Welcome to 11860 Meadowlark Drive in the popular Cottonwood neighbourhood in Maple Ridge. This lovely home is perfect for your family to settle into. Split level design home with 3 bedrooms & 3 baths. Living room with fireplace & vaulted ceiling for your very tall Christmas tree. White & bright kitchen has white cabinets+ stainless steel appliances+quartz counter tops. 3 bedrooms upstairs. 4-piece main bath & 3-piece ensuite. Lower-level rec room/playroom/home gym/craft area, you chooses plus a fireplace. Cozy family room with glass sliders to the fabulous back yard. Laundry room & 2-piece bath down. Cool off in the above ground pool. Multi level sundecks for summer fun. Fully fenced backyard. Double car garage, quiet street & so much more...
Cleaning products have undergone quite the evolution: one that is better for your family, their health and the planet. But despite the growing popularity of the toxin-free movement, there are still many popular misconceptions about these products.
Two of the most common? That natural products are not as effective as their chemical counterparts and that they’re too expense for the average consumer. Read on to learn how you can embrace this eco-friendly movement without breaking the bank.
Buy in bulk
Many companies that specialize in natural products prioritize reducing waste as part of their ethos. Seek out products that can be purchased in bulk and refill your own containers in order to cut costs and waste. Some health stores may even allow you to refill your containers at a bulk station.
Less is more
Natural products tend to be more highly concentrated than other common household cleaners, especially disinfectant varieties.
Avoid paper towels
Aside from the expense, cleaning with paper towels is a waste of paper and money. Instead of purchasing more tolls, try cutting up an old t-shirt, or stock up on inexpensive tea towels and launder them after each use.
Make your own
All you need is a little bit of vinegar to get a deep clean. To make a spray that will clean just about anything mix 13 ounces of hot water, ½ cup of white vinegar, 15 drops of your favourite essential oils in a spray bottle. Just remember to avoid using vinegar-based products on natural stone countertops.
I’m here to help!
I can recommend local companies to help with cleaning, renovations and other household needs.
The Devil’s in the Details: Home Insurance Coverage
When you suffer damage to (or the loss of) your home or its contents, you expect your insurance company to come to the rescue, and most do.
Still, it’s a good idea to review your policy with your insurance advisor and find out what’s covered and what isn’t. For example, if you have a flood in your laundry room, you don’t want to discover then that the damage is not covered.
Some events that often require additional coverage, or may not be covered at all are:
Overland water (interior home damage from water outside the home)
Sewer backup
Poor maintenance (e.g., you could be denied if you didn’t maintain your foundation or repair a leaky pipe)
Valuables beyond a specific amount
Also, check liability limits. Ask your advisor to recommend an appropriate level. Finally, ensure you know exactly how much your home is insured for. Are you covered for the full replacement cost? Are you comfortable with that coverage, or would you rather only insure for the actual cash value?
Knowing you have the right insurance policy will give you peace of mind and is an important part of enjoying your home.
3 Lists for Selling Your Home With
When you put your property up for sale, you want to ensure that potential buyers get all the information they need on the features of your home and its surrounding area. For example, if a buyer doesn’t realize a great school is just around the corner, they might just walk away.
An effective way to make sure something like that doesn’t happen is to create these three lists:
#1: The “bittersweet goodbyes” list Chances are, there are things about your home or neighborhood that you’re really going to miss when you move. It may be the spacious living room, ideal for entertaining. Or maybe it’s the nearby park with scenic trails, perfect for walking and biking, or the large deck with just the right combination of shade and sun. Whatever you’ll miss, add it to the list. Those are features that will probably pique the interest of potential buyers too.
#2: The “just the facts” list What are the facts about your property that a buyer needs to know to consider purchasing it? Such items may include total square footage, number of bedrooms and washrooms, property taxes, size of yard, etc. This list should also include special attributes, such as upgraded kitchen features and the local golf course.
#3: The “new and improved” list Buyers are interested in the state of repair of your home, and in any improvements you have made to it. On this list, include all repairs completed during the past 3 years and, if possible, attach receipts. It’s especially important to include anything that’s been replaced, such as a furnace or roof shingles. If you’ve done any major remodeling or renovations, include those details too.
Want more tips on selling your home? Call today.
Eco-Friendly Floors
Choosing new or replacement eco-friendly flooring is one of the emerging trends among house and condo owners. Eco-friendly flooring is made from, or with, more sustainable resources, such as materials that don’t deplete or permanently damage the environment (such as toxic laminates), or reusable or recyclable materials. Here are some examples:
Renewable and Sustainable - Bamboo, cork, hardwood, natural stone, linoleum, and wool carpet are just a few of the options out there. Before you buy natural flooring products, ask if the harvesting methods are verified through an accredited authority.
