Federal Budget Highlights on Housing
Housing is the centrepiece of the federal government’s 2022 budget. Here are some of the proposed programs and tax measures: One-time $500 payment to “those facing housing affordability challenges”, with a total of $475 million allocated in 2022-23 to pay for this. Doubled First-Time Homebuyer’s tax credit, to offer a tax break of $1,500 for […]
40% of Vancouver’s Generation Z adults expect their first home to be co-owned
-According to a report released by Sotheby’s International Real Estate and the Mustel Group, 40% of Vancouver’s Generation Z adults expect their first home to be co-owned. -The survey also revealed that 37% of Generation Z adults (ages 18-28) expect they will be able to purchase their first home in less than five years.43% of […]
Speculation Tax in BC
2018 the Government of BC was under pressure to respond to skyrocketing housing prices in BC. In response, the government introduced the Speculation and Vacancy Tax. The Government of BC says: “The speculation tax is designed to turn empty homes into housing for British Columbians, and to ensure that foreign owners and those with foreign […]
First Time Home Buyers’ Program
First Time Home Buyers’ program reduces or eliminates the property transfer tax when you purchase your first home. If requirements are met, first-time homeowners can avoid a tax bill of up to $8,000. Along with meeting other requirements, the home being purchased must be worth less than $525,000. The First Time Home Buyers’ Program reduces […]
BC Home Evaluations
BC Assessment develops and maintains real property assessments throughout British Columbia in addition to providing real property information. BC Assessment maintains real property assessments in compliance with the Assessment Act which requires that properties be assessed as of July 1st each year. To do this, BC Assessment produces assessment information annually to provide tax authorities with a tax base and other […]
