As they announced in their June 22 throne speech in Victoria, the BC Liberal Party plans to introduce a new rent-to-own housing scheme to help make home ownership more attainable for middle-income earners. The program would initiate the construction of 50,000 new family and starter homes over the next 10 years, particularly along new transit lines and corridors. Prospective owners would start by renting the units, but a portion of their monthly payments would be put towards a
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.
Property assessments were mailed out recently and if your home landed below the $1.6 million mark, you can still qualify to receive a basic Home Owner Grant of $570 per year thanks to a $400,000 increase to the qualifying limit courtesy of the B.C. government. There may be other breaks in store too. The bump up from last year’s $1.2 million cap was announced today by Finance Minister Mike de Jong in response to the significant increase in assessment values. If you’re in a sin