Category: Uncategorized

Surrey city council approved 758 new rental units by converting planned condos into rentals across three projects, reflecting developers' response to weak presale demand and economic uncertainty. This shift may unlock financing and incentives but could reduce future condo ownership options, impacting younger buyers. Surrey's 2025 report highlights a need for over 20,000 rental and 26,000 ownership units by 2028 for affordable housing.

A one-day flash sale in Surrey City Centre cut condo prices by 25%, sparking strong buyer interest amid weak Greater Vancouver sales. Despite high prices driven by COVID-era demand and government costs, many first-time buyers remain priced out. Government policies, including taxes and bans on short-term rentals, hinder housing supply. Federal measures to reduce taxes on new homes and support development costs may help, but coordinated efforts and more non-market housing are needed.

Buying a first home requires careful planning and organization. Start by setting a budget considering income, expenses, and ongoing costs. Check and improve your credit score, save for a deposit, and explore government grants. Get loan pre-approval to strengthen your position. Choose the right location based on lifestyle and growth potential. List must-have features, inspect properties thoroughly, and negotiate offers. Hire a solicitor for legal processes and finalize finance and settlement to complete the purchase confidently.

Renewing a mortgage in Canada can greatly affect finances, especially with rising interest rates. Key changes include the removal of the stress test for borrowers switching lenders at renewal. Homeowners should prepare for higher payments and shop early for better rates. Tips for a successful renewal include negotiating offers, reassessing financial needs, comparing rates, and maintaining a healthy credit score. Understanding terms and staying informed about market trends are crucial for making informed decisions during the renewal process.