Updates

Mortgage Rate Cut By Bank of Canada  MORTGAGE RATES HAVE FALLEN FOR THE THIRD TIME THIS YEAR The mortgage rate has been cut by the Bank of Canada to 4.79 percent. A further decrease from where the rate fell in March of 2020 at 5.04 percent. These lower rates can be seen as a win…

REDWOOD HEIGHTS NEIGHBOURHOOD CONCEPT PLAN APPROVED REDWOOD HEIGHTS (Grandview Area 4) OWNERS CAN FINALLY PROCEED WITH DEVELOPMENT AFTER TEN YEARS OF PATIENCE On May 4th, 2020, during the City of Surrey’s Council Meeting, the Council officially approved the Redwood Heights Neighbourhood Concept Plan (NCP). Redwood Heights is the fourth neighbourhood planned within the Grandview Heights…

CANADA EMERGENCY COMMERCIAL RENT ASSISTANCE THE FEDERAL GOVERNMENT OF CANADA HAS JUST ANNOUNCED A NEW RENTAL SUPPORT PROGRAM: the Canada Emergency Commercial Rent Assistant. The Canadian Government is offering a package that gives property owners a forgivable loan to cover 50% of the monthly rent. In a move to assist small businesses, non-profits, and charity…

Real Estate Recap APRIL 16, 2020 Here are the top stories we’re tracking that are affecting real estate values in British Columbia: THE GREAT LOCKDOWN The International Monetary Fund (IMF) has revised its predictions for this year and ongoing financial challenges, which has now been dubbed the “Great Lockdown” recession. IMF’s forecast predicts the steepest economic…

Real Estate Recap APRIL 9, 2020 Canada’s fight against the Coronavirus has received widespread praise among other countries, giving the country a positive outlook on the Canadian economy re-opening. It’s easy to get lost in negative news, job losses, and mortgage delinquencies, but there are definite glimmers of hope and opportunities in the chaos. Here…

Real Estate Recap March 2020 If March could be summarized in one word it would definitely be turbulent. The month started off with a real estate market that was quickly heating up, tracking at 55% higher sales than the year prior. That all came to a near standstill with the spread of COVID-19. The Federal…

Emergency Interest Rate Cut By Bank of Canada  in a surprise move, the Bank of Canada cuts rates again See full statement below: “The Bank of Canada today lowered its target for the overnight rate by 50 basis points to ¾ percent. The Bank Rate is correspondingly 1 percent and the deposit rate is ½…

INTEREST RATE CUT BY BANK OF CANADA  The key interest rate has been cut for the first time in four years. Bank of Canada reduces the interest rate to 1.25% due to the threat posed by the coronavirus. “Before the outbreak, the global economy was showing signs of stabilizing,” the Bank of Canada had said…

PROJECTED DEVELOPMENT COSTS FOR 2020 Building a budget for your upcoming real estate project Understanding the development costs and trends The development costs for an upcoming real estate project includes more than labour and material costs. For instance, development costs can be affected by global and local economic conditions, market trends, and advances in building…

Canadian Home Sales Lower in Decmber National home sales decline by 0.9% in December December’s home sale decline has broken an eight-month streak of gains. While home sales may have declined from November to December, sales activity was 22.7% above December 2018. This is just 7% below the market’s 2016-2017 peak. There have been higher…