Vancouver’s economy is on fire

[Source: BIV.com, January 27, 2017] Economic growth in B.C., particularly Vancouver, was so strong in 2016, it has nowhere to go but down, according to the Conference Board of Canada. But even with an expected cooling of the real estate market, lower expected GDP growth of about 3% and job growth of 23,000 per year for the next two years, Vancouver is expected to continuing sharing “superstar” status with Toronto, Alan Arcand, associate director of municipal studies for the Conference Board, [...]

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Saving money with a semi-detached house (aka: Duplex in BC)

[Source: Moneysense.ca, February 8th, 2017] For buyers dead-set on moving into a single family house, there seems to be little room to budge. The price-tag for detached urban homes is out of reach for many, but that’s doesn’t mean a move to a condo apartment is the right step. For some buyers, no amount of amenities or nearby transit stops are enough to give up on a private backyard, more living space or the freedom to renovate. Lengthy commute times be [...]

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Will Vancouver recover from ‘policy shock’?

[By: Chana Fay Charach, February 8, 2017] Vancouver is one of the most watched real estate markets in Canada and possibly internationally as well. Over the last couple of years, we have experienced extraordinarily heated conditions to say the least. Not only was there a rapid rise in values in many areas but also a significant number of sales. However, in the later part of 2016, things cooled off after numerous government policy changes were implemented. “From a real estate perspective, [...]

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Foreign tax in B.C exempts foreigners with work permits

 [Source: Hibusiness.ca, February 6, 2017] In an effort to cool down homes prices in Vancouver’s hot housing market, the British Columbia government implemented a 15% tax in August last year on foreign buyers. This tax had led numerous foreign buyers to move to other markets in search of affordable markets or markets that are not effected by the tax. However the British Columbia Premier Christy Clark is planning to make a few exceptions to the tax which includes freeing foreigners with [...]

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Don’t expect the housing bubble to burst: expert

[Source: News 1130, January 9,2017] Housing was the biggest story of 2016 in Metro Vancouver but don’t expect the local residential real estate market to collapse this year. Romana King, a senior editor with Money Sense magazine, says the housing bubble will shrink and despite endless predictions of its inevitability, it will not burst. “We’re not going to see any big major crashes because there’s still a great deal of demand for very little supply,” she explains. “We saw the US crash [...]

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Bank of Canada announces rate- January 18, 2017

[Source: The Canadian Press, January 18, 2017] The Bank of Canada is holding its benchmark interest rate at 0.5 per cent and providing a deeper assessment of the risks associated with the big economic unknowns of a Trump presidency. The central bank is keeping its key interest rate in place with the Canadian economy showing signs of improvement but it also warns of the significant uncertainty tied to potential policy changes by the United States, its largest trading partner. This is the [...]

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CMHC to hike mortgage insurance premiums March 17, 2017

Canada Mortgage and Housing Corp. is hiking mortgage insurance premiums for home buyers. The Crown corporation said the increases will amount to an average of $5 a month more for new borrowers. "We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home," said Steven Mennill, CMHC' senior vice-resident of insurance in a news release. "Over all, the changes will preserve competition in the mortgage loan insurance industry and contribute [...]

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BC Home Partnership

BC H.O.M.E. Partnership Program - some more details On December 15th, 2016, the Provincial Government of British Columbia announced a Homeowner Mortgage and Equity (HOME) Partnership Program to assist first time homebuyers residing in B.C. to enter the housing market. This Program contributes to the amount first-time homebuyers have already saved for their down payment, matching up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest free and payment-free for the first [...]

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Bought your first home? Don’t hurry the renovations

Pat Giles and his wife bought a house a year and a half ago. They’re already thinking about renovating the kitchen. A brand new kitchen is a tempting prospect, but it is neither a short nor a cheap renovation. Mr. Giles, 36, is keenly aware of this. He’s associate vice-president of real-estate secured lending with Toronto-Dominion Bank, and regularly talks about renovation financing with colleagues across Canada. He’s following the same advice he and his colleagues give to clients. “For us, [...]

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Increased home owner grant helps families with property taxes

[Source: BC Gov News, January 10, 2017] The Province is increasing the home owner grant threshold to $1.6 million, helping keep property taxes affordable for families and ensuring most home owners will continue to receive the full grant this year, Finance Minister Michael de Jong announced today. “This is a 33% increase over last year,” said de Jong. “We are doing our part to help keep housing costs affordable for families. Local governments can also work to keep property taxes at [...]

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