Prime Drops to 5.20%, Featured Listing, Small Dogs, & Big Eagles

DLC West Coast Mortgages - Mortgage Brokers

Jamie Moi ~ Michelle Chandra

team@westcoastmortgages.ca
604-534-6504
http://www.westcoastmortgages.ca/

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January Foreclosure List

 

Abbottsford Detached
Burnaby Detached
Maple Ridge, Pitt Meadows Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Surrey, North Delta, Cloverdale Attached
Abbottsford Attached
Burnaby Attached
Langley Attached
Langley Detached
Maple Ridge, Pitt Meadows Detached
Mission Attached
Mission Detached
North Vancouver West Vancouver Attached
North Vancouver West Vancouver Detached
Richmond Attached
Richmond Detached
Surrey Delta Cloverdale Detached
Tsawwassen, Ladner Attached
Tsawwassen, Ladner Detached
Vancouver East Attached
Vancouver East Detached
Vancouver West Attached
Vancouver West Detached
Westminster Attached



BoC cuts key interest rate to 3% as tariff threats loom

 

By Mike Le Couteur

Updated: January 29, 2025 at 11:19AM EST

Canada’s central bank has cut interest rates for a sixth consecutive time as inflation remains around two per cent and the threat of U.S. tariffs looms.

The 25-basis point cut comes as the Bank of Canada forecasts GDP growth will strengthen in 2025 if there is no trade war with the United States.

In his speech to reporters, Bank of Canada Governor Tiff Macklem said while tariffs are top of mind, they were not factors in the rate cut and the monetary policy report (MPR) released today.

“Since scope and duration of a possible trade conflict are impossible to predict, the MPR projection we published today provides a baseline forecast in the absence of tariffs,” said Macklem.

While the threat of tariffs remains a major source of uncertainty, Bank of Canada officials say there are a number of possible scenarios which makes it difficult to assess the economic impacts.

Macklem says a protracted and broad-based trade war would hurt economic activity in Canada with the higher cost of imported goods putting direct upward pressure on inflation.

“Unfortunately, tariffs mean economies simply work less efficiently – we produce and earn less than without tariffs,” Macklem told reporters. “Monetary policy cannot offset this. What we can do is help the economy adjust.”

With inflation back around the two per cent target, Macklem says the central bank is in a better position to be a source of economic stability.

Continue reading here...



Featured Listing - 1 Bedroom in South Surrey - Elgin $525,000

 

Southaven offers this new, move in ready 1 bedroom,1 bathroom ground level condo in Elgin, a fantastic area of South Surrey. This walk up ground floor unit that can be conveniently accessed from the street/sidewalk! 

With a thoughtful floor plan and 9" ceilings this unit feels so spacious. The kitchen boasts Samsung appliances including gas, quartz counters, flat panel cabinetry & island. Many high quality finishes, and windows feature 2" blinds which let in tons of light.

Step out to your outdoor space, which is roughed in for gas BBQ & includes a small yard! Includes one parking space roughed in for EV & tons of visitor parking for guests.

Fantastic amenities! Guest suite, bike room, gym, playground & more! Steps away from Choices Market, Starbucks & convenient proximity to restaurants, shops at Morgan Crossing & Grandview Corners. Quick access to park & ride, Hwy 99. (30745948)

Check out the full listing here...



Tiny Puppy Sleepover Party

 

Next month we get to host our pup niece, Penny, for 2 weeks while her family is away on holidays.  The only thing better than 2 little dogs in sweaters is 3 little dogs in sweaters! 

Samson, Lila and Penny all agree that custom meals should be served on time, snackies should be offered hourly, and that walkies, both in the yard and around the neighbourhood, should be available upon demand.  We will try not to disappoint. 

Should you need to speak to us on the phone during this time, we request that you ignore the barking in the background. These tiny dogs take their protection duties very seriously and they cannot be deterred until the perceived threat, i.e. anything that moves outside, has passed. Wish us luck!    



Samson Says, "Not on My Watch, Bird Face!"

 

January has been absolutely beautiful out here on the Chilliwack River! There has been much bald eagle activity for last several weeks, as they rest in the treetops, bask in the sunshine, and feed on the shores of the river. 

They may be an apex predator, but Samson will not stand for them coming too close to his yard. The other morning, as a massive eagle was gliding down to the bank, Samson caught wind of it, chased it along the fence and scared it off with his ferocious barking. He is thirteen pounds of pure fury! Pretty brave for a little man who looks like a teddy bear and needs a sweater to keep warm from October to June. 

Alas, even the most ferocious of pups, in the thickest of sweaters, must come in from the cold at some point, and we were able to capture this pic of the magnificent bird just outside the fence.      



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....



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