As the April tax deadline approaches, understanding the plethora of tax credits available can be a game-changer for homeowners and first-time buyers. 

Whether you're stepping into your first home or you're a seasoned homeowner, being aware of these deductions and programs can significantly impact your tax filings and maximize your return this season. 

GST/HST new housing rebate

• What is it? Recoup a portion of the GST or the federal part of the HST paid for new or renovated homes.
•  Eligibility: Buyers of new homes, constructors of homes, or individuals who have majorly renovated their primary residence.
•  Qualifying homes: New or substantially renovated primary residences.
•  Claim process: Submit your claim within two years after the purchase or completion of renovations.
  

First-Time Home Buyers' Tax Credit (HBTC)

• What is it? A $10,000 non-refundable tax credit for eligible first-time home buyers, offering up to $1,500 in tax relief.
•  Eligibility: First-time homebuyers or those who haven’t owned a home in the previous four years, including the buyer's spouse or common-law partner.
•  Qualifying homes: Primary residences in Canada.
•  Claim process: Claimed in the tax year when the home is purchased, on line 31270 of your tax return.

 Home Accessibility Tax Credit (HATC)

• What is it? Offers a 15% non-refundable tax credit on up to $10,000 of eligible home renovation expenses, for a maximum of $1,500 in tax relief per year.
•  Eligibility: Homeowners making accessibility-related renovations to accommodate seniors or individuals with disabilities.
•  Qualifying renovations: Changes made to improve accessibility or help a senior or a person with a disability be more functional or mobile at home.
•  Claim process: Claimed in the tax year when the expenses were incurred.

Multigenerational home renovation tax credit

• What is it? Provides up to $7,500 in tax relief for eligible renovations to accommodate a senior family member or an adult with a disability.
•  Eligibility: Homeowners undertaking renovations to create a secondary dwelling for a senior or a person with a disability.
•  Qualifying renovations: Renovations that enable the senior or adult with a disability to live with a relative in a secondary dwelling.
•  Claim process: Available for expenses incurred after the tax year it was introduced.

Rental income deductions

• What is it? Allows landlords to deduct expenses related to generating rental income, including mortgage interest and property taxes.
•  Eligibility: Property owners who earn rental income from residential or commercial properties.
•  Qualifying expenses: Mortgage interest, property taxes, maintenance costs, utilities, and insurance.
•  Claim process: Expenses are deducted in the tax year they are incurred.
  

Note this list isn't exhaustive, and specific provinces may offer additional deductions and credits not covered here.

Notice on Canada's Underused Housing Tax (UHT)

Effective since 2022, Canada's UHT imposes a 1% tax on underused foreign-owned properties, though it also has tax filing implications for those with rental units, or with properties held in partnerships or bare trust agreements, in order to claim exemptions. Anyone impacted by this tax is strongly encouraged to consult a tax professional to ensure adherence and avoid penalties.

If you have any questions about navigating these tax credits, please don't hesitate to reach out. 

Should you need more detailed tax advice, I'd be happy to refer you to a certified tax professional who can provide you with personalized guidance and inform you of other programs that may apply to your situation. Let's make sure you're getting the most out of your home-related tax opportunities this season!

Call me today!  

Tracey Ridout (BC)
Mortgage Agent
(604) 760-6917
tracey.ridout@mortgagegroup.com

More and more, people are adopting greener lifestyles, whereby daily choices are made to significantly improve not only personal well-being, but the health of the planet too.

Homeowners are embracing the eco-friendly movement by making conscious decisions about the products they bring into their homes. This includes cleaning supplies, as they are known to contain chemicals that are harmful when ingested, inhaled, or come into contact with our skin.

If you’ve been thinking about switching out commercial cleaning products for a greener cleaning solution, then keep reading. We’ve got you covered with four key considerations when making the move to all-natural cleaning products.

Be sure to read to the end for a comprehensive list of cleaning ingredients you can use if you prefer the DIY route.

