Updates

REAL ESTATE RECAP MARCH 2019 Here’s a quick summary of current events affecting Fraser Valley real estate. MOTION DEFEATED Surrey City Council defeated the motion tabled by Councillor Brenda Locke at the last council meeting to pause development activity along the Fraser Highway until further consultation has been completed. In support of the motion, Councillor…

REAL ESTATE RECAP FEBRUARY 2019 This year has been off to an eventful start. Here’s a quick summary of some of the hot topics in real estate that might affect you in the coming months! Translink releases new Skytrain plans Now that Surrey’s Mayor Doug McCallum has gained majority support in swapping the proposed LRT…

INTEREST RATE REMAINS UNCHANGED As many had predicted, the Bank of Canada has erred on the side of caution this morning and paused their plan of a gradual and consistent rate hike pattern. Several factors led to this slight change of course, primarily slumping oil prices and lagging retail spending. Although there was no talk…

THE CREDIT CYCLE’S IMPACT ON REAL ESTATE PRICES There are many factors that impact real estate prices, but ultimately, it comes down to liquidity and ease of access to attain funds. Money for down payments used to come from savings and income, but since the late ’80s, banks started extending more and more credit which…

ANNUAL RENT INCREASE RATE REDUCED TO 2.5% After many debates and push back against the prospect of a 4.5% rental rate increase for 2019, B.C.’s government has agreed to adjust the formula. Based on a proposal from the NDP’s Rental Housing Task Force, the new formula brings next year’s maximum rental rate increase to 2.5%.…

REAL ESTATE RECAP SEPTEMBER 2018 There’s been a few updates to real estate topics we’ve talked about in previous articles and we wanted to take the time to give a quick summary of some of the issues that may affect you. Fraser Valley Real Estate Board releases stats for AUGUST In a news release earlier…

FOREIGN BUYERS DISAPPEARINGFROM MARKET It’s been heard by everyone, whether on the news, at your coffee shop or thrown around on social media; “foreign buyers are driving up real estate prices”. The reality of this misguided sentiment was recently cleared up for all to interpret.  The latest property transfer data from the B.C. Ministry of…

UNCERTAINTY SURROUNDING SURREY’S LRT With many varying opinions surrounding Surrey’s plans for the proposed Light Rail Transit (LRT) system, its future is up in the air.  For SkyTrain: With the Surrey mayoral election coming up, the future of the LRT has now become a campaign topic of debate. The possible changes to the plan became…

BANK OF CANADA RAISES INTEREST RATES TO 1.5% Here we go again. Another key interest rate hike from Bank of Canada (BoC) now puts our benchmark rate at 1.5%. After reviewing the current economy, BoC increased the rate another 0.25% from the previous 1.25%. The bank’s rate, also known as the overnight rate, determines the…