Category: Uncategorized
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Northern BC Housing Market: 4,100 Sales Projected
The BC Real Estate Association projects a 12.5% increase in home sales this year. Expected unit sales in the north will reach 4,100, showing a strong market recovery.
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Report highlights short-term rental impacts
The Columbia Valley is facing a housing crisis exacerbated by a significant increase in short-term rentals (STRs). A report from McGill University highlights that Invermere has the highest impact from STRs in the Kootenay Rockies, with 180 active listings, representing 8.1% of its dwellings. This has led to a loss of 100 housing units to…
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Inflation drop reinforces hope for September interest rate cut in Canada
Canada's annual inflation rate dropped to 2.5%, aligning with forecasts and suggesting a potential third interest rate cut in September. The consumer price index report highlighted lower prices in travel, vehicles, and electricity, while shelter costs remain a significant inflation driver, though their growth slowed to 5.7%. The Bank of Canada is expected to continue…
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BC Housing Market Expected to Rebound
BC Real Estate Association foresees residential sales ↑4.4% to 76,300 units this year. Sluggish sales and new listings contribute to the highest inventory since 2019.
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BC Assessment Value vs. Your True Home Value
BC Assessment values rely on property characteristics, location, size, view, age, add-ons, and sales data.BC Assessment affects taxes, but rates, property class, and minimum taxes also play a role.
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Minimum down payment to buy a home in BC is soul-destroying
Purchasing a home in BC is increasingly difficult due to high prices, with a report indicating a minimum down payment of $70,948 based on an average sale price of $959,480. A 20% down payment is $191,896. Ontario follows, but with lower down payment requirements. The average salary in BC is $53,042, making homeownership challenging for…
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It’s Time for a Middle-Class Tax Cut in BC
British Columbia now sees more people leaving than moving here due to high costs.BC has the highest gas taxes and most expensive housing in Canada, worsening affordability.
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When Will the Bank of Canada Next Lower Interest Rates?
The Bank of Canada is expected to continue cutting interest rates throughout 2024, with economists predicting reductions at each of the remaining policy meetings. The pace of these cuts will depend on inflation trends and economic conditions, particularly the rising unemployment rate, which reached 6.4% in July. While inflation has moderated significantly, concerns remain about…
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BC Housing Starts Decline, Economic Concerns Grow
New construction permits in B.C. have fallen by 23%, with multi-family permits down by nearly 20%.The chief economist at the regional real estate association warns of a potential extended downturn in housing starts.
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Upgrade Smart in BC: Whole-Home Efficiency Revolution
A whole home approach to renovations maximizes comfort and energy efficiency by treating your home as a system. Start with the building envelope, including insulation, windows, and doors, to create an effective barrier against external elements