The BC government released their 2024 Budget which introduced a number of housing-related initiatives, including changes to property transfer tax exemptions and a new provincial property flipping tax. Transfer Tax Exemptions The threshold for property transfer tax exemption for first-time home buyers has been increased for residential properties from $500,000 to $835,000 as of April 1, 2024. The new rules… Read More »
Rate Update and Analysis – January 2024
On Wednesday January 24th at their regular policy meeting, the Bank of Canada (BoC) again decided to keep their Policy Rate at 5 per cent. This means that lenders will hold their consumer Prime Rate steady at 7.20 per cent and there will be no changes to the payment amounts for variable rate mortgages or Lines of Credit. This is… Read More »
Economic Forecast: Arguing the Case for a Rate Cut Coming this Summer
The Bank of Canada (BoC) will not offer any predictions about future rate cuts, for fear that investors and consumers will take any such talk as a green light to ramp up spending and work against the goal of reducing inflation. But that being said, here is our argument for why you might reasonably expect the BoC will start easing… Read More »
Tiny Desk Christmas Tree Decorating Competition!
This year our team got into the holiday spirit with a Tiny Desk Christmas Tree Decorating Competition! We ran a short contest through our Facebook and Instagram pages where everyone was able to LIKE each tree to vote for a winner. The team member with the most votes won $500, with half going to the local charity of their choice.… Read More »
Grinchmas Contest
This year the theme of our Christmas contest was Grinchmas, and the prize was a fully decorated Grinch Christmas Tree, along with a great collection of other theme decorations and gift cards. We run our giveaway contests through our Facebook and Instagram pages, and we had hundreds of people participate for a chance to win. In the end, the lucky… Read More »
Rate Update and Analysis – December 2023
On Wednesday December 6th at their regular policy meeting, the Bank of Canada (BoC) once more decided to keep their Policy Rate steady at 5 per cent. This means that most lenders will hold their consumer Prime Rate steady at 7.20 per cent and there will be no changes to the payment amounts for variable rate mortgages. It’s the third… Read More »
Christmas Parade 2023
Did you see us in the Christmas Parade this year? That’s right, our team were the ones in the gingerbread and christmas tree costumes! We had a great time seeing all the smiling kiddos and giving out bracelets. Happy Holidays!
Economic Forecast: Upcoming Mortgage Renewals Will Slow the Economy
Last week, the CMHC published their fall 2023 edition of the Residential Mortgage Industry Reporthttps://www.cmhc-schl.gc.ca/blog/2023/rising-rates-homeowners-greatest-shocks-lie-ahead In it, the author Tania Bourassa-Ochoa draws from the CMHC’s national mortgage data to put specific figures to the coming wave of mortgage renewals in 2024 and 2025. In the first half of 2023 about 290,000 mortgages were renewed into the higher rates of today,… Read More »
2023 Reader’s Choice Awards
A Heartfelt Thank You! We want to express our sincere gratitude to each and every one of you who took the time to cast your votes in this year’s Comox Valley Record Reader’s Choice Awards. Your support means the world to us, and we’re truly honored to be a part of this incredible community. This year, we were winner’s in… Read More »
Rate Update and Analysis – October 2023
On Wednesday October 25th at their regular policy meeting, the Bank of Canada (BoC) again decided to keep their Policy Rate steady at 5 per cent. This means that most banks will hold their consumer Prime Rate steady at 7.20 per cent, and there will be no changes to the payment amounts for Variable rate mortgage holders. This is the… Read More »