Snowbirds could have financial wings clipped by new border tracking system

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…

2240 Views, 0 Comments

What is CMHC Mortgage Insurance?

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…

2859 Views, 0 Comments

Rising rents attracting investors in BC

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. Private 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…

2264 Views, 0 Comments

Kamloops Home Sales by area - 2015 Q3 by sub area

Want to know which of he Kamloops communities had the most selling action in the 3rd quarter of 2015?

To see what for is for sale currently in the number 1 sub division of Brocklehurst CLICK HERE or to see all of Kamloops CLICK HERE

To see the full list of all Kamloops properties sold in the 3rd Quarter of 2015 CLICK HERE

To sign up for this information to be emailed to you CLICK HERE

© Kamloops and District Real Estate Association

2560 Views, 0 Comments

The top universities in British Columbia

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:

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…

3420 Views, 0 Comments

The Liberal Effect

The Liberals’ new majority gives them all the power they need to influence Canada’s mortgage market. Interest rates, mortgage policy and affordable housing initiatives will all be affected.

Here’s some of what the mortgage market can expect from Mr. Trudeau’s new government:

1. Higher bond yields: Balancing the budget is not a priority for the Liberals until 2019. Trudeau is expected to go on a spending spree and bond traders aren’t keen about it. It suggests a greater supply of government debt and potentially higher long-term yields to come. That, of course, could mean at least slightly higher fixed mortgage rates than we’d otherwise see.
2. A More Hawkish Poloz: The odds just dropped for a cut in prime rate. More spending by Ottawa puts less…

2095 Views, 0 Comments

Housing affordability ‘a growing challenge’

A new report says while the slump in oil is stifling house prices in provinces driven by energy markets, other sectors have picked up the slack and taken home values to new levels nationally.

The report from Royal LePage, which provides a composite price based on values in 53 of the country’s largest housing markets, finds the average home sold for $502,643 during the third quarter of 2015 — an eight per cent increase from a year earlier.

“Economic slowdowns in energy-dependent markets, most notably in western Canada, have in part been offset by both renewed industrial activity in other parts of the country and the Bank of Canada’s recent interest rate cuts,” said Phil Soper, chief executive of Royal LePage, in a statement.

Soper said that, as in…

1844 Views, 0 Comments

Understanding Your Building's Rental Bylaws

Your condo’s strata will likely have rules about rentals… here’s how to find out whether or not you can rent your unit.

How many times have you heard the story "‎we were told we could rent our condo, but we found out the strata has a bylaw" or "we rented when we first bought the unit, but everything changed"? The landscape of rental bylaws in condo buildings is difficult to navigate at the best of times unless you have accurate information and your strata understands how to administer rental bylaws. So can you rent your unit or not? Read on!

Bylaws that prohibit or limit rentals are permitted for residential strata corporations or residential strata lots in a mixed-use strata property. Whether it is a duplex, bare land strata, high-rise or…

1747 Views, 0 Comments

BC Real Estate Listings at Eight-Year Low

Despite lack of choice, home sales across province rise 12 per cent year-over-year in September as buyers snap up what's on offer, according to new figures.

Unrelenting demand for real estate across BC is pulling home listings inventory to an eight-year low, according to British Columbia Real Estate Association (BCREA) figures released October 14.

There were just 39,977 units available for sale in the province in September – a low that hasn’t been seen since early 2008.

“Strong consumer demand has pulled down the inventory of homes for sale to its lowest level in eight years,” confirmed Cameron Muir, BCREA chief economist.

“Market conditions are favouring home sellers in some board areas, while contributing to relative balance between…

2365 Views, 0 Comments

Rebalanced Canadian Economy Supports Healthy Real Estate Markets Across the Country

Stability in real estate market provides safe haven for savers facing volatile capital markets

Sector remains a federal election priority for major parties and voters

TORONTO, October 14, 2015 – In the third quarter of 2015, home prices showed moderate to strong year-over-year increases in most markets in Canada, according to the Royal LePage House Price Survey¹ released today.  While the effects of the crude oil shock are still filtering through the economy, the country’s non-energy sectors are beginning to regain momentum as a lower Canadian dollar stimulates sharply higher exports, particularly to the U.S., supporting overall consumer confidence and the strength of Canada’s real estate markets.

According to the report and newly introduced…

1940 Views, 0 Comments