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Learn how to get approved for your first mortgage as a newcomer in Canada. Continue to full article

Real estate prices in West Kootenay have fallen, potentially reducing homeowners' tax bills. The 2024 assessments show a 1% decrease in Nelson and Castlegar, but a 12% increase in Slocan. The highest assessment was in Fernie ($848,000) and the lowest in Greenwood ($245,000). The drop is attributed to high interest rates and efforts to slow…

Mid-Fall 2023 Real Estate sales dropped to 17, down from 30 in Mid-Fall 2022. Local buyers accounted for 58.8%, while 41.2% were from out of town. In Mid-Fall 2023, 66.7% of sellers were local, with 55.6% out-of-town buyers from the Lower Mainland.

Interest rates in Canada are predicted to drop as household debt increases. Cities are seeking provincial funding for rental projects, with Toronto proposing a $36 billion plan. The federal government's $4 billion Housing Accelerator Fund supports cities following density-boosting guidelines. The tiny-home movement is growing as a homelessness solution, and abandoned offices are being converted…

Owners of whole-house short-term rentals in British Columbia are uncertain about their next steps following a new law banning such rentals. Options include selling, switching to long-term rentals, or paying a speculation tax. There's no rush to sell as some await potential government reversal. The Opposition BC United Party has pledged to not implement the…

A critical mortgage cliff with 2.2M renewals in 2024-2025 is predicted, totaling $675B in loans. $25B financing for 71K new rental homes; $13B for 60K affordable homes. Demand in Ontario and BC requires 60% of 3.5M new units by 2030.

Bank of Canada Governor Tiff Macklem believes it's too early to lower interest rates, despite the economy no longer being overheated. Economists foresee a potential policy rate decline in 2024, but warn of a potentially uneven return to the central bank's inflation target. Major risks include the housing market and geopolitical tensions. Some borrowing costs…

Metro Vancouver's Housing Data Book reveals a challenging local housing market with low rental vacancies, rising rents, and a scarcity of family-sized rental units. Despite a slight increase in rental condos and purpose-built rentals, housing construction is not meeting demand, especially for condo ownerships and multi-unit apartments. Non-market housing units have barely increased, and the…

Northern BC Home Prices: Avg single-family home price is ~ $427 with a ↑ 7.2% since 2022. Price Fluctuations Explained: Prices fluctuated due to interest rates, reaching a peak in Mid Q3. Market Balance and Stock: The housing market slowly balancing; efforts needed to replenish the region's housing stock.

Housing affordability in Canada, especially in Vancouver, has worsened, with high home prices requiring substantial income and savings. Potential buyers are hesitant to enter the market. Adding a co-signer or a guarantor to a mortgage can help those who don't meet lenders' criteria, but it comes with significant responsibilities and implications for credit reports and…