Latest News

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

Appealing your property assessment

Posted on January 23rd, 2017

The deadline to appeal your property assessment is February 1, 2017. Property owners who disagree with their assessment should do homework by: comparing their assessment with neighbouring properties; and contacting BCA at 1-866-valueBC (1-866-825-8322) and talking to staff who can make adjustments if there is an obvious error, for example if BCA included a complete renovation, when it there was merely a spruce-up. Property owners who decide to appeal their property assessment should review information on the Property Assessment Appeal… Read more

Great Vancouver property assessments surge

Posted on January 23rd, 2017

Property owners received their 2017 assessment notices the first week of January. The District of Squamish saw the greatest increase in Metro Vancouver with a 47% increase for detached homes. North Vancouver’s Lynn Valley and Burnaby’s Buckingham neighbourhoods were close behind, with detached homes increasing 46%. Sample Property Value Changes year over year, by neighbourhood Location 2017 Assessment Roll (Valuation date of July 1, 2016) 2016 Assessment Roll (Valuation date of July 1, 2015) $ Change % Change Burnaby (Metrotown… Read more

Vancouver Empty Homes Tax now in effect

Posted on January 22nd, 2017

Vancouver’s Empty Homes Tax is now in effect. The first tax year began January 1, 2017. The tax rate is 1.0% of the property’s assessed value. Property owners are required to complete a declaration not available online until December 2017. Who pays this tax? Owners of non-principal residences unoccupied for six months or more each year must pay this tax. The Empty Homes Tax Does Not apply to: Vancouver home owners, including snowbirds; owners of principal residences; a home with… 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

Measuring the market – is the HPI the best tool?

Posted on January 12th, 2017

What’s happening to home prices and where are they headed? Realtors are asked these questions everyday by clients looking for accurate information to base their decision on whether it’s a good time to buy or sell. Are these market watchers getting the best data? To ensure they are, the Real Estate Board of Greater Vancouver originally developed the Housing Price Index (HPI), in 1997, together with the Fraser Valley, Calgary, Toronto and Montreal real estate boards and the Canadian Real… Read more