Monthly Archives: February 2016

Testimonials

We really appreciated Lisa’s help finding the perfect condo for us in Nanaimo. Lisa was a pleasure to work with, responding promptly, cheerfully and efficiently to even the smallest request. She worked tirelessly to get us familiar with different neighbourhoods and to consider different options. Even after the sale was completed successfully – which she facilitated professionally and expeditiously – she was always available to help. Working with Lisa was a great experience.

Alison MacPhail

I am a happy repeat client. Love Real Estate Group sold my two previous houses selling/buying and a lot purchase within a few years. She had lots of patience, listened to me and helped me figure out what do I want and what is the best for me. She was trying to find a real home for me and was not a just rush to push me to buy and move on type. I had a small budget to buy a lot to build on and Love Real Estate Group was an awesome negotiator. I went through many hurdles with these 3 sales and purchases. Every time I had an issue, Love Real Estate Group helped me out and I was able to carry on to get my home. Love Real Estate Group are not simply selling or buying a house for me, They made my dreams come true and can make yours come true as well. They are my tailor-fit realtors.

Eliah Kim

Now in Effect – New Rules for Minimum Down Payments on BC Homes

Published By: on February 17th, 2016 in Category Buyer Information, Nanaimo Real Estate, Nanaimo Real Estate News

 

money

Written on February 17, 2016

INCREASED MINIMUM DOWN PAYMENTS FOR BC HOMES OF MORE THAT $500K  The new  down payment rules are now in effect for those purchasing BC homes over $500K. Up to $500K a buyer is required to have a 5% down payment. On purchases over that price, the buyer will be required to put down 10% of the amount over $500k.

For example: on the purchase of a $700k home. 5% of $500k is $25k plus 10% of the extra $200k is $20k for a total minimum down payment of $45k. That’s up $10k from the previous rules.

The intent is to prevent buyers from taking on more debt than they can afford.

BC Budget 2016 – What’s in it for Home Buyers?

Published By: on February 17th, 2016 in Category Buyer Information, Nanaimo Real Estate, Nanaimo Real Estate News

new home

Written on February 17, 2016

 Important Real Estate News:

There are some significant changes in the BC Budget for 2016. If you are thinking of buying in BC this year, you’ll need to know how these changes affect your bottom-line.

Yesterday’s budget includes several measures intended to increase housing supply, allow first-time buyers to enter the market, and finally measure the prevalence of foreign ownership.

They include:

INCREASED PROPERTY TRANSFER TAX ON LUXURY PROPERTIES      

An increase in the property transfer tax for luxury homes with a new tier of three per cent on the portion of a purchase above $2-million. That is on top of the current rates, which impose a one per cent tax on the first $200,000 and two per cent for the portion between $200,000 and $2-million.

EXEMPTION FROM PROPERTY TRANSFER TAX ON ALL NEW CONSTRUCTION BELOW $750K    Exemption for newly constructed homes, which will mean the property transfer tax won’t apply to new homes below $750,000. A partial exemption will apply for homes between $750,000 and $800,000. Those exemptions only apply for Canadian citizens and permanent residents purchasing their primary residence. The first-time home buyer program, which provides exemptions and reductions for houses below $475,000, remains in effect. Great news! On a $500k home that is a savings of $8K. That is a significant savings.

TRACKING FOREIGN OWNERSHIP                                                                                  

The province will track foreign ownership by requiring anyone purchasing a residential property to disclose whether they are a Canadian citizen or a permanent resident– and, if not, where they are from. The requirement also applies to directors of corporate owners.

The intent here is to make it easier for Canadian buyers to purchase moderately priced homes, while increasing the tax burden on luxury buyers. Also, the government is making a commitment to track foreign buyers so that they can manage the situation based on facts not perceptions.