Rental restrictions could increase speculation, create more work for strata councils, homeowners say

[CBC - November 22, 2022] Province estimates at least 2,900 strata units in B.C. are sitting empty Homeowners in stratas fear proposed changes to laws around rental restrictions in strata complexes will make more work for councils and residents. On Monday, Premier David Eby announced a plan to amend the Strata Property Act, limiting restrictions on renting in stratas, in a move designed to open up rental opportunities as the province continues to face a housing crisis. The changes would "end all strata [...]

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Renters cautiously optimistic changes to B.C. housing rules will make life easier

[CBC - November 24, 2022] Removal of age restrictions, permitting owners to rent out units in specific residences among proposed changes A self-described "renter for life" says she is cautiously optimistic that changes to BC housing rules will make life easier for those unable to buy their own home, although she still has concerns about how those rules would work. Serena Eagland, a nurse, says with the high cost of living in Metro Vancouver, she and her partner do not see a future where they could afford [...]

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New premier delivers action to expand housing supply within first days

[BC Government - November 21, 2022]   To help deliver more good homes for people, the Province is introducing new laws to build the homes people need, make it possible for homes that are vacant to be rented and remove discriminatory age and rental restrictions in stratas that hurt young families. “B.C.’s housing crisis is stressing out and hurting people while it holds back our economy,” said Premier David Eby. “As a first step in my 100-day plan, we are making changes to deliver more [...]

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BC government’s new Housing Supply Act to require cities to meet targets

[November 21, 2022 Daily Hive] Over a number of occasions this past year, including during the BC NDP’s leadership race, David Eby hinted the provincial government would create new legislation after the civic election to compel municipal governments to build more housing supply. We now have a better picture of how such a strategy will be rolled out. This morning, as one of his most significant policy directions since taking office just last week, the new premier announced the framework for [...]

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Buy or sell first? Softening housing market gives owners options

[Globe and Mail - August 4, 2022] Last summer, when the Salters sold the Calgary home they had been renting out since their move to the quiet Cariboo region of British Columbia a few years earlier, the Calgary market was hot. This year, when they decided to move back to the city, the COVID-19-inspired buying spree in rural Canada had increased the value of their Cariboo property significantly, while the Calgary real estate market was decidedly cooler. “The market drastically slowed after [...]

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Bank of Canada overnight rate rises by 100 basis points to 2.50%

Invis - July 13, 2022 The Bank of Canada has raised its policy rate for the fourth consecutive time in 2022, bringing it to 2.50% from a pandemic low of 0.25%. The Bank has stated borrowing costs need to rise quickly to more normal levels to bring inflation back to a target of 2% from its current high of 7.7%. Raising interest rates is a move intended to force Canadians to spend more on interest repayments as opposed to spending [...]

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The Tax-Free First Home Savings Account (“FHSA”) explained

[Invis - May 5, 2022] If you or someone you know is saving for a downpayment on their first home, the Federal government announced a new program aimed at first-time buyers in their recent budget. The First Home Savings Account combines the features of an RRSP and TFSA to give prospective homeowners some tax relief and a boost toward their homeownership goals.   Here are the highlights: Account holders can contribute up to $8,000 annually, up to a lifetime maximum of $40,000. [...]

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B.C. property owners face $52K in real estate fees even though sale never happened

[CTV - May 1, 2022] When Mike Armstrong and his wife Jessica set out to sell two cabins nestled in the trees at Lake Errock east of Mission, they had planned to use the proceeds to move to Vancouver Island to be closer to family. He never expected five years later they would be left facing tens of thousands of dollars in real estate commission fees without having sold either of the properties. “Never. No, no. I mean, who would?” he said. [...]

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New tax-free home savings account, foreign buyer ban top budget plan to tackle housing affordability

[CBC - April 7, 2022] Government pledges to double pace of new home construction to 400,000 annually to target supply issues The federal government outlined its plans to tackle sky-high housing costs in Thursday's budget — including a temporary ban on foreign buyers, a crackdown on speculators, a pledge to double the pace of new home construction and a new tax-sheltered way for Canadians to save up to buy a home. The government is moving ahead with something it floated on the [...]

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Higher interest rates are here. What does that mean for you?

[Synergy Mortgage - March 3, 2022] The Bank of Canada has been signaling for a while now that they will respond to inflation by raising interest rates. Sure enough, on March 2nd they announced a hike in the overnight rate by 0.25%. Here are answers to the most commonly asked questions. How does this affect my current mortgage? It depends if your mortgage is fixed or variable. A rate hike will impact variable-rate mortgage holders immediately as more of your monthly payment [...]

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