News

News

Landowner Transparency Act – More Taxes, Less Privacy

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.

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Scapegoating landlords – it’s all politics, folks

Goodman Report
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.

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Thousands of new apartment units ‘at risk’ in Vancouver

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.

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City’s commercial real estate investment headed for record year

By Peter Mitham, Business in Vancouver
September 19, 2018

Steady pace

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.

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