• Victoria
  • Sidney
  • Saanich Peninsula
    250-656-4626
In your neighbourhood...
  • Victoria
  • Sidney
  • Saanich Peninsula
    250-656-4626
In your neighbourhood...

Blog

Property Insurance and Covid-19: February Updates - Category: Financial

Posted by Jack Barker

Property insurance is something every homeowner should have — but it’s also something that many homeowners remain in the dark or misinformed about, despite its vital importance in protecting and securing their home.

That’s why today, we’re going to look at what home insurance does exactly, as well as a little on how the Covid-19 crisis is affecting home insurance. 

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Record Sales - October Updates - Category: Financial

Posted by Jack Barker

Our latest news update still comes to you from a place of uncertainty. With the pandemic still holding its grip on the housing market, and the economy at large, predicting even as far as next year remains a tricky proposition.

However, the news in the present does present some opportunities for homeowners and buyers alike. Let's take a look. 

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Real Estate News Roundup: April - Category: Financial

Posted by Jack Barker

We hope that everyone reading this is staying safe and coping with these difficult and stressful times—understandably this month’s roundup will be dominated by the facts of the exceptional circumstances we find ourselves in.  

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Positive Signs For The BC Housing Market In 2020 - Category: Financial

Posted by Jack Barker

With the recently issued property assessments painting a deflated picture for the BC housing market — it would be easy to understand if investors and experts were less than enthusiastic about the picture for 2020. However, in the wake of recent numbers and forecasts, there’s a wave of cautious optimism when it comes to the market in 2020. 

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New Surveys Shed Light On The Concerns Of Young Homebuyers - Category: Financial

Posted by Jack Barker

With home ownership having undergone a volatile transition phase in terms of both volume and demographics, there are now emerging trends that explain what the new generation of homeowners are worried about when it comes to their property decisions.

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Stress Test Policy Leading To A Bottleneck Of Housing Demand - Category: Financial

Posted by Jack Barker

As was expected by many market forecasters, the B20 Stress Test implemented as a part of Federal level mortgage policy has had negative repercussions throughout the housing market.

This is especially true here in British Columbia, with the BCREA observing that residential unit sales figures in March saw a decline of 23% from the same point last year. These figures, coupled with a decline of 5.4% in residential house prices in BC in the same period, painting a stark picture of the current housing market in the province.

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Strata Development Termination - Category: Financial

Posted by Jack Barker

Two recent BC court cases clarify when a strata council might list a terminated development project for sale, or contract to sell it to a buyer.

Many of BC's earliest strata developments are around 50 years old. Aging strata buildings may be located in an area rezoned for higher density development, or need so much remedial work that selling the project to a developer for redevelopment is more cost effective. In 2016, the province of BC made it easier for strata owners to choose to terminate their development, lowering the threshold for a winding-up resolution to 80%. Since then, the Supreme Court of British Columbia has decided several important termination cases.

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BC Real Estate Money Laundering Investigations - Category: Financial

Posted by Jack Barker

A recent news report suggests that up to $1 billion may have been laundered through Vancouver luxury real estate in 2016. BCREA has been supporting the provincial government's ongoing investigations and efforts to understand and eliminate money laundering vulnerabilities in BC real estate transactions.

“As the report says, money laundering is a complex problem and recognizing when sophisticated international crime syndicates – who are experts at fraud and deception – are at work behind the scenes takes significant resources,” noted BCREA CEO Darlene Hyde. “At BCREA, we are ready to make our contribution to keeping BC's economy safe from organized crime and we have committed to assisting the government.”

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Exemptions to Bill 45 - Category: Financial

Posted by Jack Barker

As of the passing of Bill 45, the Budget Measures Implementation (Speculation and Vacancy Tax) Act, the Government of British Columbia has approved additional exemptions to the tax, addressing advocacy concerns brought to the Province’s attention by BCREA. The Bill now allows for exemptions for British Columbians going through traumatic life events such as illness, divorce, or separations, and for owners of properties that are being developed or undergoing renovations.

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Bank of Canada Lending Rates On Hold - Category: Financial

Posted by Jack Barker

In line with financial market expectations, the Bank of Canada announced it is keeping its trend-setting overnight lending rate unchanged at 1.25%. However the Bank reiterated that higher lending rates are still on the way, with financial markets betting the next 25 basis point hike will be at the next scheduled policy announcement on July 11.

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