Repurposed and Reclaimed - Flooring made from old building structures (e.g., posts, beams, walls, and planks) is a viable alternative to grown and harvested resources. Likewise, recycled glass, plastic, and rubber provide ample raw materials for creative flooring effects. Using them also reduces landfill waste. These products can be found through decorative flooring dealers.
When purchasing any flooring, be it natural or synthetic, it is important to know how the product is manufactured, and that it can easily be recycled when it is beyond its usefulness, as opposed to ending up in a landfill.
SURREY, BC – The policy rate cut of 25 basis points by the Bank of Canada on June 5 was not enough to rally home sales in the Fraser Valley last month. The Fraser Valley Real Estate Board recorded 1,317 sales in June, down by 13 per cent over last month and by more than 30 per cent over both last year and the 10-year seasonal average. While sales remain soft, inventory continued to build for the sixth straight month to 8,350 active listings. Active listings increased 41 per cent over June 2023 and are the highest they’ve been in five years.
“With seasonally slow sales in June and a steady increase in inventory, we’d expect to see affordability improve,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “However, prices in the Fraser Valley remained relatively flat. That said, despite slow sales, properties that are well-priced are finding buyers, and are subsequently selling within three to four weeks.”
New listings dropped in June, down nine per cent from May, to 3,418. With a sales-to-active listings ratio of 16 per cent, overall market conditions are balanced. The market is considered balanced when the ratio is between 12 per cent and 20 per cent.
“The June rate cut hasn’t been enough to get buyers off the sidelines,” said FVREB CEO, Baldev Gill. “Current market conditions are such that buyers and sellers are advised to have thoughtful conversations with their REALTOR® and lending professional, rather than relying on media reports about where interest rates may be heading in the future.”
Across the Fraser Valley in June, the average number of days to sell a single-family detached home was 22, while a townhome was 20. Condos took on average, 30 days to sell. Benchmark prices in the Fraser Valley remained relatively flat in June, with the composite Benchmark price down 0.5 percent from May and down 3.2 per cent from June 2023. MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,528,900, the Benchmark price for an FVREB single-family detached home decreased 0.1 per cent compared to May 2024 and increased 0.5 per cent compared to June 2023.
• Townhomes: At $851,100, the Benchmark price for an FVREB townhome decreased 0.3 per cent compared to May 2024 and increased 0.8 per cent compared to June 2023.
• Apartments: At $551,100, the Benchmark price for an FVREB apartment/condo decreased 0.7 per cent compared to May 2024 and increased 0.4 per cent compared to June 2023.
More than half of Canadian mortgages will renew before the end of 2026, and with the Bank of Canada lowering its key interest rate from 5.0% to 4.75% on June 5th, many homeowners are now wondering which mortgage type they should opt for upon renewal — a fixed or variable rate. Understanding the options available and anticipating changes is essential to successfully navigating today’s evolving mortgage landscape.
With a significant cohort of homeowners needing to renegotiate their mortgages within the next three years, those who opted for variable-rate mortgages -– or who took out a loan in 2021 at the trough of historically low rates — will be particularly affected by the planned adjustments. For those who will soon have to deal with the current higher-rate mortgage environment, below are some considerations to help you make an informed decision about an upcoming mortgage renewal.
Current situation
While variable rates were historically lower during the height of the pandemic real estate boom, the trend has recently reversed, with variable rates now higher than fixed rates. The average five-year variable interest rate offered by mortgage lenders currently hovers around 6.7%, while most fixed rates are typically 5.6%.
A variable mortgage rate depends on a number of economic factors, such as the key overnight lending rate, which is set by the Bank of Canada. Although Canada’s central bank recently cut its key rate for the first time in four years, the institution could change course if inflation levels increase in the months ahead. However, economists widely expect further cuts to the lending rate by the end of 2024. The trend is set to continue into 2025, unless economic conditions change significantly. Regardless of declining interest rates, the historically-low rates Canadians have been accustomed to over the last two decades are now a thing of the past.
What you need to know about variable rates
When it comes to variable-rate mortgages, when the prime rate rises – which is influenced by the Bank of Canada’s overnight lending rate – mortgage payments automatically increase.
However, with variable loan structures with fixed-payment options, monthly payments remain unchanged, even in the event of a rate increase. Instead, this type of variable-rate mortgage adjusts the mortgage amortization period (the time it takes to repay the mortgage in full). This is due to the fact that a smaller proportion of each payment is allocated to repaying the mortgage principal.
