Advice from Our Experts

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

What is a home sale worth to the economy?

Posted on December 30th, 2016

The real estate industry is a key economic driver in British Columbia Each time a home changes hands, the transaction generates significant spin-offs, creates jobs and keeps our communities growing. The Canadian Real Estate Association has released new data that finds that in BC, a residential sales transaction generates $64,500 in economic spin-offs and 0.49 jobs. The real estate industry is a key economic driver in British Columbia. In 2015, 42,326 homes changed ownership in the Board’s area, generating $2.7… Read more

BC to fund interest-free loan program for first-time buyers

Posted on December 20th, 2016

In the spirit of the holiday season, BC Premier Christy Clarke is giving first-time home buyers an unexpected and much-welcome gift. On December 15, 2016, Premier Clark announced a new initiative, the BC Home Owner Mortgage and Equity (HOME) Partnership program. The program, which begins accepting applications on January 16, 2016, will offer first time home buyers interest-free and payment-free down payment loans for the first five years. “This program will boost sales to first-time home buyers. Without question, they… Read more

‘Tis the season to save for a down payment

Posted on December 4th, 2016

Millennials – those in the 19-35 age range – have been slow to enter the home buying market. Underemployment, student loan debts, tight credit and the difficulty of saving for a down payment are some of the reasons. But with the giving season upon us, now could be a terrific time to let parents, grandparents, aunts and uncles know that you have created a down payment account and would appreciate a small gift deposited to it. In future years, you… Read more

Holiday selling makes good sense

Posted on December 2nd, 2016

Good will and holiday cheer makes this season a great time to sell your home. Here’s why: Christmas buyers are serious buyers. While there may not be as many home buyers looking, those who are looking are serious. These include those relocating from out of town who need to quickly find and buy a home quickly, or those who have sold their home and need to buy before their own sale closes. Casual browsers and ‘looky-loos’ are busy with other… Read more