The Central Okanagan’s residential real estate market statistics reveal some interesting insights.
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Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.
The Central Okanagan’s residential real estate market statistics reveal some interesting insights.
Reach out, we are here to help and answer any questions you may have!
Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.
The Central Okanagan’s residential real estate market statistics reveal some interesting insights.
Reach out, we are here to help and answer any questions you may have!
Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.
The Central Okanagan’s residential real estate market statistics reveal some interesting insights.
Reach out, we are here to help and answer any questions you may have!
Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.
Starting May 1, 2024, short-term rentals in BC will be limited to the host’s primary residence plus one secondary suite. Bill 35 aims to ban investment properties from being rented out for any period under 90 days. Hosts in Vancouver, Victoria, and Whistler may require business licenses to operate for profit.
Starting on May 1, 2024, the Province will enforce a Provincial principal residence requirement in some areas of the province. This will limit short-term rentals to the host’s principal residence and one secondary suite or accessory dwelling unit on the same property.
In January 2025, the government will require municipalities to change their zoning rules to offer more affordable multi-unit housing options, such as townhomes, multiplexes, and laneway
houses. The Province will introduce new legislation to provide more small-scale, multi-unit housing options for people and to fix outdated zoning rules. This will help build more homes faster.
The crackdown on Airbnb rentals will be aimed at operators of multiple investment units, rather than homeowners who have a primary residence with a suite to rent out. The principal residence requirement will not take effect until May 1, 2024.
Residents of British Columbia will only be allowed to lease their primary residence plus one additional secondary suite for short-term rentals when new regulations are enacted. This includes rental listings on various online platforms like Airbnb, VRBO, Expedia, and FlipKey.
Bill 35 in BC intends to ban investment properties from being rented out for any period under 90 days. The aim is to create more rental housing throughout the province, and the new legislation has been met with both criticism and praise. This has implications for strata corporations in BC.
Province of British Columbia – New rules for short-term rentals
Province of British Columbia – More small-scale, multi-unit homes coming to B.C., zoning barriers removed
City of Kelowna – Short-term rentals
BC homeowner ordered to pay strata thousands for listing home on Airbnb – May 14th, 2024
Civil Resolution Tribunal – Indexed as: The Owners, Strata Plan VR45 v. Dexter, 2024 BCCRT 449
Reach out, we are here to help and answer any questions you may have!
Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.
The Central Okanagan’s residential real estate market statistics reveal some interesting insights.
Reach out, we are here to help and answer any questions you may have!
Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.
The Central Okanagan’s residential real estate market statistics reveal some interesting insights.
Reach out, we are here to help and answer any questions you may have!
Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.
The Central Okanagan’s residential real estate market statistics reveal some interesting insights.
Reach out, we are here to help and answer any questions you may have!
Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.
The Central Okanagan’s residential real estate market statistics reveal some interesting insights.
Reach out, we are here to help and answer any questions you may have!
Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.
Bank of Canada has decisively slashed its key rate by 25 basis points, marking the first drop since the onset of the pandemic. Following a series of interest rate hikes initiated in March 2022 in response to higher-than-anticipated inflation figures in the aftermath of pandemic-related economic support and disruptions in global supply chains, this decision holds significant importance.
This move brings the policy rate down to 4.75 percent, a decline from the 5 percent rate that persisted since July of the previous year.
In light of these developments, it is crucial to note that numerous financial institutions and economists are foreseeing a potential trend of descending interest rates kicking off around mid-2024. Projections range from a 0.25 percent reduction to an overall decrease of 1.00 percent by the year’s end.
The Bank of Canada’s forthcoming announcement on June 5th, 2024 is poised to stand as a momentous occasion for assessing the trajectory of interest rates.
Given these shifts, BMO’s Real Financial Progress Index has reported that 72 percent of prospective homebuyers are awaiting interest rate cuts before entering the property market. Consequently, mortgage brokers are currently managing open files, eagerly anticipating potential buyers.
If banks lower their prime rate, borrowers with variable-rate mortgages will experience an immediate impact, just like they’ve experienced the consequences of increasing rates. People with a fixed-rate mortgage will not experience any changes in their payments until it’s time to renew their loans. Fixed-mortgage rates are influenced by changes in the bond market, which, although also impacted by Bank of Canada rate decisions, are based on overall investor confidence. The rate cut had already been largely factored into the market.
This change underscores the opportune conditions for property listings and purchases.
CTV News: Bank of Canada cuts key rate for first time in more than 4 years
CTV News: What the Bank of Canada rate cut means for mortgages, consumer loans, and investments
The Globe and Mail: Potential Bank of Canada rate cut would jolt slow housing market, experts say
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Interested in moving to Kelowna, download our Relocation Guide, or thinking of selling check out our Listing Package.
REALTOR®, REALTORS®, and the REALTOR® logo are certification marks that are owned by REALTOR® Canada Inc. and licensed exclusively to The Canadian Real Estate Association (CREA). These certification marks identify real estate professionals who are members of CREA and who must abide by CREA’s By-Laws, Rules and the REALTOR® Code. The MLS® trademark and the MLS® logo are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA.