Real Estate News

Victoria council has approved Abstract Development’s plans to transform the former Fort Street Truth Centre, 1201 Fort St., into an 83-unit residential development.

It’s been a slow start to the traditionally busy spring real estate season — but the homes that are selling are going for higher prices, according to the latest data from the Victoria Real Estate Board.

CIBC announced Tuesday (May 1) that it would be following TD Bank and RBC’s recent moves in raising its fixed mortgage rates, with a 15 basis-point increase taking its five-year fixed rate to 5.14 per cent.

Average (but not benchmark) home prices have seen a recent decline in regions across Canada – a fact that is cheered by many hoping for better affordability.

More than seven in 10 Canadian first-time home buyers (71 per cent) are afraid that they’ll be hit by unanticipated costs during the process, according to a new survey by TD Bank.

The Oak Bay United Church has scaled back its proposal for affordable housing on its site to a point it hopes the community can approve. The church is now proposing a four-storey apartment building and four townhomes for a total of 98 units on its 1.

Work on a new four-storey condo-retail development in Cordova Bay Plaza continues, with digging expected to start in late summer or early fall, architect Alan Lowe said. “It’s full steam ahead.” The plaza at 5120 and 5144 Cordova Bay Rd.

Even with good intentions, appropriate funding and expedited permitting processes, there simply aren’t enough construction tradespeople to build all the homes required to meet B.C.'s housing targets, according to a group of industry experts.

A 12-storey, 83-unit prefabricated residential building at Constance Avenue and Admirals Road was given the green light by Esquimalt council after a public hearing this week.

A crackdown on non-payment of taxes on presale condo flips is one of three new housing measures announced by the finance minister April 24.