British Columbia Archives - Page 10 of 11

09Apr

Fewer listings, strong demand boosts Metro Vancouver real estate

[Source: CTV News, April 4, 2017] VANCOUVER - Home sales in Metro Vancouver are bouncing back after a dismal February, but the Real Estate Board of Greater Vancouver says transactions are still almost 31 per cent below the March 2016 record. The board says a shortage of property listings and strong demand, especially for condos and townhomes, propelled the market in March. Board president Jill Oudil says sellers still seem reluctant to put their homes on the market, creating stiff competition for [...]

British Columbia, Canada, Economic Outlook, Vancouver Real Estate

09Apr

Vancouver realtors say demand picking up as prices begin to rise again

[Source: Financial Post, April 4, 2017] Realtors in Canada’s most expensive city for housing predict prices will continue to rise amid a shortage of listings they maintain is stifling the market. The Real Estate Board of Greater Vancouver said Tuesday that demand picked up in the condo and townhome segment of the market, something the group maintains coincides with a shortage of supply. “Home prices will likely continue to increase until we see more housing supply coming on to the market,” said [...]

British Columbia, Economic Outlook, Vancouver Real Estate

06Mar

Barry Appleton - BC just violated NAFTA with its foreign property tax - and we could all pay for it

B.C.’s home loan program draws more first-time homebuyers into market

[Source: Vancouver Metr0, February 16, 2017] Realtors say clients are taking advantage of the B.C. government’s new interest-free down payment loan program, and it may be helping to boost condo sales especially in more affordable markets like East Vancouver and the Fraser Valley. Meanwhile, higher-priced parts of Metro Vancouver’s housing market, and especially the single detached market, continue to lag. “It’s raised the hopes of some people who didn’t have the down payment,” said Brian Rushton, a realtor with Century 21, of [...]

British Columbia, Vancouver Real Estate

01Mar

New program partners with first-time homebuyers as they enter the housing market

[Source: BC Housing, December 15, 2016] “We believe every British Columbian deserves a place to call home,” said Premier Christy Clark. “We’ve invested in affordable rental housing, we’ve invested in transitional and emergency housing, and now we’re partnering with first-time buyers to make the purchase of their first home more affordable.” Saving for a mortgage down payment can be hard for first-time homebuyers. The B.C. Home Owner Mortgage and Equity Partnership program contributes to the amount first-time homebuyers have already saved [...]

British Columbia, Vancouver Real Estate

08Feb

BC’s first-time home buyer program already working, province ready to approve applicants: minister

[Source: Financial Post, January 17, 2017 British Columbia’s housing minister says a program to help first-time homebuyers received applications within hours of launching. Rich Coleman said that within six hours of the provincial loan program’s launch on Monday, 29 applications had been submitted. He said the province would be ready to approve eight of the applications by Tuesday for the loan that is interest- and payment-free for five years. “This opportunity will change a number of lives,” Coleman said. The B.C. Home Owner Mortgage [...]

British Columbia, Vancouver Real Estate

08Feb

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, [...]

British Columbia, Canada, International Influence, Quarterly Economic Update, Vancouver Real Estate

08Feb

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 [...]

British Columbia, International Influence, Vancouver Real Estate

06Feb

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 [...]

British Columbia, Vancouver Real Estate

17Jan

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 [...]

British Columbia, Canada, Vancouver Real Estate

17Jan

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 [...]

British Columbia, Vancouver Real Estate