Edgemont Village is a charming neighborhood in North Vancouver known for its small-town ambiance and picturesque setting, making it a great place to raise a family or simply enjoy a peaceful lifestyle.

The area is characterized by narrow winding streets lined with a mix of older, well-maintained homes and newer, upscale properties. You'll love the village center, which offers a variety of shops, services, and restaurants. It's a great place to spend your weekends, running errands or grabbing a bite with friends and family.

One of the biggest draws to Edgemont is the natural beauty surrounding it. Grouse Mountain, known for its beautiful hiking trails and ski resort during winter, is a short drive away. And the Capilano River offers fantastic salmon fishing and great spots for picnics and swimming during the summer.

For Golf enthusiasts, Murdo Fraser Pitch & Putt is a must-visit, with its picturesque setting. And, the famous Capilano Suspension Bridge is also a must-see attraction. You can enjoy the natural beauty of the canyon while crossing the bridge, which is a unique and memorable experience.

Edgemont also has several parks and green spaces, like the Edgemont Park, with playgrounds and picnic areas, and Mosquito Creek Park, that offers an off-leash area for dogs and beautiful trails to explore. Additionally, the Delbrook community center offers a variety of recreational activities, classes, and programs for all ages, so you'll never run out of things to do.

The area is very popular among families and known for its large and spacious houses, great schools, and peaceful environment.

Edgemont Village is a great place to call home if you're looking for a combination of outdoor activities, community engagement and a charming, tight-knit neighborhood.

The residential neighbourhoods surrounding the village were mostly built in the 1940's through 1960's and contain many examples of mid-century 'west coast modernism' inspired by the Capilano River rainforest and the coastal mountains.

The Village feels like most mountain resort towns as it sits beneath Grouse Mountain. Edgemont Village is just minutes away from the Capilano Suspension Bridge and a perfect stop for lunch or dinner on your way to Grouse Mountain or the Salmon Hatchery. There are shops that specialize in the work of BC artisans, many fanciful cafes and plenty of great places for gift shopping. Storekeepers know the names of their customers, parents and children stroll the sidewalks and benches are spread throughout the village to have a rest and soak it all in.

From the butcher to the baker and everything in between the village is a one-stop shop for all the local residents. One of the newest and nicest children’s playgrounds in the area is Murdo Fraser Park which also features tennis courts, a duck pond and a trail that leads up to Edgemont Village. Multiple movies and TV shows are filmed in Murdo Fraser Park by the cabin near the duck pond, check out our ‘To Do’ page to see a list of them. Edgemont Village is also known for its mid-century modern architecture.


The Lions Gate Bridge is an iconic suspension bridge that spans the Burrard Inlet in Vancouver, British Columbia, Canada. The bridge was designed by the noted engineer John Anderson Roebling, who was responsible for the design of the Brooklyn Bridge in New York City.

Construction on the bridge began in 1937, and it was completed in 1938. The bridge was named after the nearby Lions Mountains, which are two prominent peaks that are visible from the bridge.

The Guinness brewing family built the Lions Gate Bridge which opened in 1938 to provide access to its British Properties lands in West Vancouver. Ownership was transferred to the Province in 1955. Tolls were removed in 1963 and the bridge was restored in 1998 after a long debate about its heritage value and capacity.

The construction of the Lions Gate Bridge was a significant engineering feat at the time, as it was the longest suspension bridge in Canada and the third-longest in the world. The main span of the bridge is 1,550 feet (472 meters) long, and the total length of the bridge, including approaches, is 8,271 feet (2,521 meters).

The Lions Gate Bridge was built to provide a much-needed connection between the city of Vancouver and the North Shore communities across the Burrard Inlet. Prior to the construction of the bridge, the only way to travel between these areas was by ferry or by a long and winding road.

The bridge quickly became an important landmark in Vancouver and an integral part of the city's skyline. It has been featured in numerous films and television shows, including the opening credits of the popular TV series "The Beachcombers."

Today, the Lions Gate Bridge remains one of the most recognizable landmarks in Vancouver and an important transportation link for the city. The bridge has undergone several renovations and upgrades over the years to ensure its continued safety and reliability, and it continues to be an important symbol of Vancouver's history and identity.


