Anyone know alot about the Home Buyers Plan Program? Long story short the CRA sent me a letter last month that stated that my HBP withdrawal (20K) in April 2017 wasnt eligible cause i also withdrew in October 2016(5K). But it was for a presale condo and there deposit structure was 10% April 2016, 5% Oct 2016, and the final 5% April 2017. I sent in all the documentation that shows this plus photo copies of bank drafts being sent to the developer and every other possible document i could find to back it up but today CRA mailed me a letter today stating that it wasnt sufficient enough. They said i owed them $7500 and additional $800 in interest and that i would have to pay back in 2 weeks if i didnt want to incur any more interest penalties. At the time i did my own taxes so i didnt have an accountant and the financial institution i "had" my rrsps with couldnt help me cause i closed my account with them in 2018 and all my files and documents were now gone.

So if anyone knows more about the subject please PM me. Ill be asking my work accountant and some other people i that may know more on the subject tommorow but in the meantime thought id give Revscene a try. Thanks

did you re-read the HBP form to make sure you answered their questions correctly to se if you qualified or not?

Be specific - what EXACT reason did they cite for denying your claim?

Was it the fact there were multiple withdrawals, timing of the claim, eligibility of actually being a first time home buyer, etc? They must provide some information as to why specifically they are denying the application.

Without that, we are just guessing.

-Mark

All they said that my 2017 withdrawal in 2017 wasnt eligible and asked me to provide documents.

T1036 Form for 2017, A letter that showed that my financial institution advised me to do this, a balance of my rrsps in my account and photocopy of the contract of the presale.

I sent everything to them and got letter only saying "Documents that we received werent sufficient" and a breakdown of my 2017 income and them adding the 20k to my income and how much i owed them.


Swoop, yes i read the form and i was qualified, if i wasnt qualified then i would assume my 2016 withdrawal would of be not eligible aswell.

So how did you answer "Was your repayable balance from your previous HBP participation zero on January 1 of this year?"

If you withdrew first in 2016 and did a subsequent withdrawal in mid 2017 it looks like your HBP balance was >0

Wow, the copy i had emailed to me, that question was left blank by my Financial Advisor. For both years

Does the general consensus that you'll qualify for 4 - 5x your gross income still hold true? Do they take into factor your investment income from non-reg accounts as well?

Investment is kinda hard cuz returns not guaranteed. But as long as it's in your noa it should be do able

That's a very rough guide yes.
https://www.ratehub.ca/mortgage-affo...ity-calculator

I put in $120,000 sample income at 2.5% 5 year fixed and got max mortgage just over $650K. Keep in mind as rates go down further (following US) your P&I mix will skew more towards principle which helps.

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See my previous posts in this thread - banks use GDSR & TDSR.
Gross Debt Service Ratio = direct housing costs: mortgage
Total Debt Service Ratio = other debt, credit card, loans, housing expenses
GDSR usually would be 32% max
TDSR would then be 42% max

More like 8X your income now a days

Any advice on buying a brand new detached? I'm trying to get my parents to buy one at least a few years old but they're keen on this brand new build.

5% GST on a 1.3 - 3MM house $$$$$$$$$$$$$ :awwyeah:

Presales Updates - market's alive again on resales and certain presales. Opening weekends are seeing 20-30% sold deals for well priced offerings.

Richmond:
Fiorella by Polygon - right across from Avanti/Aberdeen Skytrain and mall. Polygon's new 13 story highrise (Richmond height limitation) concrete AC highrise. I personally like it may even get one myself.
$850/ft in some cases, well below $1K ft for new builds in area. Hard to beat central location, Aberdeen foodcourt, central hub, AirBNB potential is quite good.
$450K 1BR start for 678ft A plan. Bit of a steal with amenities, Polygon and location. 50 sold on Sunday out of 160+ units.

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Vancouver:
Park House - $1300/ft in Vancouver still going rate. May be tough but luxury market can hang a bit usually.

Burnaby
Sun Tower - chugging along. Tough offering but good location. I'm seeing and have done assignments on Goldhouse next door and quite like the exterior. Rize quality has been good on Independence and this new landmark-ish looking building should be very cool.
Highline Thind's next project after 3 towers (4 not yet sold) at Brentwood. $1K a ft for most part- nothing too exciting but if you don't like SUN Tower for whatever reasons this is another option. Practically next doors.
Personally I'd prefer Beedie/Anthem's station Square for Metrotown and/or Concord's next big one.

Coquitlam/Burquitlam
Bit of activity coming up here after Meridian was shelved.
Simon 2 Completion soon. Did some assignments here - $450-500K 650ft 1BR here quite appealing. Skytrain and rent it out as Jr 2br with big den.
Horizon 21 this is going to be one of those get it while you can deals of 2020 - small developer, before the area highway going onto IKEA Coquitlam. Bit of a hike from skytrain and mall but cheaper as a reflection.
SOCO Anthem's big offering - 4 towers like Station Square. Should do well and priced reasonably at $350K's starting for 400ft. Next to Hensley (previously sold out building by Cressey).


Surrey/Langley:
Alexander Square - hotly contested units at $299K for 1BR went fast - but the 2BR are struggling. Langley.
King George Hub 3 Likely won't launch at $299K but Rennie marketing knows markets and will be close to that to get the crowds in.

I’d stay away from EI and Chinese builders.

The finishing quality is usually representative of the overall build. The list I post once in a while is applicable for detached stuff as well

How's the pricing like for Horizon? I dont mind it being not close to skytrain.

FYI, the location is nearby the transfer station and recycling plant so in the summer time you'll be enjoying a nice whiff of decomposing trash.

Traffic and walkability score is pretty horrible. I guess you get what you pay for.

Seems like apartment is getting smaller and smaller..... 400ft one bedroom,650ft 2bedroom..... soon it will be 100ft one bedroom. Right now wife and I hardly have enough space with a 805ft 2 bedroom. The 2nd bedroom is where we put extra clothings, shoes, etc etc.... i can't image how people will live in such small space.

400sq ft can’t be an actual one bedroom, it’s gotta be a studio

Reduce the extra clothing and shoes and you'll have plenty of space for a 400 sq ft apartment.

I think the attraction for places like Park House is that you just spend majority of your time outside at nice resturants/lounges and then just go home to sleep or bang the chick you hook up at the lounge.

If you need an extra bedroom for your stuff, you probably have too much of it. Living in a small space has caused us to get rid of dumb shit we don’t use and it’s been very satisfying. Now we just have nice stuff instead of lots of stuff.

How is Aquilini builds? Boardwalk in Tswassesen looks attractively priced

Living minimalistic is also what the wife and I adapted. Far cry from what we grew up from.

This.

We're in an 800 sq ft 2 Bedroom and only have our stuff in one room. Getting rid of all our excess, barely used crap was one of the best things we've done.

Quality > quantity

... Minimalism does not apply to cars however as there are currently 4. Not as bad as fliptuner so that's a start :lol

I really wish I could trade my den for a third parking spot. I don’t want people visiting anyways.

What are people's opinions on purchasing a second parking spot?

I have a 1 bedroom + den unit in Vancouver. My thought process is that it won't raise the value of the unit from a resale perspective as most future buyers won't likely have 2 cars. I gave my wife our parking spot and have been renting another spot for the past year... still undecided if it is worth the $15,000 as an investment.

In edmonton it was the difference maker on whether my condo sold or not. It was the only thing that set it apart from the other 10 for sale in the building.
For 15k definitely do it. It’s still a real estate investment. That’s so fucking cheap for a parking spot. New buyer can rent it out, sell it, you can sell it, etc. So many ways to get out of it with no added trouble.