1. Harness the power of natural cleaning solutions

Sometimes people are hesitant to switch to natural cleaning products because they’re unsure if they will actually clean or disinfect surfaces. In most situations, natural cleaning products are strong enough to take care of everyday cleaning in your home. If you’re wondering which products are effective, click here for HGTV’s list of ‘The Best Natural Home Cleaning Products’.

2. Utilize bulk cleaning products

For additional sustainability and to cut down on single-use plastics, consider investing in refillable glass spray bottles to use with a bulk supply of cleaning liquids or tabs. Not only are you saving money, but displaying glass bottles can add to the aesthetic of your home. Many major retailers have several refill options available in a variety of pleasant scents to personalize your cleaning experience.

3. Avoid these ingredients

When it comes to selecting household cleaners, it’s crucial to be wary of greenwashing. Greenwashing refers to companies falsely marketing their products with misleading wording or packaging, while persuading the consumer to believe the product is natural or healthy.

Many mainstream cleaning products contain harmful ingredients, and even go as far as including known carcinogens. Protect yourself by reading the label, avoiding harsh chemicals and ensuring the cleaning solutions you are purchasing contain organic and biodegradable substances.

Some examples of chemicals to avoid include ammonia, chlorine, phosphates, synthetic fragrances, parabens, butoxyethanol, ethanolamine, sulfates, phthalates, phenols and triclosan.

4. Integrate DIY options into your cleaning routine

New to do-it-yourself cleaning products? Making your own cleaning products is cost-effective and eco-conscious. Organic, biodegradable ingredients like vinegar, baking soda, and essential oils can be combined to create effective cleaning solutions. Be sure to do your research when creating a disinfecting solution – potency is important!

Here is a comprehensive list of ingredients that are commonly used in natural cleaning products and you can use them:

• Lemon: Effective degreaser with a fresh scent.
• Vinegar: Mix equal parts water and vinegar for an all-purpose cleaner to use for windows, glass, and general surface cleaning. Bonus: Click here for a list of things NOT to clean with vinegar
• Baking Soda: Add water to create a paste for a gentle exfoliating cleaner.
• Essential Oils: Add a few drops to natural cleaners for a pleasant fragrance.
• Bonus tip: Many essential oils have additional antibacterial properties
• Castile Soap: Dilute with water to create a versatile all-purpose cleaner, or a foaming hand soap.
• Olive Oil: Mix with lemon juice for a natural wood polish that leaves surfaces shiney and repels dust.
• Hydrogen Peroxide: Use as a disinfectant for kitchen and bathroom surfaces.
• Rubbing alcohol: Use to remove stickiness from surfaces, or mix with water for a disinfectant or window cleaner.

As with any other cleaning product you use for the first time, complete a spot-test to avoid possible damage to your home.

These natural cleaning solutions will help kick-start your transition into cleaning products that are healthy for your family and the environment.

Real estate prices in Canada’s recreational markets expected to rise in 2024 as buyers make a return

Recreational home prices on track to increase 5% this year amid improved consumer confidence, cuts to interest rates

With warmer weather on the way, Canadians will soon be able to once again enjoy weekends on the water and warm summer nights relaxing by the fire pit. In the lead up to prime time in the country’s recreational housing markets, many potential buyers are expected to make a move on purchasing that lakeside cabin or family cottage this year, increasing competition for tight supply and pushing property prices up.

According to the recently-released Royal LePage® 2024 Spring Recreational Property Report, the median price of a single-family home in Canada’s recreational regions is forecast1 to increase 5.0% in 2024 to $678,930, compared to 2023, as a boost in consumer confidence will bring sidelined buyers back to the market.

“Across the nation there was a sizable rise in demand for all types of housing during the pandemic, but nothing could match the ‘gold rush fever’ that occurred in recreational property markets,” said Phil Soper, president and CEO, Royal LePage. “With city offices closed and the wide availability of high-speed internet allowing people to take video meetings on lakefronts and mountain tops, excess demand pushed recreational property prices to unprecedented heights.

