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…
Stress test curbed credit growth while reducing risks for borrowers facing higher payments Mortgage stress tests have proven to be effective in preventing an uptick in delinquencies despite recent interest rate hikes, according to a new Bank of Canada (BoC) report. The federal government and the Office of the Superintendent of Financial Institutions (OSFI) first…
Second in command speaks out amid supply and demand imbalance The Bank of Canada’s second in command cautioned against “tinkering too much with the mortgage market” to fix housing affordability. Canada’s high home prices are primarily a function of a supply and demand imbalance, and the fix “will take time,” Senior Deputy Governor Carolyn Rogers…
Canadians could see a “mortgage war” in the months and years ahead as interest rates fall and unprecedented conditions drive competition among the country’s banks, according to RBC Capital Markets. The growth restrictions recently imposed on TD Bank’s U.S. operations and the eventual arrival of open banking in Canada are among the factors at play,…
While the vast majority of homeowners opt for the familiar 5-year fixed term, a tiny percentage of Canadians prefer the stability that comes with locking in a 10-year rate. In an unpredictable world where interest rates fluctuate, a 10-year fixed mortgage can offer peace of mind with long-term, stable payments. However, this product comes with…
Variable-rate mortgages track the Bank of Canada’s overnight rate, which is now down 125 basis pointssince May. Fixed-rate mortgages, however, are influenced by bond yields—and Canadians shouldn’t count on those yields dropping much further, Drummond noted. “Odds are, they will be above the bank rate, and we will have a positive yield curve. Why? Because time…
BUYERS – Find the best deals, foreclosures, bank distress, estate sales and exclusive listings. Visit www.vreg.ca and go to “EXCLUSIVE DEALS” Changing demand drives trend toward bigger, more functional spaces Canada’s rental market has hit a critical low in vacancy levels, but developers are struggling to keep pace with the growing demand for new housing. Despite a…
Refinancing Your Mortgage Refinancing your mortgage can be a smart financial move for many reasons, and should consult a trusted mortgage advisor. Ideally, refinancing is done at the end of your mortgage term to avoid penalties, but the timing can vary depending on your goals. For some, it’s about unlocking the equity in their home…