Blogs

Empty Homes Tax Homes that are deemed empty will be subject to a tax of 1% of the property’s assessed value. Most homes will not be subject to the tax, as it does not apply to principal residences or homes rented on a long-term basis. The Empty Homes Tax will come into effect in January 2017, but it will not be assessed and payable until 2018. Net revenues from the Empty Homes Tax will ...

IMPORTANT changes to lending! If you're looking at buying a new home and require mortgage insurance, your budget could be affected! New rules coming: "The federal government announced regulation changes for new government-backed insured mortgages today. Effective October 17, 2016, insured homebuyers will have to qualify at the posted five-year qualifying rate. Previously, only variable rate ...

10 Things to know about the 2016/2017 Provincial Budget: Buyers of newly-built homes, condos and townhouses (see link below for Newly Built Home Exemption criteria) worth up to $750,000 will be exempt from the property transfer tax, saving up to $13,000.  This is effective Feb 17, 2016 and is ONLY for Canadian citizens or permanent residents. There is a partial exemption for homes between $7 ...

SELLING PROPERTYSelling a property in B.C. often begins with the property being listed for sale. Once an offer to purchase the property has been accepted by the Sellers, there is a binding contract to sell the property. From here, the Sellers must now retain legal services to complete the sale.Items Sellers will want to consider are:1)-Closing Costs2)-Non-Resident Seller Procedure CLOSING COS ...

BUYING A HOMEBuying a home is a very exciting but sometimes stressful process. For most people it is their largest single investment. We want to make the process as stress-free as possible by helping home buyers understand some of the costs involved in buying a home as well as the process to go from having an accepted contract of purchase and sale and an approved mortgage to becoming the prop ...

CMHC MORTGAGE PAYMENT CALCULATORDo you want to know how much and how often your mortgage payments will be? Use this calculator to compare options and find one that's right for you. http://www.cmhc-schl.gc.ca/en/co/buho/buho_021.cfm?WT.cg_n=TWT_MLI

VICTORIA - To better support strata residents, the B.C. government is launching a new, enhanced strata website.This new website makes it easier for strata residents to understand their rights and responsibilities and access information to help them operate and maintain their property.Website features include:Tips and best practicesLinks to strata associationsOnline formsMobile-friendlyThe web ...

Now that the HST has been changed back to a GST / PST model, there’s a lot of questions out there with regards to how things work with regards to purchasing real estate.  The following should clear up most questions.  How does G.S.T. apply to used residential housing?It does not. Used residential housing is’ not subject to G.S.T.How does G.S.T. apply to new residential housing?G.S.T. is payab ...

75% of Metro Vancouver neighbourhoods too costly for average family: Sun databaseInteractive affordability map. Read more: http://www.vancouversun.com/business/Metro+Vancouver+neighbourhoods+costly+average+family+database/10296788/story.html?__federated=1

It is a well-known fact that non-resident investors have played a part in Canada’s booming condo market. And when these investors finally decide to sell, the Canada Revenue Agency (CRA) certainly wants a piece of that profit. The tax rules surrounding this process are complex, and if not followed properly, can result in a very significant tax liability.When a non-resident disposes of taxable ...