“Inflation reared its ugly head, interest rates soared and the economic downturn that followed pushed cottage, cabin and chalet prices off those pandemic peaks, yet the fundamental demand for recreational living has not abated. We believe that this market segment will see a resurgence of activity in 2024,” continued Soper.

In 2023, the weighted median2 price of a single-family home in Canada’s recreational property regions decreased 1.0% year over year to $646,600. This follows a year-over-year price decline of 11.7% in 2022. When broken out by housing type, the weighted median price of a single-family waterfront property decreased 7.9% year over year to $1,075,500 in 2023, and the weighted median price of a standard condominium decreased 1.5% to $420,300 during the same period. 

Drop to interest rates could heat up buyer activity 

According to a survey of 150 Royal LePage recreational real estate market professionals across the country,3 41% of respondents reported less inventory compared to the same time last year; 33% of respondents said that their region has similar levels of inventory. However, 64% reported similar or more demand from buyers for recreational homes. This sustained and growing demand for a limited number of available properties is expected to put upward price pressure on Canada’s recreational market.  

Sixty-two per cent of experts said they believe demand will increase slightly in their region when interest rate cuts are made, while 21% expect demand will increase significantly. 

“Recreational property purchases are not as heavily impacted by mortgage rates as those in the residential market. That said, consumer confidence in general will get a boost when we see a cut to the Bank of Canada’s key lending rate, expected later this year. This lift in activity will put upward pressure on prices. And, if this coincides with an influx of inventory, we should see a boost in sales as well,” concluded Soper. 

Highlights from the release:

• All of Canada’s provincial recreational markets expected to see an increase in single-family home prices in 2024, with Ontario forecast to see the highest level of price appreciation at 8.0%
• Condominiums in Atlantic Canada’s recreational property market recorded the highest provincial year-over-year weighted median price appreciation in 2023, rising 16.9%
• Despite a modest decrease over the past year, the national weighted median single-family home price in Canada’s recreational real estate market remains 59% above 2019 levels

Window coverings can make or break the aesthetic in any space. Curtains are a great way to change the appearance of a room, making it feel brighter and even bigger. However, choosing the wrong curtains may have the opposite effect.

Here is a guide to picking the right curtains for your space:

To Add Width

If your window is narrow or you want to widen the look of your space, extend your curtain rod on either side of the window to cover an area of 10 to 12 inches outside the frame. Avoid slat blinds or Roman blinds if you’re trying to make your windows look wider. These options will sit inside the frame, making the window look even more narrow.

To Add Height

Place your curtain rod flush to the ceiling or below to add a lengthening effect to the room. Make sure your drapes are long enough to be flush with the floor to make the most of this effect, ensure that you avoid contact with heating elements or floor vents. Avoid fixing your curtain rods just above your window if you’re trying to create the illusion of higher ceilings.

To Add Privacy Without Sacrificing Light

Opt for fabrics such as thick linen or double-lined cotton to prevent your neighbours from seeing your living room dance parties. Black-out curtains are a great option to preserve energy and enhance privacy. You may also opt to install roller shades in your bedrooms for additional privacy.

Need more design inspiration? Our blog has ideas for every room in your home, visit blog.royallepage.ca.

Spring isn’t only a time of renewal for us. As the days get longer, your houseplants are beginning to wake up from their winter dormancy. Now is the perfect time to give them the tender love and care they need to thrive all year long.

Follow these tips for happier houseplants:

1. Repot: This is the ideal time to give plants a bit of extra space to grow by repotting, allowing their roots to stretch out and absorb more fertilizer. If your plants still have room for growth, add some fresh soil to the top.

2. Prune: Most indoor plants take well to pruning. In fact, pruning often encourages new growth. To start, cut off any leaves that are yellow, bruised, or shrivelled. Next, cut off any stems that have grown long and leggy or have put out only small new growth. New stems should form in their place!

