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.  ***AS OF APRIL 1, 2024, THE THRESHOLD FOR FIRST TIME HOME BUYERS INCREASES TO $835,000 AND THE NEWLY BUILT HOME THRESHOLD INCREASES TO $1,100,000*** There are qualifications so please reach out if you need help to find out if you qualify. 

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 PROGRAM IS DISCONTINUED AS OF MARCH 21, 2024***

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

As the temperatures start to drop it's time to prepare your home for the winter. Winterizing your home is not just about staying warm; it's also about energy efficiency, saving money and preventing potential damage. In this guide, we'll take you through 10 tips to ensure your home is ready to face the cold, wet and sometimes snowy months ahead.

1. Seal the Leaks

One of the most effective ways to keep the cold out and the warmth in is by sealing any drafts or leaks in your home. Check for gaps around windows and doors, and apply weatherstripping or caulk as needed. Don't forget to inspect the areas around electrical outlets, pipes, and vents as well.

2. Top up Your Attic Insulation

Excessive heat escaping through your attic can lead to the cyclical melting and refreezing of snow on your roof, resulting in the formation of a substantial ice dam capable of causing significant damage. To remedy this, consider augmenting your attic insulation. Begin by gauging the insulation depth and if the levels measure less than 4 inches, it indicates a need to top up your attic insulation.

3. Check and Maintain Your Heating Systems

Your heating systems will be working hard during the winter, so it's essential to ensure it's in top condition. Schedule a professional inspection and maintenance for your HVAC system. Replace filters regularly, and if you have a fireplace, have the chimney cleaned to prevent chimney fires.

4. Clean Dryer Ducts

Over time, lint can accumulate in your dryer ducts, posing a fire hazard and reducing the efficiency of your dryer. Clean out the lint trap after each use, and periodically disconnect the dryer vent to remove built-up lint. This not only improves safety but also helps your dryer run more efficiently.

5. Protect Your Pipes

Frozen pipes can lead to significant damage and costly repairs. Insulate pipes in unheated areas, such as basements, crawl spaces, and attics. Consider using pipe insulation or heating tape for added protection. On extremely cold nights, let faucets drip to prevent pipes from freezing.

6. Prepare Your Windows

Ensuring a tight seal by caulking gaps and cracks around your windows and doors is crucial for maintaining a warm home and reducing energy consumption during the winter. Apply caulking to any gaps wider than the width of a nickel between your siding and window or door frames

7. Inspect Your Roof

Snow and ice can put a strain on your roof, so it's crucial to inspect it before winter sets in. Check for loose or damaged shingles, and repair any issues promptly. Clean out gutters to prevent ice dams, which can lead to water damage.

8. Prepare Your Outdoor Spaces

Winterize your outdoor spaces by storing or covering patio furniture, draining garden hoses, and shutting off exterior water sources. If you have hose bibs, use a cover for the winter. Trim overhanging branches to prevent damage from heavy snow and ice.

9. Install a Programmable Thermostat

Programming your thermostat to lower at a certain time of night and to warm up in the morning before you wake can lead to significant energy savings over the winter months. Sleep experts say that a temperature between 16 and 18 degrees at night also makes it easier to fall asleep and stay alseep!

10. Emergency Preparedness

Finally, make sure you're prepared for any winter emergencies. Stock up on essential supplies, such as non-perishable food, water, and emergency heating sources. Consider having a backup power source, such as a generator, in case of power outages.

Stay Warm, Stay Safe and Protect your Asset!

Selena & Steve

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 

Legal Disclaimer

The information on this site is provided for interest only. This information should not be substituted for professional consultation or advice. While we have made every attempt to ensure that the information contained in this site has been obtained from reliable sources, we are not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this site is provided as is, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will Grow Real Estate Group or any of its members be liable to you or anyone else for any decision made or action taken in reliance on the information in this site or for any consequential, special or similar damages.

Everyone has heard of 'location, location, location' as the main driver of real estate prices. But there are attributes that can affect the price of real estate within any ‘location, location, location,’ and if you're a parent you've heard of this one: school catchment areas.

If you’re not a parent, what is a catchment?  Institutions, like schools, serve specific geographic areas.  All schools have a specific area from which students are eligible to attend.  This is called a school catchment area, or map.

Where they are important for both parents and non parents alike, is in property value. All available data points to a direct correlation between property prices and school catchment areas. There are loads of readily available studies and if you’re really into math and graphs; check out this extensive study from UBC HERE, but let us simplify.

Ask yourself this: Would you spend more for a property within the school catchment of a top local school?  Parents with kids looking for a new family home would answer a resounding yes.  Great school catchments increase desirability and desirability increases value.  As parents are a large buyer pool, catchments shouldn’t be ignored by any home buyer.

The library at the new Irene Kelleher Elementary on Eagle Mountain, East Abbostford

Let’s look at Abbotsford, a popular city in the Fraser Valley due to a good safety profile and a wealth of single family homes. There are plenty of hiking and biking trails, quick access to the US border, Abbotsford Airport and all the natural beauty of the Fraser Valley make it an idyllic place to live and raise a family. The district has seen an increase of over 600 new students this year alone, showing its popularity with families is growing, keeping home prices robust. 

