If you are interested to have access to all Vancouver Foreclosures MLS® Listings, please click on the “VIP Insider Access” button. In the “Notes” box include the code “Foreclosures” or visit Vancouver Foreclosures and register What You Should Know Foreclosed homes are typically homes put on sale by lenders after the previous buyer defaults on their mortgage. Foreclosures are rare…
Canada’s inflation remains manageable, analysts say Canada’s inflation rate saw a modest rise in October, but economists say it’s unlikely to derail the Bank of Canada’s anticipated rate cut next month. The Consumer Price Index (CPI) increased by 2% on an annual basis, up from 1.6% in September, according to Statistics Canada’s latest report. Despite…
Economists react to the latest consumer price index print The Bank of Canada has made it clear that any changes in interest rates will be data dependent, but how is the latest consumer price index data likely to influence its decision? With the CPI print from Statistics Canada released Tuesday showing an uptick in the pace of…
Current rate:The greater of the mortgage contract rate plus 2% or 5.25%. The minimum qualifying rate (MQR) for uninsured mortgages is a mortgage stress test applied by lenders to borrowers. OSFI obliges federally-regulated lenders to apply this stress test to their borrowers. This helps lenders prepare borrowers so they can continue to make mortgage payments…
Who had a 7.7% increase in home sales on their real estate bingo card for October? Matt Day The latest data from the Canadian Real Estate Association (CREA) shows Canadian home sales activity spiked last month, reaching a level unseen since April 2022, and surpassing the 10-year monthly moving average. “The jump in home sales…
Spruce up your home in just a few days. Spruce up every room in your home with our collection of quick and easy do-it-yourself home improvement projects. Each one can be completed in just a weekend and increases the function—and style!—of your home. Make Your Entrance Inviting A cheery front-door color and a touch of landscaping can…
What is the Speculation and Vacancy Tax? The Speculation and Vacancy Tax is an annual tax that affects owners of vacant homes or homes that are empty more than 6 months of the year. The government has stated that it is designed to ensure that foreign owners and satellite families are fairly contributing to B.C’s…
British Columbia Goods and Services Tax (GST) is a 5% tax you pay on goods or services for personal use and enjoyment. Much like the GST you pay for the purchase of clothing, the same principle applies to the purchase of a new home in BC. GST is charged on top of the purchase price…
PROPERTY TRANSFER TAX One of the major expenses associated with the purchase of real estate in British Columbia is the property transfer tax (“PTT”). PTT becomes payable when a change in title is registered at the land title office. PTT is taxed on the fair market value of the land and improvements and is charged…
If you’re a buyer considering purchasing a property for the short-term or a seller looking to sell within the first 730 days of ownership, there’s an important new tax you need to know about. Starting January 1, 2025, the BC Home Flipping Tax will apply to certain property transactions, and it’s important to understand how it…