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
2018 is here and so are the latest property assessments from BC Assessment and sales statistics from the Real Estate Board of Greater Vancouver. The BC government also bumped up the qualification threshold for homeowner grants from $1.6 million to $1.65 million to prevent a large number of people from being cut-out of the program (and their discount) given the overall increases. So exactly how much are property values going up? Looking at assessment numbers, Greater Vancouve
RISING INTEREST (AND MORTGAGE) RATES: By now there’s a good chance you’ve heard that the Bank of Canada raised it’s interest rates by another 25 basis points on September 6th. The move marks the second hike since July this year, with the key lending rate now standing at 1%. Wasting no time, Canada’s five big banks followed suit, raising their prime lending rate to 3.2% up from 2.95% with more expected to do the same. If you have a variable rate mortgage, it’s likely you’re al
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.
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