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Posthaste: The real reason homes in Canada's big cities are unaffordable
Financial Post
In a well-functioning housing market, the market price of a home is close to the cost of construction. If prices are higher than that it is often because regulations or government policy is inhibiting new construction and creating an artificial shortage.
In Vancouver housing regulation costs have added a stunning $644,000 extra cost to an average new house. That is not only the highest in Canada, it is among the highest in the world as a share of market prices.
In other cities – Abbotsford, Victoria, Kelowna, Regina, Calgary, Toronto and Ottawa-Gatineau – homebuyers paid an average $230,000 extra on a new house because of limits on supply driven by regulations, says the report.
Read the full article here.
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Fall COVID-19 Economic Impact Survey Analysis
CHBA BC
To gauge confidence amongst CHBA BC members and to hear how the pandemic has affected their business, in April 2020, we conducted our first (Spring) Economic Impact Survey. The survey asked key questions that impact the residential construction industry, including permit wait times, government support measures, and changes in employment levels.
CHBA BC conducted its second (Fall) COVID-19 Economic Impact survey of its members. Distributed through our eight local associations, and covering the period from September 24 to October 9, 2020, the purpose of this survey is to receive insight on how the pandemic has economically affected business operations of our members, now and in the near future. A total of 198 valid responses were received.
You can read the full report, including the key findings, here.
You can view an infographic of the findings here.
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Increased Rebates for the New Home Program
FortisBC
Starting August 17, 2020, FortisBC will be implementing a variety of temporary changes to their New Home Program in an effort to support builders and homeowners that are looking to find new ways to lower operating costs while building high-performance homes.
Please note that these program changes are only available until December 31, 2021.
Rebate Increases
Option A – Whole Home
- Step 2 - $1,000 increased to $3,000
- Step 3 - $2,000 increased to $4,000
- Step 4 - $4,000 increased to $6,000
- Step 5 - $8,000 increased to $10,000
Option B – Water Heater
- ENERGY STAR® 0.67 EF Storage Tank - $200 increased to $500
- Heat Pump Water Heater - $1,000 increased to $2,000
Additional Rebates
- EnerChoice® Natural Gas Fireplace - $300 increased to $500
Design Offer
FortisBC’s Design Offer is a new incentive offered to builders who are pursuing Step 3, 4 or 5 to offset the costs of engaging consultants. Builders can choose to participate in one, two or all three elements of the offer and receive up to $7,000 to reimburse the cost of the consultants hired to complete the work. For more information on all of these new changes to the New Home program, please visit http://www.fortisbc.com/newhome.
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- 1st or 2nd mortgages
- Fully open terms
- Quick turn around on draws
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Housing markets sinking despite rising prices, report finds
Real Estate Management Industry News
According to The Real Estate Investment Network's COVID-19 Special Edition: Real Estate Cycle Update report, economic impacts of the COVID-19 pandemic is the primary reason major housing markets in British Columbia, Alberta, and Ontario have fallen further into the real estate slump phase.
"At first glance, it might look like the data is pointing towards a market boom because in many key cities, real estate values have been, and continue to, increase," explained Jennifer Hunt, vice-president of research, The Real Estate Investment Network. "But this is all smoke and no fire. This is is a common misconception since characteristics of the boom and slump phases of the real estate cycle sometimes overlap and can be confusing to many if not most people. When looking ahead, the signals indicate markets are further entrenched in the early phases of the slump, so homebuyers and investors are wise to proceed with caution."
"It's common to have rising real estate prices in the early stages of the slump phase," added Hunt. "Even while prices in many markets are still rising, prices are not the only indicator. Most other data are now pointing at a slump."
You can read the full article here
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What do the November COVID-19 restrictions mean for construction?
COCABC
- Construction work can continue
- Travel for essential construction work can continue. If work that requires travel is not essential, consider delaying the work until after November 23rd. The travel restriction is a recommendation and not an order.
- The guidance for COVID safety at construction sites is not new, but the Provincial Health Officer (PHO) is asking all worksites to review their protocols to make sure they are effective. WorkSafeBC will be working with the PHO to enforce COVID protocols at worksites.
- Make sure that you are conducting active daily in-person health screening. The BCCSA has developed a Health Screening Tool.
- Make sure that you have an up-to-date COVID Safety Plan in place.
- Review the BCCSA and WorkSafeBC guidance for COVID safety in construction.
- Pay attention to break rooms, small office spaces, and other indoor spaces where people might gather to make sure that occupancy limits are in place and physical distancing is possible.
- Use masks when physical distancing is not possible.
- Consider having staff work from home where possible.
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Looking to earn 12 CPD points online? Check out our BC Energy Step Code For Builders and Energy Advisors. Designed for Builders and/or Energy Advisors who are already familiar with the BC Building Code, this 5-hour course includes interactive lessons, instructional videos, and reference materials that explain BC Energy Step Code requirements and outline best practices in achieving targets.
Each module of study can be completed at any time, for up to 1 year from the purchase date, and the successful completion of the final exam will earn you 12 continuing professional development points from the BC Housing Licensing & Consumer Services department.
You can enroll in the course here. |
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