All posts by VCI Admin

Toronto #1 (in empty homes)

You were feeling all proud about the number of empty homes in Vancouver weren’t you?  25 thousand, that’s a lot, but Toronto just had to outdo us:

Hold my beer Vancouver, we got this. The newly released 2016 Census numbers from Statistics Canada, show the City of Toronto saw Vancouver’s 25k+ unoccupied homes, and trumped it by another 74k units. Now with over 99k unoccupied homes in the city, speculation of Toronto real estate might be worse than previously thought.

Read the full article here.

Interest free loans get expensive

Bullwhip29 points out an article that says the BC first time buyer loans program will likely cost the government twice as much as they claim.

“The Ministry of Finance estimates that for every dollar of loan proceeds under HOME, taxpayers will lose about 19 cents in administrative costs and foregone interest. This estimate ignores the cost of default losses that may arise if borrowers are unable to repay their loans.”

Read the full article here.

Friday Free-for-all! February 3rd 2017

It’s the end of another work week and that means it’s time for another Friday Free-for-all.

This is our regular end of the week news round up and open topic discussion thread for the weekend, here are a few recent links to kick off the chat:

Home sales plunge 40%
Foreign buyer tax zone effect
12 WTF charts
REBGV monthly report
FBT and real estate donations

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

BMO offers cash back mortgages

Are you a first time buyer looking for a mortgage? BMO wants your business and will give you back $1000 of your own money if you choose them.

Under the new promotion, first-time home buyers taking out insured mortgages with terms of at least four years are eligible for $500 cash on mortgages of less than $250,000, and $1,000 on larger loans. Once the mortgage is booked, the cash is credited to the customer’s BMO chequing account.

In a statement, BMO called its new offer a “timely” companion to a new interest-free loan program British Columbia’s provincial government launched to help new buyers cobble together down payments amid soaring housing prices. 

Read the full article here.

Ramping back on the foreign buyer tax

Christy Clark has said that the province intends to make some changes to the foreign buyer tax, exempting those with work permits.  No word yet on if there will be a limit on the number of properties that are exempt.

Clark made the comments Sunday while speaking to reporters at a Lunar New Year event in Vancouver.

“We’re going to lift the foreign owners tax on people who have work permits, who are paying taxes and living in British Columbia as a way to encourage more people to come.”

Clark did not elaborate on the proposed changes.

Read the original article here.