British Columbia Archives - Page 5 of 11

30Aug

Sharp drop in foreign students and immigrants slowing real estate

[Vancouver Sun - August 27, 2020] House prices are more or less flat in Vancouver and Toronto, which are considered gateway cities for global migrants. Rental prices are softening in Vancouver and Toronto and housing prices are soon to follow as the number of new immigrants and foreign students falls sharply because of border restrictions aimed at combatting the spread of COVID-19. Average rents have dropped by eight per cent in Vancouver and Toronto in recent months. Hundreds of thousands of dwellings [...]

British Columbia, International Influence, Toronto, Ontario, Vancouver Real Estate

30Aug

A tax on home equity would hurt Canadians during the best of times — but right now it would be reckless

[The Star - August 15, 2020] Every so often, an idea comes along that is so out of touch and unfair that it unites pretty much everyone in their disapproval. Recently, the Canadian Mortgage and Housing Corporation (CMHC) appeared to be doing exactly that when media reports suggested the federal housing agency is researching a new home equity tax on primary residences. According to reports, CMHC is spending $250,000 in partnership with the University of British Columbia’s School of Population to investigate [...]

British Columbia, Canada, Toronto, Ontario, Vancouver Real Estate

30Aug

B.C. projected to lead West in post-COVID economic recovery – under ideal circumstances

[CBC - July 16, 2020] “Numerous advantages” point to British Columba leading the West and potentially the rest of Canada in an economic recovery from COVID-19 over the next year, according to an outlook from the Conference Board of Canada. But the authors of the board’s unveven recovery – provincial outlook, released August 24,concede that if a vaccine is not found and the nation is forced into another national lockdown, all bets are off the table. “The country’s ability to avoid a [...]

British Columbia, COVID-19, Economic Outlook

30Aug

Tenants given up to July2021 to repay rent in instalments under B.C. government guidelines

[CBC - July 16, 2020] The B.C. government has released a framework for how — and when — rent that went unpaid during the pandemic is expected to be gradually repaid to landlords. In March, the province announced a freeze on evictions for unpaid rent, along with a monthly rebate for renters. The eviction freeze is set to be lifted Sept. 1, meaning tenants will have to pay full rent for September. Tenants will still owe their landlord rent that was missed [...]

British Columbia, COVID-19, Economic Outlook, Vancouver Real Estate

01Jul

Buying or selling your home right now? Here’s what the real estate landscape looks like these days

[CBC - June 22, 2020] The World Health Organization declared COVID-19 a pandemic in March. Subsequently, the number of home sales in Canada fell sharply as social distancing measures were put in place, open houses got cancelled and fewer new listings became available. Three months on, the Canadian real estate market is no longer in free fall — sales and listings numbers are rising (though both are down significantly compared to last year), and prices have remained fairly steady — but there continues [...]

British Columbia, Economic Outlook

01Jul

Not even the pandemic slowed Vancouver real estate

[The Globe and Mail - June 15, 2020] Stories about Vancouver’s housing market often border on the absurd, and the latest seemingly tall tale fits that mould: Home prices have actually ticked higher during the COVID-19 pandemic. The phenomenon is not limited to Vancouver. Prices of houses and condos in Toronto were also higher in May than they were in February. Vancouver, however, remains in its own hard-to-believe category. The benchmark price of a house on the city’s west side in [...]

British Columbia, Economic Outlook

01Jul

REAL ESTATE: Home Sales Vital To Economic Recovery

[BC Local News - June 5, 2020] Having pushed the restart button and emerged into the “New Normal,” we discover that B.C.’s economic engine is but a shadow of its former self. Citizens and businesses must now face the long-term consequences of the national measures taken to combat the Covid-19 pandemic. No amount of government stimulus funding will make up for the loss of personal income, investments and business revenue incurred during the shutdown, and all the federal stimulus money [...]

British Columbia, COVID-19, Economic Outlook

01Jul

Reopening B.C.: Priorities changing as real estate market ramps up

[Vancouver Sun - June 26, 2020] Vancouver chiropractor Beverley Steinhoff is looking to swap views for gardens. She is listing her 1,700-sq.-ft. condo at the top of south Granville — which looks out on the city, mountains and ocean, and is close to several parks — so she can move into a townhome in Shaughnessy that has a beautiful garden. “We’ve always had a lot of access to green space where we live, but we wanted more privacy,” she said. As open houses [...]

British Columbia, COVID-19

09May

The pandemic has pushed many financially stressed households to the brink. Here’s a budgeting guide to navigate the crisis

[Vancouver Sun - April 29, 2020] The COVID-19 pandemic isn’t just a health crisis. It’s also a financial crisis affecting virtually every household in British Columbia in some way. With so many workers laid off, furloughed or having work hours reduced, a lot of individuals and families are faced with the need to radically cut spending. And many are likely struggling just to stay afloat. March data from the MNP Consumer Debt Index – providing an early snapshot of the pandemic’s impact [...]

British Columbia, COVID-19

25Mar

UPDATE from Synergy Mortgage during COVID-19 Crisis

[Synergy Mortgage - March 24, 2020] We hope all of our valued clients are doing well and staying safe during these unprecedented times. We are OPEN FOR BUSINESS as we are able to work remotely online via phone and email, as are our lenders. Appraisers have shifted their practices and are now able to perform appraisals without physically viewing the inside of a property. Lawyers and notaries continue to meet in person with clients in a safe manner, as they are [...]

British Columbia, COVID-19, Economic Outlook