Year: 2022
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Bank of Canada deputy governor’s real estate investment portfolio grew by $548K during pandemic
Bank of Canada’s senior deputy governor Carolyn Rogers’s real estate portfolio appreciated by $548,000 during the pandemic as low interest rates set by the central bank helped propel Canada’s home prices to record highs. The deputy governor’s disclosure statement record she has joint ownership of two rental properties in Victoria, British Columbia. BC Assessment records […]
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Metro Vancouver detached home market cools down in April
Metro Vancouver detached home market activity cooled down in April 2022, as falling sales knocked prices off the all-time high recorded in March. The OpenHousing Home Price Index for detached properties – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – rose 7.11% year-over-year, the April month-end update shows. This represents a […]
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Pandemic flip goes flop: flipper loses $880,000
The pandemic may have been boom time for real estate speculators, but one home flipper has managed to make a serious loss with a failed property flip. The numbered company 1330138 B.C. LTD bought the condo at 1388-2088 Barclay Street, Vancouver, for $4,380,000 on Sep 23, 2021, according to BC Assessment The owners put it […]
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Sharp drop in home speculation recorded in Metro Vancouver
Metro Vancouver’s housing market is recording a sharp drop in real estate speculation, with flipping levels plummeting this month after reaching a peak in November last year. The successful quick flip rate (QFR) for single detached properties plunged to just 0.3% so far in April 2022, after hitting a six-year high of 5.7% in November […]
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At least 372 households evicted by flippers during pandemic
Our analysis of housing data shows that at least 372 households were evicted by flippers during the pandemic in Metro Vancouver. Read more. Data The dataset consists of all single detached properties, townhouses, and condos that were bought and relisted within 12 months in Metro Vancouver since March 15, 2020. Methodology We checked the occupancy […]
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Freeland’s flipping tax just rebrands an existing CRA rule
By Rohana Rezel Canada’s Finance Minister Chrystia Freeland announced a new “flipping tax” in the budget she unveiled earlier today. But a closer inspection of the budget shows us that the so-called flipping tax is merely a rebranding of an existing Canada Revenue Agency (CRA) rule. “To ensure profits from flipping properties are taxed fully […]
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Metro Vancouver detached house prices reach all time high in March
Metro Vancouver’s detached house prices soared in March 2022 to reach yet another all time high despite sings that market activity is slowing down. The OpenHousing Home Price Index for detached properties – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – rose 11.31% year-over-year, the March month-end update shows. This represents […]
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4 in 5 half-duplexes sold for more than the single detached houses they replaced
By Rohana Rezel The Vancouver City Council approved a plan to allow duplexes in all Vancouver neighbourhoods in the dying days of Vision Vancouver’s term in office. Mayor Gregor Robertson and his Vision councillors sold the Making Room proposal as a plan to improve affordability by increasing density. I looked at the real estate data […]
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Metro Vancouver detached prices reach all time high in February
Metro Vancouver’s detached house prices soared in February 2022 to reach yet another all time high, signalling the region’s housing boom fuelled by ultra-low interest rates and rampant speculation is far from over. The OpenHousing Home Price Index for detached properties – calculated using the generally-accepted and transparent repeat sales or Case-Shiller method – rose […]
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$3.4 billion worth of homes flipped in Vancouver during pandemic
The pandemic is bringing misery to millions of Canadians as Covid-19 leaves tens of thousands dead, economic turmoil, and political upheaval in its wake. But for real estate flippers, this global health crisis has proven to be a boon. Real estate speculators have flipped ‒ bought and relisted a property within 12 months ‒ a […]
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