This list of incentives, rebates, and grants available to current and future homeowners is our version of professional coupon clipping; Home Owner Edition.

Whether you're upgrading an appliance or saving for your first home, saving money where possible and taking advantage of free money is always a good idea.

Two new programs were launched this year: one for seniors (including family members living with seniors) and one for first-time homebuyers. If you can't benefit from any of these, chances are you know someone who can, so please feel free to share!

There are two ways to save on the P.T.T.: be a first time home buyer or purchase a new build. The exemption is available for first time buyers on properties priced up to $500,000 (and a partial exemption on prices up to $525,000) and on purchasing a new build up to $750,000 (and a partial exemption on prices up to $800,000). P.T.T. is a tax on home buyers only (not sellers) and if you qualify it can be a significant saving as rates are 1% on the 1st $100,000 (of the purchase price) and 2% on the remainder. Click here for detailed qualifications.

This new program to help first-time home buyers save for a home began this April 2023. The yearly limit is $8000, contributions are tax-deductible, withdrawals are tax-free and can be combined with your spouse to put towards your new home.  Lifetime limits are $40,000 per individual and $80,000 per couple. This can be combined with the HBP.

The HBP allows you to withdraw up to $35,000 from your RRSP to buy a qualifying home for yourself or a related person with a disability, and is required to be paid back in 15 years. This can be combined with the new FHSA.

You can claim up to $10,000 in 2022 ($5,000 in 2021 and previous years) for the purchase of a qualifying home if both of the following apply: You (or your spouse/common-law partner) acquired a qualifying home & you didn't live in a home that you or your spouse owned in the current year or in the 4previous calendar years to be considered a first time home buyer.  Our accountant sees A LOT of people missing out on this one and you can claim this retroactively.

Another new program this year is available to families interested in constructing a secondary unit on their property. Eligible families can claim 15% on expenses up to $50,000, so long as the expenses are related to the renovation and incurred after January 1, 2023. The maximum claim is $7,500 and the secondary suite must be for seniors aged 65+ or adults over the age of 18 who are eligible for the disability tax credit within the taxation year that includes the end of the renovation period.

The Canada Mortgage and Housing Corp offers a shared equity mortgage offered by the government, in which they invest in the property with you. The incentive is not interest bearing and does not require on-going payments, but you do have to repay the loan within a 25 year period or when sold, whichever comes first. CMHC will add to your down payment 5% of the purchase price on a resale property and 10% on a new property.

This reduces property taxes for home owners with an assessed or partitioned value up to $1.65 million. Basic grant: up to $570 for principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts; an additional grant of $200 to rural home owners elsewhere in BC; and an additional grant of $275 to seniors aged 65+, those permanently disabled, and veterans of certain wars. (Grant is available but reduced above the threshold of $1.65 million. Grant may be available retroactively if you qualified last year and didn’t apply.)

The Home renovation tax credit for seniors and persons with disabilities (and family members living with seniors and persons with disabilities) assists eligible individuals with the cost of certain permanent home renovations to improve accessibility or be more functional or mobile at home. You can receive up to $1000.00 as a refundable tax credit.

BC Hydro and FortisBC offer home owners rebates for upgrades and improvements, including insulation, space and water heating systems and ventilation to reduce your energy bill. There’s even a bonus offer for completing three or more upgrades, and if you complete all of them, you can get up to $10,000.  Click here to see what you can do.

The BC government (along with the Federal Government) offers rebates of up to $9000 for the purchase of a new electric vehicle. The BC Gov offers a rebate of up to $350 for a level 2 charger installed at home, and purchasing a used EV is P.S.T. exempt. BC also offers a program called Scrap-It: if you scrap your old gas vehicle under the program, you can receive a rebate of up to $500 on a qualifying new or used BEV, or up to $400 on a new or used PHEV.

We hope you found this list useful!  If you need help accessing any of these opportunities, or have a question, get in touch.

#GrowWithUs

 You're thinking of selling your home, so you search on Google for "how to stage your home to sell". However, all you find are before-and-after pictures of completely renovated spaces. If you had the funds to update your home, our guess is you probably would have done so already.

 It's no secret that homes that are prepared for the market, staged and cleaned tend to sell faster and for more money. While there are companies that can do this for you, what if you want to do it yourself? Is it possible? The answer is yes, it can be done with a little hard work and for free.

 The first step is to adjust your thinking.  If you're going to sell, look at your home for what it is right now; your asset. Start thinking like a buyer. If you were looking at buying this particular home, what do you want to see? You want a clean, bright home that you can envision your life in.

Prevent complaints and avoid incentivizing buyers to make lowball offers. Don't make the selling process longer and more difficult than it needs to be, especially when there are things you can control.

• Bathrooms:  Pay special attention to grout, tubs, toilets, and glass. Bar Keepers Friend works wonders on these and will remove any lime, soap scum, and rust buildup with ease, even on glass shower doors.
  
