Bank of Canada Interest Rate Announcement - January 20, 2016

The Bank of Canada announced this morning that it is maintaining its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is evolving as expected with total CPI continuing to test the bottom of the Bank's 1-3 per cent target range due to low energy prices. However, the Bank expects that inflation will rise over the next year, reaching its 2 per cent target by mid-2017.  On the economy, the Bank sees economic growth firming after a slowdown in the fourth quarter of last year. The Bank projects that the Canadian economy will grow a modest 1.5 per cent this year before strengthening to 2.5 per cent in 2017. 
 
In not moving on interest rates this morning, the Bank is recognizing that there is little that monetary policy can do to offset a significant supply-side shock such as the dramatic decline in oil prices. Indeed, given Canada's floating exchange rate, the loonie has already adjusted to help partially absorb the negative impact of falling commodity prices on exports.   Keeping in mind that the Canadian economy is still projected to grow at a rate very close to its somewhat diminished potential for 2016 and that inflation will be spurred by a dramatically lower Canadian dollar, we anticipate that the Bank will reassess the need for monetary stimulus once the worst of the oil-shock had passed. That means, barring a significant deterioration in the economy, the Bank will more than likely remain sidelined for 2016. 

December was a record smashing so if you are thinking of a move in 2016, call me I can help. I can get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Brian

Top Grants and Rebates for
Property Buyers and Owners

1.  Home Buyers’ Plan

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. Canada Revenue Agency. Learn more or to participate in the Home Buyers’ Plan or call 1.800.959.8287

2.  GST Rebate on New Homes

New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing $350,000 – $450,000. There is no rebate for homes priced at $450,000 and above. Canada Revenue Agency. Enter ‘RC4028’ in the search box. 1.800.959.8287

3.  BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $475,000. There is a proportional exemption for homes priced between $475,000 and $500,000. At $500,000 and above the rebate is nil. Learn more. 1.250.387.0604

4.  First-Time Home Buyers’ Tax Credit (HBTC)

A federal non-refundable income tax credit for qualifying buyers of detached and attached homes, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2014) x $5,000. For the 2015 tax year, the maximum credit is $750.Learn more. 1.800.959.8281

5.  BC Home Owner Grant

Reduces property taxes for home owners with an assessed value of up to $1,100,000. The basic grant gives home owners:

• a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;
• an additional grant of $200 to rural home owners elsewhere in the province; and
• an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.

Learn more or contact your municipal tax office.

6.  BC Property Tax Deferment Programs:

• Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes.
• Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes.
• Property Tax Deferment Program for Families with Children. Qualifying home owners who financially support children under age 18 may be eligible to defer property taxes.

Learn more. 1-888-355-2700

7.  Home Adaptations for Independence (HAFI)

A program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low income seniors and disabled home owners and landlords to finance modifications to their homes to make them accessible and safer. Learn more. 604.433.2218 or toll-free 1.800.257.7756

8. BC Seniors’ Home Renovation Tax Credit

Assists eligible seniors 65+ with the cost of certain permanent home renovations to a principal residence to improve accessibility or help a senior be more functional or mobile at home. The maximum amount of the refundable credit is $1,000 per tax year and is calculated as 10% of the qualifying renovation expense (maximum $10,000 in expenses). Learn more. Canada Revenue Agency or toll-free 1.800.959.8281

9.  CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. Learn more. 604.731.5733

10.  Energy Saving Mortgages

Financial institutions offer a variety of mortgages to home buyers and owners making their homes energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage may qualify for a rebate of $300 to their RBC account. Learn more. 1.800.769.2511

11.  Low Interest Renovation Loans

Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity Home Energy Loan  personal loan offers home owners up to $50,000 at prime + 1% for up to 15 years for energy efficient renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.

