MARIE TAVERNA & KIM TAVERNA

TAVERNA REAL ESTATE GROUP

Direct : 604-802-7759   

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Height, Length and Width: Choosing the Right Curtains for Your Room

Window coverings can make or break the aesthetic in any space. Curtains are a great way to change the appearance of a room, making it feel brighter and even bigger. However, choosing the wrong curtains may have the opposite effect.


Here is a guide to picking the right curtains for your space:


To Add Width

If your window is narrow or you want to widen the look of your space, extend your curtain rod on either side of the window to cover an area of 10 to 12 inches outside the frame. Avoid slat blinds or Roman blinds if you’re trying to make your windows look wider. These options will sit inside the frame, making the window look even more narrow.


To Add Height

Place your curtain rod flush to the ceiling or below to add a lengthening effect to the room. Make sure your drapes are long enough to be flush with the floor to make the most of this effect, ensure that you avoid contact with heating elements or floor vents. Avoid fixing your curtain rods just above your window if you’re trying to create the illusion of higher ceilings.


To Add Privacy Without Sacrificing Light

Opt for fabrics such as thick linen or double-lined cotton to prevent your neighbours from seeing your living room dance parties. Black-out curtains are a great option to preserve energy and enhance privacy. You may also opt to install roller shades in your bedrooms for additional privacy.


Need more design inspiration? Our blog has ideas for every room in your home, visit blog.royallepage.ca.

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5 Steps to Happier Houseplants

Spring isn’t only a time of renewal for us. As the days get longer, your houseplants are beginning to wake up from their winter dormancy. Now is the perfect time to give them the tender love and care they need to thrive all year long.


Follow these tips for happier houseplants:


1. Repot: This is the ideal time to give plants a bit of extra space to grow by repotting, allowing their roots to stretch out and absorb more fertilizer. If your plants still have room for growth, add some fresh soil to the top.


2. Prune: Most indoor plants take well to pruning. In fact, pruning often encourages new growth. To start, cut off any leaves that are yellow, bruised, or shrivelled. Next, cut off any stems that have grown long and leggy or have put out only small new growth. New stems should form in their place!


3. Fertilize: There’s nothing like a good dose of nutrients to get your plants going after their winter rest! Now is the time to restart your fertilizing routine to give your plants the nutrients they need to thrive.


4. Dust and Wash: Did you know dust accumulation on leaves prevents light absorption in plants? Give your plants a little spring bath by supporting the underside of the leaf with your palm, and wiping the surface with a damp paper towel or soft cloth. You can also put your plants in the bath and give them a shower with tepid water – just be sure not to overwater!



In need of more spring cleaning inspiration? Our blog features interior design trends, home improvement projects, and homeowner advice to enhance your life and investment. Visit blog.royallepage.ca.

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Smart Home Gadgets to Keep Your Home Safe

Your home should be the safest place in the world. Whether you live in a condo, apartment, townhome, or detached home, there are plenty of devices that can help you monitor and protect your home, helping you feel safer than ever.


Use smart cameras to monitor indoor and outdoor spaces

Home security cameras are more connected than ever. Most of today’s smart cameras allow you to monitor your home from anywhere in the world using Bluetooth and Wi-Fi connections. Aim to cover your front, back, and living areas for basic coverage. Cameras can go near windows, on flat surfaces or be mounted on the wall.

Smart doorbells are also a great option for condo and homeowners alike. Built-in cameras offer audio and video to let you see who’s at your door, and some even provide free intelligent alerts that can differentiate between people, packages, and animals.


Install a smart lock on your front door

Smart locks allow you to control your front door locks remotely via your phone or tablet with a Wi-Fi or Bluetooth connection. This is an excellent choice for families with kids or teenagers who stay at home alone after school or for pet owners who need to let in a dog walker or cat sitter.


Stay alert with smart smoke and carbon monoxide detectors

Smart smoke and carbon monoxide detectors sound alarms just like traditional models, but can also deliver life-saving alerts to your devices should you be away. Many of these devices can be synced with your smart home security system as well.

I know how important it feels to come home to a space that feels safe and secure. If you need help protecting your home, don’t hesitate to get in touch. I can connect you with my network of trusted local experts.

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National home prices close out 2023 above prior year, despite continued slowdown in market activity

According to the Royal LePage® House Price Survey released today, the aggregate price of a home in Canada increased 4.3 per cent year over year to $789,500 in the fourth quarter of 2023. On a quarter-over-quarter basis, however, the national aggregate1 home price decreased slightly by 1.7 per cent, highlighting that elevated borrowing costs continue to affect market activity, as Canadians adapt to the higher interest rate environment.

