Sutton Showplace Realty (2015) Chilliwack


Is the First-Time Home Buyer Incentive a good deal for Home Buyers?

25 June 2019
Sutton Showplace Realty Chilliwack

The details of Ottawa‘s new First-Time Home Buyer Incentive (FTHBI) are finally out, and the question for any Canadian struggling to afford their first home is: is it a good deal?

Under the program, which was first announced in the federal budget in March, the government is offering an interest-free loan to help homebuyers take out a smaller mortgage and keep monthly repayments lower. New information released on Monday clarified that, when the loan is repaid, the government will also get a share of any gains from the appreciation of the property.

Vice versa, if the value of the home has dropped, Ottawa will shoulder a percentage of the loss.

The measure will reduce monthly mortgage costs by up to $286 and is expected to help some 100,000 families become homeowners, Jean-Yves Duclos, minister of families, children and social development, said in a prepared statement.

Sources consulted by Global News, though, had either negative or mixed reviews of the proposed incentive. Here’s what you should know:

Qualifying for the incentive

In order to participate in the FTHBI, you must meet two main requirements: be a first-time homebuyer and have an annual income of no more than $120,000.

The government sets out the criteria for who can call themselves a first-time buyer, a definition that is more nuanced than one might think. The income test is subject to requirements set out by lenders and mortgage loan insurers.

Buyers must come up with their own cash for a down payment of at least five per cent of the property value, but the incentive is meant only for mortgages greater than 80 per cent of the home value. In other words, if you’re planning on a down payment of 20 per cent or more, this isn’t for you.

The maximum home price you can aim for is four times your income plus the incentive amount.

Click here to find out how the math works, and if it's a good idea for new home buyers. The opinions mentioned herein are not that of Sutton Showplace Realty.

  Buyers  News

Happy Fathers Day

16 June 2019
Sutton Showplace Realty Chilliwack

Congratulations to the winner of our Father’s Day Contest! Thanks everyone for participating!

Any man can be a father, but it takes a special person to be a dad...

We hope you all had a wonderful Father’s Day.

Don't forget to claim your Home Owner Grant

03 June 2019
Sutton Showplace Realty Chilliwack

Friendly reminder that if you've received your Property Tax Notice, now's the time to claim your Homeowner Grant.

Link for Chilliwack:
Link for Abbotsford:
Link for Mission:


24 May 2019
Sutton Showplace Realty Chilliwack

If you're interested what OPEN HOUSES our Agent's are hosting, we advertise weekly on our Facebook Page.
Check them out here:

Free Home Valuation

21 May 2019
Sutton Showplace Realty Chilliwack

Curious what your Home Value is in this changing market?

Request a free report by clicking here:

Happy Mother's Day

11 May 2019
Sutton Showplace Realty Chilliwack

Happy Mother's Day to all the Mom's out there! Whether it be our birth moms, a chosen mom, stepmom, adopted mom, mother figure, anyone who's played a part in our're loved and appreciated!


Tips for Home Sellers

01 May 2019
Sutton Showplace Realty Chilliwack

Keeping your home in good maintenance throughout your entirety of ownership is common sense, but it's also a great way to prepare it for a future sale. If you keep up with regular maintenance, the repairs and tasks won't pile up all at once, making it feel impossible to prepare your home for sale when you're eventually ready to.

First impressions are so important, they really do matter to potential home buyers.  Here are some ways to prepare your listing and make the best first impression:

