BREAKING NEWS! Finance minister announces down payment rule changes…

December 11, 2015 under Home Buyer Resources, Useful Articles
New down payment rules will go into effective February 15, 2016. “The Government’s role in housing is to set and maintain a framework that is equitable, stable and sustainable. The actions taken today prudently address emerging vulnerabilities in certain housing markets, while not overburdening other regions,” Finance Minister Bill Morneau said in a release. “They also rebalance government support for the h
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Laneway houses continue to soar in popularity in Vancouver

December 30, 2013 under Home Buyer Resources
By TIFFANY CRAWFORD, VANCOUVER SUN December 29, 2013 The city of Vancouver says demand for laneway houses continues to grow, with 348 permits to build the rental dwellings issued in 2013. Vancouver requires that laneway houses be rentals, and cannot be run by a strata corporation, in a bid to create more affordable rental options in the city. More than 1,000 laneway house permits have been issued in Vancouver sinc
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Does real estate have anything left to give in 2014?

December 30, 2013 under Home Buyer Resources
Garry Marr | December 17, 2013 | Last Updated: Dec 27 5:14 PM ET At some point, there has to be a housing correction. Right? Some argue there was a correction in 2013, based on declining sales activity. But prices never really followed and by September the market was roaring as consumers raced to buy homes in a climate of fear based on mortgage rates rising in response to the U.S. Federal Reserve easing its bon
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Canadian household debt ratio climbs to record in third quarter as mortgage borrowing hits $1.13-trillion

December 30, 2013 under Home Buyer Resources
Bloomberg News | December 13, 2013 9:31 AM ET The ratio of Canadian household debt to disposable income rose to a record in the third quarter as consumers increased their mortgage borrowing. Credit-market debt such as mortgages increased to 163.7% of disposable income, compared with a revised 163.1% in the prior three-month period, Statistics Canada said today in Ottawa. Mortgage borrowing climbed 1.8% to $1.13 t
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Toronto housing prices to double over next 25 years, study predicts

December 30, 2013 under Home Buyer Resources
Canadian Press | December 12, 2013 | Last Updated: Dec 12 10:10 AM ET TORONTO — A new forecast suggests fears of a housing bubble and a price collapse are misplaced and predicts rising population and land supply restrictions will result in Toronto house prices doubling over the next 25 years. The forecast by Central 1 Credit Union says higher mortgage rates in the next three years will restrain housing sales
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Can’t afford Canadian property? Downsize your home, upsize your storage locker

December 30, 2013 under Home Buyer Resources, Useful Articles
Garry Marr | December 7, 2013 6:35 AM ET Few people who rent a storage locker think they’ll keep it forever but maybe more of them should. Real estate prices in Canada are at an all-time high while condominium units have never been smaller, making the need to find a spot to store your accumulated “stuff” more critical than ever. “When people stop storing junk, I’m out of business,” says Mike Burnam, t
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Home sales in Greater Vancouver up 37% in October

December 9, 2013 under Home Buyer Resources
By Emma CrawfordFri Nov 15, 2013 8:30am PST Greater Vancouver had a total of 2,698 residential home sales in October – an increase of a staggering 37% compared with October 2012′s 1,970 sales, the British Columbia Real Estate Association (BCREA) announced November 15. The dollar volume of sales in the Vancouver area also jumped, growing by 44.2% from $1.5 billion in October 2012 to $2.1 billlion. The provin
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Vancouver housing starts remain stable in October: CMHC

December 5, 2013 under Home Buyer Resources
By Emma CrawfordFri Nov 8, 2013 1:44pm PST Housing starts in the Vancouver Census Metropolitan Area remained stable in October compared with September, according to Canada Mortgage and Housing Corporation data released November 8. October’s six-month moving average was 19,467 units – 11 units fewer than September. “A decline in apartment construction in October contributed to the housing starts trend being sl
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Vancouver housing starts remain stable in October: CMHC

November 12, 2013 under Home Buyer Resources
By Emma Crawford Fri Nov 8, 2013 1:44pm PST Housing starts in the Vancouver Census Metropolitan Area remained stable in October compared with September, according to Canada Mortgage and Housing Corporation data released November 8. October’s six-month moving average was 19,467 units – 11 units fewer than September. “A decline in apartment construction in October contributed to the housing starts trend being s
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Job growth to sustain Vancouver housing market in 2014

November 6, 2013 under Home Buyer Resources
By Richard ChuThu Oct 31, 2013 1:35pm PST A pick up in B.C.’s economy next year and the associated increases in jobs will bolster B.C.’s residential real estate market in 2014. According to the latest housing market outlook released October 31 by the Canada Mortgage and Housing Corp. (CMHC), existing home sales are expected to rise 8% next year with the average price on the Multiple Listing Service forecast to
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