Resources for Buyers

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

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

15 ways to leave your mother

Posted on September 29th, 2016

15 steps to buying your first home Are you thinking about buying your first home?  Here are 15 steps to guide you through the process. The down payment. Right now, start saving towards a down payment, even if you can only afford to put $100 a week into an account. Here’s a list of creative ways to save your down payment as quickly as possible. Are you ready to buy? For some potential home buyers renting may make more sense… Read more

New 15% foreign buyer tax effective August 2, 2016

Posted on July 27th, 2016

The British Columbia government is implementing a 15 per cent foreign buyer tax on all residential transactions in Metro Vancouver effective August 2, 2016. The tax will be added to the Property Transfer Tax (PTT) and will apply to all residential properties bought by foreign nationals or foreign-controlled corporations. The new PTT will be payable on property registered with the Land Title Office on or after August 2 regardless of when the contract was written. The tax will apply to:… Read more

Newly Built Home Exemption – what you need to know

Posted on May 25th, 2016

The Newly Built Home Exemption reduces/eliminates the amount of Property Transfer Tax (PTT) paid on a newly built home. What qualifies as a newly built home? a house built on vacant land; a new apartment in a newly built condominium building; a manufactured home on vacant land; an existing house that has been moved from one parcel of land to a vacant parcel; a new house or houses resulting from the subdivision of a lot; a house converted from an… Read more

Is real estate still a great investment in Metro Vancouver?

Posted on March 27th, 2016

Is real estate still a good investment in Metro Vancouver? Just five years ago in 2011, the benchmark price of a detached home in Metro Vancouver was $848,645. An attached home’s benchmark price was $507,118 and an apartment condominium, $399,397, according to data from the Real Estate Board of Greater Vancouver. Today that same detached home has a benchmark price (for Metro Vancouver) of $1,305,600, an increase of 53.8%.  An attached home has a benchmark price of $569,600, an increase of… Read more

Increased down payment required on $500,000+ homes

Posted on February 16th, 2016

As of February 15, 2016, the federal government raised the minimum down payment requirement on homes valued over $500,000 needing mortgage insurance. The minimum down payment requirement will remain at 5 per cent for homes priced at less than $500,000. For home priced $500,000 – $1,000,000, buyers will need  a 10 per cent down payment. Homes valued at $1 million+ require a minimum down payment of 20 per cent. Mortgage insurance is not available for homes in this price range…. Read more

Newly updated – Top Grants and Rebates for property buyers and owners

Posted on December 21st, 2015

Top grants and rebates for property buyers and owners, December 21, 2015