BC SPECULATION TAX – IT’S TIME TO DECLARE

It’s that time of year once again when the BC Speculation Tax letters will be dropping into your mailbox.

Who needs to declare?

  • All residential property owners in the TAXABLE REGIONS must apply.
  • If a property has more than one owner, a separate declaration must be made for each owner.
  • Even if the other owners are family members or part of an estate, each owner needs to complete a declaration.

The Government claims that ‘99% of British Columbians are exempt’ from the tax so have your letter ready and LOG ON HERE to start you declaration.

The tax amount has changed from 0.5% to 2% for homeowners who are not exempt. To find out who is eligible for the exemption, check out the BC SPECULATION TAX website or call 1-833-554-2323.

Remember you must declare by March 31st 2020 in order to qualify for the exemption.

Contact Garry Voigt for more information 604 789 2140 or info@garryvoigt.com

 

 


CHECK OUT THE SNAPSTATS FOR JANUARY 2020 – IT IS STILL A HOT SELLERS MARKET!

Check out the latest **Snapstats for January 2020. The stats indicate that we are still in a hot ‘Sellers Market’. Inventory is low and buyers are very active. Savvy sellers should be cashing in on the market conditions RIGHT NOW and not waiting for the typical ‘spring market’! See below video for full stats for Greater Vancouver, Metro Vancouver and the Fraser Valley.

If you would like more information call Garry Voigt 604 789 2140 or email info@garryvoigt.com.

FVR 2020 January
GVR 2020 January
MVR 2020 January
**This report data was captured on February 3, 2020 from the Fraser Valley Real Estate Board MLS®. Refer to our YTD reports for sustained periods of the Sales Ratio % . The accuracy and completeness of the information is not guaranteed. In providing this information SnapStats® or Garry Voigt do not assume any responsibility or liability. More info at snap-stats.com .


HAVE YOU EVER CONSIDERED THE BENEFITS OF BUYING VS RENTING?

There is no doubt about it, there are definitely some benefits to renting a home rather than taking the leap to purchase. Your costs can be lower than if you purchase but what about getting a return on that investment?

The article below sets out 5 really good incentives to buy instead of renting.

 

  1. Possible Tax Breaks
  2. Getting help from CMHC to purchase a home
  3. Using your RRSP contributions as leverage
  4. GST New Housing Rebate
  5. Building Equity and Credit

Click Here to read the article recently published in REW.ca

If you are looking to buy your first home and want more information about the benefits of buying a home call Garry Voigt today, email www.garryvoigt.com or call 604 789 2140. We have helped many happy first time buyers navigate their first purchase!

 


YOUR BC ASSESSMENT IS IN – LEARN MORE ABOUT WHAT THIS MEANS FOR YOU

If you live in BC, you may have already received your new BC Assessment. Understanding why your Assessment has increased or decreased compared to the previous year can be extremely confusing.
One of the most important things to understand is that the Assessment is actually based on the market value of your house as of July 1st the previous year, and not the market value in January when the Assessment is mailed. The Assessment also does not necessarily have any bearing on the actual Market Value of your home and this can lead to even more confusion.
For a more accurate, up to date valuation your Realtor can create a Comparable Market Analysis. Contact Garry Voigt and let his expertise help you understand your home’s market value.
There is a lot of information contained with the BC Assessment website that tries to help clarify
the Assessment process. Click on the video and link below for more.
If you disagree with you Assessment you can appeal but you have to do this before the January 31st deadline!!


CHECK OUT THE NOVEMBER STAPSTATS FOR THE FRASER VALLEY – METRO VANCOUVER AND GREATER VANCOUVER

Check out the latest market stats for the Fraser Valley. See the links under the video for further market stats for The Fraser Valley, Metro Vancouver and Greater Vancouver.

For more information on the November 2019 market click on the links below

FRASER VALLEY NOVEMBER 2019 

GREATER VANCOUVER NOVEMBER 2019

METRO VANCOUVER NOVEMBER 2019


First Time Buyer Incentive

For more information CLICK HERE and watch Alex at Thrive Mortgage Group explain the new incentives.

As of March 2019 The federal Government introduced 2 measures targeted at helping first time buyers purchase a home

Incentive 1 – Borrowing from RRSP’s

The first step in buying Real Estate is finding out what financing is available to you and figuring out where your deposit will come from.

Many first time buyers opt to use the RRSP contributions they have saved. The Federal Government has now increased the amount allowable to withdraw from $25,000 to $35,000. Essentially giving first time buyers an extra $10,000 towards their Real Estate purchase.

Incentive 2 – First Time Home Buyers Incentive

There are a few qualifiers to apply for this incentive:
  • you need to have the minimum down payment to be eligible
  • your maximum qualifying income is no more than $120,000
  • your total borrowing is limited to 4 times the qualifying income
The Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. The Incentive is not interest bearing and does not require ongoing repayments.
Through the First-Time Home Buyer Incentive, the Government of Canada will offer:
  • 5% for a first-time buyer’s purchase of a re-sale home
  • 5% or 10% for a first-time buyer’s purchase of a new construction

Click on the link at the top to find out more information on how to qualify, how to apply and how much the repayments will be.

Call Garry Voigt, your Local Langley Realtor for all of your Real Estate needs.