12.  Heritage Energy Retrofit Grant (Pilot Program)

Grants of up to $3,000 per household to assist with energy retrofits for Vancouver homes built before 1940 and homes listed on the Vancouver Heritage Register. This pilot runs to August 31, 2016. It is sponsored by Vancouver Heritage Foundation and the City of Vancouver Sustainability Group with assistance from City Green Solutions. Qualifying retrofits include insulation, air sealing, window repairs and storm windows, and high efficiency forms of heating and hot water. Learn more. Terms/Conditions Grant application

13.  Energy Conservation and Assistance Program

BC Hydro and FortisBC offer free energy assessments and energy saving products to income-qualifying households. Qualified contractors will install upgrades ranging in value from $300 to $5,000 depending on the need of the home.

14.  Fortis New Home Energy Rebate Offer

Fortis and BC Hydro customers can receive rebates when building ENERGY STAR new homes of when installing high-efficiency natural gas fireplaces. Learn more.

15. Smart Thermostat Pilot Program

City of Vancouver and Vancity are offering a $125 rebate for a home owner purchasing 1 of 3 smart thermostats which automatically controls the climate in your home. This pilot program runs to December 2016. Learn more.smartthermostats@vancouver.ca

16.  Home Energy Rebate Offer

BC Hydro and FortisBC offer home owners rebates for upgrades and improvements, including insulation, space and water heating systems and ventilation to reduce the average customer’s energy bill by 30%. There is a bonus offer for completing three or more of certain upgrades. Total value of available rebates: $5,300 per household. Learn more.

17.  Energy Savings Kit Program

BC Hydro and FortisBC offer income-qualifying customers a free energy saving kit containing products to help save energy and money. Learn more.

18.  ENERGY STAR Appliances

BC Hydro Power Smart and various municipalities are offering $100 mail-in rebates to home owners buying ENERGY STAR® clothes dryers and refrigerators. Coquitlam, New Westminster, North Vancouver City, North Vancouver District, Richmond, Vancouver and West Vancouver are participating.  Learn more.

19.  FortisBC Rebate Program for Homes

Rebates for home owners including a $300 rebate for purchasing an EnerChoice fireplace, or up to $1,800 off an ENERGY STAR water heater, or a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system.  Total value of available rebates: $5,300 per household. Learn more. 1.800.663.8400

20.  Fortis Rebate for Rental apartment buildings

In October 2015, FortisBC launched the Rental Apartment Efficiency Program for owners and managers of rental apartment buildings nine units and larger. The program includes a water-efficient shower head and a kitchen and bathroom faucet aerator directly installed in each unit, a building energy assessment and ongoing professional assistance. Learn more and FAQ’s.

21.  Rain Barrel Subsidy Programs

Many Metro Vancouver municipalities offer rain barrels for sale, often at a discount for residents. Richmond sells them for $30. Burnaby sells them for $70. Coquitlam sells them for $72. West Vancouver sells them for $55. Other municipalities have similar offers.

22.  Water Wise Kits

Many Metro Vancouver municipalities offer water wise kits and other tools for reducing home water consumption including Burnaby, Coquitlam, Delta,

23.  Local Government Water Conservation Incentives

Your municipality may provide grants and incentives to residents to help save water.

Toilets: North Vancouver City, North Vancouver District, and the District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Richmond offers a $100 utility rebate. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.

Clothes washers: replace your old clothes washer with a new, high efficiency ENERGY STAR clothes washer and receive a $100 or $200 rebate from Richmond.

24.  Local Government Water Meter Programs

Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Burnaby (scroll down), Delta, Richmond and West Vancouver have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.

To download the PDF Facts Sheet on Top Grants and Rebates Click Here >>

(Source: REBGV)

The BCREA Economics Department forecasts that the number of homes changing hands on the Multiple Listing Service® will exceed 100,000 in 2015. That's the third strongest unit sales figure on record and marks the first time since 2007 that BC home sales will exceed the ten-year average.

While sales are expected to decrease somewhat in 2016, the forecast is still strong with an expectation of 93,700 homes. BCREA expects the average MLS® price to reach $626,100 in 2015 and $639,700 in 2016.