Understanding your needs
The choice between a fixed- and variable-rate mortgage largely depends on the borrower’s risk tolerance and personal situation. Since variable rates are subject to fluctuations, is your lifestyle conducive to these changes? Even if interest rates begin to fall, there are many economic factors influencing their direction, which can occur at various times during your mortgage term.
The right mortgage product for you depends on your short- and medium-term situation. If you’re currently in a period of transition (career change, separation, etc.), you may want to opt for a fixed-rate that offers you some stability.
Strategic options for borrowers
Fixed-rate mortgage with a shorter term
Amidst economic uncertainty, more borrowers are opting for fixed-rate mortgages with shorter terms (one, two or three years). This way, in an environment where rates are quickly changing, borrowers can lock in predictable monthly payments without the need to stay with the same rate long term.
Hybrid-rate mortgage
This option combines customized features of both a variable and a fixed rate — part of the mortgage has a fixed interest rate and the other has a variable interest rate. This way, the borrower can benefit from the best of both worlds.
Convertible mortgage
This type of loan offers the possibility of converting a variable interest rate loan into a fixed-rate mortgage, or vice versa, before maturity, thus allowing borrowers to adapt their mortgage financial strategy to market conditions.
Consult a professional
At a time when real estate prices remain high due to sustained demand, choosing the right mortgage product is crucial. It is advisable to consult a mortgage broker to explore scenarios best suited to each individual situation. Anticipating interest rate fluctuations and adjusting your financial strategy accordingly can make a big difference in managing your long-term mortgage.
Roseline Joyal-Guillot
Director, Communications & Marketing, Quebec Royal LePage
Metro Vancouver home sales registered on the MLS® remained below seasonal and historical averages in June. With reduced competition among buyers, inventory has continued to accumulate to levels not seen since the spring of 2019.
The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,418 in June 2024, a 19.1 per cent decrease from the 2,988 sales recorded in June 2023. This was 23.6 per cent below the 10-year seasonal average (3,166).
“The June data continued a trend we’ve been watching where buyers appear hesitant to transact in volumes we consider typical for this time of year, while sellers remain keen to bring their properties to market,” Andrew Lis, GVR’s director of economics and data analytics said. “This dynamic is bringing inventory levels up to a healthy range not seen since before the pandemic. This trend is providing buyers more selection to choose from and driving all market segments toward balanced conditions.”
There were 5,723 detached, attached and apartment properties newly listed for sale on the MLS® in Metro Vancouver in June 2024. This represents a 7 per cent increase compared to the 5,347 properties listed in June 2023. This total is 3 per cent above the 10-year seasonal average (5,554).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 14,182, a 42 per cent increase compared to June 2023 (9,990). This total is 20.3 per cent above the 10-year seasonal average (11,790).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for June 2024 is 17.6 per cent. By property type, the ratio is 13.1 per cent for detached homes, 21.1 per cent for attached, and 20.3 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,” Lis said. “But June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,207,100. This represents a 0.5 per cent increase over June 2023 and a 0.4 per cent decrease compared to May 2024.
Sales of detached homes in June 2024 reached 694, a 18.2 per cent decrease from the 848 detached sales recorded in June 2023. The benchmark price for a detached home is $2,061,000. This represents a 3.7 per cent increase from June 2023 and a 0.1 per cent decrease compared to May 2024.
Sales of apartment homes reached 1,245 in June 2024, a 20.9 per cent decrease compared to the 1,573 sales in June 2023. The benchmark price of an apartment home is $773,400. This represents a 1 per cent increase from June 2023 and a 0.4 per cent decrease compared to May 2024.
Attached home sales in June 2024 totalled 456, a 16.6 per cent decrease compared to the 547 sales in June 2023. The benchmark price of a townhouse is $1,138,100. This represents a 3 per cent increase from June 2023 and a 0.6 per cent decrease compared to May 2024.
The Royal LePage 2024 Canadian Renters Report includes insights into regional rental market trends and the sentiments of renters from coast to coast, including their plans to transition into home ownership.
According to the report, 27 per cent of Canadians who currently rent their home say they plan to purchase a property in the next two years. Among those aged 18 to 34, that figure jumps to 40 per cent. Meanwhile, 69 per cent of renters say they do not plan to buy a home in the near future. Among them, more than half (54%) do not feel their income will be sufficient to afford a property in the area where they wish to live (61% among respondents aged 18 to 34).
