Starting June 1, Canadian homebuyers will face tougher mortgage stress test rules that will decrease the buying power of most borrowers.
The move, announced by the country’s banking regulator in May, was in response to an overheated market that has already started to see signs of cooling.
Low interest rates, bulked up savings and the availability of remote work has made homeownership more attractive, even if affordability is decreasing
Millennials want space, both outdoors and indoors, to accommodate their new work-from-home lifestyle. PHOTO BY NORM BETTS/BLOOMBERG
A quarter of millennials have purchased homes in the past year, as the pandemic has created a near-perfect window of opportunity for them to buy, according to a new poll.
As borders remain closed and travel is at a standstill, most of us continue to feel the effects of the novel Coronavirus. Here in B.C., however, the real estate market has remained resilient due to a number of factors including a high quality of life, rise in remote work culture and the adoption of technology by buyers and realtors alike. As restrictions begin to loosen in the future, coupled with a federal government commitment to significantly grow the population in the coming years, demand is set to keep rising.
Canada’s top central banker isn’t worried about the country’s hot housing market, saying low interest rates and demand for space rather than speculation are behind the price gains.
Accommodative monetary policy, a preference for more living area and the ability to work from home during the pandemic are the main reasons demand for single-family homes across the country has been so robust, Tiff Macklem said Wednesday in an interview with Bloomberg News.
Shirley Carleton retires from Real Estate. I personally will miss Shirley, as she has been a trusted business professional of mine during our time at Keller Williams Elite Realty. She has entrusted me with the future care of her clients and for this, I am truly grateful. Here is her message.
The Real Estate Board of Greater Vancouver reports that 3,128 homes were sold in July 2020.
According to the board, transactions exceeded historical levels.
In a media release Wednesday (August 5), the REBGV noted that last month’s sales were 9.4 percent above the 10-year July sales average.
The deals also represent a 22.3 percent increase from the 2,557 sales in July 2019.
In addition, last month’s sales constitute a 28 percent increase from the 2,443 homes sold in June 2020. The benchmark price of homes reached $1,031,400. The number represents a 4.5 percent increase over July 2019.
If a property owner or buyer encounters a discriminating covenant in land title records, it can be a shocking surprise. Discriminating covenants are clauses that restrict the sale, ownership, occupation or use of land on the basis of sex, race, creed, colour, nationality, ancestry or place of origin of a person, and reflect a different cultural reality from our province’s history. In spite of several efforts to amend these records over the past 40 years, they are still periodically found on title for certain residential properties in British Columbia. But are these clauses legitimate? Why do these covenants still appear? And what can be done to change them?
Vancouver, BC – July 8, 2020. The British Columbia Real Estate Association (BCREA), the Real Estate Council of British Columbia, and the Office of the Superintendent of Real Estate, with support from WorkSafeBC, have developed guidance to support BC’s REALTORS® in adapting traditional “open house” practices to keep consumers safe. While BC has entered Phase 3 of its Restart Plan, it will be anything but business as usual for Realtors and consumers when it comes to resuming open houses.
On June 24, the BC Government made it possible to evict residential tenants for reasons other than non-payment of rent. That means real estate transactions that require vacant possession can now proceed.
Landlords with existing orders for eviction can take them to the courts beginning July 2, 2020, for enforcement and can enforce a writ order effective immediately. Landlords can enter a rental suite with 24-hour notice and don’t need the tenant’s consent. And documents can now be served in person.
REALTORS® and landlords are expected to follow health guidelines like physical distancing, cleaning and wearing masks when appropriate. Please continue with your diligence in showing property and meeting with clients. Check out the protocols from WorkSafeBC for more information.