All of this bodes well for provincial government coffers. In his Second Quarterly Report in late November, Minister of Finance Mike de Jong reported that revenues from the Property Transfer Tax are expected to be nearly $1.3 billion in the current fiscal year—$350 million higher than the original budget figure in February.

BCREA has been following Minister de Jong's remarks about the PTT with interest, and looks forward to the 2016 provincial budget, which just might include good news for many homebuyers. The Association's concerns with the tax have been on record since 1987, and BCREA recently made the following recommendations:
1. Increase the 1% PTT threshold from $200,000 to $525,000, with 2% applying to the remainder of the fair market value.
2. Index the 1% PTT threshold of $525,000 using the MLS® Home Price Index, and make adjustments annually.

About Brian

"I’m Brian White, Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

December 2, 2015

The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is in line with its outlook with total CPI inflation near the bottom of the Bank's 1 to 3 per cent target range while core inflation remains close to 2 per cent.  On growth, the Bank cited ongoing and complex adjustments in the Canadian economy to low commodity prices, but expects growth to move above potential (usually estimated to be about 2 per cent) in 2016. 
 
Absent a substantial recovery in global commodity prices, the Canadian economy will more than likely grow near its long-term trend rate over the next two years. That rate of growth will keep inflation relatively anchored at or below its 2 per cent target.  A baseline scenario of economic growth above 2 per cent, paired with low inflation and steady job growth should keep the Bank of Canada sidelined over the medium run. However, several quarters of steady growth following the oil price shock of late 2014 may convince policymakers that the economy is no longer in need of the monetary stimulus injected into the economy via two rate cuts in early 2015. If so, the Bank may shift back to a tightening bias with a potential rate increase late next year or in early 2017.

For more information, please contact me anytime.  

"I’m Brian White, Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Housing Demand to Ease but Remain Elevated in 2016

Vancouver, BC – November 10, 2015.

The British Columbia Real Estate Association (BCREA) released its 2015 Fourth Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are projected to surpass 100,000 units this year. This level of home sales will be the third strongest on record and mark the first year since 2007 that BC home sales exceed the ten year average.

After climbing 15 per cent in 2014 and nearly 20 per cent this year, BC MLS® residential sales are forecast to decline 7 per cent to 93,700 units in 2016. “Less latent pent-up demand and gradual upward momentum of mortgage interest rates is expected to ease housing demand next year,” said Cameron Muir, BCREA Chief Economist.

“The inventory of homes for sale is now at its lowest level in nearly eight years,” added Muir. “Sellers’ market conditions are prevailing in many communities and causing home prices to be pushed higher.” The average MLS® residential price in the province is projected to increase 10.2 per cent to $626,000 this year and forecast to slow to a 2.2 per cent increase at $639,700.

Total housing starts in the province are projected to reach over 30,000 units this year, the highest level of production since 2008. Capacity constraints and an edging back of consumer demand is largely behind a forecast decline of BC housing starts, albeit just to 28,800 units in 2016. 

About Brian

"I’m Brian White, Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Vancouver, BC – November 12, 2015.

TheBritish Columbia Real Estate Association (BCREA) reports that a total of 8,725 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.1 per cent from the same month last year. Total sales dollar volume was $5.8 billion, up 32.3 per cent compared to the previous year. The average MLS® residential price in the province rose to $667,480, up 16 per cent from October 2014.

“Consumer demand continued at a heightened pace in October,” said Brendon Ogmundson, BCREA Economist. “Market conditions have diverged significantly in the province as very low supply and a near record pace of home sales in the metro-Vancouver area is offsetting resource sector driven weakness in northern markets.“

“There was a four month supply of residential inventory province wide in October, with markets in the Lower Mainland and Victoria closer to three months of supply. A balanced market typically exhibits a five to eight month supply of homes for sale.

The year-to-date, BC residential sales dollar volume increased 33.6 per cent to $55.3 billion, when compared with the same period in 2014. Residential unit sales climbed by 20.4 per cent to 87,895 units, while the average MLS® residential price was up 11 per cent to $628,909.

About Brian

"I’m Brian White at Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Canadian and US Employment - November 6, 2015

Following four consecutive months of minor gains, Canadian employment increased by 44,000 jobs in October. The national unemployment rate ticked lower by 0.1 points to 7.0 per cent.  For a second consecutive month,  part-time employment accounted for the majority of the month's employment gains, though full-time employment was up by 9,000 jobs. Total hours worked, which is strongly correlated with economic growth, slowed down from 1.1 per cent year-over-year growth in September to 0.7 per cent in October.
 
In BC, job creation continues to accelerate. The province added 23,300 new jobs in October, including 11,300 full-time positions.  In spite of very robust job numbers, the provincial unemployment rate remained flat at 6.3 per cent as BC's economic performance continues to attract new entrants to the labour force from both inside and outside of the province. Year-to-date, employment in BC is up just 1 per cent but has risen at a rate of 2.3 per cent over the past three months and was up 3 per cent year-over-year in October. 

In the US,  jobs data for October may have been strong enough to convince the US Federal Reserve to raise interest rates at the end of this year. Employment rose by a robust 271,000 jobs in October while the US unemployment rate fell to just 5 per cent. 

About Brian

"I’m Brian White, Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Welcome to November!  Or, what many happy fuzzy faced folks refer to as “Movember”.  It’s the month of the mustache, from the pencil to handlebar, a solid 30 days dedicated to honouring facial hair, and for good reason.  What started as 30 Australian “Mo Bros” back in 2003, has grown to a society of 5 million Bros and Sisters, around the world.  By 2014, the fun loving cause with a purpose had raised over $677 million, funded 832 Men’s Health Projects and was rated number 72 of the top 500 non-governmental organizations in the world.  The cause focuses on four keys areas:  Prostate Cancer, Testicular Cancer, Poor Mental Health and Physical Inactivity.  And this year, they are expanding to include “Move-ember”, challenging folks to get active for 30 days.  So whether you are sporting a new facial do, taking on the physical challenge, or donating to someone who is, Movember is an excellent cause.  For more information, please visit: https://ca.movember.com/?home

Another special day this month is also around the corner.  Mustaches aren’t the only thing people everywhere are wearing this month.  Red poppies sit pinned neatly on coats as we honour the sacrifices and achievements of those who served our country.  To all those of the past, as well as those who currently serve, we are forever grateful for what you do for our incredible country.  November 11^this Remembrance Day, many Cities have special services planned at their Municipal or City Halls or Cenotaphs check on line for information on local events.

We’ve been fortunate so far in the lower mainland to enjoy a pretty fantastic fall!  We can go from mowing grass one day to freeing the street drains for fear of being flooded out.  We may start off slightly disgruntled, but that changes the moment we hit the slopes, slip on our skates or build that first snowman.  We are cities and municipalities that move and shake 365 days a year, so make sure to visit my Facebook page for the latest events happening in and around the area!

Our team takes pride in keeping our community up to date on the latest housing market stats and trends.  If you have any questions about the market, or are thinking of buying or selling, we are here to help.  If you know of someone else who is thinking of joining the market, we always appreciate and are never too busy for your referrals.

Happy Movember!

Brian White Real Estate 

Canadian Monthly GDP Growth (August 2015) - October 30, 2015

The Canadian economy expanded 0.1 per cent in August, following 0.3 per cent growth in July. Growth in real GDP, as measured at the industry level, was led by gains in the manufacturing, mining and oil and gas sectors while retail trade and the finance sector were a drag on growth. 

The Canadian economy has posted three consecutive months of economic growth, putting worries of a deepening energy sector driven recession to rest. Third quarter real GDP growth is currently tracking at a relatively strong pace, likely in a range of 2.6 to 3 per cent. 

