Will Your Non-Principal Residence Be Unoccupied for More than 6 Months?
Vancouver will have an Empty Homes Tax in place, effective January 1, 2017, with staff reporting on the Tax’s next steps to Council on Tuesday. Targeting the known 10,800 year-round empty and roughly 10,000 more under-occupied homes in Vancouver, staff are recommending that all non-principal residences (except those qualifying for an exemption) which are unoccupied […]
Read MoreOctober 2016 Market Stats
Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern Residential property sales in the region totalled 2,233 in October 2016, a 38.8 per cent decrease from the 3,646 sales recorded in October 2015 and a 0.9 per cent decrease compared to September […]
Read MoreThis What Thanksgiving is All About!
This is what Thanksgiving is all about! On behalf of RE/MAX associates who so generously donated money from each of their sales, Nicola Walter Campbell and daughter Carina presented a cheque for $14,000 to Emily- anne Griffiths, Co-founder of Backpack Buddies who make sure that children at risk in our community do not go hungry […]
Read More
September 2016 Market Stats
Home buyers and sellers face changing market dynamics. Click here for Vancouver area statistic brought to you by Walter Homes PDF Format! Metro Vancouver* home sales dipped below the 10-year monthly sales average last month. This is the first time this has occurred in the region since May 2014. Metro Vancouver home sales […]
Read MoreExpect Tougher Mortgage Rules by November
Home buyers should expect tougher mortgage rules to kick in as early as November 1 of this year. In an announcement released today by the nation’s financial regulator, banks and lenders that offer mortgage financing will face stricter regulations and this will translate into tougher lending rules for home buyers. Hot markets prompt tougher rules for […]
Read MoreOSFI Tightens Supervisory Expectations for Mortgage Underwriting
The Office of the Superintendent of Financial Institutions (OSFI) issued a letter this morning to all federally regulated financial institutions (FRFI). The letter expresses concern about the rising levels of household debt in Canada and serves to remind FRFIs of their obligations under Guidelines B-20 and B-21 to assess and underwrite mortgage loans and mortgage […]
Read More