The following is an excerpt from the VERICO Economic Report written by Michael Campbell The drastic change in the Bank of Canada’s stance regarding future increases in interest rates since October is a clear indication that the Bank and the Finance Department are surprised by the impact of rising rates on the real estate market […]
Last week the Royal Bank of Canada (RBC) announced that they were lowering the interest rate of their five-year fixed-term mortgage. The rate drop went from 3.89% to 3.74% which represents a .15% cut. This is a result of the Canadian bond yield falling over 50 basis points over the past two months. This move […]
Homeowners who live in their properties are exempt from paying the tax, but must complete an exemption form by 31 March. The Ministry of Finance expects that more than 99% of British Columbians will be exempt. Notices will be sent to homeowners in the Lower Mainland, Greater Victoria, Kelowna, and Nanaimo in the coming weeks. The […]
The latest statement from the Bank gives every indication it intends to continue raising rates, but it is in no hurry to do so. The key concern appears to be oil. The low price of crude is seen as a weight on the entire Canadian economy, along with the slowdown in Canada’s property market due to […]
With the new mortgage qualification rules coming into effect January 1, 2018, we’ve summarized how they’ll be implemented below: Real Estate If a legally binding Purchase and Sale Agreement is dated/signed prior to January 1, 2018, regardless of closing date, you will qualify under the old rules.