 “I believe the narrative suggesting that the housing market will rebound only when the Bank of Canada lowers rates misses the mark,” said Phil Soper, president and CEO of Royal LePage. “The recovery will begin when consumers have confidence the home they buy today will not be worth less tomorrow. We see that tipping point occurring in the first quarter, before the highly anticipated easing of the Bank of Canada’s key lending rate.”

The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 63 of the nation’s largest real estate markets. When broken out by housing type, the national median price of a single-family detached home increased 4.4 per cent year over year to $816,100, while the median price of a condominium increased 4.0 per cent year over year to $583,900. On a quarter-over-quarter basis, the median price of a single-family detached home decreased 2.1 per cent, while the median price of a condominium declined modestly by 0.6 per cent. Price data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian real estate valuation company. 

In December, Royal LePage issued its 2024 Market Survey Forecast, projecting that the aggregate price of a home in Canada will increase 5.5 per cent in the fourth quarter of 2024, compared to the same quarter in 2023. 

“Similar to what we witnessed last spring, when the Bank of Canada paused rates for the first time in a year causing sales activity and prices to increase almost immediately, the first sign of rate cuts – even if only by 25 basis points – could create a flurry of activity in the real estate market,  releasing pent-up demand. Those who have been holding off listing their homes will follow close behind,” added Soper.

1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

Learn more:

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Fraser Valley Real Estate Sales, listings continue to pick up heading into spring

SURREY, BC – Home sales in the Fraser Valley posted a second consecutive bump in February as new listings continue to rise and trend slightly above the 10-year seasonal average.

The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®) in February, a 32 per cent increase over January but still 21 per cent below the 10-year average for sales in the region. New listings increased to 2,797 in February, up 18 per cent from January and 4 per cent above
the 10-year average.

“There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS® continue to see more traffic at open houses, however buyers are still exercising caution. We aren’t out of the woods just yet, but
the signs are pointing to a further increase in activity as we head into spring.”

Active listings in February were 5,561, up by 14 per cent over last month and up by 26 per cent over February 2023. With a sales-to-active listings ratio of 22 per cent, overall market conditions are edging into a seller’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per
cent.

“All indications suggest we will see the Bank of Canada’s overnight rate begin to decrease mid-year, which is encouraging for buyers and sellers,” said FVREB CEO Baldev Gill. “With that confidence and the spring market on the horizon, we recommend anyone looking to buy or sell to seek the knowledge and guidance
of a professional REALTOR® who can provide detailed analysis and intimate knowledge of the local market.”

The average number of days homes are spending on the market is dropping, with single-family detached homes spending 35 days on the market, down from 44 days in January, apartments spending 29 days on the market, down from 41 days in January and townhomes moving more quickly at 28 days, down from 33
days on the market in January.

After six months of decreases, overall Benchmark prices posted a slight bump in February, edging up 0.9 per cent from January and up 4.8 per cent over February 2023.

MLS® HPI Benchmark Price Activity

  • Single Family Detached: : At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023.
  • Townhomes: : At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023.
  • Apartments: At $546,100, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to January 2024 and increased 7.2 per cent compared to February 2023.

To read the full statistics package, click here.

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What’s in BC Budget 2024 for property buyers and owners?

Affordable housing was the top priority in BC Budget 2024 and the government plans to make significant capital commitments to get middle-income earners into market homes and provide more supports and protections for renters.

Here are the highlights for property buyers, renters, and small business.

Property Transfer Tax (PTT)

The first-time homebuyers’ exemption

Effective April 1, 2024, the threshold is increased from $500,000 to $835,000, with the first $500,000 exempt from property transfer tax. The phase out range is $25,000 above the threshold, with the complete elimination of the exemption at $860,000. 

The newly built home exemption threshold

This threshold now eliminates the PTT for eligible first-time home buyers on new homes up to $1,100,000 from the previous $750,000. The phase out range is $50,000 above the threshold, with the complete elimination of the exemption at $1,150,000 for qualifying newly built homes. 

New purpose-built rental buildings

Buyers of new qualifying purpose-built rental buildings will be exempt from the PTT starting January 1, 2025 and ending December 31, 2030. This exemption builds on the further two per cent property transfer tax exemption for new purpose-built rentals announced in Budget 2023 and the rental housing revitalization tax exemption provided in Budget 2018. 

PTT exemptions dates

  • Increase threshold for first time home buyers’ exemption – begins April 1, 2024.
  • Increase threshold for newly built home exemption – begins April 1, 2024.
  • Enhanced exemption for new purpose-built rental buildings – begins January 1, 2025 and ends December 31, 2030.

The government estimates these new PTT exemption thresholds will save homebuyers about $8,000 and British Columbians over $100 million annually, and up to 14,500 homebuyers – twice as many as before – will now be eligible for the PTT exemption.

