Quarterly Market Intelligence - 1st Quarter 2024 

Presented by Stockus & Parry

STRONG START TO THE SPRING MARKET 

A topic that is at the forefront of real estate news these past months is from the south of the border. In a landmark settlement of a sweeping class action lawsuit, the very concept of Buyer Agency is being challenged in the United states. Because of the Seller’s payment of commissions on the listing, the inability of a buyer to negotiate the commissions paid to their Buyer Agent was the crux of the law-suit. The argument was that this was tantamount to price-fixing and was anti-competitive. With the American National Association of Realtors (NAR) settling the lawsuit, many jurisdictions will no longer allow for the payment of a Buyer Agent’s commission through the MLS listing. What this means is that should a buyer wish representation by a realtor, they will need to pay the Buyer Agent directly, or a commission paid by the Seller will need to be negotiated during an offer. For most buyers, coming up with the additional funds to pay their agent is unrealistic. Those are funds that could and should go towards their down-payment. As a result, most will now either need to negotiate each contract or simply go without representation. 

Here in Canada, a copycat class action has popped up out of Toronto, naming the Canadian equivalent of the NAR, the Canadian Real Estate Association (CREA) as well as real estate boards across the country. Most in the industry feel this case has a much more up-hill battle compared to its US counterpart. Canada has far fewer examples of legal precedent and case law concerning anti-competitive business practices. Canada’s Federal Competition Bureau has heavily scrutinized organized real estate here, finding no wrongdoing. Such lawsuits take years to move through our court system. Regardless of the outcome, we cannot imagine an industry where an unrepresented buyer is the norm. 

In another bid to tackle the British Columbia’s housing concerns and specifically what the province believes is rampant property speculation.  The government has proposed a new anti-flipping tax. The government believes that flippers generate quick profits for investors and worsen housing affordability for residents by engaging in real estate transactions where they buy and sell properties within a two-year timeframe. This is the target of the new anti-flipping tax proposal. 

Under the new regulations, individuals who purchase residential properties and then resell them within a specified period will be subject to additional taxation. The tax rate starts out at 20 per cent of income earned from a property sold within 365 days, falling to zero at 730 days when the tax no longer applies. The measure aims to deter speculative behaviour and stabilize housing markets by dis-incentivizing quick turnovers. 

There is a small exemption if you live on the property as your primary residence and owned the property for less than 730 days. You may claim a deduction of up to $20,000 from your taxable income if you owned the property for at least 365 consecutive days before you sold it and the property includes a housing unit that you lived in as your primary residence while you owned it. 

In February, the Canadian government has extended the Prohibition on the Purchase of Residential Property by Non-Canadians Act until January 1st, 2027. The policy, which was initially instituted to increase the number of housing units available to Canadians for purchase, will now be in place for an additional two years. Of note, in 2021 foreign buyer purchases represented only 1.1% of real estate sales in British Columbia. 

Under this extended policy, Canadian citizens and permanent residents are the only ones allowed to buy residential property. There are some situations where a non-Canadian can buy or receive residential property. Non-Canadians could purchase residential property in major population centres when a non-Canadian gains an interest in a residential property because of a divorce, separation, gift, or death, for example. 

The Government of British Columbia also announced this quarter changes to the First Time Home Buyer and Newly Built Home Property Transfer Tax exemptions. 

In British Columbia, buyers are required to pay the Property Transfer Tax (PTT) on most land transfers. However, there are specific exemptions to the PTT, such as for first-time buyers and those purchasing newly built homes. To be eligible for these exemptions, buyers and the property being transferred must meet certain criteria. Effective April 1, 2024, qualified first-time homebuyers can benefit from the first-time homebuyer exemption if the fair market value of the purchase is $835,000 or less. This marks a welcomed increase from the previous limit of $500,000. This change can offer significant advantages to buyers, as the PTT on a home valued at $835,000 would amount to $14,700. 

