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Category Archives: market update

Cost Savings Programs from the Real Estate Board of Gr...

1. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program Qualifying first-time buyers may be exempt from paying the PTT of one per cent on the first $200,000 and two per cent on the remainder of the purchase price of a resale home priced up to $500,000. There is a proportional exemption for homes priced between $500,000 and $525,000. At $525,000 and above exemption ...

BC budget includes new real estate taxes and spending ...

Housing was the dominant issue in the 2018 provincial budget. The government released a 30-point housing strategy aimed at reducing housing demand, curbing tax fraud, building affordable housing, and increasing security for renters. New tax measures include increasing property taxes and property transfer taxes on residential properties valued above $3 million, expanding the foreign buyer tax, and implementing a housing speculation tax. “We welcome ...

Where are housing prices headed in the new year?

Happy New Year! A new year begins, and as always, Vancouver remains one of the most desirable places on earth to call home. Where are housing prices headed in the next year? If you happen to have access to this crystal ball, please feel free to reach out to me. In the meantime, 3 key areas to watch are: Supply constrained by geography Stricter mortgage ...

Canada’s banking regulator raises bar for uninsured ...

Canada's banking regulator has modified its controversial new mortgage stress-testing rule, ensuring home buyers will not have an unintended incentive to sign up for shorter-term mortgages. The Office of the Superintendent of Financial Institutions published revised final guidelines Tuesday for its mortgage qualification rule, which requires buyers making down payments of more than 20 per cent of a home's value – who do not ...

Mayor Calls for “Locals First” Condo Presale Polic...

In an attempt to prevent Vancouver condo developments being marketed overseas before local buyers can buy the units, Vancouver Mayor Gregor Robertson is proposing a “locals first” policy, according to a statement from his office released October 6. The Mayor plans to introduce the motion at the next council meeting October 17, with the aim to put a policy in place by the end of the ...

Big banks hike prime rates after Bank of Canada tighte...

In the wake of the Bank of Canada's move Wednesday to boost a key interest rate, Canada's big banks have boosted their prime rates. RBC was first off the mark, followed quickly by the others, raising their prime rates to 3.2 per cent from 2.95 per cent, where they had been since the central bank's last rate increase in July. Canadian consumers can expect to feel some financial ...

How Much Will BoC’s Interest Rate Rise Cost You?

Bank of Canada announces end to seven-year period of historic low interest rates The Bank of Canada (BoC) is raising its overnight rate by 0.25%, or 25 basis points, for the first time in seven years, the BoC announced this morning. This takes the rate from 0.5% to 0.75%. Usually interest rates rise when inflation is above its target rate, but Canada’s inflation has ...

BC’s Recreational Property Market Buoyed by Ripple E...

Sales and prices for recreational properties are up across BC, with overseas demand remaining steady The hot housing market in Greater Vancouver is spilling over into the BC-wide recreational property market, according to the 2017 Royal LePage Canadian Recreational Housing Report published June 20. The aggregate price of a recreational home in BC has risen to $595,077, as slower sales at the start of ...

Vancouver Not at Risk of Housing Crash: RBC

A crash in the Vancouver real estate market is “unlikely, given still-solid economic underpinnings,” according to a national housing report released by RBC April 24. Although it identified affordability “stress” as a key risk factor in the Vancouver housing market, and despite a “small improvement… mostly in the single family market” in pricing in late 2016, the report observed that prices are on the ...

What you need to know about Vancouver’s Empty Ho...

Own a home in Vancouver? If it’s not your principal residence, eligible for an exemption, or rented out for at least six months in 2017, it will be subject to the Empty Homes Tax – a 1% tax on the property’s assessed value. What if my home is vacant or occasionally-used? Take the City’s online questionnaire to find out if the tax applies to you. ...

One bedroom or Two? Comparing Lower Lonsdale

One Bedroom or Two? Comparing Lower Lonsdale over 5 years! I continue to look at the graph between 1 or 2 bedrooms in North Vancouver. Which is a better investment, a 1 bed or a 2 bed? For first-time home buyers, size versus price can be a big question. Do you buy a condo with two bedrooms at a price that might stretch you …

BC Budget 2017: BC’s First-Time Home Buyers Get ...

The BC government is raising the threshold for the first-time buyer Property Transfer Tax exemption to $500,000 from $475,000, finance minister Mike de Jong announced February 21 in the 2017 Budget Announcement. The partial exemption threshold has also increased to $525,000 from $500,000. The changes will now affect more first-time home buyers by exempting, or partially exempting, those buying between $475K and $525K, and …