Greg Ero's Newsletter Feb 2024

Gregory Ero - Mortgage Consultant

Dominion Lending Centres

mortgageprofessor@outlook.com
778-891-4734
http://www.mortgageprofessor.ca/

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Great News! Property Transfer Tax Exemption Rule Changes

 

BC Transfer Tax Changes

In their final budget before the elections, the Provincial Govt has introduced a range of new housing measures aimed at alleviating housing affordability in British Columbia.

For the much maligned Property Transfer Tax, long overdue improvements have been made. First Time Buyers purchasing homes valued up to $835,000 get rebated $8000. Partial exemptions will apply up to $860,000. Previous limit was $525,000.

Furthermore, buyers of newly built homes valued up to $1.1 million (previously $750,000) will pay no Transfer Tax at all,

On the flip side though, a "house flipping" tax will come into effect on Jan 1 2025 for homes sold withing 2 years after purchase.  

Read more about the changes



Foreclosure Lists in BC

 

Abbotsford Houses
Abbotsford Condos and Townhouses
BC Northern Houses Single Family
BC Northern Houses with Acreage
BC Northern Condos and Townhouses
Burnaby Houses
Burnaby Condos and Townhouses
Chilliwack Houses
Cloverdale Houses
Coquitlam Houses
Coquitlam Condos and Townhouses
Hope Houses
Ladner Houses
Langley Houses
Maple Ridge Houses
Maple Ridge Condos and Townhouses
Mission Houses
Mission Condos and Townhouses
New Westminster Condos and Townhouses
North Delta Houses
North Delta Condos and Townhouses
North Surrey Houses
North Surrey Condos and Townhouses
North Vancouver Houses
North Vancouver Condos and Townhouses
Richmond Houses
Richmond Condos and Townhouses
South Surrey White Rock Houses
South Surrey White Rock Condos and Townhouses
Squamish Houses
Sunshine Coast Houses
Surrey Houses
Surrey Houses
Tsawwassen Condos and Townhouses
Vancouver East Houses
Vancouver East Condos and Townhouses
Vancouver West Houses
Vancouver West Condos and Townhouses
West Vancouver Houses
West Vancouver Condos and Townhouses
Edmonton Foreclosures
Fort McMurray Foreclosures
Kamloops Suited Homes around $500k

Calgary Foreclosures 



The "Ten Commandments" Of Wealth Building

 

There are ten key wealth building principles that lead to true wealth, not just monetary wealth. The objective is not just to become rich, but to build a balanced, fulfilling, wealthy life.

These ten key principles will help keep you on track:

Build Wealth For A Deep Cause: Money alone is too shallow a goal to motivate you to overcome all the obstacles that stand between you and wealth. When you find a deeper goal like freedom, growth, creativity, or charity, then you'll have the internal motivation to persist and succeed.

Give More Value Than You Take: When you give value then your financial success becomes a measure of how much you have given to the world. It's a satisfying way to live.

Live with 100% Integrity: Integrity is non-negotiable because no amount of money can replace a good night's sleep, a clear conscience, and a peaceful mind.

Be Courageous: Wealth results from doing what others won't so you can have what others never will. "If you always do what you've always done, you'll always get what you've always got."

Be Disciplined: Life will conspire to distract you from achieving your goal. Only the disciplined will stay the course with consistent enough action to get results.

Avoid Conspicuous Consumption: Nobody ever spent their way to financial freedom. Every day you make a choice between consumption today or wealth for tomorrow.

Build Supportive Environments: The path of least resistance to wealth is paved by supportive environments that literally pull you toward the goal.

Apply Leverage: Leverage is what separates those who achieve wealth from those who don't. You can't reach the goal by trading time for money, and you can't do it all yourself. You need leverage.

Treat Your Wealth Like A Business: As a wealth builder, you're in the personal financial management business and must manage your net worth just like an executive manages a successful business.

