TGIF: Seasonal Savings Tips

Friday, June 8, 2018

You may have noticed it is property tax time! If you are a new home owner, you may be unaware that in the Greater Vancouver Regional District, you qualify for a basic home owner grant of $570, provided that you are a resident living in the home. You must apply each year and the application is included with your tax notice. Only one qualifying owner can claim a grant for a property each year, so best to check when selling / purchasing at this time of year.
Grant amounts are higher for seniors, veterans or persons with disabilities. For seniors there is an additional grant of $275 making it a total grant of $845. Separated spouses may be able to claim the home owner grant for each of their principal residences, provided that they have a written agreement acknowledging thay they live apart or a Court order recognising the separation. If you qualified for the grant last year and didn’t apply, you may be able to apply retroactively.
A STAGGERING STATISTIC for you - 48% of Canadians have their mortgages up for renewal this year - the largest percentage ever. DON’T simply sign those renewal papers when they come in the mail. There are deals out there, both in terms of interest rate, cash and other incentives. Shop around. The interesting aspect is that most financial institutions offer a better deal to the new customer just coming in their door, than they do to their existing customers - time to rebel. Find out what they are offering the newcomer then offer a match or switch scenario. This tactic only good provided that you have established without doubt that you qualify elsewhere for your mortgage amount at current interest rates or, if a new institution works it out on the new stress test (qualifying 2% higher that posted rate) that you do still qualify. Interest rates are the biggest game changer in your monthly payments - worth a little research!
Enjoy the sunshine and the wind down to summer. We are still here and ready to interpret a changing market for you, or answer any other questions you have. That’s how we keep you covered and continue in that tradition of trust and caring.
We are the Generations Real Estate Partners - Michelle, Scott, Sheila, Ray and Shane

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