Real Estate

Developers set sights on banks of the Fraser River

The housing market in British Columbia will post stronger sales and increasing prices over the next few years, according to Central 1 Credit Union’s B.C. Housing Forecast, released July 3, and this will be driven in large part by the Lower Mainland.

Strong sales helped push the benchmark Metro Vancouver home price to $628,200 in June, the Real Estate Board of Greater Vancouver (REBGV) announced July 3. That’s $4,200 more than in May and a rise of 4.4% compared with the $601,900 benchmark price in June 2013.

The construction crane that has perched above Pacific Centre’s 725 Granville redevelopment for two years was removed last week, marking a milestone in the development of a high-tech employment hub in Metro Vancouver.

The City of Vancouver has extended the implementation of its controversial new Building Bylaw to next year, giving homebuilders and consumers time to adjust to what some builders call “onerous” regulations.

B.C. condo developers building thousands of rental units in major U.S. centres

The Real Estate Council of British Columbia (RECBC) has both fined and suspended a former employee of MAC Marketing Solutions for committing “professional misconduct” by providing “false or misleading” statements to media.

Vancouver’s Bosa Development has bought Victoria’s iconic Fairmont Empress, owner Nat Bosa confirmed to Business in Vancouver June 27.

A damning report by the monitor overseeing the League group of companies’ restructuring efforts cites inexperienced, inept management and the poorly executed Capital City Centre in Colwood as the reasons for the death of Victoria-based League.

Lured by the tightest United States rental market in six years, Canadian real estate investment trusts (REITs) are charging into what is seen as bargain-priced rental apartment market south of the border.