PTT revenue growth is expected to average 8.6 per cent annually over the next two years.

Note: For more than two decades, Greater Vancouver REALTORS® have been advocating for changes to the PTT, meeting with politicians and providing submissions each year. Government has finally listened. 

Flipping tax

The government is bringing in a new flipping tax, effective January 1, 2025, on the profit made from selling a residential property, including a presale assignment, within two years of buying it.

The rate is 20 per cent within the first year of purchase, declining to zero between 366 and 730 days. The tax will not apply to land or portions of land used for non-residential purposes.

There are exemptions for

  • those adding to the supply of housing or engaging in real estate development and construction
  • life circumstances including separation or divorce, death, disability or illness, relocation for work, involuntary job loss, a change in household membership, personal safety, or insolvency

In addition to these exemptions, individuals selling their primary residence within two years of purchase can exclude a maximum of $20,000 when calculating their taxable income.

The government estimates the tax would generate $44 million in revenue in the 2025/2026 fiscal year, which is slated for affordable housing.

Source: BC Budget 2024, page 66.

BC Builds and supporting renters

BC Builds, launched in February 2024, includes $198 million over three years and leverages government-owned, public, and underused land, and low-cost financing to bring down construction costs and deliver more middle-class rental and market housing.

Secondary suites

Forgivable loans up to $40,000 for homeowners to build and rent secondary suites below market rates to quickly increase affordable rental supply.

Renter tax credit

An annual income-tested tax credit of up to $400 per year for renters.

Zoning and permitting

Allowing small-scale, multi-unit affordable housing including townhomes, duplexes, and triplexes through zoning changes and proactive partnerships.

Streamlining permitting to reduce costs and speed up approvals to get homes built faster.

Short-term rentals

Strengthening enforcement of short-term rental regulation.

Electricity tax credit

A new, one year electricity affordability credit for all households, regardless of income starting in April 2024. Households will save on average $100 a year on their electricity bills.

Commercial and industrial customers will receive savings of about 4.6 per cent based or about $400 on their 2023/24 electricity bills.

Climate change and climate action

More than $1 billion in new spending measures to help protect British Columbians from the effects of climate change and build a greener economy.

The Climate Action Tax Credit increases to $1,005 per year for families up to four persons, up from $890 last year. Individuals will receive $504 compared to $447 last year. Start date is in July 2024. 

Small business

There is $100 million in relief for the employer health tax, including the  continuation of the venture capital tax credit, and the expansion of the interactive digital media tax credit.

Deficit and debt

The government estimates this years’ deficit at $5.914 billion rising to $7.773 billion by 2026.

The total debt will rise from $103 billion to $123 billion in 2024-25.

More information

Read the BC Government news release on BC Budget 2024.

Read Budget BC 2024 Highlights regarding housing.

Read the BC 2024 Budget speech.

Visit the BC Budget 2024 website.

Read BC Budget 2024 (opens a 170-page pdf).

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Home sellers awaken this spring, bringing much-needed inventory to the housing market

While Metro Vancouver home sellers appeared somewhat hesitant in January, new listings rose 31 per cent year-over-year in February, bringing a significant number of newly listed properties to the market. 


Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,070 in February 2024, a 13.5 per cent increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699).


“While the pace of home sales started the year off briskly, the pace of newly listed properties in January was slower by comparison. A continuation of this pattern in February would have been concerning, as it could quickly tilt the market towards overheated conditions,” Andrew Lis, GVR’s director of economics and data analytics said. “With new listings up about 31 per cent year-over-year in February, this will relieve some of the pressure that was building in January and offer buyers more choice as we enter the spring and summer markets.” 


There were 4,560 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2024. This represents a 31.1 per cent increase compared to the 3,478 properties listed in February 2023. This was 0.2 per cent below the 10-year seasonal average (4,568). 


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,634, a 16.3 per cent increase compared to February 2023 (8,283). This is three per cent above the 10-year seasonal average (9,352). 


Across all detached, attached and apartment property types, the sales-to-active listings ratio for February 2024 is 22.4 per cent. By property type, the ratio is 16 per cent for detached homes, 27.9 per cent for attached, and 25.9 per cent for apartments. 


Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 


“Even with the increase in new listings however, standing inventory levels were not high enough relative to the pace of sales to mitigate price acceleration in February, with most segments of the market moving into sellers’ territory,” Lis said. “This competitive dynamic has led to modest price growth across all market segments this month, but it’s noteworthy that benchmark prices remain below the peak observed in the spring of 2022, before the market internalized the full effect of the Bank of Canada’s tightening cycle.” 


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,183,300. This represents a 4.5 per cent increase over February 2023 and a 1.9 per cent increase compared to January 2024. 


