New Competition Rules Bring Risks for B.C. Landlords and Tenants

Recent amendments to Canada’s Competition Act, effective December 15, 2024, could significantly impact commercial lease agreements across British Columbia and beyond. These changes broaden the law's scope to include agreements between landlords and tenants, even when they aren't direct competitors. Aimed at addressing grocery competition, the changes target exclusivity clauses and restrictive covenants, which often limit competition within a retail setting.

Quantum computing embraces real-world business applications in B.C.

Quantum computing is making significant strides in British Columbia, positioning the region as a leader in this cutting-edge field. Local companies such as D-Wave, 1Qbit, and AbaQus are at the forefront of innovation, leveraging quantum technology to address complex challenges in industries like logistics, finance, and machine learning. For instance, D-Wave’s systems have drastically improved operational efficiencies, cutting scheduling times for the Pattison Food Group by 80%.

Five B.C. clean energy projects getting $12.5 million from feds

British Columbia companies CoTec Holdings and Mkango Resources have unveiled plans for a $125 million magnet recycling facility in Texas, aiming to repurpose valuable materials like neodymium, iron, and boron from e-waste. The proposed plant will utilize HyProMag’s Hydrogen Processing of Magnet Scrap (HPMS) technology to recycle magnets from discarded hard drives and other electronics. This initiative is part of a broader effort to bolster North America's supply chain for critical materials, crucial for defense technologies, robotics, and artificial intelligence. The plant is expected to produce approximately 750 metric tonnes of permanent magnets annually over its 40-year operational life.

Canada's Rental Market Sees First Year-over-Year Decline in Three Years

In October 2024, Canada experienced its first year-over-year decline in average asking rents in over three years. Nationwide, average rents fell by 1.2%, reaching $2,152. This decline was primarily observed in major urban centers like Toronto, Vancouver, Calgary, and Montreal, with Vancouver seeing a notable 8.4% drop.

Developers Skeptical of Mortgage Rule Changes: Limited Impact on New Home Demand

In a recent analysis by Business in Vancouver, real estate developers expressed skepticism about the impact of recent mortgage rule changes on the demand for newly constructed homes.

Day for Truth and Reconciliation: A Call for Reflection and Action

The National Day for Truth and Reconciliation, observed on September 30, is a time for Canadians to reflect on the painful history of residential schools and honor Indigenous survivors. This day promotes education, awareness, and healing, emphasizing the importance of reconciliation.

First Nations Real Estate Developments: Building Long-Term Partnerships for Future Generations

A recent panel of First Nations developers emphasized the importance of long-term partnerships in real estate development, focusing on economic reconciliation and sustainability.

B.C. Home Sales Dip in August as Inventory Rises

Micromobility Devices Face Regulatory Uncertainty Across Canada

As micromobility devices like scooters, e-bikes, and mopeds gain popularity in Canada, cities and provinces struggle with inconsistent regulations.

Metro Vancouver Office Vacancy Rates Increase Amid Development Slowdown

In Metro Vancouver, office vacancy rates have surged to 10.4% in Q2 2024, marking a 0.3% rise from the previous quarter. This increase, detailed in a recent Avison Young report, reflects a growing trend, although a slowdown in new developments may help stabilize the market.

Canada’s Short-Term Rentals: A Missed Opportunity for Long-Term Housing?

In 2023, Canada had an estimated 107,266 short-term rental properties that could potentially be converted into long-term housing, according to a recent study by Statistics Canada.

Bank of Canada Slashes Interest Rates Amid Economic Challenges

The Bank of Canada has reduced interest rates for the second consecutive meeting, addressing concerns about excess supply and a steadily increasing unemployment rate, which now stands at 6.4%.