Category: Uncategorized

British Columbia Real Estate Association released its 2024 First Quarter Housing Forecast Update last month. Decline in mortgage rates and potential Bank of Canada rate cuts expected to revitalize housing market in 2024.

Advocate proposes higher taxes on house-wealthy to address housing crisis. The proposal aims to cut income taxes for low-to-middle-income earners.

The New Westminster Tenants Union suggests altering provisions in the Residential Tenancy Act to prevent most no-fault evictions in British Columbia. They propose that landlords with two or more units cannot evict tenants without cause, aiming to protect renters from bad faith evictions and increase consumer rights. Continue to full article

Nowruz is a 3,000-year-old festival, making it one of the oldest in the world. Haft-Sin is a Nowruz table, featuring 7 symbolic items, all beginning with "sin" and representing different aspects of life. Nowruz celebrated by over 300M worldwide, including Iran, Afghanistan, Tajikistan, Uzbekistan, Azerbaijan, and many more. Nowruz is a time for forgiveness and…

Consumers in Ontario and British Columbia are struggling with missed payments on mortgages and credit cards due to higher interest rates and inflation. Mortgage delinquency rates have soared in these provinces, surpassing pre-pandemic levels. Financially stressed homeowners, especially younger ones, are facing challenges in making payments, with mortgage renewals leading to payment shocks. Total consumer…

Homeowners in specific BC areas with residential properties must declare their usage by March 31st. Who to declare: – Anyone owning property in areas subject to the tax, even if exempt. Purpose: – Combat housing speculation and increase available homes.

Optimism for Metro Vancouver's real estate market is currently low, with a slow first quarter. However, increased activity is expected in the second half of the year due to anticipated interest rate cuts. The market is waiting for key announcements from the Bank of Canada, with hopes for more deals and a better understanding of…

Lower mortgage rates and potential interest rate cuts fuel optimism. Unit sales are predicted to ↑ 8% through 2024.

As homeowners face mortgage renewals at higher rates due to the Bank of Canada's unchanged interest rates, it's advised to expect payment increases. Negotiating with lenders, exploring other options, and being cautious about re-amortizing are recommended. Choosing a mortgage term without relying on potential rate cuts is suggested, and being proactive in the renewal process…

BC housing costs are expected to rise at a slower rate due to anticipated Bank of Canada interest rate cuts.Economists forecast interest rate decrease to 3.5% by Q4 2024, easing housing costs.