Sales of detached homes in February 2024 reached 560, an 8.3 per cent increase from the 517 detached sales recorded in February 2023. The benchmark price for a detached home is $1,972,400. This represents a 7.2 per cent increase from February 2023 and a 1.5 per cent increase compared to January 2024. 


Sales of apartment homes reached 1,092 in February 2024, a 17.7 per cent increase compared to the 928 sales in February 2023. The benchmark price of an apartment home is $770,700. This represents a 5.6 per cent increase from February 2023 and a 2.5 per cent increase compared to January 2024. 


Attached home sales in February 2024 totalled 403, a 10.1 per cent increase compared to the 366 sales in February 2023. The benchmark price of a townhouse is $1,094,700. This represents a 4.2 per cent increase from February 2023 and a 2.6 per cent increase compared to January 2024. 

Download the February 2024 stats package
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 Canadian Monthly Economic Growth (Q4'2023) - February 29th, 2024
Canadian real GDP was largely unchanged in December, declining by 0.02 per cent, following two months of growth. Goods-producing sectors contracted by 0.2 per cent, while services were essentially unchanged. Construction activity fell 0.6 per cent in December, with residential building declining by 1.6 per cent. Offices of real estate agents and brokers rose 9 per cent, following five consecutive monthly declines amid soft home sales. Preliminary estimates suggest that output in the Canadian economy rose 0.4 per cent in January, helped by the conclusion of strikes in Quebec. 

Real GDP rose 0.2 per cent in the fourth quarter, close to 1 per cent on an annualized basis, erasing a 0.1 per cent decline in the third quarter. Improved net exports, driven by the strong US economy and Albertan crude oil, pushed GDP upwards. However, business investment declined for the sixth time over the most recent seven quarters. Household spending rose 0.2 per cent in the fourth quarter, driven by vehicle imports, but strong population growth meant that per capita consumption declined for the third consecutive quarter. At 6.2 per cent, the household savings rate was down slightly from the third quarter, but remains higher than pre-pandemic levels. Housing investment was down for the year, with residential construction down 10.2 per cent and ownership transfer costs down 7.7 per cent. At 1.2 per cent growth, 2023 was the slowest year for real GDP growth since 2016, excluding 2020. 

Economic growth in Canada was soft in 2023, and although it flirted with recession it has so far managed to avoid one. The central bank has raised rates by 475 basis points over two years and, as of the most recent data, managed to bring inflation down to 2.9 per cent without causing a major increase in unemployment or a contraction in GDP. The "soft landing" that seemed unlikely two years ago is now visible. However, while aggregate real GDP has not contracted, per capita GDP has contracted for six consecutive quarters as economic growth has failed to keep pace with rapid population growth. Per capita, real GDP is comparable to the level of 2017. Financial markets continue to expect that rate cuts will begin in the late spring and accumulate into the summer. The next rate announcement is on next Wednesday, March 6th.



Link: https://mailchi.mp/bcrea/canadian-economic-growth-real-gdp-q42023


For more information, please contact:  

Brendon Ogmundson
Chief Economist
Direct: 604.742.2796
Mobile: 604.505.6793
Email: bogmundson@bcrea.bc.ca

Economics Now is produced by the British Columbia Real Estate Association. Real estate boards, real estate associations and REALTORS® may reprint this content, provided that credit is given to BCREA by including the following statement: "Copyright British Columbia Real Estate Association. Reprinted with permission." BCREA makes no guarantees as to the accuracy or completeness of this information.

Additional economics information is available here on BCREA's website. 
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4 Ways to Make Your Home Look More Luxurious Low investment, high impact
GlucksteinElements Carmen table lamp, Faux Grasscloth peel-and-stick wallpaper, Everett area rug, GlucksteinHome Limited Cardiff chair, Getaway console

Many of us want a home that feels and looks just a little more luxurious. After all, an elevated home feels comfortable, intentional, and is just a pleasure to spend time in every day. If you’re looking to upgrade your living room, bedroom, dining room, or any space at home, try these four often overlooked interior design tips to make a big impact without breaking your budget.

1. HANG CURTAINS HIGH

Window coverings add a luxurious quality to your space. But it’s not just about the material. The height and length of your drapery is an often neglected but important factor in the look of the room. It’s best to hang your drapes above the window to emphasize and extend the height of the room and add a feeling of grandeur to the space. Aim for halfway between the window and the ceiling. And be sure your curtains are long enough so the hem lightly touches the floor.

