We are pleased to provide you with some of the key insights that are available in our updated market reports

COSTAR NEWS STAFF
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Learn how the following factors could impact the Commercial Real Estate market:

1. Canadian employment rose by 231K overall and the unemployment rate fell to 7.8% in June. The improvement was broadly due to easing restrictions as vaccinations ramped up significantly and the spread of the virus appears to now be in check.

2. Canada’s headline inflation rate rose by 3.1% y/y in June but was down from the previous month. Although cooling in June, price pressures are likely to continue rising in the months ahead due to reopening of the economy.

3. Restrictions weighed on retail spending in May with core (ex. auto and gas) sales down 2.4% from the previous month. Estimates suggest that re-openings are likely to boost sales activity in June.

4. Canada’s property markets continue to show scars from the pandemic – almost all property types including multifamily have slower than inflation rent growth and higher vacancy than a year ago. The big exception is industrial with continued low vacancy and accelerating rent growth.

 

Canadian Real GDP Growth

https://players.brightcove.net/968289166001/default_default/index.html?videoId=6252059768001

 

Canada MultiFamily Update

https://players.brightcove.net/968289166001/IlfhnDCdj_default/index.html?videoId=6266382125001

© CoStar Realty Information, Inc. 2021

We are pleased to provide you with some of the key insights that are available in our updated market reports

COSTAR NEWS STAFF
other

We are pleased to provide you with some of the key insights that are available in our updated market reports

COSTAR NEWS STAFF
other

We are pleased to provide you with some of the key insights that are available in our updated market reports

COSTAR NEWS STAFF
other

We are pleased to provide you with some of the key insights that are available in our updated market reports

COSTAR NEWS STAFF
other

We are pleased to provide you with some of the key insights that are available in our updated market reports

COSTAR NEWS STAFF
other

Metro Vancouver home sales down slightly, prices unchanged in July: REBGV

Tiffany Crawford
The Province

Low housing supply continues to be a challenge in Metro Vancouver and will determine the next direction for housing price trends, says REBGV’s economist Keith Stewart

Home sales remained steady in July but there are still challenges with low housing supply. Photo by RICHARD LAM /PNG
Metro Vancouver home sales were down slightly while pricing remained steady in July, according to a Real Estate Board of Greater Vancouver report on Wednesday.
The report says there were 3,326 home sales in the region last month, an 11.6 per cent decrease from the month previous and a 6.3 per cent increase from July 2020.
Last month’s sales were 13.3 per cent above the 10-year July sales average, according to the board.
“Moderation was the name of the game in July,” REBGV’s economist Keith Stewart said in a statement Wednesday.
“Home sales and listings fell in line with typical seasonal patterns as summer got going in earnest in July. On top of moderating market activity, price growth has levelled off in most areas and home types.”
New listings were also down 25.2 per cent to 4,377 last month compared with June and the report says July’s new listings were 12.3 per cent below the 10-year average for the month.
Stewart said low housing supply continues to be a challenge in Metro Vancouver and will determine the next direction for housing price trends.
For all property types, the report says sales-to-active listings ratio for July 2021 is 33.8 per cent. By property type, the ratio is 25.5 per cent for detached homes, 47.8 per cent for townhomes, and 37.3 per cent for apartments.
Prices begin to drop when the ratio dips below 12 per cent for a sustained period while prices go up when it’s more than 20 per cent over several months.
The composite benchmark price for all residential properties in Metro Vancouver is $1,175,500, according to the report, which is unchanged from June and a 13.8 per cent increase over last July.
For a detached home it was $1,801,100, an apartment property was $736,900, and the benchmark price for a townhouse was $949,400.

© 2021 The Province

Where to Find Resources From BCFSA, Real Estate’s New Regulator

Shaheed Devji
BCREA

On August 1, 2021, the BC Financial Services Authority (BCFSA) became the new regulator for real estate service providers in BC. That means the Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE) no longer exist.  

BCREA recently published a blog post with a video explaining the change in regulators and a series of resources to help you better navigate the shift. If you haven’t read it, click here.  

Still have questions or looking for other resources? We’ve got you covered! Below is a list resources to help REALTORS^® with the transition.

 

1.Frequently Asked Questions regarding the change in regulators  

BCFSA has published an “Integration Update” which answers a number of common questions related to the change in regulators. From licensing to mandatory forms, education, discipline, contact information and more, this FAQ should help you get up to speed. 

 

 

 2.Resources previously found on RECBC website such as Knowledge Base, Education and Licensing, etc.

 

Many resources that Realtors have come to expect from RECBC have been moved to the new BCFSA website as the RECBC website no longer exists.

 

Here is a list of common resources with new links:

3.Revised Real Estate Services Rules 

 

With RECBC and OSRE ceasing to exist as of August 1, BCFSA – the new regulator of real estate service providers in BC – has renumbered the Real Estate Services Rules and made minor language changes to align with provincial drafting standards.

 

 

4.BCFSA social media channels 

 

Stay tuned to the latest news for real estate’s new regulator by following BCFSA on social media.

 

Here are the channels:

 

Didn’t find what you were looking for? Contact BCFSA with any questions you have. 

BCREA would also like to hear about your experience during the transition from RECBC and OSRE to BCFSA. If you have any comments you would like to share, email our Government Relations team at [email protected].  

