Vancouver Real Estate Archives - Page 2 of 18

02May

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. [...]

British Columbia, Industry News, Mortgage Education Centre, Vancouver Real Estate

14Apr

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 [...]

Canada, Vancouver Real Estate

03Mar

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 [...]

Mortgage Education Centre, Mortgage Qualification, Vancouver Real Estate

03Mar

Bank of Canada hikes rates for first time since 2018

[BNN - March 2, 2022] OTTAWA - The Bank of Canada raised its overnight lending rate by 25 basis points to 0.50 per cent on Wednesday, marking the first time the central bank has tightened monetary policy since 2018, while highlighting how Russia's attack on Ukraine could weigh on global growth and lift commodity prices further. The central bank cited strong recent economic growth in Canada, resilient household spending despite the surge of the Omicron COVID-19 variant and inflation figures that are "well above" the [...]

Bank of Canada announcements, British Columbia, Canada, Uncategorized, Vancouver Real Estate

26Jan

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 [...]

Bank of Canada announcements, Vancouver Real Estate

17Jan

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, [...]

Canada, COVID-19, Economic Outlook, Vancouver Real Estate

06Jan

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 [...]

Home Design + Decor, Vancouver Real Estate

05Jan

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 [...]

Mortgage Education Centre, Vancouver Real Estate

05Jan

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 [...]

Vancouver Real Estate

05Jan

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 [...]

British Columbia, Economic Outlook, Vancouver Real Estate