3. Fertilize: There’s nothing like a good dose of nutrients to get your plants going after their winter rest! Now is the time to restart your fertilizing routine to give your plants the nutrients they need to thrive.

4. Dust and Wash: Did you know dust accumulation on leaves prevents light absorption in plants? Give your plants a little spring bath by supporting the underside of the leaf with your palm, and wiping the surface with a damp paper towel or soft cloth. You can also put your plants in the bath and give them a shower with tepid water – just be sure not to overwater!

In need of more spring cleaning inspiration? Our blog features interior design trends, home improvement projects, and homeowner advice to enhance your life and investment. Visit blog.royallepage.ca.

Your home should be the safest place in the world. Whether you live in a condo, apartment, townhome, or detached home, there are plenty of devices that can help you monitor and protect your home, helping you feel safer than ever.

Use smart cameras to monitor indoor and outdoor spaces

Home security cameras are more connected than ever. Most of today’s smart cameras allow you to monitor your home from anywhere in the world using Bluetooth and Wi-Fi connections. Aim to cover your front, back, and living areas for basic coverage. Cameras can go near windows, on flat surfaces or be mounted on the wall.

Smart doorbells are also a great option for condo and homeowners alike. Built-in cameras offer audio and video to let you see who’s at your door, and some even provide free intelligent alerts that can differentiate between people, packages, and animals.

Install a smart lock on your front door

Smart locks allow you to control your front door locks remotely via your phone or tablet with a Wi-Fi or Bluetooth connection. This is an excellent choice for families with kids or teenagers who stay at home alone after school or for pet owners who need to let in a dog walker or cat sitter.

Stay alert with smart smoke and carbon monoxide detectors

Smart smoke and carbon monoxide detectors sound alarms just like traditional models, but can also deliver life-saving alerts to your devices should you be away. Many of these devices can be synced with your smart home security system as well.

I know how important it feels to come home to a space that feels safe and secure. If you need help protecting your home, don’t hesitate to get in touch. I can connect you with my network of trusted local experts.

According to the Royal LePage® House Price Survey released today, the aggregate price of a home in Canada increased 4.3 per cent year over year to $789,500 in the fourth quarter of 2023. On a quarter-over-quarter basis, however, the national aggregate1 home price decreased slightly by 1.7 per cent, highlighting that elevated borrowing costs continue to affect market activity, as Canadians adapt to the higher interest rate environment.

 “I believe the narrative suggesting that the housing market will rebound only when the Bank of Canada lowers rates misses the mark,” said Phil Soper, president and CEO of Royal LePage. “The recovery will begin when consumers have confidence the home they buy today will not be worth less tomorrow. We see that tipping point occurring in the first quarter, before the highly anticipated easing of the Bank of Canada’s key lending rate.”

The Royal LePage National House Price Composite is compiled from proprietary property data nationally and regionally in 63 of the nation’s largest real estate markets. When broken out by housing type, the national median price of a single-family detached home increased 4.4 per cent year over year to $816,100, while the median price of a condominium increased 4.0 per cent year over year to $583,900. On a quarter-over-quarter basis, the median price of a single-family detached home decreased 2.1 per cent, while the median price of a condominium declined modestly by 0.6 per cent. Price data, which includes both resale and new build, is provided by Royal LePage’s sister company RPS Real Property Solutions, a leading Canadian real estate valuation company. 

In December, Royal LePage issued its 2024 Market Survey Forecast, projecting that the aggregate price of a home in Canada will increase 5.5 per cent in the fourth quarter of 2024, compared to the same quarter in 2023. 

“Similar to what we witnessed last spring, when the Bank of Canada paused rates for the first time in a year causing sales activity and prices to increase almost immediately, the first sign of rate cuts – even if only by 25 basis points – could create a flurry of activity in the real estate market,  releasing pent-up demand. Those who have been holding off listing their homes will follow close behind,” added Soper.

