In addition to the expansion of the foreign buyers’ tax, the announcement of the 2018 BC Budget Plan also introduced a new tax.

Speculation Tax:

“The tax is designed to capture foreign and domestic speculators, satellite families who live in B.C. but do not pay their share of income taxes, as well as homeowners who hold vacant property in designated urban centers.”

The speculation tax proposed by the government aims to save the housing market from becoming a stock market and to protect local residents. Since the announcement, there have been several changes but here’s what you need to know:

-       Tax applies to Metro Vancouver Regional District, Kelowna-West Kelowna, Nanaimo-Lantzville, Abbotsford, Chilliwack, and Mission. Most islands are excluded. (Details visit HERE)

-       Exemptions:

• Primary residences of British Columbians
• Properties that are used as qualifying long-term rentals (at least three months)

-       Tax Rate:

• 2018 --> 0.5% of assessed property value
• 2019 and onwards:
  • 2% for foreign investors and satellite families
  • 1% for Canadian citizens and permanent residents who do not reside in BC
  • 0.5% for British Columbians who are Canadian citizens or permanent residents

Source(s): 

https://www2.gov.bc.ca/assets/gov/taxes/property-taxes/publications/is-2018-001-speculation-tax.pdf

http://vancouversun.com/news/politics/b-c-budget-2018-how-the-budget-will-affect-british-columbians

https://www.bdo.ca/en-ca/insights/tax/tax-alerts/british-columbia-speculation-tax/

http://vancouversun.com/news/local-news/b-c-speculation-tax-heres-what-you-need-to-know

The original foreign buyers tax was brought into effect on August 2^nd, 2016. It was introduced by the B.C government to impose a 15% tax on foreign buyers purchasing Metro Vancouver properties. The aim for the tax was to alleviate the housing affordability crisis by driving prices up for foreign buyers to decrease demand and speculation. With Vancouver was once again placing third for being the least affordable city in the world (for the sixth consecutive year), behind Hong Kong and Sydney. Reports have stated that the prices of housing in Vancouver did cool down slightly after the original foreign buyers’ tax, but did not prove to be a permanent solution.

However, changes to the foreign buyers’ tax was made on February 21^st, 2018. It is now 20% and includes areas outside of Metro Vancouver: Fraser Valley, Okanagan, Kamloops, Greater Victoria and Nanaimo Regional District. Justification for the expansion of for the tax is so that speculation is not passed onto bordering markets.

Source(s)

https://www.ctvnews.ca/business/expansion-of-b-c-foreign-buyers-tax-to-okanagan-vancouver-island-is-questioned-1.3815515

http://bcbudget.gov.bc.ca/2018/default.htm

http://business.financialpost.com/real-estate/b-c-unveils-housing-plan-that-raises-foreign-buyers-levy-and-taxes-speculators

15 Beautiful Wood Accent Wall Ideas to Upgrade Your Space

May 25, 2017 by Paulina 

Source: www.homelovr.com

Create an accent wall in your room.  Think a outside the box and make a wood wall!

Wood walls add depth, texture, warmth, and most definitely an accent to any space. You can create your own DIY wood wall with a few simple tools and a bit of planning.

Check these 15 creative wood accent walls to update any room in your home.

1. Plank Wall Add a lovely plank wall to your dining room. You can do it quickly and for cheap. Choose a paint color to some of them to makethis wall so unique and so beautiful. Leave some boards natural to give it a unique look. Plank Wall via lifecraftsandwhatever

2. Create a Wood Pallet Accent Wall Drastically change the look and feel of your living room with a beautiful wood pallet accent wall. Using pallets makes this home makeover so inexpensive and easy to DIY!​ Create a Wood Pallet Accent Wall via www.ehow.com

3. Mixed Wood Wall A wood wall can add a rustic focal point to a room. It's an easy and cheap DIY project. Mixed Wood Wall via uncookiecutter.com

4. Reading Nook with Wood Plank Wall Cozy reading nook with wood plank wall. Try a full wall mural instead of the wood panels. Don't forget to create the cozy factor with our reading-inspired pillow desings!​ Reading Nook with Wood Plank Wall via studiograyhouse.com

5. Bathroom Plank Wall Install a plank wall in a bathroom - Great way to add some character to an otherwise boring space!​ Bathroom Plank Wall via www.blesserhouse.com

6. DIY Barn Wood Herringbone Wall Add character to any room in your home with this easy DIY barn wood herringbone wall treatment. Barn Wood Herringbone Wall Check the video tutorial below: via www.shanty-2-chic.com

7. Modern Rustic Teen Room DIY Pallet Wall DIY tutorial for how-to build a pallet wall to create a rustic + warm feel to a space. Modern Rustic Teen Room DIY Pallet Wall via www.jennaburger.com

