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January 2017

 
 

Experts weigh in on B.C.'s loan program for first-time homebuyers

A new interest-free loan program touted by the British Columbia government as a boon to first-time homebuyers who are struggling to save for a down payment is drawing harsh criticism from economists and other experts who pan the proposal as a politically motivated move that is likely to inflate housing prices even further. The program could end up boosting demand - and therefore prices - by encouraging even more people to compete over the same number of homes, said Joshua Gottlieb of the Vancouver School of Economics.

"It seems like a policy that does not reflect an understanding of the current markets or basic economics," he said in an interview with the Globe and Mail.

 
 

Local Market Updates

How did the year end in your neighbourhood? Was it a Buyers' Market or a Sellers' Market?

Click the city below to see key market data for houses, townhomes and condos by area.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

New Westminster

North Delta

North Surrey

North Vancouver

Osoyoos

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Vancouver Island

Victoria

Vernon

West Vancouver

Whistler

What was your property worth on July 1? It matters for 2017

The Greater Vancouver real estate market has seen increased activity in 2016 with residential and commercial values showing significant increases. 2017 property assessment values will reflect what was happening around BC Assessment's uniform valuation date of July 1.

"The preliminary market analysis for 2017 property assessments indicates significant increases over last year's assessment values," says Assessor Jason Grant. "Increases of 30 to 50 per cent will be typical for single-family homes in Vancouver, North Shore, Squamish, Burnaby, Tri-Cities, Richmond and Surrey. Typical strata residential increases will be in the 15 to 30 per cent range."

Visit bcassessment.ca to access 2017 property assessment information.

 

B.C. Real Estate News

LOWER MAINLAND

B.C. offers five-year, interest-free down-payment loans to first-time buyers(CTV News)

Metro Vancouver homeowners face home assessment ‘sticker shock' as real estate market poised to cool further (Global News)

Surrey residential property values up 34 to 50 per cent (The Now)

Real estate market cools along with the temperatures (Langley Times)

WHISTLER, SQUAMISH & THE SUNSHINE COAST

B.C. Assessments climb up to 50% in Squamish (The Chief)

Whistler workers face grim housing prospects (Vancouver Sun)

VICTORIA & VANCOUVER ISLAND

Greater Victoria set real-estate sales record in 2016 (Times Colonist)

Capital homebuilders busiest in a decade (Times Colonist)

Property assessments could increase by 40 per cent in Victoria (Chek)

OKANAGAN

Growing city with growing pains was story of Kelowna in 2016 (CBC News)

Okanagan-wide building and real estate boom in 2016 (The Morning Star)

 
 

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