Real Estate Purchases and Sales

The Bank of Canada has decided to hit the brakes on interest rate hikes, maintaining its policy rate at the current level. This move reflects the belief that the economy is slowing down enough to warrant no further immediate action.In their announcement on September 6th, the central bank revealed that they were keeping the overnight rate steady at 5.0%. This decision comes after a series of r…

Home sales in Metro Vancouver are on the rise, and prices continue to increase. Despite a decrease in sales compared to last year, homebuyers are returning with confidence after a challenging period. The limited supply of homes is creating competitive conditions and driving price escalation. The current market shows a rebound in sales, with prices already up by 5% year-to-date. The MLS® Home Pric…

When you purchase a condo unit on the open market well in advance of the completion of the building, you will generally pay property transfer tax on the total amount you paid to acquire the property. The total amount includes any money paid for:upgrades or additions, orany other premium for assignment of a written agreementYou may transfer the right to purchase the property to a…

The B.C. government announced the expansion of areas where the speculation and vacancy tax applies.The speculation and vacancy tax is an annual tax based on how owners use residential properties in major urban areas in B.C. Everyone deserves an affordable place to call home, yet house prices and rent have skyrocketed out of reach for too many people. The provincial government is…

The homeowner grant reduces the amount of property tax you pay for your principal residence.The grant is available to homeowners who pay property taxes to a municipality, or to the province if they live in a rural area. If you pay your property taxes to a First Nation, contact the First Nation directly.In this article you’ll learn about:What to doAbout the homeowner grantRegular grant…

By AleemThis On Wednesday July 12 2022, The bank of Canada officially announced the increase to the overnight lending rate by 1.00%.This announcement surprised pundits who in large part were expecting a maximum increase of 0.75%. This is the biggest jump since 1998, and Canada’s banks will be increasing their prime rates in the coming weeks to 4.70%. This will impact Canadian home owners…

By Jonathan Russell Canadian Mortgage Professional MagazineSomebody other than the prospective homeowner (typically a family member or friend) will usually co-sign on a mortgage if the prospective homeowner’s credit and income are not enough for them to qualify themselves. And it works both ways. It is possible that a family member or friend will one day ask that you co-sign on a mortgage if…

Amendments to the Property Law Act introduced on Monday, March 28, 2022, will enable the creation of a new Homebuyer Protection Period to protect people buying a home in a challenging real estate market.The Homebuyer Protection Period, sometimes called a “right of recission,” responds to concerns that in the highly competitive housing market, buyers are reporting pressure to submit offer…

The British Columbia Real Estate Association (BCREA) released its 2022 First Quarter Housing Forecast Update on February 2, 2022.   Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 17 percent from a record high 2021 to 103,250 units this year. In 2023 MLS® residential sales are forecast to fall an additional 12 percent to 90,200 units.   “We exp…