Krista Klein Mortgages September Newsletter 2021 Edition #71

Krista Klein - Mortgage Broker

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krista@kristakleinmortgages.ca
604 618 2017
http://www.kristakleinmortgages.ca

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Foreclosures

Above is a list of foreclosures in the Lower Mainland and beyond. There are some great deals to be had for either your own home or as a rental property. Check them out at the links above.

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Canadian Federal Election on Monday, September 20th

The federal election has been announced and Canadians will go to the polls on Monday, September 20th to determine who will lead our great nation for the next term. Having both studied political science at SFU, Jamie and Michelle take a keen interest in what each party's platform is, especially when it comes to housing.

Below is a link to an excellent article summarizing each of the main political party's promises on housing. Check it out!

Summary of Housing Promises from Canada’s Main Political Parties

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Bank of Canada keeps key interest rate on hold at 0.25 per cent

OTTAWA -- The Bank of Canada kept its key interest rate target on hold Wednesday as it warned the fourth wave of the pandemic and supply bottlenecks could weigh on the economic recovery.

The central bank held its target for the overnight rate at 0.25 per cent, what it calls the effective lower bound, and said it will also maintain its quantitative easing program by buying bonds at a target pace of $2 billion per week.

"The governing council judges that the Canadian economy still has considerable excess capacity, and that the recovery continues to require extraordinary monetary policy support," the bank said in its decision.

Continue reading here...

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Last Days of Summer

One of my favorite places to go for a quick hike in Lynn Canyon which is located at the top Lynn Vally Road in North Vancouver. There are hikes here for all different levels and it's a nice way to enjoy the end of summer.

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Rent Freeze Lifted and Can Increase to 1.5%

Rent Increase Freeze
The provincially mandated rent increase freeze is set to expire January 1st, 2022 and the Residential Tenancy Branch has announced the 2022 maximum rent increase percentage. The Residential Tenancy Act and Regulations establish the percentage of increase, timing, and notice period and a landlord must follow the correct process to ensure their increase is valid. Below is a breakdown of what landlords need to know to effectively raise rent.

Percentage
The maximum percentage a landlord may increase is set by the Residential Tenancy Branch each year at the end of August to be effective the following January. The amount for 2022 has been set at 1.5%.

To determine each year’s rent increase percentage the Residential Tenancy Branch uses the formula set in Section 22 of the Residential Tenancy Regulations. Section 22 states:

Annual rent increase

22 (1) In this section, “inflation rate” means the 12-month average percent change in the all-items Consumer Price Index for British Columbia ending in July that is most recently available for the calendar year for which a rent increase takes effect.

(2) For the purposes of section 43 (1) (a) of the Act [amount of rent increase], a landlord may impose a rent increase that is no greater than the percentage amount calculated as follows:

percentage amount = inflation rate

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Variable Rates Are Low

Variable rates are low for principal residences and rentals. I would be analyzing if it makes sense to refinance your property to a lower rate.

Variable rates are ranging from 1.2 to 1.6 depending on if it's an insured switch or conventional.

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