Posted on
January 24, 2023
by
Dan Petersen
“The bulk of the downward adjustment to sales reacting to the sharp rise in borrowing costs may be in the rearview mirror,” says Shaun Cathcart, CREA’s Senior Economist, as home sales were up 1.3% on a month-over-month basis in December 2022.
Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
January 14, 2023
by
Dan Petersen
This month I am sharing a list of some of the more common terms you may hear regarding real estate transactions. If you have any questions on these or any other real estate-related concerns, please feel free to reach out to me. I’ll be happy to help you out!
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
www.danpetersen.ca
Posted on
January 10, 2023
by
Dan Petersen
"Real estate sales plunged 26% in Fort St. John in 2022, but average selling price of a single-family home saw a modest increase from 2021, according to year-end numbers from the BC Northern Real Estate Board. A total of 632 properties changed hands in Fort St. John last year, down 26% from the 796 properties sold in 2021."
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Read More | Matt Preprost | Alaska Highway News
Posted on
January 10, 2023
by
Dan Petersen
"A Moberly Lake acreage dubbed the "Jewel of the North" is once again northern B.C.'s highest valued property in 2023. BC Assessment lists the 100 priciest homes in northern B.C."
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Read More | Matt Prepost | Alaska Highway News
Posted on
January 10, 2023
by
Dan Petersen
A family with 2021 net adjusted income of less than $43,051 (or single people who reported less than $36,901) will receive an additional $164 per adult (from $48.38) and $41 per child (from $14.13).
The extra credit is gradually reduced to 0 once the income threshold reaches $150,051 for a family of two, or $79,376 for an individual (family thresholds move up and down with more or fewer children and are lowered for single parents).
85% of British Columbians will automatically receive a full or partial credit deposited in their bank accounts on January 13th, 2023.
Read More | Graeme Wood | Alaska Highway News
Posted on
January 10, 2023
by
Dan Petersen
Assessments for nearly 250,000 properties in northern British Columbia have been sent out, and most of the Peace River region has seen a price increase. BC Assessment said most places in northern British Columbia saw an increase in typical assigned value of four to 20%. These new assessments are based on the market value on July 1st, 2022.
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Read More | Katherine Caddel | Energetic City
Posted on
December 22, 2022
by
Dan Petersen
Here are some fun ideas for kids’ winter crafts projects. They are great ways for the little ones to use their imaginations and create items that can be displayed or given as gifts.
Pass these ideas on to your family and friends who have kids, too. They will appreciate it!
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
December 7, 2022
by
Dan Petersen
The Bank of Canada today increased its target for the overnight rate to 4.25%, with the Bank Rate at 4.5% and the deposit rate at 4.25%. The Bank is also continuing its policy of quantitative tightening.
Inflation around the world remains high and broadly based. Global economic growth is slowing, although it is proving more resilient than was expected at the time of the October Monetary Policy Report (MPR).
In Canada, GDP growth in the 3rd quarter was stronger than expected, and the economy continued to operate in excess demand. Canada’s labor market remains tight, with unemployment near historic lows.
While commodity exports have been strong, there is growing evidence that tighter monetary policy is restraining domestic demand: consumption moderated in the third quarter, and housing market activity continues to decline.
Overall, the data since the October MPR support the Bank’s outlook that growth will essentially stall through the end of this year and the first half of next year.
CPI inflation remained at 6.9% in October, with many of the goods and services Canadians regularly buy showing large price increases. Measures of core inflation remain around 5%.
Looking ahead, Governing Council will be considering whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target.
Quantitative tightening is complementing increases in the policy rate. We are resolute in our commitment to achieving the 2% inflation target and restoring price stability for Canadians.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Read Full Report
Posted on
November 30, 2022
by
Dan Petersen
“Sales actually popped up from September to October, and the decline in prices on a month-to-month basis got smaller for the fourth month in a row,” says CREA’s Senior Economist, Shaun Cathcart.
Wondering how this impacts your home buying or selling decision? Are you interested in moving out of the province? Connect with me to discuss your options and for a trusted referral.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
November 15, 2022
by
Dan Petersen
Your tone of voice and the words that you use can sometimes be the difference in whether a conversation is positive or not. Here are some great books to check out that offer tips on ways you can ensure that your conversations have the best outcomes. What will you start with first?
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
October 27, 2022
by
Dan Petersen
When the overnight rate is increased, it becomes more expensive to borrow money. The increased costs of borrowing money are shifted from the bank onto the consumer by increasing the Prime Rate.
Pre-Approvals are likely to decrease.
Fixed-Rate Mortgages remain the same.
Adjustable Rate Mortgages will increase according to the new Prime Rate minus your discount. (Expect information in the mail).
Static Variable Mortgages payments remain the same but a portion of interest paid to the lender will change.
