In this week’s edition of ‘In the Media’, we have stories surrounding the recently-announced plans to develop White Rock’s beach front, the impact foreign ownership has on Canadian housing prices, the rental crunch in Abbotsford and Mission, and more.
What’s happening locally:
- White Rock officials recently announced a $30-million plan to upgrade the city’s waterfront with a beach-front walkway and new amenities, but some critics shore aren’t on-board with the initiative. Read why here.
“Our main industry is tourism. We have Canada’s longest wooden pier. I don’t see a problem with having a marina. Yachts will come in and moor at the pier.”
- Will the planned transit line to Langley just be an extension of the Surrey-reaching SkyTrain? TransLink’s CEO seems to link it might be. Read about what that means here.
- A busy housing market affects more than just home buyers and sellers. Renters in Abbotsford and Mission are feeling a crunch, with affordable renting options becoming harder and harder to find. Read more here.
“…figures that suggest more than 200 rental houses were sold last year, when the Lower Mainland housing market began to heat up and housing prices in Abbotsford and Mission rose 30 per cent.”
- In case you missed our Board’s most recent stats package for May 2016, you can check out this great summary courtesy of REW.ca. (It even has fancy infographs!)
What’s happening in BC and Canadian real estate:
- According to a recent study by Insights West, eighty three per cent of BC residents say a tax on absentee homeowners is a ‘good’ idea. You can read about and see the results here.
- With prices reaching record highs for urban housing markets, millennials are reportedly looking to alternative locations for their homes. The Globe and Mail is covering the story here.
“More people in their 20s and 30s are heading to the suburbs and farther afield.”
- For something a little lighter, you can check out this week’s edition of CREA’s ‘CREA Cafe’, which includes stories on technology’s impact on real estate, Janis Joplin’s childhood home, the Playboy Mansion finally being sold, and more!
And that’s it for this week’s ‘In the Media’. Happy reading!