Changes to Vancouver Foreign Home Buyer Tax Confirmed

As we previously wrote, the B.C. government has considered changes to the additional tax on foreign home buyers in Vancouver in order to remain attractive to prospective employees. On March 17, the province confirmed the scope of their changes.

BC Budget Includes Tax Break for Eligible Buyers

In the latest provincial budget, the government has announced an immediate change to the Property Transfer Tax. Effective February 22, 2017, the exemption threshold for eligible first time home buyers will be raised to $500,000. Buyers shopping in that price range may now save thousands of dollars in tax payments.

Canada's Least Affordable Housing Markets Located in B.C.

A new international survey shows that Vancouver continues to be the least affordable city to buy a home in Canada – and ranks third internationally. But would you believe that Victoria comes in at second on the list in Canada, less affordable than all of the other major markets considered in the study?


Vancouver Foreign Home Buyer Tax Amended

The B.C. government is planning to lift the levy on foreign home buyers in Vancouver for those who have a work permit and pay taxes in the province. Originally implemented in August 2016, the 15% foreign home buyer tax had an immediate impact of reducing the number of real estate transactions involving foreign buyers. In Metro Vancouver, there were 1,974 deals involving foreign buyers from June 10 through August 1, 2016. In the remaining month of August 2016 there were only 60 transactions; the volume has slowly recovered and there were 200 transactions during November 2016.

BC HOME Partnership Loan: Are you ready?

Applications for the B.C. government's Home Owner Mortgage and Equity Partnership program open today, January 16, 2017. If you're an eligible first-time home buyer, do you have your documents in order?

BC HOME Partnership Loan: What will I pay?

The B.C. government's Home Owner Mortgage and Equity Partnership program, launching January 16, 2017, might seem almost too good to be true. The provincial government will match the down payment for eligible first-time home buyers to a maximum of 5% of the purchase price, up to a $750,000 property. This loan will be interest- and payment-free for the first five years.

BC HOME Partnership Loan: Am I eligible?

The B.C. government's Home Owner Mortgage and Equity Partnership program, launching January 16, 2017, is meant to assist first-time home buyers cover part of the cost of a mortgage down payment. There some nuances to the eligibility criteria that you will want to keep in mind: