Greg Ero's Newsletter Jan 2025

Gregory Ero - Mortgage Consultant

Dominion Lending Centres

mortgageprofessor@outlook.com
778-891-4734
http://www.mortgageprofessor.ca/

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Foreclosures List in BC

 

Abbotsford Houses
Abbotsford Condos and Townhouses
BC Northern Houses Single Family
BC Northern Houses with Acreage
BC Northern Condos and Townhouses
Burnaby Houses
Burnaby Condos and Townhouses
Chilliwack Condos and Townhouses
Cloverdale Houses
Cloverdale Condos and Townhouses
Coquitlam Houses
Coquitlam Condos and Townhouses
Ladner Houses
Ladner Condos and Townhouses
Langley Houses
Langley Condos and Townhouses
Maple Ridge Houses
Mission Houses
Mission Condos and Townhouses
New Westminster Condos and Townhouses
North Delta Houses
North Surrey Houses
North Surrey Condos and Townhouses
North Vancouver Houses
North Vancouver Condos and Townhouses
Richmond Houses
Richmond Condos and Townhouses
South Surrey White Rock Houses
Squamish Houses
Squamish Condos and Townhouses
Sunshine Coast Houses
Surrey Houses
Surrey Condos and Townhouses
Vancouver East Houses
Vancouver East Condos and Townhouses
Vancouver West Houses
Vancouver West Condos and Townhouses
West Vancouver Houses
Whistler Houses
Whistler Condos and Townhouses
Edmonton Foreclosures
Fort McMurray Foreclosures
Kamloops suited homes under $600k

Calgary Foreclosures 



BC Premier Responds to Donald Trump Tariffs

 

“We won’t back down or be bullied into becoming another state,” said Premier Eby. “Our province is unified and resolute. We'll never stop standing up for B.C. and Canada.”

As British Columbians, and as Canadians, we will stand strong and united in the face of this unprecedented attack.”

As a first step in response to the tariffs, Premier Eby announced immediate measures, including:

-directing the BC Liquor Distribution Branch to immediately stop buying American liquor from “red states”, and remove the top-selling “red-state” brands from the shelves of public liquor stores; and

-directing the B.C. government and Crown corporations to buy Canadian goods and services first.

The Province is assessing private-sector projects worth $20 billion with the goal of getting them approved as quickly as possible, and issuing their permits faster. These are expected to create 6,000 jobs in remote and rural communities.

Premier Eby added that additional measures are under consideration by B.C. and could be introduced in the coming days and weeks.

In January 2025, B.C. released its preliminary assessment of 25% tariffs. That analysis showed that B.C. could see a cumulative loss of $69 billion in economic activity between 2025 and 2028, along with the loss of more than 120,000 jobs.

Surrey Chamber of Commerce



With declining interest rates and new lending rules, demand for housing in markets across Canada picks up in Q4

 

Despite economic and political uncertainty – both in Canada and south of the border – a revival of our national real estate market is underway thanks to lower interest rates, changes to mortgage lending rules, and renewed buyer demand. Strong activity through the final months of 2024 in most major regions from coast to coast resulted in moderate price gains, nationally. 

According to the Royal LePage® House Price Survey released today, the aggregate price of a home in Canada increased 3.8% year over year to $819,600 in the fourth quarter of 2024. On a quarter-over-quarter basis, the national aggregate home price remained essentially flat, rising a modest 0.5%. While activity began to flourish again in the final months of 2024, following sluggish demand in most major markets over the summer,  home price appreciation remained in check last quarter. 

“There are several converging factors revitalizing Canada’s real estate market and making home ownership more attainable,” said Phil Soper, president and CEO, Royal LePage. “Interest rates have fallen sharply in recent months, with further reductions expected in 2025. We believe the Bank of Canada could lower rates by another 100 basis points by year end, steadily improving affordability. At the same time, new mortgage rules are already helping younger Canadians by increasing borrowing power and reducing monthly carrying costs.

“While geopolitical uncertainty and concerns over the Trump administration’s proposed trade policies may weigh on consumer confidence, residential real estate remains largely insulated from such external pressures in the short term. Canada’s housing market is fundamentally driven by domestic factors. With strong full-time job growth, improving housing supply in key markets, and more accessible financing, we expect healthy activity levels to persist, even as broader economic challenges unfold,” said Soper.

When broken out by housing type, the national median price of a single-family detached home increased 4.9% year over year to $855,900, while the median price of a condominium increased 1.5% year over year to $592,700. On a quarter-over-quarter basis, home prices remained virtually flat, with the median price of a single-family detached home increasing a modest 0.6%, and the median price of a condominium rising just 0.4%. Price data, which includes both resale and new build, is provided by RPS Real Property Solutions, a leading Canadian real estate valuation company.

Click Here to Continue Article



Family Portraits Season

 

Taking official family portraits is something we are trying to do more often. With a lot of extended family members flying into town over the holidays, we found the right opportunity. We took several combinations and ended up with numerous shots that will be looked at for generations to come. With my mom approaching her 80th birthday, we also ensured to make her shots a priority. We hope to make it an annual event in order to create the abundance of records that we sometimes struggle to find when we need them. 



BC Home Flipping Tax

 

The BC Home Flipping Tax, introduced under the Residential Property (Short-Term Holding) Profit Tax Act, came into effect on January 1, 2025. This tax applies to profits made from the sale of properties owned for less than 730 days and is designed to discourage speculative property sales, supporting long-term housing stability in British Columbia.

This tax is distinct from federal property flipping rules and is administered independently of income tax regulations.

Who is Subject to the Tax?

Any individual, corporation, partnership, or trust that sells a property in British Columbia within 730 days of purchase may be subject to this tax. This applies to:
• Residential properties (e.g., single-family homes, condos).
• Presale contracts (e.g., pre-build condos).
• Zoned residential properties.

The tax applies regardless of whether the seller is a resident of B.C. or resides elsewhere in the world.

Examples:
If you purchased a property on May 1, 2023 and sold it on January 31, 2025 (642 days of ownership), the profit is taxable.
If the same property is sold on or after June 1, 2025 (762 days of ownership), the tax no longer applies.

Click here to continue reading about Key Highlights of the tax....



THE 2025 BANK OF CANADA INTEREST RATE MEETING SCHEDULE

 

WHEN IS THE NEXT BOC MEETING?
 

The Bank of Canada meets eight times per year and makes announcements about rates. Now more than ever, these dates matter very much to our industry and and to anyone with a variable rate. Here are the dates listed below for 2025. I've also included a link to the BOC website.  

As always, should you have any questions, please feel free to reach out to discuss. I am happy to help. 

2025:

Wednesday, January 29, 2025 (0.25 reduction)

Wednesday, March 12, 2025

Wednesday, April 16, 2025

Wednesday, June 4, 2025

Wednesday, July 30, 2025

Wednesday, September 17, 2025

Wednesday, October 29, 2025

Wednesday, December 10, 2025


Bank of Canada publishes its 2025 schedule for policy interest rate announcements and other major publications - Bank of Canada




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