The Facts on the NAR® Settlement and changes for future realtors
Posted on May 14, 2024 in In the News
The real estate landscape has been abuzz with discussions surrounding commissions, particularly since the National Association of REALTORS® (NAR) announced a settlement agreement aimed at addressing litigation concerning broker commissions on behalf of home sellers. Amidst this backdrop, brokers, agents, and consumers alike are grappling with uncer...
Bank of Canada Raises Mortgage Rates
Posted on Mar 06, 2022 in In the News
On March 2 2022, the Bank of Canada increased its Overnight Lending Rate by 25 basis points, the first increase we’ve seen since the start of the pandemic.
The Central Bank had previously slashed the trend-setting rate by 150 basis points to support the economy, when the pandemic first started, bringing rates down to a historical low. However, with...
Sooke's First Modular Affordable Housing
Posted on Feb 20, 2022 in In the News
Nearly completed and long awaited, this beautiful complex built by NRB Modular Solutions boasts a 4 storey, 75 unit project located at 2170 Charters Road is the first example of modular methods where the homes are guilt off site.
This project began construction last February 2021. The project is in a partnership between the M’akola Housing Society...
Property Taxes in BC
Posted on Feb 09, 2022 in In the News
In British Columbia you can expect property and home ownership taxes to be extraordinary, since housing inequality is an accute phenomenon here on the West Coast. From basic property taxes, to Property Transfer tax when you purchase a home, or GST on new builds, you can also expect additional taxes for luxury homes over $3 million, taxes for foreig...
Positive changes coming to CMHC First Time Home Buyers Program
Posted on May 05, 2021 in In the News
What are the changes?
The maximum total qualifying annual income will now be $150,000, which increase from $120,000.
An increase total borrowing amount...
How Does the New Financial Budgets Impact Housing in BC?
Posted on May 04, 2021 in In the News
Recently the Feds and the Province of BC released their Financial Budgets.
How does this impact local market housing?
FEDERAL BUDGET
- NO change to Capital Gains Tax
- A national, annual 1% tax on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused, effective January 1, 2022.
- $4.4 billion for h...