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The board of directors would be responsible for running the corporation and be chaired by one of three members of the public who are appointed by the minister. The remaining board seats would be filled by one member appointed by each industry council from its elected industry members.
Each industry council would be made up of three industry members elected by their industry and two public members appointed by the minister and a chair.
The new board of directors will would have two years to come up with bylaws and rules to be approved by the minister.
In the first year, the board of directors must create a bylaw that establishes a dispute resolution process. The new legislation also defines the roles of the executive director who would be responsible for administration of the organization and the registrar who would be in charge of investigations and enforcing the rules. Investigations were previously the responsibility of the executive director.
Kristie Kruger, chair of the Alberta Real Estate Association said her organization is pleased the government has heard its concerns
“This legislation demands greater openness and transparency, which will help rebuild eroded trust in the real estate regulator,” she said in the government’s press release.
Vancouver Real Estate Sales Are Back
Greater Vancouver real estate sales are returning to pre-pandemic levels, but it’s not quite the same. Real Estate Board of Greater Vancouver (REBGV) data shows June sales are almost at last year’s levels. Despite the increase, new listings are hitting the market at such a rapid pace, prices are actually falling further from the peak.
Greater Vancouver Real Estate Prices Peaked In March
The price of a typical home across Greater Vancouver is higher than last year, but down from a month before. The benchmark price of all home types reached $1,025,300 in June, up 3.5% from last year. In the City, Vancouver East saw the benchmark reach $1,083,300, up 5.0% from last year. Vancouver West is also higher with prices reaching $1,272,400, up 4.9% from last year. Important to note that all three of these markets are lower in price from the month before.
Greater Vancouver Composite Benchmark Price
The price of a typical home across Greater Vancouver, in Canadian dollars.
Source: REBGV, Better Dwelling.
Since the start of the pandemic, prices have actually been falling – just not as fast as they were last year. All three numbers above are lower than they were the month before, with annual prices peaking in March. The all-time high for home prices was in June 2018, and prices are down 7.16% from then – an even bigger drop from the month before. It’s not incredibly straight forward, but not overly complicated either. Higher growth because prices aren’t falling as quickly as last year, but prices are getting further from the peak a couple years ago.
Greater Vancouver Composite Benchmark Price Change
The annual percent change of a typical home across Greater Vancouver.
Source: REBGV, Better Dwelling.
Greater Vancouver Real Estate Sales Are Nearly At Last Year’s Levels
Greater Vancouver real estate sales bounced and are moving towards normal volumes, but are still far away. REBGV reported 2,443 real estate sales in June, up 64.51% from a month before. This represents a 17.62% increase compared to the same month last year. Last year was one of the slowest June’s on record though, and sales were still 21.9% below the 10-year average for the month. The increase may sound a little more impressive than it seems.
Greater Vancouver Composite Sales Vs. Listings
The number of homes sold vs total inventory in Greater Vancouver.
Source: REBGV, Better Dwelling.
Inventory Is Low, But Sellers Are Returning In Full Force
Greater Vancouver is seeing a substantial increase of new listing activity. REBGV reported 5,787 new listings in June, up 57.1% from the same month last year. This represents an increase of 21.8%, when compared to the same month last year. The rise in new listings is somewhat surprising, considering how quickly it has jumped since the beginning of the pandemic.
The bump in new listings didn’t quite make up for the slow listing activity over the past couple of months. REBGV reported 11,424 active listings in June, up 15.1% from a month before. This represents a decline of 23.7% when compared to the same month last year. Much higher than the previous month, but didn’t make up for the lack of inventory earlier this year.
Greater Vancouver real estate sales returned close to last year’s numbers, but with very different dynamics. New sellers are piling in, and despite low inventory – new inventory is hitting the market at a pace preventing prices from rising. In fact, prices have been sliding further, continuing a second wave of lower prices started in 2018. The CMHC had forecasted lower prices as a result of inventory rising into the second half, and so far that’s the setup people are looking at.
Source:- Better Dwelling
Powell River real estate sales strong in June – Powell River Peak
Total real estate sales during the month of June 2020 for the Powell River area amounted to $14,259,400, considerably more than June 2019’s total of $10,133,400.
Powell River-Sunshine Coast Real Estate Board president Neil Frost said the 2020 to 2019 comparison was not only healthy in volume, it was healthy in variety.
