Maria Mak. Burnaby Realtor - New oil tank removal regulations

Underground oil tanks are still a significant concern in Vancouver and the Lower Mainland because of the risk of environmental contamination, but also the legal liability to homeowners and Realtors®.

Did you know that as of May 1, 2014, the City of Vancouver has released new regulations for all underground tank removals: 

1. Soil sampling is now mandatory,
2. A new report template must be used, and
3. A qualified environmental professional must now sign off.

These are crucial steps in properly evaluating the environmental conditions of a property during the tank removal and in preparing a report for certifying the property for environmental compliance. 

Contact Maria Mak and her team @ 604-839-6368 or visit her website www.mariamak.com for all your premium real estate services, you will be smiling too!

Maria Mak. Burnaby Realtor - Important news if buying a 2nd home or self-employed

As of May 30, 2014, Canada Mortgage and Housing Corporation (CMHC) is discontinuing mortgage loan insurance for buyers of second homes.

CMHC is also making it more difficult for self-employed home buyers to qualify for mortgage loan insurance.

In Canada, home buyers with less than a 20 per cent down payment are required to buy mortgage insurance. The largest provider of mortgage insurance in Canada is the CMHC.

Second home buyers

This program offered mortgage loan insurance to second home buyers with less than a 20 per cent down payment. The program ends May 30 and could affect parents helping children buy their first home.

Self-employed buyers

This program previously allowed self-employed buyers to prove their income without traditional third-party validation. Starting June 1, 2014, the program will require self-employed buyers to prove their income with copies of their Canada Revenue Agency Notice of Assessment, audited financial statements, or unaudited financial statements prepared by an independent third party, for the previous two year period.

Both programs available until May 30

Regardless of the closing date of the home purchase, both programs are available for new mortgage loan insurance applications received by CMHC on or before May 30, 2014.

CMHC is reviewing its mortgage loan insurance business and making changes to reduce taxpayers’ exposure to risk.

Private insurers such as Genworth will still offer mortgage insurance to buyers of second homes and to self-employed borrowers unable to provide traditional sources of income validation.

Malaria Mak. Burnaby Realtor - Find out why a REALTOR® is your best ally when buying or selling your home.

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Contact Maria Mak @ 604-839-6368 or visit www.mariamak.com for all your premium real estate services, you will be smiling too,

 

 

 

Maria Mak. Burnaby Real Estate - Government reduces tax burden on first-time buyers

First-time home buyers received welcome news in today’s provincial budget. Any REALTORS® currently working with first-time buyers will want to share this news with them as soon as possible.

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.

The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.

The government estimates this measure will cost $8 million in lost tax revenue each year.

The Real Estate Board, together with BC Real Estate Association, has actively lobbied to make home ownership more affordable for first-time home buyers. This increase in the threshold clearly signals our efforts have paid off as in past years.

In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000. 

In 2005, the government increased the threshold to $325,000 from $275,000.

The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price.

Here is a link to the Budget.: http://www.bcbudget.gov.bc.ca/2014/default.htm