JULY® Real Estate Group's blog

Key Highlights:

• ️ Both Liberal and Conservative parties pledged to eliminate GST for first-time homebuyers purchasing homes priced at $1 million or less.
• ️ This proposed policy aims to ease financial burdens and improve housing affordability across Canada.
• ️ If implemented, the policy could result in significant savings but may lead to rising competition and higher home prices.

How the Housing Market is Reacting

The proposed removal of GST for first-time homebuyers has sparked widespread interest. Although the policy is not yet in effect, bipartisan support makes its...

Key Highlights:

• ️ Home sales dropped 9.8% from January to February 2025, reaching the lowest levels since November 2023
• ️ New listings fell 12.7%, reversing gains from January
• ️ Home prices declined 0.8% month-over-month, with the biggest impact in Ontario’s Greater Golden Horseshoe region
• ️ Rising inventory means more choices for buyers

How the Housing Market is Reacting

Canadian home sales took a sharp 9.8% dip in February, as ongoing trade tensions with the U.S. created uncertainty. Buyers have become cautious, putting major financial decisions on hold. The Greater...

Key Highlights
 

• ️ The Bank of Canada (BoC) lowered its key interest rate by 25 basis points to 2.75%, making borrowing more affordable
• ️ Mortgage rates, personal loans & business loans may become cheaper, benefiting homebuyers & property investors
• ️ Experts predict more interest rate cuts in 2025, which could further impact the real estate market
   

How Lower Interest Rates Affect Homebuyers & Homeowners
 

On March 12, 2025, the Bank of Canada reduced its lending rate from 3% to 2.75%, marking the second rate cut this year after a similar reduction in January.

According to TD...

The British Columbia government has announced the end of its secondary-suite incentive program, citing economic uncertainty as the driving factor. The program, which aimed to encourage homeowners to build secondary suites, will stop accepting applications after March 31.

According to Housing Minister Ravi Kahlon, the federal government's plan to introduce a similar program influenced the decision. "We want to avoid duplication and ensure we're delivering the best value for housing," Kahlon said.

The provincial program offered forgivable loans of up to $40,000 to cover construction...

For those navigating the presale condo market, the term "price adjustment clause" likely rings familiar.

These clauses have become increasingly prevalent in presale contracts, and grasping their implications is paramount for any prospective buyer.

In this discussion, we’ll explore the realm of price adjustment clauses, shedding light on why builders leverage them, how buyers can safeguard their interests, and key considerations within presale condo contracts.

Why builders use Price Adjustment Clause?

1. Material cost: Among the primary drivers of construction cost fluctuations are...

Listings on the MLS® will soon include new sale statuses to help REALTORS® and home buyers and sellers get a better sense of how far along they are in the lifecycle of a transaction.

These new statuses will be visible anywhere MLS® Listings are posted, from Paragon to Realtor.ca, starting in late May to early June 2024.

There will be 3 new statuses:
 

1. Active Under Contract

This optional status will be used when a listing has an accepted offer with subjects.

2. Pending

Replacing the current "SOLD" status, this status will be applied to listings that have an accepted subject-free...

Navigating the world of real estate transactions can be daunting, especially when it comes to understanding the ins and outs of property transfer tax.

As a homebuyer in British Columbia, it’s crucial to grasp the intricacies of this provincial tax to avoid any surprises during the purchasing process. In this guide, we’ll delve into everything you need to know about property transfer tax in BC, from its calculation and exemptions to recent updates and changes.

Whether you’re a first-time buyer or a seasoned investor, let’s unlock the keys to understanding property transfer tax in BC.

1....

Acquiring your initial home is a thrilling accomplishment, yet it often presents financial challenges. Fortunately, Canadian first-time home purchasers now possess a potent financial tool to ease this process: the First Home Savings Account (FHSA). In this article, we will delve into the intricacies of the FHSA, exploring its features, benefits, drawbacks, and comparing it to the Tax-Free Savings Account (TFSA).

Understanding the First Home Savings Account:

The FHSA is a registered savings account expressly designed to aid Canadians in saving for their first home purchase. By...

Are you envisioning the prospect of owning your first home, only to find that financial obstacles appear insurmountable?

Do not despair! We've meticulously curated a comprehensive guide to various government grants and rebates, meticulously designed to render your journey to homeownership not just attainable, but also financially astute.

Let's delve into these remarkable opportunities, poised to unlock the doors to your dream home and place the keys right within your grasp.

Guidance for New Home Buyers: Discovering 9 Government Grants and Rebates

1. Home Buyers’ Plan

Picture having the...

Canada’s recently unveiled 2024 budget proposes to adjust the capital gains inclusion rate. What does this mean for investors and taxpayers? Read on to find out how these changes might affect you.

TLDR

• When you sell an asset or investment for more than it cost you, you have a capital gain

• Today, 50% of capital gains are taxable for all individuals and businesses

• As of June 25, the capital gains tax inclusion rate is set to increase from 50% to 66.67%  for all capital gains realized by corporations and trusts, and for capital gains over $250,000 realized by individuals
   

What...