“There are sales all across the board,” said Frost. “May was a solid month but if you look at the residential sales, we’ve done almost twice as much dollar volume from June over May 2020.
“That impacts the average price of the residential market. We are up considerably over 2019 if you compare June to June.”
In terms of the benchmark pricing, Frost said the average home is still listing in the $399,000 range and selling up to $430,000.
In the single-family homes category in June 2020, there were 25 homes sold, valued at $11,421,700, compared to 20 homes in June 2019, valued at $7,769,900.
For mobiles and manufactured homes, two sold in both June 2020 and 2019. In 2020, the value was $245,000, compared to $360,500 in 2019.
In the condos, apartments and duplexes category, there were four units sold, valued at $1,280,900 in June 2020, compared to five units, valued at $1,342,000 in June 2019.
Total number of residential units sold in June 2020 were 31, compared to 27 in June 2019.
In non-residential, there were 10 parcels of vacant land sold, valued at $1,311,800 in June 2020, compared to four parcels of land, valued at $661,000 in June 2019.
Frost said realtors are still seeing competing offers for properties and there are still a lot of out-of-town buyers.
He said July 2020 has started off “decent” so it will be interesting to see how summer sales go.
“It was nice to see not only the number of sales in June, but some higher-end sales, and the low-end is still very active. There are sales on Texada and Savary islands, plus lots. There has been a good mix of single-family homes, to waterfront homes, right down to condos and manufactured homes.”
Frost said there was pent-up demand because people were holding back or waiting to see what would happen with the market and the economy with COVID-19.
“People are still interested in real estate in Powell River,” said Frost. “There’s still a lot of market strength. It’s a good time to sell. The market is active.”
Total number of units sold in June 2020 amounted to 41, compared to 31 in June 2019.
The number of all active listings for the end of June 2020 was 222.
The average monthly selling price in June 2020 was $456,868 and the average days on the market were 56. The average selling price in June 2019 was $388,495, with average days on the market being 36.
Frost said people working in the real estate industry are taking COVID-19 precautions, following protocols, and adhering to WorkSafeBC standards and clients’ comfort levels.
Firm Capital announces its Special Situation Finance Group | RENX – Real Estate News EXchange
Firm Capital Corporation, a leading non-bank lender since 1988, is pleased to announce its Special Situation Finance Group that will provide “tailor made” structuring to real estate companies impacted by COVID-19. The program will provide liquidity, restructuring of existing loans, bridge financing and debtor-in-possession funding (DIP).
See below for more details.
Special Situation Finance Group
The Special Situation Finance Group was created to focus on structured real estate finance across Canada, for unique transactions that require “tailor made” structuring for; debt purchases; debtor-in-possession or DIP lending; margin loans secured by stock ownership; re-capitalization of special situation transactions and all other non-traditional real estate lending situations.
Firm Capital offers fast execution on:
* Performing and non-performing debt purchases;
* DIP lending;
* Restructuring finance;
* Lending against partial ownership interests;
* Re-capitalization of balance sheet & special situation transactions;
* Margin loans secured by stock ownership;
* Bridge financing for leveraged buyouts;
* All other non-traditional real estate lending situations;
– Bridge and transitional lending solutions: In a tightening financing environment, Firm Capital will assist borrowers on new acquisitions and refinancing, offering a mix of senior, mezzanine and junior loans;
– Acquisition and restructuring of loans: Working with lenders facing impaired performing and non-performing loans and securities to purchase and restructure; and
– Flexible liquidity solutions for sponsors: Firm Capital will use preferred equity to help recapitalize and stabilize balance sheets where existing debt or equity is constrained.
About Firm Capital’s mortgage operations:
As part of the Firm Capital Organization, Firm Capital Corporation, a leading non-bank lender since 1988, provides creative and innovative solutions to real estate finance. Firm Capital is the mortgage banker for various capital pools, including Firm Capital Mortgage Investment Corporation (TSX: FC), Firm Capital Mortgage Investors Corporation (a private mortgage fund since 1994), Firm Capital Private Mortgage Trust and Firm Capital Private Partners Inc.
Tailored mortgage engineering by Firm Capital®
To learn more, contact Michael today:
Vice President, Mortgage Investments
Tel.: (416) 635-0221 x 245
Ontario Mortgage Brokerage, Lenders and Administrators Act License #10164, Administrators License #11442
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