In March, the Federal Government came out with their long-awaited 2019 Federal Budget. For those of us on the West Coast, there was an expectation, or at least a hope, that we’d see some relief from the ‘2% Stress Test’ – Or perhaps an extension of the maximum amortization to 30 years. Instead, Ottawa introduced a new zero-interest loan to help first-time homebuyers. It’s a federal government incentive designed to target housing affordability. The real question in cities like Vancouver is: Will it work?
In a time when “car” was not even a word yet, and people relied on horses to pull their wagons, one woman challenged the status quo. To prove to the world and her timid husband that his invention was the future of mobility, Bertha Benz went on the first long-distance journey with an automobile. She faced all kinds of challenges but stopped at nothing. In doing so, she brought the Benz Patent-Motorwagen worldwide attention and got the company its first sales.The rest, as they say, is history. To learn more about the courageous Bertha Benz click HERE.
Eppich House II: A stunning iconic Canadian masterpiece designed by Arthur Erickson that he called his ‘Most Complete Work.’ A one-of-a-kind steel and glass home which was custom built by the owners with every detail created to perfection. An absolutely breathtaking property which has been featured around the globe in magazines and film transcending from a visual and natural experience that is tranquil and refined in every way. This totally private 1.18 acre sun drenched oasis with a flowing creek and approx. 6,000 sqft of living space includes gorgeous carriage house and is simply irreplaceable. The details are extraordinary including all furnishings designed by Erickson and his team. A Canadian Landmark in West Vancouver and recently listed for $16.8 million.
CANADIAN HOME PRICES EXPECTED TO INCREASE BY 1.7 PER CENT IN 2019
Modest price increases are expected in 2019, as the RE/MAX 2019 Housing Market Outlook estimates the average sales price to increase by 1.7 per cent. Housing markets across the country have stabilized in 2018, after the unprecedented increases in average sales price that many markets experienced in 2017. However, there continue to be some outliers in 2018 average sales price gains, particularly in areas outside of the main city centres, such as Chilliwack (+ 13%), Windsor (+13%), London (+17%) and Charlottetown (+11%).
It is anticipated that the market will continue to stabilize, as Canadians will start to feel the pinch of higher interest rates as they move forward with their home-buying plans in 2019. A recent survey revealed almost one-third (31 per cent) of Canadians said higher interest rates have not affected their ability to get an affordable mortgage thus far. However, this is expected to change in 2019. A separate survey of RE/MAX brokers and agents found 83 per cent predict rising interest rates will make it more difficult for Canadians to purchase a home next year.
Click here to read the full report.