Real eState

Hangzhou latest Chinese city to pledge land for affordable rental homes

Published

3 years ago

November 11, 2021

China’s eastern city of Hangzhou, known for its high cost of living, has pledged to allocate at least 10% of new residential land for affordable rental housing each year, joining Guangzhou and Shenzhen to meet rising demand as their populations grow.

China has stepped up efforts to address housing issues faced by young people particularly amid soaring home prices in large cities, under President Xi Jinping’s banner of “common prosperity.”

Large cities with net inflows of population are to provide more land for rental housing in 2021-2025, according to China’s State Council, or cabinet, in July.

Hangzhou, the capital of the wealthy province of Zhejiang, said it will provide 330,000 units of affordable rental homes in 2021-2025, according to a plan published on the website of the local government on Tuesday.

Home prices last year in Hangzhou, a city of around 12 million people, averaged around 27,000 yuan ($4,221) per square metre, nearly double the nationwide average of 14,000 yuan, according to China’s Statistical Bureau.

Last week, China’s most populous province Guangdong said its two biggest metropolises Guangzhou and Shenzhen must allocate at least 10% of their land for rental housing, among the first Chinese cities to do so.

Last month, the top decision-making body of the Chinese parliament said it will roll out a pilot real estate tax in some regions, partly to rein in surging home prices.

Xi’s pledge to narrow social disparities to achieve “common prosperity” has put the plight of low-income households and individuals at the forefront of Beijing’s policymaking.

($1 = 6.3960 Chinese yuan renminbi)

(Reporting by Liangping Gao and Ryan Woo; Editing by Simon Cameron-Moore)

Real eState

Homelessness: Tiny home village to open next week in Halifax suburb

Published

11 hours ago

October 24, 2024

Anne Joseph

HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Real eState

Here are some facts about British Columbia’s housing market

Published

1 week ago

October 17, 2024

Anne Joseph

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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Real eState

B.C. voters face atmospheric river with heavy rain, high winds on election day

Published

1 week ago

October 17, 2024

Anne Joseph

VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.

Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.

The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.

Wednesday was the last day for advance voting, which started on Oct. 10.

More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.

Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.

An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.

This report by The Canadian Press was first published Oct. 17, 2024.

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