ight PropertyNews
Owning a Home in Your Lifetime?
With the price of real estate continuing to rise year over year more than the rate of inflation, will you ever be able to get into the market? Over the last 20+ years, we have gone through several cycles with peaks and troughs. Each correction was followed by an increase which exceeded the previous high. First time buyers need to understand that the first purchase will not be the dream home. Remember when you bought your first car in high school? Expectations need to be realistic and sacrifices need to be made. Saving for the down payment may mean foregoing the daily mocha or lunches out. It may mean getting a used vehicle instead of financing or leasing a new sports car that depreciates and is not tax deductible. It may mean not replacing your...
Canada Grows Especially the West
As per my previous blogs and what I have been advising our clients, the local real estate market is unique. The economic and political stability, quality of life, the natural beauty and the sound social and education system is desirable world-wide. This is confirmed by the latest 2011 census report from Statistics Canada shows that our population is growing faster than any G8 nation, fuelled primarily by immigration and the bulk landing in Western Canada. For Metro Vancouver with its’ limited land base, it just means that prices can only head one way overall. This explains why Surrey and Port Moody is experiencing 19.9% and 18.6% growth respectively when compared to 2006. More than 200,000 new residents came to Metro Vancouver since 2006. This...An Income Tax Deduction for Your 1st Home Purchase?
Did you know that you could be saving up to $750 in income tax if you recently bought your first home? Many have forgotten about the Federal program that was introduced under Canada’s Economic Action Plan Budget 2009. The Home Buyers’ Tax Credit (HBTC) is a non-refundable tax credit based on the amount of $5,000 that you claim in your personal income tax return on line 369. You would claim this amount in the year you completed on your home. So if you bought your first home last year, you could have up to a $750 surprise bonus this April! For more details about this program, please click here: HBTCHousing Affordability in Greater Vancouver
Many reports suggest that we have the most expensive real estate in the world. How then do the residents cope? The studies generally compare the ratios of average or median family income with the ability to finance a detached home. With the average price over CDN $1 million, many cannot afford to buy a house, but they do have other options.
Family dynamics have changed over the last 20 years. Couples are getting married later in life, having less children, and needing less space. While a detached house may be desirable, a townhouse or an apartment may be more practical where prices are less and the upkeep of the exterior and common areas is maintained by monthly fees. In fact, according to the REBGV MLS® statistics, more than 50% of all...
Sitting on the Fence
“I’m going to wait until prices drop.” 
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