Single Story For Sale in City Center, Hope

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AFFORDABLE INVESTMENT!

•  1,038 sq. ft. single story$209,000.
MLS® #C8008324  

– Rare opportunity to own a well maintained commercial building, zoned institutional. Currently being run as the Hope Community preschool. Great central location, minutes to the Hope Recreation Ctr. Possibilities are endless: day care, preschool or tutorial services. Previous licensed for 20 person daycare, (check with current bylaws for up to date info). Bring your ideas, be your own boss and start making $$.

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How Much Home Can You Afford Under New Mortgage Rules?

percentage-of-money

How Much Home Can You Afford Under New Mortgage Rules?

Useful chart by Canada’s biggest mortgage brokerage breaks down what you can get under new “stress test” financing qualification rules announced by the federal government

By

REW.ca

October 13, 2016
We love this super-useful chart by mortgage brokerage Dominion Lending Centres, which outlines how much you can get under the Bank of Canada’s posted interest rate (currently 4.64 per cent). This is the rate you’ll need to qualify under, if you have less than 20 per cent to put down, even though your contracted mortgage interest rate (what you’ll actually pay) will likely be much lower.To use the chart, just select your household income from the column on the left. This is immediately followed to the right by how much that particular income would expect to qualify for under a rate of 4.64 per cent, in terms of a total mortgage balance (assuming a 25-year amortization). Tracing the line further right, you can see the total cost of the home you could afford under that new “stress test” rate, depending on your down payment percentage and amount.

This chart is part of a larger information sheet on the new mortgage rules and what they mean, published October 12 by Dominion Lending Centres, which can be found here

http://www.rew.ca/news/how-much-home-can-you-afford-under-new-mortgage-rules-1.2364783

 

www.kamksahota.com

 

 

Foreign-buyer tax drives investors to switch to commercial real estate

Foreign-buyer tax drives investors to switch to commercial real estate

Offshore buyers looking to avoid the 15 per cent residential tax may want to consider an industrial property

 

http://www.westerninvestor.com/news/british-columbia/foreign-buyer-tax-drives-investors-to-switch-to-commercial-real-estate-1.2370046

The buyer, a landed immigrant, couldn’t speak English but he made it clear to real estate agent Moojan Azizi what he wanted: Vancouver commercial real estate. In August, the buyer snapped up an aging industrial property on Clark Drive in Vancouver for $13 million, roughly equivalent to $33 million per acre for the 0.39-acre site.

The old wood-frame building currently houses a small automotive upholstery company.

“Buying based on income [from the property] does not make sense anymore,” said Azizi, broker-manager with Re/Max Commercial Advantage in Vancouver. “It is all about future land development.”

While the Clark Drive sale was in the works before B.C.’s 15 per cent foreign-buyer tax on Metro Vancouver residential kicked in August 2, Azizi said his office is preparing for a huge increase in offshore investors switching from residential to commercial.

“It is already happening,” he said. “It just makes sense.”

In the first half of this year, commercial real estate sales in the Lower Mainland soared 94 per cent from a year earlier to $7.1 billion, according to a recent Re/Max study. The largest portion was land sales, which nearly doubled in sales volume, to $3.5 billion. Re/Max noted “increasing demand from foreign investors” from both Asia and the United States.

“A large portion of [Metro Vancouver] is now comprised of development sites that are ripe for a historic makeover,” noted Nolan Rivers, a tax consultant with Altus Group appraisers.

Kirk Kuester, executive managing director, B.C., for Colliers International doubts the lack of a foreign-buyer tax could fuel the Metro Vancouver’s white-hot market.

“Demand for commercial real estate just can’t get any stronger,” Kuester said. He noted, however, that some large pension funds have started selling Metro Vancouver assets to take advantage of the premium pricing.

www.kamksahota.com

 

Real estate commercial buyers foreign  taxes BC Canada investor