Steward Your Wealth: Money is little more than a tool that comes with the responsibility to use it wisely. It's not something you possess, but something that passes through you and must be given back.

If you want to unpack each of these principles, Click here for the Full Article



Spring Break!

 

Due to other vacation plans scheduled for later in the year, we are staying home for Spring Break this year. We are looking forward to spending quality time with the kids while helping them grow their skills.

As I work from home, the challenge will be staying focused on work. I like it better when family holidays coincide with school breaks otherwise it sometimes feels like we're helping the school staff taking a deserved break. Lol. 



BC allowing up to 6 units per lot

 

On November 1, the provincial government announced a big piece of legislation that would override municipal governments and allow up to four units per single-family residential lot and up to six units for larger single-family lots that are also close to transit.

Read more...



9 Tips from a Burglar on How to Keep Them Out of Your House

 

You come home to an open front door, a ransacked house, and missing valuables. How did a burglar know you’d be gone? How did they get in? 

Here are nine tips from a burglar's perspective about how to keep them out.

#1 Put Ladders Away

Call me a social climber if you will, but I love ladders. They make it so easy to reach a second-story window. I really love it when upper story openings aren’t wired to a home security system. 

So, if you want to keep me out, store your ladder in the basement or a locked garage. And call your security company to wire upper-story windows into your alarm system.

#2 Don't Make Your Trash So Visible

Can’t tell you how much fun I have driving around neighborhoods on trash day (especially after big gift holidays) when the empty boxes on the curb reveal what wonderful new toys you have. That made it possible for me to land a new laptop and a flat-screen TV in one easy trip to your home!

Next time, break down the boxes and conceal them in the recycling or trash bins. 

#3 Keep Shrubs Trimmed

Oh, how I love overgrown shrubs and trees. A wonderful place to hide before I break in and grab all your cool stuff. 

Trim back bushes and trees near windows and doors. Make sure entry points to your home are easily visible from the street. I much prefer to work in private. While you’re at it, install motion-sensor lighting

#4 Be Sure Your Exterior Doors Are Steel

A plain wood-panel door is an invitation. I have no trouble kicking it in. 

You may want to install steel-wrapped exterior doors with deadbolts on all your entries. And be sure your windows are locked when you’re away. 

#5 Watch Where You Hang Mirrors

You’d be surprised how many homeowners position a mirror in their entry hall. That means I can see from a window if the alarm system is armed.

A little free advice: Relocate the mirror so your alarm system isn’t visible if someone peers through a window.

#6 Have Someone Attend to Your Home When You're Away

Wow, isn’t it amazing how fast the grass grows? An uncut lawn, unshoveled sidewalks, packages on the porch or in the yard, and shades always closed scream, "I'm empty. Come inside!" 

Hire someone you trust to mow or shovel regularly, pick up around the porch and doorstep, open and close various window shades, and turn different lights on and off (or put a few on timers). One more thing: Lock any car you leave in the driveway, or I can use your garage door opener to get in quickly.

#7 Don't Put Valuables in an Easy-Carry Case

I can carry that right out your back door. 

You may want to invest in a wall safe, which I rarely attempt to open. Or, rent a lock box at your bank.

#8 Be Wary of Posting on Social Sites When on Vacation

It's quite likely that I'm a friend of a friend of yours in the interwebs. And through them, I may discover you're away for the week in Paris, having the time of your life. And I'll have the time of my life ransacking your place.

If only you had known that posting comments and photos of your trip on social networks is fine — as long as you do that after you return, so you won't broadcast your absence.

#9 Inviting People to Your Home to See Stuff You're Selling

You're downsizing. Great! Selling a bunch of stuff like TVs, computers, jewelry. I just have to call you up, and when you invite me to your home, I just grab the items and run.

It's called “robbery by appointment.” If you want to sell high-ticket items to strangers, I suggest you arrange to meet at the parking lot of your local police station. I definitely won’t show up, and you’ll still have your valuables.



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