  
• Kitchens: Stove tops, fridge doors, and sinks should be thoroughly cleaned and stainless steel polished.
   
• Walls: We know you probably don't want to paint (if you do, that's great!), so grab a Magic Eraser and get rid of all the scuffs on the walls.
   
• Windows: So important! Clean windows not only let in more light, but they can also help rooms feel larger. Dirty windows are VERY noticeable, so clean inside and out.
   

So get some boxes, start packing up all the personal items: family photos, excess decor and that mystery remote.

• Kitchens: This may be a tough task, but it's important to remove almost everything from your countertops. It's okay to have a few small appliances, but not an excessive amount. Only leave out your absolute essentials. To make it look more organized, group those items together - we'll explain this trick a bit further down.
   
• Bathrooms: Most of your things should be put away. Bathroom items tend to be seen as personal, but you can leave out some decor, clean towels, and add a plant. Plants go a long way in adding an aesthetic appeal to the bathroom. When it comes to the items to be left out, you're going to want to group them together.
   
• Surfaces: Coffee, dining, and side tables should be clear of clutter and personal items, except for a small amount of decor such as a few books, a reading lamp, or some flowers. you're aiming for "Ikea Showroom". Again, use the grouping trick here too.

  
 You can definitely stage your home with the furniture you already have. You don't need an impractical white sofa and chairs in the living room to make an impact. The key is in placement and reduction to create flow.

• Unless you have a long and narrow space, avoid placing furniture flush with walls. This can make the room look smaller. Give the furniture as much breathing room as possible and focus on grouping them in the center of the room. Create a gathering space within the room.
   
• Unless you have angled walls in the room, don’t place large furniture on an angle; stick to a grid pattern for furniture placement.
   
• Ensure that the room has good flow. If you have a combined living and dining space, use your sofa or a chair to separate the areas. Avoid clustering all your furniture in one corner to create space, as it will only make the room feel cramped. Instead, ensure that there are clear pathways through the rooms. 
  
  
• If you have large pieces of furniture (looking at you lazy boys and leather sectionals) pare down the rest of the room by removing excess side table, chairs and decor.
   
• Most of us arrange our furniture for maximum TV watching and while this may be practical, it will rarely yield an inviting room. Create a cozy gathering space where you can actually interact with other human beings (yikes, we know!). Position your chairs and sofas facing each other, keep windows and fireplaces unobstructed. 
   
  

TIP

 

 

 When it comes to organizing countertops, forget about even spacing. Instead, jam everything together and put it on top of a tray or wooden cutting board, even a couple of books. This trick works on all surfaces, from living room tables to kitchen counters. Give it a try with your essential items like S&P shakers, toaster, and utensils in the kitchen. Voilà - instant organization.

 

 We hope you found this helpful!  At Grow we offer free in-home staging assistance for all properties we list for sale.  So if you're thinking of selling and this all seems too overwhelming; reach out and say hello!

Steve & Selena

Follow along with us on social media:

@TheGrowRealEstateGroup

Call or text us:
Steve: 604-302-3882
Selena: 236-258-6606

Email us:
Steve: hello@stevegobeil.com
Selena: hello@selenawallace.com 

On Google:
Steve & Selena

Grow With Us, Grow Your Wealth 

A newly built home; a clean oven, scuff-free floors, pristine countertops. Oh and that new home smell, it’s hard to resist! If you're a first time home buyer, wanting to downsize or have considered taking advantage of the new strata rules allowing for rentals then a presale condo or townhouse in the Fraser Valley might be right for you.

The process IS different and can be daunting. Let’s walk through everything to expect.

WHAT IS A PRESALE?

Purchasing a pre-sale is not the purchase of an existing physical property, but rather a contract for the right to receive, and an obligation to pay for, a finished unit at a point in the future.

THE STEPS:

The Pre-Approval Process

Getting pre-approved for a mortgage is standard for any purchase. Where it differs is the time between the approval and when you start making payments.  It could be years, and interest rates and your financial situation could change.  What happens if things DO change and how will this affect your mortgage qualifications?

You’ll need to know this from your lender. RBC offers firm approvals for clients purchasing presales with completion dates as distant as three years. This means that as the completion date draws near there is no need for updated employment/income, credit checks, etc. This may not be the case with all lenders, and the “what-ifs” need to be known.  More info from RBC here.

The Payment Process

Developers set the amount required as a down payment, it’s not uncommon to see 5%. They may require more, and there may be a payment schedule set up to raise that amount over time to 10% or even 20%.

As stated above, you absolutely should get pre-approved for a mortgage before signing your contract even though you will not need your mortgage nor need to make payments on that mortgage until you take possession.

If you're an "I'll worry about it later" person, you're putting your down payment at risk and could be liable for damages to be paid to the developer.