8. Reclaimed Wood Fireplace DIY reclaimed wood fireplace. Reclaimed Wood Fireplace via www.kristimurphy.com

9. DIY Pallet Wall DIY Pallet Wall via pinterest.com

10. DIY Herringbone Plank Wall Learn how to upcycle an old, ugly fence into a stunning DIY plank wall in a herringbone pattern. DIY Herringbone Plank Wall via www.designertrapped.com

11. Panel Bathroom Accent Wall DIY pallet or wood panel bathroom accent wall. Panel Bathroom Accent Wall via thisnestisblessed.com

12. Reclaimed Wood Pallet Wall Add impact to your kitchen space with this reclaimed wood accent wall. DIY Pallet Wall via www.hometalk.com

13. Bathroom Fence Picket Wall ​Bathroom fence picket wall behind toilet area. Bathroom Fence Picket Wall via ourcloverhouse

14. DIY Rustic Pallet Wall DIY Rustic Pallet Wall via www.justagirlblog.com

15. DIY Pallet Wall DIY wooden pallet accent wall.

DIY wooden pallet accent wall via www.cape27blog.com

To see photos of these projects and more visit www.homelovr.com

THE ULTIMATE SPRING CLEANING CHECKLIST:

We all look forward to spring, when the weather gets warmer and the days get longer. Along with that, spring also brings… spring cleaning!

While it might not be the most exciting task, doing a really thorough clean and clear-out will leave you feeling ready for the rest of a busy year.

Use this checklist to make sure everything gets done:

1. Vacuum Cleaner – Giving your vacuum cleaner some attention before you put it to work. Replace the bag, wash the filter and clean the dust cup. When it’s ready, use the different attachments to really get into every little corner.

2. Doormats – Shake them out and beat them with a broom to get rid of all the accumulated dust and dirt that has been tramped over them through the winter.

3. Lights and ceiling fans – Clean these early so that you aren’t knocking dirt onto previously cleaned surfaces. Use the soft vacuum nozzle followed by a damp cloth. For glass or crystal light fixture, you should also use some polish.

4. Shelves – Empty and wipe down all shelves.

5. Carpets – Carpet will also have a winter’s worth of dirt in them. Either shampoo them or rent a carpet cleaner. Either way, practice somewhere out of sight to make sure you don’t accidentally spoil the carpet. Use wax paper to protect your furniture.

6. Wood, laminate or tiled floors – After giving them a good mopping, apply wax or sealer to protect your floor for the year ahead. On a side note, you should actually avoid mopping wood floors too often. Stick to every two or three months and spot-clean in between.

7. Walls, cabinets, skirting boards and other woodwork – Even if they’re not obviously dirty, dust can stick to vertical surfaces. Clean them with a sponge or cloth and dishwashing detergent in hot water. Top tip: use a separate bucket to squeeze out the dirty water from your cloth.

8. Old food – Go through your fridge, freezer and cupboards, throwing out any food that has been hanging around for too long.

9. Fridge – Empty your fridge and wipe down all the shelves.

10. Fridge coil – Built-up dust can make your fridge work overtime and eventually break down. Pull your fridge out, and vacuum all over the back of it. Then, vacuum the floor where it usually stands.

11. Oven – Chip off baked-on food, then use baking soda and white vinegar to loosen what’s left before wiping it away with a sponge.

12. Oven hood – Take out and wash the filter in hot, soapy water. Clean the rest of the hood to remove grease.

13. Microwave – Put one cup of water and a sliced lemon in a microwave-safe dish. Microwave it until the window steams up. Let things cool down and then wipe down the inside of the microwave.

14. Coffee maker – Use a half-and-half mixture of vinegar and water to descale your coffee maker. “Brew” the mixture, stopping half way. Let it sit for half an hour and then finish the cycle.

15. Stainless steel appliances – Make them sparkle again with a wax-based spray.

16. Dishwasher – Make sure all leftover bits of food are removed from the dishwasher and then run a cleaning cycle with a cleanser product (two cups of vinegar will also do the trick).

17. Washing machine – Use distilled white vinegar and baking soda to clean out your machine. Remember to run another cycle afterwards to make sure everything is washed out. Lastly, wipe it dry.

18. Windows – Make sure to clean both the inside and the outside of your windows. It’s best to wash your windows on a cloudy (but not rainy) day so that the windows will dry more slowly — giving you time to wipe off the cleaner before streaks appear.

19. Mattress – Flip your mattress and vacuum the underside. Use upholstery cleaner on any stains.

20. Wardrobe and drawers – Empty and dust. As you are doing this, it’s a great time to be ruthlessly honest about which clothes you actually wear. Donate those that don’t make the cut.

