A change to the property transfer tax threshold in British Columbia for first-time buyers has come into effect.
The increased threshold means that first-time buyers are now exempt from the tax on homes up to $500,000 rather than $475,000 previously. The move was introduced as part of the provincial government’s 2017 budget.
The increase has been welcomed by the British Columbia Real Estate Association but it is urging the government to index the exemption so that it increases annually.
The newly-increased exemption for first-time buyers also falls well short of the association’s recommended level of $750,000 which it was asking for during the budget consultation.
Source: http://www.canadianrealestatemagazine.ca/market-update/firsttime-buyers-get-25k-boost-221622.aspx
Monday, February 27, 2017
Thursday, February 23, 2017
Credit card management linked to mortgage delinquencies
The way that consumers manage their credit cards reveals how likely they are to default on mortgage payments.
A study by lender TransUnion in Canada, the US and Hong Kong, reveals that those who consistently pay more than the minimum payment on their credit card statement are less likely to be risky borrowers on other credit products.
Such findings derived from trended data could help lenders better mitigate account risks and maximize consumer opportunities.
“We encourage the use of trended data and the reporting of payment behaviour because both lenders and consumers can benefit from these newly available insights,” said Todd Skinner, president of TransUnion Canada.
The TransUnion survey of 1,010 consumers in Canada reveals that 88 per cent of respondents indicated that they more often pay a greater amount than their minimum due on their revolving debts each month. Yet a significant number (39 per cent) are uncertain about the importance or benefits of paying off an increasingly greater amount.
Source: http://www.canadianrealestatemagazine.ca/market-update/credit-card-management-linked-to-mortgage-delinquencies-221621.aspx
A study by lender TransUnion in Canada, the US and Hong Kong, reveals that those who consistently pay more than the minimum payment on their credit card statement are less likely to be risky borrowers on other credit products.
Such findings derived from trended data could help lenders better mitigate account risks and maximize consumer opportunities.
“We encourage the use of trended data and the reporting of payment behaviour because both lenders and consumers can benefit from these newly available insights,” said Todd Skinner, president of TransUnion Canada.
The TransUnion survey of 1,010 consumers in Canada reveals that 88 per cent of respondents indicated that they more often pay a greater amount than their minimum due on their revolving debts each month. Yet a significant number (39 per cent) are uncertain about the importance or benefits of paying off an increasingly greater amount.
Source: http://www.canadianrealestatemagazine.ca/market-update/credit-card-management-linked-to-mortgage-delinquencies-221621.aspx
Thursday, February 2, 2017
New development in market popular among investors
Is this traditional student rental market ready for luxury homes?
St. Catharines, Ontario, is growing, according to a developer with high hopes for the city.
New projects, such as Union Waterfront, a development planned for the Port Dalhousie neighbourhood, is a 19 storey condo and hotel that aims to “change the face of Niagara realty.”
A lofty goal.
Arbour Vale, a new by Pinewood Niagara Builders, will include luxury condos, townhomes, and single-family residences.
“We’re bringing a new kind of look and feel to the cityscape,” says Cindi Loforti-Lepp, representative for Arbour Vale. “This development is an elegant lifestyle community more akin to what you would see near the waterfront in Oakville or Burlington.”
St. Catharines saw its average home price jump 16.4% year-over-year last year and its sales increase 15.3%.
So interest is certainly building in the small market.
“We’ve had a lot of interest so far, which is a good sign that St. Catharines is ready for and excited about this kind of lifestyle,” Loforti-Lepp said.
The Arbour Vale home will range in price from $565,888 to $778,888. The community is set for completion later this year.
It remains to be seen what sort of appetite investors will have for pricier homes in what has, for the most part, been a market geared toward affordable older homes and student rentals.
Source: http://www.canadianrealestatemagazine.ca/news/new-development-in-market-popular-among-investors-220352.aspx
St. Catharines, Ontario, is growing, according to a developer with high hopes for the city.
New projects, such as Union Waterfront, a development planned for the Port Dalhousie neighbourhood, is a 19 storey condo and hotel that aims to “change the face of Niagara realty.”
A lofty goal.
Arbour Vale, a new by Pinewood Niagara Builders, will include luxury condos, townhomes, and single-family residences.
“We’re bringing a new kind of look and feel to the cityscape,” says Cindi Loforti-Lepp, representative for Arbour Vale. “This development is an elegant lifestyle community more akin to what you would see near the waterfront in Oakville or Burlington.”
St. Catharines saw its average home price jump 16.4% year-over-year last year and its sales increase 15.3%.
So interest is certainly building in the small market.
“We’ve had a lot of interest so far, which is a good sign that St. Catharines is ready for and excited about this kind of lifestyle,” Loforti-Lepp said.
The Arbour Vale home will range in price from $565,888 to $778,888. The community is set for completion later this year.
It remains to be seen what sort of appetite investors will have for pricier homes in what has, for the most part, been a market geared toward affordable older homes and student rentals.
Source: http://www.canadianrealestatemagazine.ca/news/new-development-in-market-popular-among-investors-220352.aspx
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