Our top 3 updates for the month of September:
Housing Supply:
1. Vancouver approved its “missing middle” policy allowing construction of up to 8 units on any lot that was previously reserved for single-family or duplex homes.
We encourage watching the below video which does a fantastic job explaining what exactly the “missing middle” policies are:
You can also read up more on the most recent council decision here:
https://vancouver.ca/news-calendar/vancouver-reforms-sf-neighbourhoods.aspx
2. Burnaby approved the construction of Laneway Homes, 14 years after the City of Vancouver made the same approval:
The above policies will further push the lot pricing up, decrease inventory for true single-family homes, and as a result, increase single-family home pricing in other municipalities.
Mortgage Update:
3. The bond yields are continuing to rise following September’s CPI data. As a result, rates for fixed-rate mortgages are moving UP to their new highs. As of September 2023, the fixed rates are the highest since 2001.
Do you have any questions?
Reach out to our team of experienced professionals at Access My Home Equity today for a free consultation:
Email: info@accessmyhomeequity.ca
Phone: 604-362-4467
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