BC Housing and Mortgage Insights Newsletter March 15, 2024
Stay informed on British Columbia’s housing market with our weekly expert analysis. Whether you’re a prospective buyer, seller, or investor, we’ve got you covered! From the impact of flipping taxes to the likelihood of rate cuts, our insights will help you make informed decisions. Welcome aboard! Subscribe
Housing in Canada: A Key Piece in a Complex Puzzle
The economic situation in Canada has been challenging, impacting housing affordability. While housing interventions can provide short-term relief, a systemic view is needed to address broader socio-economic challenges.
Renting vs. Homeownership: Wealth Accumulation
Persistent unaffordability in Canada’s housing market is widening the wealth divide between renters and homeowners. Renters face financial strain, spending more than they earn, while homeowners save more. The chance of lower rates in 2024 may encourage prospective buyers.
Does British Columbia Really Need a Flipping Tax?
British Columbia plans to introduce a flipping tax on residential real estate held for less than two years. While exemptions exist for life situations, the impact on the market remains uncertain.
Canadian Home Building Intentions Are Worse Than 2019 Despite Gov Stimulus
Despite government stimulus, building permit values for new housing show minimal real growth and are worse than 2019 levels. Non-residential building intentions are recovering, but rising costs remain a challenge.
How Likely Is a Bank of Canada Rate Cut in June?
The Bank of Canada’s cautious approach suggests no immediate rate cuts, emphasizing the need for patience. While a first cut is forecasted for June, it’s not guaranteed. Prospective buyers should expect gradual rate declines.
