Resources for Buyers

Tax implications of vacation homes

Posted on August 11th, 2017

Tax implications of vacation homes It’s happened to many of us. You spend a gloriously relaxing weekend or week out of town, at Whistler, Pender Island or even in downtown Vancouver. You find yourself thinking, “Maybe we should buy a place here and get away more often. It could be a great investment.” If you’re considering buying a vacation property, be aware of tax and other important considerations. Provincial Property Transfer Tax The Property Transfer Tax (PTT) is charged whether you… Read more

Save a downpayment to buy a home this year. Here’s how!

Posted on August 3rd, 2017

You’re saving a down payment to buy your first home. Follow these steps and watch your down payment grow. 1. Are you celebrating a birthday? Consider setting up a down payment account. Then let mom, dad, grandma, older siblings, aunties and uncles, and anyone else who usually buys you gifts, write a cheque instead. 2. Have you accomplished something important like graduating from university or college? Let relatives and friends know and tell them about your down payment account. 3. Have you… Read more

10 ways to make home ownership more affordable

Posted on July 10th, 2017

We came across this article on “10 ways to cool housing prices in Metro Vancouver” by urban planner and architect, Michael Geller. It also applies to the rest of Canada and could also be titled “10 practical ways to make homeownership more affordable.” We like Geller’s suggestions for gentle density – zoning for secondary suites, laneway homes and fee simple row houses, allowing basement suites in duplexes and townhomes, and exploring alternative types of ownership such as shared equity. All… Read more

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  

New resources from Canada Mortgage and Housing Corporation (CMHC)

Posted on May 30th, 2017

Here are new resources from CMHC. Homebuying Step by Step guide – a 27-page guide (includes worksheets) to help home buyers, one step at a time. Mortgage calculators – including a debt service calculator, a mortgage payment calculator, a premium calculator, and a mortgage affordability calculator. Ready Set Home app – helps ensure first-timers make informed decisions. Tracks all of the details during the homebuying process. Housing for Newcomers resources – information on renting and buying a home in Canada,… 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

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