GlucksteinElements velvet drapery panels and drapery hardware rodGlucksteinElements Velvet room darkening drapery panels, Ashton brushed nickel drapery hardware, Drapery brushed nickel clip ring set

2. GET THE RIGHT SIZE RUG

A rug truly sets the foundation in any room. Area rugs add warmth, texture, and a cozy softness to the space. Whether it’s the living room, bedroom, dining room, kitchen, or entryway, the right size rug is absolutely key to a more luxurious look in your home. To avoid that off balance feeling that a too-small rug creates in a room, remember that bigger is better. As a general guide, all your living room  furniture -or at least the front legs of sofas and chairs- should sit on the rug. In the dining room, the rug should be large enough to fit your dining chairs, even when they’re pulled out away from the table. 

GlucksteinElements Barlow area rugGlucksteinElements Barlow area rug, GlucksteinHome Allegra daybed

3. UPGRADE BASIC LIGHTING

Most people move into a home with the lighting that already exists. Installing new lighting fixtures is a fairly easy way to uplift a room and it really makes a difference to the space. So go ahead and switch in beautiful fixtures that reflect your own personal design style. Start with bathroom lighting, your hallway light, and lighting over the kitchen island. These often overlooked areas pack a lot of impact.  

4. USE WALLPAPER

Wallpaper is a pretty simple trick to add depth and a layering effect to any home. Whether your aesthetic leans modern or traditional, wallpaper can add tons of richness to a room through colour, pattern, or texture. And there are plenty of stylish options available at every budget. For an elevated look without breaking your budget, try a luxury peel-and-stick wallcovering. It’s not only easy to install, but gives you the flexibility to change up your look more often. For an even more luxurious effect, paint the baseboards and trim in a matching hue. It creates a cohesive look that will make the room feel more expansive and harmonious.

 
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Half of sidelined homebuyers waiting for interest rate cuts to resume their purchase plans

51% of Canadians who put their home buying plans on hold the last two years say they will return to the market when Bank of Canada reduces key lending rate


The increased cost of borrowing over the last two years has forced millions of Canadians to reconsider or readjust their plans to purchase a home. Since the Bank of Canada began raising its key lending rate in March of 2022, more than a quarter of the country’s adult population (27%) has been active in the market, and more than half of them (56%) say they’ve been forced to postpone their property search as a result of rising interest rates, according to a recent Royal LePage survey, conducted by Leger.1


With the rate of inflation having come down over the past year, close to the desired 2% target, it is expected that the Bank of Canada will make its first cut to the overnight lending rate later this year – a welcome relief for variable-rate mortgage holders and those who have been forced to put off their home buying plans. Among those who have had to postpone their purchase, 51% say they will resume their search if interest rates reverse – 10% say a mere 25-basis-point-drop will prompt them to jump back in, 18% say they are waiting for a cut of 50 to 100 basis points, and 23% say they need to see a cut of more than 100 basis points before they will consider resuming their search.


“Following the first rate hold by the Bank of Canada in March of last year, we saw an immediate surge of activity in the market as consumer confidence strengthened. I expect a similar wave of buyer demand at the first indication that highly-anticipated cuts by the central bank are on the horizon,” said Phil Soper, president and CEO, Royal LePage. “Buyer behaviour is strongly linked to their confidence that the home they want to buy today will not be less expensive tomorrow. We expect the spring will mark that pivotal moment.”


One fifth (20%) of sidelined buyers say they no longer plan to purchase a home, while another 12% say they are prepared to jump back in if the BoC’s key lending rate remains unchanged.


Among those who plan to re-enter the market once rates come down, 44% intend to obtain a four-year or five-year fixed-rate mortgage, the most popular mortgage type and term in Canada. That’s double the number of respondents who say they will choose a variable-rate mortgage (22%). Another 12% say they will obtain a short-term fixed-rate mortgage.


“In the first few weeks of the year, we have seen activity pick up in markets large and small, right across the country. Appointment bookings, property showings and requests for mortgage pre-approval through our lending partners are all up sharply. Our people on the front lines report that today’s real estate consumers are well informed, watching trends and fully prepared to engage when they perceive conditions are improved,” added Soper.


Of those who have postponed their home buying plans due to rising interest rates, 65% remain engaged in the home buying process. This includes those who are casually browsing listings (39%), continuing to save for a down payment (19%), have applied for a mortgage pre-approval (12%) or have obtained a mortgage pre-approval (7%). However, some have disengaged from the home shopping process entirely – 26% of respondents say that they have abandoned their home buying plans for the time being. 


The Bank of Canada’s overnight lending rate currently sits at 5.0%. The next interest rate announcement is scheduled for March 6th.2


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This article contains summary information only - more details are coming soon


Your association's government relations team is currently reviewing the wording of the new measures outlined in BC Budget 2024, including the new Property Transfer Tax exemptions and BC Home FLipping Tax.


We'll provide more information and analysis on the impact of these measures in the coming days.

