Canada’s Foreign Buyer Ban Begins in January

Starting in January 2023, non-Canadians will be banned from buying homes across Canada, through the Prohibition on the Purchase of Residential Property by Non-Canadians Act. This Act prohibits non-citizens and non-permanent residents from purchasing residential property in Canada for two years.

The federal government has still not released the supporting regulations for the foreign buyer ban. The regulations are expected to include definitions, exceptions, and enforcement elements to help REALTORS^® and their clients understand and comply with the law. Below is a description of what we do know:
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New Strata Property Act Amendments: What You Need to Know About The End of Rental and Age Restrictions, and New Virtual Meetings Permissions

At a glance (2 minute read)

• Stratas can no longer enforce rental restrictions, except for short-term rental restrictions.
• There are now only two age-related options for stratas: a bylaw requiring at least one resident in a unit to be 55 years-old or older; or no age restriction bylaw.
• Stratas can now conduct annual and special general meetings virtually without a bylaw explicitly allowing them to do so.

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These 6 Modern Breakfast Nooks Are a Gorgeous Way to Start the Day

A casual alternative to the dining room table, the breakfast nook is perfect for anything from sitting down to a morning smoothie bowl, to standing in as a home office. Here are a half-dozen modern takes on the classic, cozy eating area.

1. Marble Luxury

Kalu Interiors combined finishes for the breakfast nook in this updated 1970s Vancouver Special, including a smaller wood table with a marble base and rattan dining chairs. Velvety teal pillows add colour to the space and additional comfort to the wood floating bench.
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Metro Vancouver Real Estate Market To Stabilize In Coming Months, Says Economist

The Metro Vancouver housing market is in a healthier position for first-time homebuyers or someone looking to get into the real estate market, says one expert.

Multiple Listing Service (MLS) residential sales in B.C. are forecast to decline 34.4 per cent from a record high 2021 to 81,900 units this year.Pierre Longnus/The Image Bank/Getty Images

As Metro Vancouver moves out of a quieter summer season for the housing market, home prices are expected to stabilize in the next three months, according to the British Columbia Real Estate Association (BCREA).
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REBALANCING OF THE MARKET ACROSS BRITISH COLUMBIA

Over the past few weeks, MLA Canada’s Advisory team gathered and interpreted market reports to identify and summarize market trends seen in the month of July. As an authority on the Canadian real estate market, the MLA Advisory team maintains an exhaustive understanding of market intelligence and the ability to translate that knowledge into actionable information.

July was a month of rebalancing in British Columbia, with Greater Vancouver, Fraser Valley, and Greater Victoria, and the Okanagan all reflecting more favourable buyer conditions. As resale activity compressed for the fourth consecutive month, the area continues to see rebalancing market conditions. Hesitancy stemming from rising interest rates is giving supply time to replenish from historic lows and, in turn, is creating improved buyer conditions across markets in the Lower Mainland and BC.
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CMHC Confirms Government Costs Raise New Home Prices

In Vancouver, fees and charges accounts for 20 per cent of the price of a new condo apartment, new federal study says

Verifying what home builders have been saying for years, a new report from Canada Mortgage and Housing Corp. (CMHC) confirms that government costs and fees add tens of thousands of dollars to the price of a new home.

According to a new joint CMHC and Altus Group Housing Market Insight report, Government Charges on Residential Development in Canada’s Largest Metropolitan Areas, released July 5, government fees impact the cost of new home construction by as much as 24 per cent.
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