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Prices Decline, Rezonings Necessary to Maintain Supply

Issue 19-128 Price of New Housing BC Stats August 9, 2019 Relative to the same month of 2018, the cost of new housing in B.C.’s three largest cities continued to decline in June of 2019. Home builders in Victoria received 1.8% less for their projects, and Vancouver’s housing price index was down 1.2%. The decline […]

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Saanich Proposal Adds More Costs to Market Housing

On Monday, August 12, Saanich proposes to futher encumber market housing projects by sending them to the back of the line over government funded and/or subsidized projects. These projects are subsidized by market housing via housing affordability funds, Property Transfer Tax, GST and more. For decades Saanich has had one of the most obstructive, costly […]

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West Coast Living at its Finest

2019 CARE Awards Finalists have been announced!  For all of the details visit www.careawards.ca  You can vote for your favourite project starting August 26 to Sept 8 at Hillside Centre during the People’s Choice Award Contest. Voters may also view the projects and cast a ballot online at https://careawards.ca/peoples-choice-award-contest/ There is more info in our […]

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Housing Supply Must Be Encouraged

The Times Colonist reports construction is the second largest employer on Vancouver Island. This is due to ongoing population growth expected to surpass 500,000 in the central island alone in the next 10 years. Victoria’s office vacancy rate is declining and vacant industrial space is at a 10 year low. Our economy is based on […]

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Town of View Royal Adds to Housing Costs

The Town of View Royal has decided to up the ante using new housing as a cash machine for their revenue. Their Committee of the Whole recommended adopting a community amenity contribution policy that says: “1.9 Target Rates The following target rates for cash amenities are established as basis for negotiation: •$5500 per single detached […]

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Reno Tax Credit Needed for Seismic Safety

Recently there has been significant seismic activity along BC’s west coast. Three earthquakes registering between 4.5 and 5.6 magnitude were detected, in addition to a 6.2 earthquake the day before. A series of large earthquakes in Southern California also resulted in some injuries, damaged buildings and caused fires. On February 22, 2011, a 6.3 earthquake caused severe damage at Christchurch, New Zealand […]

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Municipal Policies Rooted in Appropriating Private Property

The appropriation of private property is becoming a favourite tool of local politicians demonstrating to the public their concern about housing affordability, the environment and a variety of other hot issues that they have mostly mismanaged. For example, Victoria council voted to require 20% of new condo units to be affordable rental. Of course the […]

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180% Saanich DCC Increase Treats Homebuyers as Cash Machine

Through DCC’s, new homebuyers shouldered the cost for purchasing 31.4 acres of Blenkinsop park land. Of course, there was never any mention of the source of the funds. Saanich treats new homebuyers as cash machines evidenced by a recent 180% increase to DCC’s, disguising taxes as service fees, adding unnecessary costs and regulations like Step […]

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Victoria Policy Raises Costs & Erodes Confidence

Victoria council is planning to adopt a policy where 20% of units in new, large residential strata buildings must meet the city’s affordability criteria. The Times Colonist reports the city’s own consultants and other industry experts warn against this because it will discourage development. Victoria’s population growth has exceeded new housing starts since 2011 and […]

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Stress Test, Taxes & Fees Erode Single Detached Housing Supply in May

CMHC reports May’s single detached housing starts in Greater Victoria declined 39% compared with the same month last year. Starts dropped from 93 to 57, an indication that affordability continues to be a challenge, particularly since the introduction last year of the mortgage stress test, speculation tax and other government regulations inhibiting supply. The stress […]

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