Mortgage Rates as of January 26, 2022 – BoC Announcement

[Invis - January 26, 2022] No change to the Bank of Canada overnight rate at .25% The Bank of Canada announced today that it will continue to hold the overnight rate steady, noting that the recovery continues to require extraordinary monetary policy support. While Canada's economy showed a higher-than-expected resiliency in 2021, new lockdowns and the spread of new variants have put a pause on further expected economic growth. Canada's central bank has ended the bank's provision of monetary stimulus through quantitative easing [...]

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Broken Supply Chains by Steve Saretsky

Steve Satetsky Group - January 17, 2021     As of this week, unvaccinated US truckers will not be able to cross the Canadian border. This decision by the Trudeau government is going to have significant economic impacts. COVID politics aside, let's discuss the economic ramifications moving forward and how this could ultimately come full circle for the housing market.   More than 70% of cross-border trade moves by truck. Canada imports $21B worth of food from the US each year. Suffice to say, [...]

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12 New Year’s resolutions to make for your home in 2022

[USA Today - December 31, 2021] As we move into 2022, after another tough year, there's no doubt that change is at the forefront of thought. You likely have personal New Year’s resolutions in your pocket, but what about for the place that you've been spending the majority of your time? Every home can use a refresh, and there's no better time to do so than now, whether you just need to change up the look of your living room, replace a [...]

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Sensible strategies to help you thrive in 2022

[Invis - January 5, 2022] Canadians keep talking about the housing market! Are we in a housing bubble, will rates rise in 2022 and by how much, is this the right time to buy or refinance, is a lender's renewal offer the best available, and on and on! For many, it feels like some uncertain times ahead. Often, it's just a few sensible strategies that can help you thrive in the current climate. Here are my top tips for the [...]

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Gentle density on single-family lots helps first-time buyers get into Vancouver’s housing market

[Globe and Mail - December 10, 2021] An infill project on a quiet Vancouver street illustrates the potential for densifying the city’s single-family lots. Instead of building yet another monster house on the 21,000-square-foot lot at 1312 W. 57th Ave., the developers saved a handsome heritage house and turned it into eight strata homes with potential for two rental suites. Sales for the project, called Hudson 8, just launched, and marketer Jacky Chan, president of BakerWest Real Estate Inc., says there’s [...]

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Preparing For Higher Rates

Invis - December 8, 2021 Given inflationary pressures, the Bank of Canada indicated in their last rate announcement that rate hikes could take place earlier than previously indicated, in mid-2022, which means variable rates that rise and fall in tandem with the key rate will start climbing. Views among economists vary as to how many hikes we'll see in 2022 and 2023 because no one really knows whether inflation is truly transitory given supply chain issues, or even if it [...]

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How much is your home worth now? B.C. Assessment Authority updates property value database for 2022

[Vancouver Sun - January 2, 2022] Since the pandemic began in March 2020, house prices across Canada have jumped 34 per cent The B.C. Assessment Authority has updated its website allowing home owners to see what the value of their home was as of July 1, 2021. The Crown corporation will be releasing full details of property value increases across the province on Jan. 4. To check your home’s value go to their bcassessment.ca and search under the address. To see how much [...]

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Putting Off a Home Renovation? Here Are 4 Tips for Getting Started

[Fool.com - October 13, 2021] Here's how to get a home improvement project off the ground. In the course of the pandemic, many people have taken to spending more time at home -- especially those whose offices have been shuttered over the past 18 months. It's not surprising, then, that many homeowners have been renovating their properties, whether by adding square footage or reconfiguring their existing setups. If you've been thinking of renovating your home, you may have encountered some barriers along [...]

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House prices in Vancouver, Victoria, Nanaimo expected to jump this fall

[News 1130 - October 6, 2021] NANAIMO (NEWS 1130) — While temperatures are expected to cool in the coming months, home prices in B.C. will not, according to the new Fall Housing Market outlook report by RE/MAX. RE/MAX projects housing prices will rise by two to five per cent through the end of 2021 in Vancouver. However, it is not the most expensive area. The largest jump is expected to be for homes sold in two cities on Vancouver Island: Nanaimo (nine [...]

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Home demand still outstrips supply in Metro Vancouver but price hikes slow: report

[Times Colonist - October 4, 2021] VANCOUVER — Home sales across Metro Vancouver remained well above the 10-year average in September, but the Real Estate Board of Greater Vancouver says prices haven't climbed as sharply. The board's housing market report for September shows sales were 20.8 per cent above the 10-year average for the month while new listings were 1.2 per cent below. Just over 9,000 condos, townhomes and single-detached homes were listed for sale in September and statistics from the board [...]

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