British Columbia Archives - Page 8 of 11

08Mar

‏B.C. government hints at changes to speculation tax so it doesn’t impact locals with vacation homes

‏[Source: CBC, March 7th, 2018] B.C. government hints at changes to speculation tax so it doesn't impact locals with vacation homes. ‏British Columbians who own vacation homes in certain areas, including Gulf Islands, currently in limbo. BC. Finance Minister Carole James gave hints on Wednesday the government would be generous with exemptions to local residents that have vacation homes that could be impacted by the new speculation tax. "We're working on those details now, including all of the issues people have been [...]

British Columbia

21Feb

16 things that really affect you announced in today’s BC Budget 2018

[Source: DailyHive, February 20, 2018] Earlier today, British Columbia’s New Democratic Party (BC NDP) delivered its first provincial budget for the first time in about two decades. The ambitious budget prepared by BC Minister of Finance Carole James focuses on housing affordability, childcare, and increasing provided services. She forecasts consecutive balanced budgets, with annual surpluses of $219 million for 2018-19, $281 million for 2019-20, and $284 million for 2020-21. However, total provincial debt will rise by $11.8 billion to $77.1 billion by 2020-21 [...]

British Columbia, Economic Outlook

21Feb

How the B.C. budget tackles the province’s housing crisis

[Source: BC CTV News, February 20, 2018] Ever since the B.C. NDP formed government last summer, the public has been waiting to see how the party plans to address the province's out-of-control housing market – and now the wait is over. In her 2018 budget speech Tuesday, 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 [...]

British Columbia, Economic Outlook

12Jan

RBC hikes mortgage rates ahead of Bank of Canada rate decision

[Source: BNN, January 12, 2018] Royal Bank of Canada raised its posted five-year fixed mortgage rate on Thursday, the first of Canada’s Big Five banks to make the move ahead of the Bank of Canada’s interest rate decision next week. RBC increased its posted five-year fixed rate by 15 basis points to 5.14 per cent, with more rate hikes across the board. “Rate changes reflect recent activity by competitors, and the current costs that we incur for funds on the wholesale market [...]

Bank of Canada announcements, British Columbia, Canada, Economic Outlook

12Jan

Will the Bank of Canada hike rates next week? It looks more and more likely

[Source: Global News, January 8, 2018] The Bank of Canada (BoC) is likely to raise interest rates again when it makes its next monetary policy announcement on Jan. 17, according to economists at Canada’s big banks. Increasing the chances of another rate hike is the upbeat tone of the latest quarterly release of the so-called Business Outlook Survey, a closely watched barometer of business sentiment in this country, which the central bank released on Monday. Canadian companies are feeling optimistic about the future and [...]

Bank of Canada announcements, British Columbia, Canada, Economic Outlook

17Nov

Vancouver council votes to legalize and regulate Airbnb and other short-term rentals

[Source: The Georgia Straight, November 14, 2017] “Applying filters to data presented by the Inside Airbnb website shows a large number of Vancouver listings are for an entire place that is also available for more than 90 days of the year. That suggests some of these 2,408 units may not have full-time residents and are essentially operating as hotels.” Vancouver has joined a growing list of cities that have made peace with Airbnb. Today (November 14), city council voted seven to four [...]

British Columbia

17Nov

Starting next year, a B.C. realtor can’t represent both buyer and seller on one deal

[Source: Global News, November 15, 2017] In B.C., a single realtor can currently represent both buyer and seller on a home sale. It’s an arrangement that will end in March, as part of a slate of new rules that B.C.’s Office of the Superintendent of Real Estate (OSRE) introduced on Wednesday. The rules ban what’s called a “dual agency” deal, in which a realtor acts on behalf of the homebuyer and the seller at the same time. B.C. will be the first [...]

British Columbia, Vancouver Real Estate

20Oct

The Tale of Two Housing Segments Continues in the Greater Vancouver Residential Real Estate Market

[Source: Business Insider, October 12, 2017] Affordability issues and mortgage regulations spur activity in the region's entry-level market. Price gap between condominiums and two-storey homes continues to narrow, benefiting move-up buyers. VANCOUVER, Oct. 12, 2017 /CNW/ - According to the Royal LePage House Price Survey1 released today, sales activity and consumer confidence across the Greater Vancouver residential real estate market continued to recover in the third quarter of 2017. While home price appreciation softened in the detached segment, condominiums continued to [...]

British Columbia, Vancouver Real Estate

20Oct

B.C. the ‘bright light’ for Canada’s economy

[Source: Journal of Commerce, October 20, 2017] Economic indicators are looking good for British Columbia, Canada and the world. At a provincial level, the economy is in great shape, Central 1 deputy chief economist Bryan Yu said at the recent CanaData West conference in Vancouver. "British Columbia is doing phenomenal regarding the economy and the outlook going forward is positive," Yu said. The province's economy is showing strong job growth and consumer demand as well as positive indicators for wages, population and [...]

British Columbia, Canada, Economic Outlook, International Influence, Vancouver Real Estate

20Oct

OSFI sets new mortgage rules beginning January 1, 2018

[Source: BIV, October 18, 2017] Starting January 1, 2018, Canadian homebuyers will need to meet stiffer guidelines in order to qualify for a mortgage with a federally regulated mortgage lender. As expected, Canada’s banking watchdog, the Office of the Superintendent of Financial Institutions Canada (OSFI), confirmed October 17 that starting next year, all borrowers – even those who have down payments of 20% or higher and do not require mortgage insurance – will need to qualify for mortgages that are two [...]

British Columbia, Canada, Economic Outlook