BC to end strata rental prohibitions in proposed new housing rules

General Angela Calla 22 Nov

BC’s government introduced new legislation Monday to tackle the housing crisis under recently sworn-in Premier David Eby.

Among the proposed new rules is a prohibition on strata rules against renting, meant to free up 300,000 units in stratas that forbid renting.

“It is simply unacceptable that in British Columbia someone is searching for a home to rent on Craigslist and can’t find one, while somebody who owns a condo is not permitted to rent to that individual,” Eby said.

Once the bill is approved in the legislature, it will become effective immediately — enabling all condo owners to rent their unit, regardless of former strata rules. In the case of problem renters, the new rules allow a strata corporation to issue an eviction notice in place of the landlord.

Stratas will still be able to restrict short-term rentals of less than 30 days.

“Every housing unit [should] be used to its maximum potential,” Eby said. “We need to bring those homes onto the market for British Columbians to rent.”

The Condominium Home Owner’s Association of BC wasn’t a fan of the new legislation, saying it could make quality of life worse for residents of condo buildings.

“The Strata Property Act does not permit a strata corporation to screen tenants. They are at the mercy of whoever landlords accept as tenants.” Tony Gioventu, CHOA executive director, said in a statement.

Eby also wants to end age-related strata rules, so that residents who have children won’t need to move due to stratas forbidding residents under 19. Seniors-only housing is the only exception, with stratas still allowed to limit buildings for people 55+.

In a second bill, Eby outlines rules for cities to issue reports on housing needs every five years which would include binding targets. If municipalities fail to meet their targets, the provincial government would have the power to step in and amend zoning bylaws or issue permits.

“Our housing supply is not keeping up,” Eby said, saying British Columbians aren’t able to achieve their vision of moving out from their parents’ house to rent, and one day buying a home.

The new housing rules are part of a proposed legislation package tabled Monday and will need approval from the legislature before they become law.

Absent from the legislation package are a proposed flipping tax and an amendment to allow secondary rental suites, which Eby mentioned during the NDP leadership race.

When asked about it during a news conference in Victoria, Eby said delivering on all promises takes time and he wanted to begin making progress by abolishing rental restrictions and introducing housing reports.

This article is courtesy of Daily Hive Vancouver


Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020 Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

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Canada’s Inflation at 6.9% in October Supports a December Rate Hike

General Angela Calla 16 Nov

Bank of Canada will not be happy with this inflation report

Not only did the headline CPI inflation rate stall at 6.9% last month, but the core CPI numbers remain stubbornly high. Food inflation–a highly visible component–edged down slightly. Still, prices for food purchased from stores (+11.0%) continued to increase faster year over year than the all-items CPI for the eleventh consecutive month. Bonds fell on the news, with Canada’s two-year yield rising to 3.877% at 8:43 a.m. Ottawa time, about 3.5 basis points (bps) higher than its level before the data release. The yield on 5-year Government of Canada bonds spiked temporarily on the release of these disappointing inflation data. This was in direct contrast to the US, which posted a better-than-expected inflation reading for October last week.

Less than two weeks after a stronger-than-expected jobs report, the inflation numbers continue to show the economy in overheated territory. Bank of Canada Governor Tiff Macklem has said that rates will need to continue to rise further while acknowledging the end of this tightening cycle is near.

Traders are pricing at least a 25 basis-point increase at the next policy decision on Dec. 7, with a 50-50 chance of a half percentage point hike. The central bank has increased borrowing costs by 3.5 percentage points since March, bringing the benchmark overnight lending rate to 3.75%.

A significant factor in the Bank’s decision process is the continued rise in wage inflation to a 5.6% annual pace in October. If inflation expectations remain robust, wage-price spiralling becomes a real threat.

Bottom Line

Price pressures might have peaked, but today’s data release will not be welcome news for the Bank of Canada. There is no evidence that core inflation is moderating despite the housing and consumer spending slowdown. The average of the Bank’s favourite measure of core inflation remains stuck at 5.3%. The central bank slowed reduced its rate hike at the October 26th meeting to 50 bps, and while some traders are betting the hike in December will be 25 bps, there is at least an even chance that the Governing Council will opt for an overnight policy target of 4.25%. 

Inflation is still way above the Bank’s 2%-target level. Ultimately, it will take a higher peak interest rate to break the back of inflation. I expect the policy target to peak at about 4.5% in early 2023 and to remain at that level for an extended period despite triggering a mild recession in early 2023.

This article is courtesy of the Sherry Cooper Article


Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

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Laneway Homes Are on Their Way to Burnaby

General Angela Calla 14 Nov

As outlined in the City of Burnaby’s housing strategy, laneway homes are smaller additional homes built in the backyard of the main house, facing the road and running behind the property.

A draft program recommendations report is slated to be presented in late 2022 and subject to council approval, residents will be able to apply for a laneway home building permit by Spring 2023.

You can read the full article HERE:


Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

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Winterizing Your Home

General Angela Calla 7 Nov

With the changing of the seasons, it can be a good time to take stock of your home and ensure you are ready for the colder weather.

To help you feel more comfortable, save on bills and prevent future repair costs, there are some simple things you can do to prepare for the coming season.

Tending to minor problems yourself, or booking a professional now, will save you time and aggravation later when poor weather makes it harder to tackle home maintenance jobs.