Starting from April 1, 2024, eligible buyers of newly constructed homes can now enjoy an exemption from the Property Transfer Tax (PTT) on properties valued up to $1,100,000, an increase from the prior cap of $750,000. Partial exemptions apply to new builds valued up to $1,150,000. Before seeking a PTT exemption, buyers must consider various other qualifying factors, including the location, size, and purpose of the property, as well as their residency status. It is advisable to engage with a real estate attorney early in the purchasing process to preempt any unexpected hurdles down the line. 

Despite government initiatives, such as injecting an extra $99 million into the Canada Housing Benefit and implementing policies like the Prohibition on the Purchase of Residential Property by Non-Canadians Act of 2023, the housing market persists in its unchanged state. The severity of the crisis is underscored by record-low vacancy rates of 1.5% and an astonishing 8% average rent growth reported in 2023 by the Canadian Mortgage and Housing Corporation. 

The Government’s newest effort to confront these obstacles is the implementation of the Canadian Renters Bill of Rights. This proposed legislation tackles critical issues encountered by Canadian renters. The Canadian Renters Bill of Rights aims to protect renters from unjust “renovictions,” which involve landlords forcing tenants to leave because of extensive renovations. Already, British Columbia’s Residential Tenancy Act includes similar protections, requiring that building permits be obtained before issuing eviction notices. 

The Federal government will implement a nationwide standard lease agreement that requires landlords to disclose the rental price history. The Federal government underscores the significance of transparency, asserting that it will empower renters to negotiate equitably. This concept is intriguing, considering that landlords usually adjust rental rates to market norms when a tenancy concludes. If a long­term tenancy ends after several years, there could be a significant disparity between the previous rental rates and the current market rates. We are curious to see if this will have any effect on rent negotiations. 

A $15 million fund will enhance accessibility to legal services for tenants, ensuring they receive sufficient support in resolving disputes. This is largely a moot point again in BC, as tenants already receive tremendous support from the Residential Tenancy Office through their arbitration process, which critics argue is biased against landlords. We would hazard that access to this legal fund is not available to the landlord… 

Aligning renters with homeowners in credit assessment, timely rental payments will now contribute to an enhanced credit score, potentially facilitating easier access to mortgages. This Federal-level initiative is a commendable addition aimed at assisting renters in achieving the goal of homeownership. 

These initiatives, crafted in cooperation with Canadian provinces and territories, are complemented by efforts to expedite the construction of new homes and strengthen social safety nets. Their collective goal is to enhance living standards, focusing on addressing the needs of the younger population. 

The necessity of these measures becomes apparent when considering the substantial rise in Canadian renters, particularly among younger age groups. According to the 2021 Census, there has been a 22% surge in renters over the last decade, almost three times the rate of homeownership growth. Factors such as affordability challenges, demographic changes, and urban lifestyle preferences have all played roles in driving this trend, highlighting the need for strong renter protections. 

The first quarter of real estate sales in Victoria, BC, reflects a market that is rapidly gaining momentum. With increased sales and listing numbers, optimism is re-surging among buyers and sellers alike. However, it’s crucial to recognize that despite governmental efforts, we cannot solely rely on taxation and regulation to address the housing crisis. Streamlining the development process is essential to achieving balance between supply and demand in the Victoria housing market. As we navigate the challenges ahead, it becomes increasingly clear that collaborative efforts between policymakers, developers, and communities are necessary to ensure sustainable and fair growth in the real estate sector. 

David Parry 
250.634.8356
david@stockusandparry.com 

Terry Stockus 
250.588.7933 
terry@stockusandparry.com 

Luxury is more than a price point, it’s an experience. 

The Quarterly Market Intelligence is written exclusively by David Parry and Terry Stockus with valued input from other market experts.  While the information contained herein is believed to be accurate, the authors assume no responsibility for any errors or omissions. Not intended to solicit business from individuals currently under contract. An independently owned and operated licensee. © David Parry & Terry Stockus, 2024 

Quarterly Market Intelligence - 4th Quarter 2023 

Presented by Stockus & Parry

A YEAR IN REVIEW 

2023 was a fascinating year for real estate in British Columbia that was punctuated by significant developments that have had far-reaching effects on the market and its stakeholders. With 2024 upon us, we would like to take a moment and return to the major events and trends that shaped the real estate landscape in the province over the past year. 2023 brought profound changes to our market place: the Bank of Canada’s interest rate hikes, the introduction of pivotal provincial legislation, and the new reality many municipalities are now facing in consideration of their ability to control land use are but a few of the momentous changes to the real estate landscape. 