10 Cool Facts About Vancouver

Vancouver was recently ranked as the third most “livable place in the world” for its high standard of living and quality of life. While it is ranked as the 10th cleanest city in the world.

Vancouver has the 4th largest cruise ship terminal in the world.

Home to Canada’s longest pool. Measuring 137.5 meters (451 feet), it is nearly the size of three Olympic pools. This outdoor, saltwater pool is a major tourist attraction and is open year round.

Vancouver has the highest real estate prices in Canada. In 2011, the average price of a detached home was a staggering $1,204,587. Some say this is close to rivaling New York City and London.

Vancouver is the largest film production center in North America after Los Angeles and New York City.

Stanley Park, an urban oasis, is 10% larger than New York City’s Central Park. It is a staggering 1001 acres.

The Vancouver Aquarium ranks in the top 5 worldwide.

Downtown Vancouver is 65% residential. Don’t be surprised to see a lot of high-rise condominiums.

Vancouver has the mildest climate in Canada. Although, it receives on average, 1,589mm of rain per year.

Greenpeace, one of the world’s oldest and most successful environmental groups was established in Vancouver.

Source: http://www.geosvancouver.com/visiting-vancouver/10_cool_facts_about_vancouver.htm

BC Budget 2017: BC's First-Time Home Buyers Get a (Small) Tax Break

Having been sidelined in last year’s Budget, BC's first-time buyers will save some money on Property Transfer Tax – if buying a home priced between $475,000 and $525,000

The BC government is raising the threshold for the first-time buyer Property Transfer Tax exemption to $500,000 from $475,000, finance minister Mike de Jong announced February 21 in the 2017 Budget Announcement. The partial exemption threshold has also increased to $525,000 from $500,000.

The changes will now affect more first-time home buyers by exempting, or partially exempting, those buying between $475K and $525K, and affected buyers will save up to $8,000, which is an increase of $500 from the previous system.

The new threshold will be effective for home purchase registrations made on or after February 22, 2017.

Minister de Jong said, “This will complement other actions we have taken, such as the introduction last year of a newly built home exemption to the Property Transfer Tax [on new homes under $750,000], which has helped more than 5,500 families save an average of $7,600. In Budget 2017 we are going further.”

He added, “When you ask British Columbians about the pressures they face, many will focus on the cost of housing. The problems with housing affordability and availability aren’t easy to resolve, but there are some levers the government can use to help ease things. But… we can’t just focus on getting more people into the market without adding to supply – that’s just going to drive prices higher.

“In the coming year the government will also explore and implement opportunities to partner and invest with local governments, to ensure cities and municipalities have the capacity and incentives… needed to expedite and process approvals and permitting of housing development applications.”

The province will also continue to administer its recently launched $700 million BC HOME Partnership program, which offers first-time home buyers up to $37,500 in down-payment-matching loans, which are interest- and payment-free for the first five years.

In a press release issued moments after the announcement, the Canadian Home Builders’ Association of British Columbia (CHBA BC) welcomed the increase to the first-time buyer exemption threshold. It added that the organization had recommended such an increase in its pre-Budget submission, “to better reflect rising home prices.”

Neil Moody, CEO of CHBA BC, stated, “CHBA BC has advocated for changes to the outdated property transfer tax structure for many years, and this reduction in tax is positive for first-time home buyers in all areas of the province.

“It may seem like a small increase, but it represents that the program is keeping pace with rising home prices. It provides a larger threshold for first-time home buyers to purchase within and receive the tax savings.

” The Urban Development Institute also immediately offered its support to the move. President and CEO Anne McMullin said, “Increasing the Property Transfer Tax exemption threshold to $500,000 from $475,000 for first-time homebuyers’ will enable more locals and families to get onto the first rung of the property ladder.”

She added that the industry group also supports the government’s strong focus on working with local governments in 2017 and beyond to increase housing supply, which also creates more high-paying jobs in the sector.

“I know we keep hammering this point, but flooding the market with more housing options, from rowhomes and townhomes to duplexes and others, will help alleviate the pricing and demand pressures and create healthy, more affordable communities.”

A projected slowdown across the BC housing market is expected to leave the province with $483 million less revenue from its property transfer tax in 2017/18 – a 23.9 per cent drop year-over-year.

Over the following two years, the province projects revenue to fall an average of 3.9 per cent annually to reach $1.4 billion in 2019/20, compared with the more than $2 billion generated last year.

“We don’t expect the real estate market to be percolating along at the level it was last year,” said de Jong.

Certain taxes on real estate, however, are expected to generate greater revenue over the years to come. Once the current fiscal year ends, BC expects it will have earned $100 million in taxes on residential purchases made by foreign buyers in the Metro Vancouver region.

