If you’re considering buying your first home in BC, do not miss this video! I go over the major incentives and grants available to you as a first time homebuyer in BC, and explain the benefits of each one.

Check it out on YouTube: https://youtu.be/Gh0aHvfoP2Y?si=T02lInqZPlbRFKLd

Check out my latest YouTube video, the ultimate guide to selling your home. I talk about how to choose the right real estate agent for you, commission structure, marketing plans, how to understand market stats, and more!

https://www.youtube.com/watch?v=Hjt4DHY2PCk

If you’re thinking of selling your home at some point in the future, this video is worth a watch!

Buying a home in British Columbia can be a daunting task, especially for first-time buyers. However, various government programs are available to make this journey easier and more affordable. In this blog post, we'll explore some key programs that can benefit home buyers in BC, including first-time home buyers and others.

1. First Time Home Buyers' Program

This program offers significant relief from the property transfer tax for those purchasing their first home. Property tax is a big part of the cost to purchasing a home, so this is a great program to take advantage of if you are eligible.

• Eligibility: Canadian citizens or permanent residents who have lived in BC for at least a year prior to the property registration and have never owned a principal residence.

• Property Requirements: The home must be used as the principal residence, with a fair market value of $500,000 or less.

• Benefits: Full or partial exemption from property transfer tax.

• How to Apply: Through a legal professional during the property transfer tax return process.

• More Information: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

2. Newly Built Home Exemption

This exemption is for those who are buying a newly built home as their first property. This likely won’t apply to most folks, but may be useful in certain situations, especially as smaller lots become more common.

• Eligibility: Applies to newly built homes. Canadian citizens or permanent residents who have lived in BC for at least a year prior to the property registration and have never owned a principal residence.

• Property Requirements: The home must be used as the principal residence, with a fair market value of $800,000 or less.

• Benefits: Full or partial exemption from the property transfer tax.

• Application Process: Similar to the First Time Home Buyers' Program.

• More Information: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/newly-built-home-exemption

3. First Home Savings Account (FHSA)

The First Home Savings Account (FHSA) is a new initiative introduced by the Canadian government to assist first-time homebuyers in saving for their first home. It is a tax-efficient means for individuals to save for their first home, similar to how an RRSP helps one save for retirement.

• Eligibility: Available to Canadian residents who are first-time homebuyers.

• Contributions: Individuals can contribute up to $8,000 per year, with a lifetime contribution limit of $40,000.

• Tax Benefits: Contributions to an FHSA are tax-deductible, similar to an RRSP. Additionally, the investment growth within the account and withdrawals made to purchase a first home are non-taxable, like a TFSA.

• Withdrawal Conditions: Funds must be used to purchase a first home in Canada. If not used for this purpose, they can be transferred to an RRSP or RRIF or withdrawn with taxes applied.

• Combination with Other Programs: The FHSA can be used in conjunction with other first-time homebuyer programs, such as the Home Buyers' Plan (HBP) and the First-Time Home Buyer Incentive.

• More Information: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/first-home-savings-account.html

4. Federal Programs

First-Time Home Buyer Incentive

• Benefits: Offers 5-10% of the home’s purchase price to help with the down payment.

• How it Works: Individuals received a shared equity “loan” from the Government of Canada, which is repayable when the home is sold or after 25 years, whichever comes first.

• More Information: https://www.cmhc-schl.gc.ca/consumers/home-buying/first-time-home-buyer-incentive

Home Buyers' Plan (HBP)

• Benefits: Allows withdrawal of up to $35,000 from RRSPs tax-free to buy or build a qualifying home.

• How it Works: The withdrawal is similar to a loan to yourself from your RRSP funds, which must be paid back within 15 years. The repayment period starts in the second year after you have made the withdrawal, and you must repay a minimum amount every year.

• More Information: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan.html

These programs are designed to make home buying more accessible and affordable in British Columbia, especially for first-time buyers. It's important to review each program's specific criteria and conditions to understand how they can benefit you in your home-buying journey. Of course, because there is taxation involved in these programs, it’s important to consult with your accountant and/or legal counsel in order to ensure that you qualify before making any decisions based on this information.

This detailed analysis explores the significant trends and shifts in the Port Coquitlam real estate market throughout 2023. Aimed at prospective buyers, sellers, and real estate enthusiasts, this post highlights key changes and patterns, drawing occasional comparisons to 2022 for context.

HPI Price Trend (2023)
The Home Price Index (HPI) in 2023 showed a dynamic pattern. Starting the year at $1,280,700, the HPI experienced fluctuations, peaking at $1,438,600 in August, before settling at $1,373,800 in November. This trend indicates a more volatile market compared to the relative stability observed in late 2022. This end of the year dip is to be expected however as sales slow down over the holiday season, and we expect to see it rebound in early 2024 as we have seen in previous years.

