Derek Mailhiot   |   REALTOR®   |   One Percent Realty Vancouver Island   |   Call/Text: 250-702-3098   |   |


News & Resources For Home Buyers & Sellers


Charts & Graphs

BC Home Owner Mortgage and Equity Partnership
December, 16 2016

On December 15, 2016, the BC Government announced a new program to assist eligible buyers purchase their first home. This program will begin accepting applications Jan. 16, 2017, and provide buyers with a portion of the down payment required for their home purchase.

The B.C. HOME Partnership program will meet the buyer’s contribution up to 5% of the home’s purchase price, to a maximum purchase price of $750,000. After five years, buyers can either repay their loan or enter into monthly payments at current interest rates. Loans through the program become due after 25 years, but can be prepaid in fully at any time with no penalties.

Eligible Purchasers:

  • Must be a first-time homebuyer
  • Have been a Canadian citizen or permanent resident for at least five years
  • Have resided in BC for at least 12 months
  • Have a combined gross income of $150,000 or less
  • Have saved at least half of the minimum down payment they will require
  • Must be pre-approved for the first mortgage before applying
  • The first mortgage must be insured by an NHA approved lender.

Eligible Properties:

  • Must be used as a principal residence for the first 5 years
  • Rental properties and seasonal or recreational properties are not eligible
  • The purchase price cannot exceed $750,000

more details

BC Premier Says Government Is Helping To Fix Province's Housing Crisis
December, 14 2016

Newly Built Home Exemption
February, 16 2016

The Newly Built Home Exemption eliminates the amount of property transfer tax you pay when you purchase a newly built home up to $750,000. To qualify, the property (land and improvement) must be registered at the land title office after February 16, 2016 and you must be:

  • an individual
  • a Canadian citizen or permanent resident

and the property must:

  • be located in B.C.
  • only be used as your principal residence
  • have a fair market value of $750,000 or less
  • be 0.5 hectares (1.24 acres) or smaller

more details

New Tax on High Value Transfers
February, 16 2016

The Property Transfer Tax rate will increase from 2% to 3% on the portion of fair market value over $2 million.

  • 1% on the first $200,000,
  • 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and
  • 3% on the portion of the fair market value greater than $2,000,000.
For example, if the fair market value of a property is $450,000, the tax paid is $7,000.

If you’re a foreign national or foreign corporation and the residential property is located in the Greater Vancouver Regional District, you also pay the 15% additional property transfer tax on the fair market value of your proportionate share.

more details

e-valueBC provides details about every property, including a photo, a property description (land and buildings), the total assessed value, the previous year value, the legal description, and recent sales history. View the details of Neighbouring Properties, as well as recent sales information of properties nearby.

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Goods and Services Tax (GST) and Property Transfer Tax (PTT) Calculator

When a property is purchased in BC, the potential amount of tax to be paid can vary greatly. BCREA has created a tax calculator to give a sense of which taxes will apply in various scenarios. The BCREA tax calculator will help determine the payable taxes by breaking down how much Goods and Services Tax (GST) and Property Transfer Tax (PTT) should be charged, less any PTT exemptions (for first-time homebuyers and/or newly-built homes), as well as any eligible federal rebates, and provide an estimate of the total costs.

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Home Owner Protection Office

Name change: the Homeowner Protection Office is now Licensing & Consumer Services.

Become better informed before purchasing a new home, and learn about home warranty insurance coverage and claims. Our registries and guides have all the information you need.

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New Home Buyer Protection Act (2-5-10 Year Home Warranty)

B.C.’s Homeowner Protection Act outlines specific details about the mandatory home warranty coverage. Travelers Canada’s New Home Warranty coverage provides new homeowners with important home protection and coverage both before and after buying a new home.

What’s covered under a 2-5-10 Year Home Warranty Certificate in British Columbia

2 Year Material & Labour Warranty

  • First 12 months – Coverage for any defect in materials and labour
  • First 15 months – Coverage for any defects in materials and labour in the common property of a multi-unit building
  • First 24 months – Coverage for any defect in materials and labour supplied for the electrical, plumbing, heating, ventilation and air-conditioning delivery and distribution systems. In addition, coverage for any defect in materials and labour supplied for the exterior cladding, caulking, windows and doors that may lead to detachment or material damage to the new home

5 Year Building Envelope Warranty

Coverage for the building envelope for up to five years for defects in the building envelope of a new home, including a defect which permits unintended water penetration such that it causes, or is likely to cause, material damage to the new home. 10 Year Structural Defects Warranty

Coverage for structural defects for up to 10 years for:

  • Any defect in materials and labour that results in the failure of a load-bearing part of the new home
  • A defect that causes structural damage that materially and adversely affects the use of the new home for residential occupancy

If you are about to take possession of a new home or have already done so, Travelers Canada will request that the builder deliver a Warranty Commencement Date Certificate to our office. This form allows us to identify who the homeowner is and the date that we are able to start your home warranty insurance coverage. Please refer to the Warranty Commencement Date Guidelines for assistance in starting the home warranty cover.

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Home Appraisal

Benson Appraisals

Benson Appraisals offers local appraisers able to serve all communities in Central Vancouver Island. We are one of the largest residential appraisal firms on Vancouver Island with extensive experience in a wide variety of properties.

Jackson & Associates

When it comes to real estate appraisals on Vancouver Island and the Sunshine Coast, no one has more experience or expertise than Wm. S. Jackson & Associates Ltd. Our team of AIC-certified appraisers brings you the experience of more than 30,000 residential appraisals and more than 5,000 commercial appraisals. We understand Vancouver Island’s real estate markets, and we know better than anyone the value of your property.

Home Inspection

Clarity Home Inspections – Gary Dry

Choosing the best home inspector can be a confusing and hard decision. I guarantee to provide you with a thorough inspection of your potential new home so that you will have peace of mind with your new purchase.

My inspection report is clear, comprehensive and easy to understand. I am always available to answer any questions or concerns that you may have. My goal is to provide you with prompt professional service and give clarity to your decision.

  • Registered Home Inspector in good standing with the Canadian Association of Home and Property Inspectors (CAHPI). RHI BC-232
  • BPCPA- British Columbia Licensed Home Inspector. License # 47355
  • Thermal/Infrared Thermographer, Level 1 for Buildings (ASNT)
  • 20 years experience as a construction surveyor.

Tamarack Home Inspections – Rick Tae

Rick Tae (AHI) is a professionally qualified Home Inspector licensed through Consumer Protection BC and a member of the HIABC (Home Inspectors Association BC). He has been actively involved in the construction industry for over 25 years, building houses and renovating homes. In addition to being a Red Seal Licensed Carpenter, Rick is also a qualified Municipal Building Inspector.

Rick’s passion is “construction done right”. He has a thorough understanding of building design and methods, and how these affect ongoing house integrity.

Home Staging

Idyllic Homes

Idyllic Homes is locally owned and operated out of beautiful Campbell River and also servicing the Comox Valley area. Founded by Liz Yard and Annette Elliott who share a passion for home staging, colour, organizing and ReDesign, unveiling the true value of your home through the services offered. As Certified Staging Professionals and ReDesign specialists, Liz and Annette bring a knowledgable approach with their training and experience.



Copyright © Derek Mailhiot