Change 1: Less debt as a percentage of gross income Instead of being able to use up to 39% of gross income on housing expenses and borrow up to 44% of gross income (including credit card, car payments etc), a buyer with a good credit rating and reliable income will be restricted to using 35%
There has been evidence showing that the housing price has slowly rebounded in Toronto and Vancouver ; Buying activity rose another 0.6 per cent in September to 512,000 units— the highest level in 21 months and 6.6 per cent above the 10-year average, according to the Canadian Real Estate Association. Click Here For more Information Contact Vancouver
This past month new home “starts” reached their highest level since June 2007. The number of building permits granted also reached its peak since May 2007. Lets find out why housing market has again attracted people's attention.
Premier Christy Clark has unveiled a new Rent To Own program for middle class families who have trouble coming up with the down payment for a home. Through this program, the government hopes to alleviate some of the affordability problems in Metro Vancouver. You can read the full Vancouver Sun article HERE
Last year, the BC government took several steps to try and cool Metro Vancouver’s hot property market and increase affordability. However, despite the government’s best efforts – including a 15% foreign buyer’s tax – the gap between housing prices and income is growing wider than ever before. Greater Vancouver home prices reached a record benchmark
Burnaby is the next municipality to undergo a construction boom with more than 30,000 new all-purpose unites and more than 4,000 secondary rental units being built. It is the largest boom in Burnaby’s history. The City of Burnaby believe that this is the best way to help make the Lower Mainland affordable since the price
In February, the North Vancouver City Council adopted a bylaw that allowed both a secondary suite and a coach house on lots zoned for single house development. Secondary suits and coach houses provide homeowners flexibility to provide for extended family members, or to rent out these accommodations to help out with mortgage and other expenses.
Much to Vancouverite’s surprise, the B.C. government introduced the foreign-buyers tax with little warning last summer in an effort to halt the rising real-estate prices which saw July prices for detached homes soar an astounding 38 per cent in a single year. The law was passed in late July and came into effect softly after,
Like any investment, the Vancouver housing market has its ups and downs. However, in North Vancouver, where the median price of a single family detached home is 1,824,614, we’ve seen about a 10-per-cent increase last year and a 21-per-cent increase in the last five years, according to the Real Estate Board of Greater Vancouver. The
Like it or not, the 15% foreign buyers tax is now in effect. It is a property transfer tax on foreign nationals, corporations, and trusts that purchase homes in Metro Vancouver. Except the government keeps changing the rules, making it very difficult to figure out who has to pay and who doesn’t. This new tax