Canadian Retail Sales - October 22, 2015

Canadian retail sales rose for a fourth consecutive month, increasing 0.5 per cent in August. On a year-over-year basis, sales were up 2.8 per cent. However, sales were higher in only 4 of 11 retail sub-sectors with strong sales of motor vehicles continuing to account for a large share of gains.  Stripping out sales of motor vehicles, retail sales were essentially flat.  In BC, retail sales were up 1.4 per cent on a monthly basis and 7 per cent compared to August 2014. Year-to-date, retail sales in the province are up 7.2 per cent over last year. 

Given today's data release, Canadian real GDP is currently tracking at between 2.5 and 3 per cent in the third quarter, a significant bounce-back following two quarters of modest decline in the economy. 

Time will tell in the coming months what the change in Goverment will mean to the economy moving forward. 

Canadian Employment - October 9, 2015

Canadian employment increased rose by 12,000 jobs in September, matching the rate of job creation in August. The national unemployment rate ticked higher by 0.1 points to 7.1 per cent as more people actively searched for work. Part-time employment accounted for all of September's gains while full-time work declined.  In spite of the decline in full-time employment, total hours worked, which is strongly correlated with economic growth, increased by a relatively strong 1.1 per cent compared to September 2014.  

In BC, a strong economy has lead to an increased rate of job creation. The province added 12,400 new jobs in September, including 10,600 full-time positions.  The provincial unemployment rate rose 0.3 points to 6.3 per cent as BC's economic performance has attracted new entrants to the labour force from both inside and outside of the province. Year-to-date, employment in BC is up just 0.8 per cent but has risen at a rate of 1.7  per cent over the past three months. For more informationon on housing or market conditions, please contact me anytime.   

Have a safe long weekend.

BW

Canadian Building Permits - October 7, 2015

The total value of Canadian building permits decreased 3.7 per cent on a monthly basis in August, after rising for most of the summer.  Weakness in permit activity was largely attributable to declining construction intentions in Alberta, Quebec, Saskatchewan and BC. 

After leading the country in permit activity in July, the volume of construction permits in BC fell 21 per cent in August. However, the total value of permits exceeded $1 billion for a third consecutive month and was up 35.5 per cent compared to August 2014. Non-residential permits were up 6 per cent on a monthly basis and close to 80 per cent year-over-year, while residential permits tumbled almost 30 per cent from July but were up 22 per cent year-over-year. 

Construction intentions were relatively mixed in BC's four census metropolitan areas (CMA). Permits in the Abbotsford-Mission CMA were up 42 per cent on a monthly basis and more than doubled levels recorded in August 2014.  In the Kelowna CMA, permits fell 35 per cent from July and were 16 per cent lower year-over-year. In the Vancouver CMA, permits fell 26 per cent on a monthly basis but were 52 higher per cent year-over-year.  In the Victoria CMA, permit activity was down 29 per cent on a monthly basis, but was up 14.5 per cent year-over-year. 

For more information, please contact me anytime.

Data indicating how much of Canada’s real estate is being snatched up by foreign buyers is scant, but the country’s national housing agency is working to change that.

Canada’s national housing agency will be taking the initiative to bolster data on foreign buyers of Canadian real estate, according to an internal memo obtained by The Canadian Press.

In a briefing note dated May 15, 2015, obtained by through an Access to Information request, Canada Mortgage and Housing Corp., says it will be hosting “bi-lateral meetings” and roundtables with industry stakeholders to fill a number of data gaps, including the share of new and existing homes owned by foreigners.

“Currently there is no perfect source of information on the level of foreign investment in the housing market,” chief economist Bob Dugan said in a statement.

“CMHC has undertaken steps to address this data gap. As a result, we know a lot more about it today than we did a year ago and are continuing our program of work to determine the level of foreign investment in Canadian residential real estate.”