To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

 

Copyright © 2021 British Columbia Real Estate Association

BCFSA Becomes Real Estate Regulator on August 1: What You Need to Know

Shaheed Devji
BCREA

On August 1, 2021, the Real Estate Council of BC (RECBC) and the Office of the Superintendent of Real Estate (OSRE) will be integrated into the BC Financial Services Authority (BCFSA), resulting in one single regulator for real estate in BC. As a result, RECBC and OSRE will no longer exist. There will be no changes to what the BC Real Estate Association (BCREA) and the province’s real estate boards do.
This change is a result of a key recommendation from the Expert Panel on Money Laundering report released in May 2019 and – according to BCFSA – is intended to centralize expertise and provide strengthened consumer protection through a modern, effective, and efficient regulatory framework. 
BCFSA intends for there to be little to no disruption to services during the transition period, which begins on August 1. RECBC and OSRE staff will be integrated into BCFSA, resources from the RECBC website will be migrated to an updated BCFSA website, and phone numbers and email addresses will be redirected to BCFSA. 

Three things REALTORS® can do to prepare for the regulatory change 
1. Watch BCREA’s regulatory update video
In this video, BCREA VP Government Relations Trevor Hargreaves gives an overview of the upcoming changes, BCREA’s advocacy work to date and how we can support you during the shift. 
2. Read the Integration Update from RECBC’s July 2021 Report from Council 
RECBC has published its July 2021 Report from Council, which includes an Integration Update exploring several common questions that might arise as a result of the regulatory change. 
As the RECBC website will cease to exist after July 31, this link may be updated on August 1 to direct to the new BCFSA website. Keep an eye on the BCREA website for updates.
3. Review resources from BCREA’s Managing Broker Community of Practice  
On July 28, 2021, members of RECBC and OSRE who will be transitioning to senior leadership roles within BCFSA August 1 presented at BCREA’s Managing Broker Community of Practice. During the presentation, guests Erin Seeley, Michael Noseworthy and David Avren highlighted some of the key changes and answered questions from attendees. 
(REALTOR Link® login required)
Support for REALTORS® through regulatory transition
Realtors should visit the new BCFSA website at www.bcfsa.ca, which will be published on August 1 and will include real estate resources previously housed on the RECBC website. If you have additional questions related to this regulatory change, feel free to contact the new regulator, BCFSA, directly. 

BCREA will also be updating our resources, including Standard Forms and professional development courses with updated information and new links as soon as possible, prioritizing changes with the most impact on daily real estate practice. Given this is a manual process, we appreciate your patience. 
 
Additionally, links on the main pages of our website will be changed as appropriate and any new publications we produce, such as blog posts, reports, etc., will include relevant new links. We do not plan to change links in all previous blog posts. We appreciate your understanding.

If you have questions or comments about how these changes affect you, please contact the BCREA Government Relations team at [email protected]. You can also reach out to BCREA VP Government Relations Trevor Hargreaves by emailing [email protected] or calling 236.333.4572.
To subscribe to receive BCREA publications such as this one, or to update your email address or current subscriptions, click here.

Copyright © 2021 British Columbia Real Estate Association

Surrey faces heat as it rezones land for industrial use

WI Staff
Western Investor

Council defies residents in backing 605-acre expansion as city’s industrial vacancy rate plunges to a record low of 0.2 per cent

On July 26 the City of Surrey moved to rezone 605 acres (245 hectares) of rural and unused farmland to industrial use in a region where all industrial land is becoming scarce and in very high demand.
Surrey city council will now send the proposed amendments for the South Campbell Heights Area Plan to Metro Vancouver for approval before rubber-stamping the new industrial area.
As of the second quarter 2021, the industrial vacancy rate across Metro Vancouver had plunged to a record low 0.7 per cent.
Surrey has the largest inventory of industrial space in the Metro region, with 39.4 million    square feet, but only 0.2 per cent of that is now vacant, also an all-time low, according to a report from Colliers.
Concerns are mounting that the region is in danger of running out of industrial land all together.
According to the Metro Vancouver 2020 Regional Industrial Lands Inventory, 82 per cent of the 28,422 acres of industrial land that was available five years ago has now been developed. Since 2016, industrial development has averaged more than three million square feet a year, and that pace accelerated to 4.4 million square feet annually in the past two years.
Right now, there is 5.2 million square feet of new industrial space under construction and a further 18.5 million square feet planned.
“There is a critical shortage of industrial land in Metro Vancouver,” Paul Morassutti, vice chairman at CBRE Canada, said. “It is our estimation that [it] could potentially, literally run out of industrial land by the early 2020s.”
“The land issue since 2010 has been a prevalent problem, but now it is getting to a more critical point,” said Ryan Kerr, a principal with Avison Young. “We are definitely losing new businesses or existing businesses that want to expand in B.C.”
The Surrey rezoning underlined the political capital needed to create more room for warehouse distribution, manufacturing and other industrial uses.
The city’s public consultation on the rezoning found the vast majority of Surrey residents opposed the plan, largely citing environmental concerns.
Surrey Environmental Partners leader Deb Jack said her group wasn’t consulted. She argued for the land to be a park. The Semiahmoo First Nation also claimed it was not consulted on the rezoning plan.
“Semiahmoo has received no information from the city to make any kind of free, prior or informed consent with regard to this bylaw. Without having any of this information we can probably tell you we do not support this,” said councillor Joanne Charles, whose nation rests on the mouth of the river, near White Rock.
Within the Surrey proposal, about one-third of the land will remain dedicated as “conservation and recreation,” while two-thirds will be zoned as “mixed employment,” from its current “rural” designation.
None of the land is part of the Agricultural Land Reserve.
City staff pointed out that much of the land had been destroyed for farming purposes by past gravel excavation, in suggesting industrial would be the best use for the land.
“The proposed South Campbell Heights Plan will help address the industrial land supply and provide opportunities to accommodate both new industrial businesses and those businesses that are seeking to expand their operations,” the city report said.

© 2021 Western Investor