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Blog by Mario Felicella - Sutton Group Westcoast Realty

Buying a house? Here’s how to get a big tax refund

January 30th, 2014
The $25,000 Ottawa allows you take out of your retirement fund to buy your first home sure doesn’t go as far as it used to.

Under the home buyers’ plan, Canadians can take $25,000 out of their registered retirement savings plan and pay it back over the next 15 years without incurring any penalty. For a couple that means $50,000.

But the dollar amount has been stuck at $25,000 since 1999 whi ...

Bank of Canada keeps interest rates at 1%

January 22nd, 2014

The Bank of Canada kept its benchmark interest rate steady at one per cent today, continuing its longest stretch of inaction on record.

Canada's central bank last changed its target for the overnight rate in late 2010, when it was raised to its current level.The bank announces its latest policy decision on interest rates every six weeks, and the bank has now stood pat for 26 consec ...

Average Canadian house price up 10% to $389,119

January 19th, 2014

The Canadian Real Estate Association (CREA) released data Wednesday showing that a total of 457,893 homes changed hands in Canada last year, an increase of about 0.8 per cent from 2012's level.

"Absent further mortgage rule changes," CREA's chief economist Gregory Klump said, "sales in 2014 may surpass the annual total for 2013 if demand holds steady near current levels as strength ...

See how much Vancouver house prices are forecast to rise this year

January 14th, 2014

Metro Vancouver house prices will increase by an average of 4.4 per cent this year to $801,000, according to the latest Royal LePage house price survey.

But Vancouver real estate experts suggested Thursday the forecast might be slightly optimistic.

"I'm expecting price increases in the one-to-two-per-cent range," B.C. Real Estate Association chief economist Cameron Muir said in an i ...

Real estate boom continues in Canada's largest cities

January 7th, 2014

Repeated warnings of an overheated market failed to deter home buyers in Canada’s largest cities in 2013, with the number of Toronto home sales up two per cent over the previous year, Vancouver sales were up 14 per cent and Calgary sales rose 11 per cent.  

Homes in the Greater Toronto Area continued their robust rise in price, up 5.2 per cent to an average price of $523,036 in D ...

Property assessment values between the east and west sides of Vancouver are narrowing

January 3rd, 2014
The changes aren’t big but for the second year single-family homeowners in Vancouver will see the west-side, east-side differential in their property values narrow with west-side homes losing a bit of ground and east side values rising, according to BC Assessment Authority data released this morning.

From the BCAssessment’s perspective, the picture is one of stability, according to C ...