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By Jaime Briggs, Kelowna Real Estate
January 2, 2013
This information just released from BC Assessment:
More than 150,000 property owners throughout the Central Okanagan, and North Okanagan-Shuswap regions can expect to receive their 2013 assessment notices in the next few days.
Most homes in the OMREB region are remaining stable in value compared to last year's assessment roll. Home owners in the North Okanagan and Shuswap can expect modest changes in the 0% to -5% range, while commercial and industrial properties will see changes ranging from +5% to -5%. Most homes and commercial/industrial properties in the Central Okanagan can expect changes ranging from -5% to +5%.
North Okanagan-Shuswap: Overall, the assessment roll decreased from $27,387,550,091 last year to $26,391,682,576 this year -- including $354,569,677 for subdivisions, rezoning and new construction. Please note that the North Okanagan Assessment region includes the Shuswap and Revelstoke. Click here for detailed media release and backgrounder.
Central Okanagan: Overall, the assessment roll decreased from $40,748,380,318 last year to $40,599,516,028 this year -- including $280,572,573 for subdivisions, rezoning and new construction. Clickhere for detailed media release and backgrounder.
Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice, should contact the BC Assessment office as indicated on their notice as soon as possible in January.
More Info Online: Please visit www.bcassessment.ca for more information about the 2013 Assessment Roll including lists of 2013's top most valuable residential properties across the province. Property owners can also contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322).
Special for 2013: Property owners can also visit the website for an online customer service survey, available until January 31. Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.
By Jaime Briggs, Kelowna Real Estate
Are you a First Time Home Buyer? Do you want to get $10,000 CASH BACK when you buy your FIRST, brand NEW home? The April 1st, 2013 deadline will be fast approaching!
Here's some great information and video by Spagnuolo &Co. that answers all your questions. http://youtu.be/NDOuEx2C8iU
November 7, 2012
BC FIRST-TIME NEW HOME BUYERS' BONUS
WHAT IS IT? - A one-time payment worth up to $10,000 for BC residents who are first-time home buyers and who purchase an eligible new home.
WHAT IS A BC RESIDENT? - If you file a 2011 BC resident personal income tax return, or if you move to BC after Dec. 31, 2011, or you file a 2012 BC resident personal income tax return (you will not be eligible for the bonus if you move to BC after Dec. 31, 2012)
WHO IS A FIRST TIME HOME BUYER? - An individual who has never previously owned a primary residence anywhere in the world. If multiple buyers, each must be a first-time home buyer (unlike PTT).
Primary residence - generally a house that you own, jointly or otherwise, that you intend to live in on a permanent basis.
WHAT IS AN ELIGIBLE PROPERTY? - An eligible new home includes NEW homes (i.e. newly constructed and substantially renovated homes) that are purchased from a builder and that are owner-built.
- Contract of purchase and sale is entered into on or after February 21, 2012;
- HST is payable on the home;
- no one else has claimed a bonus in respect of the home;
- construction of the home is complete, or the home is occupied, before April 1, 2013
- How much is the Bonus - equal to 5% of the purchase price of the home (or in the case of owner-built homes, 5% of the land and construction costs subject to HST) to a maximum of $10,000.
- Bonus will be reduced if income is too high:
- for individuals, bonus reduced by $.20 for every $ in net income over $150,000 (bonus is reduced to zero at $200,000 net income),
- for couples, bonus reduced by $.10 for every $ in family net income over $150,000 (bonus is reduced to zero at $250,000 family net income).
- The builder sent in my BC HST New Housing Rebate. Am I still entitled to the bonus? Yes, so long as you meet all the other eligibility requirements.
- Is the bonus taxable? No. The bonus is a refundable personal income tax credit, meaning it will not be added to your income on your tax return.
Also, click here to see the full video presentation with more details: http://youtu.be/NDOuEx2C8iU
For more information contact:
Spagnuolo & Company Real Estate Lawyers
#300-906 Roderick Avenue
Coquitlam, BC V3K 1R1
Direct Phone: 604-777-7406
By Jaime Briggs, Kelowna Real Estate
Friday November 2, 2012
I received this information today about the recent mortgage changes. Thought I would share this great information courtesy of April Dunn, Mortgage Broker with Mortgage Alliance Homeline Mortgages.
Yesterday, November 1, 2012 was the day that banking regulator OFSI required most federally-regulated lenders to comply with its B-20 mortgage guidelines.
Lenders have announced stricter rules on things like conventional mortgage qualification, self-employed income verification, borrowed down payments and cash-back mortgages.
It is now tougher for many borrowers to get mortgage financing as these changes are applicable for all federally regulated lenders and any non-bank lenders that get funding from any bank or trust company.
Here are some of the other OSFI changes occurring across the mortgage market:
Tighter debt ratios on uninsured non-prime mortgages
Stricter proof of income for self-employed borrowers with more than 20% down (i.e., more evidence that an applicant’s business can afford to pay the salary being stated by that borrower—business and personal bank statements, for example.)
