New listings rose in Vancouver last month, easing pressure: real estate board
The Pique News Magazine
VANCOUVER — Greater Vancouver’s real estate board says new listings were up in February as home sellers shed some of their hesitance and home sales also rose.
The board, which changed its name to Greater Vancouver Realtors last month, says February home sales rose 13.5 per cent from last year to 2,070. Read more…
B.C.’s eviction moratorium effective but reveals flaws in tenancy branch
The Pique News Magazine
New research shows that B.C.’s COVID-19 evictions moratorium achieved its goals, while simultaneously exposing deficiencies within the province’s Residential Tenancy Branch (RTB).
The number of evictions filed to the RTB decreased during the time that the moratorium was put in place from March to September 2020. Read more…
CMHC ends first-time homebuyer incentive, a program critics say ‘made no sense’
The Pique News Magazine
Canada’s housing agency says it is ending the first-time homebuyer incentive program, which many had criticized as unhelpful.
Canada Mortgage and Housing Corp. said in a notice on its website that the deadline for new or updated submissions to the program is midnight eastern time on March 21.
The plan was meant to help first-time buyers by having the government take on partial ownership of their property. Read more…
Are B.C. residents really ready for homebuying helpers like joint tenancy?
The Pique News Magazine
More homebuyers in B.C. and Western Canada are becoming increasingly creative about their options as affordability woes create further roadblocks to entering market.
That’s according to a Feb. 27 report from Re/Max Canada and market research firm Leger, which examines “alternative” ways Canadians are entering the housing market.
In Western Canada, secondary suites are identified as the most popular means to help buy a home, thanks to the extra income from renters. This is in addition to joint tenancy and tenants in common, which both represent different ways of splitting up ownership of a property. Read more…
B.C. renters, mortgage holders delaying retirement savings, says survey
The Pique News Magazine
The “golden years” for B.C. renters and mortgage holders might resemble fool’s gold, as retirement savings take a backseat to monthly housing payments.
The majority of B.C. renters (82 per cent) and mortgage holders (63 per cent) said that they have not started saving for retirement or have saved less than they planned to by their age, according to a Feb. 27 survey from financial services firm Co-operators.
Meanwhile, 37 per cent of renters and 47 per cent of mortgage holders expect to work either full time or part time after the age of 65. Read more…
Vancouver approves new incentives for mass timber construction
The Pique News Magazine
Vancouver city council is branching out with new incentives to spur more mass timber construction.
The motion approved on Feb. 27, which will amend the city’s zoning and development bylaw, proposes a rezoning policy to accelerate mass timber construction for new buildings taller than six storeys.
New buildings in areas that would typically allow for eight to 11 storeys can qualify for two additional storeys, and buildings in areas that allow for 12 or more storeys can qualify for three additional storeys. Read more…
Why enthusiasm might be fading for B.C.’s housing initiatives
The Pique News Magazine
The province’s flurry of housing announcements that began last fall may no longer be captivating some stakeholders in quite the same way.
The NDP government has recently introduced new legislation aimed at encouraging more supply, unveiled details of its signature BC Builds housing program and last week allocated additional funding in its latest budget.
Anne McMullin, president and CEO of the Urban Development Institute industry association, described this year’s budget as “underwhelming.” Read more…
Metro Vancouver commercial real estate continues to stabilize
The Pique News Magazine
Just a few weeks into the year, optimism regarding Metro Vancouver’s real estate outlook is muted.
The first quarter has yet to deliver the level of activity many brokers anticipated, and many now anticipate better times to occur after mid-year. Read more…
Cordelia’s Locket in Squamish announces it sold
The Squamish Chief
Squamish restaurant and bar Cordelia’s Locket has announced that it has sold.
On Saturday, March 2, it was announced on social media that the waterfront restaurant and bar just off Loggers Lane sold.
The social media page did not list information about who it was sold to or what’s next. Read more…
Whistler condo sells for $9.3M—a new record high
The Squamish Chief
Whistler’s real-estate market set another record this week, after a luxury condo changed hands for $9.3 million.
The condo, located in the Four Seasons private residences in the Benchlands neighbourhood, is a 2,529-square-foot, 3.5-bedroom, four-bathroom residence on Blackcomb Way built in 2005. Read more…
Planning a Home Addition? Key Things to Know Before You Begin
Remax Blog
When you’re thinking about adding on to your home, good planning is key. You’ll need to tackle a few challenges head-on, like getting to know the zoning laws, setting a realistic budget, designing something that blends well with your house, and picking the right contractor for the job.
By laying a solid foundation in the early stages, you ensure that the process, from concept to completion, is well-managed and successful. Let’s explore what you should be mindful of when embarking on a home addition project. Read more…
What Are Condo Fees?
Remax Blog
What are condo fees, how are they calculated, and what do they cover? Condos have become the home of choice for many Canadian homebuyers, particularly first-timers, but increasingly move-up buyers as well. But many don’t understand this lifestyle option before deciding that it’s right for them.
Homeowners are drawn to condo living for a variety of reasons. It is a good option as residents age and can no longer care for a house or want to downsize. There is less maintenance and repair responsibility and more security features. But the big draw is often on-site amenities such as a swimming pool that you would not otherwise be able to afford. Read more…
The 411 on Pre-Construction Homes
Remax Blog
Do you choose the resale market or opt for a pre-construction home? When you are in the market to buy a home, it is an important consideration. There is no doubt that pre-construction homes have a certain appeal to homebuyers.
Buying brand new provides the opportunity to own a home that no one else has ever lived in. And because the house is in the pre-construction phase, you have the opportunity to customize it to your preferences. Read more…
Should You Pay Property Taxes Through Your Mortgage?
Remax Blog
Paying property taxes is an essential responsibility for homeowners, as these funds support local government services and infrastructure. When it comes to managing property taxes, homeowners often face the decision of whether to pay them directly to the tax authority or through their mortgage lender.
This choice can have significant implications for budgeting, convenience, and financial planning. Let’s examine whether this approach aligns with your financial goals and preferences, or if other options may be more suitable for your situation. Read more…
How is Mortgage Interest Calculated?
Remax Blog
Will interest rates come down in 2024? This has been the million-dollar question for the Bank of Canada (BoC). For investors, it is almost certain that the central bank will start pivoting on monetary policy and pulling the trigger on rate cuts. Indeed, now that inflation is inching closer to the institution’s 2 percent objective and the Canadian economy is close to recession territory, it might make sense for monetary authorities to start loosening conditions.
If so, this could be good news for anyone interested in acquiring a residential property in the Canadian real estate market. Of course, this leads to plenty of questions for prospective homebuyers, particularly on the subject of affordability. Read more…
Stay tuned for next week!
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