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 [...]

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How will the new ‘Stress Test’ impact you?

Chana Charach, MB Today's home buyer will be looking at lower purchase price limits now that the new 'stress test' has taken effect. At this point it is impossible to say with absolute clarity what the impact of this change will be. It is estimated that the new 'stress test' will reduce the amount of mortgage that borrowers qualify for by about  20 - 30%.  This will have a significant effect on first time buyers because it will be harder to [...]

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Barry Appleton - BC just violated NAFTA with its foreign property tax - and we could all pay for it

Is the new 15% metro Vancouver real estate tax a violation of our trade treaties?

[ Source:  Financial Post, July 29, 2016 ] The British Columbia government has suddenly introduced a penalty tax forcing non-Canadian purchasers of residential real estate in the Greater Vancouver Regional District to pay a 15 per cent tax on all purchases registered from Aug. 2, 2016. This penalty tax discriminates by definition against foreign investors buying residential real estate in the Greater Vancouver Area: Canadian citizens buying residential real estate are exempt; foreign buyers must pay the tax. That discrimination is a [...]

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3rd Quarter 2016 Canadian Economic Update – Your Dollars & Sense

QUARTERLY HIGHLIGHTS Q3 – JULY 2016 - VERICO’s Economic Consultant, Michael Campbell helps us to understand the impact of the Brexit vote to leave the EU on our markets, what’s going on with mortgage rates, and who is demanding “government do something about high prices in Vancouver”. – A VERICO Exclusive. INTERNATIONAL SCENE Brexit is important because it is a part of a much bigger story. The key to know is that the Brexit vote and demise of the European Union [...]

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Single-family home price declines in Vancouver: Trend or timing?

[ Source:  CTV News Vancouver, July 6, 2016 ] House hunters in East Vancouver were just greeted by a strange but highly unusual sight: six-figure price reductions on several homes. At least two older single-family homes in the Fraser corridor saw reductions of $100,000 in the past two weeks. The price of a three-story fixer-upper on East 18th Avenue near Kingsway dropped a whopping $449,000 -- nearly a full quarter of the asking price -- after sitting stagnant for several weeks of [...]

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Brexit vote could heat up Canadian real estate market

[ Source:  The Globe and Mail, July 4, 2016 ] Realtors in Toronto and Vancouver are pitching Canadian cities as relatively safe property havens now that London, for years one of the world’s leading targets of foreign capital, suddenly looks a lot riskier. Blame it on Brexit. “Brexit’s good for us, not for them,” said Anita Springate-Renaud, owner of Engel & Volkers’ brokerage in Toronto, who expects to field calls from clients seeking to redirect their investments. “We are a safe bet.” If [...]

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Revitalization deals floated as way to slow pace of Vancouver’s heritage house teardowns

[ Source:  Vancouver Sun, July 3, 2016 ] Michael Bruce used to build new homes on the west side as a way to keep busy after retiring. But these days, the Point Grey resident has gone in a completely different direction — to the east side of Vancouver renovating heritage homes. “I used to build Craftsman-style houses that were copies based on these houses. But over time, I found it to be more profitable and more interesting to me not to be building [...]

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2nd Quarter 2016 Canadian Economic Update – Your Dollars & Sense

QUARTERLY HIGHLIGHTS Q2 – APRIL 2016 - VERICO’s Economic Consultant, Michael Campbell helps us to understand the contributing factors to the strong performance of the Canadian Economy and what foreign investment really means for housing prices in Vancouver and Toronto. – A VERICO Exclusive. INTEREST RATE HIKE? The Bank of Canada (BOC) says there will be no interest rate hikes in 2016. There’s no need for one as there's no inflationary pressure or demand pressure. The manufacturing sector may be recovering but it's not expanding – [...]

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