Latest News

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

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