Daily Market Update

Royal LePage expands as Prudential Sussex joins the network
Royal LePage has announced that Prudential Sussex Realty’s team of almost 300 agents has joined its network. The team will operate as Royal LePage Sussex and Phil Soper, President and CEO of Royal LePage says:  “Sussex is one of the most admired names in real estate, with a long history of successfully marketing some of Canada’s most valuable homes. This transaction is a game-changer in British Columbia’s Lower Mainland.” Royal LePage now has a more than 25 per cent share of the North Vancouver, West Vancouver and Sunshine Coast markets combined, and has almost quadrupled its share of the luxury real estate market in the Greater Vancouver Area.
Canadian households’ $1.5 trillion debt; two thirds of which are home loans
The Bank of Canada may have been largely positive about the economy but Stephen Poloz’ statement yesterday in which he announced that the interest rate will stay at 1 per cent also raised concern about the level of household debt. New figures from Equifax show a $1.5 trillion debt burden for Canada’s households, with the debt load rising 7.4 per cent in the three months to the end of September compared with a year before. That works out at an average debt of $20,891 per person excluding mortgages. However, unlike the BoC, the credit agency says that it is not concerned about the levels as consumers are controlling their debt well. Of the $1.5 trillion owed two thirds is mortgage debt, totalling $985.1 billion. Read the full story.
Vancouver house approval process varies widely on location
The timescale and cost of home approvals varies widely in Metro Vancouver depending on the location. A new report produced by a partnership of SFU’s Urban Studies Program, the Greater Vancouver Home Builders Association and the Urban Development Institute has ranked areas on four metrics to find the ten best for townhouse development. Topping the list is Langley Township with Richmond, Vancouver, Port Moody, Coquitlam, Surrey, Maple Ridge, White Rock, Port Coquitlam and the City of North Vancouver completing the top 10. The costs of approval applications range from $8,390 in Port Moody to $33,713 for a similar property in Surrey and the time taken for approval averages 39 weeks in White Rock but 72 weeks in Maple Ridge. As well as cost and time, communication and a streamlined process were important factors in the rankings. Read the full story.
Real estate industry needs to work with insurers on climate change
The real estate and insurance industries should collaborate to help tackle the impact of climate change. That’s the message from the non-profit organization the Urban Land Institute which has published a report called ‘What the Real Estate Industry Needs to Know about the Insurance Industry and Climate Change’. The study concludes that constructing property and infrastructure that is more resilient could help cut the damage and therefore costs of climate change related incidents. With greater urbanization comes greater risk; not just from specific incidents but general climatic conditions. The report includes case studies on flooding in a number of countries including Canada and the US and highlights the different levels of insurance cover available in the different jurisdictions together with varying responses from governments. Read the full report.

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