Connect with us

Buzz

Here’s the rising number of condo projects expected to flood Greater Vancouver’s market in 2019

Editor

Published

on

Developers in BC’s Lower Mainland are expected to launch more condo projects this year than they did in 2018 despite evaporating demand as the market corrects from previous highs, a new report suggests.

In a 2019 forecast, MLA Advisory, the research department of condo-marketing firm MLA Canada, anticipates developers are going to launch 73 projects across the Greater Vancouver this year, up from the approximately 50 that were brought to market in 2018.

The expected launches for this year encompass a total of 13,975 homes, compared to the 11,584 pre-sale units introduced to the market in 2018.

Housing Market News Alerts

Sign up now for news alerts on the Vancouver housing market

The numbers only include new concrete developments, which are typically high-rise towers, from Squamish to Abbotsford.

Almost half of all new launches anticipated this year are in the municipalities of Richmond, Coquitlam and Central Surrey. It’s expected to be a quieter for homebuilders in Burnaby, the busiest market for concrete product in recent years.

“As inventory levels rise and projects take longer to sell, we anticipate some of these projects to be delayed due to market conditions,” writes MLA Advisory in the forecast.

Dampening demand is already been apparent when looking at existing condo sales. This past December, sales of existing condo apartments plunged 34 percent to a total of 535 units, according to the Real Estate Board of Greater Vancouver.

Meantime, prices are declining. The benchmark price of a condo apartment was $664,100 last month, down 0.6 percent from November (although that’s still 0.6 percent above December 2017 pricing).

So why are developers launching more and more projects at a time when homebuyers and investors are pulling back?

Speaking to heightened launches late last year, MLA executive director Cameron McNeil told Livabl that home prices were still up considerably from two years ago, which is likely around the time when developers bringing projects to market now purchased their land.

It also takes at least two years for a developer to start selling pre-construction units as they must go through a process that includes municipal approvals, acquiring building permits, and marketing.

“These long timelines commit a developer years ahead of time to move forward with a project and in most cases they can’t afford to just sit and wait and watch, they have to bring it forward and do their best, given the market conditions — within reason,” McNeil explained.

Source link

قالب وردپرس

Buzz

Covid-19 altering Canadians’ housing needs: RBC

Editor

Published

on

By

Amid a pandemic-driven shift in demand as well as a surge in new listings, the Canadian housing market remained strong in August, RBC Economics reports.

Citing preliminary data from local real estate boards, RBC said that markets in many areas of the country remained “red hot” in August.

“But the bigger story might be that Covid-19 is now prompting more people to sell,” the report said, noting that new listings surged in urban centres such as Toronto, Ottawa and Vancouver.

“We think this in part reflects the pandemic altering the housing needs of many current owners — who are opting to move, something they might not have considered just a few months ago,” it said.

RBC noted that the Toronto market saw new listings jump 57% year over year in August, powering a 40% increase in home sales.

Sales were up more than 20% from July’s near-record levels, it said.

“Clearly, [that] market has fired on all cylinders this summer, making up for the major disruption caused by Covid-19 in the spring,” RBC said.

The primary drivers of sales activity and higher prices were low-rise homes, including single-detached homes, RBC reported.

Continue Reading

Buzz

RBC’s customer base makes it a favourite of cyber attacks – security experts

Editor

Published

on

By

Royal Bank of Canada is among the most targeted institutions by cyber attacks due to its broad customer base, according to an analysis by Palo Alto Networks.

From December 2019 up to present, cybercriminals have been establishing malicious pages disguised as websites by major companies to conduct phishing attempts and other similarly invasive attacks.

RBC ranked third in the most spoofed domains list, more than streaming giant Netflix and professional networking portal LinkedIn. PayPal and Apple ranked first and second, respectively.

“When you look at the broad customer base that RBC has, it makes sense, especially when you compare it to some of the other big names,” said Jen Miller-Osborn, deputy director of threat research at Palo Alto Networks. “These attackers are going after [domains] where they can make the most money, so they’re focusing on these organizations that have really broad customer bases because that really ups the number of potential victims.”

In an interview with BNN Bloomberg, Miller-Osborn outlined what consumers should be looking out for to filter our fraudulent emails.

“Typically, the ones that are going to be scam-related are trying to invoke some sort of emotional response,” Miller-Osborn said. “So they might say something like ‘Someone tried to change your password, click here to say whether or not that was you,’ or ‘Click here to confirm this charge on your statement,’ or ‘We’ve locked your account for strange activity.’ Essentially, things that will make people anxious and will make them want to click first, and not take a step back and pause to think, ‘Is that really the kind of email that my bank would usually send?’”

Other red flags include misspellings and basic grammar errors in the message, especially the sender line.

“Attackers try to closely mimic domain names, so you might see the number zero substituted for ‘o’, or a one substituted for the letter ‘l’. Little thing like an extra ‘s’ or ‘c’ in the name. These things, people tend to glance over very quickly and not notice.”

Miller-Osborn said that these measures should be done in concert with the most effective step in deflecting a spoofing attempt: Calling the bank and asking them if the email that they supposedly sent was legitimate.

 

Continue Reading

Buzz

Queen confirms new home at Windsor Castle with Buckingham Palace for ‘selected events’

Editor

Published

on

By

The Queen will be returning to Windsor Castle in a matter of weeks, with Buckingham Palace only used for ‘select events’.

Her Majesty and her husband Duke of Edinburgh will first spend time privately at Sandringham when they leave Balmoral next week, Buckingham Palace confirmed.

She had been spending summer at her retreat in Aberdeenshire amid speculation that she would not return to the capital amid the coronavirus pandemic.

A spokesperson said: “The Queen and The Duke of Edinburgh will depart Balmoral Castle during the week commencing September 14 to spend time privately on the Sandringham Estate.

“Subject to the finalisation of the autumn programme, Her Majesty’s intention is to return to Windsor Castle in October and to resume the use of Buckingham Palace for selected audiences and engagements.

Continue Reading

Chat

Trending