The central focal point in 2023 was the Bank of Canada’s deliberate decision to implement multiple interest rate hikes throughout the year. They undertook these actions with the primary aim of curbing inflationary pressures and ensuring the long-term stability of the Canadian economy. While these rate increases had a discernible impact on the real estate market, resulting in higher borrowing costs for prospective homebuyers and a deleterious effect of real estate sales, BoC deemed them necessary to maintain economic equilibrium. 

The series of interest rate hikes had a multifaceted influence on British Columbia’s real estate sector. On one hand, the higher cost of borrowing put pressure on affordability, leading to a slowdown in home purchases. These measures served as a prudent step to rein in soaring home prices and ease concerns of a housing bubble, which had been a cause for unease among industry experts. 

While the media consistently bombarded property owners here in BC with the threat of a real estate market destined for a glut of below-market deals and foreclosures, instead we realized a market that saw asset values holding strong. Continued low levels of inventory was the counter-strike to a market that was under pressure with higher interest rates. 

It’s important to keep in mind that 54% of home owners in British Columbia have lived in their homes for ten years or longer. This represents a vast amount of accumulated equity in homes. Ten years of mortgage down payments notwithstanding, prices of properties have almost doubled in the past 10 years! This record appreciation has allowed homeowners to weather significant financial storms. Of those 54% of BC homeowners, 45% are mortgage free! 

With real estate sales volume remaining under pressure, we expect we will see lenders compete for mortgage business in the months to come. Financial markets use the bond yield to establish values of Fixed-Rate mortgages. Currently, the 5-year bond yield is 3.08%, the Fixed Rate for a 5-year insured mortgage is hovering at 5.19%. The discrepancy between the bond yield and the fixed rate is significant. The last time the bond yield was at 3.08% was May 15, 2023, when a 5-year fixed rate was 4.59%. This signals that mortgage lenders have 0.5%-0.8% of bandwidth to move fixed rates down in order to stay competitive with one another. The BoC may not need to lower rates as soon or as quickly as we think, as the market just might do it for them. 

2023 saw the provincial government unveil several landmark pieces of legislation to combat the ongoing housing crisis. These captured significant attention throughout the year. 

These changes, a comprehensive response to the pressing issue of housing affordability and availability in British Columbia include measures aimed at cracking down on short-term rentals, legislation that takes aim at single-family zoning, reforms to the way municipalities collect fees from developers, and new minimum requirements for building heights and densities that municipalities must allow. 

One of the most significant aspects of these legislative changes was the establishment of ambitious housing targets. The Province set these targets with the obvious intention of increasing the supply of affordable housing and making homeownership more accessible to a wider cross-section of residents. By encouraging the construction of affordable housing units and optimizing land use within urban areas, the government sought to bring about a more balanced real estate market. 

While the province presented a roadmap towards addressing the housing crisis, not all municipalities were equally enthusiastic about embracing these changes. A noteworthy point of contention arose as some municipalities found themselves on David Ebby’s “Naughty List.” These jurisdictions exhibited resistance to implementing the reforms mandated by provincial legislation. Their concerns chiefly revolved around encroachments on their autonomy regarding zoning and construction regulations, besides downloading the responsibility of construction starts onto developers. 

Despite this resistance, the development community has regarded municipalities as the single largest hurdle to new construction within our industry for many years. They hinder the process with absurd degrees of red-tape and bureaucracy. An additional fly in the ointment that perhaps is not being talked about enough is that 20% of the construction workforce here in BC is set to retire this decade. 

