The Provincial government and the xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish), and səlilwətaɬ (Tsleil-Waututh) (MST) Nations have partnered to give first-time home buyers the opportunity to purchase condos in Vancouver at 60% of their market value. About the Homes A total of 2,600 studios, 1-, 2-, and 3-bedroom homes built at the Heather Lands, located at West 33rdAvenue and Heather Street. These condos will be strata leasehold ... Read the Post...
New Mortgage Approval Rules Coming Soon!
Last week, the federal government announced new mortgage approval rules aimed at making mortgages more affordable for Canadians. First, as of December 15, 2024, the purchase price threshold for insured mortgages will increase from $1 million to $1.5 million. This means that if you’re purchasing a home for $1.5 million or less, you will no longer be required to have a minimum 20% down payment. The previous threshold for insured mortgage was ... Read the Post...
Buyer’s Agent Do I Need To Use One?
Should you use a Buyer’s Agent when you are looking to purchase a home? What about a pre-sale property? The answer in short is, YES! Buying a home is the biggest and most expensive life decision you will ever make. Having someone who represents you and looks out for your best interest is very important. The Seller’s agent is there solely to work in the best interest of their client. If you’re thinking of purchasing a home without a ... Read the Post...
What is the First Home Savings Account?
Are you currently renting with hopes of becoming a homeowner? Do you have children who are over 18 years old? If so, the new First Home Savings Account could help you and your family get into the real estate market. What is the First Home Savings Account? On April 1, 2023, the government introduced the Tax-Free First Home Savings Account (FHSA.) The FHSA is meant to help make saving money for a down payment easier. In fact, it lets ... Read the Post...
What You Need to Know When Buying a Strata Property
When buying a strata property, there are a number of things that you must review. These are different from when you purchase a single family home. The process can be much more time consuming and requires more attention to details. When buying a strata property you should receive 2-year’s worth of strata minutes. In addition there will be various other strata documents. It is important to carefully read them in order to understand if it is a good ... Read the Post...
Signs You Have Outgrown Your Condo/Townhouse
Buying your first home is an exciting milestone, but as life changes, so do your housing needs. Here are some key signs that it could be the right time to make a move. Your Space Feels Cramped What once felt cozy and efficient might now feel cluttered and restrictive. If your living space is overflowing with furniture, it’s a clear sign you’ve outgrown your home. A larger space can provide better functionality and overall ... Read the Post...
What is a Real Estate Down Payment?
In real estate, the down payment is the total cash you put toward purchasing a home. It’s the purchase price minus your mortgage amount and can come from your bank account, RRSP funds, or funds from various investments. How much Down Payment is required? There is no set down payment amount—it depends on the property's purchase price. If your down payment is less than 20%, you’ll need CMHC mortgage insurance, which protects the ... Read the Post...
What You Need to Know About the BC Home Flipping Tax
What is the BC Home Flipping Tax? The BC Home Flipping Tax came into effect on January 1, 2025. It applies to the net income from properties sold within two years (730 days) of purchase, even if the purchase was made before January 1, 2025. Certain property types and circumstances are exempt from this tax. It is important to note that this tax is separate from/ in addition to the Federal Property Flipping Tax. How is the BC Home Flipping ... Read the Post...
