1.1 millions Canadians are set to renew their mortgages in 2023, and their equity position is one of the first risk indicators their lender will examine along with; income changes, credit card debt and credit score. Depleted equity makes you a higher risk to a lender and can be a factor in your ability to negotiate the best rates in subsequent renewals. A 27 year old mobile home, previously assessed at $55,400 in 2021, is now being assessed for $116,000, a $60K increase, year over year. BC Assessment had previously de-valued the mobile by -$1700 in 2021 even with an increase in the land value. 2023 dawned an altered and uncharted chapter in our province’s history of real estate. With well-meant intentions to expose corruption, reduce speculation, and increase affordable supply back into BC markets, buyers and sellers will now have several additional layers of government policy to navigate when entering into any real estate transaction.
Category Archives: 2023 Blogs Posts
Equity is your advantage, deplete at your own risk.
Manufactured home sees 60K dwelling tax assessment increase.
Foreign Buyers Ban Creates Compliance Confusion
