Mindblown: a blog about philosophy.
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BC Housing Project Faces Violations, Lawsuits
A BC housing project was designed to help middle-income buyers, but many violated program terms. Nearly a third of units were sold to buyers who owned other properties or didn’t reside in their units.
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BC Home Sales Sluggish Despite Rate Drop in Late-Q3
BC home sales remained sluggish in September, with over 1K residential units sold, down from August. Sales were down by 140 units compared to August and less than 0.5% compared to September 2023.
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Vancouver real estate markets set to normalize in 2025
Vancouver's real estate market is expected to stabilize by 2026, with growing confidence among tenants and investors. The downtown office vacancy rate is projected to approach the historical norm of 7% as no significant new supply is anticipated for four years. While capital investment is returning, residential development land remains challenged, with activity down 75%…
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B.C. Real Estate Association Calls for Housing Tax Review
The BC Real Estate Association urges housing tax reform to enhance affordability and fairness before the election.British Columbia has some of the highest housing taxation levels, significantly impacting housing costs since 2016.
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New Tax Plan to Benefit Most BC Households in 2025
Over 90% of British Columbians will benefit from proposed annual tax relief starting in 2025. The plan exempts $10K of income from taxes, reducing over $1K for most households.
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Vancouver-area home sales surge in October amid lower borrowing costs
Home sales in Greater Vancouver surged 31.9% in October compared to last year, indicating a potential rebound following the Bank of Canada's interest rate cuts. There were 2,632 sales, just 5.5% below the 10-year average, with 5,452 new listings, up 16.9% from last year. The total listings reached 14,477, 26.2% above the average. In the…
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Surrey single-family builds down, multi-family housing up
Surrey city council reported a 40% increase in residential dwelling unit permits in the first nine months of 2024, alongside a 22% decrease in new single-family home construction. Multi-family unit permits surged by 53%, reflecting strong development activity in both low-rise and high-rise apartments. Additionally, there was an increase in permits for industrial, commercial, and…
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BC Rent Hikes Loom as Mortgages Are Renewed
Tenant advocates warn of potential rent hikes as landlords face renewed mortgage costs in British Columbia. Landlords can exceed the annual rent cap of 3.5% if refinancing costs increase due to interest rates.
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B.C. Rent Increase Drops to 3% in 2025
BC's legal rent increase for 2025 is set at 3%, down from 3.5% in 2024. The rent cap continues to be tied to market inflation through the Consumer Price Index.
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Vancouver office market at ‘turning point’ as investment recovers
The Vancouver office market is experiencing a recovery, with investment volume rising significantly in the first half of 2024, reaching nearly $685 million, compared to just $69 million in the second half of 2022. Despite a high office vacancy rate of 10.4%, experts believe leasing activity will improve as the economy stabilizes and interest rates…
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