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March 2020 Market Update

 

Homebuyers, take note: Canada's mortgage stress test rate is changing in April

OTTAWA -- The federal government is changing the stress test rate for insured mortgages starting April 6 that experts say should make it marginally easier for some buyers to purchase their first home, or owners refinancing their existing mortgages.

The new minimum qualifying rate will be the greater of the borrower's contract rate or the weekly median five-year fixed insured mortgage rate from mortgage insurance applications, plus two percentage points.

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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single-family homes in cities across BC.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

Home decor trends 2020 – the key looks for updating interiors

Hands up if your home is a constantly evolving mix of all the things you love – as it should be. But as with new season fashion trends we see new emerging new home decor trends each season, that tempt us to update our homes – rather than change them entirely.

Whilst ‘trends’ change and evolve, they do so at different paces – some are popular for years rather than merely a season. Take the Nordic trend, it has been with us for years now and yet continues to surprise and delight. But there are also key colours that become the big thing for decorating our homes – especially now with various ‘Colour of the Year‘ accolades.

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B.C. Real Estate News

BRITISH COLUMBIA

What the Bank of Canada rate cut means for mortgages (Globe and Mail)

B.C. stratas on edge after reports of soaring insurance premiums (Vancouver Sun)

B.C. finance minister optimistic province’s real estate market will become more affordable, despite supply slow down (Globe and Mail)

B.C. Budget 2020: Housing funding up, property transfer tax revenue down (Vancouver Sun)

Canada must expose hidden company owners to end 'snow washing,' inquiry hears (National Post)

LOWER MAINLAND

Metro Vancouver still a seller's market despite housing downturn, latest numbers show (CBC)

Vacant homes in Vancouver continue to dwindle due to empty homes tax: mayor (Global News)

Regional transit funding pushed ahead of government budgets (Business in Vancouver)

Duplexes making ‘modest’ inroads into Vancouver housing options (Vancouver Courier)

WHISTLER & SQUAMISH

Two new buildings slated for Squamish's industrial park (Squamish Chief)

VICTORIA & VANCOUVER ISLAND

Home sales jump across Greater Victoria in February (Times Colonist)

OKANAGAN

Central Okanagan housing market off to a strong start in 2020 (Kelowna Capital News)

Housing market normalizes (Kelowna Daily Courier)

Median cost of newly-built homes in Kelowna metropolitan area stands at $950,000: Report (Kelowna Capital News)

 
 

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