“The rental sector is not immune to the significant affordability challenges stemming from Canada’s acute housing shortage. High mortgage rates have made it difficult for many to purchase a home, forcing some to move into, or remain longer than planned, in the rental market,” said Phil Soper, president and chief executive officer, Royal LePage. “Despite a short-lived decline in prices and demand for rental units during the height of the COVID-19 pandemic, the available supply of rental properties in most major markets remains ultra low.”
Here are some key highlights from the report:
27% of renters plan to buy a property in the next two years; 40% among renters aged 18-34
Of those who do not plan to buy a home in the next two years, 54% say they do not feel their income will be sufficient to afford a property they desire; 61% among those aged 18-34
29% of Canadian renters say they considered buying a property before signing or renewing their lease; 41% of them lacked a sufficient down payment
In British Columbia, 25% of renters spend more than half of their net income on monthly rental costs, well above the national average of 16%
Welcome to this fabulous home at Huntington West. This spacious two bedroom and two full bathroom condo is a top floor plus corner unit with vaulted ceilings. Located on a quite tree lined street. Lots of windows to let the nature light pour in. Large living room with gas fireplace. Dining area perfect for family dinners. The kitchen white cabinets and appliances make it bright, plus window over sink to enjoy the view. Large primary bedroom, perfect for you king size furniture. Four-piece ensuite. Good size second bedroom. Three-piece main bath with walk in shower. Lovely wood flooring in living, dining and hallways. Newer carpeting in bedrooms for warmth. In suite laundry. Enjoy summer nights on the deck to enjoy the view. Two side by side parking spots plus a storage locker. A very short stroll to the beautiful and popular Moody Park, Lord Kelvin Elementary and to Royal City Centre for all your shopping needs. Local shops and restaurants make this a cozy and well sought out neighbourhood.
Welcome to 11860 Meadowlark Drive in the popular Cottonwood neighbourhood in Maple Ridge. This lovely home is perfect for your family to settle into. Split level design home with three bedroom and three bathrooms. Living room with fireplace and vaulted ceiling for your very tall Christmas tree. White and bright kitchen with white cabinets, stainless steel appliances plus quartz counter tops.
Three bedrooms upstairs. Four-piece main bath and 3-piece ensuite. Lower-level recreation room/playroom/home gym/craft area, what ever you can imagine room plus a fireplace. Cozy family room with glass sliders to the fabulous back yard. Laundry room and 2-piece bathroom down. Imagine cooling off in the above ground pool and friendly summer BBQs parties. Multi level sundecks for catching some sun rays and outdoor family dinners. This backyard fully fenced and has many uses. Double car garage, quiet street and so much more…
Open houses Sat June 1st and Sun June 2nd from 2:00-4:00pm. See you there!
The federal Budget 2024, delivered April 16, 2024, proposes significant changes to the capital gains tax.
When an individual, business or corporation sells an investment for more than they bought it for, the profit is capital gains.
For example, an investment can include assets such as:
a cottage or an investment property
stocks
bonds
mutual funds
The capital gains tax doesn’t apply to the profit earned by individuals through the sale of their primary residence or earned profit from tax-sheltered RRSPs or RESPs.
Current inclusion tax rate
Currently, 50 per cent of capital gains are taxable.
Example
Your client bought a ski cabin as a second home or an investment for $500,000 and later sold it for $700,000, seeing a $200,000 profit. They're taxed on 50 per cent of the $200,000 profit or $100,000, which is added to their income.
Proposed capital gains tax changes
The federal budget proposes to increase the capital gains inclusion tax rate as of June 25, 2024:
for individuals, the first $250,000 of capital gains will continue to be taxed on 50 per cent of their capital gains. For capital gains exceeding $250,000, the inclusion rate is 66.67 per cent.
for corporations and trusts, the inclusion rate will increase to 66.67 per cent from 50 per cent for all capital gains.
Example
Your client bought a ski cabin as a second home or an investment for $500,000 and later sold it for $800,000, seeing a $300,000 profit. They'll be taxed at a rate of 50 per cent on $250,000 of profit and at a rate of 66.67 per cent on $50,000. The higher rate applies to every dollar above $250,000 in capital gains.
Inherited property
Principal residence: if your client inherits their parents’ principal residence as a beneficiary, your client will be exempt from the capital gains tax when the title transfers.
Not a principal residence: if your client inherits a vacation home or an investment property as a beneficiary from their parent(s) and it wasn't a principal residence, and your client sells the property, they must pay capital gains if the value of the property has increased.