Municipalities expressed apprehension that the new legislation would disrupt their established 

urban planning strategies and local decision-making processes. This resistance created a unique dynamic within the province, with some regions showing a more proactive approach to housing reforms, such as Victoria’s Missing Middle; while others preferred to maintain the status quo. 

The government articulated that municipalities failing to align with the prescribed housing targets and regulations could face repercussions. The most significant of these repercussions was the possibility of losing control over zoning and construction within their jurisdictions. This measure aimed to ensure a consistent and concerted effort across the province to address the housing crisis and mitigate the emergence of housing market disparities. 

Mid last year, the government turned its attention to Short-Term-Rentals. The province introduced stiff penalties for operators who violate local regulations. The legislation will also require short-term rental platforms as Airbnb and VRBO to share data with local governments to aid in enforcement and support tax auditing at provincial and federal levels. Short-term rental platforms will be required to display business license numbers in listings and remove those without them promptly. 

The conversion of short-term rentals into long ­term housing in municipalities with populations over 10,000 will primarily involve restricting them to the host’s principal residence. Hosts may rent out their principal residence plus one secondary suite or laneway home/garden suite on the property. There will be specific exemptions for certain regions and for communities under 10,000 population, unless they are within 15 kilometers of larger municipalities. 

The Province also desires to establish greater transparency regarding short-term rentals, including the creation of a provincial host and platform registry by late 2024 for increased accountability and a provincial short-term rental compliance and enforcement unit. 

In 2023, sales in the Victoria Real Estate board MLS area amounted to 3,005. This number is down only slightly from 2022’s final sales number of 3,264 total sale. The annual average sale price was $1,288,448, and the total dollar volume of $3,871,787,132. 

Our real estate market this past year has shown remarkable resilience and optimism. As we move into spring, indicators point towards an increasingly active market, with sales beginning to pick up momentum. The stability of housing prices and the expectation of lower rates on the horizon bolsters this positive trend and are key factors in maintaining market confidence. Both buyers and sellers can expect promising opportunities as Victoria’s real estate sector gears up for a vibrant and busy spring. This forecast not only reflects the inherent strength of our market but also a healthy and sustainable growth trajectory as we continue into 2024. 

David Parry 
250.634.8356
david@stockusandparry.com 

Terry Stockus 
250.588.7933 
terry@stockusandparry.com 

Luxury is more than a price point, it’s an experience. 

The Quarterly Market Intelligence is written exclusively by David Parry and Terry Stockus with valued input from other market experts.  While the information contained herein is believed to be accurate, the authors assume no responsibility for any errors or omissions. Not intended to solicit business from individuals currently under contract. An independently owned and operated licensee. © David Parry & Terry Stockus, 2024 

Monthly Market Intelligence - September 2023 

Presented by Stockus & Parry

SUMMER FINISHED ABOVE EXPECTATIONS 

The start of our August 2023 real estate market reflected what we typically see in our late summer housing market; summer travel in full swing as buyers and Sellers head to the beach, the mountains and destinations abroad. However, the last 2 weeks of August ramped up significantly with showing activity leading to sales. We feel this brisk pace will probably continue into the fall as consumers return to regular work days and kids are back in school. 

Bank of Canada (BoC) held interest rates at 5% signalling the potential end to historic rate hikes. Money markets are pricing in very strong odds that the BoC is done with hiking rates for this economic cycle. We expect this interest rate hold to be a positive signal to our real estate market and should shore up and strengthen consumer confidence. 

The “Missing Middle” — we believe that all levels of government need to focus on opening up more supply. Single family detached homes are our highest priced product, which has pushed to the sideline’s buyers who need housing at a more attainable price point. We are seeing the need for townhouses grow in every demographic as this product appeals to the masses, whether it be first-time buyers, those up-sizing from a condo or downsizing from an executive home. We feel townhomes will be in high demand in the future. 

