FOREIGN BUYERS BAN

Prohibiting The Purchase of Residential Property By Non-Canadians December 30, 2022 Starting in January 2023, the new Federally Legislated Act will prohibit individuals who are not Canadian citizens or permanent residents of Canada (collectively, “non-Canadians”) from purchasing residential property in Canada for a period of two years. The prohibition also applies to corporations that …

Big 2022 Assessments Won’t Turn Into Huge Property Tax Increase Vernon, BC – North Okanagan residents were shocked to see the new 2022 BC Property Assessments come out and like many, we are all concerned that this would turn into huge property tax increases.  However, that is not necessarily the case. Local assessments for …

2021 Re/Max Fall Housing Market Report Early indicators from RE/MAX brokers and agents across the Canadian housing market suggest steady activity for the remainder of 2021. According to the RE/MAX Canada 2021 Fall Housing Market Outlook Report, RE/MAX brokers and agents expect the average residential sale price for all home types could increase by five …

END OF SUMMER MARKET REVIEW Well here we are, sadly,  at the end of summer, but hopefully also near the end of the smoke and devastation.   As children return to school and we try to go back to more normal routines, we are reviewing the stats to see how the Real Estate Market fared …

BE FIRE SMART AS A HOMEOWNER Being fire smart as a homeowner is not difficult and with all of the recent fire activity in the summer there are some basic facts and information that you should know and be aware of.  Most of this information comes from local and Provincial websites and information portals. …

If you are looking to buy a home it just became a bit more difficult.  New Mortgage qualification rates changed on June 1st  over-riding the previous ‘stress-test’ rules. The Government of Canada has in fact changed the qualification rate for all mortgages to be 5.25% as of June 1st– which will effectively reduce the …

April 2021 MARKET UPDATE Well here we are into May and Covid is still dictating our movements! The only topic that gets as much attention is the Real Estate Market, and like covid, it has been coming in waves! Over the past few weeks, we have noticed a slight slowing trend but this is …

The hot housing market has gained the attention of the Government who are now making the mortgage ‘stress test’ rules even more stringent. Proposed changes to mortgage rules could make buying a home even more difficult now. The federal banking regulator is looking at increasing the so-called “stress test” in an effort to cool …

MARCH 2021 MARKET UPDATE We hope everyone had a bit of Easter Weekend happiness despite the chilly weather! Our time of living with COVID seems to be dragging on forever, yet we suddenly find ourselves in the middle of April and summer just around the corner! It has been a frantic, stressful, first quarter in the North Okanagan Real …

CORONAVIRUS AND REAL ESTATE – WHAT’S THE IMPACT? March 13, 2020 COVID-19, also called the coronavirus is a respiratory illness the World Health Organization has deemed a pandemic. While it has not yet affected the start of the spring real estate season yet, it could. But what isn’t clear is what that means for …