Home prices across Metro Vancouver’s housing market showed modest increases in March, while new listings remained below long-term historical averages.  

March data also indicates home sales are making a stronger than expected spring showing so far, despite elevated borrowing costs. 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,5352 in March 2023, a 42.5 per cent decrease from the 4,405 sales recorded in March 2022, and 28.4 per cent below the 10-year seasonal average (3,540). 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,143,900. This represents a 9.5 per cent decrease over March 2022 and a 1.8 per cent increase compared to February 2023. 

“On the pricing side, the spring market is already on track to outpace our 2023 forecast, which anticipated modest price increases of about one to two per cent across all product types,” Andrew Lis, REBGV’s director of economics and data analytics said. “The surprising part of this recent activity is that these price increases are occurring against a backdrop of elevated borrowing costs, below-average sales, and new listing activity that continues to suggest that sellers are awaiting more favorable market conditions.” 

There were 4,317 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in March 2023. This represents a 35.5 per cent decrease compared to the 6,690 homes listed in March 2022, and was 22.3 per cent below the 10-year seasonal average (5,553). 

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,617, an 8.1 per cent increase compared to March 2022 (7,970), and 17.3 per cent below the 10-year seasonal average (10,421). 

Across all detached, attached and apartment property types, the sales-to-active listings ratio for March 2023 is 30.7 per cent. By property type, the ratio is 23.3 per cent for detached homes, 36.7 per cent for townhomes, and 34.9 per cent for apartments. 

Analysis of historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. 

“If home sellers remain on the sidelines, monthly MLS® sales figures will continue to appear lower than historical averages as we move toward summer,” Lis said. “But it’s important to recognize the chicken-and-egg nature of these statistics. The number of sales in any given month is partially determined by the number of homes that come to market that month, along with the inventory of unsold homes listed in previous months. With fewer homes coming on the market, homes sales will remain lower than we’re accustomed to seeing at this point in the year, almost entirely by definition.” 

Sales of detached homes in March 2023 reached 734, a 43.6 per cent decrease from the 1,302 detached sales recorded in March 2022. The benchmark price for detached properties is $1,861,800. This represents an 11.2 per cent decrease from March 2022 and a 2.7 per cent increase compared to February 2023. 

Sales of apartment homes reached 1,311 in March 2023, a 43.2 per cent decrease compared to the 2,310 sales in March 2022. The benchmark price of an apartment property is $737,400. This represents a 4.6 per cent decrease from March 2022 and a 0.7 per cent increase compared to February 2023. 

Attached home sales in March 2023 totalled 466, a 37.3 per cent decrease compared to the 743 sales in March 2022. The benchmark price of an attached unit is $1,056,400. This represents a 7.8 per cent decrease from March 2022 and a 1.7 per cent increase compared to February 2023. 


Calculating rental income involves determining the total amount of rent received from a rental property over a specific period of time. Here's a step-by-step guide on how to calculate rental income:

  1. Determine the monthly rent: This is the amount of rent that is charged per month for the rental property.

  2. Multiply monthly rent by 12: This will give you the annual rent amount.

  3. Account for vacancies: If the rental property is vacant for any portion of the year, you'll need to adjust the annual rent amount accordingly. For example, if the property is vacant for two months, you would multiply the monthly rent by 10 instead of 12.

  4. Add in any additional income: If you charge tenants for utilities, parking, or other fees, you'll need to include this income in your rental income calculation.

  5. Subtract any expenses: Finally, you'll need to subtract any expenses associated with the rental property, such as mortgage payments, property taxes, insurance, repairs, and maintenance. The amount that remains after deducting these expenses is the property's net operating income (NOI).

It's important to note that rental income is just one aspect of a rental property's profitability. You'll also need to take into account other factors such as vacancy rates, property management costs, and potential for appreciation to fully evaluate the profitability of a rental property.


Today, I would like to talk to you about real estate investing for beginners. Whether you're a young professional just starting out or someone looking for a new source of income, real estate can be a great way to build wealth and achieve financial freedom. However, like any investment, it's important to have a solid understanding of the market and the fundamentals of real estate investing.