1 Aggregate prices are calculated using a weighted average of the median values of all housing types collected. Data is provided by RPS Real Property Solutions and includes both resale and new build.

Learn more:

• National release: rlp.ca/Q4-2023-hps-release
• Regional analyses: rlp.ca/regional-releases
• Quebec Markets release: rlp.ca/Q4-2023-hps-release-Quebec
• House Price Survey Chart: rlp.ca/house-prices-Q4-2023
• Market Survey Forecast Chart: rlp.ca/market-forecast-Q4-2023

SURREY, BC – Home sales in the Fraser Valley posted a second consecutive bump in February as new listings continue to rise and trend slightly above the 10-year seasonal average.

The Fraser Valley Real Estate Board recorded 1,235 transactions on its Multiple Listing Service® (MLS®) in February, a 32 per cent increase over January but still 21 per cent below the 10-year average for sales in the region. New listings increased to 2,797 in February, up 18 per cent from January and 4 per cent above
the 10-year average.

“There is somewhat of a buzz in the market right now,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “We are seeing new listings come onto the market and REALTORS® continue to see more traffic at open houses, however buyers are still exercising caution. We aren’t out of the woods just yet, but
the signs are pointing to a further increase in activity as we head into spring.”

Active listings in February were 5,561, up by 14 per cent over last month and up by 26 per cent over February 2023. With a sales-to-active listings ratio of 22 per cent, overall market conditions are edging into a seller’s market. The market is considered balanced when the ratio is between 12 per cent and 20 per
cent.

“All indications suggest we will see the Bank of Canada’s overnight rate begin to decrease mid-year, which is encouraging for buyers and sellers,” said FVREB CEO Baldev Gill. “With that confidence and the spring market on the horizon, we recommend anyone looking to buy or sell to seek the knowledge and guidance
of a professional REALTOR® who can provide detailed analysis and intimate knowledge of the local market.”

The average number of days homes are spending on the market is dropping, with single-family detached homes spending 35 days on the market, down from 44 days in January, apartments spending 29 days on the market, down from 41 days in January and townhomes moving more quickly at 28 days, down from 33
days on the market in January.

After six months of decreases, overall Benchmark prices posted a slight bump in February, edging up 0.9 per cent from January and up 4.8 per cent over February 2023.

MLS® HPI Benchmark Price Activity

• Single Family Detached: : At $1,485,600, the Benchmark price for an FVREB single-family detached home increased 1.3 per cent compared to January 2024 and increased 8.4 per cent compared to February 2023.
• Townhomes: : At $831,000, the Benchmark price for an FVREB townhome increased 0.7 per cent compared to January 2024 and increased 6.7 per cent compared to February 2023.
• Apartments: At $546,100, the Benchmark price for an FVREB apartment/condo increased 1.2 per cent compared to January 2024 and increased 7.2 per cent compared to February 2023.

To read the full statistics package, click here.

Many of us want a home that feels and looks just a little more luxurious. After all, an elevated home feels comfortable, intentional, and is just a pleasure to spend time in every day. If you’re looking to upgrade your living room, bedroom, dining room, or any space at home, try these four often overlooked interior design tips to make a big impact without breaking your budget.

1. HANG CURTAINS HIGH

Window coverings add a luxurious quality to your space. But it’s not just about the material. The height and length of your drapery is an often neglected but important factor in the look of the room. It’s best to hang your drapes above the window to emphasize and extend the height of the room and add a feeling of grandeur to the space. Aim for halfway between the window and the ceiling. And be sure your curtains are long enough so the hem lightly touches the floor.

2. GET THE RIGHT SIZE RUG

A rug truly sets the foundation in any room. Area rugs add warmth, texture, and a cozy softness to the space. Whether it’s the living room, bedroom, dining room, kitchen, or entryway, the right size rug is absolutely key to a more luxurious look in your home. To avoid that off balance feeling that a too-small rug creates in a room, remember that bigger is better. As a general guide, all your living room  furniture -or at least the front legs of sofas and chairs- should sit on the rug. In the dining room, the rug should be large enough to fit your dining chairs, even when they’re pulled out away from the table. 

