Each Office Independently Owned & Operated
Posted by: Kimberly Walker
Donations up to $5000 will be matched by HomeLife White Rock!
When: Sunday, June 1, 2025
Where: White Rock Beach Promenade – Memorial Park
Time: 11:00AM – 3:00PM
Memorial Park: Fair Activities open 11:00AM – 3:00PM
Bayview Park: 11:00PM – 12:00PM Live Yoga Oceanside Yoga Class (by donation)
1:00PM – 2:00PM Innovative Fitness Exercise Class (by donation)
Posted by: Kimberly Walker
| Changes to First Time Home Buyer
G.S.T. Rebate Yesterday, May 27, the Federal Government issued a press release that is very important for first time home buyers of new homes (and co-ops): a full GST rebate on homes under $1 million, and a partial rebate on homes between $1 million and $1.5 million. Per the press release (the link to which is found at the bottom of this email), the Excise Tax Act will be amended to provide a rebate to first time home buyers. In basic terms, it means that First Time Home Buyers will still pay the GST on the closing of a purchase of a qualifying home but will be eligible for a rebate of the full amount (up to $50,000). The rebate is phased out in a linear manner from $1-1.5 million. So for example, a home that is $1.4 million would lose 80% of the rebate – in other words, it would still be eligible for a 20% ($10,000) rebate! This policy will hopefully spur some activity in the pre-sale market and help first time buyers enter the market. We will be updating our Knowledge Centre shortly, but in the meantime feel free to ask any questions that come to mind. We anticipate a large number of questions so will likely batch them and answer them in our next email. The full press release can be found here: https://www.canada.ca/en/department-finance/news/2025/05/gst-relief-for-first-time-home-buyers-on-new-homes-valued-up-to-15-million.html
Tony Spagnuolo |
Posted by: Kimberly Walker
Foreign Buyers and the prevailing political winds
Those that are active in the BC real estate market know that different levels of government have put in policies to slow demand over the years. Many of which were put in place when the market was roaring. However, the market has turned and liquidity has dried up in certain areas of the market – condos specifically.
Earlier this week we read this article from the Vancouver Sun (https://vancouversun.com/news/bc-foreign-buyer-restrictions-investment-real-estate-pros-cons) which touches on these Government policies (namely, the Foreign Buyer Ban and the Speculation and Vacancy Tax). It then discusses possible policy changes that would allow more capital to come back to the market, by highlighting industry voices and surveys of average Canadians.
We’ll stay out of the political discourse– but it is nice to read that possible solutions are being floated and we are acknowledging that our market is burdened by a lot of regulatory oversight.
If you’ve made it this far and have any questions about the various bans, taxes and regulations around residential real estate, feel free to reach out.
As always, thank you for the support
Tony Spagnuolo
Spagnuolo & Company Lawyers
#300-906 Roderick Avenue
Coquitlam, BC V3K 1R1
604-527-4242
realestate@spagslaw.ca
Posted by: Kimberly Walker
Posted by: Kimberly Walker
