The real estate rebound that lifted property values around the world is losing momentum, Bank of Nova Scotia says in a new report.
The slowdown in the Canadian resale housing market was “dramatic” last month, but the sector got a boost Tuesday from statistics that show new home construction is not falling as fast as anticipated.
In fact, Ottawa, which often goes against the trend in economic indicators, saw housing starts increase by 42 per cent in July as builders stepped up apartment projects. CMHC said July was Ottawa’s busiest construction month so far this year.
Adrienne Warren, an economist with the Bank of Nova Scotia, said residential real estate began to slow globally in the second quarter after demand and pricing recovered in the first quarter.
Four months after the organizing committee for the 2010 Winter Games returned the Olympic Village to the city, and nearly four months after city council determined half of the 252 social housing units would be subsidized and half would be market rental, all 252 of these units remain empty.
The city and B.C. Housing have yet to release a request for proposals for a non-profit operator or operators. Non-profits can apply to manage the social housing, the rental housing, or both.
It may not have been cheap to build, but a â€œgreen dreamâ€ demonstration house in Kamloops will be cheap to maintain.
The 3,000-square-foot home located in the Sun Rivers development is so loaded with energy-efficiency features that the estimated net cost for a yearâ€™s worth of electricity will be zero.
A rooftop array of solar photovoltaic panels generate enough power to warrant installation of a dual-purpose electricity meter that tracks the amount of energy consumed as well as surplus power dispatched onto the grid when the home doesnâ€™t need it.
Global real estate markets entered 2010 with a renewed sense of optimism, piggybacking on the broader economic recovery underway. Housing demand and pricing improved in the first quarter of the year in the majority of the advanced nations we track, benefitting from ultra-low interest rates, improved affordability, and in some cases, government purchase incentives
Home sales activity in Greater Vancouver was quieter last month than most Julys over the past decade, with residential sales, prices, and the number of homes listed for sale trending downward in recent months.
The Real Estate Board of Greater Vancouver (REBGV) reports that the number of residential property sales in Greater Vancouver totalled 2,255 in July 2010. This represents a 45.2 per cent decline from the 4,114 sales in July 2009, the highest selling July ever recorded, and a 24.1 per cent decline compared to June 2010.
The B.C. government has cancelled a proposed mail campaign to support its Harmonized Sales Tax because it says public reaction to the new tax has been better than expected.
Finance Minister Colin Hansen said he pulled the plug on the HST mailer Wednesday during a Liberal caucus meeting in Vancouver.
“I think the roll out of the HST has been smoother than we had anticipated,” said Hansen.
The Simon Fraser University Community Trust has cleared its last hurdle to doubling the size of its Burnaby Mountain-top community with zoning approval for Phase 3 of its UniverCity project.
Vancouver may be an expensive place to park, but it’s also the cheapest among the big five Canadian cities, according to a survey released Monday by Colliers International.
The Greater Vancouver housing market experienced steady activity to begin the summer season. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 2,972 in June 2010, a decline of 30.2 per cent compared to the 4,259 sales in June 2009, which was the second highest selling June on record.
â€œActivity in June marked a healthy balance between the near record setting pace of June 2009 and the considerably slower activity witnessed in June 2008, a period of recession as we all know,â€ Jake Moldowan, REBGV president said.