Want to become a first-time home buyer in B.C.? These three steps can help

These days, being a first-time home buyer in British Columbia, or anywhere else in Canada for that matter, is not easy. For years, Canadian housing prices experienced a steady upward trajectory, but the pandemic resulted in an unprecedented surge. And even though home prices have started to fall in recent months, they remain difficult to afford on average incomes.
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Land Transfer Tax CalculatorBuying a home is an exciting process with many unexpected costs. Beyond your down payment, you’ll also be responsible for paying legal fees, appraisal costs, title transfer costs and taxes to the province or municipality (or both). That last item is called a land transfer tax (LTT), and it applies everywhere except in Alberta, Saskatchewan and all three territories, which instead charge land transfer fees. Despite the differences in terminology, the idea i

Mortgage rate comparison
After consecutive years of record-low interest rates in Canada, we are entering a period of rising rates—which makes the cost of borrowing money, be it for a mortgage or a student loan, more expensive. The possibility of more rate hikes can make the stability of a five-year fixed mortgage rate seem like a good option compared to one with a variable rate—especially for first-time homebuyers or those about renew their existing mortgage. In fact, five-year

For years, low interest rates have been a boon to borrowers but a curse to older investors wanting low-risk interest income options. Now, after a decade of minuscule rates, interest rates are starting to inch back up again: another 0.5% as of June 1st. That’s good for GIC investors (guaranteed investment certificates), as we covered in my recent column on the alleged “death” of bonds.This is also welcome news for retirees seeking so-called “longevity insurance,” eve

After eight years on the marketplace, the Wealthsimple brand has developed a strong reputation for offering easy-to-use, low-fee financial services online. But it’s come a long way since its humble beginnings exclusively as a robo-advisor, branching out to include a discount brokerage (Wealthsimple Trade), and a peer-to-peer money transfer and spending app with a prepaid rewards debit card (Wealthsimple Cash). Of course, the robo-advisor—now called Wealthsimple Invest—is still

Before we get into the Toyota Corolla review, let’s switch gears for a sec and give props to Aiko Toyoda. In late 2016, Toyota’s head honcho declared that he was done with boring cars, delighting everyone who dearly missed the last-generation Supra, MR2 or Celica, amongst others. Toyoda-San knew he was making a bold claim—Toyota is one of the largest automotive manufacturers on the planet, and while ushering in profound change isn’t impossible, it does take a while.Since

Buying a car is one of the biggest purchases Canadians make, so there’s a lot to consider. Often, the first question is “Should I buy new or used?” While there’s obvious appeal to owning a new vehicle, in many cases it makes sense to buy used. Not only is buying new pricey, but with the current worldwide supply shortages we’re facing, it can be tricky to get your hands on a new car or truck without waiting months for delivery. With a little research, you can fi

If you need a vehicle with maximum versatility, space and room to grow, the modern minivan is hard to beat—especially the Dodge Grand Caravan. Built to ride like a car and keep fuel consumption in check, this hardworking minivan easily handles a variety of family duties and other needs, and it offers more room than most crossovers. Here’s why it’s on MoneySense’s list of the 10 best used cars in Canada.Is the Dodge Grand Caravan a good car?Seems that way, if the sales vol

Since 1992, the Lexus ES series has been a perennial favourite of car buyers looking for a mix of excellent value and luxurious interior appointments. Parent company Toyota’s legendary reliability is an appreciated added bonus. Those are the reasons why the Lexus ES made our list of the 10 best used cars in Canada. We reviewed the 2019 Lexus ES350 with the F Sport trim. And, well, well … it looks like the ES has traded staid and anonymous from past models for truculent and extr

Hmmmm … isn’t the ultimate guilty pleasure singing along to Carly Rae Jepsen’s “Call Me Maybe” while devouring a dozen Krispy Kreme doughnuts? You can sign us up for that anytime … well, maybe just the calorie bombs. So, we may as well get this out of the way now—we really like the Honda Accord.To further explain what we mean by the ultimate guilty pleasure: Ordinary sedans typically don’t generate such acclaim from the snobbery-infused bunch of

The F-150 continues its reign as the best-selling vehicle in North America, and it’s easy to see why. With a myriad of available trims, configurations and powertrains—including the incredible Raptor and the new fully electric Lightning—there is truly an F-150 for every need. Fun fact: If Ford abandoned selling every single model it makes except for the F-150, it would still be a Fortune 500 company.We tested the 2017 Ford F-150 Lariat SuperCrew, and here’s why this pickup

Hyundai’s nascent luxury brand is no laughing matter, especially for its overpriced (and in some cases) underwhelming competition. We tested the 2017 Genesis G90 3.3T, and here’s why the G90 made MoneySense’s list of the 10 best used cars in Canada. Is the Genesis G90 a good car?Yes, it’s a great car. Before we go into details, though—we know some readers are thinking, “Genesis, eh? Haven’t we heard that name before?” You have, because Hyundai

With over one million examples finding their way to the driveways of happy owners spanning four generations, the Mazda MX-5 is still an absolute hoot to drive. We tested the 2021 Mazda MX-5 GS-P (sport package), and here’s why it’s on our list of the best used cars in Canada. Is the Mazda MX-5 a good car?Yes, and it’s worth hunting around for. As you’ve probably noticed, lately it’s been difficult to procure things like sporting goods, boats, swimming pools and

Looking for a great used SUV (sport utility vehicle)? The GMC Yukon is a compelling option—and it’s the large SUV on MoneySense’s list of the 10 best used cars in Canada. We reviewed the 2021 GMC Yukon Denali (the premium trim level) with the Duramax diesel engine, and here’s why this vehicle got us excited. Is the GMC Yukon a good car?The GMC Yukon brings together the family-carrying capacity of a minivan and the heavy-hauling dynamics of a pickup truck into one lux

We purchased a condo for our son, who has been using it as his principal residence for over 10 years. He has made improvements, but the title is in our name. We would like to transfer the title to him, as he is now getting married. How do we determine fair market value in a fluctuating market? He will not be paying real estate fees. Are we able to gift a portion? Is it better to spread capital gains over five years? We are both retired on a fixed income. Is rent-to-own a better way to trans