08 Jan 2017




first time home buyer in abbotsford bc




First-time homebuyer is eligible to withdraw RRSP for the amount of $25000 without paying any income tax on that. The RRSP issuer will not hold any tax on the amount.

“benefits first time home buyers BC”

The First Time Home Buyers’ Program in BC reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. You must qualify for the program on the basis of qualification you may be eligible for full or partial from the property transfer tax.

In order to qualify the following terms must be met

  • You are to be Canadian citizen or permanent resident
  • You have lived in B.C. for 12 consecutive months immediately before the date you register the property or
  • filed at least 2 income tax returns as a B.C. resident in the last 6 years
  • You have never owned an interest in a principal residence anywhere in the world ( Please note that the property own is all around the world) at any time
  • have never received a first time home buyers’ exemption or refund

The property must:

  • be located in B.C.
  • only be used as your principal residence
  • have a fair market value (Please pay attention to fair market value) of:
  • $425,000 or less if registered on or before February 18, 2014, or
  • $475,000 or less if registered on or after February 19, 2014
  • be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption from the tax if the property:

has a fair market value less than:

  • $450,000 if registered on or before February 18, 2014, or
  • $500,000 if registered on or after February 19, 2014
  • is larger than 0.5 hectares
  • has another building on the property other than the principal residence
  • Find out the amount of your exemption if you qualify.

NOTE >>>> If you don’t qualify because you are not a Canadian citizen or permanent resident, but you become one within 12 months of when the property is registered, you may apply for a refund of the tax.

  • You will be penalized with double amount of property tax if you ever owned a house anywhere around the world or not a first time home buyer.
  • In a case of existing home, you must move within 92 days from the date of the registration of home on your name.
  • In case you are building a new house on a vacant lot, you still get the tax exemption as long as the:
  • You long as you build and move within 1 year of the date of the registration of property on your name and
  • have a fair market value (Please pay attention to fair market value) of:
  • $425,000 or less if registered on or before February 18, 2014, or
  • $500,000 or less if registered on or after February 19, 2014
  • You must live in the house for the remainder of the year as your primary residence. If you move out before the year you may be able to still keep the part of tax exemption.
  • In the case of death or property is transferred due to divorce or separation you still can keep the tax exemption.


1% on first $200,000

2% on the remainder up to 2 million

3% over 2 million


1) House price :


1% on first $200,000 = $2000

2% on balance $300,000 = $6000

Total= $8000

2) House price :

$2,000,000 ( 2 million)

1% on first $200,000 = $2000

2% on balance $1,800,000 = $18000

Total= $20000

3) House price :

2,500,000 (2.5 million)

1% on first $200,000 = $2000

2% on $1,800,000 = $18000

3% on $500,000 = $15000

Total = $35000

Disclaimer: The information should not be relied upon. Please check with local authorities for exact information

Written by: Pervinder Khangura @homeZfinder


02 Jan 2017

home evaluation abbotsford

How to do CMA of a house?

Comparative analysis is a method used by realtors and homeowners who want to sell or buy a property by comparing it with other properties in the area. The method used for comparative analysis is to check the active or recently sold listings in the area, which are much like their own.

What is CMA?

Comparative Market Analysis or CMA in short, is used by real estate experts. As mentioned above, it’s an estimated value of your home. Remember, it’s not an appraisal rather a calculated estimated value with realtor tools by providing you a detailed report comparing your property with other properties in the area. This may include Sold listings, Active listings, Pending sales and Expired listings.

What this report contains is the list of Active listings, Recently sold and expired listings within your area. A realtor will try to find a property identical to yours or as close as possible, but sometimes it’s difficult to find an identical property in the area. CMA is purely an estimated value based on the comparables, but it can give you a close idea of the listing or property which you want to buy(in case of a buyer).

home evaluation in abbotsford bc

How is CMA done?

CMA is a subjective way to find the value of your property. It may be limited by comparing properties in your own area but sometimes your realtor may have to go a few miles away to find comparables as he may not find them in your area.

If you or your realtor find a satisfactory home or property compared to your home in your area it’s good! But if not then you might want to search comparables in other areas. The factors to compare are:

Square footage

Number of bedrooms/bathrooms

Type of construction




Type of landscape

Lot/Land size

Amenities (Swimming pool / Workshop/ Big garage)

home valuation service abbotsford

Example (comparable)

 House 2 floor 3000 sqft on 6000 sqft lot sold recently for $500,000. This house had 4 bedrooms, 4 Bathrooms, workshop 400 sqft, No garage, Swimming pool, 10 years old, No renovation needed, Good landscape with a vegetable garden in the back. Hardiplank with stones in the front.

(House being compared)

Your house 2 floor 2900 sqft with 3 bedrooms, 3 bathrooms, no workshop, Huge garage, no swimming pool, 10 years old, Renovation needed minor (basement bathroom needs new cupboard) Good landscape, 10000 sqft lot (not sub-dividable) Hardiplank without stones in the front.


