Category: Uncategorized
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New rules for short-term rentals – Province of British Columbia
In October 2023, the Province of British Columbia announced new rules for short-term rentals, such as Airbnb, to make the rental market fairer and more accessible for everyone. The rules will affect all types of short-term rentals, including single-family homes and condominiums. Continue to full article
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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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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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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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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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Home Sales in British Columbia Increase by 10% in September
In October 2023, the B.C. Real Estate Association reported a 10% increase in home sales compared to the same time last year, due to strong demand, favorable economic conditions and government initiatives. However, an increase in interest rates impacted affordability and tempered market conditions. Continue to full article
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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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How to find the cheapest mortgage rates in Canada
This article outlines the cheapest mortgage rates in Canada and provides helpful advice to find the best rate. As of September 20th, 2023 the best five-year fixed rate in Canada is 5.24%, and the best five-year variable rate is 5.95%. Additionally, the average five-year fixed rate offered by the Big 5 Banks is 5.86%. Information…
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Northern BC: Slump in 2023, Optimism for 2024
BCREA forecasts housing activity in Northern BC to remain flat in 2023. The region is predicted to have 3,600 unit sales this year, ↓ 16% yearly. Economists expect prices in Northern BC ↑ 4.8% in 2024 after a flat 2023.