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News for First-Time Home Buyers!
News for First-Time Home Buyers!

Fair Market Value Threshold for First-Time Home Buyer (FTHB) Exemption:
Starting April 1st, 2024, the FTHB exemption is getting a revamp. For properties with a Fair Market Value (FMV) below $835,000, you won't pay Property Transfer Tax (PTT) on the first $500,000. PTT will be applicable only on the difference between the FMV and $500,000. For instance, if the property's FMV is $700,000, the PTT paid would be 2% of $200,000 ($700,000 minus $500,000), resulting in a s...
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NEWS-AIRBNB
NEWS-AIRBNB
Vancouver City Councillor Lenny Zhou has criticized Airbnb for not doing enough to enforce city rules on short-term rentals, citing over 100 non-compliant listings still active on the platform.
Zhou emphasized the importance of balancing housing needs during the ongoing housing crisis. While acknowledging the city's inability to directly remove such listings, Zhou suggested that upcoming provincial regulations in British Columbia would requireshort-term rental platforms to take action....
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As an actively engaged Realtor attending property showings and client meetings daily, I've noticed significant transformations in the real estate landscape, and I'm eager to share my observations with you.  In the past month, the real estate scene has und
As an actively engaged Realtor attending property showings and client meetings daily, I've noticed significant transformations in the real estate landscape, and I'm eager to share my observations with you.
In the past month, the real estate scene has undergone dramatic changes. Properties that lingered on the market for over 100 days are suddenly in high demand.
Describing the current market dynamics is challenging. While some homes are attracting multiple offers, others provide buyers with opportunities...
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Government of Canada Press Release

Government of Canada Press Release - February 4, 2024

In a statement released today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, has revealed a pivotal decision. The ban on foreign ownership of Canadian housing, initially slated to conclude on January 1, 2025, will now be extended for an additional two years, until January 1, 2027.

This strategic move aligns with the government's comprehensive approach to enhancing housing affordability for Canadians. The extended...

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BCREA forecasts a rebound in the BC housing market for the first quarter of 2024.
  • Projected MLS® residential sales are expected to increase by 7.8% to 78,775 units in 2024.
  • Further strengthening is anticipated in 2025, reaching 86,475 units.
  • The recent decline in fixed mortgage rates and potential Bank of Canada rate cuts contribute to an optimistic outlook for 2024.
  • Chief Economist Brendon Ogmundson foresees a delicate balance between rising sales and normalizing inventories, resulting in a relatively quiet year for prices.
  • Expectation that the Bank of Canada will lower its...
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Canada’s international student cap is here. How will it work?

The Canadian government, led by Immigration Minister Marc Miller, has implemented a national cap on international student intake, aiming to reduce it by 35% over the next two years. Miller stated that these measures are temporary and will be in place for two years to maintain a sustainable level of temporary residence in Canada. The national application intake cap for 2024 is expected to result in approximately 364,000 approved study permits, a 35% decrease from 2023.

The cap will not apply to gr...

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Gasoline prices help drive inflation up to 3.4%
On January 16, 2024, Statistics Canada reported that Canada's annual inflation rate surged to 3.4 percent in December. This follows a period of stability in October and November, where inflation remained at 3.1 percent compared to the previous year. According to StatsCan, the increase in December was primarily driven by higher prices in gasoline, air travel, passenger vehicles, and rent.
Additionally, food prices at stores experienced a 4.7 percent increase compared to the previous year, aligning...
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Housing market faces 'turning point' with Bank of Canada rate cuts this year

The economic landscape has been shaped by caution and shifting expectations throughout the past year, largely influenced by the impact of rising borrowing costs. Economists are now eyeing the Canadian housing market, anticipating potential changes in 2024.

The key focus is on the belief that the Canadian housing market could be in for a rebound. This outlook hinges significantly on forecasts suggesting that the Bank of Canada might initiate a reduction in its key interest rate, currently standing...

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Feng Shui-Inspired Home Staging Tips

Feng Shui-Inspired Home Staging Tips

When you’re selling your home, you want to make it as attractive as possible to buyers. One compelling strategy that has been gaining traction is the application of Feng Shui principles to home staging.

How?

