Defer Your Property Taxes - BC property news

Some interesting facts from the BC Government about receiving help with paying your property taxes.

Once you receive your property tax notice, you may be able to apply for a low interest loan to pay your current year property taxes on your principal residence. There are two programs you may qualify for: 

• Regular Program
  You may qualify for this program if you’re:
  • 55 or older during the current year or
  • a surviving spouse of any age or
  • a person with disabilities
• Families with Children Program
  You may qualify for this program if you're a parent, stepparent or financially supporting a child.

You can apply to defer a portion or all of your residential (class 1) or residential and farm (class 1 and 9) property taxes after…

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3 things to consider before helping your kids buy a house

3 things to consider before helping your kids buy a house

As prices continue to escalate in many Canadian markets, it’s only natural for parents to want to help their kids buy a home. But there are three things parents should bear in mind before doing so, reports The Globe and Mail.

Ask any Realtor or mortgage broker about home first-time homeowners, and you’re bound to hear stories about parents providing financial assistance.

“The bottom line is that when a first-time home buyer buys a house, the parents more often than not are contributing something to the down payment,” says David Larock, a mortgage broker with Integrated Mortgage Planners.

Some parents are more than happy to help their kids buy that first home. However, there are three good…

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BC Notaries Housing Tips for Seniors

Vancouver, BC—With real estate prices and affordable housing a frequent topic of discussion throughout the province, The Society of Notaries Public of BC is offering tips and resources to help BC’s seniors stay in their homes.

“There are several good resources available which provide more information for busy baby boomers who might be downsizing or moving into a strata property for the first time; and also for more mature seniors on a fixed income who may be looking for financial assistance or supported housing,” said Tammy Morin Nakashima, a Richmond Notary and President of BC Notaries.

 Eight Housing Tips for BC Seniors:

1.  Know the strata laws before you buy:

Many active aging boomers are downsizing to free-up funds for retirement or…

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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…

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Can I ditch the home inspection when I buy a house?

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…

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Kamloops Real Estate: Assessed Value, Appraised Value & Market Value?

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

Usually, 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…

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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…

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Seniors Housing definitions

Housing Definitions for Seniors in B.C.

Assisted Living Residences (Registered)

Assisted Living residences offer housing, hospitality services and personal assistance to adults who can live independently but require regular help with daily activities. By law, in order to carry the Assisted Living designation, these residences must be registered with the provincial government.  In BC, this is the Assisted Living Registrar's Office.

Accommodation can range from private rooms with lockable doors in a home, to an apartment-style building with private self-contained suites, usually with their own bathrooms and cooking facilities. The residence provides a place where people can eat together and socialize.

Assisted Living operators provide five…

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