Rental restrictions could increase speculation, create more work for strata councils, homeowners say

[CBC - November 22, 2022] Province estimates at least 2,900 strata units in B.C. are sitting empty Homeowners in stratas fear proposed changes to laws around rental restrictions in strata complexes will make more work for councils and residents. On Monday, Premier David Eby announced a plan to amend the Strata Property Act, limiting restrictions on renting in stratas, in a move designed to open up rental opportunities as the province continues to face a housing crisis. The changes would "end all strata [...]

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Renters cautiously optimistic changes to B.C. housing rules will make life easier

[CBC - November 24, 2022] Removal of age restrictions, permitting owners to rent out units in specific residences among proposed changes A self-described "renter for life" says she is cautiously optimistic that changes to BC housing rules will make life easier for those unable to buy their own home, although she still has concerns about how those rules would work. Serena Eagland, a nurse, says with the high cost of living in Metro Vancouver, she and her partner do not see a future where they could afford [...]

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New premier delivers action to expand housing supply within first days

[BC Government - November 21, 2022]   To help deliver more good homes for people, the Province is introducing new laws to build the homes people need, make it possible for homes that are vacant to be rented and remove discriminatory age and rental restrictions in stratas that hurt young families. “B.C.’s housing crisis is stressing out and hurting people while it holds back our economy,” said Premier David Eby. “As a first step in my 100-day plan, we are making changes to deliver more [...]

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BC government’s new Housing Supply Act to require cities to meet targets

[November 21, 2022 Daily Hive] Over a number of occasions this past year, including during the BC NDP’s leadership race, David Eby hinted the provincial government would create new legislation after the civic election to compel municipal governments to build more housing supply. We now have a better picture of how such a strategy will be rolled out. This morning, as one of his most significant policy directions since taking office just last week, the new premier announced the framework for [...]

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The Tax-Free First Home Savings Account (“FHSA”) explained

[Invis - May 5, 2022] If you or someone you know is saving for a downpayment on their first home, the Federal government announced a new program aimed at first-time buyers in their recent budget. The First Home Savings Account combines the features of an RRSP and TFSA to give prospective homeowners some tax relief and a boost toward their homeownership goals.   Here are the highlights: Account holders can contribute up to $8,000 annually, up to a lifetime maximum of $40,000. [...]

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B.C. property owners face $52K in real estate fees even though sale never happened

[CTV - May 1, 2022] When Mike Armstrong and his wife Jessica set out to sell two cabins nestled in the trees at Lake Errock east of Mission, they had planned to use the proceeds to move to Vancouver Island to be closer to family. He never expected five years later they would be left facing tens of thousands of dollars in real estate commission fees without having sold either of the properties. “Never. No, no. I mean, who would?” he said. [...]

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Bank of Canada hikes rates for first time since 2018

[BNN - March 2, 2022] OTTAWA -  The Bank of Canada raised its overnight lending rate by 25 basis points to 0.50 per cent on Wednesday, marking the first time the central bank has tightened monetary policy since 2018, while highlighting how Russia's attack on Ukraine could weigh on global growth and lift commodity prices further. The central bank cited strong recent economic growth in Canada, resilient household spending despite the surge of the Omicron COVID-19 variant and inflation figures that are "well above" the [...]

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Preparing For Higher Rates

Invis - December 8, 2021 Given inflationary pressures, the Bank of Canada indicated in their last rate announcement that rate hikes could take place earlier than previously indicated, in mid-2022, which means variable rates that rise and fall in tandem with the key rate will start climbing. Views among economists vary as to how many hikes we'll see in 2022 and 2023 because no one really knows whether inflation is truly transitory given supply chain issues, or even if it [...]

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How much is your home worth now? B.C. Assessment Authority updates property value database for 2022

[Vancouver Sun - January 2, 2022] Since the pandemic began in March 2020, house prices across Canada have jumped 34 per cent The B.C. Assessment Authority has updated its website allowing home owners to see what the value of their home was as of July 1, 2021. The Crown corporation will be releasing full details of property value increases across the province on Jan. 4. To check your home’s value go to their bcassessment.ca and search under the address. To see how much [...]

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House prices in Vancouver, Victoria, Nanaimo expected to jump this fall

[News 1130 - October 6, 2021] NANAIMO (NEWS 1130) — While temperatures are expected to cool in the coming months, home prices in B.C. will not, according to the new Fall Housing Market outlook report by RE/MAX. RE/MAX projects housing prices will rise by two to five per cent through the end of 2021 in Vancouver. However, it is not the most expensive area. The largest jump is expected to be for homes sold in two cities on Vancouver Island: Nanaimo (nine [...]

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