Updates

THE CREDIT CYCLE’S IMPACT ON REAL ESTATE PRICES There are many factors that impact real estate prices, but ultimately, it comes down to liquidity and ease of access to attain funds. Money for down payments used to come from savings and income, but since the late ’80s, banks started extending more and more credit which…

ANNUAL RENT INCREASE RATE REDUCED TO 2.5% After many debates and push back against the prospect of a 4.5% rental rate increase for 2019, B.C.’s government has agreed to adjust the formula. Based on a proposal from the NDP’s Rental Housing Task Force, the new formula brings next year’s maximum rental rate increase to 2.5%.…

REAL ESTATE RECAP SEPTEMBER 2018 There’s been a few updates to real estate topics we’ve talked about in previous articles and we wanted to take the time to give a quick summary of some of the issues that may affect you. Fraser Valley Real Estate Board releases stats for AUGUST In a news release earlier…

FOREIGN BUYERS DISAPPEARINGFROM MARKET It’s been heard by everyone, whether on the news, at your coffee shop or thrown around on social media; “foreign buyers are driving up real estate prices”. The reality of this misguided sentiment was recently cleared up for all to interpret.  The latest property transfer data from the B.C. Ministry of…

UNCERTAINTY SURROUNDING SURREY’S LRT With many varying opinions surrounding Surrey’s plans for the proposed Light Rail Transit (LRT) system, its future is up in the air.  For SkyTrain: With the Surrey mayoral election coming up, the future of the LRT has now become a campaign topic of debate. The possible changes to the plan became…

BANK OF CANADA RAISES INTEREST RATES TO 1.5% Here we go again. Another key interest rate hike from Bank of Canada (BoC) now puts our benchmark rate at 1.5%. After reviewing the current economy, BoC increased the rate another 0.25% from the previous 1.25%. The bank’s rate, also known as the overnight rate, determines the…

CANADIAN REAL ESTATE ASSOCIATION LOWERS THEIR 2018 SALES FORECAST The Canadian Real Estate Association (CREA) has revisited their sales forecasts for both 2018 and 2019. After seeing the market’s results as we cross the halfway point of 2018, CREA now believes sales will fall even further than previously expected with BC showing the greatest impact. Sales…

B.C. TO REVEAL REAL ESTATE’S HIDDEN OWNERS B.C.’s government is planning to reveal individuals behind property-owning shell companies and trusts through a publicly accessible registry in an effort to prevent money laundering through real estate purchases and ensure taxes are being paid correctly. The NDP government, who had set their 30-point housing plan in motion…

A PRICE CORRECTION ON ITS WAY The Real Estate Board of Greater Vancouver released its data reports as May 2018 comes to a close. The significant decrease in single-family home sales as compared to May 2017 has many suggesting that the market is on the verge of a price correction. Phil Moore, president of the…

MAYOR FROESE ENGAGES BROOKSWOOD For our 2018 Varing Magazine, we met with mayor of Township of Langley, Jack Froese, to hear his opinions on the process and outcome of the Brookswood/Fernridge plan update. Community. It’s the area you live in. It’s the people you see every day. It’s the place you call home. Mayor Jack…