Business in Vancouver
From Albertan black gold to globetrotting wealth to lucky heirs, big money is flocking to Vancouver real estate and fuelling huge price increases that show no sign of stopping, according to the CEO of Sotheby's Canada.
CBC News
American buyers enticed by the low Canadian dollar are scooping up B.C. properties, according to several luxury market real estate agents.
Yahoo! Finance
Higher mortgage insurance premiums are another setback for first-time homebuyers, alongside relentlessly rising real estate prices in some of Canada's largest cities, experts say. Despite historically low interest rates, it's getting increasingly pricey for young Canadians to purchase their first pad. Genworth Canada, the country's largest private residential mortgage insurer, announced this week that its premium rates for homebuyers with less than 10-per-cent down will rise 15 per cent, starting June 1. The move follows a similar premium rate hike made last week by Canada Mortgage and Housing Corp. Genworth says the increase amounts to $6-a-month hike for homebuyers with a 95 per cent loan-to-value mortgage of $300,000. While that doesn't seem like much, mortgages can be more than double that in places like Toronto or Vancouver.
New Listing: 383 Nairn Avenue
Jethro Seymour, Davisville Agents at Royal LePage RES Ltd., Johnston & Daniel Division
#SeymourRealEstate