(East Abbotsford alone boasts a wealth of top schools for all age levels; from full french immersion elementary's to waitlisted high schools for those outside the catchment areas. ELEMENTARY: McMillan, Sandy Hill, Mountain, Margaret Stenersen, Thomas Swift, Prince Charles, Auguston Traditional, A.S.I.A. MIDDLE: W.A. Fraser, Clayburn  HIGH: Yale, Robert Bateman)

Making an investment in real estate is a big deal, and knowing all the factors that go into determining a good investment makes a wise investor. If you are looking for homes for sale with your family in mind, reach out and say hello, we’d love to help.

Selena & Steve

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

#GrowWithUs #GrowYourWealth

Need to sell your home to buy your next one? Chances are, yes you do! It may seem pretty simple but with assets this large and more than one party with their own self interests it can be a tricky endeavour. The key is in understanding the current market conditions and having your ducks in a row so you can mitigate the risks.

Here we guide you through the types of markets that will inform your approach, how “Subject to Sale” clauses work, and how to get ready to sell and buy real estate.

MARKET TYPES - The real estate market ebbs and flows in and out of sellers and buyers markets based on the simple law of supply and demand. When there are more buyers than homes for sale, or low inventory, we get a sellers market. When there are more homes for sale than there are buyers, or high inventory, we get a buyers market. And of course, when supply and demand are roughly the same we are in a balanced market, a nice level playing field for everyone.

There are ratios we use to determine mathematically what type of market we are in, if you’re super into math just ask we’re happy to provide!

SUBJECT TO SALE CLAUSE - A subject-to-sale transaction is when the sale of a property depends on the sale of another property. The buyer agrees to buy the property only if they sell their own property within a specified time frame. This type of transaction is common when a buyer wants to purchase a new property but needs to sell their current property first to finance the purchase. If the buyer can't sell their home within the agreed upon time frame, the offer and contract become void, making this a great safety net in terms of financing.  There are drawbacks to using this clause, make sure you read the 3rd and 4th bullet points in the "RISKS" section.

SO, WHAT IS A CLAUSE? - Clauses are nifty pieces of text that are added to an offer (which is a legally binding contract) and make the offer subject to the conditions a buyer or seller will complete a purchase or sale. A common one you might know is the clause "subject to inspection." You offer X amount for a house, but we add a clause that stipulates it is subject to an inspection. If that inspection reveals something you cannot live with, the "subject to..." clause provides an exit option for you.

• In a seller’s market: Chances are your home should sell relatively easily. BUT! The tricky part is where do you go once you sell?  With fewer homes on the market this could make finding a new home that ticks all your boxes difficult to find.  And if you’ve sold your home, you are now on a deadline to buy a new one.
  
  
• In a buyers market: You’re looking for a new home and there are lots to choose from, it’s a shoppers dream. BUT! Selling your own home may be tricky. There are many homes on the market, a lot have been sitting for a while and the competition for buyers is fierce.
  
  
• The Bump Clause: When using a Subject to Sale clause in your offer, the Seller is accepting it understanding there are no guarantees your property will actually sell. A prudent seller may add a “bump” clause to the buyers subject to sale condition, this allows the seller to force your hand if they receive another offer, generally giving you 72 hrs to remove all conditions. If you can’t, the seller will move on.
  
  
• Offer rejection:  A property may receive more than one offer and the seller has right to choose which one benefits them the most.  If they can choose between two with the same price and conditions but one has a subject to sale clause, chances are the one without will win the day.
   
• Interim housing: If you sell your home and have not yet found your new home or your closing dates are way off, you may have to stay with family and place your things in storage or rent a temporary place to stay. 

• Be ready to sell BEFORE you start shopping. If you are planning on using a subject to sale clause, you’ll be asking the seller to hold their home for you so try to put them at ease. You want to let them know that your home is ready to hit the MLS, the marketing team is on deck and you’ve priced it correctly. We’ve written an in-depth guide on preparing your home, you can READ THAT HERE. It's ok to window shop, but read on to #3 for another reason to be ready!
   
• Organize your crew. Make sure your financial team, your realtor, your notary or lawyer are ready, available and capable. Blow the horn and get everyone in line!
   
• Be ready to buy. When you find THE ONE, you're going to want to pull the trigger and things move fast, especially in a seller's market, and you could lose out to another buyer.
   
• Consider getting your home pre inspected if you don’t want to lose time with the chance a buyers inspection comes back not in your favour.  Potential buyers may require you to fix an issue or ask to renegotiate the purchase price, these things take time and you’re on the clock.
   
• Unless the stars align and all your closing dates match up, you may need financing to carry you through the interim.  With so many moving parts this is quite common, and bridge financing can be obtained with a firm agreement in place.
   
• If you sell first, talk to your realtor about the possibility of a rent-back agreement; a short-term leasing agreement allowing you to stay for a short period while you buy your new home. Of course, you'll need an amenable buyer for this one to work.

IN CONCLUSION.  Every property transaction is unique, and both buying first or selling first come with their own set of risks. Understand the ins and outs, get good advice, and listen to the Boy Scouts: Be Prepared.

Steve & Selena

Leave us a comment below and 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 

LEGAL DISCLAIMER

The information on this site is provided for interest only. This information should not be substituted for professional consultation or advice. While we have made every attempt to ensure that the information contained in this site has been obtained from reliable sources, we are not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in this site is provided as is, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. In no event will The Grow Real Estate Group and/or its members be liable to you or anyone else for any decision made or action taken in reliance on the information in this site or for any consequential, special or similar damages.

 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!

**We wrote about the science behind how and why staging pays off for home sellers, to read go here.

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.