Category: Uncategorized
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Understanding Rent Increase Rights for Tenants in BC
Landlords can increase rent once a year, with a maximum allowable increase of 3.5% for 2024. Rent increases can only occur 12- mo after a tenant moves in, or after the last legally permitted increase. Landlords can apply for exceptions to raise rent above the set annual rate, including: – Permission from tenants – Increased…
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Province to limit short-term rentals in some B.C. communities, but not all
The BC government has introduced legislation to limit short-term rentals in some areas of the province, with the goal of creating more housing for those in need. The legislation requires that homeowners can only operate a short-term rental business if it is their primary residence or one other unit on their property. This legislation will…
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Tax Wealthy Homeowners to Fund Affordable Housing in BC
BC economists suggest taxing rich homeowners for affordable housing. They propose higher taxes on pricey properties and multiple-home owners. Doubling surtax on >$3M homes can raise $580M/yr.
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Happy Halloween
Halloween falls on October 31 because the ancient Gaelic festival of Samhain, considered the earliest known root of Halloween, occurred on this day. In the eighth century, Pope Gregory III designated November 1 as a time to praise all saints. Soon, All Saints' Day incorporated some traditions of Samhain and the evening before was known…
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BC 2024 Rent Cap: 3.5%
The maximum allowable rent increase is 4%, the highest level since 2018. While also being set below the inflation rate of 5.4% for the second year in a row. The rental cap of 3.5% will apply to rent increases with an effective date on or after Jan 1, 2024.
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Best Mortgage Rates In B.C. For October 2023 – Forbes Advisor Canada
In October 2023, Nesto, Dominion Lending Centres, The Mortgage Centre, and Island Savings are offering some of the best mortgage refinancing rates in the market, with rates significantly below the national average. All these services offer competitive rates and closing timelines, though they are not disclosed. Continue to full article
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More rental buildings may be going up in Coquitlam’s City Centre – The Tri
Anthem Inlet Street Holdings is proposing to build 197 units in two rental buildings at 1184 Inlet St. in Coquitlam. City council is expected to give first reading to the rezoning bid tonight, Oct. 16, 2023. If approved, this development would bring in $4.1 million in development cost charges, $492,700 in community amenity contributions, $4,000…
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BC Poised to Handle Possible Rate-Hikes
The BC market is expected to remain strong despite possible future interest rate hikes. The term “potential rate hikes” refers to potential increases in the BOC's interest rates. The industry association expresses confidence in the market's ability to withstand rate hikes.
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Letters to The Province: Short-term rental properties should be taxed like hotels
Short-term rentals are unfairly competing with the hotel hospitality business, leading to job losses and a shortage of hotels in cities like Vancouver. To tackle the climate emergency, the world needs to rapidly phase-out fossil fuels and make polluters pay. Canada needs to take action to stop fossil-fuel subsidies, prevent companies from weakening climate legislation,…
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As inventory increases, price gains relent in Metro Vancouver to begin the fall season
In September 2023, Metro Vancouver's housing market saw abated price gains due to a seasonal decline in sales and a modest increase in inventory levels, which was driven by a reluctance of homeowners to list their homes due to high mortgage rates. New listings rose back to the 10-year average, allowing inventory levels to recover…