Category: Uncategorized
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BC Strengthens Protections for Renters in Tenancy Act Update
The BC government proposes changes to the Residential Tenancy Act to fight "unfair evictions." Key measures: 1. Banning rent hikes for new children under 19. 2. Extending landlord eviction notice and tenure for personal use
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BC Presale Market Offers Buyer Incentives Amidst Uncertainty
The BC presale market is offering many buyer incentives due to uncertainty around interest rates. Developers are using creative incentives to attract buyers such as free cars, penthouse upgrades, and gift cards.
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BC Homebuyers Await Rate Drop
Market Response to Rates: Homebuyers in British Columbia await Bank of Canada rate adjustments before entering the marketSlow Start in 2024: Real estate sales in B.C. dropped by 9.5% in March 2024 compared to the previous year.
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Federal Housing in BC: Right Idea, Wrong Targets
Affordability in BC is heavily impacted by severe housing shortages and high costs. PM Trudeau revealed a $2B federal loan to bolster the BC Builds program, targeting middle-income rental homes.
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BC Enhances Home Affordability for First-Timers and Builders
BC government introduces expanded Property Transfer Tax (PPT) exemptions for first-timers (FTHBs) and purchasers of newly built homes. The PPT exemption limit for FTHBs is raised to $835K, with a partial exemption up to $860K, potentially saving buyers ~$14K.
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Halal mortgage explainer: What is a halal mortgage, why is it important, and who can apply?
The Canadian government plans to introduce halal mortgages to help Muslim Canadians access homeownership. Halal mortgages comply with Islamic law by avoiding interest payments. Different types include Murabaha, Ijara, and Diminishing Musharakah. EQRAZ has developed its own Sharia-compliant mortgage product approved by the Sharia council. Continue to full article
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BC Builds: $3 Billion Middle-Income Housing Program
Financial Support: – ~$3B allocated for housing projects on underused land, including $2B in financing and $950M in grants. Project Start: – Some projects under BC Builds could begin construction as early as Summer 2024.
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BC Home Sales Decline by 10% in Late-Q1: Why?
The province residential unit sales ↓ 9.5% yearly to 6,460 properties. The overall dollar volume of home sales also ↓ 3.6%, totalling $6.6B.
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Retiring Early: Mortgage Concerns?
Successfully managing mortgage debt is essential for effective retirement planning. Paying off the mortgage before retirement may not suit everyone's financial circumstances.