It is the wish of every citizen in Victoria BC to have a private home. A private property where no rent bills count every month. Buying a home in Victoria BC becomes more exciting year after year. If you are one of those people living in Greater Victoria who pays rent each month and plans on buying a home, then you can never go wrong by doing so in Victoria. Although the purchase of a home seems like a daunting task, all you need to do is set achievable goals, research well and take advantage of available opportunities in the Victoria Real Estate market. Here are a few tips for first-time home buyers:
Government first-time buyer program
B.C Government launched a Home Owner Mortgage and Equity (HOME) Partnership program on January 16th, 2017 for first-time home buyers in British Columbia. The program aims to cater for the down payment price of the home by paying up to 5 percent of the purchase price or up to $37,500. In addition to that, the loans are interest-free, and payments commence after five years, and the loans are only due after 25 years.
Reasons to buy in the area
Several factors make Victoria BC market the best place to purchase a home. In addition to the BC HOME Partnership program, there are also other programs that help first-time buyers own their own homes. The First Time Home Buyers Program exempts first time home buyers from paying property transfer tax, so for a home valued at $475,000, you can save up to $7,500. Or you can also take advantage of the Newly Built Homes Exemption and save up to $13,000 in property transfer tax when buying a newly constructed home worth up to $750,000. Furthermore, Victoria BC boasts of the best temperate climates which make it the best place to buy property in British Columbia. It offers a serene environment for everyone, even those who are thinking of retiring.
Prices and market information
CMHC forecasts that between 32,000 and 34,300 houses will be built in the entire B.C in 2017, which makes 2017 a good year for home buyers in Victoria Real Estate market. Although the 2017 housing starts forecast from CMHC are slightly lower than 2016 levels, this forecast is good news for home buyers, contractors, builders and suppliers in the Victoria Real Estate market. In its 2016 Fourth Quarter Housing Forecast, BCREA estimated that the market conditions are likely to attain a balance as demand becomes moderated and more homes continue being built. Lastly, the provincial government of B.C. has taken other steps such as imposing a 3% luxury property transfer tax on homes worth over $ 2 million and a 15% tax on foreign home buyers to make homeownership easier.