Comparable Compared

$500000 ÷ 3000 = $167/sqft                                                             2900 x $167 = $484300

4 Bedroom                                                                                             3 bedroom    =     -8000

4 Bathroom                                                                                            3 bathroom   =     -6000

Workshop                                                                                               No workshop =    -8000

No garage                                                                                              Huge garage =   +5000

Swimming pool                                                                       No swimming pool =    -10000

No renovation                                                                             Renovation needed=      -500

Lot is 6000 sqft                                                                        Lot is 10000 sqft    =   +25000

Stone in front                                                                            No stone in front   =    -2500

Good landscape                                                                        Good landscape  =        0

10 years old                                                                               10 years old        =        0


$500000 sold price                                                                      CMA                  = $479300


We have taken:

$8000 to build a bedroom

$6000 to build a bathroom

$8000 to build workshop

$5000 to build garage

$10000 to build swimming pool

$500 to put cupboard

$2500 to install stone

$25000 for extra 4000 sqft lot

(illustration only info here can’t be relied upon)

Now from above example, we saw things to consider doing CMA are as follows:

  1. Age and Square footage of the house

  2. Size of Lot/Land

  3. Number of stories of the home

  4. Extra features swimming pool, Fireplaces etc

  5. Location and Landscape

  6. Style and construction of the house

  7. Renovations needed or not

cma free in abbotsford

Now let’s get into details of CMA:

Sold listingsYour realtor may look at the listings sold similar to your house. He will search local MLS© and get all the listings sold within the last six months in your area, but if there is nothing sold in the last six months in your area he may go back one year to find a sold listings or he may go within a few miles around your location to find the sold listings. Then he will sort them out and try to find homes similar to yours. What this does is give the realtor a general idea about the market and what price the homes selling similar to your house are.

Active listingsNumber of active listings are also important but can’t be entirely relied upon. A desperate seller may list their house for less than the actual price for a quick sale as compared to other active listings in the area whose seller wants a higher price thus willing to wait. Market conditions are the main factors deciding the value of your house depending on if it’s a buyer’s market or a seller’s market.

The best way is to compare it with the most recent sale of homes in your area going back weeks or months as similar to your own house.

Pending sales: These are the ones sold but still waiting for subjects to be removed or waiting to clear some other hurdles (like in the case of rental waiting for the tenants to move out, or financing, etc.) before it can be transferred to the new owner.

It’s all confidential information, so only the agent which is buying or selling will know about it. It will become public once the sale is finalized after removing the subjects.

Local realtors are knowledgeable and may have idea about the price of these pending sales, so it’s always a good idea to get a local realtor for buying and selling.

Expired listings: These are important in CMA as it gives you an exact idea why a listing of a particular house was expired. For example, maybe it was listed for a higher price than the market value, or the condition of the property itself.

You may find an expired listing and compare it to your house as it may give you a clear idea about the price of your house and what you may want to list it at.

abbotsford real estate agent free market evaluation service

Gathering data from local MLS:

As an average homeowner, it may be difficult for you to find all the data and try to understand it. You definitely need a professional realtor to explain what it means and where the market is going.

There are also a few real estate websites (Zillow.com, Rew.ca, Trulia.com, homeZfinder.com) which makes your homework easy to get an idea about the value (CMA) of your home. Some of these sites have online tools to do an automatic CMA which makes your life easy.

After gathering all the data, it’s you or your realtor’s choice to dig deep and find your home value as close as possible. It’s not easy work and may take a few hours to a full day to get a good idea about the value of a house.

For a homeowner, it’s a good idea to drive around to look at the house which he is comparing his house with. For a local realtor, it’s easy because he knows the local market and he may have done a showing of that particular house. It’s always a wise decision to let a professional local realtor do CMA.

Many realtors offer free CMA reports.

real estate agents in abbotsford free cma

Age of Construction:

Age is one of the biggest factors in determining the value of your home. Older homes may require renovations and newer homes may be built with new technology with high efficient equipment, energy star rating windows with good insulation, etc.

Older homes may be historic and may have more privacy with a big private backyard, which may contribute to their high value.

Square Feet:

Square feet of the house is important as the cost of building a bigger house is more, but there is a limit to it. The cost doesn’t increase after a certain size. This may be due to a limited number of buyers for huge houses than average homes. The average house between 2100 to 2600 sqft 2 story houses with basement is always in demand and retain its value.

Free market evaluation of a home in abbotsford with swimming pool

Attractions of the house:

Swimming pool, Number of fireplaces, garage, and big workshop are also contributing factors to increasing value of the house.

free home evaluation report for a happy customer in abbotsford


New roof, Windows, Paint, Furnace, Water tank, Flooring are also big contributing factors to increasing value of an older home.

Pervinder khangura

Abbotsford realtor