Our local Victoria real estate market continues to display resilience and adaptability in the face of changing economic conditions. August 2023 witnessed 544 properties being sold in the Victoria Real Estate Board region, marking a notable increase of 13.8 percent compared to the same month in 2022. This surge in sales activity suggests a growing interest among buyers, and a strong local economy. However, this figure represents an 8.6 percent decrease from July 2023, showing a potential seasonality factor or a short-term fluctuation in demand. 

Among the various property types, condominiums and single-family homes both contributed to the market’s positive performance. Condominium sales saw a substantial increase of 10.8 percent compared to August 2022, with 164 units changing hands. Similarly, single-family homes experienced a healthy uptick in sales, rising by 9.6 percent from the previous year, with 273 homes being sold. These figures suggest that both first-time buyers and families are actively taking part in the Victoria real estate market, leading to a balanced demand across multiple property types. 

On the supply side, there were 2,490 active listings available for sale on the Victoria Real Estate Board MLS System at the end of August 2023. This represents a moderate increase of 2.9 percent compared to the previous month of July, reflecting a steady yet not impactful flow of new listings. Despite this, there is a substantial 16.5 percent increase from the inventory levels recorded at the end of August 2022, showing a healthier supply of properties in the market year on year. This uptick in supply, with stable interest rates, should provide potential buyers with more options and possibly contribute to a more balanced market in the coming months. 

We have made the decision that this will be the final monthly edition of the Market Intelligence. We will instead be moving to a Quarterly publication schedule. This decision comes as we will be able to provide you a better and more thorough understanding of trends and themes in our market. We feel a quarterly report will allow us to provide you with a deeper dive into the data, giving you with a better overall report. Look for our first Quarterly Market Intelligence at the beginning of October. 

We would also like to take this opportunity to express gratitude to our clients for choosing Stockus & Parry as the top option for Realtors and The Agency as the leading Brokerage in the Peninsula News Review Reader Choice awards! 

This recognition means the world to us, especially as we are celebrating our first year as partners in business. We extend our heartfelt gratitude to the community for their support, trust, and confidence in our team. Our goal is to provide seasoned and exceptional service. We are truly overjoyed and humbled by this honour, and we look forward to continuing to serve our community with the same level of passion and excellence in the years to come. Thank you from the bottom of our hearts. 

David Parry 
250.634.8356
david@stockusandparry.com 

Terry Stockus 
250.588.7933 
terry@stockusandparry.com 

Luxury is more than a price point, it’s an experience. 

The Quarterly Market Intelligence is written exclusively by David Parry and Terry Stockus with valued input from other market experts.  While the information contained herein is believed to be accurate, the authors assume no responsibility for any errors or omissions. Not intended to solicit business from individuals currently under contract. An independently owned and operated licensee. © David Parry & Terry Stockus, 2024 

Monthly Market Intelligence - June 2023

Presented by Stockus & Parry

UNSTOPPABLE FORCE, IMMOVABLE OBJECT. 

Once again, this past May, the Victoria real estate market has been a focal point for both local and national investors, continuing to exhibit robust signs of growth. Our May 2023 sales surpassed those of May 2022 by 1.8% and up 22% from April 2023. To date, sales in 2023 have continu­ously climbed higher with the help of consumer confidence remaining steadfast and, by our esti­mates, the outlook continues to be very positive. 

The theme of our current market remains our level of inventory, or lack thereof. This absence of ad­equate housing opportunities remains a major issue in the market, an issue compounded by the number of homeowners waiting for product to appear that meets their needs. The housing supply has created a “log jam” scenario; homeowners are hesitant to list their properties for sale because of the difficulty of finding suitable replacements. Consequently, there’s a substantial accumulation of off-mar­ket inventory awaiting the right moment to list. 

This market bottleneck has led to the return of a particular style of offer; many offers are now contingent on the buyer’s ability to sell an ex­isting property. This arrangement is predomin­antly because of the housing shortage, which is rapidly devouring any new listings, main­taining our absorption rates at low levels. 

Even with this shortage, our real estate mar­ket continues to support high prices with little sign that numbers will slide. Although we are seeing a slight decrease compared to the same time last year, the market remains stable, re­inforcing that now is the best time to list prop­erties. The favourable weather and low competi­tion create a tempting environment for sellers. 