First and foremost, it's important to understand your investment goals. Are you looking to generate passive income through rental properties or build equity through appreciation? Or perhaps you want to achieve both. Whatever your goals, make sure you have a clear understanding of what you hope to achieve with your investments.

Next, research the local market. Before investing in real estate, it's essential to understand the local market and the demand for properties in the area. Look at the prices at which properties are selling and the types of properties that are in demand. This can help you make informed decisions about which properties to invest in.

It's also important to learn the terminology. Real estate investing comes with its own unique language and terminology. Terms like "cash flow," "capitalization rate," and "appreciation" can be confusing at first, but they're essential to understanding the real estate market.

1. Cash flow refers to the amount of cash that is generated or received by an investment or business over a certain period of time. In real estate investing, cash flow typically refers to the income generated by a rental property after all expenses, such as mortgage payments, property taxes, insurance, repairs, and maintenance, have been paid.

Positive cash flow means that the income generated from the property is greater than the expenses, while negative cash flow means that the expenses are greater than the income. Positive cash flow can be a good indicator of a profitable investment, as it can provide a steady stream of income and help pay off any outstanding debts.

2. Capitalization rate, also known as cap rate, is a measure used to evaluate the profitability of a real estate investment. It is expressed as a percentage and represents the rate of return an investor can expect to earn on their investment based on the property's net operating income (NOI).

To calculate the cap rate, you divide the property's NOI by its current market value or purchase price. For example, if a property has a NOI of $50,000 per year and a market value of $1,000,000, the cap rate would be 5% ($50,000 / $1,000,000 = 0.05 or 5%).

The cap rate is an important tool for real estate investors as it allows them to compare the profitability of different properties and make informed investment decisions. Generally, a higher cap rate means a higher potential rate of return, although it can also indicate higher risks or lower property values.

It's important to note that cap rate should not be the only factor considered when evaluating a property. Other factors such as location, condition, and potential for appreciation should also be taken into account.

3. Appreciation in the context of real estate refers to the increase in value of a property over time. This increase can be due to a variety of factors, including market conditions, location, demand for the property, and improvements made to the property.

When a property appreciates in value, its current market value is higher than its original purchase price. For example, if you purchased a property for $300,000 and it is now worth $400,000, the property has appreciated by $100,000.

Appreciation is an important factor to consider when investing in real estate, as it can contribute to long-term growth and profitability. However, it's important to note that appreciation is not guaranteed and can fluctuate based on a variety of market factors.

Real estate investors often look for properties with the potential for appreciation, such as those located in up-and-coming neighborhoods or those with renovation potential. Additionally, many investors use appreciation as a long-term strategy, holding onto properties for several years or even decades to maximize their returns.

When it comes to financing, there are several options available. Consider traditional mortgages, private loans, and other creative financing solutions. However, it's important to understand the risks associated with each option and choose the one that best fits your investment goals and financial situation.

Finding a mentor can be a great way to learn the ropes of real estate investing. Look for someone who has experience in the industry and can provide you with valuable insights and advice. A mentor can help you avoid common pitfalls and make informed decisions about your investments.

Starting small is often the best approach when you're just starting out in real estate investing. Consider investing in a single rental property or a small multi-family unit before moving on to larger projects. This will allow you to gain experience and build your portfolio over time.

Finally, it's important to be patient. Real estate investing can be a slow and steady process, so it's important to take your time and not rush into any deals. Do your research, make informed decisions, and be patient. With time and effort, real estate can be a great way to achieve financial freedom and build long-term wealth.

In conclusion, real estate investing can be a great way to achieve your financial goals. By understanding the market, learning the terminology, and finding a mentor, you can build a successful real estate portfolio over time. Remember to start small, be patient, and always make informed decisions based on the data.