Stricter guidelines for calculating a borrower’s minimum monthly payment on unsecured debt (This payment affects a borrower’s debt ratios. Three per cent of the outstanding balance has long been a standard, but several lenders used more flexible guidelines.)
Stricter policies for estimating heating cost, which is also used in debt ratio calculations
The end of cash-back down payment mortgages (at all lenders except credit unions)
The end of borrowed down payments (at some lenders).
Yes these changes will make obtaining mortgage financing more challenging especially for the self-employed but there are still many options available whether you are buying or selling.
All the more reason to seek the assistance of a mortgage broker.
Please give me a call if you have any questions. I am here to help.
Mortgage Alliance Homeline Mortgage
By Jaime Briggs, Kelowna Real Estate
October 23rd, 2012
Bank of Canada Interest Rate Announcement - October 23, 2012
The Bank of Canada once again opted to hold its target for the overnight rate at 1 per cent this morning. Interest rates have been held constant for over two years, the longest such period since the 1950's. The Bank somewhat tempered its bias for higher future interest rates, including a softer statement regarding the appropriateness of a gradual withdrawal of monetary stimulus as excess supply in the economy is absorbed. In a bit of a surprise, the Bank actually raised its forecast for the growth in the Canadian economy this year to 2.2 per cent, but kept its 2013 forecast at 2.3 per cent growth. The Bank judges that at that pace of growth, the Canadian economy will return to full capacity by the end of 2013.
It is our view that monetary policy at the Bank of Canada will continue to be constrained by external events in the global economy and household debt growth at home. While the Bank's preference for tighter policy is clear, it is difficult to make a case for higher interest rates when core inflation is below the Bank's 2 per cent target and already slow economic growth is threatened by global uncertainty. Therefore, we are forecasting that the Bank of Canada will hold its target overnight rate at 1 per cent until mid-to-late 2013 when, conditioned on an improved global economic outlook, it may test the water with a 25 basis point rate increase. Read More...
Finally! The Province announced the HST Transition rules today as the Province transitions back to the PST/ GST system on April 1, 2013. Used Residential Homes (resales) are, of course, and remain, exempt from HST. Read More...
By Jaime Briggs, Kelowna Real Estate June 15, 2011 This report just released courtesy of the BCREA. For immediate release BC Home Sales Edge Lower in May Vancouver, BC – June 15, 2011. The British Columbia Real Estate Association (BCREA) reports Read More...
By Jaime Briggs, Kelowna Real Estate www.BriggsOnHomes.com March 3, 2011 I received this interesting article recently from April Dunn, Mortgage Broker and thought it was worth sharing: ___________ Some potential buyers might be sitting on the fence waiting Read More...
By Jaime Briggs, Kelowna Real Estate www.BriggsOnHomes.com February 2011 Kelowna Real Estate Market Update - by BriggsOnHomes Well it’s certainly felt like the Spring market has arrived here in Kelowna these last few weeks! We’ve had 179 new Read More...
By Jaime Briggs, Kelowna Real Estate www.BriggsOnHomes.com I came across this great article today and seeing as how Tax Time is coming up..... thought I would share it. (courtesy of the Vancouver Sun) Top 25 grants and rebates for property buyers and Read More...
By Jaime Briggs, REALTOR® www.BriggsOnHomes.com Wednesday February 16th, 2011 Thought I would repost this great article I received today thanks to April Dunn; This article in the Financial Post is what has inspired me to write this email today. http://www.financialpost.com/news/WINDOW+CLOSING+RATES/4240605/story.html Read More...
By Jaime Briggs, REALTOR® www.BriggsOnHomes.com Monday January 17, 2010 Flaherty Tightens Mortgage Rules Paul Vieira, Financial Post · Monday, Jan. 17, 2011 OTTAWA — Finance Minister Jim Flaherty unveiled changes Monday morning to mortgage Read More...
By Jaime Briggs, REALTOR® www.BriggsOnHomes.com Monday November 15, 2010 This is HOT off the press! The 2010 Kelowna Housing Market Forecast has just been released by CMHC (Canadian Mortgage & Housing Corp). Here are some of their highlights: Read More...
By Jaime Briggs, REALTOR® www.BriggsOnHomes.com November 8, 2010 Thanks to Mark Clifton, Invis for this reposted article: What’s the difference between an open and a closed mortgage? An open mortgage typically allows the borrower to pre-pay Read More...
By Jaime Briggs, REALTOR® www.BriggsOnHomes.com August 4, 2010 BC Home Sales to Rise in 2011 BCREA Housing Forecast Update - Third Quarter 2010 Vancouver, BC – July 30, 2010. The British Columbia Real Estate Association (BCREA) released its Read More...
By Jaime Briggs, REALTOR® www.BriggsOnHomes.com MEDIA RELEASE - For Immediate Release: July 7, 2010 Central Okanagan Housing Market Moves into Buyer’s Cycle Kelowna, BC – The Central Zone of the Okanagan Mainline Real Estate Board (OMREB) Read More...