Multi-Family homes are witnessing a significant bump in activity, with townhouses and condos be­coming the gateway for many into the housing mar­ket. This is true of first-time buyers who are finding the price range of single-family detached homes in Victoria out of reach. Additionally, the removal of rental restrictions for Strata property and our cur­rent historically high rents offer an appealing oppor­tunity for investors. With these changes, virtually any property can become an investment vehicle. 

Today the Bank of Canada raised interest rates a quarter point, however most analysts feel lend­ers have already factored this new rate into fixed-rate mortgages and only those in a variable rate product will be impacted. Most in the industry believe that despite this rate-hike, it’s unlikely to dampen the market. After all, the Bank of Can­ada telegraphed the recent hike as inevitable. 

Overall, the economy continues to support our vibrant real estate market, with robust growth and low unemployment levels. The ongoing roll­back to aspects of the Foreign Buyer’s ban by the federal government is opening up new av­enues for investment. Now, foreigners on work permits can purchase properties, and vacant land is also open to foreign investment. 

The real estate market in the Greater Victoria Area remains a dynamic and resilient sector. While there are challenges with inventory, this also opens up unique opportunities for both buyers and sell­ers. With the continuation of favourable economic conditions, it’s reasonable to expect the market to remain steadfast for the foreseeable future. 

Being a part of our boutique brokerage means bene­fiting from the strength of the whole. It means coming together with fellow real estate professionals who are constantly rethinking industry norms and pushing them­selves further through technology, design and service. 

David Parry 
250.634.8356
david@stockusandparry.com 

Terry Stockus 
250.588.7933 
terry@stockusandparry.com 

Luxury is more than a price point, it’s an experience. 

The Quarterly Market Intelligence is written exclusively by David Parry and Terry Stockus with valued input from other market experts.  While the information contained herein is believed to be accurate, the authors assume no responsibility for any errors or omissions. Not intended to solicit business from individuals currently under contract. An independently owned and operated licensee. © David Parry & Terry Stockus, 2024 

Monthly Market Intelligence - July 2023

Presented by Stockus & Parry

A STRONG FINISH TO OUR SPRING MARKET. 

June has been a busy month for real estate here in the Greater Victoria Area; 705 properties sold in the Victoria Real Estate Board region. This rep­resents an almost 15 per cent increase over the 612 properties sold in June 2022. However, this past month has seen a nine per cent decrease from May 2023. Sales of condominiums were up almost 20 per cent from June 2022 with 242 units sold. Sales of single-family homes increased almost seven per cent from June 2022 with 322 sold. Historically speaking, despite the higher market and inven­tory numbers relative to previous months, 2023 remains well below the inventory levels seen in years past. The definitive question we need to be asking ourselves is whether these numbers show a conclusion to our market. We say no, quite the opposite. Our market is currently being held back primarily by a lack of inventory. Prices are not depressed, rather they’re holding steady. We are once again in a market being held aloft by scarcity of product, strong buyer demand and an unwill­ingness for sellers to list their homes without a clear entry strategy into new housing product. 

The Bank of Canada is getting interesting evidence that its efforts to tame inflation are working. But are they working fast enough to satisfy that it doesn’t need to raise rates any further? Inflation, sitting at 3.4 per cent in May, is still more than one percentage point above the bank’s comfort lev­el. Expectations and perceptions haven’t caught up with inflation’s rapid decline (the rate is half of what it was just six months ago). At 4.75 per cent, the Bank of Canada’s policy rate is already a couple of percentage points above what the bank considers the “neutral” level, at which the rate neither stimulates nor suppresses the economy. 

Headline inflation dropped like a stone in May, now down to 3.4%. Mortgage interest costs surged 30% and remain the largest contributor to the year-over-year CPI increase. Strip out self inflict­ed mortgage interest cost, and CPI sits at 2.5% in May, back within the Bank of Canada’s control range of 1-3%, signaling we are back on track with no further interest rate manipulation needed. 

