BC Housing and Mortgage Insights Newsletter May 8, 2024

Stay up-to-date with the latest trends and legislation affecting British Columbia's housing market in our featured articles. This edition covers the new Short-Term Rental Accommodations Act, reflections on CMHC's annual report, forecasts for housing starts, and much more. Ideal for realtors, investors, and policymakers looking for concise, in-depth analysis.Subscribe

It’s Finally Here: The Short-Term Rental Accommodations Act #572

The new Short-Term Rental Accommodations Act (STRAA) in British Columbia represents significant legislative changes, crucial for both real estate professionals and property owners. Set to take effect on May 1, 2024, STRAA restricts short-term rentals to primary residences and certain secondary units within designated areas, aiming to boost the availability of long-term rentals. This article discusses the implications for realtors, including stricter market conditions, the need for diligent compliance with local bylaws, and the importance of advising clients professionally in this changing landscape.

Reflecting on a year of challenges and progress in Canada’s housing

This summary distills the key points from the Canada Mortgage and Housing Corporation (CMHC) 2023 Annual Report. It covers CMHC's efforts in enhancing affordable housing, evolving mortgage insurance, and addressing housing market challenges. Understand how they've met targets, supported homeownership, and implemented climate initiatives to impact Canadian housing positively over the past year, making it concise for those interested in major outcomes without reading the entire document.

Lower housing starts forecast in 2024

Canada's housing starts are projected to decrease in 2024 due to the impact of heightened interest rates, according to the latest report by the Canada Mortgage and Housing Corporation (CMHC). While 2024 will see a slowdown, a recovery in home construction is expected in 2025 and 2026, fueled by lower interest rates and ongoing government support for housing density. The report also covers trends in home prices, sales, and the rental market across major cities including Vancouver, Calgary, Edmonton, Toronto, Ottawa, and Montréal.

BC Polling shows that the housing crisis has worsened, and a majority of residents confirm ...

A recent poll commissioned by the BC General Employees' Union indicates a worsening housing crisis in British Columbia. As housing affordability declines, public support for stronger government action and policies to regulate land values and increase public housing remains high. The poll reveals significant stress among residents, with many unable to afford current rents or foresee affordable housing in their future without significant policy changes.

An overview of housing promises from all of the 2024 provincial budgets

As housing emerges as a critical policy issue in Canada, governments from Iqaluit to Windsor are focusing on creating solutions. Recent provincial and territorial budgets reveal a comprehensive commitment to building new homes and providing necessary financial support to developers. This overview highlights various regional strategies to tackle the housing crisis, reflecting targeted supports for diverse community needs while emphasizing broader housing initiatives affecting all residents.

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I love being a Mortgage Specialist in this beautiful Okanagan Valley.

My passion lies in creating strong, lasting relationships with my clients and their families. Talk to me about your hopes, dreams and goals. Provide me with transparency and I will provide you with the absolute best mortgage solution and rates to meet your needs.

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