Vancouver hit by dramatic drop in house values
Hundreds of Vancouver homes are worth hundreds of thousands of dollars less now than they were a few months ago. With Halloween approaching this is just the kind of horror story nobody wants to hear but it’s not a work of fiction. The implementation of rules designed to protect the city’s heritage properties means that many pre-1940s properties are now harder to demolish and any replacement homes must be smaller; wiping huge sums of their values. In one example a homeowner with a heritage property has found that his lot is worth $500,000 less than a neighbouring lot due to the restrictions. The city council’s rules are meant to be temporary while they assess Vancouver’s heritage homes. Read the full story.
BoC predicts lower house prices due to oil declines
The economy will grow by around a quarter of a per cent less in 2015 due to the low price of oil. Bank of Canada governor Stephen Poloz says that it may be a small figure but it “matters a lot” and he predicts that the jobs and housing markets may well suffer. Poloz says that there may be a “change in the terms of the balance in the price of housing” during next year. The overall assessment of the lower oil price is that it won’t cause long term damage and the BoC expects to be on target for full capacity in the economy by the second half of 2016. Read the full story.
Commercial property offers variety
Developers are looking to add variety into the commercial sector with developments that offer something different from the norm. A real estate first is being built on Ottawa; a class A commercial condo tower. It’s being built by developer Windmill next to their existing residential condo tower at Sparks and Bronson and is promising a healthier and more efficient building. Meanwhile in Calgary the penthouse of a 240 unit residential tower has something of a rarity at the top; a commercial penthouse. The 6,000 square foot office space provides a 360 degree view of the city and has a $5 million price tag; plus of course hundreds of potential employees living in the floors below!
Revenue Agency aims to improve communications
The Revenue Agency admits that its communications are in need of an overhaul after an internal study found that its staff recognize that the agency’s letters are often confusing. With 130 million items mailed every year that translates into a lot of confused taxpayers contacting agency helplines to clarify their situation. Read the full story.