For those that missed it, the BC Speculation and Vacancy Tax has been expanded to include Lions Bay, Squamish, North Cowichan, Duncan, Ladysmith and Lake Cowichan. This will not affect any closings, but any potential buyers of properties in these areas should be told of the requirement to file an annual declaration. The government also […]

“A new homebuyer protection period will protect people in B.C. looking to buy a home from being pressured into high-risk sales.” You can read the full announcement here. A short summary of the change: The homebuyer protection period will come into effect on Jan. 1, 2023. It includes a cancellation fee of 0.25% of the […]

Given the recent increase in the Prime Rate, we want to provide clarification regarding the application of the minimum qualifying rate on Adjustable Rate Mortgages (“ARM”), insured and conventional.  All ARM loans must now be qualified using a rate of contract plus 2%, which is now greater than the 5.25% Qualifying Rate. Existing First National […]

Canadian Inflation Surged to 8.1% in June Another bad inflation number was posted today. The rate of consumer inflation continued to rise, reaching 8.1% year over year (y/y) in June, following the 7.7% gain in May. The increase was the largest yearly change since January 1983. The acceleration in June was mainly due to higher […]

House Price Decline Accelerated in June Statistics released today by the Canadian Real Estate Association (CREA) show that the slowdown that began in March in response to higher interest rates has broadened. Home sales recorded over Canadian MLS® Systems fell by 5.6% between May and June 2022, taking second-quarter sales down sharply (see chart below). The actual […]

Why are more buyers attempting to back out of real estate deals right now? Is it because they cannot secure financing? Buyer’s remorse? A lower-than-expected appraisal? Some may experience “buyer’s remorse” which it’s normal to feel in any market. Today with rates on the rise, inflation at a 40-year high, the increased cost of everything, […]

A Super-Sized Rate Hike, Signalling More To Come  The Governing Council of the Bank of Canada raised its target for the overnight policy rate by a full percentage point to 2-1/2%. The Bank is also continuing its policy of quantitative tightening (QT), reducing its holdings of Government of Canada bonds, which puts additional upward pressure on longer-term […]

Bank of Canada increases its benchmark interest rate to 2.50% Today, the Bank of Canada increased its overnight benchmark interest rate 100 basis points to 2.50% from 1.50% in June – the largest single increase in almost 25 years. This is also the fourth time this year that the Bank has acted to tighten money […]

The Bank of Canada increases the overnight lending rate by 1% today. The largest increase in over 20 years. It is expected that banks, credit unions and monolines will increase their prime rate over the following weeks. This will increase the cost of variable rate (VRM) and adjustable rate (VRM) mortgages as well as home […]

There’s something magical about summer and no matter where you live in Canada, summer is the perfect opportunity to spend a little time with family and friends. Nothing says party vibes more than food on the grill and summer drinks flowing. Whether you live in a country house, a suburban townhome or a city condo, […]