British Columbia Archives - Page 9 of 11

18Oct

“Breaking Bad – News” – Big Changes Ahead

[Source: Synergy Mortgage, October 18, 2017] Stringent NEW Canadian Mortgage Rules take affect January 1st, 2018. Office Of The Superintendent Of Financial Institutions (OFSI) has finalized NEW mortgage rules applicable on all federally regulated banks. The new rules officially start January 1, 2018. This will dramatically change the lending landscape. The new rules apply to all bank mortgages and will make borrowing more difficult even for clients who have substantial down payments, strong income and excellent credit. Alternative lenders with relaxed qualification [...]

British Columbia, Canada, Economic Outlook, Mortgage Education Centre, Remodel + Renovation, Vancouver Real Estate

07Aug

Foreign buyers’ tax, other measures under review: B.C. housing minister

[Source: Vancouver Sun, July 31, 2017] British Columbia's new Housing Minister Selina Robinson says she is reviewing the tax on foreign buyers of Vancouver real estate and the province's interest-free loan program to first-time homebuyers. The provincial government is reviewing the foreign buyers’ tax in the Vancouver area and the interest-free loan program to first-time homebuyers to determine whether they have been effective in improving affordability, the province’s new housing minister says. In an interview Monday, Selina Robinson said she and provincial [...]

British Columbia, Vancouver Real Estate

07Aug

‘Disproportionate’ growth still flowing into housing as B.C. economy revised upward: BCBC

[Source: BIV, July 12, 2017] Higher than expected job growth and consumer spending helps the BCBC revise an earlier economic forecast from 2.2% growth in 2017 to 2.7% A “disproportionate” amount of growth is still flowing into the B.C. housing sector this year even as business investment remains soft, according to a report from the Business Council of British Columbia. Meanwhile, higher than expected job growth and consumer spending also helped the BCBC revise an earlier economic forecast from 2.2% real GDP [...]

British Columbia, Economic Outlook

20May

New real estate taxes only created new problems

[Source: The Province, May 18, 2017] I’m not generally inclined to say “I told you so,” but the last few days have been quite validating for those of us who cautioned against government intervention through taxation in the Vancouver housing market. As most people know, the provincial government introduced a 15-per-cent property transfer tax on foreign buyers in August and Vancouver city council passed the empty homes tax, which also targets a lot of foreign buyers. The taxes were designed to [...]

British Columbia, Vancouver Real Estate

20May

Housing inventory at 20-year low, B.C. Real Estate Association says

[Source: CBC News, May 15, 2017] New data from the B.C. Real Estate Association (BCREA) shows housing supply in the province is at a 20-year low, and the association says that lack of supply is making the ongoing affordability problem worse. The BCREA, the provincial real estate professional association, says the supply of homes for sale is down 17 per cent from April 2016 and down 50 per cent since 2012 after adjusting for seasonal variance. "We're really in almost uncharted territory [...]

British Columbia, Vancouver Real Estate

18May

Home Buying Costs

[Source: Real Estate Board of Greater Vancouver, May 2017] If you’ve decided to buy a home, it’s important you understand all the costs involved in addition to the price you're paying for the property. Here’s an overview. Buying costs Mortgage application Lenders may charge a mortgage application fee, which will vary depending on the lending institution. If you are borrowing part of your down payment through the BC Home Owner Mortgage and Equity (HOME) Partnership Program, there will be additional fees. Mortgage insurance As of October 17, [...]

British Columbia, Mortgage Education Centre, Vancouver Real Estate

17May

Going big with smaller homes

[Source: The Province, May 11, 2017] When Statistics Canada released its 2016 census last week, two figures caught my eye. The first was the fact that for the first time, the number of older Canadians exceeded the number of younger ones. The second was the news that the population of families in the city of Vancouver is now in decline. What does this mean for our housing mix in Metro Vancouver? It goes without saying that vibrant communities need people of all [...]

British Columbia, Canada, Vancouver Real Estate

13Apr

BC Election Checklist: where do parties stand on housing?

[Source: Metro, Apr 12 2017] As NDP leader John Horgan promised a $400 a year tax credit for renters, B.C.’s former minister responsible for housing was committing to help homeowners with a tax credit of up to $20,000 to create rental basement suites. Rich Coleman, BC Liberal candidate for Fort Langley-Aldergrove, made the comment during a panel event organized by the Real Estate Board of Greater Vancouver in New Westminster on April 12. Coleman appeared with David Eby, the BC NDP’s candidate [...]

British Columbia

10Apr

More residential developers set their sights on townhomes in Vancouver

[Source: BIV, April 4, 2017] Affordability pressures increasing the appeal of expanding the inventory of townhouse options. When community members met to discuss the future of the East Fraser Lands in the southeast corner of Vancouver in 2005, urban density was very much on their minds. The spirit of Vancouverism with its emphasis on a livable urban setting was very much alive, and the site offered a blank canvas for a community that will eventually be home to more than 10,000 people. “There [...]

British Columbia

09Apr

Metro Vancouver Calls for “Urgent Overhaul” of BC’s Property Tax System

[Source: REW/News, April 6, 2017] Area homeowners pay disproportionate share of provincial taxes, report says Ahead of the upcoming provincial election, Metro Vancouver has asked the four main political parties to commit to making major changes to the “antiquated” way property taxes are implemented across the province, including the homeowner grant, the Property Transfer Tax (PTT) and provincial school property tax. “The system needs an urgent overhaul,” said Metro Vancouver vice-chair Raymond Louie. The recommendation, issued this week, comes after a report commissioned [...]

British Columbia, Vancouver Real Estate