British Columbia Archives - Page 11 of 11

16Jan

Bought your first home? Don’t hurry the renovations

Pat Giles and his wife bought a house a year and a half ago. They’re already thinking about renovating the kitchen. A brand new kitchen is a tempting prospect, but it is neither a short nor a cheap renovation. Mr. Giles, 36, is keenly aware of this. He’s associate vice-president of real-estate secured lending with Toronto-Dominion Bank, and regularly talks about renovation financing with colleagues across Canada. He’s following the same advice he and his colleagues give to clients. “For us, [...]

British Columbia, Canada, Toronto, Ontario, Vancouver Real Estate

16Jan

Increased home owner grant helps families with property taxes

[Source: BC Gov News, January 10, 2017] The Province is increasing the home owner grant threshold to $1.6 million, helping keep property taxes affordable for families and ensuring most home owners will continue to receive the full grant this year, Finance Minister Michael de Jong announced today. “This is a 33% increase over last year,” said de Jong. “We are doing our part to help keep housing costs affordable for families. Local governments can also work to keep property taxes at [...]

British Columbia, Vancouver Real Estate

16Jan

First time buyer: BC to offering interest-free, payment free loans

[Source: NEWS 1130, January 16, 2017] Are you a saver or a spender? How you answer that question could have a large bearing on whether or not you should apply for BC’s new interest-free, first-time home buyer loan. The Home Owner Mortgage and Equity Partnership program begins accepting applications today. It is meant to help homebuyers with their first down payment, with the provincial government matching funds up to $37,500 — or up to 5 per cent of the purchase price [...]

British Columbia, Vancouver Real Estate

09Jan

Foreign buyers trickling back to Metro Vancouver

[Source: Globe and Mail, January 8, 2017] New data show that foreign citizens are edging back into Metro Vancouver’s flagging real estate market months after the province put a 15-per-cent tax on these buyers. In and around Vancouver, foreign citizens were involved in 4.1 per cent of all homes bought in November, up from 3 per cent the month before and more than quadruple the near-zero rate recorded in the month after the province launched the levy at the start of [...]

British Columbia, International Influence, Vancouver Real Estate

08Jan

BC Governement Helping First Time Home Buyers with Down Payment – January 16, 2017

[Source: BC Housing, January 16, 2017] Every British Columbian deserves a place to call home. That is why we are taking action to control the cost of housing, increase access to affordable rental units, and help families make their dream of homeownership come true. What is the Home Owner Mortgage and Equity (HOME) Partnership? From middle class families to young professionals, first-time home buyers are looking to invest in a secure and stable future. For many British Columbians dreaming of buying their first [...]

British Columbia

07Dec

How not to slaughter your personal finances this holiday season

[Source: The Globe and Mail, December 7, 2016] For reasons I’ll discuss in an upcoming column, I see 2017 as an expensive year for Canadian households. One way to prepare is to go easy on your spending this holiday season. This edition of the newsletter is devoted to the idea of combining fun and frugal. First off, we should acknowledge that Canadians are world leaders in binge shopping in December. Next, let’s agree that a present for your spouse is probably [...]

British Columbia, Canada, Vancouver Real Estate

07Dec

Bank of Canada sees stronger global growth, keeps rates steady

[Source: The Globe and Mail, December 7, 2016] The Bank of Canada is keeping its key overnight rate at 0.5 per cent, pointing to a stronger global economy coupled with continued uncertainty regarding international trends. Donald Trump’s election win in the United States has created expectations in financial markets that Republicans in Washington will inject new fiscal stimulus into a U.S. economy that is near full capacity, a development the bank says has pushed Canadian bond yields “significantly” higher. The bank says [...]

British Columbia, Canada

20Nov

Newly Built Homes PTT Exempt (up to $750,000) – Effective February 16, 2016

Chana Charach, MB The Newly Built Home Exemption reduces or eliminates the amount of property transfer tax you pay when you purchase a newly built home with a fair market value of $750,000 or less. (A partial exemption is available up to $800,000) To qualify, you must be an individual and a Canadian Citizen or permanent resident (you will be asked to provide your Social Insurance Number (SIN) and your birth date). The property must be located in B.C., and used [...]

British Columbia, Vancouver Real Estate

20Nov

Vancouver to Continue to Lead Canadian Economic Growth For the Next Year

[Source: BIV, November 14, 2016] Vancouver will lead the country in terms of economic growth in both 2016 and 2017, according to a Conference Board of Canada report released November 14. Overall this year, the city will see growth of 4%, driven in large part by the construction sector, followed by an increase of 2.8% next year. “Vancouver is on track to boast the fastest-growing metro area economy for the second straight year in 2016, as the region’s housing market remains one [...]

British Columbia, Canada, Vancouver Real Estate

20Nov

New Tax Reporting When You Sell Your Home – Effective 2016 Tax Year

How principal-residence tax changes will affect every Canadian homeowner [Source: Globe and Mail, Oct. 06, 2016] Finance Minister Bill Morneau introduced tax changes that were aimed primarily at foreign investors in Canadian real estate to ensure they abide by our existing tax rules. But the changes also catch many Canadian residents who, in the past, have often inadvertently escaped paying tax on their principal residences. The tax rules around principal residences are so complex that many Canadians simply don’t recognize when they [...]

British Columbia, Canada, Vancouver Real Estate