2023년 밴쿠버 부동산 전망

오늘 영상은 2022년 밴쿠버 부동산 총 정리와 2023년 밴쿠버 부동산 전망을 조심스럽게 해보는 시간을 가질까합니다.
2023년 부동산 시장에 대한 정확한 예측은 누구도, 또한 전문가 조차도 할수 없는데요.
그러나 일반적으로 부동산 시장은 금리, 경제상황, 무엇보다도 인구 통계학적 변화 및 정부 정책, 관심 있는 부동산의 위치와 유형을 고려하는 것 또한 중요합니다.
이영상을 끝까지 봐주시고요. 구독과 좋아요도 눌러 주시는것도 잊지마세요.

작년 캐나다 기준금리 아무도 이 일곱번의 인상을 예상하지 못했는데요.
2022년 캐나다 은행이 금리 인상을 작년 3월 2일 시작으로 그들은 우리에게 25 basic point을 주었다.
거기에 또 다른 하나는 50 basic point 4월 13일, 또다른 50 basic point 6월 1일,
7월 13일 100 베이시스 포인트. 9월 7일 75 basic point, 10월 26일 50 basic point, 12월 7일 50 basic point. 그래서 총 400 베이시스 포인트를 올렸고요. 지금 4.25%까지 되었습니다.
그리고, 우리는 지금 11월에서 12월까지 0.5% 하락한 인플레이션에 대해 11개월 최저치를 보고 있습니다!
6.8%에서 6.3%로 하락하는 것은 금리 인상이 곧 끝날 수 있다는 긍정적인 신호입니다!
우리는 여전히 1월 25일에 또 한차례 금리 인상을 기대하고 있지만 인플레이션이 하락함에 따라 곧 금리가 하락하기 시작할 것으로 예상할 수 있습니다.
왜냐하면 BOC는 지금 스스로를 매우 자랑스럽게 여기며 "이봐, 인플레이션이 낮아졌어, 우리의 금리 인상 계획이 완전히 작동하고 있네!"라고 말하기 때문이겠죠.

먼저 그럼 밴쿠버 부동산이 2022년에 주택 판매가 어느 정도 였는지 알아보겠는데요.
REBGV에 따르면, MLS에 28,903채 이상의 주택 판매를 등록했는데요.
이건 2021년 대비 43,999채로 34% 감소했으며 또한, 10년 평균보다 13% 감소했습니다.
판매자는 2022년에 MLS에 53,865채 이상의 주택을 등록했는데요.
이건, 2021년에 비해 14% 감소한겁니다. 지역의 10년 평균보다 3% 낮은 2022년에는 지역 전체에서 약 7,400채의 주택이 매물로 나와 있었습니다.
모기지 금리 인상과 판매 활동 둔화에 맞서, 재고 수준은 주택 가격에 대한 하향 압력을 제한한 역사적 기준에 따라 낮게 유지됩니다.
시장에서 수요와 공급의 관계를 측정하는 한 가지 방법은 판매 대 활성 목록 비율인데요.
이 비율은 한 달 동안 판매된 주택 수 대비 판매 가능한 주택 수를 측정합니다.
이는 이 비율이 일정 기간 동안 12% 아래로 떨어질 때 일반적인 시장 상황에서 공급이 수요를 따라가고 있는지 확인할 수 있는 좋은 경험 법칙을 제공합니다.
공급이 수요를 앞지르고 있으며 가격이 20%를 초과할 때 하락할 가능성이 더 높습니다.
부동산 유형별로 비율은 단독 주택의 경우 12%, 타운 하우스의 경우 20%, 콘도의 경우 22%입니다.
메트로 밴쿠버의 모든 주택 유형에 대한 MLS HPI 벤치마크 가격은 100만 14,000달러입니다. 이것은 작년에 비해 3% 하락한 것입니다. 가격은 지난 6개월 동안 약 10% 하락했습니다.

자 그럼 이제 2023년 부동산 전망에 들어가기전에 올해 새로 시행되는 부동산 정책에 관에 먼저 말씀 드릴까 하는데요.

