Interested to know more which cities property prices and valuations have fallen the most, where (further) corrections are imminent, and where price increases are continuing or could happen in the future? Check out the recent edition for UBS Global Real Estate Bubble Index 2023! Source of pdf and photo: UBS Insights
The B.C. government plans to incentivize homeowners to build secondary suites on their property with a new three-year pilot program. The Secondary Suite Incentive Program will help homeowners create affordable housing in their communities. The program will provide money to help homeowners create a new secondary suite on their property to be rented out for…
Wildfires can be devastating for communities across our province, with potentially hundreds of fires burning at once. Before this happens, it’s important to understand what you should expect from your insurance. What to expect Trying to obtain fire insurance can be difficult in areas under the threat of wildfires. While insurance underwriters follow…
Is being close to water such as an ocean, river, stream or lake, a benefit or a liability? It depends on whether the area has a floodplain map and if the area has ever had a flood, according to research from Ebbwater Consulting, The Impact of Flood Hazard on Real Estate Values. Decrease in…
B.C. Assessment Authority has updated its website for assessments of over two million B.C. properties! Go to bcasssessment.ca and search under the address to check out your home’s 2023 property assessment reflecting July 1, 2022 values. Assessor Bryan Murao says ‘Since July 1, we know that the real estate market has changed as interest…
What makes a trend? Do two data points in time make a trend? What about 100 data points? Or 10,000? When is something a trend, and when is it considered statistical noise? Believe it or not, this isn’t a simple question to answer. To attempt an answer, we need to narrow the scope, and…
The Bank of Canada raised its overnight policy rate by 50 basis points, bringing it to 4.25 per cent, its highest level since 2008. In the statement accompanying the decision, the Bank noted that the Canadian economy continues to operate in excess demand with tight labour markets and as a result inflation remains elevated. There…
The first-of-its kind in Canada, the Land Owner Transparency Registry (LOTR) is a registry of information about individuals who are deemed to have an indirect interest in land as defined in section 1 of LOTA (e.g. through corporations, trusts and partnerships) which is housed in a searchable, public database. As of November 30, 2020, the…
On November 21, 2022, the Office of the Premier of British Columbia announced changes to the Strata Property Act (“SPA”) impacting strata properties in British Columbia. Then on November 24, 2022 the BC Government passed amendments to the Strata Property Act which take immediate effect and immediately overrides any strata bylaw that restricts rentals in…
The Home Buyer Rescission Period (HBPP), previously known as “Homebuyer Protection Period” and “cooling-off period,” is expected to be implemented province-wide on January 3, 2023. What is the Home Buyer Rescission Period (HBRP)? The HBRP, commonly known as a “rescission period,” gives buyers the right to withdraw from a purchase agreement…
