Blog by Beebe Cline
Top 5 changes impacting real estate in BC:
1. Increased Property Transfer Tax on homes above $3 million:
- Increased by 2% on homes above $3 million; instead of 3% it's now 5%.
- 1% on the first $200k
- 2% between $200k and $2 million
- 3% between $2 million and $3 million
- 5% on $3 million and above
- Put into context, when a person purchases a home valued at $5.5 million, they will now ...
Chinese influence on Canada’s real estate market may be coming to an abrupt end due to new rules that lock their funds.
The Chinese government announced surprise rules for the exchange of the yuan, which will restrict the outflow of currency.
“As capital flight intensified, China's reserves have plunged, causing the country to sell US treasury bonds. In response, China has introduced n ...
Here's what Lori Watson emailed:
I’m sure most of you have heard today … Big changes to insured financing coming ASAP.
Here is the official announcement from the Minister of Finance regarding the new rule changes for the Mortgage market as well as the Technical Backgrounder.
If you’re a typical borrower, your debt ratios will largely determine if you’re approved for a mortgage.
For applicants who push the limits of qualification, those approvals have been tougher to come by. That’s a direct result of last year’s mortgage rule ...