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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.

Buying a rental property can build long-term wealth and passive income through careful planning, market research, and understanding financing and management. Investors can benefit from tax deductions and steady rental income. Down payments vary, with options like FHA, VA, HomePath, portfolio loans, and seller financing available. Alternatives include REITs and crowdfunding for hands-off real estate investing. Proper budgeting, property selection, inspection, and financing are key steps.