October, 2015 RSS Icon
Found 23 entries for October, 2015.

The biggest problem in Canada’s hottest housing markets today seems to be finding something available to buy.

The Canadian Real Estate Association offered up the explanation of a shortage of listings in Vancouver and Toronto for a 2.1 per cent seasonally adjusted decline in existing home sales from August to September.

“Although national sales activity was not as strong in September as it was earlier this year, a lack of supply in some parts of the country is likely keeping a lid on transactions,” said Gregory Klump, chief economist with CREA. “The greater Toronto area and Greater Vancouver made sizeable contributions to the monthly decline in national sales activity. They also rank among the tightest urban housing markets in the country due to a

698 Views, 0 Comments
Read Full Post

Property Tax News

The B.C. government, among others, is taking a close look at the province’s property transfer tax. But broadening or raising the transfer tax will have harmful economic consequences for current homeowners. The province should instead look to replace the property-transfer tax with less harmful taxes.

Many provinces and municipalities across Canada levy property or land-transfer taxes. The buyer pays a tax proportional to the value of the purchase. British Columbia has a progressive rate on transaction values.Property Tax Buyers pay 1 per cent on the first $200,000, and then 2 per cent on the rest of the value.

Many people think that transfer taxes also curb housing speculation. But there is international evidence that transfer taxes are

793 Views, 0 Comments
Read Full Post

The population profile of the provinces and territories could become increasingly different in the decades ahead, because of changing demographic trends.

A new article released today, titled "Recent changes in demographic trends in Canada," provides an analysis of these demographic trends at both the national and provincial–territorial levels.

From 2011 to 2014, Canada's population growth averaged 1.1% a year. However, this national average masks some major differences among the provinces and territories.

For example, Manitoba, Saskatchewan and Alberta had the strongest average population growth of all provinces during this period, for the first time since 1971.

While Alberta has had the strongest population growth in nearly all years

985 Views, 0 Comments
Read Full Post

OTTAWA — Snowbirds beware: The federal government will use its planned border exit-tracking system to avoid paying hundreds of millions of dollars in social benefits now going to people who shouldn’t receive them due to absences from Canada.

Newly obtained memos say the Canada Revenue Agency and Employment and Social Development Canada expect to save between about $194 million and $319 million over five years once the long-anticipated system is fully in place.

Federal officials have been working quietly to satisfy privacy commissioner Daniel Therrien’s office that personal information will be properly collected, used and disclosed under the program.

Under the 2011 perimeter security pact, Canada and the United States agreed to set up co-ordinated

876 Views, 0 Comments
Read Full Post

When you buy a home, your best results will come when you make it a point to make a 20% down payment. However, for some Canadians, that much of a down payment is prohibitive. So, what can you do if you can’t make such a big down payment? If you are willing to pay extra for your mortgage, you can get special insurance to help lenders feel better about approving you for a loan with less than 20% down.

The Canada Mortgage Housing Corporation provides mortgage loan insurance to lenders for home buyers with a down payment of less than 20%, to as low as 5%. It offers a way for borrowers to get away with putting down a lower down payment than a lender might like. It’s one way to boost home purchases in Canada.

However, it is important to note that this

938 Views, 0 Comments
Read Full Post

To inspect or not to inspect - that is the question!

The question:

I’ve been house hunting for months and finally found a great house, but I know there’s going to be a lot of interest. I know everyone says I need a home inspection, but I’m afraid I’ll lose the house if I put any conditions on the offer. Should I ditch the inspection?

The answer:

Finding the right approach to offer conditions, is hot button topic these days, especially in the Toronto market where multiple offers have become the norm. Sellers with multiple potential buyers will often look to offers with the minimum of conditions, and the home inspection clause is often one of the first to go.

My advice: Don’t succumb to temptation or pressure to ditch a home inspection. If a

974 Views, 0 Comments
Read Full Post

High demand coupled with a lack of inventory. Sound familiar? That combination is not just the domain of the residential housing market, but also the multi-residential property market in Vancouver, as investors, big and small look to get a piece of the action.

According to Avison Young’s Fall 2015 BC Multi-Family Investment Report, demand for multi-residential properties in Metro Vancouver and throughout the province remained exceedingly strong in the first half of 2015. Rental property KelownaPrivate buyers – both local and foreign – and, to a lesser extent, institutional investors and REITs, were increasingly willing to accept record pricing and highly compressed capitalization rates as the cost of entry to British Columbia’s coveted multi-family real estate market.

Rising

853 Views, 0 Comments
Read Full Post

Whats the difference between Assessed, Appraised and Market values???

Value of your homeUsually, market value is determined by what a buyer is willing to pay for a home, and what the seller is willing to accept. The recent agreed upon sale price of a home is usually the best determinant of a property's market value. However, there are circumstances where the price paid for a home is not the true market value. For example, there may be a special relationship between the parties which resulted in a much lower value being paid. Also, a buyer may have been willing to pay a premium for a property for some reason, and so it sold for much more than it would otherwise be worth.

There are several things to consider when determining the pricing of your home for sale. The most

1076 Views, 0 Comments
Read Full Post

Q. Our kitchen appliances are in great working condition, but they’re not the most modern or stylish. We upgraded them along with our kitchen 15 years ago. Do purchasers care if a stove or fridge isn’t stainless steel? Would investing in new units increase our property’s value?

A. “The trick isn’t that all the appliances be modern or stylish, but instead that they are suited to the kitchen they are in,” says Chris Allen, a real estate agent and the author of The Book on Toronto Real Estate.

“Few things stand out as awkwardly as seeing brand new stainless steel appliances in a kitchen with worn melamine countertops, tired old cupboards and tarnished or mismatching cabinet handles.”

He recommends this family skip investing in new units largely

698 Views, 0 Comments
Read Full Post

The good news is that Canada is home to so many great universities that it’s difficult to make a poor decision.

That’s why choosing the school that best suits you requires going beyond rankings and reputation, and considering the unique culture and educational environment of your potential alma mater.

These are the top universities in British Columbia:

BC Universities

 

 

 

 

 

 

 

 

UNIVERSITY OF BRITISH COLUMBIA

  • Vancouver (main) and Kelowna
  • Students: 59,200 Cost: $6,000

Despite being a big campus with many professors focused on research, UBC maintains a hands-on learning environment. More than half of senior students report participating in an internship, co-op placement, field experience or other professional

902 Views, 0 Comments
Read Full Post

The trademarks MLS®, Multiple Listing Service®, and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. REALTOR®. Member of CREA and more.

What's Your Home Worth? Find out now, for Free.

Let's Go