This is actually an old post that I'm re-sharing here. Many of my clients have has their assessed values decrease slightly this January for the first time in a several years. They've been wondering if this means that they will be paying less in property tax. However, a decrease or increase in assessed value doesn't directly correspond with how much tax you will later pay. What your property tax bill DOES depend on is is how much your property assessment increased or decreased
While Canada’s low mortgage rates began to creep up at the end of 2016, mortgagors have been happy to see them remain relatively unchanged since then. However, the March Mortgage Rate Forecast recently released by the BC Real Estate Association suggests that those days may be coming to an end. Citing a stronger Canadian economy and “a large degree of policy incoherence” in the United States, the report predicts an increase in mortgage rates throughout the second half of 2017.
Only 6 months after introducing the controversial legislation, the BC government has decided to cast aside the 15% tax on real estate purchases for foreigners who are working and paying taxes here. With the Vancouver real estate market having experienced a dramatic decline in sales transactions since the tax was first implemented in August, Christy Clark claims the new exemption is being put in place to encourage more people to move to Vancouver. She made the announcement in