With the rate of inflation now nearly 1.5 percentage points below the bank’s policy rate, the implication is that in real terms, interest rates are becoming even more restrictive than they were a few months ago – which could speed up their effect on the economy in the months to come. Still, economists are split on how they think the Bank of Canada will interpret and react to the flow of data since its June 7 rate hike. In one camp are those who believe that the flow of data provides ample justification for the bank to at the very least hold its policy rate steady at its July 12 decision, because it’s increasingly confident that its rate policy is doing the desired trick. In the oth­er camp are those who believe the bank will raise rates at least one more time, focusing its attention on how far away the key numbers still are from the end goal. It’s quite possible that the decision-mak­ers in the bank’s senior ranks are themselves of two thoughts. If they need a tie-breaker to tip the data scales, there is one more big indicator that could sway their thinking: July 7th’s employment report for June. If the July 12 rate call is as close as it appears, the job numbers could seal the deal. 

Base effects are favourable, but prices have mod­erated. There’s nothing more to do but wait for the highest interest rates in two decades to work their way through the system. In typical federal style, the Bank of Canada allowed prices to climb 30% annually and only started raising rates af­ter the historical peak of our market in March 2022. Bank of Canada have always taken a re­actionary attitude to regulating our markets. 

The Naughty List…June saw B.C.’s housing minis­ter announce the first 10 municipalities that must meet future housing targets. A government or­der-in-council reveals all 47 municipalities that will probably have to ramp up their housing production. 

Housing targets will be set later this summer, and municipalities will have six months to show prog­ress. Municipalities were selected using a weight­ed index based on factors that include urgency of housing need, projected population growth, land availability, and housing affordability. 

If communities don’t meet the targets within six months, the province will appoint an independent adviser to help them make progress. If that doesn’t work, the province will wield a bigger stick and overrule the municipality with the power to rezone entire neighbourhoods to create more density. 

Clearly, the province feels an increase in build-ing-start numbers, solves our current housing shortage. If the province and the municipalities were serious about the dilemma we face, they would work with each other to streamline the pro­cess. A stick really isn’t the most useful approach. A carrot is always better…providing incentives for developers is the best way forward. Such in­centives may include tax breaks, streamlined application processes, fewer levels of municipal committee review and reduced permitting costs. 

Here are all the municipalities mentioned in the order-in-council, listed alphabetically: 

• Abbotsford 
• Anmore (village) 
• Belcarra (village) 
• Burnaby 
• Central Saanich (district) 
• Chilliwack 
• Colwood 
• Coquitlam 
• Delta 
• Duncan 
• Esquimalt (township) 
• Highlands (district) 
• Kamloops 
• Kelowna 
• Ladysmith (town) 
• Lake Cowichan (town) 
• Langford 
• Lantzville (district) 
• Langley 
• Langley (township) 
• Lions Bay (village) 
• Maple Ridge 
• Metchosin (district) 
• Mission 
• Nanaimo 
• New Westminster 
• North Cowichan (district) 
• North Saanich (district) 
• North Vancouver (city) 
• North Vancouver (district) 
• Oak Bay (district) 
• Pitt Meadows 
• Port Coquitlam 
• Port Moody 
• Prince George 
• Richmond 
• Saanich (district) 
• Sidney (town) 
• Sooke (district) 
• Squamish (district) 
• Surrey 
• Vancouver 
• Victoria 
• View Royal (town) 
• West Kelowna 
• West Vancouver 
• White Rock 

David Parry 
250.634.8356
david@stockusandparry.com 

Terry Stockus 
250.588.7933 
terry@stockusandparry.com 

Luxury is more than a price point, it’s an experience. 

The Quarterly Market Intelligence is written exclusively by David Parry and Terry Stockus with valued input from other market experts.  While the information contained herein is believed to be accurate, the authors assume no responsibility for any errors or omissions. Not intended to solicit business from individuals currently under contract. An independently owned and operated licensee. © David Parry & Terry Stockus, 2024 

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