Market Updates
Household Spending Declines
December 17, 2010 - 11:44am
The economic buzz of the day is the latest report by Statistics Canada titled Spending Patterns in Canada 2009.
The report details how household spending (part of consumer spending, which is tied to GDP) in Canada dropped for the first time since Stats Canada began tracking it in 1997. I mentioned the importance of consumer spending in my last post.
Consider your options before listing your condo.
November 18, 2010 - 3:29pm
When a client calls us and tells us they are thinking of selling their condo, one of the first questions we’re likely to ask is, “when did you purchase it?” Why? Because odds are good that if you bought between 2007 and 2010 it is going to cost money to get out. Sales are still happening, but consider this: since early 2008 the following major projects have completed and added to the inventory of upscale Downtown condos. The Falls, The Aria, Chelsea, Bayview, Dockside Green, The Cherry Bank, The Hudson, and 365 Waterfront Cres.
First Time Homebuyers.
November 18, 2010 - 1:34pm
If you are a first-time homebuyer in the Province of British Columbia you should be aware of a few notable changes to the buyer’s exemption under the Property Transfer Tax Act. The act exempts a first-time buyer from the property transfer tax, if the buyer meets certain criteria, one of which is the value of the property. Previously, the property value could not exceed a maximum of $375,000. To qualify for the full exemption. The Province amended the Act to raise the threshold from $375,000 to $425,000.