1월 1일, 연방 정부는 향후 2년 동안 캐나다 전역에서 외국인 구매자의 구매를 금지한다고 발표했는데요.
이는 캐나다 시민권자 또는 영주권자만 부동산을 구매할 수 있음을 의미합니다.
* 지난 5년간 캐나다에 거주한 동시에 정부에서 요구하는 조건을 충족한 유학생
* 최근 4년 중 최소 3년 동안 캐나다에서 근무하고, 세금 신고를 한 외국인 근로자
* 외교관 및 국제기구 회원
* 난민을 포함한 임시 거주 자격을 가진 외국인 등은 매입 금지 대상에서 제외 됩니다.

두 번째 BC는 이제 재판매 주택에 대한 구매자 취소 기간이 생겼는데요.
즉, 구매자는 제안이 수락된 후 영업일 기준 3일 이내에 구매를 취소할 수 있습니다.
그러나 100만 달러당 2500달러에 해당하는 구매 가격의 0.25%를 벌금으로 내야 합니다.
한편 이번 조치는 단독 주택, 타운홈, 콘도에 적용되지만 경매나 리스 토지의 주택에는 해당되지 않습니다.

3번 플리핑 방지세는 구매 후 12개월 이내에 주택을 판매하는 모든 주택 소유자가 플리핑으로 간주되며 수익은 사업 소득으로 과세되며 그러나 이혼 및 사망과 같은 일에 관해서는 면제가 됩니다.

4번째는 BC주의 투기세 및 공실세 확대이며 밴쿠버에서는 추가로 3%의 빈 주택 세금이 부과됩니다.
이것은 더 많은 지역으로 확장되었으며 이제 Squamish, Lions를 포함합니다.

5번째는 최근에 BC주정부가 주택 개발 허가를 간소화할 계획을 밝혔는데요. 주정부의 주택 공급을 늘리겠다는 의지겠죠.
최장 2년까지 걸릴수 있는 승인 과정을 수 개월 수준으로 단축하겟다고 밝힌건데요.
데이비드 이비 주수상에 따르면 승인 절차에는 수도 면허, 하수도 승인, 도로 재구획, 오염 부지 처리등을 포함, 단일 신청 프로세스를 통해 주택 허가 처리에 승인 결정을 신속하게 이룬다는 방침입니다.

다음은 대부분 부동산 업체들은 2023년 시장을 어떻게 전망하고 있는지 알아보겠습니다.

"센트럴1의 부동산 전망에 따르면 BC주 주택 가격은 2023년 상반기까지 추가 하락한 뒤 모기지 금리 완화와 이민 인구 유입으로 연 중반부터는 안정화 될것이라는 전망입니다."

Re/Max Canada는 2023년 주택 전망에서 주택 총 가격이 올해 3.3% 하락할 것으로 예상되는 반면
Royal LePage의 연례 조사에서는 가격 하락이 단 1%에 불과할 것으로 예상했습니다.

"반면, CMHC는 캐나다 주택 가격은 경제 및 소득 여건 회복으로 수요가 증가하고 모기지 금리가 정상화되기 시작하면서 2023년 하반기에 상승세를 재개할 것입니다.”

큰 은행들은 지금 우리가 2023년 중반까지 주택 가격이 바닥을 칠 것이라고 예측하고 있으며, 은행들은 연말까지 금리를 낮추는 것에 대해 이야기하고 있습니다.
하지만 금리가 2%로 다시 내려가는 것은 힘들고요. 아마도 4% 금리가 새로운 표준이 될 것같다고 합니다.
그렇긴 하지만, 가격이 올해 중반까지 바닥을 친다고 너무 흥분하지 마세요. 가격이 그렇게 많이 떨어지지는 않을 것같습니다. 크게 3가지로 그 원인을 말씀드릴까 합니다.

1) 공급 부족과 이민자수의 급증

가격이 실질적으로 하락하려면 공급이 수요를 초과해야 하는데 판매자들이 아직도 시장으로 내놓는걸 미루고 있는중입니다.
또한, 캐나다 연방 이민부가 올해 2023년부터 2025년까지 앞으로 3년간 매해 약 50만 명의 이민자를 추가 수용할 계획이라는데요.
이 50만 명에서 10만명 정도가 BC 주로 오는데요. 적은 공급과 넘쳐 나는 수요로 2030년까지 추가로 57만 채의 새로운 주거 공간이 필요하다고 합니다.

