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MORTGAGE INSURANCE

MORTGAGE INSURANCE

WHAT IS MORTGAGE DEFAULT INSURANCE? Mortgage default insurance, which is commonly referred to as CMHC insurance or just mortgage insurance, is mandatory in Canada for down payments between 5% (the minimum in Canada) and 19.99%. Mortgage default insurance protects...
GST TAX ON NEW HOMES

GST TAX ON NEW HOMES

If your thinking about purchasing a brand new home, (or one that is substantially renovated click here for more info on renovated homes ) You are also going to want to think about GST! What is GST? The goods and services tax (GST)  is a value added tax introduced in...
Property Transfer Tax and Exemptions

Property Transfer Tax and Exemptions

WHAT YOU NEED TO KNOW ABOUT PROPERTY TRANSFER TAX  First off, what is property transfer tax?  Property transfer tax (PTT) was introduced in 1987, when the average price of a Vancouver home was about $150,000, in order to tax speculation on high-end properties. It is...
The CMHC First-Time Homebuyer Incentive

The CMHC First-Time Homebuyer Incentive

What is The CMHC First-Time Homebuyer Incentive? It is a $1.25 billion fund administered by the Canadian Mortgage and Housing Corporation (CMHC) over three years will provide 5% of the cost of an existing home and 10% of the price of a new home through what amounts...
RENT Vs. BUY

RENT Vs. BUY

Rent Vs Own:I am strong believer that home ownership is great for security and investment, but its not the best choice for everyone. RENTING The benefits of renting are you don’t need a lot of money down to secure a home, in the greater Vancouver area generally...

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