Unpacking Canada’s 2024 Budget – Tax Changes, Investment Opportunities, and More Chrystia Freeland, Canada’s Deputy Prime Minister and Minister of Finance, presented the federal budget on April 16, 2024, amid the backdrop of Canadian citizens grappling with the significant challenge of elevated costs of living. The budget aimed to confront these challenges head-on by introducing measures focused on building more affordable housing, reducing living expenses, and stimulating economic growth. While there were no proposed changes to personal tax brackets, the budget suggested significant adjustmen ..read more

Canada’s Bold Step Towards Housing Solutions: Unveiling the Federal Government’s Ambitious Plan In a newly bold move to tackle the pressing housing crisis, the Canadian federal government has unveiled a comprehensive plan aimed at addressing the dire shortage of homes across the nation. With billions of dollars in spending commitments, this ambitious initiative is poised to revolutionize the housing landscape, offering hope to millions of Canadians struggling to find affordable housing solutions. Prime Minister Justin Trudeau, flanked by key ministers and eager apprentices, recently announced ..read more

Unlocking the Door to Homeownership: Essential Strategies and Programs for First-Time Buyers in British Columbia Discover the roadmap to homeownership in British Columbia with a comprehensive guide highlighting key government assistance programs, including the B.C. First-Time Home Buyers’ Program and federal initiatives such as the Home Buyers’ Plan. Learn how to navigate the process and maximize savings with expert insights and strategic approaches. Call GLM Mortgage Group today for personalized assistance! Introduction Embarking on the journey to homeownership in British Columbia can be both ..read more

Unlocking the Door to Homeownership: The First Home Savings Account (FHSA) Navigating the labyrinth of Canada’s housing market can feel like an insurmountable task for many prospective homebuyers. With prices soaring to astronomical heights, the dream of homeownership often seems like a distant mirage. However, amidst the chaos, there shines a glimmer of hope in the form of a revolutionary financial instrument – the First Home Savings Account (FHSA). In this blog, we delve into the intricacies of this game-changing tool, designed to ease the burden of accumulating the elusive down payment. The ..read more

Unlocking Tax Savings for First-Time Home Buyers: What You Need to Know for This Year’s Tax Season To Note Before Reading: As Canada’s First-Time Home Buyer Incentive undergoes significant changes, it’s crucial to stay informed. No new applications will be accepted after March 21, 2024, with all submissions required by midnight on March 21. The shared-equity program offers home buyers 5% or 10% of a home’s price toward a down payment, with borrowers repaying the original amount plus 5% or 10% of any gain in the home’s value, capped at 8% per year. Since September 2019, the program has assiste ..read more

Shedding Light on Shadow Flipping: Unveiling the Controversial Real Estate Practice Introduction In the fast-paced world of real estate, where fortunes are made and dreams are realized, a shadowy practice known as shadow flipping has emerged, stirring up a storm of controversy. This contentious phenomenon, which involves the assignment or resale of sales contracts before the original deal closes, has become a focal point of scrutiny within the industry. Join us on a journey as we delve into the depths of shadow flipping, exploring its origins, implications, and the regulatory landscape surrou ..read more

Introduction: A Vision for Transformative Change in BC’s Real Estate Sector As the calendar turns to 2024, the British Columbia provincial government, led by the BC NDP, stands poised to enact sweeping reforms aimed at reshaping the province’s real estate landscape. With the recent tabling of the provincial budget, a series of significant changes are set to unfold, particularly within the Property Transfer Tax (PTT) framework. These measures represent a bold step forward in addressing long standing challenges in housing affordability and accessibility. Let’s delve deeper into the transformati ..read more

Unraveling the Proposed BC Home Flipping Tax: A Definitive Guide for Property Investors As the landscape of property investment evolves, so too do the regulatory measures aimed at fostering a stable and sustainable real estate market. Recent measures have been added that will be starting in 2025.  In British Columbia, the provincial government has proposed a significant initiative to curb short-term property speculation – the BC home flipping tax. This comprehensive guide aims to provide property investors with an in-depth understanding of the proposed tax, including its mechanisms, impl ..read more

Unlocking the Secrets of Mortgages: Essential Questions You Should Ask Introduction Embarking on the journey of securing a mortgage can be both exciting and overwhelming. It’s a significant financial commitment that requires careful consideration and informed decision-making. One crucial aspect often overlooked in this process is asking the right questions. By delving into the intricacies of mortgage terms, you can unlock valuable insights that shape your financial future. Let’s explore some essential questions you should ask when navigating the mortgage landscape. Understanding Mortgage Term ..read more

Demystifying Mortgage Terminology: Why Understanding is Key to Your Homeownership Journey Embarking on the path to homeownership is undoubtedly an exciting endeavor. However, amidst the thrill of house hunting and envisioning your dream home, there’s often a maze of unfamiliar terms and concepts to navigate. From mortgage lenders to interest rates, down payments to property taxes, the language of real estate can be overwhelming for first-time buyers and seasoned homeowners alike. But fear not! Equipping yourself with a solid understanding of mortgage terminology is not just advantageous—it’s ..read more