Lifetime capital gains exemption
For a business, the capital gains tax is charged on the difference between the cost of establishing the business and the sale price.
Currently, the lifetime capital gains exemption lets Canadians exempt up to $1,016,836 in capital gains on the sale of small business shares and farming and fishing property.
This tax-free limit will increase to $1.25 million on June 25, 2024, and will continue to be indexed to inflation.
Canadian Entrepreneurs’ Incentive
To encourage entrepreneurship, this incentive will reduce the inclusion rate to 33.3 per cent on a lifetime maximum of $2 million in eligible capital gains.
Combined with the enhanced lifetime capital gains exemption, when this incentive is fully rolled out, entrepreneurs will have a combined exemption of at least $3.25 million when selling all or part of a business.
The proposal would increase the average federal–provincial marginal tax rate on capital gains above $250,000 of someone earning $1 million a year, to 35.7 per cent.
Corporations
For corporations and trusts, the capital gains tax inclusion rate is increasing to 66.67 per cent from 50 per cent.
Timeline
Transitional rules will apply to taxation years that begin before June 25, 2024, and end after June 24, 2024, such that capital gains realized before June 25, 2024 would be subject to the 1/2 inclusion rate and capital gains realized after June 24, 2024 (net of any losses) would be subject to a 2/3 inclusion rate.
Changes are effective June 25, 2024. For tax years beginning before and ending on or after June 25, 2024, transitional rules will apply. Additional details will be released in the coming months.
Modest increase in April home sales in the Fraser Valley takes lead from cooler spring weather
SURREY, BC – Supply of available homes in the Fraser Valley market continued to build last month, however buyers remained relatively hesitant, leading to a cooler resale market in April.
The Fraser Valley Real Estate Board recorded 1,471 transactions on its Multiple Listings Service® (MLS®) in April, up 5 per cent from March, but off by 5 per cent compared to April 2023. While sales were the third lowest recorded for an April in the last decade, inventory continues to build, reaching levels not seen since September 2020.
Active listings were 7,313, up by 18 per cent over last month and 17 per cent above the 10-year average. “We are seeing a relatively calm and balanced market right now,” said Jeff Chadha, Chair of the Fraser Valley Real Estate Board. “Which means buyers have time to shop around and purchase a home without the pressure of a few years ago, and while prices are holding fairly steady across all property types.” New listings helped bolster overall inventory, increasing 33 per cent in April, to 3,976.
With a sales-to-active listings ratio of 20 per cent, overall market conditions are balanced.
The market is considered balanced when the ratio is between 12 per cent and 20 per cent. “There is a lot of caution in the market right now,” said FVREB CEO Baldev Gill. “Buyers are hesitant to purchase a home until the Bank of Canada lowers its rate — however we encourage anyone looking to get into the market to talk to their REALTOR® and their financial professional about what rates are available today.”
The average number of days homes are spending on the market continues to decline, with single-family detached homes spending 23 days on the market, down from 27 days in March, apartments spending 23 days on the market, down from 26 days in March and townhomes moving more quickly at 19 days, down from 20 days on the market in March.
Overall Benchmark prices edged up again in April, by 0.5 per cent from March and up 1.5 per cent over April 2023. MLS® HPI Benchmark Price Activity
• Single Family Detached: At $1,532,700, the Benchmark price for an FVREB single-family detached home increased 1.0 per cent compared to March 2024 and increased 5.3 per cent compared to April 2023.
• Townhomes: At $854,700, the Benchmark price for an FVREB townhome increased 0.9 per cent compared to March 2024 and increased 4.9 per cent compared to April 2023.
• Apartments: At $561,900, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to March 2024 and increased 5.7 per cent compared to April 2023.
TheFraser Valley Real Estate Board is an association of 5,183 real estate professionals who live and work in the BC communities of Abbotsford, Langley, Mission, North Delta, Surrey, and White Rock.
Actively listed homes for sale on the MLS® in Metro Vancouver continued climbing in April, up 42 per cent year-over-year, breaching the 12,000 mark, a number not seen in the region since the summer of 2020.
Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,831 in April 2024, a 3.3 per cent increase from the 2,741 sales recorded in April 2023. This was 12.2 per cent belowthe 10-year seasonal average (3,223).
“It’s a feat to see inventory finally climb above 12,000. Many were predicting higher inventory levels would materialize quickly when the Bank of Canada began its aggressive rate hikes, but we’re only seeing a steady climb in inventory in the more recent data,” Andrew Lis, GVR’s director of economics and data analytics said. “The surprise for many market watchers has been the continued strength of demand along with the fact few homeowners have been forced to sell in the face of the highest borrowing costs experienced in over a decade.”
