Property Transfer Tax exemptions - April 1, 2024

New 2024 budget measures from the government of BC:  For many, buying a home is the largest purchase they will ever make, and property prices are making it harder. Every little bit helps, and Budget 2024 aims to give people the financial boost they need to bring buying a home within reach, including: Increases to the threshold for the First Time Homebuyers’ Program so it reflects today’s market: Qualifying first-time buyers can benefit when they purchase a home worth up to $835,000, with the first $500,000 completely exempt from the property transfer tax. That could mean as much as $8,000 in savings. An estimated 14,500 people – twice as many as before – will now be eligible for support to buy their first home, helping them move out of the rental market and freeing up rentals for others. People buying newly built homes worth up to $1.1 million will also see lower costs through the newly-built-home exemption. To help lower the cost and encourage the construction of more rental units, eligible purpose-built rental buildings of four or more units will also receive a property transfer tax exemption until 2030. Raising these property transfer tax exemption thresholds and incentivizing building of new rentals and homes will save more people more money, an estimated $100 million per year. For information on PTT including a calculator, click here. Property Transfer Tax Exemptions  In principle, BCREA supports reduced property transfer taxes for first-time home buyers and people purchasing newly constructed homes. However, while we're in favour of measures that increase first-time home buyers’ abilities to purchase properties, it's critically important that housing supply is increased so they aren’t caught in bidding wars to acquire those homes. More detail is needed on property transfer tax exemption for purpose-built rentals to understand its impact on housing attainability for British Columbians READ MORE on BC REAL ESTATE ASSOCIATION bulletin Real Estate Lawyer Dylan Taylor explains in these videos how this will work: https://www.instagram.com/reel/C5gOHo4LRNd/?igsh=MWs2eXlwcDR4cWMwOA== https://www.instagram.com/p/C5la6XZLoyZ/

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Choosing an Interior Designer for Your Space

Whether you're revamping your home or embarking on a commercial project, selecting the right interior designer can make all the difference in achieving your vision. With an abundance of talent and styles to choose from, finding the perfect fit might seem like a daunting task. However, armed with the right knowledge and approach, you can navigate this process smoothly and find the designer who will turn your dreams into reality. Here's a comprehensive guide to help you choose the ideal interior designer for your space: 1. Define Your Style: Before you start your search for an interior designer, take some time to define your style preferences. Do you lean towards minimalism, traditional, contemporary, or eclectic? Collect inspiration from magazines, websites, and social media platforms like Pinterest and Instagram. Having a clear understanding of your style will help you communicate your expectations effectively to potential designers. 2. Research: Once you have a grasp of your style preferences, begin researching interior designers who specialize in or have experience with your desired aesthetic. Explore their portfolios, websites, and social media profiles to get a sense of their previous work and design philosophy. Look for designers whose style resonates with you and aligns with the vision you have for your space. 3. Check Credentials: When evaluating interior designers, it's essential to check their credentials and qualifications. Ensure they have the necessary education, training, and certifications in interior design. Membership in professional organizations can also indicate a designer's commitment to their craft and adherence to industry standards. 4. Review Portfolios: A designer's portfolio is a window into their creativity, skill, and versatility. Look for a diverse range of projects that showcase their ability to work with different styles, budgets, and spaces. Pay attention to the quality of their work, attention to detail, and ability to tailor designs to meet the unique needs and preferences of each client. 5. Set a Budget: Before reaching out to potential designers, establish a realistic budget for your project. Communicate your budgetary constraints upfront to ensure compatibility with the designers you're considering. Keep in mind that while quality design comes at a price, a talented designer can often work within various budget ranges to deliver exceptional results. 6. Schedule Interviews: Narrow down your list of potential interior designers and schedule interviews or consultations with each of them. Use this opportunity to discuss your project in detail, share your vision, and gauge the designer's understanding of your needs and expectations. Pay attention to their communication style, professionalism, and willingness to listen and collaborate. 7. Ask the Right Questions: During the interview process, ask pertinent questions to help you assess the designer's suitability for your project. Inquire about their design process, project timeline, fees and billing structure, as well as their approach to handling challenges and revisions. Additionally, request references from past clients and follow up to gain insight into their experience working with the designer. 8. Trust Your Instincts: Ultimately, selecting an interior designer is a personal decision, and it's essential to trust your instincts. Choose a designer with whom you feel comfortable and confident in their ability to bring your vision to life. Remember that collaboration and open communication are key to a successful partnership, so prioritize finding a designer who values your input and respects your vision. 9. Who to Choose: Choosing the right interior designer is a crucial step in realizing your design aspirations and creating a space that reflects your personality and lifestyle. By following these steps and investing time in research and evaluation, you can find the perfect designer who will transform your space into a haven of style and functionality.  Here are some ideas to get you started. These designers work in the Greater Victoria Area. Interior Designers Victoria BC: Michelle Matte Interiors(778) 433-6504 https://www.mmi.team/ Maria Leupelt Sunlight Interiors(250) 385-5586 http://sunlightinteriors.com/ Tracey Lamoureux Spaciz(250) 386-1117 https://www.spaciz.com/ Alexandra Graham Thomas and Birch(250) 588-8249 https://www.thomasandbirch.com/ Patti G Design(250) 889-3582 https://www.pattigdesign.com/ Bonnie Beard IKAN Installations(250) 380-7303 https://ikaninstallations.com/ So, embark on your journey with confidence, and let the search for your ideal interior designer begin!  Your feedback is always appreciated.

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CMHC Predicts House Prices to Increase by as Much as 89% by 2030 Across Canada

CMHC Predicts House Prices to Increase by as Much as 89% by 2030 Across Canada  Estimating how much housing we’ll need by 2030 September 13, 2023 source: https://www.cmhc-schl.gc.ca/blog/2023/estimating-how-much-housing-we-need-by-2030   At-a-Glance We maintain our 2022 projection that Canada needs about 3.5 million additional housing units by 2030 to restore affordability. We expect housing demand to vary across the country due to evolving economic and demographic conditions. Most of Canada’s housing supply gaps are in Ontario and British Columbia. Quebec and Alberta are also projected to need more supply because of economic growth. A smaller overall housing stock in 2030 is projected from what we reported last year. The main reason for this decline is the current shortfall in housing construction. Read the full report here.    

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