Industry News - Page 28 of 33

10Apr

Condos Drive Fastest Surge in Canadian Housing Starts Since 2007

[Source: Bloomberg, April 10, 2017] Canadian housing starts surged to the fastest pace in a decade, led by apartments and condominiums. Housing starts soared 18 percent to an annualized 253,720 units in March, from 214,253 units in February, Canada Mortgage & Housing Corp. said in a statement Monday from Ottawa. Multiple-unit starts in urban areas surged 30 percent to 160,989 units. Housing has been one of the main drivers of Canada’s economy over the last several years, as interest rates remain at [...]

Canada

10Apr

How to Turn Home Equity into Opportunity

[By Chana Fay Charach, MB, April 10, 2017] Synergy Mortgage can help you refinance your home to potentially obtain lower interest rates and / or better terms with a new mortgage. You may also consider refinancing your rental properties, or 2nd homes. Purpose and Benefits of a Refinance: • Consolidate your debts: pay off high interest credit cards and other debts • Cash Equity: use your cash for investment purposes and/or personal spending such as a vacation • Renovations: home improvements, and repairs • Major purchase: [...]

Mortgage Education Centre

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

10Apr

New Westminster poised to become real estate hot spot: study

[Source: BIV, April 5, 2017] Benchmark home prices have fallen, but they remain near record highs in Vancouver, and homebuyers are extending their reach beyond the city limits. As buyers turn to other municipalities across the region where prices aren’t quite so prohibitive, New Westminster in particular is set to become one of the province’s top real estate destinations within the next decade, according to a Real Estate Investment Network (REIN) report released April 5. New Westminster is a desirable location for [...]

Vancouver Real Estate

10Apr

Demand for homes continues to outpace supply in Metro Vancouver

[Source: Real Estate Board of Greater Vancouver (REBGV): April 4, 2017] A shortage of residential property listings coupled with strong demand, particularly for condos and townhomes, continued to impact Metro Vancouver’s housing market in March. Residential property sales in the region totalled 3,579 in March 2017, a decrease of 30.8 per cent from the 5,173 sales recorded in record-breaking March 2016 and an increase of 47.6 per cent compared to February 2017 when 2,425 homes sold. Last month’s sales were 7.9 per [...]

News Releases From REBGV, Vancouver Real Estate

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

09Apr

Fewer listings, strong demand boosts Metro Vancouver real estate

[Source: CTV News, April 4, 2017] VANCOUVER - Home sales in Metro Vancouver are bouncing back after a dismal February, but the Real Estate Board of Greater Vancouver says transactions are still almost 31 per cent below the March 2016 record. The board says a shortage of property listings and strong demand, especially for condos and townhomes, propelled the market in March. Board president Jill Oudil says sellers still seem reluctant to put their homes on the market, creating stiff competition for [...]

British Columbia, Canada, Economic Outlook, Vancouver Real Estate

09Apr

Vancouver realtors say demand picking up as prices begin to rise again

[Source: Financial Post, April 4, 2017] Realtors in Canada’s most expensive city for housing predict prices will continue to rise amid a shortage of listings they maintain is stifling the market. The Real Estate Board of Greater Vancouver said Tuesday that demand picked up in the condo and townhome segment of the market, something the group maintains coincides with a shortage of supply. “Home prices will likely continue to increase until we see more housing supply coming on to the market,” said [...]

British Columbia, Economic Outlook, Vancouver Real Estate

07Mar

Bank of Canada announces rate – March 1, 2017

[Source: Repmag.ca, March 1, 2017] OTTAWA - The Bank of Canada is holding its trend-setting interest rate at 0.5 per cent but it's keeping a watchful eye on "significant uncertainties'' that it warns could alter the economy's improving trajectory. The central bank's scheduled rate announcement Wednesday arrived as Canada tries to assess the direction of U.S. economic policy under President Donald Trump and the potential fallout from any changes he may bring. The bank has said some U.S. proposals, which include tax [...]

Bank of Canada announcements, Canada, Economic Outlook, International Influence

06Mar

Barry Appleton - BC just violated NAFTA with its foreign property tax - and we could all pay for it

B.C.’s home loan program draws more first-time homebuyers into market

[Source: Vancouver Metr0, February 16, 2017] Realtors say clients are taking advantage of the B.C. government’s new interest-free down payment loan program, and it may be helping to boost condo sales especially in more affordable markets like East Vancouver and the Fraser Valley. Meanwhile, higher-priced parts of Metro Vancouver’s housing market, and especially the single detached market, continue to lag. “It’s raised the hopes of some people who didn’t have the down payment,” said Brian Rushton, a realtor with Century 21, of [...]

British Columbia, Vancouver Real Estate