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January 2021 Real Estate Update
Job losses in January far exceeded the predictions, with Canada’s economy shedding 213,000 jobs. Most of the jobs lost, however, were part time positions in sectors hardest hit by pandemic-related restrictions, indicating that they may be relatively quick to return when restrictions are lifted. Despite job losses, Canada’s real estate market remains hot, with industry insiders predicting that the current upward trajectory of sales and prices will continue into 2021. Yet, with increasing housing prices comes challenges to affordability, as saving for a down payment has never been harder while housing in some regions in BC has now been priced out of the reach of the local residents.
Our Services During the COVID-19 Crisis
As the COVID-19 situation rapidly evolves, we wanted to update our clients, partners, colleagues, and the public on our response to the pandemic.
February 2020 Real Estate Update
The Business Council of British Columbia has downgraded its 2020 forecast for BC amid economic turbulence and COVID-19 fears. The initial forecast had predicted economic growth of about two per cent for the year, but with the rapid spread of COVID-19 the Council is now forecasting growth of around 1.4% - 1.5% under an optimistic scenario, and growth of under one per cent or even the possibility of a recession should the spread of the virus accelerate. The brunt of the economic impact will likely be felt in air transportation, tourism and hospitality however BC will likely also feel a hit relating cancelled conferences and public events
January 2020 Real Estate Update
The BC Real Estate Association predicts strong growth in the real estate market, both in terms of sale prices and numbers of sales. However, numerous stakeholders are warning that the government will need to implement more supply-side policies, rather than continuing the concentration on demand-side policies like the mortgage stress test, in order to create a more balanced market capable of meeting the increased housing demand of a quickly growing population. Finally, there is some concern that the recent dramatic increase in insurance premiums could lead to the collapse of BC’s condominium market as hundreds of condo complexes in the Lower Mainland risk losing their strata insurance, rendering lenders unwilling to advance mortgages in the affected properties.
December 2019 Real Estate Update
The Canadian job market reversed some of its losses from November, gaining 35,200 jobs in December. Overall, the Canadian economy added 320,000 jobs in 2019, including 282,800 full time jobs and 37,500 part time jobs. Experts say this confirms the Bank of Canada’s current policy stance that the economy remains resilient making further interest rate cuts unnecessary, and they predict the Bank of Canada will hold its interest rate steady at 1.75%. Assessment BC has released its 2020 property assessments, with many houses across Metro Vancouver seeing double-digit drops in value.
August 2019 Real Estate Update
Fort St. John is experiencing a rise in commercial and residential real estate values after approval of the TransCanada Coastal GasLink pipeline. While prices in the Vancouver area continue to decline, sales have risen, and the Real Estate Board of Greater Vancouver believes this is a sign of a normalizing market. While some developers have had to cancel or delay real estate development in Metro Vancouver, others are experiencing some success by shifting their focus to purpose-build rental housing. Although observers have warned that the recent downturn in B.C.’s real estate market could result in catastrophic wealth destruction, the B.C. government believes the market is returning to normal conditions.
Restructuring Charges Take Priority Over Crown’s Deemed Trust Claim
The Alberta Court of Appeal has determined in Canada v. Canada North Group Inc. that the Court has authority to prime the Crown’s deemed trust claim when creating restructuring charges.
July 2019 Real Estate Update
Real estate prices in Greater Vancouver and the Fraser Valley continued to decline in June, as has the sales [...]
June 2019 BC Supreme Court Decision on Enforcing Security
Important BC Supreme Court decision about a creditor’s duty to its borrower when enforcing security. In summary – the Court decided creditors are not obligated to track or predict market variations to maximize value when enforcing.
May 2019 Real Estate Update
A new poll has found that most B.C. residents believe new taxation is making housing affordability worse. Residential real [...]
New Assignments and Beneficial Ownership Registries 101
The provincial government is seeking to dissuade artificially increased condo prices and potentially close a tax loop through a new [...]
March 2019 Real Estate Update
Canadians’ concerns that the legalization of cannabis will negatively impact property values have not played out in other jurisdictions [...]
February 2019 Real Estate Update
The Financial Institutions Commission is increasing its oversight of mortgage brokers in Canada to help curb problems with predatory [...]
January 2019 Real Estate Update
The Greater Vancouver housing market continues to see 10 year lows in sales due to increased municipal and provincial [...]
Supreme Court ruling supports appeal on GST in bankruptcy cases
In our April 12, 2018, blog we wrote about the case of Canada v. Callidus Capital Corporation. The Supreme Court [...]
December 2018 Real Estate Update
Rising interest rates have resulted in a decrease in detached home prices in Greater Vancouver and in increased insolvencies [...]
Financing Aircraft – Enforcing Security
Financing mobile equipment comes with certain risks, particularly when the equipment being financed is aircraft. Aircraft can leave Canada [...]
November 2018 Real Estate Update
The Chartered Professional Accountants (CPA) of Canada say the country is unlikely to experience the same housing market crash [...]
October 2018 Real Estate Update
The BC real estate market, along with other areas in Canada, continues to show signs of recovering from the [...]
L2 – lenders and lawyers on one shared workspace to reduce risk!
We represent chartered banks, credit unions, commercial lenders and other creditors to minimize the time and cost of security realization, [...]
September 2018 Real Estate Update
The BC real estate market is showing signs of recovering from the changes in government regulations with respect to [...]
August 2018 Real Estate Update
Sales in Metro Vancouver continued to slide in the month of August with sales down 36% compared to August [...]
July 2018 Real Estate Update
Sales across all major markets in the province in July 2018 decreased significantly compared to July 2017, with Metro [...]
June 2018 Real Estate Update
Declining sales was the trend across all major markets in the BC real estate sector to start the summer. [...]
May 2018 Real Estate Update
Most regions of the province’s real estate market saw dramatic decreases in the number of units sold. Greater Vancouver [...]
April 2018 Real Estate Update
Sales across almost all major real estate markets in the province showed significant decreases compared to April 2017. Sales [...]
Mortgage enforcement statute barred after 2 years from the day of first default
Lenders should be take note that under the new BC Limitation Act the clock for the 2 year limitation [...]
Strengthened CRA Super-Priority for GST
Until last year it was a common understanding that a bankruptcy triggers a priority reversal of CRA’s super-priority deemed [...]
March 2018 Real Estate Update
Signs from this past month’s real estate market seem to indicate that some of the government measures aimed at [...]
Government of Canada Website
Visit the Government of Canada website for further information on Business and Taxes. VISIT THE SITE [...]
February 2018 Real Estate Update
Almost all major markets in British Columbia saw sales fall in February as compared to February 2017. The Victoria [...]
January 2018 Real Estate Update
Speculation continues that the increases to interest rates and changes to the mortgage rules will result in relief from [...]