The initiative will go beyond the limited data the agency currently gathers, including a survey of property managers indicating how many condo units are owned by people whose permanent residence is outside of Canada.

In the briefing note prepared for Pierre Poilievre, the minister responsible for CMHC, it is suggested that work is already underway at CMHC.

“For high priority data gaps that it cannot address on its own, CMHC has started to engage in discussions with other data providers and organizations,” the document reads.

Other gaps that CMHC intends to address include the total volume of mortgages issued and outstanding, and mortgage data broken out by lender type, characteristics of borrowers, property type and geographic location.

Are you looking to invest in property? If you like, I can get one of the mortgage experts I deal with to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage.

Chinese-only signage, including real estate, still prevalent in Richmond despite education blitz.

by John Tenpenny

Locals in Richmond, B.C., are pointing out the lack of municipal action the issue of Chinese-only signs in the community, many of which are real estate-related.

Community activist Karen Starchuck and business consultant Rupert Whiting, say the city is, once again, ignoring the issue.

“I’m frustrated at the lack of leadership from the city. It seems people are doing what they want within whatever bylaws exist, even if those bylaws are not fit for purpose,” Whiting told the Richmond News.

The pair took media to a construction site of a new home, which featured a Chinese-only sign, another example, Starchuk says of the city dragging its feet on education after Richmond city council chose not to implement a more stringent bylaw to make English mandatory on business signs.

“This (house) isn’t going to get sold to a non-Mainland Chinese person. They’re not even trying to sell it to a non-Mainland Chinese person. That, to me, is a problem,” said Whiting.

“They got off easy. They said they were going to address it, and get on it right away, but basically they’ve done nothing,” said Starchuk.

The city maintains that, using auxiliary staff, it spoke to 2,000 businesses to “encourage” English on all signs. It’s also reminding businesses as they apply for business licenses.

City spokesperson Ted Townsend said a new bylaw on clutter is in the works and the process of education is one that takes time.

Townsend said the clutter bylaw, expected to come to council in early 2016, is intended to clear up additional, unregulated signage on street fronts, regardless of language.

“How we will deal with it in the new bylaw is something we are studying as part of drafting the bylaw,” said Townsend. 

The rules around the income from rental units considered in home loan applications submitted to the CMHC are changing.

The agency announced Monday that, from September 28, it will allow 100 per cent of the rental income from a unit to be considered for new loan applications submitted to it for mortgage insurance.

That means that a secondary rentals suite’s income, minus costs including property taxes, will boost the size of the loan that buyers can secure.

Qualifying units must have sustainable income, proven by two years of rental rent payments. These payments will be averaged to assess the unit’s income. Applicants will also need a credit rating of at least 680.

Properties with more than a single rental unit will have slightly different rules and this change is most positive for homeowners with one rental unit. 

Vigorous Housing Demand Unabated in August

Vancouver, BC – September 11, 2015. TheBritish Columbia Real Estate Association (BCREA) reports that a total of 8,811 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in August, up 20 per cent from the same month last year. Total sales dollar volume was $5.5 billion, a 32.8 per cent increase in comparison to the previous year. The average MLS® residential price in the province rose to $619,881, up 10.6 per cent from August 2014.

“Housing demand continued at an elevated level in August,” said Cameron Muir, BCREA Chief Economist. “More homes were sold in BC during the first eight months of the year than in the entire 12 months of 2012.” A total of 67,637 residential transactions were recording in 2012, compared to 70,617 year-to-date in August.

“Many BC regions are now exhibiting sellers’ market conditions, with home prices rising well above the overall consumer price index,” added Muir. Eight of the 11 BC real estate boards recorded a higher average home price than a year ago.

The year-to-date, BC residential sales dollar volume increased 35.9 per cent to $44.3 billion, when compared with the same period in 2014. Residential unit sales climbed by 22.4 per cent to 70,617 units, while the average MLS® residential price was up 11.1 per cent to $627,008.