In real estate, the down payment is the total cash you put toward purchasing a home. It’s the purchase price minus your mortgage amount and can come from your bank account, RRSP funds, or funds from various investments. How much Down Payment is required? There is no set down payment amount—it depends on the property's purchase price. If your down payment is less than 20%, you’ll need CMHC mortgage insurance, which protects the ... Read the Post...
What You Need to Know About the BC Home Flipping Tax
What is the BC Home Flipping Tax? The BC Home Flipping Tax came into effect on January 1, 2025. It applies to the net income from properties sold within two years (730 days) of purchase, even if the purchase was made before January 1, 2025. Certain property types and circumstances are exempt from this tax. It is important to note that this tax is separate from/ in addition to the Federal Property Flipping Tax. How is the BC Home Flipping ... Read the Post...
Want to Purchase a Condo for Under Market Value?
The Provincial government and the xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish), and səlilwətaɬ (Tsleil-Waututh) (MST) Nations have partnered to give first-time home buyers the opportunity to purchase condos in Vancouver at 60% of their market value. About the Homes A total of 2,600 studios, 1-, 2-, and 3-bedroom homes built at the Heather Lands, located at West 33rdAvenue and Heather Street. These condos will be strata ... Read the Post...
New Mortgage Approval Rules Coming Soon!
Last week, the federal government announced new mortgage approval rules aimed at making mortgages more affordable for Canadians. First, as of December 15, 2024, the purchase price threshold for insured mortgages will increase from $1 million to $1.5 million. This means that if you’re purchasing a home for $1.5 million or less, you will no longer be required to have a minimum 20% down payment. The previous threshold for insured mortgage ... Read the Post...