There were 7,092 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2024. This represents a 64.7 per cent increase compared to the 4,307 properties listed in April 2023.
This was 25.8 per cent above the 10-year seasonal average (5,637).
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,491, a 42.1 per cent increase compared to April 2023 (8,790).
This is 16.7 per cent above the 10-year seasonal average (10,704).
Across all detached, attached and apartment property types, the sales-to-active listings ratio for April 2024 is 23.5 per cent. By property type, the ratio is 17.6 per cent for detached homes, 31.0 per cent for attached, and 26.0 per cent for apartments.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
“Another surprising story in the April data is the fact prices continue climbing across most segments with recent increases typically in the range of one to two per cent month-over-month,” Lis said. “The one segment that didn’t see an uptick in prices in April were apartments, which saw a 0.1 per cent decline month-over-month. This moderation is likely due to a confluence of factors impacting this more affordability sensitive segment of the market, particularly the impact of higher mortgage rates and the recent boost to inventory levels, tempering competition somewhat.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,205,800. This represents a 2.8 per cent increase over April 2023 and a 0.8 per cent increase compared to March 2024.
Sales of detached homes in April 2024 reached 814, a 0.7 per cent increase from the 808 detached sales recorded in April 2023. The benchmark price for a detached home is $2,040,000. This represents a 6.3 per cent increase from April 2023 and a 1.6 per cent increase compared to March 2024.
Sales of apartment homes reached 1,416 in April 2024, a 0.2 per cent increase compared to the 1,413 sales in April 2023. The benchmark price of an apartment home is $776,500. This represents a 3.2 per cent increase from April 2023 and a 0.1 per cent decrease compared to March 2024.
Attached home sales in April 2024 totalled 580, a 16 per cent increase compared to the 500 sales in April 2023. The benchmark price of a townhouse is $1,127,200. This represents a 4.3 per cent increase from April 2023 and a 1.3 per cent increase compared to March 2024.
Slow Start, Strong Finish: BC Housing Market Expected to Rebound
BCREA 2024 Second Quarter Housing Forecast
Vancouver, BC – April 25, 2024. The British Columbia Real Estate Association (BCREA) released its 2024 Second Quarter Housing Forecast today.
Multiple Listing Service® (MLS®) residential sales in BC are forecast to increase 7.8 per cent to 78,130 units this year. In 2025, MLS® residential sales are forecasted to strengthen further, rising to 86,480 units.
"After a slow start for the housing market in 2024, all eyes are on the Bank of Canada. Although fixed mortgages are down significantly, it appears that buyer confidence is hinging on seeing the Bank lower its policy rate," said Brendon Ogmundson, Chief Economist. ”Given weak economic growth, a slowing labour market, and a downward trend in inflation, we expect that the Bank will begin to loosen monetary policy this summer, which should spur some pent-up demand off the sidelines."
With prices starting to trend up in recent months, it will be crucial for the supply of new listings to keep pace with sales to contain price growth at a time when affordability has never been more challenging. We are confident that listings activity will rebound from a near-record low in 2023, which will help keep average price growth in a 1 to 2 per cent range this year.
-30-
For the complete news release, including detailed statistics, click here.
Brendon Ogmundson Chief Economist
Copyright British Columbia Real Estate Association. Reprinted with permission."
Canadian retail sales fell 0.1 per cent to $66.7 billion in February. Excluding volatile items, sales were flat on a month-over-month basis. In volume terms, adjusted for rising prices, retail sales fell 0.3 per cent in February.
After falling more than 2 per cent in January, retail sales in BC were up 1.2 per cent in February and were up 2.6 per cent from the same time last year. In the CMA of Vancouver, retail sales were down 0.2 per cent from the prior month and were up 4.2 from February 2023.
Buying your first home is a huge milestone. Congratulations! There are so many decisions to make along the way – everything from determining what you can comfortably afford to spend to maintaining your home over the years.
In recognition of these important decisions you’ll have to make throughout your time as a homeowner, we’ve created The Ultimate Homebuyer’s Checklist to walk you through every step, ensuring you’re well-prepared and confident in your homebuying decisions.
