Inflation figures should be good news for homeowners
The latest figures show that Canada’s inflation was under control in September. The consumer price index fell to 2 per cent last month; placing inflation firmly within the Bank of Canada’s target. When governor Stephen Poloz delivers the bank’s monetary policy report this this Wednesday he is not expected to make any shock announcements on interest rates; in fact the inflation figure will influence keeping interest rates lower for longer. Of course inflation is not the only concern; jobs, exports and the world economy are all shaping monetary policy; however it could still be towards the end of 2015 before we start to see interest rates creeping up. Read the full story.
Vancouver’s commercial sector suffers a setback
Business groups are angry that tax breaks on commercial property will be withdrawn pending an appeal on split-use land assessments. Last month the Property Assessment Appeal Board ruled to allow split assessments for some land in the city. This would mean that some businesses would benefit from paying the lower residential rate on unused or undeveloped land; currently they may be paying the commercial rate on land that may or may not be used for that purpose. On Friday BC Assessment said it would appeal the PAAB’s decision and would not be implementing the ruling until after the appeal is heard. Read the full story.
Developers pay for upgraded transit stations
Being near good transport links is often a must-have for homebuyers and developers are prepared to ensure that their projects have the best transit facilities, even if they have to fund them. A number of Vancouver transit stations have been upgraded or newly built using funding from developers and it seems to be a good solution for everyone. For TransLink is means better facilities without extra cost to taxpayers; developers are able to attract buyers at higher costs; and buyers benefit from better transit links despite ultimately paying more for their home. Read the full story.
US housing starts increase
South of the border the recovery in the housing market is showing better signs. In September housing starts were up 6.3 per cent; higher than forecast. Single family home starts increased 1.1 per cent while the multi-family sector saw a 16.7 per cent rise. Housing permits have also increased; rising 1.5 per cent.