Bank of Mom & Dad
  
Are you a Canadian 55 and older trying to help your family with a down payment on their first home? It is more difficult now than ever to afford a home because of rising home prices – which means your family could benefit from help now instead of waiting for an inheritance.
Often referred to as a "warm inheritance" many Canadians are releasing equity in their own home, to provide the much needed down payment for their children or grand children. A reverse mortgage has no payments, the outstanding interest is added to the balance and paid out when you sell your home. The cash you withdraw from your home is TAX FREE!
You retain ownership of your home, and you can live there as long as you able.
Feel free to contact me by phone 604-802-8193 to discuss your options.
BC Government Budget Affecting Real Estate
BC Government Unveils New Housing Measures in 2024 Budget
The BC Government has recently introduced a range of new housing measures in its 2024 budget, aimed at addressing the ongoing housing crisis in British Columbia.
BC Home Flipping Tax: Starting January 1, 2025, a new tax will be implemented on the sale of residential properties within two years of purchase, targeting speculative real estate practices. This move is expected to contribute to stabilizing housing prices and increasing the availability of affordable homes. Exemptions to the home-flipping tax will be available to people who face unavoidable life changes, including death and divorce, job relocation or loss, and people who are adding to B.C.’s housing supply.
Enhanced Property Transfer Tax Exemptions: Significant improvements have been made to make home ownership more accessible. The First Time Homebuyers’ Program has been expanded, with increased thresholds allowing more buyers to benefit from tax exemptions. This includes full exemptions for homes valued up to $835,000 and partial exemptions for those up to $860,000, potentially saving buyers up to $8,000. Furthermore, buyers of newly built homes valued up to $1.1 million will enjoy reduced costs, encouraging the purchase of new properties.
Here’s what a $1-million home looks like in Canada’s major cities
If you’re shopping for a home in Canada with $1 million dollars, you’ll get varying results depending on where you search. For homebuyers in Canada’s large urban centres, a low seven-figure budget is often the entry point into the market, while in other communities, the same budget can buy a larger or upgraded property.
Here’s what a budget of $1 million gets you in major Canadian real estate markets from coast to coast:
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