3 Key Real Estate News

Essential service, interest rates and rentals.


1. Realtors were named among the province’s list of essential services. Realtors have a responsibility to do what we can to help residents meet their housing and shelter needs while strictly following the most up-to-date public health orders and physical distancing requirements.


2.Interest rates made headlines again as the Bank of Canada cut interest rate the 3rd time in just 3 weeks. The key interest rate was lowered another 0.5% bringing it down to 0.25%. What does that mean for you?


If you are in a variable rate mortgage, you will most likely see the savings passed on as lenders drop their prime rates to match the Bank of Canada's latest rate cut. For fixed-rate mortgages, it's advised to check with your mortgage broker.


3. The provincial government announced starting April that there will be a $500 rent subsidy available for tenants. There is also a freeze on any evictions and annual rent increases until further notice.

Categories
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.