Late last week, there was an unveiling of good and bad news for prospective first-time home buyers in Vancouver.
The bad news is that property tax for Vancouver homes increased by eight percent, which is the greatest tax increase in the last decade. The Non-Partisan Association made this decision to help balance the difference in property tax rates between business and home properties.
The good news is that a federal law has reduced the down-payment needed to not require mortgage insurance. Only 20% of the purchase price is needed instead of the previous amount of 25%, which will make it easier for buyers to avoid buying the mortgage insurance.
These recent variables add to the already difficult decision of where, when and what of home buying, not to mention all the speculation surrounding the housing market price bubble. It will be interesting to see what effect these two changes will have on buying trends in this city.
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Comment by Williams Fastic — July 30, 2010 @ 2:11 am