Tagged : market news

Found 59 blog entries tagged as "market news".

BC real estate newsSharp drop in B.C. home sales should be followed by steady recovery: BCREA

Ban on open houses foreshadows short- to mid-term trouble for property sales, as COVID-19 infects all aspects of the market

As COVID-19 makes its way around the globe, it is also bulldozing its way through the economy.  While airlines and event venues were the first to be infected, many are anxious about how the virus will affect other parts of the economy, including the real estate market – which made up 17.4 per cent of B.C.’s GDP in 2018.

Earlier this month, B.C. real estate brokers cancelled all open houses. When houses aren’t shown they become more difficult to sell, and when houses aren’t selling the broader market suffers. While the outlook doesn’t look good, it is

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Sellers or buyers market in kamloopsWhether you are thinking of buying or selling a home in Kelowna, understanding the current market is crucial.

You need to know if you’re in a buyers’ market or a sellers’ market because that’s going to affect how your property is marketed and how much money you’re going to get for your home. If you understand the market, that will tell you what your home is worth and what you can expect if you’re a seller. If you’re a buyer, it is going to tell you what the appropriately priced offer on the property would be.

If you are looking to sell or buy in Kelowna then why not have a read and see our tips or buyers and sellers

Currently in Kamloops (July 2018) we are in a seller’s market. In a seller’s market, you’re much better off listing your property at

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BC real eatate newsBritish Columbia's NDP government will introduce tax measures designed to push down the price of housing by targeting vacant homes owned by out-of-province investors.

Finance Minister Carole James said she hopes this and other changes will cool real estate costs, but would not predict how much, or what will happen if they take a bigger bite out of housing values than intended.

"We are treading on new ground," she told reporters on Tuesday as she unveiled her first full budget.

"We will be doing the analysis as we implement them."

The $54-billion balanced budget also promises historic investments in child care to create new spaces and train more caregivers, while giving tens of thousands of families access to two new programs to subsidize

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CMHC housing comitteeCanada’s federal housing agency says new mortgage rules intended to cool hot markets are “working better than hoped.” However, housing markets remain out of balance with recent price spikes driven by large single family homes at the expense of much needed rental stock, Evan Siddall, CEO of Canada Housing and Mortgage Corp.

“I think the evidence shows that worked out a little better than we hoped,” said Siddall. “People either bought smaller houses or found another way to find a down payment and that’s okay. We were worried about the strong housing market taking money out of the productive economy – out of business investment, and I think mission accomplished.”

Siddall acknowledged the new guidelines, known as B20, are keeping many young people out

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Kamloops Real Estate NewsA new B.C. “dual agency” rule banning real estate agents from working with both the buyer and seller of a property are so complex and onerous it will result in frustrated consumers and a blizzard of useless paperwork when it comes into force March 15, according to real estate agents.

The Office of the Superintendent of Real Estate announced B.C.’s new real estate consumer protection rules last November, but real estate agents say there has not been enough time to understand the shifting regulations or how they will be interpreted.

“We will not even have the forms until March,” said Damian Stathonikos, director of communications and public affairs at the BC Real Estate Association (BCREA). About five per cent of residential real estate

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Kelowna Rent To OwnAs the real estate landscape changes, renting to own may provide a win-win for both owners and tenants.

The changes to the mortgage rules last July are making it more difficult for first time buyers to get approved for a mortgage. Other buyers may have good credit but not enough of a down payment. At the same time, landlords are looking for good tenants to rent their units. Rent-to-own may provide a win-win for both owners and tenants.

Here’s how it works:

A landlord rents the home or condominium under a basic home lease. For an extra payment, the tenant receives an option to buy the home at a later date, for a set price. Let’s say the home is worth $250,000. The parties agree the tenant will have the right, but not the obligation, to buy the

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Canada Home Buyer PlanAre you looking to buy your first home? Are you short on the down payment needed to qualify for a mortgage? That money you’ve been locking away into your RRSP could make the difference. The Canadian government offers borrowers The Home Buyers’ Plan (HBP), which lets you borrow funds from an RRSP to make a down payment for your first home purchase.

How does it work?

  • The home has to be your principal residence.
  • You can borrow as much as $25,000 from your RRSP to go toward a home purchase.
  • You have to live in Canada.
  • If you buy with another first time buyer you can both add to make $50,000
  • You can’t take contributions to an RRSP out unless those contributions have been in your account for a minimum of 90 days.
  • You pay no interest
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Air BNB in BCAs Vancouver becomes Canada’s first major city to regulate short-term home rentals, many prospective hosts have questions about how it could work for them.

Thousands of hosts in Vancouver have been renting out rooms and entire homes, operating in a legal grey area through online platforms, the largest of which is Airbnb. But starting in April, Vancouver homeowners will have to become a part of the city’s new regulatory regime for short-term home rentals, approved by council last week.

Becoming part of the city’s licensing system will cost a $49 annual licence and a $54 one-time activation fee. But some prospective hosts had questions about whether there could be other costs or implications to consider.

The typical Vancouver Airbnb host earns

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Buy to rent in KamloopsBuying to rent: tips from a seasoned real estate investor

Buying to rent is a way to ride out the ups and downs of the real estate market and the economy, said Ann Kaplan, president and CEO of national consumer finance company iFinance Canada. (Kaplan also appeared on The Real Housewives of Toronto, a show run by Slice, one of the brands owned by Corus Entertainment, which also owns Global Television and Global News.) Kaplan, who gradually built a portfolio of  seven residential and commercial properties in Vancouver, Victoria and Toronto, has some advice for those buying investment properties as a means to enter the market:

Why choose a RealtorDecide what price you want to pay and be prepared to walk away if you don’t get it. When you’re buying investment property,

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Air B N B CanadaCanadians facing ever increasing house prices — and debt — are turning to short-term rentals to make ends meet, according to a new survey.

AltusGroup, which provides real estate research, said its FIRM survey from the summer of 2016 found four per cent of all households had used a short-term rental accommodation service in the past year. The number rises to seven per cent for those with a mortgage.

“There has been a lot of speculation lately about potential investor involvement in short-term accommodation rental services like Airbnb,” said Altus in its release. “But focusing on households rather investors, how extensive is the practice of short-term rentals of space in principal residences?”

Altus noted impact is even greater among millennials,

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