Days on Market
In 2023, the average days on market varied, reflecting a shift from the rapid sales pace of early 2022. The year saw periods of both quick sales (as short as 12 days in February) and slower movements (up to 35 days in April), suggesting a market that oscillates between favoring buyers and sellers. Currently we stand at 20, a sharp increase from earlier this year.

Sales to Active Ratio
The sales to active ratio in 2023 remained moderate, with a notable decrease from the high ratios seen in early 2022. November 2023 recorded a ratio of 0.122, a significant shift towards a more balanced or buyer-friendly market. Anecdotally, we can see this in the general market sentiment, as buyers are taking more time to make decisions rather than jumping into making offers as we saw through 2021 and 2022.

Total Inventory
Throughout 2023, inventory levels in Port Coquitlam were generally higher than in 2022, offering more options for buyers. The year maintained inventory levels around 100 units, a considerable increase from the tighter inventory conditions of the previous year.

Current Market Status (2023)
As of the November 2023 stats, the Port Coquitlam real estate market is showing signs of balancing. The trends in HPI prices, days on market, and sales to active ratio suggest a market that is adapting to both buyer and seller needs, differing from the predominantly seller market of early 2022. In simple terms, the market is much more relaxed this year compared to last, without the craziness of multiple offers and over-bidding. As the year draws to a close, we can expect to see this trend continue, with slow single family home sales through December.

For the latest insights or assistance in navigating the Port Coquitlam real estate market, please feel free to reach out to Angelo Manousiadis, your trusted local real estate expert. Stay ahead of the field with personalized advice and expert guidance!

Port Coquitlam, with its vibrant community and stunning natural surroundings, offers a wealth of real estate opportunities for both sellers and first-time buyers. In this blog post, we will provide an overview of the real estate market in Port Coquitlam, highlight the benefits of investing in the area, offer tips for buying real estate, showcase the Central Port Coquitlam neighborhood, and discuss upcoming real estate projects.

Introduction

Nestled in the heart of Metro Vancouver, Port Coquitlam is a thriving city known for its small-town charm and convenient location. With a diverse range of properties available, from affordable family homes to modern condos, Port Coquitlam has something to suit every lifestyle and budget.

Overview of Port Coquitlam Real Estate Market

The Port Coquitlam real estate market has experienced steady growth in recent years. With a strong demand for housing, home values have seen a consistent increase. Compared to neighboring areas, Port Coquitlam offers a more affordable option for buyers looking to enter the market or invest in real estate.

Benefits of Investing in Port Coquitlam

1. Affordability: Port Coquitlam provides an opportunity for buyers to own a home in a desirable location without breaking the bank.

2. Strong Community: The city fosters a tight-knit community spirit, offering a welcoming atmosphere and a range of amenities such as parks, recreational facilities, and local businesses.

3. Proximity to Nature: Port Coquitlam is surrounded by breathtaking natural beauty, including parks, trails, and rivers, providing residents with numerous outdoor activities and a high quality of life.

Tips for Buying Real Estate in Port Coquitlam

If you're considering purchasing real estate in Port Coquitlam, here are some valuable tips to keep in mind:

• Researching the Market: Gain a deep understanding of the current market conditions, recent sales, and future developments in the area.

• Working with a Local Real Estate Agent: Partnering with a knowledgeable local agent can provide invaluable insights and guidance throughout the buying process.

• Understanding the Buying Process and Costs: Familiarize yourself with the steps involved in purchasing a property, including mortgage pre-approval, inspection, and legal fees.

• Evaluating Property Value and Potential: Assess the value and potential of properties by considering factors such as location, amenities, and future growth prospects.

Highlighting Central Port Coquitlam

One of the noteworthy neighborhoods in Port Coquitlam is Central Port Coquitlam. Known for its convenience and accessibility, this area offers a mix of residential and commercial spaces, including a range of housing options, from single-family homes to condos. Residents of Central Port Coquitlam enjoy proximity to shopping centers, restaurants, parks, and excellent transportation links.

Conclusion

With its affordability, strong community, and proximity to nature, Port Coquitlam presents an ideal opportunity for both sellers and buyers. Whether you're looking for a family home, a condo, or an investment property, the real estate market in Port Coquitlam has something to offer. Take advantage of the current market conditions and explore the possibilities that await you in this thriving city.

Are you ready to embark on your real estate journey in Port Coquitlam? Reach out today, browse available listings, and make the most of the opportunities that this fantastic city has to offer. Don't miss out on the chance to find your dream home or investment property in Port Coquitlam!