Craig Gaskin's blog

As of January 1, 2023, a new foreign buyers ban will come into effect in British Columbia. This ban is designed to address the high demand for housing in the province, particularly in the Greater Vancouver Area, which has resulted in rapidly rising home prices and made it difficult for many residents to afford to buy a home. Here's a closer look at the foreign buyers ban and what it means for buyers and sellers in British Columbia.

As of January 1, 2023, a new foreign buyers ban will come into effect in British Columbia. This ban is designed to address the high demand for housing in the province, particularly in the Greater Vancouver Area, which has resulted in rapidly rising home prices and made it difficult for many residents to afford to buy a home. Here's a closer look at the foreign buyers ban and what it means for buyers and sellers in British Columbia.

Hello Internet People!

I hope you're all doing well and enjoying the nice weather.  One of the biggest challenges to becoming a homeowner these days is accumulating the down payment. Do you know all of these are potential sources of down payment?

Bank of Canada increases its benchmark interest rate to 2.50%

Today, the Bank of Canada increased its overnight benchmark interest rate 100 basis points to 2.50% from 1.50% in June – the largest single increase in almost 25 years. This is also the fourth time this year that the Bank has acted to tighten money supply to combat the possibility of an entrenched inflationary cycle, although previous moves were much smaller (0.25% in March and 0.50% in each of April and June).   

What's happening this Wed. July 13th, 2022?

It is widely anticipated that the Bank of Canada will increase its key overnight lending rate by 0.75% this Wednesday July 13th (from 1.50% to 2.25%). The Bank of Canada's key overnight rate is the rate which it charges retails banks (ie. TD, Scotia, BMO, RBC) for loans.  Retails banks also use the key overnight rate when lending money to each other.  Think of it as the wholesale rate.

What impact will it have on consumers?

We all know that moving can be one of the most stressful times. And while I am a firm supporter of moving, by trade, I understand that the process itself can be overwhelming for some. Even those of us that feel that we purge regularly and keep household items organized and live a minimalist lifestyle can be surprised at the amount of 'stuff' accumulated when it comes time to pack it and move it. Personally, I blame my family, they are an untamed group of hoarders who work behind the scenes to hide things from me - but that's for another blog.