Reach out with your questions anytime. I can introduce you to a mortgage broker who would be happy to go over your options with you and help you find a mortgage that you're most comfortable with.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
October 17, 2022
by
Dan Petersen
During this time of year, our thoughts are filled with gratitude for those who have supported us in our personal lives and careers. Here are some ideas on how to host an event that extends that gratitude to helping others in need.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
September 15, 2022
by
Dan Petersen
Online shopping can be easy and fun. But unfortunately, there are many scammers who want to steal your identity and your money. The information here provides tips on ways you can protect your personal information and your finances when shopping online.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
September 8, 2022
by
Dan Petersen
Did you hear the news? The BoC increased the overnight lending rate by 0.75%, which is another increase for the 5th time in a row. The Prime rate is expected to increase by 0.75% to 5.45% and Variable rate mortgages will increase by 0.75%.
The Bank’s committed to price stability and will continue to do what is required to achieve a 2% inflation target. As the effects of monetary tightening work their way through the economy, the BoC will assess how much higher interest rates need to go to return inflation to its target. The current inflation rate is measured at 7.6% decreasing from 8.1% in the previous month.
The next announcement is scheduled for October 26th and there's certainly hope that October will be more positive.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
April 26, 2022
by
Dan Petersen
Selling your home doesn't have to be complex. Marketing your home is essential to finding and impressing potential buyers. Here's some insight into how to get the most exposure for your listing.
If you're ready to list... call me today for a complimentary market evaluation of your home.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
February 23, 2022
by
Dan Petersen
Tax season can be a stressful time! To help make it easy and error-free, check out this information for some common tax-filing mistakes to avoid. You’ll feel confident and ready when it’s time to file!
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
January 28, 2022
by
Dan Petersen
When you purchase or gain an interest in property that is registered at the Land Title Office, you or your legal professional must file a property transfer tax return and you must pay property transfer tax, unless you qualify for an exemption. In most cases, property transfers are completed by a legal professional.
The property transfer tax is based on the fair market value of the property (land and improvements) on the day it was registered with the Land Title Office, unless you qualify for an exemption or purchase a pre-sold strata unit.
Property transfer tax should not be confused with annual property taxes. Annual property taxes are paid yearly to your municipal or rural tax office for each property you have a registered interest in to fund services in your area.
General Property Transfer Tax
The general property transfer tax applies for all taxable transactions. The general property transfer tax rate is:
1. 1% of the fair market value up to and including $200,000
2. 2% of the fair market value greater than $200,000 and up to and including $2,000,000
3. 3% of the fair market value greater than $2,000,000
4. Further 2% on residential property over $3,000,000
If the property has residential property worth over $3,000,000, a further 2% tax will be applied to the residential property value greater than $3,000,000. If the property is mixed class (such as residential and commercial), you pay the further 2% tax on only the residential portion of the property.
If the property includes land classed as farm only because it is used for an owner’s or farmer’s dwelling, up to 0.5 hectares will be treated as residential property.
Additional Property Transfer Tax
If you’re a foreign national, foreign corporation or taxable trustee, you must also pay the additional property transfer tax on the fair market value of the residential portion of the property if the property is within a specified area of B.C.
Have questions? Contact me to find answers.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
January 21, 2022
by
Dan Petersen
The Canadian government’s Home Buyers’ Plan (HBP) lets you borrow money from your RRSP if:
1. You're a first-time home buyer; or
2. You’ve lived separately and apart from your spouse or common-law partner for at least 90 days and started living separately and apart anytime in the preceding 4 years as a result of a relationship breakdown (conditions apply).
If you’re looking to buy, build or maintain your primary residence, you can use this money for your down payment, closing costs, or both.
You can withdraw up to $35,000 from your RRSP per calendar year. Spouses or partners may also each withdraw up to $35,000 per calendar year — $70,000 in total. The borrowed funds must be in your RRSP for at least 90 days before being taken out. Withdraw the money no later than 30 days after the closing date.
You can borrow money from your RRSP tax-free if you pay it back to your RRSP starting no later than the second year after the withdrawal date. Pay back the full amount within 15 years, through regular payments. Every year, the government sends you a statement summarizing what you repaid and what's outstanding.
Want to discuss how this impacts your home-buying decision? Contact me with your questions and to find the answers you're looking for.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
December 18, 2021
by
Dan Petersen
Have you ever sat down to write something, but found yourself staring at a blank page for way too long? This is a common phenomenon for many who begin journalling! Even though you’re writing about yourself, getting started can be tough. To fight your writer’s block, I’m sharing 12 journalling prompts guaranteed to get your wheels turning.
You’ll find inspirational topics about your career, relationships, personal growth and goal setting. The more you write, the more natural journalling will start to feel — don’t be afraid to give it a try!
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
Posted on
November 30, 2021
by
Dan Petersen
Professionals in my Referral Network bring you peace-of-mind during a busy time. You can trust them to deliver the same high level of customer service that I provide.
Dan Petersen
Re/Max Action Realty LTD.
(250) 262-7496
dan@remaxaction.ca
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