 

The provincial government announced new housing related measures, including the BC Home Flipping Tax and new property transfer tax exemptions, in the Budget 2024 on February 22, 2024.


Greater Vancouver REALTORS® (GVR) is currently reviewing BC Budget 2024, including the language around the flipping tax and Property Transfer Tax (PTT) exemptions.


In the meantime, here’s a brief overview of these two changes.

 

BC Home Flipping Tax


The proposed BC Home Flipping Tax will apply to any home or property zoned for residential use sold within two years of purchase after January 1, 2025.


The tax rate will vary depending on how long the home or property has been owned. If sold within the first 365 days, the seller will pay a 20 per cent tax rate on the income they earn from the sale. After that, the rate will begin to decline until it reaches zero per cent at 730 days.


The province has also announced that exemptions will apply for

  • Separation or divorce
  • Death
  • Disability or illness
  • Relocation for work
  • Involuntary job loss
  • Change in household membership
  • Personal safety
  • Insolvency


More exemptions will be announced at a future date.

 

PTT exemptions


BC Budget 2024 also included new PTT exemptions, including an increase to the First Time Homebuyers Program threshold. First-time buyers will now be exempt from the PTT up to $500,000 on the purchase of a home worth up to $835,000.


Purpose-built rental properties with four or more units will now be exempt from the PTT until 2030.

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This Filmmaker Creates All Your Favorite Movie Sets

From Something's Gotta Give to The Holiday, Nancy Meyers is a source of inspiration for cozy interior design.


Whether or not you're a fan of rom-coms, you can't deny that Nancy Meyers is one of the most prominent filmmakers of the genre. From witty banter to the swoon-worthy meet-cutes, each one of her movies is that a warm hug for the romantic inside us.


But there's one more thing that we absolutely love about her movies (apart from Jude Law's charming British accent): it's her commitment to creating the coziest, dreamiest homes for her characters.


READ ALSO :
Get Inspired By Filmmaker Nancy Meyers, A Pillar For Cozy Maximalism


Her aesthetic is all about soft, neutral tones, plush fabrics and an inviting fireplace you can cozy up to with your loved ones, often described as "coastal grandmother." She showcases her characters' personalities through decor. For instance, Cameron Diaz's California mansion in The Holiday is bright, clean and technology-enhanced, showcasing her type-A nature and love of control. On the other hand, Kate Winslet's frazzled cottage in the English countryside is cozy but messy, evocative of the disarray in her own life.


How can you achieve this perfect balance of quiet luxury and welcoming coziness? Don't be afraid to showcase your favourite things and envelop your home in layers. Show off the art and trinkets you've collected over the years. Bookshelves are also essential to recreating Nancy's aesthetic, so fill yours up with everything that brings you joy.


Another key element is embracing a more rustic, traditional decor. Raffia, wicker, linens, plush carpets, wood accents and well-loved furniture are all part of the Meyers look, so you have plenty of options.


Remember, however, that a true Nancy Meyers-inspired home is all about comfort and homeliness, so lean into whatever aesthetic makes you happiest. The (interior design) world is your oyster!


Grab these items for a cozy maximalist look from your favourite movies.


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What can a budget of $1 million buy in Canada’s major housing markets in 2024?

Check out how this price segment varies regionally from coast to coast


When comparing the real estate markets of various cities, regions and provinces across Canada, a home with a price tag of $1 million can differ greatly. As the nation’s supply deficit persists and buyers struggle with affordability, there remains a vast variation of the definition of a $1-million home across major markets.  


In examining what a budget of approximately $1 million – give or take $50,000 – can buy in Canada’s major housing markets, Royal LePage® determined in a new report that the average home in Canada valued between $950,000 and $1,050,000 in December of 2023 had 3.2 bedrooms, 2.1 bathrooms and 1,760 square feet of living space, inclusive of all property types. 


Nationally, what $1 million can buy in Canada’s real estate market remains largely unchanged year over year, as a result of a major slowdown in activity and only modest property price growth. By comparison, in December of 2022, a home worth approximately $1 million had on average 3.2 bedrooms, 2.6 bathrooms, and 1,763 square feet of space.  


“Depending on the market that you are shopping in, a $1-million home can mean something very different. In Calgary, a budget of $1 million is considered the move-up price point for existing homeowners. In Vancouver, the same amount is often the starting point for entry-level buyers,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. “Years ago, a $1-million budget could buy a generous amount of square footage and access to sought-after neighbourhoods in almost any market. Over time, however, we have watched the purchasing power of $1 million vary more widely between cities. These days, this budget can buy a luxurious detached home in one location, or a two-bedroom condominium in another.”


