Advice from Our Experts

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

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

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

Restrictive covenants on your property title – what you need to know

Posted on March 20th, 2017

When a Royal Pacific Realty Group Realtor® lists you property for sale, as part of our due diligence, we search the property title for encumbrances such as liens, unpaid taxes, and restrictive covenants. A restrictive covenant is a legal document which lists restrictions on how a property can be used. There are a range of different types of covenants – from restrictions about building schemes or heights of trees, to restrictive covenants specifying who can’t buy property, according to Andrew Peck, vice-president… Read more

What’s in the BC Budget for home buyers?

Posted on February 22nd, 2017

Property Transfer Tax (PTT)  Qualifying first-time home buyers can now buy a home priced up to $500,000 and not have to pay the PTT effective today. (The previous threshold was $475,000). The partial exemption increases to $525,000 from $500,000. First-time homebuyers will save up to $8,000 in PTT, an increase of $500 over the former $475,000 threshold. Home Owner Grant  Home owners of property worth up to $1.6 million will qualify for the Home Owner Grant.     Affordable housing Government will… Read more

New rules for the capital gains Principal Residence Exemption

Posted on February 17th, 2017

Changes to the Principal Residence Exemption (PRE) were announced last year on October 3. The PRE allows a home owner an income tax exemption on capital gains they realized when they sell their designated principal residence as defined in the Income Tax Act 40(2)(b). Before 2016, the Canada Revenue Agency (CRA) did not require the home owner to report when they claimed a full exemption for a capital gain under the PRE rules. Effective January 1, 2016, the CRA requires all dispositions… Read more

Foreign buyer tax exemption coming for those with work permits

Posted on February 9th, 2017

Foreign nationals with Canadian work permits, living and paying taxes in BC, will soon be exempt from the 15% additional Property Transfer Tax. “It’s important to send a message to foreigners who want to come from America that they are welcome if they’re going to work and pay taxes here, to buy a home here and make their life here,” said Premier Christy Clark in a surprise announcement at Vancouver’s Lunar New Year Parade on January 29, 2017. Regulations to bring in the… Read more

10 Facts about the new BC Mortgage Loan program for first-time buyers

Posted on January 25th, 2017

The BC Home Owner Mortgage and Equity Partnership Program helps eligible first-time home buyers who have saved part of a downpayment and can afford a mortgage. This three-year program began accepting applications January 16, 2017 and ends March 31, 2020. The program offers a downpayment loan of up to 5% of a home’s purchase price, to a maximum of $37,500, on a home with a maximum price of $750,000. The loan matches the buyer’s downpayment and is interest-free and payment-free for five… Read more

First-time buyers interest-free down payment program

Posted on January 21st, 2017

The new BC Home Owner Mortgage and Equity (HOME) Partnership program helps eligible BC residents buy a home. The program offers first-time home buyers who have saved a down payment: a down payment loan of up to 5% of a home’s purchase price to a maximum of $37,500, on a home with a maximum price of $750,000. This loan matches the buyer’s down payment and isinterest-free and payment-free for five years. After five years, buyers can either repay their loan or enter into monthly payments… Read more