Speculation Tax Declaration Deadline is Today, Interest Rates Down, Planning Your Income Suite Renovation, Federal Budget, Changes to Foreign Buyer Ban, First Time Home Buyer Savings Account & More

 

QUARTERFLASH - Harden My Heart (1982) Worried about Finding a Home if You Sell First?

There are many reasons why selling your current home before buying another one may be a good idea. But, once you’ve made that decision, you may still worry that you won’t find another home to buy after you sell. Fortunately, there’s plenty you can do to minimize that possibility. For example, if you sell first, you’ll know exactly how much you’ll be able to put towards a new home. Having that specific number in your back pocket will enable you to target your search and jump on buying opportunities right away. When you see a home you like, you won’t have to wonder, “Can we afford it?” Creating a buying plan will also help ensure that you find the home you want, quickly. Ideally, it should have a shortlist of neighbourhoods or areas you are considering. Narrowing your search in that way actually increases the likelihood of finding a “right fit” home. You should also create a profile of the kind of home you’re looking for — type, number of bedrooms, etc. — as well as the features you need, such as a spacious kitchen. Being open-minded about the homes you see is also crucial. If the “perfect” home isn’t coming up in the listings, be flexible. Often, a less-than-perfect home can become a dream home with just a few improvements. So, replace worry with planning and action. Then, once you sell, the home you want will be out there – and you’ll find it!

The federal budget for 2023 promised increased government spending for healthcare, clean energy, and aid to low-income Canadians. Taxes were raised on the rich and banks—nothing much for affordable housing--last year's star. https://dominionlending.ca/economic-insights/canadas-federal-budget-describes-a-deteriorating-fiscal-outlook-and-slowing-economy Foreign Buyer Ban Changes - the federal Minister of Housing has introduced four amendments, available here.  Additionally, the government revised its FAQs as a response to our push for greater clarity on the ban, available here. Canadian Mortgage Professional – Housing affordability crisis: Will the feds' 2023 budget improve things? Globe and Mail – What you need to know about the first-time homebuyers savings account National Post – SUBRAMANYA: Work-from-home is the new normal in Canada. Just accept it Toronto Star – Financial watchdog proposes ‘mortgage relief measures’ to help struggling homeowners Planning Your income Suite Renovation https://www.keyspire.com/blog/all/planning-your-income-suite-renovation/ Financial Post CMHC amends 'illogical' foreign homebuyer ban to help boost housing supply growth The federal housing minister has made amendments to regulations on foreign purchases of residential property, saying the move will give more flexibility to newcomers and businesses looking to add to Canada’s housing supply. MoneySense – First home savings account: A Gen Z guide to achieving home ownership Residential property owners in the designated taxable regions declare every year for the speculation and vacancy tax, even if there is no change to your information. You must complete your declaration by March 31. - https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax Real Estate Magazine – B.C.’s housing market needs abundance agenda, not policies designed to limit demand: BCREA Canadian Mortgage Professional – CMHC announces revisions to ban on foreign buyers Vancouver Sun – Make way for missing-middle housing in B.C. Vancouver Sun – B.C. introduces measures to combat money laundering, includes orders to explain wealth Notable, Quotable, Quotes! “Success is getting what you want; happiness is wanting what you get.” W.P. Kinsella Do you ever find yourself with questions about real estate?  I am always happy to help, you can call or email me anytime. Best regards, Diana Winger Personal Real Estate Corporation | eXp Realty CNE, SRS, SRES, ABR Mortgage Agent | Dominion Lending Centres  ON YOUR TEAM! HomeVictoria.com  Housesforsale369.com Searchbestmortgages.com 250-588-8839