Allowable Rent Increase for 2016

Here is information on the allowable rent increase for 2016 courtesy of PAMA:

• The maximum allowable rent increase changes each year. The limits for residential tenancies and manufactured home park tenancies are different. For residential tenancies, the standard allowable rent increase for 2016 is 2.9% 
• For manufactured home park tenancies, the standard allowable rent increase for 2015 is 2.9% plus a proportional amount for the change in local government levies and regulated utility fees.

More details

At Downtown Suites we advise all owners of the regulations regarding rental in the province of BC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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BCREA: “BC Home Sales Pulled Lower by Vancouver/Fraser Valley”

Here’s the latest:

Vancouver, BC  December 13, 2012. The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 24.6 per cent to $2.3 billion in November compared to the same month last year. A total of 4,680 MLS® residential unit sales were recorded over the same period, down 17 per cent from November 2011. The average MLS® residential price was $480,861, down 9.1 per cent from a year ago.

“A slower pace of consumer demand in Vancouver and the Fraser Valley contributed to fewer home sales province-wide in November,” said Cameron Muir, BCREA Chief Economist. “While more stringent mortgage credit regulations for low equity borrowers have squeezed some buyers out of the market, the broader slowdown may be a pre-cursor to more elevated activity in 2013, resulting from pent-up demand.”

Year-to-date, BC residential sales dollar volume declined 18.7 per cent to $33.3 billion, compared to the same period last year. Residential unit sales declined 11 per cent to 64,626 units, while the average MLS® residential price was 8.6 per cent lower at $515,611.

From BCREA

BC Home Sales Continue at Moderate Pace: BCREA stats

The BCREA’s Release of current home sales statistics.

The British Columbia Real Estate Association (BCREA) reports that the dollar volume of homes sold through the Multiple Listing Service® (MLS®) in BC declined 14.6 per cent to $2.7 billion in October compared to the same month last year. A total of 5,276 MLS® residential unit sales were recorded over the same period, down 10 per cent from October 2011. The average MLS® residential price was $508,292, down 5.1 per cent from a year ago.

“While consumer demand was stronger in October on a provincial basis, home sales continue to trend below last year’s level,” said Cameron Muir, BCREA Chief Economist.”Tighter mortgage credit regulation has moderated housing demand on the South Coast.”

“However, an increase in residential sales was recorded in the Okanagan, Kootenay, Chilliwack and BC Northern board areas,” added Muir.

Year-to-date, BC residential sales dollar volume declined 18.2 per cent to $31.1 billion, compared to the same period last year. Residential unit sales declined 10.5 per cent to 59,946 units, while the average MLS® residential price was 8.6 per cent lower at $518,321.

Thanks to BCREA

December Market Update

Here is Nicholas Meyer’s latest update video on the December real estate sales and rental marketWe welcome your comments and questions.

Job and Housing Growth Predicted

A recent report from Canada’s National Housing Agency, the CMHC, opens a very interesting discussion on why our Vancouver housing market is so strong and why we expect it to continue on.

Statistically-backed reasons are given as to why our economy is improving –  currently up 3.3% this year and expected to reach a further 2.8% next year.

As well as job growth, Vancouver is still very much attracting immigration with 16000-18000 new households anticipated – all of these will naturally need homes. Of course they will be spread around all the area municipalities, but could be visualized as approximately 100 new downtown highrises with 200 new homes each.

In addition, home buying in Vancouver (at whatever the price) is still relatively affordable because the mortgage rates are anticipated to remain in the 2.7-3.7 % range in 2011 (1 year posted rate.)These are historically low mortgage rates that haven’t been seen since the 1960s!

The main points this article brings up are

• MLS®1 sales will remain stable until mid-2011, due to steady population growth and favourable mortgage rates.

• Improving economic conditions will further support job growth resulting in a moderate increase in new and resale housing sales.

• Home price appreciation will slow as the recently established balance between sales and listings continues in 2011.

• New home construction will increase modestly in 2011, approaching the ten-year average level as demand for new housing strengthens.

We include this information as education for our offshore and out of province clients who continually ask us what is going on in the Vancouver housing market, and why it is flourishing when other areas are flat.

Economy
As the local economy continues to add jobs, demand for both new and resale housing will remain firm. The Metro Vancouver economy is expected to grow at a pace slightly above the provincial economy given the more diversified local economy. CMHC is forecasting that the B.C. economy will expand by 3.3 per cent in 2010, and by a further 2.8 per cent next year.

For full details, or to discuss these issues further, please contact Nic Meyer – nic@downtownsuites.com

Source: CMHC, Housing Market Outlook, Vancouver and Abbotsford CMAs, Fall 2010

“BC Home Sales Trend Higher” says BCREA

Most recent stats from the BC Real Estate Association.

The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 36 per cent to 5,507 units in October compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 2 per cent in October from September 2010. The average MLS® residential price climbed 6 per cent to $521,859 in October compared to the same month last year.

“BC home sales have posted moderate gains since the summer months,” said Cameron Muir, BCREA Chief Economist. “Consumer demand was bolstered by double-dip in mortgage interest rates and the associated increase in purchasing power.”

“Total active residential listings in the province have declined 18 per cent since June,” added Muir. “However, the housing market remains tilted in favour of homebuyers.”

Year-to-date, BC residential sales dollar volume declined 2 per cent $32.5 billion, compared to the same period last year. Residential unit sales declined 10 per cent to 64,735 year-to-date, while the average MLS® residential price climbed 9 per cent to $502,353 over the same period.

For more: BCREA Site

May Rentals and Leasing Process

Lisa Taylor and Nicholas Meyer discuss May rentals and also outline the leasing process used at Downtown Suites Ltd. in Vancouver BC.

Current Real Estate Market

Nicholas Meyer of Downtown Suites Ltd. discusses the current real estate market in Vancouver BC.

Our Rates and Fees 2010

Nicholas Meyer of Downtown Suites in Vancouver BC outlines the company’s rates and fees.

Suite Rental Market in Vancouver

Nicholas Meyer and Lisa Taylor discuss the current market in Vancouver suite rentals.Downtown Suites Ltd.