Our Blog
Get the best mortgage!
Quick Links
Latest Blog Posts
- Bank of Canada Meeting Dates for 2025
- New BC Budget highlights and how it affects you and real estate
- Happy New Year! Thank you for choosing us as your Mortgage Broker!
- Just because it is Friday!
- Major Breaking News! Down payment increasing from 5% to 10%
- Interview with Ryan Smith from the Canadian Mortgage Professional Magazine - Q & A - A good time for alternative lending
- What should seniors expect from the new Liberal government?
- Canadian Mortgage Professional 30 second video
- Canadian Mortgage Professionals Canada
- What is on Your Bucket List? Join us at our booth and presentation at the 55+ Lifestyle Show Oct 20 at the Olympic Village in Vancouver!
New BC Budget highlights and how it affects you and real estate
Here is what you need to know about the new BC budget. Some pretty amazing statistics.
BC Budget Highlights
The BC Government has a surplus budget of $264 million and a forecast allowance of $350 million, spending of $47.5 billion and revenues at $48 billion - the province showcases a balanced budget for the fourth year in a row.
In the real estate perspective, foreign ownership and housing affordability were major considerations in the budget released February 16th. Both of these topics were discussed by VERICO's economic consultant Michael Campbell back in January of 2016.
Here's what really matters for you and how it affects real estate
3%
Property Transfer Tax for Home Values Over $2Million
There is now an increase in the property transfer tax for luxury homes, with a new tier of 3% on the portion of a purchase above $2 million.
That is on top of the current rates, which impose 1% tax on the first $200,000 and 2% for the portion between $200,000 and $2-million.
91%
Sales to New Listings Ratio Vancouver’s housing market has an almost unheardof 91% sales-to-new listings ratio. Almost every new listing is getting absorbed within a month. Canada as a whole has seen a 17% increase in housing costs.
$475K
is the number for First Time Home Buyers Tax exemptions will continue for First Time Home Buyers purchasing a home valued at $475K or less.
For the first time since 1998
Property buyers will be required to provide their citizenship information. Bare trusts purchasing property will need to disclose their beneficiaries.
Provincial government will be monitoring these numbers.
Property Transfer Tax Exemption for newly built homes valued up to
$750K
Exemption valid for Canadian citizens or Permanent Residents only. Homes must be owner-occupied for at least a year after purchase date. Relatives do not qualify.
+ 6,315
People in the Province
1/3 of the new population to the province came from Alberta.