Too Much Too Late? – The NDP’s Affordablity Plan

In the NDP budget speech on February 20, 2018, Finance Minister Carole James highlighted some of the government’s 30-point plan for making, buying and renting more affordable for British Columbians. The comprehensive strategy focuses on measures to discourage speculation, decrease demand from foreign buyers, and increase the supply of available housing. Many are wondering if this is too much too late! Some of the new changes are as follows: INCREASE PROPERTY TRANSFER TAX – one time tax at time of title [...]

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‏B.C. government hints at changes to speculation tax so it doesn’t impact locals with vacation homes

‏[Source: CBC, March 7th, 2018] B.C. government hints at changes to speculation tax so it doesn’t impact locals with vacation homes.  ‏British Columbians who own vacation homes in certain areas, including Gulf Islands, currently in limbo. BC. Finance Minister Carole James gave hints on Wednesday the government would be generous with exemptions to local residents that have vacation homes that could be impacted by the new speculation tax. “We’re working on those details now, including all of the issues people have been [...]

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16 things that really affect you announced in today’s BC Budget 2018

[Source: DailyHive, February 20, 2018] Earlier today, British Columbia’s New Democratic Party (BC NDP) delivered its first provincial budget for the first time in about two decades. The ambitious budget prepared by BC Minister of Finance Carole James focuses on housing affordability, childcare, and increasing provided services. She forecasts consecutive balanced budgets, with annual surpluses of $219 million for 2018-19, $281 million for 2019-20, and $284 million for 2020-21. However, total provincial debt will rise by $11.8 billion to $77.1 billion by 2020-21 [...]

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How the B.C. budget tackles the province’s housing crisis

[Source: BC CTV News, February 20, 2018] Ever since the B.C. NDP formed government last summer, the public has been waiting to see how the party plans to address the province’s out-of-control housing market – and now the wait is over. In her 2018 budget speech Tuesday, Finance Minister Carole James highlighted some of the government’s 30-point plan for making buying and renting more affordable for British Columbians. The comprehensive strategy focuses on measures to discourage speculation, decrease demand from foreign [...]

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RBC hikes mortgage rates ahead of Bank of Canada rate decision

[Source: BNN, January 12, 2018] Royal Bank of Canada raised its posted five-year fixed mortgage rate on Thursday, the first of Canada’s Big Five banks to make the move ahead of the Bank of Canada’s interest rate decision next week. RBC increased its posted five-year fixed rate by 15 basis points to 5.14 per cent, with more rate hikes across the board. “Rate changes reflect recent activity by competitors, and the current costs that we incur for funds on the wholesale market [...]

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Will the Bank of Canada hike rates next week? It looks more and more likely

[Source: Global News, January 8, 2018] The Bank of Canada (BoC) is likely to raise interest rates again when it makes its next monetary policy announcement on Jan. 17, according to economists at Canada’s big banks. Increasing the chances of another rate hike is the upbeat tone of the latest quarterly release of the so-called Business Outlook Survey, a closely watched barometer of business sentiment in this country, which the central bank released on Monday. Canadian companies are feeling optimistic about the future and [...]

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Vancouver council votes to legalize and regulate Airbnb and other short-term rentals

[Source: The Georgia Straight, November 14, 2017] “Applying filters to data presented by the Inside Airbnb website shows a large number of Vancouver listings are for an entire place that is also available for more than 90 days of the year. That suggests some of these 2,408 units may not have full-time residents and are essentially operating as hotels.” Vancouver has joined a growing list of cities that have made peace with Airbnb. Today (November 14), city council voted seven to four [...]

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Starting next year, a B.C. realtor can’t represent both buyer and seller on one deal

[Source: Global News, November 15, 2017] In B.C., a single realtor can currently represent both buyer and seller on a home sale. It’s an arrangement that will end in March, as part of a slate of new rules that B.C.’s Office of the Superintendent of Real Estate (OSRE) introduced on Wednesday. The rules ban what’s called a “dual agency” deal, in which a realtor acts on behalf of the homebuyer and the seller at the same time. B.C. will be the first [...]

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Planning a Move this Winter? Tips on How to Successfully Downsize

[Source: Next Step Organizing Services, October 22, 2017] Whether you’re moving from a a big family home to a Yaletown condo or moving in with a partner, downsizing is necessary.  Moving from a large home full of your stuff to a small space can be challenging, and while it’s easy to say “just eliminate the extra stuff,” doing it is not so easy.  Here are some tips to make the transition as smooth as possible. 1. Be Prepared! Make a plan: create a [...]

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The Tale of Two Housing Segments Continues in the Greater Vancouver Residential Real Estate Market

[Source: Business Insider, October 12, 2017] Affordability issues and mortgage regulations spur activity in the region’s entry-level market. Price gap between condominiums and two-storey homes continues to narrow, benefiting move-up buyers. VANCOUVER, Oct. 12, 2017 /CNW/ – According to the Royal LePage House Price Survey1  released today, sales activity and consumer confidence across the Greater Vancouver residential real estate market continued to recover in the third quarter of 2017. While home price appreciation softened in the detached segment, condominiums continued to [...]

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