Industry News - Page 30 of 33

08Feb

Will Vancouver recover from ‘policy shock’?

[By: Chana Fay Charach, February 8, 2017] Vancouver is one of the most watched real estate markets in Canada and possibly internationally as well. Over the last couple of years, we have experienced extraordinarily heated conditions to say the least. Not only was there a rapid rise in values in many areas but also a significant number of sales. However, in the later part of 2016, things cooled off after numerous government policy changes were implemented. “From a real estate perspective, [...]

British Columbia, Canada, International Influence, Quarterly Economic Update, Vancouver Real Estate

08Feb

Foreign tax in B.C exempts foreigners with work permits

[Source: Hibusiness.ca, February 6, 2017] In an effort to cool down homes prices in Vancouver’s hot housing market, the British Columbia government implemented a 15% tax in August last year on foreign buyers. This tax had led numerous foreign buyers to move to other markets in search of affordable markets or markets that are not effected by the tax. However the British Columbia Premier Christy Clark is planning to make a few exceptions to the tax which includes freeing foreigners with [...]

British Columbia, International Influence, Vancouver Real Estate

06Feb

Don’t expect the housing bubble to burst: expert

[Source: News 1130, January 9,2017] Housing was the biggest story of 2016 in Metro Vancouver but don’t expect the local residential real estate market to collapse this year. Romana King, a senior editor with Money Sense magazine, says the housing bubble will shrink and despite endless predictions of its inevitability, it will not burst. “We’re not going to see any big major crashes because there’s still a great deal of demand for very little supply,” she explains. “We saw the US crash [...]

British Columbia, Vancouver Real Estate

18Jan

Bank of Canada announces rate- January 18, 2017

[Source: The Canadian Press, January 18, 2017] The Bank of Canada is holding its benchmark interest rate at 0.5 per cent and providing a deeper assessment of the risks associated with the big economic unknowns of a Trump presidency. The central bank is keeping its key interest rate in place with the Canadian economy showing signs of improvement but it also warns of the significant uncertainty tied to potential policy changes by the United States, its largest trading partner. This is the [...]

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

17Jan

CMHC to hike mortgage insurance premiums March 17, 2017

Canada Mortgage and Housing Corp. is hiking mortgage insurance premiums for home buyers. The Crown corporation said the increases will amount to an average of $5 a month more for new borrowers. "We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home," said Steven Mennill, CMHC' senior vice-resident of insurance in a news release. "Over all, the changes will preserve competition in the mortgage loan insurance industry and contribute [...]

British Columbia, Canada, Vancouver Real Estate

17Jan

BC Home Partnership

BC H.O.M.E. Partnership Program - some more details On December 15th, 2016, the Provincial Government of British Columbia announced a Homeowner Mortgage and Equity (HOME) Partnership Program to assist first time homebuyers residing in B.C. to enter the housing market. This Program contributes to the amount first-time homebuyers have already saved for their down payment, matching up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest free and payment-free for the first [...]

British Columbia, Vancouver Real Estate

16Jan

Bought your first home? Don’t hurry the renovations

Pat Giles and his wife bought a house a year and a half ago. They’re already thinking about renovating the kitchen. A brand new kitchen is a tempting prospect, but it is neither a short nor a cheap renovation. Mr. Giles, 36, is keenly aware of this. He’s associate vice-president of real-estate secured lending with Toronto-Dominion Bank, and regularly talks about renovation financing with colleagues across Canada. He’s following the same advice he and his colleagues give to clients. “For us, [...]

British Columbia, Canada, Toronto, Ontario, Vancouver Real Estate

16Jan

Increased home owner grant helps families with property taxes

[Source: BC Gov News, January 10, 2017] The Province is increasing the home owner grant threshold to $1.6 million, helping keep property taxes affordable for families and ensuring most home owners will continue to receive the full grant this year, Finance Minister Michael de Jong announced today. “This is a 33% increase over last year,” said de Jong. “We are doing our part to help keep housing costs affordable for families. Local governments can also work to keep property taxes at [...]

British Columbia, Vancouver Real Estate

16Jan

First time buyer: BC to offering interest-free, payment free loans

[Source: NEWS 1130, January 16, 2017] Are you a saver or a spender? How you answer that question could have a large bearing on whether or not you should apply for BC’s new interest-free, first-time home buyer loan. The Home Owner Mortgage and Equity Partnership program begins accepting applications today. It is meant to help homebuyers with their first down payment, with the provincial government matching funds up to $37,500 — or up to 5 per cent of the purchase price [...]

British Columbia, Vancouver Real Estate

09Jan

Foreign buyers trickling back to Metro Vancouver

[Source: Globe and Mail, January 8, 2017] New data show that foreign citizens are edging back into Metro Vancouver’s flagging real estate market months after the province put a 15-per-cent tax on these buyers. In and around Vancouver, foreign citizens were involved in 4.1 per cent of all homes bought in November, up from 3 per cent the month before and more than quadruple the near-zero rate recorded in the month after the province launched the levy at the start of [...]

British Columbia, International Influence, Vancouver Real Estate