Found 2 blog entries tagged as Shuswap.

Happy New Year often means happy new taxes and fees we all have to pay. Along with that comes the tax assessment notice from BC Assessment. Many homeowners in BC are seeing significant increases in the assessed value of their properties and getting worried about what that could mean at tax time.  

But wait….tax assessments are just that. It’s the estimated market value of your property as of July 1, 2016 with an adjustment for physical condition as of October 31, 2016. Will this result in a higher tax bill? 

An increase in property value for you will likely mean an increase in property values for all your neighbours as well. When everyone’s properties go up the same average amount, it doesn’t mean you will be paying higher taxes necessarily. 

The…

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This week, the Liberal government made a move to attempt to curb the demand for high priced homes in Canada. How will this affect our market here in the Shuswap?

To break it down, the new downpayment rules only affect those buyers purchasing a home between $500,000 and $1,000,000 who are also taking a high-ratio mortgage. 

Since 2008, homebuyers in Canada have been required to have a minimum of 5% downpayment on their home purchase. This doesn’t change for purchasers under the $500,000 cap, which quite frankly, is the majority of homes purchased in the Shuswap area. 

The new rules require a minimum of 10% down for the portion of purchase above the half million mark. For example, if you had a home selling for $650,000, the downpayment required…

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