In a recent White Paper, the NDP government tabled a proposed piece of legislation called the Landowner Transparency Act (“Act”), which has a huge impact on the privacy interests of apartment building owners, as well as possible significant tax implications. Submissions to the government closed on September 19, 2018. Keep an eye out for the outcome of the submissions and for the inevitable legislation that ensues.
Neil Sharma, Canadian Real Estate Wealth
October 5, 2018
The British Columbia government is coming down hard on landlords, including condo investors, and there’s mounting fear that 12,000 much-needed rental units in Metro Vancouver are imperilled.
September 28, 2018
This week, the provincial government bowed to pressure from tenant organizations. Without any economic or impact study, the government announced formally its intention to roll back the previously mandated rent increases of CPI plus 2% (equating to 4.5% for 2019) to CPI only. This politically expedient, rushed announcement comes in ahead of the BC Rental Task Force Recommendations Report scheduled for November, whose contents we await with some trepidation.
Here’s the latest Goodman Report, summarizing new purpose-built rentals in the pipeline.
Wendy Stueck, The Globe and Mail
September 26, 2018
B.C.’s provincial government has significantly cut the amount by which landlords can increase rental rates, winning praise from tenants’ advocates for acting on a recommendation made earlier this week by a government-appointed task force.
Evan Duggan, Property Biz Canada
September 25, 2018
Approximately 12,000 planned Metro Vancouver purpose-built rental apartment units worth an estimated $5 billion are at risk of not getting built due to government policies, rising construction costs and delayed permitting, says an apartment building sales specialist.
By David Goodman, Vancouver Sun
September 20, 2018
As Metro Vancouver residents gear up for municipal elections, the single most galvanizing issue all voters and politicians can relate to — yet seldom agree on — is housing, especially rental housing.
By Peter Mitham, Business in Vancouver
September 19, 2018
Apartment properties are among the assets with steady investor demand, as the Goodman team at HQ Commercial reported earlier this summer. Goodman numbers indicate that 89 purpose-built rental buildings changed hands in 2018’s first six months, versus 87 a year earlier. Total dollar volume was $1.4 billion, up 7% from a year ago.
September 17, 2018
As Metro Vancouver’s residents gear up for municipal elections, the single most galvanizing issue all voters and politicians can relate to, yet seldom agree on, is that of housing—especially rental housing.
Evan Duggan, Vancouver Sun
September 4, 2018
Critically low apartment vacancy rates and investors hungry for redevelopment potential has the apartment building investment market remaining strong as other parts of the Metro Vancouver residential property market begin to soften, insiders say.