North Shore mortgage broker

Good new for Self Employed borrowers from CMHC.

Good new for Self Employed borrowers from CMHC.

Finally some good news for self employed borrowers.

Understanding the Real Estate details in the B.C. Budget 2018

ADDITIONAL PROPERTY TAX FOR FOREIGN ENTITIES AND TAXABLE TRUSTEES
1.Has gone from 15% to 20%, effective today.
2.Contracts written before Feb. 20, 2018 with a closing on or before May, 2018 are exempted, but only for Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan or Nanaimo Regional District. Note this exemption does not apply in Greater Vancouver.
3.Transfers pursuant to court order, order nisi of foreclosure, separation agreement, transfer from personal rep of deceased’s estate to beneficiary or transfer to surviving joint tenant are also exempt, provided the triggering event occurred before Feb. 20, 2018.
4.This tax applies to the Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan, Nanaimo Regional District and Greater Vancouver. The areas for each region can be found at https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax/bc-areas
5.Only on residential property; if property is farmland or commercial with a residential component, tax applies on the residential component.
6.Exemption for BC Provincial Nominee Program still applies.

SPECULATION TAX

1.Tax is meant to target foreign and domestic homeowners who do not pay income tax in B.C.
2.Tax will apply to same areas as foreign buyers tax apart from Okanagan, where it only applies to Kelowna and West Kelowna.
3.Starts in 2018 at $5.00 per $1,000.00 of assessed value, goes up to $20 in 2019.
4.Not sure how this will affect vacation homes, nor when this tax is payable.

PROPERTY TRANSFER TAX

1.Tax rises from 3% to 5% on value of homes over $3,000,000.00.
2.Remains at 1% on first $200,000.00, 2% on amounts between $200,000.00 and $2,000,000; 3% on amounts between $2,000,000.00 and $3,000,000.00 and 5% on amounts over $3,000,000.00.

PRE-SALE CONDO ASSIGNMENTS

1.Developers will collect and report information about pre-sale condo purchases; nothing else in budget about pre-sale contracts or assignments that we have seen.

B.C. HOME OWNER SECOND MORTGAGES 

1.    This program is now cancelled.

 

Stay tuned as there will be more to come. 

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Is the government guilty of facilitating anti-competitive practice?

Is the government guilty of facilitating anti-competitive practice?

Some are wondering if the federal government is deliberately sabotaging some lenders to benefit large banks

Government measures are cooling off the housing market, Morneau says

Government measures are cooling off the housing market, Morneau says

The finance minister says the real estate price increases seen in Toronto and Vancouver were “unsustainable.”

Breaking: Bank of Canada says next move likely an interest rate hike

Breaking: Bank of Canada says next move likely an interest rate hike

The Bank of Canada offered its strongest signal yet that it’s ready to raise interest rates as the economy gathers steam, in surprise comments that sent the Canadian dollar and bond yields soaring.

Kiah's Best Mortgage Deals

Kiah's Best Mortgage Deals

KIAH'S BEST DEALS

5 year fixed 2.24%

5 year "Kerrisdale" Quick close 2.59% (uninsured)

5 year fixed 2.64% with $1,500 "help with the extras"

5 year variable 1.99%

Bank of Canada Qualifying Rate 4.64%

OAC, some terms and conditions apply, subject to change without notice

Kiah's Best Mortgage Deals

Kiah's Best Mortgage Deals

5 year fixed 2.39%

5 year "Kerrisdale" Quick close 2.59% (uninsured)

5 year fixed 2.64% with $1,500 "help with the extras"

5 year variable 1.99%

Bank of Canada Qualifying Rate 4.64%

OAC, some terms and conditions apply, subject to change without notice

BC Budgets new PTT exemption threshold not high enough

BC Budgets new PTT exemption threshold not high enough

But better than nothing?

Buying with 5% down but need extra money to renew that kitchen? I have a program for that!

Buying with 5% down but need extra money to renew that kitchen? I have a program for that!

Buying with 5% down but need extra money to renew that kitchen? I have a program for that!

Our Industry is working hard with the opposition to halt the mortgage rules

Our Industry is working hard with the opposition to halt the mortgage rules

Our Industry is working hard with the opposition to halt the mortgage rules