Millennials represent 36% of all homebuyers in America today. A new housing community in Ontario, California, called New Haven, reports a millennial homeownership rate of more than 50%. New Haven offers modest homes at affordable prices for the area, from $200,000 to $500,000. California is no paragon of affordability, […]
A student who owned a multi-million dollar Vancouver home has won a B.C. Supreme Court judgment forcing the sale of up to four Vancouver properties, in a complex case that foreshadows a flood of sal
In 2016 Angela An-Chi Chang — who owned a home on the 3300-block West 14th Avenue according to legal filings — sued a person who allegedly failed to complete their purchase of Chang’s home. After a court battle, a judge has now ordered the sale of up to four properties owned by the defendant, in a ruling that could lead to further court battles between multiple bank and private lenders who already have mortgages secured by the defendant’s Vancouver real estate assets.
“We are seeing these court actions because there are so many of these private arrangements, where people have to turn to others for financing,” Usher said. “Or, they might have debts coming due in another country.”
In June 2017, a B.C. Supreme Court judge ruled in Chang’s favour. The judge ordered Hua to pay Chang damages of $583,000, plus legal costs for the case. Chang was also given a mortgage against a Shaughnessy home on the 2000-block West 19th Ave owned by Hua to secure the judgment.
In a 2016 study, global anti-corruption agency Transparency International pointed to the rising use of opaque ownership structures in Vancouver real estate, including shell companies, legal trusts, and so-called nominee owners with occupations such as “student” and “housewife.” The study’s author, Adam Ross, said these occupations are unlikely to produce the income needed to buy a house in Metro Vancouver, which is why housewives and students are considered by some to be opaque buyers.
Vancouver to become new BC capital, government moving to Vancouver Art Gallery building
Vancouver will become the centre of both business and politics of British Columbia under a new scheme of historic proportions proposed by the BC NDP provincial government.
This means nearly all 14,000 bureaucrats that currently work on the southernmost tip of Vancouver Island will be working and living across the Strait of Georgia in Vancouver instead.
“This will be the dawn of a new era in the history of British Columbia,” Premier John Horgan said in a statement. “We are returning the capital to its rightful location in Metro Vancouver, and in the process of this Prosperity Leap we will be providing government with a new setting and location that allows it to be fully efficient and in synch with the business and financial core of our province.”
Altogether, the new BC legislature will have a floor area of about 330,000 sq. ft., which includes 165,000 sq. ft. from the old courthouse building, 85,000 sq. ft. of new underground space below the North Plaza, and 80,000 sq. ft. of space within the existing UBC Robson Square campus.
Economic boom expected in Vancouver
The influx of bureaucrats and government officials in Vancouver could add to the vibrance of downtown Vancouver, with restaurants, hotels, retail, and other service-based businesses standing to benefit from the increased activity of government business. Tourism also stands to benefit.
But not everyone in Metro Vancouver’s business sector will be happy if the plan receives approval. Transportation businesses – float planes, helicopters, and other small short-haul aircraft – that frequently shuttle government officials between the Island and the Lower Mainland could suffer greatly.
es and litigation in Vancouver’s wild market, a real estate lawyer says.
We know you’ve been busy, so here’s your weekly cheat sheet on the most important real estate stories. You’re welcome. Canadian Real Estate The Canadian Mortgage Machine Fires Up Again, As Debt Levels Resume Growth Canadian mortgage debt resumed growth in February, despite taking a break the month before. […]
We know you’ve been busy, so here’s your weekly cheat sheet on the most important real estate stories. You’re welcome.
Canadian mortgage debt resumed growth in February, despite taking a break the month before. Total household debt rose to $2.125 tillion, a 0.5% increase compared to the month before. Of that, $1.523 trillion was mortgage debt, up 0.08% from the month before. The increase may be tiny, but was unexpected after last month’s declines, which were attributed to changes in mortgage rules.
Record household debt levels, mean record household debt payments. Statistics Canada numbers show Canadians devoted $178.11 billion to service their debt. That’s up 5.56% from the same time last year. Despite interest rates being at near historic lows, over $83.126 billion of those payments, were just for interest. Half of that interest was on mortgages.
It’s rumored that “supply and demand” are the first words Canadians learn. However, what’s often not discussed is supply curve manipulation, a concept first observed over 200 years ago. In this article we run through an observation that James Maitland, a.k.a. the 8th Earl of Lauderdale, developed. This concept became known as the “Lauderdale Paradox.” The paradox focuses on artificial scarcity, and uses an example of tobacco farmers burning excess supply, to ensure high prices. Which brings us to this: Is Canadian real estate scare, or is excess supply being burnt?
Juwai, China’s largest overseas real estate portal, is teaming up with JD.com, China’s largest retail company, to sell foreign real estate. The new project, which goes live in April, will see Juwai’s Canadian real estate listings, listed on JD.com’s platform. Buyers in Mainland China can then click on the home they want, and be contacted by a Juwai representative to complete the deal. Buying a Canadian home is now easier in China, than it is in Canada.