Saeed Farahani’s Blog

The Government of Canada has taken steps to address the decline in rental stock in the country by introducing the Rental Construction Financing Initiative (RCFi) which provided over $208 million in low-interest loans for the construction of 422 purpose-built rental homes in three projects in Vancouver. These homes will be close to amenities and public…

Vancouver is the 2nd most expensive city in Canada but is considered a relative bargain globally, according to a recent survey.The survey ranks cities based on the affordability for expats, considering factors such as housing, transportation, food, and entertainment.Vancouver ↓ in the global rankings from 108th last year to 116th this year.

Finding affordable housing in Vancouver has become an impossible dream for many due to the high cost of housing. This has led to a situation where those hoping to rent or buy are struggling to find housing within their budget, and those on the minimum wage are left with few options. The Canadian Centre for…

Vancouver Council has approved a time-limited exemption from the empty homes tax for unsold condos. The exemption does not apply to condos that had been completed and sat empty for years before 2022. Any condos that were empty for most of last year but obtained occupancy permits in 2021 or earlier will still be subject…

Despite higher interest rates, home sales in Toronto and Vancouver continued to rise in July. Toronto reported a 7.8% increase in home sales and 4.2% increase in the average selling price to $1.12 million. Meanwhile, Vancouver reported a 28.9% increase in home sales and a 0.5% increase in the median price to $1.21 million. New…

As of the end of June, home sales in GVA ↓ 23% yearly, with ~14.3K homes sold this year to date. Move-up buyers, who are relocating to larger homes, have been active in 2023 due to pent-up demand from delaying their purchases. The summer is expected to bring a seasonal slowdown in home sales, with…

The City of Vancouver is considering a new zoning policy that would allow up to six homes on each plot of land, rather than just one. This change would allow for more space to build larger laneway houses, duplexes, fourplexes, and sixplexes, making neighbourhoods more affordable by introducing different housing options. If approved, the new…

Vancouver's housing market is projected to see continued price growth in 2024. The supply of homes for sale will remain limited, putting upward pressure on prices. Demand from local and international buyers will contribute to the market's growth.

As the number of short-term rental listings continues to rise, and long-term rental accommodations become more difficult to find, calls are growing for the City of Vancouver to provide more clarity on what is permitted when it comes to offering short-term rentals. Residents have pointed out on social media and in messages to Postmedia News…