Blog

G7 Fiscal and Monetary Responses to COVID-19

Policy responses to the COVID-19 outbreak have been rolling out steadily in recent weeks. Actions by major central banks have been swift and unprecedentedly aggressive, including interest rate cuts to, or near, financial-crisis lows, and a spate of quantitative easing and liquidity measures.

On the fiscal front, the response has been slower to take shape, in part because of procedural hurdles. Nevertheless, G7 governments have rolled out direct support in the range of roughly 1.5%-to-7.5% of GDP. Many of the measures have been aimed at supporting workers through a period of self-isolation or job loss, and supporting near-term cash flow to help keep businesses solvent through what is expected to be a short but extremely deep downturn.

Continue reading →

Speculation Tax Declaration

Dear Homeowners in BC,

You have two days to file the Speculation Tax Declaration, If you have not filed as of yet, please read below. (Due March 31, 2020)

If you own property in BC, you would have received a letter earlier this year for the speculation and vacancy tax, which is separate from Vancouver’s empty homes tax. You must declare for both taxes.

To declare you will need 2 numbers: Declaration Code + Letter ID.

The speculation and vacancy tax is an annual tax based on how owners use residential properties in major urban areas in B.C.  

Everyone deserves an affordable place to call home, yet house prices and rent have skyrocketed out of reach for too many people. The provincial government is taking action to address this crisis through the annual speculation and vacancy tax, which will contribute towards:

  • Turning empty homes into good housing for people who live and work in B.C.
  • Supporting affordable housing initiatives

Find out more about how the speculation and vacancy tax applies to you.

Click here to view more.

How to complete your BC speculation and vacancy tax declaration:

Home Price Index for October

Combined with the expertise of your Bigtown REALTOR®, the MLS® Home Price Index (HPI) is a helpful tool to learn what’s happening in home prices to help buyers, sellers and investors make an informed decision. The MLS® HPI takes into consideration what averages and medians do not – items such as lot size, age, and number of rooms. These features become the composite of the ‘typical house’ in a given area. Click on the following links to find out the HPI for detached homes, townhomes and apartments for these, and many more, communities.

Greater Vancouver

Coquitlam

Port Coquitlam

Pitt Meadows

Burnaby North

Burnaby South

Burnaby East

Port Moody

North Vancouver

West Vancouver

All Areas

BIGTOWN SUPPORTS THE REALTORS CARE® ANNUAL BLANKET DRIVE – November 14 – 21, 2017

SHARE THE WARMTH!

HELP THE HOMELESS AND POOR

The weather is getting colder and there are more people than ever who are homeless in Metro Vancouver.

You can make a difference.

Gather your donations of blankets, clothing and other warm and wooly items for the 23rd annual REALTORS Care® Blanket Drive – a partnership between the Real Estate Boards of Greater Vancouver, the Fraser Valley and Chilliwack and District and their member REALTORS ® . Since it started 23 years ago, the Blanket Drive has helped more than 300,000 people in our communities.

The Bigtown Real Estate Team is proud to support this year’s REALTORS Care® Blanket Drive.

We’ll gather your donation and make sure it is delivered to local charities, churches and other community organizations.

The following items are needed for all ages and sizes:

  • Gently used or new blankets or sleeping bags
  • Warm clothing, coats
  • Hats, gloves, scarves
  • New socks and underwear
  • Plastic ponchos, bivy sacks

If you have any items you would like to donate, please contact:
Mike Turner at 778-387-1556

Continue reading →

HOME PRICE UPDATE FOR SEPTEMBER

Combined with the expertise of your Bigtown REALTOR®, the MLS® Home Price Index (HPI) is a helpful tool to learn what’s happening in home prices to help buyers, sellers and investors make an informed decision. The MLS® HPI takes into consideration what averages and medians do not – items such as lot size, age, and number of rooms. These features become the composite of the ‘typical house’ in a given area. Click on the following links to find out the HPI for detached homes, townhomes and apartments for these, and many more, communities.

Lower Mainland

Vancouver

Coquitlam

Port Coquitlam

Pitt Meadows

Burnaby North

Burnaby South

Burnaby East

Port Moody

North Vancouver

West Vancouver

All Areas

BANK OF CANADA INCREASES ITS PRIME RATE – WHAT THIS MEANS TO HOME BUYERS, SELLERS AND OWNERS

The Bank of Canada raised its overnight rate to 1.0 percent on Wednesday, September 6, 2017, up 25 basis points from 0.75 percent in mid-July. The overnight rate serves as a benchmark that banks and other financial institutions use to set their own interest rates for products such as consumer loans and mortgages.

While this is still an extremely low rate, this is the third increase that the Bank of Canada has made this year and analysts are forecasting a further increase by the end of the year as Canada’s economy continues to grow more broadly and become self-sustaining. The next scheduled date for the Bank of Canada to announce its overnight rate target is October 25, 2017.

Source: BCREA Mortgage Rate Forecast,     Third Quarter Report (September 2017)

What does this mean for mortgage rates? 

Based on this increase from the Bank of Canada, The BC Real Estate Association (BCREA), upgraded its mortgage rate forecast stating, “…our projected rise in interest rates has occurred and accelerated.”  In its Mortgage Rate Forecast for September 2017, the BCREA forecasts that a 5-year fixed mortgage rate offered by lenders will increase to an average 3.15 percent over the fourth quarter, eventually rising to 3.44 percent by the end of 2018.

The posted 5-year qualifying rate is forecast to reach 5.14 percent by the end of 2018.

 

Continue reading →