As 2016 winds down (we know – where did 2016 go?), income taxes and the Canada Revenue Agency (CRA) will start to become a forethought for people.
News from Canada Revenue Agency
On October 3, 2016, the CRA announced changes to the requirements for reporting the sale of a principal residence. Prior to this change, the form wasn’t a requirement if you sold your primary residence in that tax year; how... read more.
In an article posted on The Globe and Mail on Monday, the Canadian Mortgage and Housing Corporation (CMHC) announced that they were getting ready to issue the first “red” warning for Canada’s housing market.
What does CMHC mean?
It means the nation’s housing agency is concerned about the fallout from Toronto’s and Vancouver’s real estate markets. CMHC has kept watch over Canada’s increasingly hot re... read more.
Council eliminates minimum unit size restriction
In September, Victoria city council voted to remove the minimum unit size restriction in the 22 residential zones. As it stood, only downtown was free of the restriction. The decision to eliminate the restriction altogether is in an effort to increase the density of housing in a limited amount of space. Victoria is venturing towards a housing problem... read more.
We’ve officially moved into Fall 2016: there is a noticeable change in the air and pumpkin Blizzards are officially available again at Dairy Queen.
The Victoria Real Estate Board (VREB) has now released its September stats. Sales continue to increase over the previous year with 10.9% more sales in September 2016, compared to September 2015. Inventory remains drastically lower, with over 40% fewer a... read more.
Ottawa Announces Changes
On Monday, Ottawa announced that they were implementing changes to how buyers apply for mortgage applications. Starting October 17, all Canadian mortgage applications will be subject to a “stress test.”
Starting in just under two weeks, all high-ratio, five-year rate mortgage applications will be subject to a “stress test.” This means that the buyers will be qualified at a h... read more.