There remains a stark discrepancy between how far a budget of $1 million will stretch in various regions across the country. Buyers located in some of Canada’s large urban centres often find themselves making more concessions on the type of home they can afford, even with a seven-figure budget, compared to those shopping in smaller, more affordable locations.


According to a recent Royal LePage survey conducted by Leger,1 two thirds of Canadians (64%) believe that $1 million in today’s real estate market is a reasonable budget to afford a home that meets their household’s needs. This includes 22% who say $1 million is ‘adequate’ and another 41% who say it is ‘more than enough’ to afford a home that meets their household’s needs in their current city or region. Meanwhile, 22% say it is ‘not enough’. 


“Many buyers are expected to come off the sidelines this year as interest rates begin to come down. This increased activity will undoubtedly put upward pressure on property prices, perpetuating affordability challenges even as monthly carrying costs are reduced,” added Yolevski. “Without a significant increase in supply, especially in cities like Toronto and Vancouver, the standard for a $1-million property will continue to evolve away from large homes.”   


Here are a few highlights from the Royal LePage 2024 Million-Dollar Properties Report:

  • Edmonton boasts highest average square footage of all regions in the report (2,675 sq. ft.), while Vancouver records lowest (900 sq. ft.) in the $1-million category
  • Cities and greater regions of Toronto and Vancouver rank below national average in square footage for $1-million properties, while the Greater Montreal Area boasts an average home size of 466 square feet larger than the national average
  • Winnipeg and Halifax record largest average home size in $2-million category at almost 4,000 square feet

Unsurprisingly, for buyers shopping in the $2-million range, a larger budget buys significantly more space. The average home in Canada valued between $1,950,000 and $2,050,000 in December of 2023 boasted 3.7 bedrooms, 2.6 bathrooms and 2,501 square feet of living space, inclusive of all property types.

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Mortgage Updates
 2024 is well under way and the markets are picking up at a fast pace.  We are busy in the office with new Pre-Approvals and activating expired Pre-Approvals for home buyers that were waiting on the side lines. 

This just in...Fixed Rates are on the move!  There has been some discussion in the past 24 hours with some recent data being released in the US and employment report for Canada last Friday, we are seeing a slight uptick in the bond market which is resulting in an increase of fixed rates

I can't stress enough to any and all potential home buyers or mortgage shoppers, ensure you have a rate held.  Take the time to fill out the application, CLICK HERE it literally takes minutes and this will allow us to secure a rate for you to ensure you are protected with the best rate possible for your next mortgage. 

We are fine tuning our systems and processes more than ever before to make it as easy as possible for our clients and business partners. 

If you or anyone you know that is entering the housing market or renewing a mortgage in 2024, please send them my way.  We are looking for new clients to help in 2024 and would be so grateful for your connection.
As the market picks up and more people are applying for mortgages, here are a few common pitfalls that we are running into when people are trying to get the best rates and maximum mortgage amount:
  • Changing jobs.  Whether you are starting a new job or trying out being self employed, banks and lenders are looking for two years of consistent income and in the same line of work.  If you are salaried, then the approval is much more seamless.  If you are paid hourly or do not have guaranteed hours, then the banks want to see 2 years of consistent income.
  • Buying a new vehicle (or any major purchase) that results in large monthly payments will negatively affect how much you qualify for.
  • Co-signing a loan for anyone.  That debt is treated like your own even if you are not making the payments.
  • Credit shopping on your own.  Many people worry about their credit score being affected when applying for a mortgage with a broker.  This is not the case.  It will only affect you if you shop from bank to bank on your own whether it's for a mortgage, a vehicle or any other major purchase that requires a loan.
  • Making large deposits into your bank account.  All large deposits need to be confirmed as part of the anti-money laundering policies in Canada. When in doubt how it will affect you, ask first before making deposits. 
These are the most common items we see get in the way of people applying for their desired mortgage amount.  It is never too early to start the application process to build a plan for your next mortgage.  We will help you through all the steps with what you need to do to be prepared.  Don't do it alone, call us for any and all questions. 
 
Refinancing is an option for mortgage holders when they need to make a change to the current terms of their mortgage for one reason or another.  When refinancing, you do need to ensure you leave at least 20% of your property value as equity in your home.  Example, you can borrow up to 80% of your property value in a new mortgage amount.  When refinancing, it is treated like the first time you took the mortgage, you do need to re-qualify at today's rates and provide current documentation.  Don't be afraid of that process, you are an expert as you have done it before and we are here to guide you through the steps of what is needed.