Total revenue from the province’s foreign buyers’ tax – implemented in August of last year – is expected to hit $150 million annually over the next three years: tax generated by $1 billion in residential properties purchased by foreign buyers annually through to 2019/20

Source: 

http://www.rew.ca/news/bc-budget-2017-bc-s-first-time-home-buyers-get-a-small-tax-break-1.10196350

There are markets in Ontario that have been tighter than Toronto this year? It takes how long to save up for a downpayment for a Vancouver home? Find out the answers to these questions and more in this roundup of surprising facts from BuzzBuzzNews’ coverage of the Canadian housing market this year.

1. Canadian homes made more in a year on average than the people living in them as of June Your home may be just sitting there all day, but on average it’s pulling in more than you are, at least as of June 2016. By the end of that month, the average price of a Canadian dwelling had risen $50,619 in 12 months to a whopping $503,301, noted BMO Chief Economist Douglas Porter. “Average weekly [Canadian] earnings among all industries, including overtime, over the past year were $953.16. That translates into annual pay of $49,565,” wrote Porter. At this rate, “a house” may become a common answer to the childhood question, “What do you want to be when you grow up?”

2. The GTA-wide average price for a detached home surpassed $1 million in September The Greater Toronto Area is a big place. It’s more than 7,124 square kilometres, in fact. The average detached home price stretching across this large swath of southern Ontario is pretty hefty, too. Standalone homes in the 416 area code, which includes downtown Toronto, have been going for an average of more than $1 million since February 2016 — with one exception, July 2015. But the whole GTA in all its sprawling glory only surpassed that level last month, when detached homes in the entire region sold for an average price of $1,013,788, according to the Toronto Real Estate Board’s stats for September.

3. Other Ontario markets have been tighter than Toronto this year Think Toronto real estate’s on fire? These Ontario housing markets were even tighter in April: Niagara Region and Hamilton-Burlington. In April, both markets had higher sales to new listings ratios — calculated by dividing sales with new listings for a month and expressed as percentage — than Hogtown. Niagara’s ratio was a towering 85.1 per cent while Hamilton-Burlington’s hit an impressive 81.6 per cent. Meantime, Toronto’s was 74.8 per cent. Typically, ratios between 40 and 60 per cent are considered balanced, while anything veers into seller’s market territory.

4. 13.2 per cent of Canadian real estate professionals think China’s leader is a North Korean dictator or communist revolutionary Given all the discourse on foreign buyers — and particular investors from China — and their possible role in driving up home prices in Canada’s hottest housing markets, you’d think realtors might be learning more about them. A study suggests many aren’t. Some 13.2 per cent of Canuck real estate professionals selected either Kim Jong-un, chairman of the Workers’ Party of Korea (read: dictator) or Chinese communist revolutionary Mao Zedong, who died more than 40 years ago, as the current Chinese leader when quizzed by Juwai, a website that helps homebuyers in China view international properties. Respondents also had some trouble identifying the Chinese flag.

5. It takes median-income earners in Vancouver roughly a decade to save for a downpayment on a home In the first quarter of this year, National Bank, Canada’s sixth largest bank, studied how long it would take median-earning Vancouver households to sock away enough cash for a minimum downpayment on a home there. The study, which assumes households will save 10 per cent of its pre-tax income, found it would take median-earning households 106.8 months — more than nine years.

6. But internationally, downtown condos were relatively cheaper in Vancouver (and Toronto) than in many other global cities Vancouver and Toronto aren’t shining examples of housing affordability, yet when looking at a number of other major cities worldwide, they compare favourably. National Bank released another report in July, this time comparing local incomes to 90-square-metre condo prices in 18 large global markets. Vancouver, where these condos were 11.3 times the average family income, was the fifth-most affordable. Toronto, where they were 9.4 times average family earnings, placed third.

7. Canadians amassed $200 billion in wealth from residential real estate in a single year From April 2015 to the end of March this year, the Canadians collectively earned wealth to the tune of $200 billion from high-flying home prices, says Adrienne Warren, a Scotiabank economist. For comparison, in the year 2000, the housing market generated $70 billion in wealth.

8. Most Toronto home sales were to first-time buyers in 2015 Earlier this year, the Toronto Real Estate Board released its 2016 GTA housing market forecast and 2015 review, including results from an Ipsos Reid poll that shed light on who, exactly, was buying homes in the area in 2015. The Ipsos Home Owners Survey, which drew responses from 1,000 GTA residents 18 and older who said they’d purchased a home in the past 12 months (as of November), suggests 53 per cent of GTA homebuyers were doing so for their first time ever in 2015.

Source: 

http://news.buzzbuzzhome.com/2016/10/8-eye-popping-facts-canadian-real-estate.html