About

About Sheldon Coxford

Meet Sheldon Coxford, a full-time licensed Realtor with TRG Realty and a degree holder in Marketing Design and Photography. He and his family call the vibrant city of Vancouver home, specifically the Kitsilano neighborhood, known for its proximity to the beach and mountains, as well as a variety of local events and activities.

As a Realtor, Sheldon is dedicated to helping his clients achieve their real estate goals with patience and authenticity. He is well-versed in the local market and has a strong marketing background, which he utilizes to effectively showcase his clients' properties and help them sell quickly and stylishly. In addition to his expertise in real estate and marketing, Sheldon is also an animal lover and understands the importance of finding a home that is suitable for all members of the family, including four-legged ones. He is committed to helping his clients find homes that not only meet their needs and budget, but also provide a comfortable and welcoming environment for their pets.

Whether you're a first-time homebuyer, looking to sell your property, or an experienced investor, Sheldon is ready to provide you with comprehensive real estate solutions. If you are a pet owner looking for a new home, don't hesitate to reach out to Sheldon. He is happy to assist you in finding a home that is perfect for you and your four-legged companion. Don't hesitate to reach out and let him assist you in finding your dream home in a neighborhood that's just right for you.

Sheldon Coxford can always be reached at 778-835-5621 and he is excited to meet you and help you with your Real Estate goals.

Unlocking Homeownership: The Tax-Free First Home Savings Account (FHSA)

Unlocking Homeownership: The Tax-Free First Home Savings Account (FHSA)

In a move aimed at helping Canadians achieve their homeownership dreams, the 2022 Federal Budget introduced the Tax-Free First Home Savings Account (FHSA). This registered savings plan, anticipated to be available after April 1, 2023, offers a unique avenue for prospective first-time homebuyers to save for a down payment on a tax-free basis.

What is an FHSA?

The FHSA operates as a registered account, allowing contributors to save for their first home in a tax-efficient manner. Similar to an RRSP, contributions are tax-deductible, while withdrawals for a first home purchase are non-taxable, akin to a TFSA. Here are some key features:

Annual Contribution Limit: Individuals can contribute up to $8,000 annually, with a lifetime maximum of $40,000.
Eligibility: To open an FHSA, individuals must be Canadian residents, at least 18 years old, and first-time homebuyers. The latter is defined as not owning a home in the year of opening the FHSA or the preceding four calendar years.

FHSA Contribution Limits and Rules

Claiming Contributions: Similar to an RRSP, annual FHSA contributions can be claimed as an income tax deduction for the year in which they are made.
Unused Contribution Room: Unused contribution room can carry forward to the following year, up to a maximum of $8,000.
Overcontributions: Like TFSAs and RRSPs, overcontributions to an FHSA incur a 1% tax for each month exceeding the limit.

FHSA Withdrawal Rules

Qualifying Withdrawal: Withdrawals for a home purchase are non-taxable under specific conditions, including being a first-time homebuyer, a Canadian resident, and having a written agreement to buy or build a qualifying home.
Closure Requirement: After a non-taxable withdrawal, the FHSA must be closed within a year, and eligibility for opening a new FHSA is forfeited.

Unused FHSA Funds

Utilization Deadline: FHSA funds must be used for a first home purchase within 15 years of plan opening or by the end of the year in which the account holder turns 71.
Transfer or Withdrawal: Unused funds can be transferred to an RRSP or RRIF without affecting contribution room, or simply withdrawn, subject to withholding tax and inclusion in income.

FHSA vs. Home Buyers' Plan (HBP)

While the HBP allows tax-free withdrawals from RRSPs for home purchases, funds must be repaid. The FHSA, however, doesn't require repayment.

As of now, both the FHSA and HBP options are available, providing flexibility for first-time homebuyers.

The FHSA represents a promising opportunity for aspiring homeowners, offering tax advantages without the obligation to repay withdrawn funds. As the Canadian government finalizes details, stay tuned for updates on this exciting initiative that could pave the way to homeownership in 2024 and beyond.

For more details and the latest updates, don't miss our upcoming "First-Time Home Buyers Seminar" on December 13, 2023, from 6:45 - 8 PM PST, LIVE on Zoom. https://qrco.de/beZgw6.

#FHSA #HomeownershipDreams #RealEstate #FirstTimeHomeBuyers #VancouverRealEstate

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Seize the Moment: Why Now is an Ideal Time for Homebuyers in Vancouver

In the ever-changing landscape of real estate, timing can be the key to unlocking incredible opportunities. As someone with a keen eye for the Vancouver market, I wanted to share some insights on why the current conditions make it an exciting moment for prospective homebuyers like you.

1. A Bounty of Choices

The current real estate market is brimming with options. The surplus of available homes means you have a wide array to choose from, giving you the luxury of exploring different possibilities without the constraints of a seller's market. It's the perfect time to find a home that truly matches your needs and preferences.

