Showing posts from 2018

Monetary Policy & Mortgage Rate Forecast

The Bank of Canada raised its target for the overnight rate by 25 basis points to 1.75 per cent this morning. With this decision, the Bank noted that the overnight rate will need to rise to a neutral stance to achieve its 2 per cent inflation target.
The Bank of Canada is determined to finally “normalize” it's monetary policy after nearly a decade of low interest rates with the goal of returning the overnight rate to its estimated equilibrium or “neutral” level of between 3 and 3.5 per cent. Policymakers have even discussed dropping their gradual approach, replacing the standard 25 basis point increment rate increases with more accelerated interest rate increases.
The Bank will meet again in December and we expect policymakers will maintain the current overnight rate at this meeting before raising it to 2 per cent in January 2019. As the Bank continues to tighten monetary policy, Canadian mortgage rates are expected to rise, resulting in a 6 per cent qualifying rate by the end of…

Central Port Coquitlam, Port Coquitlam - 2228 Shaughnessy Street

2228 Shaughnessy Street, Port Coquitlam

Great buy if you're moving up from a Condo/Townhouse, 2 bedroom Mortgage Helper, or an Investor, with potential to hold and wait for Future Development, OCP calls for Apartments. If you're investor this property has cashflow potential (call for details & Cash-flow
Analysis). You'll find one of the cities biggest infrustructure projects in it’s first phase, the New Recreation Complex, slated to be completed in 2021 just down a couple blocks away. A proposed adjacent private development to the new complex is to include a mix of apartment buildings, seniors' and rental housing, and a restaurant or cafĂ©. There is new development all around this property and area. Call today for your personal showing!

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2018 BC Budget Housing

The NDP Government of British Columbia announced their BC Budget for 2018 on February 20, 2018. BC Housing is a big part of their Budget and these are main points...
ADDITIONAL PROPERTY TAX FOR FOREIGN ENTITIES AND TAXABLE TRUSTEES Has gone from 15% to 20%, effective February 21, 2018.Contracts written before Feb. 20, 2018 with a closing on or before May, 2018 are exempted, but only for Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan or Nanaimo Regional District. Note this exemption does not apply in Greater Vancouver.Transfers pursuant to court order, order of foreclosure, separation agreement, transfer from personal rep of deceased’s estate to beneficiary or transfer to surviving joint tenant are also exempt, provided the triggering event occurred before Feb. 20, 2018.This tax applies to the Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan, Nanaimo Regional District and Greater Vancouv…

Metro Vancouver 2017 Year End Market Update

Steady sales and diminished listings characterize 2017 for the Metro Vancouver housing market

After reaching record levels in 2015 and 2016, Metro Vancouver* home sales returned to more historically normal levels in 2017. Home listings, on the other hand, came in several thousand units below typical activity. The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 35,993 on the Multiple Listing Service® (MLS®) in 2017, a 9.9 per cent decrease from the 39,943 sales recorded in 2016, and a 15 per cent decrease over the 42,326 residential sales in 2015. Last year’s sales total was, however, 9.7 per cent above the 10-year sales average. “It was a steady year for home sales across the region, led by condominium and townhome activity, and a quieter year for home listings,” Jill Oudil, REBGV president said. “Metro Vancouver home sales were the third highest we’ve seen in the past ten years while the home listings total was…