Kelowna ponders getting tough on short-term rentals

From Western Investor

Kelowna city council will be asked to resolve the short-term rental issue when it sits down at the table Monday afternoon.

Planning staff are bringing forth recommendations similar to those introduced in the fall which would eliminate short-term rentals across the city, except for a select few properties.

Planning manager Ryan Smith says the recommendation would effectively remove short-term rentals as a permitted use in single family and multi-family homes. Read more…

Canada’s housing market hit an ‘unexpected surge’ heading in 2024. Will it last?

From Global News

Canadian home sales saw an “unexpected surge” in December as sellers and buyers came together to get deals done before the new year, according to the national real estate body, but experts are divided on whether the uptick will last.

The Canadian Real Estate Association (CREA) said Monday that December saw an 8.7 per cent jump from November in the number of homes sold. That put the final month of the year on par with some of the “relatively stronger” spring and summer months, CREA said. Read more…

Fixed mortgage rates are on the decline. Is now the time to lock in?

From Global News

Rates on some fixed mortgages have dropped by a full percentage point in the past few months, opening up an opportunity for Canadians eyeing the spring housing market or with a mortgage of their own up for renewal.

While experts say there’s little downside to securing a cheaper rate today, committing to a long-term mortgage with rate cuts in the forecast might end up costing some households more. Read more…

Why Lower Canadian Real Estate Prices Could Benefit Sellers this Spring

From Remax blog

The Canadian real estate market is going through an adjustment period right now. After a couple of years of meteoric growth across the entire housing sector, conditions seem to be settling, the frenzy has come to an end, and Canadian housing markets from coast to coast are regaining equilibrium.

According to the 2024 RE/MAX Canadian Housing Market Outlook, the national average residential price is expected to rise only slightly this year, by 0.5 per cent. Meanwhile, 61 per cent of markets surveyed in the report are expected to see unit sales increase year over year. This is a complete retreat from the challenging market conditions experienced in early 2022. Read more…

How to Use a Home Equity Loan to Buy a Second Home

From Remax Blog

Canada’s real estate market is currently seeing impressive growth, making it an excellent time to think about investing. If you’re eyeing a second property, maybe a rental space or a holiday home, using the equity in your current home is one option worth exploring. But understanding the terms, risks, and benefits is key to ensuring that this move aligns with your long-term financial goals and doesn’t overextend your financial commitments. Let’s look at what a home equity loan is and how it can be leveraged to your advantage. Read more…

10 Tips for Getting the Best Mortgage Rate in Canada

From Remax Blog

When you purchase a home, a down payment is typically applied to the purchase price, and the balance is to be paid off over your term of the mortgage. The loan you receive from a lender in order to pay for the house is called a mortgage.

Simply put, a mortgage is a legal and binding agreement between a lender and a borrower for a specific amount of money that must be paid back within a predefined amount of time. The mortgage is a secured loan in that the house you are buying is collateral for the loan. This means that, should you not meet your mortgage repayment obligations, the lender has the right to take the property. Read more…

The Art of Compromise: Decorating a New Home as a Duo

From Remax Blog

You’ve just moved in with your significant other and couldn’t be more excited; however your new home isn’t exactly boasting the ideal look and feel you were hoping for. Decorating your new home can be a lot of fun. There’s no shortage of inspiration out there, and you likely already have an idea of the overall theme/look you’re going for, what pictures to hang and where, and which accent pillows you want to use. But if you’re moving in with a partner or roommate, it’s not just your opinion that counts. Read more…

Relisting at a Higher Price – Does It Work?

From Remax Blog

If, at first, you don’t succeed in selling your house, try and try again? For many residential property owners in today’s Canadian real estate market, it can be challenging to sell a home, whether because of the listing price or higher borrowing costs. In a more balanced housing sector, relisting can be more common to witness. Read more…