3. UPGRADE BASIC LIGHTING

Most people move into a home with the lighting that already exists. Installing new lighting fixtures is a fairly easy way to uplift a room and it really makes a difference to the space. So go ahead and switch in beautiful fixtures that reflect your own personal design style. Start with bathroom lighting, your hallway light, and lighting over the kitchen island. These often overlooked areas pack a lot of impact.  

4. USE WALLPAPER

Wallpaper is a pretty simple trick to add depth and a layering effect to any home. Whether your aesthetic leans modern or traditional, wallpaper can add tons of richness to a room through colour, pattern, or texture. And there are plenty of stylish options available at every budget. For an elevated look without breaking your budget, try a luxury peel-and-stick wallcovering. It’s not only easy to install, but gives you the flexibility to change up your look more often. For an even more luxurious effect, paint the baseboards and trim in a matching hue. It creates a cohesive look that will make the room feel more expansive and harmonious.

51% of Canadians who put their home buying plans on hold the last two years say they will return to the market when Bank of Canada reduces key lending rate

The increased cost of borrowing over the last two years has forced millions of Canadians to reconsider or readjust their plans to purchase a home. Since the Bank of Canada began raising its key lending rate in March of 2022, more than a quarter of the country’s adult population (27%) has been active in the market, and more than half of them (56%) say they’ve been forced to postpone their property search as a result of rising interest rates, according to a recent Royal LePage survey, conducted by Leger.1

With the rate of inflation having come down over the past year, close to the desired 2% target, it is expected that the Bank of Canada will make its first cut to the overnight lending rate later this year – a welcome relief for variable-rate mortgage holders and those who have been forced to put off their home buying plans. Among those who have had to postpone their purchase, 51% say they will resume their search if interest rates reverse – 10% say a mere 25-basis-point-drop will prompt them to jump back in, 18% say they are waiting for a cut of 50 to 100 basis points, and 23% say they need to see a cut of more than 100 basis points before they will consider resuming their search.

“Following the first rate hold by the Bank of Canada in March of last year, we saw an immediate surge of activity in the market as consumer confidence strengthened. I expect a similar wave of buyer demand at the first indication that highly-anticipated cuts by the central bank are on the horizon,” said Phil Soper, president and CEO, Royal LePage. “Buyer behaviour is strongly linked to their confidence that the home they want to buy today will not be less expensive tomorrow. We expect the spring will mark that pivotal moment.”

One fifth (20%) of sidelined buyers say they no longer plan to purchase a home, while another 12% say they are prepared to jump back in if the BoC’s key lending rate remains unchanged.

Among those who plan to re-enter the market once rates come down, 44% intend to obtain a four-year or five-year fixed-rate mortgage, the most popular mortgage type and term in Canada. That’s double the number of respondents who say they will choose a variable-rate mortgage (22%). Another 12% say they will obtain a short-term fixed-rate mortgage.

“In the first few weeks of the year, we have seen activity pick up in markets large and small, right across the country. Appointment bookings, property showings and requests for mortgage pre-approval through our lending partners are all up sharply. Our people on the front lines report that today’s real estate consumers are well informed, watching trends and fully prepared to engage when they perceive conditions are improved,” added Soper.

Of those who have postponed their home buying plans due to rising interest rates, 65% remain engaged in the home buying process. This includes those who are casually browsing listings (39%), continuing to save for a down payment (19%), have applied for a mortgage pre-approval (12%) or have obtained a mortgage pre-approval (7%). However, some have disengaged from the home shopping process entirely – 26% of respondents say that they have abandoned their home buying plans for the time being. 

The Bank of Canada’s overnight lending rate currently sits at 5.0%. The next interest rate announcement is scheduled for March 6th.2