Category : Vancouver housing

An Update On The BC Tenant Protection Changes

On March 25, 2020, the BC government announced that renters would not be evicted if they could not pay rent due to the COVID-19 crisis. It also introduced a Temporary Rental Supplement (TRS) to help renters pay their rent.  Last month, it partially lifted the ban on residential rental evictions, but maintained the moratorium on rent increases and evictions for non-payment of rent.  The government has also extended the TRS program that was supposed to end in June, to the end of August. The rental supplements of $300-$500 are paid directly to the landlords.  Between April 9, 2020 and June 15, 2020,  BC Housing received more than 90.000 applications for…

If You Have Investment Properties Earning Rent – You Must Read This

 If You Have Investment Properties Earning Rent – You Must Read This  As COVID-19 makes its way through our lives and the economy like a hurricane sweeping over land, it leaves nothing untouched. Its has also affected rents. Cities like Vancouver and Toronto are seeing rent reduction rates that would have been unheard of at the beginning of the year.  While rents in some Canadian cities have declined a bit or even risen slightly in the last few months, the cities of Vancouver and Toronto, homes of the priciest rental market in the country, have seen rents falling fast because of the pandemic.  Last week, Rental.ca posted figures showing that compared to a year ago, rents…

Take Heed Of Your Property Tax Assessment – There Could Be Some Savings Here

On January 1, 2017 property assessments became available on the BC Assessment website. And as expected, the increases in property values are substantial: values were calculated as at July 2016 when local real estate prices were at their peak.  The main issue here is that your property value has risen and you are facing a higher than normal property tax rate hike.  It is important to note that a sharp increase in your property value does not necessarily indicate a proportional property tax hike; it’s relative to how much your property appreciated compared to others in the same municipality.  In view of this year’s higher assessments, the Provincial government just announced an increase in the Home Owner Grant threshold from…

REGBV Report April 2019 – The Trend of Reduced Demand And Increased Supply Still Prevails In The Market.

The latest Real Estate Board of Greater Vancouver (REGBV) report on the April 2019 real estate market, shows that buyers are reluctant to get into the market and sellers are being forced to be creative. Product that is staying on the market for more than a month is seeing discounts that were unheard of 2 years ago. For a decade it has been a sellers market. This has changed. Residential property sales totalled 1,829 in April 2019, a 29.1% decrease from the 1,829 sales recorded in April 2018 and a 5.9% increase from the 1,727 homes sold in March 2019.…

REBGV Market Update May 2019 – Modest Bounce In May, But Sales Remain Below Historical Averages

The latest report released by the Real Estate Board of Greater Vancouver (REBGV) showed that sales in May 2019 crossed the 2,000 units sold for the first time this year. However, homebuyer demand remains below historical averages. “High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today” remarked Ashley Smith, REBGV president. Home Sales Residential home sales totaled 2,638 in May 2019, a 6.9% decrease from 2,833 sales recorded in May 2018 and a 44% increase from homes sold in April 2019.…

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