Many Canadian first-time buyers plan to purchase homes over a decade later than current owners, with 74% seeking homes they won't outgrow. Over half consider multi-generational living due to affordability and cost-sharing. Buyers face stress from uncertain prices and mortgage renewals, with 51% finding renewals nearly as stressful as buying. Financial planning and professional advice are crucial in today's complex market.
A B.C. credit union suggests that relying solely on a down payment to qualify for homeownership is outdated. While important, a down payment is just one factor; a holistic view of finances and rent management is crucial. Many renters aim to own homes but have limited savings. Choosing a community that fits lifestyle and career goals is vital. Experts recommend open, honest financial discussions to plan for homeownership, even if current finances seem insufficient.
A proposed tax would target about 5,000 vacant, unsold condos in Metro Vancouver, charging 2% of assessed value for units empty over a year, increasing by 1% each additional year. Estimates of unsold condos vary due to different construction stages included. Developers and experts warn the tax could lower prices short-term but cause delays and other issues. The policy's fate depends on the upcoming election.
A bank economist cut Canada's housing forecast, expecting home sales to ↓~5% in 2026 as higher government bond yields keep fixed mortgage costs elevated.
Avg. Canadian home prices are projected to stay roughly flat in 2026, then edge up by <2% in 2027 rather than rebound sharply.
The revised outlook kept 5-yr Canada bond yields near the mid-3% range through Late-Q4, with a gradual decline expected across 2027 overall.
Ontario and British Columbia were expected to see sales improve in 2027, while Alberta was expected to lead Canadian price growth overall.
The modest recovery depended on bond yields starting to ease in Late-Q4, alongside the central bank holding policy steady through 2027 overall.
Canada's affordability measure improved by under 1 point in Q2 to ~53%, marking the smallest quarterly gain in nearly a year nationally.
Income growth drove the entire Q2 improvement, while home prices and borrowing costs stayed fairly steady across Canada, limiting broader affordability progress.
The economics team warned this recovery was losing fuel because stable prices and steady rates may not last, especially with upward pressure on longer-term rates.
Wage gains and a one-time federal benefit supported households in Late-Q2, yet some Canadian markets still posted their first affordability setback in several quarters.
Looking ahead, higher bond yields, possible 2027 central bank hikes, and rising utility costs could modestly raise ownership expenses as the new year begins.
In North Vancouver, stratas must maintain common property and bylaw-designated items, which often includes balconies, decks, patios, drains, gutters, and other systems protecting units.
Owners usually handle patio upkeep like sweeping, cleaning, and annual surface care, while stratas clear drain systems, stacks, roofing drains, and gutters.
Surface exterior drains and parking garages need annual flushing because debris from storms, landscaping, and tree growth builds up, making prevention cheaper than emergency repairs.
When unit damage occurs, stratas should contact insurance first; if losses stay below the deductible, owners typically turn to homeowner coverage for costs.
If flooding damages patio-facing walls, door assemblies, or cladding, responsibility can shift to the strata; proactive service agreements and regular inspections help limit winter losses.
Federal legislation effective March 2026 allows GST relief for first-time home buyers on qualifying new homes priced up to $1.5 million, with full exemption up to $1 million. Eligibility depends on purchase date, home use, and documentation. Buyers must verify rules carefully, keep detailed records, and not assume all properties qualify. Taxpayers should confirm current rules before filing or financial decisions, as tax impacts vary by individual circumstances.
Halloween falls on October 31 because the ancient Gaelic festival of Samhain, considered the earliest known root of Halloween, occurred on this day.
In the eighth century, Pope Gregory III designated November 1 as a time to praise all saints.
Soon, All Saints' Day incorporated some traditions of Samhain and the evening before was known as All Hallows Eve, and later Halloween.
Over time, Halloween evolved into a day of activities like trick-or-treating, carving jack-o-lanterns, festive gatherings, donning costumes and eating treats.
Today’s the day to eat candies and sweets to your heart’s content! Happy Halloween!
Canada’s central bank kept its key rate near low-2%, leaving variable mortgage and secured credit line payments largely unchanged for current borrowers.
Mortgage renewals are the year's big focus, and one expert says homeowners nearing renewal may benefit from locking terms sooner amid uncertainty.
Many buyers are choosing fixed rates for stability, since variable mortgages can move when lender prime rates respond to central-bank changes later.
A fixed mortgage can make the largest housing cost predictable for 3 to 5 yr, while taxes, fees, insurance, and utilities remain variable.
Global forecasts point to one or two possible rate increases by late 2026, and a signal could bring pre-approved buyers back faster.
