and good working condition as well as complete sets of games are items that can be donated or sold in a garage sale or marketplace. You may be able to make some money to pay for your future moving expenses!
5. Box up and/or reduce picture frames and personal items
One of the first recommendations by any agent or home stager when getting a home ready for sale is to remove personal photos and sentimental items to depersonalize the space. If a potential buyer comes for a viewing, they can more easily imagine themselves in the home if your family portrait isn’t on the fireplace mantle. Properly storing these items in albums or individually in boxes allows you to reduce the space that frames might take up as well as prepares you in advance of a move. Also storing sentimental items properly protects them against any damage that may occur as you prep your home for listing.
6. Evaluate your clothing, declutter closets and shoe storage
Many cities in North America have four different seasons which often result in bulging closets and footwear ranging from winter boots to summer sandals. Re-evaluating your clothing options and sizes each year is good general practice but especially helpful in getting ready to sell your home. Most properties are emptied almost entirely except for key pieces of furniture and decor when being put on the market to sell. Therefore, it doesn’t make sense to pack up and move outdated or ill-fitting clothing to your new dream home. Edit your fashion choices now to clear the clutter and potentially find new homes for seldom worn items.
© 2015 – 2022 Zoocasa Realty Inc.
Posted in Real Estate Related | Comments Off on Few things that one can do around the home and property to get ready to sell
Western Investor Staff
Western Investor
The free-standing property sold to the occupier for medical use
Shindico Realty Ltd., Winnipeg, for Western Investor
Property type: Office building
Location: 340 Stafford Street, Winnipeg, Manitoba
Size of property: 1,600 square feet
Number of units: 1
Sale price: $500,000
Sold to: Occupier
Brokerage: Shindico Realty Ltd, Winnipeg
Broker: Jared Kushner
© 2022 Western Investor
Posted in Real Estate Related | Comments Off on Office building sells for $500,000 located in 340 Stafford Street, Winnipeg
Western Investor Staff
Western Investor
Posted in Real Estate Related | Comments Off on 3 commercial-industrial assembly sells for $12.6M located in 270 Waterloo Ave Penticton, BC
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