2) 새로운 부동산 정책 오히려 공급 부족을 더 가중

주정부가 발표한 연령 조건 해제, 스트라타 임대 제한 해제 등의 조치가 집을 구하는 임차인들에게 반가운 소식입니다.
사람들에게 더 많은 임대 부동산을 제공함으로써 임대료를 낮추려고 하는 것이니까요.
그러나, 월래 팔려고 계획했던 주택 소유자들이 이제 이걸 렌트로 돌리면, 콘도나 타운홈 판매에 공급 부족에 더욱 가중 될수 있다고 봅니다.
또한 이 조건은 오히려 거주를 목적으로 집을 사는 매수자와 투자 목적인 투자자들이 주택 구매에 대한 과도한 경쟁을 불러올수 있습니다.

3) 지역에 따라 가격하락의 차이

지난 팬더믹 기간동안 많은 수요가 밴쿠버 지역에서 프래이저 밸리, 칠리왁, 아보스포드, 미션 쪽으로 이주 했는데요.
영원히 집에서 일해야 하기 때문에 계곡이 있는 거대한 집을 구했는데 고용주가 직장으로 돌아오라 하니 2시간 30분의 통근을 견뎌야 되나요.
그래서 결국 회사 근처로 이사가기로 결정하는 사람들이 늘고 있어요.
모든 빅 테크 기업들이 아마존, 마이크로 소프트, 애플 등 다운타운에 몰려있고, 그리고 더 많은 회사가 문을 열고 있다고 생각합니다.
다운타운을 포함해, 버나비, 놀스 밴쿠버, 리치몬드 등은 가격이 많이 떨어지지도 않았고, 앞으로도 그럴거라고 봅니다.

 주택 매수 적기는 언제인가?

거주 목적으로 주택을 구매하는 것이라면 시기와 관계없이 마음에 드는 매물을 발견하면 바로 구매할 것을 추천해 드릴까 합니다.
한번 기회는 다시 오지 않을수 있기에 현재 경쟁이 덜한 시장이기 때문에 중요한 결정을 하기에 시간적 여유가 있는편 이잖아요.
다만 자신의 자금 조달 능력 등 살핀뒤 마음에 드는 집이 있다면, 자신의 재무 정보를 기반으로 이자, 원리금 상환 능력, 자금 마련 등에 관련한 계획을 세우는 것은 물론 재산세등 추가 지출 비용을 가늠해야 됩니다.
특히 집을 구매할수 있는 능력에 맞는 건전한 대출인지 판단하고 추가적인 금리 인상이나 추가 재정적인 상황이 발생했을때 이를 대처하고 감당할수 있는지를 고려해야 합니다.


Metro Vancouver's housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the bank of Canada's ongoing battle with inflation.
Realtors registered over 28,900 home sales on the MLS in 2022.
A 34% decrease over 2021 and 13% below the 10-year average.
Sellers listed more than 53,800 homes on the MLS in 2022.
A 14% decrease compared to 2021 and 3% percent below the Region's 10-year average 2022 ended with about 7,400 homes listed for sale across the region.
Fight the recent increases to mortgage rates and the slowdown in sales activity.
Inventory levels remain Low by historical standards which has limited downward pressure on home prices.
One way we measure the relationship between supply and demand in our Market is the sales to active listings ratio.
This ratio measures the homes available for sale against the number of homes sold throughout the month.
This gives us a good rule of thumb to see if supply is keeping up with demand in typical market conditions when this ratio dips below 12 percent for a sustained period it indicates that.
Supply is outpacing demand and prices are more likely to decline when it surpasses 20 percent demand is outpacing supply and prices are more likely to increase 2022 ended with this ratio at 18% for all homes.
By property type the ratio is 12 percent for detached homes 20 for town homes and 22 percent for condos.
The MLS HPI Benchmark price for all housing types in Metro Vancouver sits at one million one hundred and fourteen thousand dollars. This is a three percent decrease over last year prices have declined about 10 percent over the past six months.
Looking ahead to 2023 the consensus among most economists and professional forecasters is that the Bank of Canada is likely near the end of the current interest rate tightening cycle mortgage rates may remain elevated for some time.
However as inflation remains a concern for the Bank of Canada limiting their ability to decrease the policy rate in the near term.
We'll watch the 2023 spring Market closely to see if buyers and sellers have adjusted to the higher borrowing costs and are participating more actively in the market.


