Mindblown: a blog about philosophy.

The mortgage foreclosure rate in Kelowna, BC and the rest of Canada has been declining steadily for the past decade. Rising house prices have allowed people to sell their homes to pay off their mortgages and unsecured debt. However, the capacity to sell homes and access home equity lines of credit has decreased, leading to…

BC plans to implement housing policies in 2024, including measures to increase housing options and address affordability.The province aims to generate 293K new homes over the next decade through policy changes.

High interest rates in Canada are affecting the commercial real estate market, causing challenges for investors and a rise in receiverships, especially in development land. The rates have also led to a decrease in residential land transactions. However, income-producing assets in the multifamily and industrial sectors are attracting investors. High construction costs are limiting development,…

Stable mortgages contrast with escalating struggles in auto loans and credit card debts. 45% of mortgages, amounting to $15B annually, are up for renewal in 2024-2025. Shorter mortgage terms, over 3-yr, became prevalent in the first half of 2023.

Marine Drive Stunner!!! Completely renovated from the studs out, you will love this 2 bedroom 1 bath ground floor/ wheel chair accessible townhome boasting 992 sq feet and only steps to the beach!!! Take advantage of premium finishings like stainless steel appliances, massive tiled walk in shower, flooring, feature wall with fire place and a…

In Early-Q4, BC witnessed ↑ 1.8% in housing unit sales, reaching ~4K units. The avg home price in BC ↑ 4.1% yearly to $969K, with total sales volume at ↑ 6% yearly to $5.2B.

Interest rates are considered a market influencer rather than an economic fundamental. A recent analysis of the real estate market shows that while interest rate fluctuations can impact the market, their effects are typically temporary. The slow real estate market in Fall 2023 was primarily due to market uncertainty. However, buyer confidence is slowly returning,…

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.

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…

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…