In 2023, residents and businesses in Burnaby will experience one of the lowest property tax increases compared to other municipalities in Metro Vancouver. The Burnaby City Council has approved a 3.99% municipal property tax increase, resulting in an average increase of $74 in the total tax levy of $1,931 for a residential home valued at
Continue reading ...
The Bank of Canada today held its target for the key interest rate steady for the first time in a year, at 4.5 per cent. The Bank is also continuing its policy of quantitative tightening. Global economic developments have evolved broadly in line with the outlook in the January Monetary Policy Report (MPR). Global growth
Continue reading ...
Several major banks in Canada reported first quarter earnings last week, and those earnings provide an important glimpse into the direction of the nation’s housing market. It also provides a reason for the steady Vancouver housing market. CIBC, TD and BMO allow negative amortization on home loans. Assuming you purchased a fixed repayment variable rate
Continue reading ...
The amount of Canadian mortgage debt has been increasing, with a rise of 7.1% ($137.8 billion) in the past year, reaching a total of $2.08 trillion in December. Though growth is slower compared to its peak, it remains high when viewed historically, and is growing much faster than GDP. This growth is expected to have
Continue reading ...
Last week we talked about the Prohibition on the Purchase of Residential Property by Non-Canadians Act is seriously doing damage to the commercial real estate in Canada. The regulations also pose another challenge to land development as they forbid Canadian companies with over three percent foreign ownership from acquiring undeveloped land for residential purposes and
Continue reading ...
The Prohibition on the Purchase of Residential Property by Non-Canadians Act, which came into effect on January 1, 2023, prohibits foreigners from purchasing residential property in Canada for two years, is intended to prevent foreign buyers from competing for a limited number of properties, but it seriously hurts commercial real estate in Canada. Real estate
Continue reading ...
Construction costs play a significant role in determining home prices, typically accounting for more than one-third of development costs. residential construction costs in Canada rose 1.0% in the fourth quarter of 2022, while non-residential construction costs rose 1.6%. Key factors driving the increase include skilled labour shortages, the cost of construction materials such as fuel,
Continue reading ...
何謂遺產物業 (Estate Sale)？遺產物業，顧名思義是指業主去世而遺留下來，並委託遺產託管人來出售的物業。 假如你看上了一個遺產物業，在準備成交的過程中特別需要留意以下兩點： 第一：留意成交日期有變更的可能。 遺產物業買賣跟一般二手物業買賣一樣，都要經過出Offer，驗屋，貸款的程序，但遺產物業成交前還須經過一個遺產認證(Probate)過程，由於認證時間的長短難以確定，因此有機會影響物業最後成交日期。遺產託管人有時候為了加快進度，會先把物業放到市場上出售，同時進行遺產認證，假如落實了買家，但在認證過程出現問題，成交日期就會有所延誤。賣方基於成交日期的不確定性，有機會在買賣合約上關於成交日期加註：如果遺產物業無法按照原訂的成交日期成交，買賣雙方同意更改成交日期。成交日期一旦有改變，就代表你的住屋計劃都有所改變，所以作為買家，你需要盤算清楚假如成交日期有變更，你會否有備用計劃來應付你的住屋需要，又或者在落實買賣前，向賣家經紀諮詢是否拿到遺產認證，亦可在買賣合約加上認證條款(Subject to Probate)，保障作為買家的權益。 第二：難以查考物業過去的維修情況。 由於業主已離世，很多屋內的維修、冷暖設備的更新、是否有過水浸、火災等情況，都無法確切了解。買家雖然可以通過保險公司查詢該物業有否申報過保險，但如果原業主在物業發生水、火災時沒有向保險公司索賠，想查證就有點困難了。遺產物業賣家通常採用「as is」條款，即現有狀態出售。 即使開關失靈、水管漏水、電器鏽蝕，都不做任何更新、修補及替換，所以當你想購買遺產物業前，建議聘請有經驗的驗屋師做個全面的檢查，如果驗屋後，沒有大問題就可以放心購買了。 雖說有些遺產物業室內裝修陳舊，但因價格吸引，不少人都感到有興趣。購置這類物業不能掉以輕心，要做足準備工夫了解交易特點及注意事項，才可安心購買心頭好! #E家情報 #遺產物業 #遺產認證 #Estatesale #edgarsung #vancouverrealestate
Continue reading ...