  • Service Your Heat Source: Before Winter starts, be sure to have a professional check and clean your heat sources. You should have your chimney cleaned out if using wood heat or make sure to update your oil heater’s filters and service gas furnaces regularly.
  • Check Your Pipes: Checking pipe joints for leaks that could cause rot and damage will save you trouble in the future. Repair any cracks you find, especially those around electrical outlets and alarm system lines. You can also consider foam pipe insulation, which is fairly easy to install and could help prevent energy loss and potential water damage from frozen pipes.
  • Mind the Gaps: Search exterior window frames, doors and siding for cracks and gaps where water could get in. Doors and windows commonly have gaps that let cold in and heat out. Some will be easy to fill or fix yourself but could save you money and damage down the line!
  • Insulation is Key! On a snowy day go outside and look at your roof; you should see snow on the roof. If you can see your roof that means the attic is not insulated well and heat is escaping and melting the snow. If this is the case, you will want to have it repaired and packed to ensure you are not losing excess heat during the winter months.

Create a Storm Kit: A storm kit is a handy source of essential items in the event of losing power. Consider what you and your family might need, such as a flashlight with new batteries, candles, matches, a portable radio, water and snacks. Keep your kit somewhere easy to access!

This article is from the DLC November Newsletter


Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

trigger rate

Interest Rates Still on the Rise

General Angela Calla 2 Nov

We had lots of media coverage yesterday regarding the Bank of Canada’s 6th interest rate hike this year, bringing prime up to 5.95% for most banks.

Watch our segment with Global BC and CBC News on our latest blog post HERE


Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

Bank of Canada

Don’t Be House Poor

General Angela Calla 2 Nov

Having the biggest and best home on the block sounds great – but not if it is at the expense of your life and monthly finances!

Be smart about your budget and avoid buying a home at the very top of your pre-approval value, which might lead to cash flow issues and being “house poor” down the line.

Home Expenses

When it comes to your home, it is more than just your purchase price and mortgage cost. While you might be able to afford to buy an $800,000 home, can you also afford the maintenance, property taxes, utilities and more?

When it comes to your home expenses and overall monthly budget, the goal is that the costs to maintain your home do not exceed 35% of your total monthly income.

Monthly Budget

To help you keep track of your finances, consider breaking up your monthly budget into the following categories:

  • Housing – mortgage payments, property taxes, utilities, etc.
  • Transit – car payments or transit passes, gas, maintenance, etc.
  • Debt – payments to credit cards, lines of credit, etc.
  • Savings – your long-term savings for retirement, etc.
  • Life – food, vacations, fun, medical, childcare, etc.

From there, you would want to look at how much you spend on each category. Below is a good rule of thumb:

  • Housing – 35% of your monthly income
  • Transit – 15% of your monthly income.
  • Debt – 15% of your monthly income
  • Savings – 10% of your monthly income
  • Life – 25% of your monthly income

By spending too much on housing, you are forced to sacrifice in other areas of spending such as your life or savings, but it is better to be life RICH than house POOR.

If you’re not sure what you should budget for your new home, or have questions about making your home costs more affordable (such as changing your mortgage payments), please don’t hesitate to reach out to me today!

This article is the from the DLC November Newsletter


Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog. 

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NEW First Time Home Buyer Program

General Angela Calla 2 Nov

Are you waiting to purchase your first home? There is good news on the horizon.
There is a new type of tax-free savings account for first-time home buyers (FTHB) launching in 2023!FTHB’s will be able to contribute $8000 per year to the account and receive a tax deduction for the contributions (much like an RRSP account).

The contribution limit will be $40,000 which would last home buyers until 2028 if they allocate the full $8000 in funds per year. The money saved in this new account will grow tax-free until the funds are withdrawn.This new account may increase some short term benefits for potential buyers, but the majority of the advantages will be found in long term planning.

Short Term Benefits

1. Contributing up to your limit to reduce your tax bill shortly before purchasing.
For example, Susan puts $8000 into her First Time Home Buyers Savings Account (FTHBSA) in December. She files her taxes in February and gets an additional $2640 back on her tax return due to the contribution to increase her down payment.
2. Optimizing parental gifts
For example, Susan’s parents gift her $43,000 in December to purchase a home. She puts $8000 into her FTHBSA and $35,000 into her RRSP. When she files her taxes, she receives $14,190 back on her tax return to increase her down payment.

Long Term Benefits

1. Robert turns 18 and his parents put $8000 into his FTHBSA for the next 5 years. The savings are invested and earn 10% per year. When John is 30, he has $86,500 in the account to help purchase his first home.Take Aways

The tax deductions created by contributing to the program can be carried forward to higher-income earning years.

This could allow Robert (example above) to carry the deductions forward until he earns a higher income to maximize the tax deductions. This could result in an additional $10,000 to $20,000 in down payment when he purchases a home.

The new savings account is a great advantage for those who will not be purchasing their first home in the next year.

My concern is that this program will not solve the shortage of housing available in many markets and will not do anything to bring down the cost of housing. This program will benefit any FTHB with the resources to contribute to the FTHBSA but will do nothing to help those who are struggling with the rising cost of living and rent.
Times are stressful, but we’re here to help guide you through these market changes and ease recovery. Get in touch with us at callateam@countoncalla.ca so our team can evaluate your financial situation and provide you with unbiased advice!

Angela Calla is an 18-year award-winning woman of influence which sets her apart from the rest. Alongside her team, Angela passionately assists mortgage holders in acquiring the best possible mortgage. Through her presence on “The Mortgage Show” and through her best-selling book “The Mortgage Code, Angela educates prospective home buyers by providing vital information on mortgages. In light of this, her success awarded her with the 2020Business Leader of the Year Award.

Angela is a frequent go-to source for media and publishers across the country. For media interviews, speaking inquiries, or personal mortgage assistance, please contact Angela at hello@countoncalla.ca or at 604-802-3983.

Click here to view the latest news on our blog.