The Bank of Canada today raised its target interest rate by .25 percent, citing increased confidence in the Canadian economy. Mortgage rates will no doubt follow suit very soon. Read the full press release from the Bank of Canada here: http://www.cbc.ca/news/business/bank-canada-interest-rate-monetary-policy-1.4200814.
More in-depth analysis of the economy can be found in their Monetary Policiy Report press conference release, with a link to the report itself: http://www.bankofcanada.ca/2017/07/opening-statement-120717/
Condo sales are what is driving the Lower Mainland market now, especially in Vancouver, where prices for single detached homes are still climbing. The Sunshine Coast is its own unique market, and I will be reporting on that as soon as the statistics come out, but to get a feel fo the overall picture for the Lower Mainland see the Real Estate Board of Greater Vancouver's press release and report on the June market. http://www.rebgv.org/sites/default/files/REBGV-Stats-Pkg-June-2017.pdf
The joint agreement signed by the NDP and Green parties reiterates an election promise both made to take action on real estate speculation and fraud.
However, real estate is mentioned just once in the agreement in section 4(b), where the parties agree to:
“Make housing more affordable by increasing the supply of affordable housing and take action to deal with the speculation and fraud that is driving up house prices.”
There are no further details available yet but we can glean some idea from the party platforms put forward by the parties prior to the election. Ironically, the Green party has come up with the more draconian measures of the two:
1) a hike in the property transfer tax for homes assessed at more than $3 million,
2) a tax on lifetime capital gains more than $750,000 on principal residences,
3) bumping the foreign buyers tax to 30 per cent and making it provincewide,
4) progressive property taxes, and
5) a switch to income-based homeowner grants.
For more information on the respective parties' platforms see this article on the Business in Vancouver web site: https://www.biv.com/article/2017/4/housing-top-priority-ndp-green-platforms/
If you would like to stay abreast of the local Sunshine Coast real estate market please consider subscribing to my monthly newsletter and other communications. I gather together all the relevant information out there and present it to you in an easily digested format.
You will have access to:
and much more.
Of course, you can unsubscribe at any time by clicking on the link at the bottom of every communication.
But for now, click here (or send me an email) to stay in the know:
Thank you, and I look forward to staying in touch with you.
Now you can always see the latest statistics for Sunshine Coast real estate -- total active number of listings and sales, days on the market, benchmark price, and more -- by going to the "Market Satistics" tab under "Blog" on my web site. These easy-to-read reports are generated by the Real Estate Board of Greater Vancouver on a monthly basis and usually come out at the end of the first week of every month. Stay in the loop and check here often.
February Real Estate statistics for the Sunshine Coast are out. Number of listings and sales were down but benchmark sale price up by 26%. Good time to list (not much competition) and good time to buy, as prices continue to climb. See the full stat sheet here: http://members.rebgv.org/…/statscentrere…/Sunshine-Coast.pdf
Think your property tax assessment is not correct? You may be right. The assessment process is highly automated and based on information provided to the assesment office. You can appeal it but just remember, when the time comes to sell you may wish the stated value was more, not less. For a complete discussion on the ins and outs, see the report on my "Articles" page here (scroll down to the bottom of the page).