That the home owner grant threshold in B.C.has been increased once again due to a significant increase in assessed property values and market conditions? Now, in order to receive your full Home Owner Grant of $570.00(on your principle residence), the assessment on your home can not be greater than $950,000 after which your Home Owner Grant is reduced by $5.00 for every $1,000 above and beyond $950,000, up to an assessed value of $1,064,000 at which point the Home Owner Grant is eliminated entirely.
For more information on the assessment of your home go to The BC Assessment Authorities website
Did you know?...
that there are several lending institution out there now that offer a No Down-Payment Mortgage? In January of 2005 the Royal Bank and Scotiabank, soon to be followed by the Bank of Montreal and now CMHC required a buyer's down payment to come from the client's own resources or a gift from a direct family member. The client could not borrow the down payment. Now these lending institutions will allow the down payment to come from any source such as lender incentives (cash back) and/or borrowed funds provided the client can still qualify under the lender's normal lending guidelines. However, some lenders such as CMHC will charge a premium for using this program.