Here are some of the top reasons to Refinance Your Mortgage:
  • Roll in higher interest debt, consolidate
  • Bundle all payments into one to increase your monthly cash flow
  • Lower your interest rate from what it currently is to save thousands of dollars in interest
  • Extend your amortization to lower payments overall
  • Make changes to title and who is on the mortgage (such as co-signors that want to come off title)
  • Take out equity for large purchase such as investments or renovations
  • Take out equity to help children or family with a down payment to purchase a property of their own
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Canadian Housing Starts (January 2024) - February 15th, 2024

Canadian housing starts fell 10 per cent to 223,589 units in January at a seasonally adjusted annual rate (SAAR). Starts were up 7 per cent from the same month last year. Single-detached housing starts rose 4 per cent from last month to 54,248 units, while multi-family and others fell 14 per cent to 169,341 units (SAAR). 

In British Columbia, starts fell 50 per cent from last month to 31,088 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts rose 3 per cent to 4,742 units while multi-family starts shrank 56 per cent to 24,206 units. Starts in the province were 39 per cent below the levels from January 2023. Starts fell from last month by 22.3k units in Vancouver, 5.5k in Victoria, and 2.8k in Kelowna while rising by 1.0k in Abbotsford. The 6-month moving average trend in BC fell by 5.8 per cent from last month to 46,902 SAAR. 




Link: https://mailchi.mp/bcrea/canadian-housing-starts-january-2024
 
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Federal government extends foreign buyer ban to 2027

In an attempt to address the ongoing housing supply and affordability crisis in Canada, the federal government announced earlier this month that the Prohibition on the Purchase of Residential Property by Non-Canadians Act – otherwise known as the foreign buyer ban – will be extended for an additional two years. The Act was previously set to expire on January 1st, 2025, and has been extended to January 1st, 2027. 

The Liberals say the ban, which restricts foreign commercial enterprises and individuals who are not Canadian citizens or permanent residents from acquiring residential properties in Canada, is part of a broader strategy to cool the nation’s overheated housing market and make home ownership more attainable for Canadian citizens. 

Given that housing affordability has not greatly improved since the Act’s implementation more than a year ago, Royal LePage believes that an extension to the foreign buyer ban will not make a material difference on bettering access to housing for Canadians. 

“We do not foresee an extension to the foreign buyer ban resulting in a drastic improvement to housing affordability. Non-Canadian property ownership makes up a small percentage of the overall housing market, therefore a ban on such ownership is not likely to improve access to housing in a material way,” said Karen Yolevski, COO, Royal LePage Real Estate Services Ltd. “Given the imbalance between available inventory and buyer demand, the best way to solve Canada’s housing crisis is to significantly increase supply.”

The ban comes with specific exceptions, notably for individuals holding temporary work permits, refugee claimants, and international students who fulfill certain conditions. Those in violation of the ban could face penalties up to $10,000 and may be compelled to sell the implicated property. 

More information is available on the government’s website

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 Pricing Psychology and Selling your Home
 


Have you ever seen a product at a store and thought, “Whoa. That price is outrageously high. It’s just not worth it!” Conversely, you might have also reacted to another product with, “That’s awfully cheap. The quality must not be good.”

Welcome to the psychology of pricing!

According to research, people tend to draw conclusions about a product based on its price. If it doesn’t reflect the perceived value of the item, people become hesitant to buy. This occurs whether the item is priced too high or too low.

What does this have to do with selling your property?

When you set the list price, you want it to help attract the right type of buyers... buyers who are looking for your kind of property, in your neighbourhood, and within that price range.

If you set your price too high, you risk having buyers see your listing as too expensive relative to comparable properties.

If you set the price too low, you might attract more buyers. In fact, in some circumstances, that can be a strategy for generating quick interest in your listing. But, you might also cut out otherwise qualified buyers who are searching within a higher price range.

So, when selling your home, consider the importance of pricing psychology.

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 How to Make your Home “Picture Perfect” for Viewings

Have you ever had a formal photo shoot? Perhaps you’ve had one for work or arranged one for your family. If so, chances are you dressed up and made yourself look your best.

That’s the right mindset to be in when selling your home too. You want to make every room look as attractive as possible because, these days, many buyers will view pictures of your listing – usually online – before they actually come to see it.

So, how do you make your home look “picture perfect”?

An effective technique is to walk around your home with a camera. You don’t need to take any pictures, at least not yet. Just visit each room and view it through the camera lens. Look at the room from different angles – as though you were a Hollywood director planning a shot! Then, ask yourself the following questions:

  • Will the room look cluttered in a picture?

  • Does the room appear to be spacious and comfortable?

  • Is there anything in the shot that stands out as distracting or negative?

  • Will removing, adding or re-arranging furniture and other items make the room look better in a photo?

  • Does the room look better at certain times of the day?

  • Are there any other changes you can make to the room to make it look better in a photo?

After you’ve gone through this exercise, you’ll have a clear idea of what changes you need to make to ensure your listing looks its best in photos and video.

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