April Foreclosure List
  
Edmonton Foreclosures
Kamloops Suited Homes around $500k
Fort Mcmurray Foreclosures
Langley Attached
Maple Ridge, Pitt Meadows Attached
Abbottsford Attached
Burnaby Attached
Maple Ridge, Pitt Meadows Detached
New Westminster Attached
Mission Attached
New Westminster Detached
Mission Detached
Langley Detached
Richmond Detached
Surrey Delta Cloverdale Detached
North Vancouver West Vancouver Attached
Vancouver East Detached
Richmond Attached
Port Coquitlam, Coquitlam, Port Moody Attached
Vancouver East Attached
North Vancouver West Vancouver Detached
Vancouver West Detached
Surrey, North Delta, Cloverdale Attached
Vancouver West Attached
Calgary Foreclosures
New from CRA: First Home Savings Account
The March 2023 Federal Budget brought into force the new First Home Savings Account (FHSA).
There some important differences between this type of account an an RRSP. When using the RRSP Home Buyer Plan, you save tax when you put money into the RRSP but eventually pay tax when you take it out. In contrast, with the new FHSA, no tax is paid when you take it out (to buy your first home).
Here are some of the highlights of the program:
1. $8,000 in annual contributions to a lifetime max of $40,000
2. Co-applicants on a home purchase can each withdraw up to $40,000.
3. Must be between the age of 18 and 71 and resident of Canada.
4. Home buyer has up to 15 years from date of first contribution to use the funds to buy their first home.
5. Must be a first-time home buyer, defined as someone who has not owned a home in which they have lived at any time during the calendar year before the account was opened, or at anytime in the preceding four years.
Read more on the CRA website
What's Happening with Rates?
The Bank of Canada is expected to maintain its current interest rate in April.
Canada's inflation rate continues to cool, with the February Consumer Price Index falling more than expected to 5.2% from 5.9% in January. While inflation has slowed in recent months, prices remain elevated, particularly in the food sector, where supply constraints and higher input costs continue to put upward pressure on grocery prices.
However, shelter costs have risen at a slower pace year-over-year for the third consecutive month, reflecting a general cooling of the housing market.
It feels to me like the housing market is starting to pick up steam. There is a sense of urgency with buyers to make offers before the market starts to accelerate this Spring.
The steadiness of the Bank of Canada's interest rate policy decisions have given confidence to real estate buyers and sellers that the cost of their mortgage will not rise dramatically. We can expect to see some positive news for the number of transactions that happen in March 2023. Prices won't be at 2022 levels, but price appreciation will go up from previous months.
Things are starting to break in the US, with three regional banks having failed this month. This has caused the markets to anticipate more fear and panic. The result is lower fixed rates as markets predict the Federal Reserve and Bank of Canada will need to reduce policy rates sooner rather than later.
The Bank of Canada is no doubt pleased with Canada's relatively low inflation rate compared to other countries, and will likely remain in pause mode when they meet again in April. I still don't think we will have any Bank of Canada policy rate reductions in 2023.
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