Greater Vancouver Real Estate Market Report for January 2018

Here’s a look back at real estate market statistics for Greater Vancouver listings and sales for January 2018 from Royal Pacific Realty. Subscribe to receive these directly in your inbox every month! MLS® HPI Benchmark Price History HPI stands for “Home Price...

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Rate hike increases mortgage costs

The Bank of Canada increased its interest rate to 1.25% from 1.00%. How will this effect mortgage holders? All six major banks have raised their posted five-year, fixed-rate mortgage rates to 5.14 per cent from 4.99 per cent. Mortgage costs and income required Housing...

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New mortgage rules effective now

Effective January 1, 2018, home buyers who don’t require mortgage insurance — those with a down payment of 20 per cent or more — must qualify for their mortgage at a higher rate.

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Vancouver’s Empty Homes Tax – what you need to know

In response to a rental vacancy rate of less than one per cent and a significant number of empty homes, the City of Vancouver has implemented an Empty Homes Tax. The city estimates the tax will raise $2.2 million per year when fully implemented. The tax rate is 1 per...

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Greater Vancouver property assessments mixed

Property owners will receive their 2018 assessment notices this week. The 2018 Assessment Notice is BC Assessment’s (BCA’s) estimate of a property’s value as of July 1, 2017, and for new construction or substantially renovated homes, the physical condition as of...

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