Today's Prime Rate: 4.70%

Prime Rates Soar to 4.70% Amid a Historic 100 Basis Point Rate Hike

The Bank of Canada announced on July 13, 2022, that they will be increasing their policy interest rate by a staggering 100 basis points, bringing it from 1.50% to 2.50%. That's the largest single rate hike by the Bank of Canada since 1998. This will cause prime rates in Canada to increase by 1.00% to 4.70%, the highest it has ever been since 2008.

Highlights of the Bank of Canada’s latest interest rate announcement includes:

  • Prime rates will be rising at Canada’s major banks to 4.70%, up 100 bps from the current prime rate of 3.70%.
  • Persistently high CPI inflation has prompted this stunning rate hike, as inflation remains stubbornly close to a 40-year high of 7.7%. That’s above the Bank of Canada’s forecast of around 6% for the first half of 2022.
  • Canada’s unemployment rate fell to 4.9% in June 2022, a record low, even as 43,000 jobs were lost. That’s due to a labour force that shrunk by 100,000.
  • Quantitative tightening (QT) began on April 25, 2022. This will gradually reduce the Bank of Canada’s balance sheet and cause upward pressure on fixed mortgage rates.
  • Housing prices in Canada have slumped in many markets across the country over recent months, in response to the rising cost of borrowing and slowing demand.

The Bank of Canada’s policy interest rate has increased by 100 basis-points amid a backdrop of high inflation, elevated housing prices, and a strong labour market. An increase in the Bank of Canada’s policy interest rate will mean that prime rates at Canada’s major banks will also increase. Prime rates will be increasing to 4.70% at Canada’s major banks, which will have an immediate impact on those with variable-rate mortgages, HELOCs and lines of credit.

Meanwhile, sales and home prices in Canada’s housing market have slipped over the past few months as interest rates soar. Further rate hikes will continue to cool prices and dampen demand across the country.

RBC's interest rate forecast in June predicted that the Bank of Canada's policy rate will end the year at 2.50%, which is now right at the current policy rate of 2.50%. That’s in spite of it still being higher than what RBC originally forecasted in April 2022, when they expected the policy rate to only reach 2.00% by the end of the year. The rapid pace of rate hikes that the Bank of Canada is setting has outpaced even the forecasts of major banks. The next interest rate announcement will be on September 7, 2022, at 10 a.m. ET, when another rate hike of at least 25 basis points is expected.


First-Time Home Buyer Incentive

The First-Time Home Buyer Incentive helps people across Canada purchase their first home. The program offers 5 or 10% of the home’s purchase price to put toward a down payment. This addition to your down payment lowers your mortgage carrying costs, making homeownership more affordable.

NOTE: First-time homebuyers purchasing a home in the Toronto, Vancouver, or Victoria Census Metropolitan Areas are now eligible for an increased Qualifying Annual Income of $150,000 instead of $120,000, and an increased total borrowing amount of 4.5 instead of 4.0 times their qualifying income. Confirm if the home you are looking to buy is part of the Toronto, Vancouver or Victoria Census Metropolitan Area!

Updates to the First-Time Home Buyer Incentive can benefit more homeowners

The Government of Canada will limit its share in the appreciation of a home! Now, homeowners will pay back up to a maximum gain of 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment.

This means that participants may be able to keep more when their homes increase in value

The Government of Canada will also limit its share in the depreciation of a home at the time of repayment. This is up to a maximum loss of 8% per annum (not compounded) on the Incentive amount from the date of advance to the time of repayment.

In the case of appreciation, the above Incentive repayment calculation is retroactive to the implementation date of the First-Time Home Buyer Incentive (September 2, 2019). In the case of depreciation, the above Incentive repayment calculation applies to all borrowers who have signed a shared equity mortgage agreement on or after June 1, 2022.

Already repaid the First-Time Home Buyer Incentive?


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