Real Estate News in The Sea To Sky Corridor; BC for the Week of: September 15th – 21th

Opinion: Rushing housing expansion won’t solve B.C.’s affordability crisis

The Squamish Chief

In terms of provincial government priorities, it’s no surprise there is a heavy focus on housing affordability and expansion of supply.

As part of this, the provincial government frequently builds out housing policies that are heavily influenced by the projected population estimated to be moving into the region in the coming years. Estimates typically outline vast numbers of future residents for whom regional housing availability doesn’t currently exist. Read more…

Mortgage rule changes will help spark demand, but supply challenges persist: experts

The Squamish Chief

TORONTO — Experts say Ottawa’s changes to mortgage rules could help spur demand among potential homebuyers, but supply challenges are likely to persist in Canada’s real estate sector despite lofty goals to build new housing.

The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment. The price cap for insured mortgages is set to move to $1.5 million from $1 million, marking the first boost since 2012. Read more…

Metro Vancouver luxury-property sellers aren’t budging on prices, says Royal LePage

The Squamish Chief

Sellers of luxury properties in Metro Vancouver are in no hurry to sell, resulting in fewer sales transactions as they wait for prospective buyers to meet their desired prices.

Sales of luxury properties decreased 38.8 per cent in the first eight months of 2024 compared to the same period in 2023, while prices fell just 1.8 per cent, according to the 2024 Royal LePage Carriage Trade Luxury Market Report released on Thursday.

“Buyers are … waiting for that perfect property and are hopeful that sellers will reduce their expectations, but we just continue to see that sellers are holding strong and not really willing to move on their price,” said Jesse Dean Cook, a sales representative with Royal LePage Sussex. Read more…

Ministry gives extensions to 21 B.C. communities to comply with new housing laws

The Squamish Chief

B.C.’s Ministry of Housing has granted extensions to 21 local governments, allowing them more time to amend their zoning bylaws and upgrade their infrastructure to support greater density.

Coquitlam and the City of North Vancouver are among 10 local governments that have received more time to amend their zoning bylaws to comply with the new provincial small-scale, multi-unit-housing legislation, which aims to catalyze more row homes, triplexes and townhomes on single-family lots.

Their new deadlines range from the end of this year to 2030 on a case-by-case basis, said the housing ministry’s Sept. 16 news release. The original deadline was June 30, 2024. Read more…

National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

The Squamish Chief

OTTAWA — The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July. Read more…

Federal tax on vacant homes has failed to raise any meaningful revenue

The Squamish Chief

A federal levy on vacant homes owned by foreign nationals that also ensnared thousands of Canadian taxpayers has so far failed to raise any meaningful revenue, with almost all tax returns assessed so far showing no balance, documents recently tabled in the House of Commons show.

Ottawa’s underused housing tax (UHT), which took effect at the start of 2022, imposes an annual 1 per cent tax on the value of foreign-owned real estate that is deemed to be underused or vacant. The government has variously billed the measure as a way to deter foreign real estate investors from leaving their homes in Canada empty and as a means to raise tax revenue for housing affordability initiatives. Read more…

How Much Does It Cost to Stage a House?

RE/MAX Blog

Staging has been a big deal in real estate for a long time, but it’s way more than just putting some nice furniture in a home for sale. If you want to get top dollar, you need to prep your home to match what today’s buyers are looking for. This means taking a good look at the overall condition of the place and updating any outdated or tired elements. Things like crystal and brass chandeliers, mismatched paint colours, and old cabinets and appliances don’t really cut it with modern buyers.

So, how much does it cost to stage a house? The price can vary a lot depending on where you are, how big your property is, staging requirements, and the current market conditions. Whether you’re in a bustling city or a quiet town, good staging can really make a property stand out and is worth the investment. Let’s have a closer look at these factors and see how they impact staging costs. Read more…

How is Mortgage Interest Calculated?

RE/MAX Blog

Can you afford to buy a home in today’s housing market? Can you pass the stress test? What is the mortgage rate anyway? How is mortgage interest calculated? All important quest6ions that should be factored into your home hunt.

For that final question, we have you covered.

How is Mortgage Interest Calculated?

When a residential property – single-family home, townhouse, or condominium unit – is bought with a mortgage, the buyer is required to repay the amount they borrowed (principal) plus interest on the unpaid loan amount. The interest is the cost of borrowing the funds necessary to acquire a home. Read more…

Creating a Realistic Budget for Your First Home: Beyond the Mortgage Payment

RE/MAX Blog

For many first-time homebuyers in Canada, the thrill of purchasing a new home is an exhilarating milestone. The excitement of finding the perfect property, envisioning future memories, and finally securing the keys can be incredibly rewarding. However, real financial shock often comes after the purchase when people realize the hidden costs of owning a home. These unexpected expenses can quickly strain budgets and deplete savings, so it’s crucial to be well-informed when budgeting for a first home. Beyond the obvious costs, numerous other commitments can catch you off guard. It’s essential to conduct thorough research and understand how to budget for your first home. Here are a few things to consider. Read more…

Real Estate News in The Sea To Sky Corridor; BC for the Week of: September 15th – 21th

Opinion: Rushing housing expansion won’t solve B.C.’s affordability crisis

Mortgage rule changes will help spark demand, but supply challenges persist: experts

Metro Vancouver luxury-property sellers aren’t budging on prices, says Royal LePage

The Squamish Chief

Ministry gives extensions to 21 B.C. communities to comply with new housing laws

National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

Federal tax on vacant homes has failed to raise any meaningful revenue

How Much Does It Cost to Stage a House?

How is Mortgage Interest Calculated?

Creating a Realistic Budget for Your First Home: Beyond the Mortgage Payment

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Real Estate News in The Sea To Sky Corridor; BC for the Week of: September 15th – 21th

Opinion: Rushing housing expansion won’t solve B.C.’s affordability crisis

Mortgage rule changes will help spark demand, but supply challenges persist: experts

Metro Vancouver luxury-property sellers aren’t budging on prices, says Royal LePage

The Squamish Chief

Ministry gives extensions to 21 B.C. communities to comply with new housing laws

National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

Federal tax on vacant homes has failed to raise any meaningful revenue

How Much Does It Cost to Stage a House?

How is Mortgage Interest Calculated?

Creating a Realistic Budget for Your First Home: Beyond the Mortgage Payment

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