The Ultimate Homebuyer’s Checklist includes the following 10 key steps to helping ensure a smooth transition into homeownership and throughout your homeownership journey:
Step 1 – Assess Your Financial Situation
Calculate your budget, including down payment, closing costs and ongoing monthly expenses
Check your credit score and work on improving it as needed
Get pre-approved for a mortgage with your mortgage broker or lender to determine what you can comfortably afford to spend
Step 2 – Define Your Home Preferences
List your must-haves, such as the number of bedrooms, location and desired features
Differentiate between your needs and wants to prioritize effectively
Research neighbourhoods and communities to find the perfect match for your lifestyle
Step 3 – Find a Real Estate Agent
Ask for recommendations from trusted friends, family and colleagues, and conduct interviews to select a reputable agent with whom you feel comfortable working
Ensure your agent has expertise in your preferred location/neighbourhoods
Communicate your goals and preferences clearly
Step 4 – Start House Hunting
Attend open houses and schedule viewings with your agent
Take notes and photos to compare different properties
Consider the potential for future growth and resale value of each property
Step 5 – Make an Offer
Work with your agent to craft a competitive offer
Negotiate terms, including the price, contingencies and closing date
Be prepared for counteroffers and stay flexible, but also be cognizant of your maximum purchase price
Step 6 – Inspect the Property
Hire a professional home inspector to evaluate the property’s condition
Review the inspection report carefully and address any concerns
Negotiate repairs or credits as necessary
Step 7 – Secure Financing
Review loan terms and with your mortgage broker or lender to ensure you understand the details
You’ll be required to get mortgage insurance if your down payment is less than 20% of the purchase price
Finalize your mortgage application with your mortgage broker or lender
Step 8 – Close the Deal
Review the closing documents with your lawyer/notary and agent
Conduct a final walkthrough to ensure the property’s condition
Sign the paperwork and receive the keys to your new home
Step 9 – Move and Settle In
Plan your move and hire movers if needed
Change your address, set up utilities and forward your mail
Personalize your new house so it feels like home
Step 10 – Maintain Your Investment
Create a maintenance schedule for your new home
Budget for repairs and improvements over time
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Get The Home Buyer’s Checklist Before Your Buy!
To make your homebuying journey even more manageable, we’ve prepared a downloadable PDF version of The Ultimate Homebuyer’s Checklist. Print it out and keep it handy as you embark on this exciting adventure. With this checklist by your side, you’ll be well-prepared to find your dream home and make it your own.
With the weather beginning to warm and the days getting longer, the taste of summer is in the air. Many Canadians are looking forward to that first annual trip to the cottage. Perhaps this will be the year you and your family invest in a recreational property all your own…
According to the Royal LePage® 2024 Spring Recreational Property Report, the median price of a single-family home in Canada’s recreational regions is forecast to increase 5.0% in 2024 to $678,930, compared to 2023, as a boost in consumer confidence brings sidelined buyers back to the market. All of Canada’s provincial recreational markets are forecast to see an increase in single-family home prices in 2024. Ontario is expected to record the greatest price appreciation, at 8.0%.
Looking to buy a cottage or cabin this year? Here are four homes you can purchase in Canada’s recreational property markets today:
On Tuesday, April 16th, the Canadian federal government unveiled the 2024 budget. The annual fiscal announcement detailed dozens of new and ongoing initiatives aimed at creating new housing, along with policies targeted at making renting and home ownership more affordable for Canadians.
Here are eight standout housing policies announced in this year’s budget:
Canadian Renters’ Bill of Rights
More Canadians are renting for longer periods of time before they transition into home ownership. The 2024 budget announced several measures intended to more effectively protect tenants and strengthen their path to buying real estate.
Budget 2024 announced the creation of the Canadian Renters’ Bill of Rights, which proposes a nationwide standard lease agreement, and would require landlords to disclose rental price history on properties. Through the Canadian Mortgage Charter, the Budget also calls on banks and lenders to allow tenants to report their rental payment history to credit bureaus in order to better their credit scores, thereby strengthening their future mortgage applications.
Additionally, $15 million over five years has been allocated to a Tenant Protection Fund, which will provide legal support to tenants.
Funding for the construction of new homes
The federal government is promising billions of dollars in spending towards the construction of new housing.
The 2024 budget unveiled the Canada Builds initiative, which will enable the country’s Apartment Construction Loan Program to partner with provincial governments in order to build more rental accommodation. Starting next year, the program will receive $15 billion in additional funding for the creation of 30,000 new homes, topping up the program’s current funding allocation to over $55 billion for a total of 131,000 units, set to be built by 2031.
The Canadian Housing and Mortgage Corporation’s (CMHC) Housing Accelerator Fund will also receive $400 million in financial support to build 12,000 new housing units.