  • Curb Appeal - weed those gardens, clean the gutters, wash the windows and maybe even place a new doormat at the front door. If you can afford to freshen up the exterior paint/trim, it can go a long way towards making a first impression. People may think, "If the house is that well kept on the outside, I bet the inside is nice too!"
  • Pretend you’re a buyer and really look at your home with a buyer’s eye. As the homeowner, you’ve gotten used to the subtle changes that will stick out to a pair of fresh eyes.  That said, if something needs to be repaired or replaced, do it.
  • Make sure your home is so clean it even smells spotless. Beware: Pet odors can be deal killers.
  • Lose the clutter. It's difficult for most people to look past an abundance of knickknacks on shelves, refrigerator artwork and rooms overfilled with furniture. Start "pre-packing" - if you're planning on moving anyway, give yourself a head start packing up the clutter and donating items you know you don't want anymore.
  • This is a difficult one - encouraging your kids to keep their bedrooms clean. Explain that the home must be ready to show at a moment’s notice.
  • Consult an experienced and licensed REALTOR© to receive a free Home Evaluation. Be prepared to take further advice on tasks that could be done to prepare your home for sale, and be open to their advice on how to price your home. The real estate market is ever-changing and what you thought you'd price your home at in the Summer, may not be realistic in the Winter...and so on.

There's shouldn't be a downside to these tips. If anything, it makes the process of finally listing your home for sale exciting because you'll know you're prepared, and putting your best foot forward.

Easter House - Office Closure

19 April 2019
Sutton Showplace Realty Chilliwack

Happy Easter Everyone. Enjoy the long weekend and some valid time with your friends and family.

2019 Sutton Showplace Realty - Realtor Awards

29 March 2019
Sutton Showplace Realty Chilliwack

This morning was our Annual Sutton Awards breakfast to to celebrate the achievements of our amazing Agents!

Congratulations to everyone who worked so hard to reach their milestones this year!!






B.C. speculation tax changed to exempt Gulf Islands properties

27 March 2019
Sutton Showplace Realty Chilliwack

The changes include limiting the geographic areas of the tax to Nanaimo and Greater Victoria, exempting Parksville, Qualicum Beach, the Gulf Islands and Juan de Fuca areas that had originally fallen under the regional districts in both areas that were to be subject to the new tax.

Metro Vancouver’s scope is tightened too, with the original Fraser Valley location being reduced to Mission, Abbotsford and Chilliwack, meaning Kent, Hope and Harrison Hot Springs are now exempt. Bowen Island is also exempt. Whistler, which is suffering a rental crisis, was not included in the tax. However, the municipalities of Kelowna and West Kelowna remain part of the tax, despite a request to government to be exempted

“Over 99 per cent of British Columbians will not pay the tax,” said James. “Only those who hold multiple properties and leave them empty in our province’s major cities will be asked to contribute.

“People with cottages at the lake, or cabins, or on the islands, will not pay this tax. People with second homes outside of high cost urban areas will not pay the tax. We’re going after those who are clearly taking advantage of the market and driving up prices. We’re ensuring housing stock in our major cities is available for people who work hard and live in those cities.”

The government unveiled three rate structures for the tax as well. The full rate of two per cent will be reserved for foreign property owners, a middle rate of one per cent for out-of-province owners and the lowest rate of 0.5 per cent for British Columbians who own multiple properties but don’t rent them at least six months of the year. 

“Properties that are used as qualifying long-term rentals are exempt from the tax,” read a government background document. “Homes will need to be rented out for at least three months to qualify for an exemption in 2018. Starting in 2019, homes will need to be rented out for at least six months, in increments of 30 days or more, to qualify for an exemption.”

The rate redesign comes with a change to how the speculation tax would be administered.

At first, it was proposed to be paid up front and then offset by a non-refundable income tax credit to be applied in that fiscal year, potentially months later. That’s still the case for foreign and out-of-province owners. But B.C. residents will be given an upfront tax credit program that will give them the bill, if any, without having to go through the income tax system. The credit will be up to $2,000, said James, but only applicable to one extra property.

Also, properties valued at below $400,000 in urban areas such as Metro Vancouver and Greater Victoria will be exempt if owned by a British Columbian. People who own properties in condos where strata corporations don’t allow rentals will be temporarily grandfathered into the program, said James, but with a caution that government won’t allow stratas to try to change their rental rules now to avoid the tax. And there will be “special exemptions” for cases in which a senior goes into long-term care or there is a death in a family, said James.

Article sourced from The Vancouver News: