Impact of the Federal Mortgage Reforms on BC’s Housing Market

Impact of the Federal Mortgage Reforms on BC’s Housing Market

The federal government’s new mortgage reforms, effective December 15, 2024, significantly increase the price cap for insured mortgages to $1.5 million and extend 30-year amortization to all first-time buyers and new builds. This change is expected to make mortgages more accessible, especially in high-cost areas like Vancouver. By lowering monthly payments and enabling more people…

Changes to the BC Property Transfer Tax Rules – Are You In or Are You Out?

Changes to the BC Property Transfer Tax Rules – Are You In or Are You Out?

As part of this year’s provincial budget announced on February 22nd, the British Columbia government introduced three changes to the property transfer tax rules to improve housing supply and affordability.  First Time Home Buyers’ Exemption Threshold Increased from $500,000 to $835,000 The increased threshold means that properties with a fair market value up to $500,000…