RISING INTEREST (AND MORTGAGE) RATES: By now there’s a good chance you’ve heard that the Bank of Canada raised it’s interest rates by another 25 basis points on September 6th. The move marks the second hike since July this year, with the key lending rate now standing at 1%. Wasting no time, Canada’s five big banks followed suit, raising their prime lending rate to 3.2% up from 2.95% with more expected to do the same. If you have a variable rate mortgage, it’s likely you’re al
As they announced in their June 22 throne speech in Victoria, the BC Liberal Party plans to introduce a new rent-to-own housing scheme to help make home ownership more attainable for middle-income earners. The program would initiate the construction of 50,000 new family and starter homes over the next 10 years, particularly along new transit lines and corridors. Prospective owners would start by renting the units, but a portion of their monthly payments would be put towards a
While Canada’s low mortgage rates began to creep up at the end of 2016, mortgagors have been happy to see them remain relatively unchanged since then. However, the March Mortgage Rate Forecast recently released by the BC Real Estate Association suggests that those days may be coming to an end. Citing a stronger Canadian economy and “a large degree of policy incoherence” in the United States, the report predicts an increase in mortgage rates throughout the second half of 2017.
Only 6 months after introducing the controversial legislation, the BC government has decided to cast aside the 15% tax on real estate purchases for foreigners who are working and paying taxes here. With the Vancouver real estate market having experienced a dramatic decline in sales transactions since the tax was first implemented in August, Christy Clark claims the new exemption is being put in place to encourage more people to move to Vancouver. She made the announcement in
"I've never been involved in a project that has attained this level of sophistication". - Ian Gillespie speaking of the upcoming Alberni by Kuma for Westbank tonight. Westbank's latest and possibly greatest project was the focal point of Ian Gillespie's keynote this evening. Featuring intricate design details and an impressive exterior form, the project anticipated completion date is 2019. The 43-floor building will sit near the entrance to Stanley Park and house a Japanese m
Headed over with a client today to check out the site of WestBank's upcoming Horseshoe Bay development and couldn't argue with these views. 30% of the 158 units, which include both condos and townhouses, have already sold. In line with the development's "Local's First" mantra, the first 30 days of selling were reserved exclusively for West Vancouver residents, with lower mainland residents being included in the mix the following 30 days. Come the end of January, buyers from a
Property assessments were mailed out recently and if your home landed below the $1.6 million mark, you can still qualify to receive a basic Home Owner Grant of $570 per year thanks to a $400,000 increase to the qualifying limit courtesy of the B.C. government. There may be other breaks in store too. The bump up from last year’s $1.2 million cap was announced today by Finance Minister Mike de Jong in response to the significant increase in assessment values. If you’re in a sin