31 great cost-savings programs

Posted on June 12th, 2017

Hi! Here are 31 terrific cost-savings programs that will save home buyers and home owners $$$$. Cost-Savings-Program-June-2017 All the best, Andrew Peck, vice-president and general manager apeck@royalpacific.com  

Dealing with CRA on Residential Resale GST|HST Audits

Posted on June 2nd, 2017

Matt Beck of Grant Thornton, the author of this paper, is the accountant that Royal Pacific used in our recent GST audit, that we won. If anyone has clients that are being questioned about the applicability of GST exemptions for a new home purchase, they can call upon Matt. Andrew Peck, BComm, CIPS, CRB, ABR Broker Owner, Royal Pacific Realty Group President, The Canadian Real Estate Association CRA’s audit approach and assessments are likely in error For years, the heated Vancouver real estate… Read more

What foreign property buyers need to know about taxes

Posted on June 1st, 2017

Property in the Lower Mainland continues to attract investors world-wide. So it’s important for REALTORS’® clients to understand Canada’s tax laws to help them better avoid mistakes and pitfalls. Here is a brief summary of information relevant to REALTORS® with clients who are foreign investors. Property Transfer Tax Home buyers in British Columbia pay a Property Transfer Tax (PTT) on the fair market value of a property at a rate of: 1% on the first $200,000 2% on the balance… Read more

New resources from Canada Mortgage and Housing Corporation (CMHC)

Posted on May 30th, 2017

Here are new resources from CMHC. Homebuying Step by Step guide – a 27-page guide (includes worksheets) to help home buyers, one step at a time. Mortgage calculators – including a debt service calculator, a mortgage payment calculator, a premium calculator, and a mortgage affordability calculator. Ready Set Home app – helps ensure first-timers make informed decisions. Tracks all of the details during the homebuying process. Housing for Newcomers resources – information on renting and buying a home in Canada,… Read more

Spring home selling = good sense in Metro Vancouver!

Posted on May 1st, 2017

Spring is the time of year when home buyers get serious. It can also be a great time for a seller to get the best value for their home. Here’s why: Spring buyers are serious buyers. They want to buy their home and take possession during the summer months, so they and their children can be ready for autumn and back to school. Buyers could be first-timers who have saved a down payment and are ready to find a small… Read more

How to buy a sound strata property

Posted on April 12th, 2017

If you’re planning to buy a strata property there are resources and information available to help you make an informed decision. Resources BC Civil Resolution Tribunal is a free service if you have a strata dispute. Licensing and Consumer Services Branch at BC Housing (formerly the Homeowner Protection Office) BC Residential Tenancy Branch. Landlord BC Tenants BC – a resource for landlords and tenants Tenants Resource and Advisory Centre Canada Mortgage and Housing Condominium Home Owners Association of BC Information… Read more

Countdown to closing costs – here are fees you can expect to pay

Posted on April 10th, 2017

If you’re buying a home, it’s important that you understand all of the costs involved – in addition to the price you’re paying for the property. Here’s our list. Mortgage application Lenders may charge a mortgage application fee, which will vary depending on the lending institution. If you are borrowing part of your downpayment through the BC Home Owner Mortgage and Equity (HOME) Partnership, there will be additional fees. Mortgage insurance The federal government requires high-ratio mortgages with less than… Read more

Andrew Peck, elected president, Canadian Real Estate Association

Posted on April 8th, 2017

Leader, mentor, coach, advocate, policy wonk and friend are how his colleagues, sales team, students and friends describe Andrew Peck. And now, they’re going to be calling him President, once again – this time, of the Canadian Real Estate Association (CREA), one of Canada’s largest single industry Associations, with 120,000+ REALTOR® members. It’s a milestone achievement for someone who started his career almost 35 years ago knocking on doors for listings. “It was 1983 and I had just graduated from… Read more

You can qualify for a mortgage when you’re self-employed

Posted on April 7th, 2017

In BC, about 18% of the workforce is self-employed, according to Statistics Canada. Most work out of their homes. If you’re one of them and you’re thinking of buying a home, when you go shopping for a mortgage, you should be prepared since you’ll be treated differently than if you work for someone else. To increase your chances of qualifying, you’ll need to be familiar with what lenders require and what questions they’ll ask. Mortgage lenders at banks and credit… Read more

Foreign nationals working through the BC Provincial Nominee Program now exempt from the addition 15 per cent PTT

Posted on March 31st, 2017

Foreign nationals with Canadian work permits coming to BC through the BC Provincial Nominee Program can now be exempt from the 15 per cent additional Property Transfer Tax (PTT) (known as the foreign buyer tax) when they buy a home. The exemption began March 17, 2017. The foreign buyer tax took effect August 2, 2016. It originally applied to all foreign buyers, defined as foreign nationals and foreign corporations who are neither Canadian citizens nor permanent residents, buying residential property in… Read more