July 2017

Nearly a year ago, the provincial government implemented an additional 15 per cent Property Transfer Tax (PTT) for residential real estate purchases by foreign buyers in the Metro Vancouver region.

BCREA's Economics Department conducted a thorough analysis of the impacts of this policy. The Association created a simulation for the Real Estate Board of Greater Vancouver (REBGV) region, showing where sales would have been if the foreign buyers' PTT had not been implemented.

The result? Over time, the impact has been minor. 

 

http://web.bcrea.bc.ca/Connections/articles/2017-07_article3.html

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Huffpost Canada

July 14.2017

They Raised the Interest Rate.....Now What?

They finally did it. After seven years, the Bank of Canada raised its rates to 0.75%. So what now?

HuffPost Canada business editor Daniel Tencer outlined what the rate hike could mean for most Canadians. If you're carrying debt in the form of variable-rate mortgages or lines of credit, the next few weeks would be a good time to review your finances to make sure that the new rates won't stretch your budget.

http://www.huffingtonpost.ca/2017/07/14/housing-newsletter-they-raised-the-interest-rate-now-what_a_23030268/?utm_hp_ref=ca-british-columbia

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Vancouver Globe and Mail

Friday, June 2, 2017

 

The Vancouver region’s detached-housing market has turned hot again as the affordability crisis becomes a priority for the new political alliance formed by the BC NDP and Greens.

The average price for detached houses sold in Greater Vancouver reached a record of $1,830,956 in May, up 5 per cent from the same month in 2016 and just surpassing the previous high of $1,826,541 in January, 2016.

While the market for detached homes cooled in the second half of 2016, condos and townhouses experienced a short lull before continuing on a tear, smashing former highs. The average price for condos sold in Greater Vancouver last month hit a record of $656,919, up 15.1 per cent from a year earlier, and the average price for townhouses jumped 7.4 per cent to a new high of $858,994.

This week, the BC NDP formed a political alliance with the Green Party to co-operate, notably with plans to vote down the BC Liberals once Premier Christy Clark reconvenes the legislature. Reining in housing prices ranks high on the agenda for BC NDP Leader John Horgan and BC Green Party Leader Andrew Weaver.

https://www.theglobeandmail.com/real-estate/vancouver/vancouver-home-sales-edging-back-toward-record-levels/article35186406/

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