Newsletter

There’s not a week that goes by where we’re not asked for a ‘trusted trade or professional.’

Over the years we’ve got to know some amazing trades and professionals, and some that are less so. We’ve tried to commit to only providing recommendations for companies we’ve used ourselves or some clients have used that provided good feedback. 

As we continue to try to deliver value to all our friends and clients, whether they be in an active transaction or not, we’re launching our ‘Trusted Trades & Professionals’ page which can be found below:

davidsmithhomes.ca/trusted-trades-professionals/ 

There you’ll find some of our recommendations but even more importantly you’ll find a typeform where you can also recommend those you’ve had a great experience working with. 

Thanks for participating with us in this, as always we want to make life as easy as possible for those that trust us too. 

If you’ve got any question or suggestions feel free to reach out!

Kindly,
David & The Team

As we crest a full decade in the industry there some some clients that we’ve worked with now for years and years. Recently we had the opportunity to serve J&J and their young family in selling their current home and upsizing to their dream home. It’s a journey that started many, many years ago now, but through their patience (and our advice to be patient) they secured a truly incredible home within their price expectations. They had the below to say:

David, Kandace and the entire team operated with total professionalism for every part of this process. They’ve gone above and beyond in terms of educating J and I on a variety of topics and had the utmost patience as we navigated such big life changing decisions. I can’t recommend them enough- 10/10! Easily the best realtors in Surrey, acting with utmost integrity every step of the way.

We’re over the moon for them and can’t wait to give them their keys! 

We’re excited to invite you, our faithful clients & referral partners, to our Matchday Picnic In The Park Client Appreciation BBQ & Soccer Game on Saturday August 1st.

We’ll be having a pregame hangout, serving up hot dogs & cold treats, before heading into the Vancouver FC vs. Atlético Ottawa match – tickets are on us!

Date: Saturday August 1st
BBQ: 12:30pm-2pm – Drop By Anytime
Soccer Game: Doors Open at 2pm, Kick-off at 3pm
Location: Willoughby Community Park (near the splash pad) / The Stadium At Langley Events Centre

We’d love to have you join us.

Please let us know by July 20th if you’ll be attending so we can reserve your ticket. The BBQ will be at 12:30-2 just outside LEC on the grass by the splash park. Stadium doors open at 2, and the game kicks off at 3! Hope to see you there!

RSVP: Please RSVP here by July 20th

The Fortunate Ones

If you’re fortunate enough to be a parent, you’ve already won in life. As challenging as parenting is at times, they truly are our greatest treasure. Of course, two things can be true simultaneously, the flip side of the parenting coin is that good parents are always wondering, “How can I do best by these humans I’ve been entrusted with?”‘  

If you follow our social media, you know we’re as intentional in our parenting as we are in our business. We entered the teen years last year, the questions we face now as parents are different from the ones when they were little. What should a first job look like? How do we navigate technology? Do we invest in an RESP if we suspect they might not want limited post-secondary options? We could go on!

It’s undeniable at this stage that the environment our children face will be wildly different from the one we grew up in; just as the environment I’ve experienced as an adult has been markedly different from the one of my parents’ generation. Economically, many of the opportunities that existed in the 90s and 2000s began drying up in the 2010s, and the 2020s have seen inflation explode and incomes remain relatively flat. The same home that used to require 4x annual income to purchase now needs 15x. There’s no amount of dodging avocado toast that’ll make that gap up. 

As a result, many of the parents of teens and twenty-somethings are recognizing this generational imbalance and trying to help their kids navigate it. Now, on the topic of ‘fortune,’ we recognize not everyone’s in such a position. I wasn’t, Amanda wasn’t, and many of you are not – we have solutions for you too, but for those that are considering this option we wanted to share some details.

There Is (Currently) No Gift Tax Or Limit

You can hardly move in this country without being taxed through the nose, so this is a truly rare opportunity… Canada has no gift tax! In the vast majority of cases, if you give your child money toward a down payment, you don’t pay tax on it, and they don’t declare it as income. There’s also currently no legal cap on the amount. On insured mortgages (now available on homes up to $1.5M federally), 100% of the down payment can come from gifted funds. Finally, the gift also doesn’t impact their mortgage qualification like a loan would.

More good news, it’s actually a fairly simple process. Every lender will require a gift letter, a short signed document confirming the money is a true gift, not a loan, and that the donor has no ownership claim on the property. Ideally, the funds land in the recipient child’s account well before the mortgage application. Some lenders want 15 days of ‘seasoning;’ others want more. The earlier, the better. 

So, How Much Are Families Gifting?

Given the extreme housing inflation in Canada’s major metros many prior generations recognize that what benefited them has created a potential generational imbalance, and they are looking for ways to help mitigate that for their kids. Again, not everyone has this opportunity or perspective, but we’re seeing it increasingly as inflation continues to outpace income. 

Take a deep breath… as of early 2026, national estimates put the average parental gift around $167,000. In British Columbia, that number climbs above $230,000 – which tells you everything about what’s happened to property values here. In our experience though, more commonly we’re seeing gifts starting in the $20,000-50,000 range to help supplement the kids own savings. This is a philosophical decision as well as an economic one, giving your kids more financially may come at the cost of them finding their feet as best they can. ‘The Prodigal Son’ is one of the more famous parables for a reason – *spoiler alert* the kid got his inheritance early and blew it. 

Where Else This Goes Sideways

That’s not the only danger though. As you’d expect, gifting a down payment, or even a partial downpayment, changes the family dynamic. If you have multiple kids, it can create expectations, and frankly, each child may not be equally responsible or prepared for this. You also need to take into account your own ability to follow through financially, you might be able to help your firstborn, will that still likely be the case for your thirdborn in six years?

If the relationship changes, a gift is still a gift – you have no legal claim on the asset and if you try to assert one it can come with relational, legal and accounting consequences. These conversations should start early, ideally over the course of years or months. The nature of the gift needs to be understood by all parties long before you write the cheque. 

How We Help

Increasingly we’re having parents reach out to us for these conversations, especially now that entry level condos and townhomes have seen a 10% pullback in many markets. The conversations begin with the financial picture, the ‘time value of money’ shocks many parents into seeing why this is such a powerful gift, but we do take the time to discuss how their gift will impact the relationship, the potential pitfalls, and how we’ll navigate the transaction together. Do they want to be hands on? Do they plan on coming to the inspection? Are they going to compare it to their first home? Etc. 

If you’re thinking about helping your kids buy in the Fraser Valley/Lower Mainland, or if your kids have floated the idea, we’re happy to sit down and walk through it with our usual openness and candour. There is no ‘right answer’ on this. Not every parent could or should do this; and not every kid needs or wants it either. Whatever’s right for your family, we’ll work it all out together.

As many of you know, Kandace Willson has become an essential ingredient of the David Smith Homes Group experience these past couple of years.

Not only am I incredibly proud of the Realtor she is, but her clients are too. Well done for earning such a raving review, Kandace, and thanks for sharing such kind words, Julie.

We had the privilege of working with Kandace. She was so patient, understanding, and organized in our search for the perfect home for our family. Kandace is such a thoughtful and caring person. And so professional throughout the entire process.

We can’t wait to move into our new home and invite her over for coffee to share our amazing new space she helped us find! Best Realtor in Langley!!! We feel blessed that we know her and worked with her in this huge step of our lives! Thank you Kandace!

– Julie B.

Well done, Kandace, and keep up the great work!