Embracing Feng Shui staging techniques starts with decluttering. Clutter restricts the free flow of 'chi' or positive energy. Hence, a clean, clutter-free space is crucial. It promotes an open, spacious feel, which in turn evokes a sense of tranquillity...

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Autumn Landscaping Tips when Selling your Home

Landscaping may not be the first thing that comes to mind when selling your home in autumn. However, the outside of your home is still the first thing buyers see, so it’s worth exploring ways to update your landscaping to create a cozy and welcoming feel. Here are just a few ideas:

1. Add potted plants: Potted plants are an easy way to make your outdoors more attractive, especially along walkways and around your front door. And, because they’re potted, they can quickly be removed should...

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BANK OF CANADA - SEPTEMBER 6
The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.
  • Inflation in advanced economies is decreasing, but core inflation remains high, so central banks are focused on price stability.
  • Global growth slowed in Q2 2023, mainly due to a slowdown in China. Weakness in China's property sector has lowered growth prospects.
  • The U.S. saw stronger-than-expected growth,...
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Burnaby, một lần được coi là nền tảng mới so với Vancouver

Burnaby, một lần được coi là nền tảng mới so với Vancouver, đang phát triển mạnh. Với thành công của Metrotown, Burnaby đang áp dụng mô hình cộng đồng cho ba khu vực: Edmonds, Royal Oak và Cascade Heights.

Kiến ​​trúc đô thị và tích hợp cộng đồng, thành phố đã thể hiện rõ ràng họ đang tiến gần hơn đến quá trình đô thị hóa. Quỹ đạo tăng trưởng này đã...

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The solution for small housing
  • The solution for small housing involves strategies such as gentle densification and initiatives like the Gentle Density Network.
  • Gentle densification aims to increase housing density in single-family zones by allowing additional units on existing properties, promoting affordability.
  • The Gentle Density Network facilitates collaboration among professionals to share ideas, challenges, and solutions related to housing.
  • The PAtH model, involving granting density bonuses for affordable units, is another...
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Dự kiến có sự phục hồi thị trường từ năm 2024
- Dự kiến có sự phục hồi thị trường từ năm 2024 do việc tăng lãi suất của Ngân hàng Canada.
- Dự kiến ​​khối lượng bán nhà giảm gần 5% vào năm 2023, nhưng giảm ít hơn so với năm 2022.
- Giá nhà trung bình ở British Columbia dự kiến ​​giảm 2,7% xuống còn 970.000 đô la vào năm 2023, tiếp theo là tăng 0,5% vào năm 2024 và 3,6% vào năm 2025, vượt qua mốc 1 triệu đô la một lần...
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The housing market in Greater Vancouver.
In July 2023, the housing market in Greater Vancouver continued to experience a surge in home prices due to strong sales and a shortage of available properties. The Real Estate Board of Greater Vancouver reported a significant increase of 28.9% in resales compared to the previous year, though still 15.6% below the 10-year monthly average.

Housing inventory remained low, with 10,301 active listings at the end of July, which was 4.0% lower than July 2022 and 14.4% below the 10-year July average. The...
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Bank of Canada raises policy rate 25 basis points, continues quantitative tightening

The Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.

Global inflation is easing, with lower energy prices and a decline in goods price inflation. However, robust demand and tight labour markets are causing persistent inflationary pressures in services. Economic growth has been stronger than expected, especially in the United States, where consumer and...

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8 Things Buyers Don’t Want to See in a Kitchen

When prospective buyers visit your listed home, the room they tend to check out most closely is the kitchen. So, it pays to ensure it looks its best. However, no matter how tidy, clean, and well-adorned you’ve made your kitchen, there are some issues — which can seem minor — that can distract a buyer from appreciating those positive qualities. Here are just a few to watch out for:


1. Stained sink. Use a specialized cleaner for the type of sink you have. (For example, Stainless Steel...

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Canadians' love affair with variable-rate mortgages is over — now there's a new thing

The rapid increase in interest rates has dampened Canadians' enthusiasm for variable-rate mortgages.

According to data from Ratehub.ca, inquiries for five-year variable rates have significantly decreased this year, accounting for only five percent of total submissions, compared to 26 percent in 2022.

On the other hand, interest in five-year fixed mortgage rates has risen to 79 percent from 66 percent in the previous year.

During the height of the pandemic, variable-rate mortgages were popular as the...

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.