Infrastructure Canada will receive $6 billion over the next decade towards the Canada Housing Infrastructure Fund, which will support the creation of water and waste infrastructure needed for new communities. $100 million over two years will also be dedicated to Employment and Social Development Canada to support apprenticeship and skilled-trade programs that address the workforce shortage needed to build housing.
30-year mortgage amortizations for first-time buyers of new homes
Through the Canadian Mortgage Charter, the 2024 budget announced that starting on August 1st, first-time buyers purchasing a newly-constructed home can access 30-year mortgage amortizations, a product that has previously only been available to those with a down payment of at least 20%.
In practice, a longer amortization period would allow borrowers to pay off their mortgage over an extended timeline, thereby reducing their monthly payments.
Amendments to the Home Buyers’ Plan
Saving for a down payment is one of the largest hurdles new homebuyers face. To make it easier to access funds for a home purchase, Budget 2024 unveiled an amendment to the withdrawal limit on the Home Buyers’ Plan, which has been increased from $35,000 to $60,000 as of April 16th.
Support for single-family home suites
To encourage the creation of secondary housing units, the 2024 budget announced $409.6 million over four years towards a Canada Secondary Suite Loan Program, run by the CMHC. This will enable homeowners to borrow up to $40,000 in low-interest loans towards the cost of adding a secondary suite to their homes, which can be used for multi-generational living purposes or as a source of rental income.
Increase to the inclusion rate on capital gains above $250,000
Effective June 25th, Budget 2024 proposes an increase to the inclusion rate on capital gains realized annually above $250,000 by individuals, corporations and trusts from one-half to two-thirds, by amending the Income Tax Act. This would include the sale of secondary residences and investment properties.
Currently, only 50% of capital gains are taxable. The 2024 budget would increase the inclusion rate to 66% on capital gains above $250,000. The sale of principal residences will continue to be exempt from capital gains tax.
New funds for post-war housing catalog
In December 2023, the federal government announced that it would be modernizing its post-war home design catalog, providing standardized home blueprints that would accelerate the creation of much-needed housing. The 2024 budget unveiled $11.6 million towards the development of 50 home designs, which includes plans for row homes, fourplexes, sixplexes, accessory units and modular homes.
Conversion of public lands into housing
Land scarcity is one of the main barriers to the creation of new housing. The federal government intends to utilize public lands in order to free up space where new housing can be built, with a goal of building 250,000 new homes by 2031 under the Public Lands for Homes Plan. In Budget 2024, the government announced plans to lease public land to builders in order to lower capital costs, and review the federal lands portfolio to identify more usable lands for housing. The budget also outlines plans to reduce the footprint of federal office buildings, and convert these spaces into housing.
Over the next three years, $5 million will be allocated to the Canada Lands Company to support initiatives to build properties on public lands.
Want to know more about the 2024 federal budget? You can read the full budget announcement here.
CONTRIBUTOR
Michelle McNally
Communications manager, Royal LePage
Michelle is a member of Royal LePage’s Communications and Public Relations team, and works to deliver unique and insightful Canadian real estate content to media and consumers. Prior to joining Royal LePage, Michelle was an online reporter specializing in Canadian real estate and pre-construction development. She is a graduate of Toronto Metropolitan University’s esteemed journalism program.
Vancouver, BC – April 15, 2024. The British Columbia Real Estate Association (BCREA) reports that a total of 6,460 residential unit sales were recorded in Multiple Listing Service® (MLS®) systems in March 2024, a decline of 9.5 per cent from March 2023. The average MLS® residential price in BC in March 2024 was up 6.5 per cent at $1.02 million, compared to an average price of $958,051 in March 2023. The total sales dollar volume was $6.6 billion, a decrease of 3.6 per cent from the same time the previous year.
"March capped off a slow start to the first quarter of 2024," said BCREA Chief Economist, Brendon Ogmundson. "Despite a steep decline in fixed mortgage rates, buyers appear to be waiting on the Bank of Canada to lower its policy rate before jumping back into the market."
Year-to-date, BC residential sales dollar volume was up 13 per cent to $15.8 billion, compared with the same period in 2023. Residential unit sales were up 6.4 per cent to 15,938 units, while the average MLS® residential price was up 6.5 per cent to $995,149.
Royal LePage upgrades national year-end home price forecast as Canadian real estate market hits 'critical tipping point': In 2024, Greater Toronto and Montreal home price appreciation expected to outpace former frontrunner, Calgary Royal LePage is forecasting that the aggregate price of a home in Canada will increase 9.0 per cent in the fourth quarter of 2024, compared to the same period last year. Based on stronger-than-expected first quarter results, the previous forecast has been upgraded nationally and ... more
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