Bridge financing, also known as bridge loans or interim financing, is a short-term loan option available to Canadian homeowners who are in the process of selling their current home and purchasing a new one.
Inflation moved up again! April inflation numbers are out for Canada. Inflation increased to 4.4% from March’s 4.1%. This is the first time the rate of inflation has increased since last June last year. What this means for interest rates: 1. 5 year bond yields are up – this puts pressure on fixed interest rates … Continued
New federal rules came into effect January 1, 2023 which now tax the profits from the sale of residential property as business income if the seller owned the property for fewer than 12 months.
If you bought your first home last year this is a must read! As Canadians start to file their 2022 taxes, be sure that you or your friends and family take advantage of this tax credit available for qualified ‘first’ home purchases in 2022. This tax credit can be up to $10,000.00! Even if you’ve owned a … Continued
A brand new tool has just been launched for first time buyers looking to save for their first home. Introducing the FHSA Along with doubling the federal first-time homebuyer’s tax credit, there is a new way coming that will allow you to save up to $40,000 on your first home, the Tax-Free First Home Savings … Continued
BC Assessment has now refreshed their database to reflect this year’s assessed values for property taxes. According to BC Assessment, most homeowners around the province can expect about a 5 to 15% rise in assessment values, as assessments are based on July 1st, 2022 valuations.
Today, the Bank of Canada increased their overnight rate by .50% from 3.25% to 3.75% This will mean that lenders will increase their prime rates by .50% as well to 5.95%. What does this mean for those in variable rate mortgages and those looking to purchase a new home? This rate increase is slightly smaller … Continued
A quick reminder for those that missed it; effective January 2023, foreign nationals will no longer be able to buy real estate in Canada for 2 years.
Here is a quick rundown of a few things Americans (or Canadians living as residents in America) should know about buying real estate in Canada: Minimum Down Payment 20% is the minimum. Some lenders may have more stringent requirements such as 35% down payment or even 50% down payment Taxes Apply Different provinces have different … Continued
First time home buyer? Here is a quick summary of how a first time home buyer can take advantage of their RRSP’s to buy their first home!