Olivia
Many real estate companies in British Columbia have recently gone bankrupt – this article is about iFortune foreclosure. When one project faces bankruptcy, other projects by the same company are also likely facing similar problems. The latest example is iFortune Homes, based in Richmond. Like other companies such as Coromandel Properties, Align Properties, Quarry Rock … Read more
On Wednesday the Bank of Canada made a big cut to interest rates. They lowered the key borrowing rates by half a percentage point. Experts said this could help boost Canada’s slow housing market. The central bank’s policy rate is now 3.75 percent. Wednesday’s decision is the fourth time in a row that interest rates … Read more
A Quick Look at the Proposed Trio of Towers An application to change the zoning has been filed for three buildings in Surrey, close to Gateway Station. The plan consists of 967 residential units spread out among three buildings, along with 984 parking spots for vehicles. The project is required to contribute to community amenities … Read more
A 55-storey Tower In Vancouver’s West End Has Been Placed Under Receivership At a Glance Developers of a high-profile high-rise project in Vancouver’s West End have been placed under receivership, as they owe $82.2 million to the Bank of Montreal. The project, called 1045 Haro Street, consists of a 55-storey condo tower and a 15-storey … Read more
Economists Foresee A Significant Turning Point In The Housing Market At a Glance Good news for the Canadian housing market! After a cautious year with rising borrowing costs, economists predict a rebound in 2024. This is largely due to forecasts that the Bank of Canada may begin cutting its key interest rate from the current … Read more
Real Estate Lawyers Are Urging Presale Buyers To Exercise Caution Amidst A Wave Of Defaults At a Glance A man in British Columbia lost his $81,990 deposit on a townhouse despite having a contract option to transfer the deal to another buyer. Sudip Sehgall put down the deposit on the yet-to-be-built property in 2021 but … Read more
Langley Townhouse Project in Receivership, Owes Nearly $40 Million at a Glance A townhouse project in Langley, British Columbia, known as The Willoughby, has been put into receivership after owing creditors more than CAD39.9m ($30.5m). The project was being built by Quarry Rock Developments and was partly built with a few townhouses finished and others … Read more
The Details Of Westbank is Dealing with a Barrage of Lawsuits from Canadian and U. S. Projects Because of Unpaid Invoices Westbank Corp., a well-known Canadian developer with a reputation for ambitious architecture, is currently facing problems with unpaid bills for multiple projects in Toronto and Seattle. Numerous contractors have claimed millions of dollars in … Read more
The Bank Of Canada Maintains Its Interest Rate At 5 Percent, As Anticipated At a Glance The Bank of Canada has decided to keep its benchmark interest rate at five percent, as the Canadian economy shows signs of cooling. The bank has raised the rate 10 times since early 2022 to slow down runaway inflation … Read more
Next to Oakridge SkyTrain, 15-Storey hotel and 29-Storey Condo Development Is Proceeding At a Glance A new development permit application has been submitted by local developer Peterson Group to redevelop 488 West 43rd Avenue in Vancouver, which will include a 29-storey condominium tower and a 15-storey hotel tower connected by a six-storey base podium with … Read more