Here is what you need to know:
Today, the government announced its intent to raise the minimum down payment requirements on homes valued over $500,000. Properties below $500,000 will not be affected. Requirements will remain at 5 % down payment for homes under 500,000.

Any amount over $500,000 will require a 10 % down payment. For example a $700,000 home will require a $45,000 down payment, 5 % on $500,000 and 10 % down on the remaining $200,000.

The announced changes will take effect on February 15, 2016.

The purchase closing date can be after Feb 16th 2016

The minimum down payment for homes  $1 million and over remains unchanged at 20%
The government cites its desire to “contain risks in the housing market” as the
reason for its decision.

House Sales Expected to Increase in Kamloops

Open the door to your new home. Exclusive High Country Estates. 1 acre private lot backing onto green space, 20×40 inground pool, 3 decks, hot tub, gardens & magnificent views of city, river & mountains. This spacious rancher with daylight walk out basement & park like backyard offers space & privacy yet is only 10 mins to town. Main floor with updated kitchen, granite counter tops, walk in pantry & breakfast nook. Dining area open to spacious living room with built in cabinets, picture windows & 28′ deck with new glass railings. 3 bedrooms including master with w/i closet & sliders to deck with morning sun. Laundry & 2 piece bath with access to garage. Walk out basement features large family room, wet bar, fireplace with heatilator, office or music room with double insulated glass doors for soundproofing, bright bedroom, bathroom with sauna, hobby room, workshop & storage. Lower level deck has a built in hot tub. 26×22 garage, large driveway.

DLC Weekly Rate Minder courtesy of Starr Webb

Courtesy of Starr Webb DLC Weekly Rate Minder

MARBLE COUNTER CARE

Your counters are the center pieces in your kitchen and bathroom, so keep them looking good with the following care and maintenance tips.

Clean daily with soft cloths and warm water and weekly with stone soap. Marble is more vulnerable to acidic cleaners than granite, and will also be dulled by regular use of soap.

Blot spills quickly because marble is sensitive to etching, particularly from acidic substances.

Do not cut directly on marble since it is softer than granite. Heat is unlikely to damage marble, but cracking from thermal shock is always possible with stone.

Regularly seal marble counters, avoids stains easier.

Courtesy of Cliff Brauner-Pillar to Post Home Inspections

Home | BC Wildlife Park Kamloops

Use our Property Transfer Tax Calculator.

The Property Transfer Tax is a tax payable to the Provincial Government by purchasers of real estate. The tax applies to all types of real estate, whether residential, commercial or industrial.

The amount of the Property Transfer Tax is 1% on the first $200,000.00 of the property’s fair market value and 2% on the remaining fair market value. For example, if the fair market value of the property is $200,000.00, the tax payable would be $2,000.00 (1% of $200,000.00). If the fair market value of the property is $250,000.00, the tax payable would be $3,000.00 (1% on the first $200,000.00 = $2,000.00 and 2% on the remaining $50,000.00 = $1,000.00).

“Fair Market Value” is best described as the price that would be paid for a property on the open market (which is usually the actual purchase price paid for the property).

There are a number of exemptions available to avoid this tax, the most common being for “First Time Home Buyers”. To qualify as a First Time Home Buyer, the following criteria must be met:

• Purchaser must never have owned an interest in a principal residence anywhere in the world at any time;
• Purchaser must be a citizen of or a permanent resident of Canada;
• Purchaser must have resided in B.C. for 12 consecutive months immediately before the date they become the registered owner, or the Purchaser has filed two income tax returns as a British Columbia resident within the prior 6 years of becoming the owner;
• To obtain full exemption, the purchase price must not exceed $475,000.00. A partial exemption is available for homes between $475,000.00 and $500,000.00 (see formula below);
• Purchaser must move into the property within ninety-two days after registration of the purchase of the property and reside in the property for at least one year;
• Pro rata exemption where property exceeds .5 hectares or a portion of the property is not residential (i.e. commercial lofts) – purchase price of entire property must not exceed the price limitations.

Other exemptions exist as well, such as a transfer of a principal residence between family members. For details on this and other exemptions, go to http://www.rev.gov.bc.ca/RPT/ and pick the “Property Transfer Tax” button located on the right hand side on this screen.

Property Transfer Tax should not be confused with Property Tax. The Property Transfer Tax is a one time tax paid to the Provincial Government by purchasers of real estate. The Property Tax is the tax paid on an annual basis to the local City/Municipality.

Please remember that the Property Transfer Tax Act may frequently change along with the exemptions for payment of this Tax. While we try to keep our website up to date as much as possible, please do not rely upon the information without talking to one of our lawyers.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult a lawyer for individual advice regarding your own situation.

Copyright © 2008 by The Spagnuolo Group of Real Estate Law Firms. All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include this copyright statement.