Resources for Buyers

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

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