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CMHC Report Reveals Housing Challenges

A more accurate picture of Victoria’s housing market recently emerged from CMHC’s new Housing Market Assessment report. It says Greater Victoria has shifted into overvaluation territory, however, they note the calculation includes carrying costs – “a key determinant for affordability.” The report reveals the new stress test (MQR-mortgage qualifying rate) and rising interest rates are having […]

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Housing Starts 14% Higher Over 2017 – Langford Leads

CMHC reports housing starts in Greater Victoria from January to July are 14% higher than the same time last year. Starts are 2,185 year to date vs 1,913 last year. Although July single family starts (97) have increased relative to July last year (84), the year-to-date starts are lower at 521 vs 556. Multi-family continues to […]

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West Coast Living at Its Finest

The 2018 CARE Awards Finalists have been announced by the Victoria Residential Builders Association. They represent Canada’s leaders in sustainable West Coast design and construction showcasing the finest new homes, renovations, kitchens, bathrooms and outdoor living spaces. Finalists are selected by a panel of industry professionals using criteria such as architectural design, quality workmanship, creative […]

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CARE Awards Finalists Showcase Outstanding Projects

CARE AWARDS FINALISTS SHOWCASE OUTSTANDING PROJECTS   (Media Release is Here)  VICTORIA – The Finalists for the 2018 Construction Achievements and Renovations of Excellence (CARE) Awards of Vancouver Island were announced today by the Victoria Residential Builders Association. They represent Canada’s leaders in sustainable West Coast design and construction showcasing the very best in new homes […]

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New Mortgage Rules, Rising Interest Rates Drive CMHC Overvaluation for Victoria

A clearer picture of Victoria’s housing market has emerged from CMHC’s new Housing Market Assessment. The report says: “In the first quarter of 2018, models that detected overvaluation included a calculation of the carrying cost, explicitly, which is a key determinant for affordability.” The  new mortgage stress test and rising interest rates are having a […]

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Saanich Development Costs Escalate

Saanich is proposing to raise Development Cost Charges (DCC’s) to some of the highest in Greater Victoria – $16,360 for a new single family home. DCC’s pay for infrastructure upgrades like sewer and water, roads as well as parks. Victoria’s DCC’s are $6,558, Central Saanich – $9,264, Colwood – $9,661. Langford’s DCC’s are $13,579 but […]

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Victoria Housing Starts 45% Ahead of 2017

CMHC reports: “Metro Victoria housing starts reached mid-year 45% ahead of 2017 levels, driven by substantially higher multi starts. Rental starts were double the rate seen in the first half of 2017 in response to low vacancy rates. Elsewhere, relatively more affordable housing types dominated construction. Condo construction was nearly 60% higher due to the […]

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Join VRBA At Annual Renewal

Thinking of joining a builders association? Now is the time, during membership renewal at the Victoria Residential Builders Association – the professional voice of the housing industry. Based on our principles of effective, efficient & affordable, we have re-invented the traditional industry association. VRBA provides: Renovation and new home projects sent directly to our builders; […]

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CARE Awards Standards Protect Public

VRBA members, Canada’s leaders in sustainable West Coast design and construction, will gather to celebrate the 2018 CARE Awards on September 29 at the Fairmont Empress Hotel. We are asked at times, why the popular CARE Awards event is open only to VRBA members and not to all in the residential construction industry. Three important […]

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VRBA Remarks at Oak Bay Town Hall Re: Speculation Tax

VRBA made the following remarks on the BC govt’s Speculation Tax at Oak Bay’s Town Hall, June 28, 2018. On the panel were Andrew Weaver, BC Green Party;  Kevin Murdoch, Oak Bay Councillor; Tara Ney, Oak Bay Councillor; Eric Zhelka, Oak Bay Councillor; Scott Piercy, Engel & Volkers. Also attending/speaking at the meeting were Mayor […]

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