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Real Estate Purchases and Sales

Nov 25, 2022

RE: New Anti-flipping rules

Canada’s new anti-flipping rules for residential real estate are scheduled to come into force on Jan. 1, 2023, and are designed to “reduce speculative demand in the marketplace and help to cool excessive price growth.” Read More…

Oct 11, 2022

Property transfer tax on pre-sold strata units

When you purchase a condo unit on the open market well in advance of the completion of the building, you will generally pay property transfer tax on the total amount you paid to acquire the property. The total amount includes any money paid for: upgrades or additions, orany other premium for assignment of a written agreement You may transfer the right to purchase the property to…

Oct 9, 2022

Speculation and vacancy tax

The B.C. government announced the expansion of areas where the speculation and vacancy tax applies. The speculation and vacancy tax is an annual tax based on how owners use residential properties in major urban areas in B.C.  Everyone deserves an affordable place to call home, yet house prices and rent have skyrocketed out of reach for too many people. The provincial government …

Oct 7, 2022

Home owner grant

The homeowner grant reduces the amount of property tax you pay for your principal residence. The grant is available to homeowners who pay property taxes to a municipality, or to the province if they live in a rural area. If you pay your property taxes to a First Nation, contact the First Nation directly. In this article you’ll learn about: What to doAbout the homeowner grantRegular gra…

Jul 14, 2022

Interest rates in July, what is happening?

By Aleem This On Wednesday July 12 2022, The bank of Canada officially announced the increase to the overnight lending rate by 1.00%. This announcement surprised pundits who in large part were expecting a maximum increase of 0.75%. This is the biggest jump since 1998, and Canada’s banks will be increasing their prime rates in the coming weeks to 4.70%. This will impact Canadian home owner…

Apr 14, 2022

What Does It Mean To Co-Sign A Mortgage?

By Jonathan Russell Canadian Mortgage Professional Magazine Somebody other than the prospective homeowner (typically a family member or friend) will usually co-sign on a mortgage if the prospective homeowner’s credit and income are not enough for them to qualify themselves. And it works both ways. It is possible that a family member or friend will one day ask that you co-sign on a mortgage i…

Mar 31, 2022

B.C. prepares to strengthen protections for homebuyers

Amendments to the Property Law Act introduced on Monday, March 28, 2022, will enable the creation of a new Homebuyer Protection Period to protect people buying a home in a challenging real estate market. The Homebuyer Protection Period, sometimes called a “right of recission,” responds to concerns that in the highly competitive housing market, buyers are reporting pressure to submit off…

Mar 14, 2022

BCREA 2022 first quarter housing forecast update

The British Columbia Real Estate Association (BCREA) released its 2022 First Quarter Housing Forecast Update on February 2, 2022. Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 17 percent from a record high 2021 to 103,250 units this year. In 2023 MLS® residential sales are forecast to fall an additional 12 percent to 90,200 units. “We expec…

Feb 14, 2022

Seniors housing

There are many housing options for seniors and older adults in B.C. Whether you own or rent your home, or live in a supported or assisted living environment, there are programs and information that can help with your housing needs. Learn more about aging in place, managing housing expenses and moving to other levels of care. Aging in place “Aging in place” means staying in your own h…

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