OSFI has published its update for the tightening of mortgage lending regulations known as Guideline B-20 and set the date that it will apply. The revised Residential Mortgage Underwriting Practices and Procedures will take effect from January 1, 2018 and include several key changes that...

by Steve Randall 13 Oct 2017 BC home sales jumped 10% last month Home sales in British Columbia were up 9.9% in September, with real estate agents selling 8,340 units. The average price of homes sold through the MLS system was up 18.5% year-over-year to...

In its latest study, real estate team HM Commercial Group found that Kelowna is poised to distinguish itself in the B.C. housing market through its accelerated pace of building in the residential segment. “Demand for all forms of housing remains exceptionally strong and the City of...

by Steve Randall 07 Sep 2017 Banks quickly follow BoC with rate hikes Canada’s big banks were quick to announce increases to their prime lending rates to 3.2% Wednesday. The Bank of Canada increased its overnight target rate to 1% despite expecting growth to moderate...

by Steve Randall 16 Aug 2017 The latest forecast from CIBC Capital Markets is for Canadian interest rates to increase again in December this year. In its forecast summary released this week, CIBC calls for a hold steady until then with the 1% rate...

by Steve Randall 23 Feb 2017 A change to the property transfer tax threshold in British Columbia for first-time buyers has come into effect. The increased threshold means that first-time buyers are now exempt from the tax on homes up to $500,000 rather than $475,000...

The foreign home buyer tax that went into effect last August in Vancouver will no longer apply to residents of Metro Vancouver who have a valid work permit, according to Premier Christy Clark. While this appears to be a sudden move, the existing legislation doesn't...

by MBN | 17 Jan 2017 CMHC announced early Tuesday it is increasing its loan insurance premiums effective March 17. “We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill,...

A new government program promises to match the down payment for eligible first-time homebuyers. The BC Government has announced today the BC Home Owner Mortgage and Equity Partnership Program. Under the program, the BC government will match down payment funds of eligible first-time homebuyers up to $37,500...

The Bank of Canada is holding its benchmark interest rate at 0.5 per cent as economic conditions move along largely in line with its expectations. In making the scheduled announcement, the central bank says while the global economy has strengthened, international uncertainty has negatively affected...