British Columbia Archives - Page 7 of 11

01Sep

B.C. casinos claim revenue down because of new anti-money laundering rules

[Source: Vancouver Sun - August 30, 2018] B.C.’s new anti-money laundering rules have negatively affected revenues at the River Rock and Parq casinos. According to financial results released in August, Great Canadian Gaming Corporation saw a fall in B.C. revenues in the first six months of 2018 due in part to declines in money earned at gaming tables at the River Rock Casino in Richmond. The company said that was primarily attributable to a new requirement requiring casinos to complete disclosures [...]

British Columbia, International Influence

01Sep

B.C. Realtors still not allowed to openly publish home sale prices

Photo: John Barbisan, president of the Fraser Valley Real Estate Board: home sellers have a right to privacy. [Source: Vancouver Courier - August 30, 2018] Toronto real estate agents ordered to release data to general public, while it remains restricted to real estate professionals in B.C. Last week, for the first time in Canada, the general public could see exactly what any home sold for through the Toronto Real Estate Board (TREB), but that information is not permitted to be published by [...]

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

04Jun

Vancouver Real Estate: Single-Family Homes On Verge Of Price Correction, Realty Board Warns

The city is seeing a surge in supply [Source: HuffPost - June 4, 2018] VANCOUVER — Home sales across Metro Vancouver tumbled last month, when compared with May 2017, and the Real Estate Board of Greater Vancouver says that raises the potential of lower prices for some types of homes. The board says 2,833 properties sold in its region in May, a 35.1 per cent plunge from sales recorded in the same time last year, although May's sales were up nearly 10 [...]

British Columbia, Vancouver Real Estate

02Jun

These are the trends to look for in Vancouver’s housing market this summer

[Source: BuzzBuzzNews - May 23, 2018] As the weather warms up, industry experts agree that home sales and prices will continue cooling in Metro Vancouver as the market adjusts to stricter mortgage regulations and new BC housing policies. “It’s a lot for the market to adjust to and it could take a little bit longer for the market to adjust to those measures,” RBC Senior Economist Robert Hogue tells BuzzBuzzNews. Since February, year-over-year home sales have been declining in Metro Vancouver. In [...]

British Columbia, Economic Outlook, Vancouver Real Estate

31May

Why Variable Rate drops are creating a surge in activity

Why Variable Rate drops are creating a surge in activity This Spring we’re seeing lenders getting aggressive with their pricing for variable rate mortgages: a sign that lenders are fighting for market share, making it a great time to be shopping for a mortgage! First a reminder of the difference between fixed vs variable. Fixed rates are often well suited to first-time buyers or those who haven’t owned a home for long because they want to know with absolute certainty what [...]

British Columbia, Canada, Mortgage Education Centre, Vancouver Real Estate

30May

Vancouver’s real estate market is reeling, Or is it balancing

[Source: Real Estate Professional - May 30, 2018] “As far as the overall market period for the whole Lower Mainland here, things have quieted down dramatically,” said REMAX sales agent Ron Antalek. “Burnaby is down 48% on the 10-year average, so it’s a very different market than it was in the fall.” New mortgage lending rules in tandem with provincial government regulation have created a whole new landscape, according to Antalek. “Unfortunately, we see a combination of the new lending rules implemented [...]

British Columbia, Vancouver Real Estate

03May

NDP failed to think through its “speculation tax”

[Source: Western Investor - April 18, 2018] It is becoming blatantly obvious that members of the current B.C. government have scant experience in business or real estate, says Western Investor editor Frank O'Brien The B.C. provincial NDP government should immediately change the speculation tax it rolled out in its February budget with spectacularly ugly results. The tax makes every other Canadian a foreign buyer and even taxes British Columbians who have managed to secure a seasonal recreational property, such as a ski [...]

British Columbia

03May

Vancouver single-family home sales see weakest April in decades

[Source: CBC News - May 02, 2018] Just over 170 detached homes were sold in the city last month. Vancouver saw its weakest April for single-family home sales in nearly 30 years last month, data shows. The numbers are in line with the downward trend in detached home sales the city has seen all year — which experts say doesn't bode well for the rest of the calendar year, given the fact that the spring months are usually the busiest time for sellers. On Wednesday, The [...]

British Columbia, Vancouver Real Estate

02May

What is the Qualifying Rate?

[Source: Invis, May 3, 2018] You’re probably aware that there have been many mortgage rule changes over the last several years, and you’re almost certainly affected whether you’re an existing homeowner or first-time buyer. These rules are designed to ensure a stable long-term housing market, and to make sure Canadians can handle their debt should rates begin to rise. As a result of the rule changes, lenders must ensure that you can handle payments at a certain qualifying rate. That rate [...]

British Columbia, Canada, Mortgage Education Centre

17Mar

Too Much Too Late? – The NDP’s Affordablity Plan

In the NDP budget speech on February 20, 2018, Finance Minister Carole James highlighted some of the government's 30-point plan for making, buying and renting more affordable for British Columbians. The comprehensive strategy focuses on measures to discourage speculation, decrease demand from foreign buyers, and increase the supply of available housing. Many are wondering if this is too much too late! Some of the new changes are as follows: INCREASE PROPERTY TRANSFER TAX - one time tax at time of title [...]

British Columbia, Economic Outlook