In the face of soaring housing costs and an upcoming provincial election, the BC Real Estate Association (BCREA) is making a powerful call for housing tax reform in British Columbia. With a focus on improving affordability and fairness, the BCREA is urging a comprehensive review of taxation policies that have significantly impacted the housing market since 2016. Vancouver’s housing crisis

On September 16, 2024, the Canadian government announced the most significant mortgage reforms in decades, aimed at making homeownership more accessible to Canadians, particularly younger generations like Millennials and Gen Z. These reforms include raising the price cap for insured mortgages, extending mortgage amortization periods, and enabling easier lender switching. With a focus on reducing monthly payments and incentivizing new

Choosing between a half-ownership property, a 1/4 share, or whole ownership depends on factors like budget, usage needs, and long-term goals. Here are some pros and cons of each option: 637 HALF OWNERSHIP Half-Ownership Property: Pros: Cost Savings: Half ownership can be significantly cheaper than whole ownership, offering substantial savings. Shared Maintenance Costs: You only need to cover half of

The provincial government has agreed to fund a project by the Elk Valley Family Society to construct a new apartment building on the site of the former fire hall at 692 3 Ave. This announcement was made on August 13th, as part of a $19 billion province-wide housing investment. Although the exact cost for this local project has yet to

In response to the growing demand for housing and the need to accommodate Fernie’s expanding population, the City of Fernie has taken a significant step forward by looking at approving new densification bylaws. These bylaws are designed to promote the development of more compact and efficient housing options within the city’s residential areas. The goal is to create a more

Budget 2024: Enhancing Homeownership Opportunities In an exciting announcement, Deputy Prime Minister and Minister of Finance Chrystia Freeland revealed plans in Budget 2024 to support Canadian homeowners in expanding their housing options. Through a new Secondary Suite Loan Program, homeowners can access up to $40,000 in low-interest loans to create additional rental suites, fostering densification and accommodating evolving housing needs.

This overview discusses two important updates impacting the Elk Valley real estate market: new mortgage relief measures for first-time homebuyers and the Bank of Canada’s decision on interest rates. Let’s explore how these changes could affect the local housing market. Recent Government Developments Impacting the Elk Valley Real Estate Market New Mortgage Relief Measures for Canadian First-Time Homebuyers Effective August