B.C. Premier to lift foreign buyers tax for those with work permits

Premier Christy Clark announced Sunday that foreigners with work permits who live and work in B.C. will be exempted from the province’s 15-per-cent homebuyers tax.

Clark made the statement during a scrum at Vancouver’s Chinatown Lunar New Year Parade in response to questions on U.S. President Donald Trump’s travel ban on people from seven predominantly Muslim countries.

“We believe that people who are seeking refuge around the world should be able to find safe haven here in our province,” Clark said. “We believe that people, the best and the brightest, should be able to come to British Columbia.

“We are going to lift the foreign owners tax on people who have work permits who are paying taxes and living in British Columbia, as a way to encourage…

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Is now a good time to get a mortgage?

January is the time for resolutions, and for many people, one of those resolutions is getting a mortgage and buying a house.

But if you’ve been keeping abreast of the recent changes in the mortgage industry or even casually following economic forecasts, then the prospect of 2017 may have you a little wary.
 

Assessing your personal situation

Only about half of Canadians think that this this is a good time to buy a home or a condominium in their community, according to a survey that was part of the latest Annual State of the Residential Mortgage Market in Canada.
 
“The fall 2016 responses to this question have been contrasted with consumer opinions on how the new mortgage insurance rules would affect their ability to buy a home or condominium.…

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Royal LePage shares expectations for home prices in 2017

2017 Royal LePage real estate forecast

Canada’s residential real estate market saw significant year-over-year home price appreciation in the fourth quarter of 2016, supported by considerable gains in the Greater Toronto Area (GTA) and Greater Vancouver, according to the latest Royal LePage House Price Survey and Market Survey Forecast.

The prediction for 2017 isn't as dire as some experts would have you believe; in the year ahead, Royal LePage expects the regional extremes in house price appreciation to narrow in 2017, primarily due to a price correction in the Greater Vancouver housing market, strong but moderating price appreciation in the GTA, and welcomed upward price trends in Quebec, Atlantic Canada and Alberta.

“The disparity in home price…

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Should you sell your home during winter months?

Absolutely!

Are we just saying this to get you to sign a listing contract with us? No way.

Let’s be honest, our job as Realtors is to make a living, right? The only way to make a healthy living in real estate is by creating strong relationships with clients, which is contrary to the popular belief of just selling more homes. Reason being, we are after referrals; the only way of earning a referral is by doing an outstanding job.

When we advise clients to list their home during winter months, it’s because we firmly believe that it’s in their best interests. We’re not being salesman, because like we said above, we are in the business of creating strong relationships.

CLICK HERE TO GET A FREE VALUE OF YOUR KAMLOOPS HOME

Buyers move for two…

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TD hikes mortgage rates for rental properties and lengthy loans

Toronto-Dominion is raising mortgage rates again

This time the lender is going much farther than its recent hikes.

Starting December 1, all fixed rate mortgages that take more than 25 years to pay back will cost borrowers an extra 10 basis points, or 0.1 per cent. TD is also implementing an extra cost for mortgages on rental properties, charging borrowers 25 basis points more.

The changes follow Royal Bank of Canada’s precedent-setting decision early in November to hike rates, and to also charge more for lengthy mortgages. The latter move marked the first time such a policy was implemented in Canada.

In response, TD increased its own fixed-mortgage rates a week later, but took a more measured approach. Royal Bank hiked its fixed five-year…

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Real Estate Sales - Are They Taxable?

What About My Principal Residence?

The gain on the sale of real estate is a capital gain unless the property has been purchased with the intent of reselling at a profit, or developed and sold as a business endeavour.  If it is considered a business transaction, the entire profit or loss on the sale is taxable or deductible.  If the transaction is a capital gain (principal residence, summer cottage, second home, rental home, etc.), only 50% of the gain is taxable.

If the property is the taxpayer's principal residence, the principal residence exemption may eliminate all or part of the capital gain.  The Canada Revenue Agency (CRA) policy used to be that the form need not be filed unless there is a taxable gain after deducting the principal residence…

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Failed the mortgage stress test? Alternative lenders await — at a price - BEWARE

On Monday the 17th of October, stricter new federal rules about who can qualify for an insured mortgage took effect across the country.

Now, all new mortgage applicants have to pass a ‘stress test,’ which tries to predict whether they can keep up with mortgage payments, at their current salary levels, if interest rates were to rise.

Low interest rates have fueled red-hot real estate markets in south-central Ontario and, especially, Vancouver. As real estate values have skyrocketed in both places, uneasiness has grown about affordability and whether real estate has become a bubble economy. Because of mortgage insurance guarantees, Ottawa has a stake in home buyers not buying more than they can afford (leaving aside risks to the wider economy).

“I…

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Unlicensed foreign agents leverage lax regulation to sell B.C. real estate

They’ll arrange showings, set up negotiations with the seller’s agent, and even pick you up from the airport.

It’s the kind of pitch a real estate agent might make.

But no – this is the work of an unlicensed foreign agent working in B.C.

The man on the phone is cheery and confident, with the practised ease of someone accustomed to calming anxiety.

There is no need to worry, he says. Buying a home in Vancouver is simple. His company will dispatch people to the airport, then guide an inexperienced buyer through the entire process. No other company will be involved, he promises. “If you go to look at a house, our headquarters staff will take care of you,” he says.

His colleagues will come every day to arrange showings and, when a suitable home…

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6 Rules for Protecting Yourself When Buying Outside of Canada

Often, during the winter, the weather seems to freeze the logic portion of some people’s brains as they head south to thaw their bodies. (Sorry, if that is a little harsh, but sadly it’s true). Given that winter weather comes to this country at different times, I thought this was a great time to start thinking about it. We land in these little warm retreats and begin to fantasize about “owning a piece of paradise.” That is when the justifications begin and as we all know humans can find a way to justify anything they really want in their life.

Canadians Have Targets on Their Backs

Sales teams know Canadians begin to make desperate decisions as winter closes in and feels like it may never end. Sure, a piece of tropical or recreational paradise may…

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Starting from scratch an immigrants guide to getting started in Canada

Millions of immigrants come to Canada and quickly discover that getting established financially isn’t easy

Overview

Last year, Canada welcomed more than half a million newcomers to our country as immigrants, international students and temporary foreign workers. The number one source for new permanent residents is now the Philippines, followed by India, China, the U.K. and the States. Canada may be the best country in the world to live in, but that doesn’t mean that it’s easy to get established. People come to Canada dreaming of obtaining greater financial security and opportunities for themselves and their families, but they often spend years struggling to build up credit, find a decent job and grow their wealth.

In the pages that follow, we…

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