2. Your Advantage in Price Negotiations

While sellers may be holding firm on their asking prices, the current market dynamics offer you a unique advantage. In a market where homes aren't flying off the shelves, sellers are more inclined to entertain reasonable offers. Crafting a well-thought-out and strategic offer, slightly below the asking price, can position you for success—especially for properties that have been on the market for an extended period.

3. Strategic Offers Win the Day

When making an offer, strategic thinking is paramount. Tailoring your offer to align with the seller's preferences, such as accommodating their desired closing dates, can set you apart. This not only allows you to negotiate on price but also on terms, demonstrating your commitment to the deal.

4. Your Trusted Ally: A Skilled Real Estate Agent

Your real estate agent is your strongest ally in this process. Armed with essential market data and insights, they can help you determine the current market value of a property, enabling you to make informed decisions. Their negotiation skills and commitment to your interests will be instrumental in securing a deal that benefits you.

5. Realistic Counteroffers in a Buyer's Market

In a buyer's market, sellers are more open to negotiation. A slightly below-asking-price offer is likely to receive a counteroffer. Properties on the market for an extended period often prompt sellers to become more realistic in their pricing expectations, creating an ideal opportunity for you to reach a favourable compromise.

6. The Power of Patience

Being a buyer in today's market requires a strategic approach and a bit of patience. Homes are lingering on the market, and sellers are motivated to close deals. Waiting for the opportune moment can lead to substantial savings. Remember, the longer a property remains unsold, the more motivated a seller may become.

In conclusion, the current real estate market in Vancouver offers an exceptional window for buyers to make their move. With an abundance of inventory and the potential for realistic negotiations, now is the time to explore your dream home. Stay strategic, collaborate closely with your real estate agent, and exercise patience. By doing so, you can make the most of this buyer-friendly market.

Happy house hunting!

Sheldon Coxford

778-835-5621

sheldonhomes.ca

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Cracking the Mortgage Code: Your Guide to a Seamless Renewal Journey!

As we approach the doorstep of 2024, homeowners are feeling a mix of anticipation and concern about the impending renewal of their mortgages. The once-friendly landscape of interest rates, which favored those who took the homeownership plunge or renewed their mortgages a few years back, is now signaling a change. The specter of rising rates is a reality that many will grapple with in the coming year. But fear not! Let's demystify the process of mortgage renewals and equip you with strategies not just to weather the storm but to optimize your real estate investment. Don't step into the renewal season unprepared. While it's reassuring to see the latest inflation numbers drop to 3.1%, it's wise to acknowledge that an interest rate drop might still be a way off. I hope I'm wrong, but let's ensure you're ahead of the curve before this shift catches up with you.

1: Navigating the Current Scene

Understanding the Shifting Interest Rate Landscape: The world of mortgage renewals can be a bit overwhelming, especially in today's changing interest rate climate. Those who secured their homes or renewed their mortgages about four years ago benefited from a lower interest rate environment. Fast forward to 2023, and the situation has changed significantly. The burning question on everyone's mind: How do you prepare for a potential increase in interest rates?

2: Thoughtful Financial Planning

Clarifying Your Financial Goals: Before jumping into the world of refinancing, take a moment for self-reflection. What are your financial goals for the next five years? Are you thinking about upsizing or downsizing? Do you want to tap into home equity for investments or pay off your mortgage faster? By understanding your goals, you can tailor your refinancing strategy to fit seamlessly with your unique needs.

Unlocking the Potential of Equity: Vancouver's real estate market has seen significant appreciation, and your home's equity may have grown along with it. Refinancing becomes a powerful tool, allowing you to tap into this equity for various purposes. Whether it's funding home renovations, investing in other assets, contributing to your children's education, or consolidating high-interest debt, unlocking your home's equity opens up a world of possibilities.

Considering Shorter Loan Terms: With interest rates on the rise, exploring shorter loan terms could be beneficial. While it might mean slightly higher monthly payments, the long-term benefits of reduced total interest paid are worth considering. Reach out to your mortgage broker early to discuss the best course of action for your financial situation.

3: Seeking Practical Guidance

Navigating the Process with Experts: In the complex world of mortgage renewals, seeking advice from financial advisors and mortgage specialists is not just a good idea – it's crucial. These professionals have a deep understanding of the local real estate market and the ins and outs of the current lending environment. We've built a network of trusted contacts ready to assist you on this journey. Don't wait; expert guidance could be the key to finding tailored refinancing options that align with your unique circumstances.

Customized Solutions with Your Realtor: Your trusted Realtor is more than just a key player in the home-buying process; they are a valuable resource when it comes to navigating mortgage renewals. Consult with them to discuss your specific needs, exploring potential upsizing or downsizing options. Together, you can chart a course that aligns with your long-term financial goals.

Final Thought: While mortgage renewals may bring a sense of uncertainty, within that uncertainty lies a realm of opportunities. By approaching the process proactively and seeking practical guidance, you can not only navigate the challenges but emerge with a more resilient and optimized real estate investment.

Prepare for the future with confidence and take control of your financial destiny!

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