Blog by Beach Crescent Condos

Market Update

April 1st, 2009

As I talked about in my previous newsletter the Bank of Canada did reduce the overnight rate by 1/2 %. The lenders moved very quickly to reduce their prime lending rates by the full ½%. This is great news for those with existing variable rate mortgages, as many people will now have their interest rates under 2% starting in April. Where does this leave us? What we do know is that at the most t ...

REBGV February Stats

March 3rd, 2009

VANCOUVER, B.C. – March 3, 2008 – Residential housing sales in Greater Vancouver rose 94 per cent in February compared to the month before, with 1,480 sales registered in February compared to 762 sales in January, which was the slowest month for housing sales in 25 years. Over the past 10 years, February sales have typically surpassed January by an average increase of 53 per cent. At the sa ...

First-Time Home Buyers' Tax Credit (HBTC)

March 2nd, 2009

1. What is the Home Buyers' Tax Credit (HBTC)? For 2009 and subsequent years, the budget proposes to introduce a new non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home after January 27, 2009 (i.e., closing after this date). 2. How is the new HBTC calculated? The HBTC is calculated by multiplying the lowest personal income tax rat ...