6008 replies to this topic

[Mike K.]

Hold at 2.75%.

First hold in months by the BoC, which has been dropping rates consecutively since mid-2024.

[Victoria Watcher]

Developers face ‘significant’ cost hike in capital region due to new seismic regulations

 

 

 

A new federal seismic analysis on the risk in the capital region is resulting in new regulations and subsequently increased costs that the building community says it can’t swallow and neither can consumers.

 

“It’s significant,” acknowledged B.C. Housing Minister Ravi Kahlon. “It has real impacts on housing going forward.”

 

The soil of the capital region has poor load bearing capacity. The unsteady footing, mixed with the region’s high risk for seismic activity, is now leading to new rules.

 

A cost impact report from the province found the new rules equate to a potentially “significant cost increase”.

 

 

[...]

 

 

When these seismic regulations come into effect March 10, Cooper says financially, something’s got to give.

 

“We need relief. We can’t bear all of these costs,” said Cooper.

 

Unless the province directly subsidizes building housing in the capital region, he says municipalities who have been mandated to build, need to lower developer charges (like amenity cost charges, developer charges, and the B.C. energy step code).

 

“These aren’t mandatory requirements. These are things the municipalities could turn the dials on,” said Cooper.

 

Instead, he says the capital region appears to be heading in the wrong direction, looking to add costs on developers like a new CRD charge for a new water filtration plant.

 

“That’s going to add $5,000 to the cost of every new home that’s built in every region in the multi-family format,” said Cooper.

 

 

 

https://cheknews.ca/...ations-1250160/

Edited by Victoria Watcher, 18 April 2025 - 12:59 AM.

[Victoria Watcher]

Every single day under the Liberals, housing prices have gotten $43 more unaffordable

 

One of the Liberals’ most-touted campaign pledges in 2015 was to make housing more affordable. “Liberals will invest in the middle class and those working hard to join it by making it easier to find an affordable place to call home,” read a press release from the time.

 

At the time, the average house in Canada cost about $430,000. Adjusting to 2025 dollars, that’s $557,000.

 

As of February, the benchmark price was $713,700. Over the last decade of Liberal governance, the average Canadian house has risen in price by about $16,000 per year. In other words, for every single day since the Liberals were elected in 2015, the average home has gotten $43 more unaffordable every 24 hours.

 

 

https://nationalpost...-liberal-decade

Edited by Victoria Watcher, 24 April 2025 - 07:37 AM.

[Mike K.]

Isn’t it nuts, that Canada’s fiscal policies now require you to pay $557,000 for something that cost $430,000 ten years ago? My god.

[Tony]

No, $557,000 represents close to the average expectation after 10 years. Central Banks around the world average  long term inflation goal. 

 

$557,000 to $713,000 reflects the above inflation increase.

 

All the properties I have owned since the 1970s have over time increased in value more than the inflation rate. With all types of governments. Thank You!

 

As prices rise a 30% increase over 10 years becomes  a larger number.  A $30,000 home would cost about $39,000 ten years later considering 2-3% inflation

 

 A $9,000 increase or $2.46 a day.

[Mike K.]

So in other words, what you're saying is something that cost $430 when the Liberals got elected, now costs you $557?

[Tony]

What I said was no matter who the government is and in what country. ....those countries that have a central Bank target inflation rate mentioned above, ( as most countries do ),  anything that cost $4.30 will 10 years later cost about  $5.57 

 

When I was a child the lowest valued coin was 1/4 of a penny.

[Citified.ca]

This is a staggering average. I don't think anyone expected the market to go in this direction, during an election.

 

642 properties sold in April from Sooke to Sidney as single-family homes surged to $1.39M average

https://victoria.cit...illion-average/

[Citified.ca]

 

Buyers gain upper hand as downtown Victoria condo market challenged by inventory glut

https://victoria.cit...inventory-glut/