Real Estate Purchases and Sales

Brace yourselves for some tax talk in Vancouver. The city’s buzzing about a potential 7.6% property tax hike in 2024, as outlined in the draft budget ahead of the December City Council showdown. Now, it’s a tad lower than the 2023 increase but still a notch above the historical average. The City’s eyeing an average annual increase of 5% to 7% between 2024 and 2028, based on new revenue oppor…

Hey there, future real estate investor! 🏡 Thinking about diving into the property market? It’s all about making the right choices. Let’s break down the pros and cons of various rental properties to help you find your perfect match. 1. Short-Term Vacation Rentals: The Premium Choice Imagine a charming beachfront villa or a stylish city loft. Short-term vacation rentals can fetch higher ren…

The Bank of Canada has decided to hit the brakes on interest rate hikes, maintaining its policy rate at the current level. This move reflects the belief that the economy is slowing down enough to warrant no further immediate action. In their announcement on September 6th, the central bank revealed that they were keeping the overnight rate steady at 5.0%. This decision comes after a series of…

Home sales in Metro Vancouver are on the rise, and prices continue to increase. Despite a decrease in sales compared to last year, homebuyers are returning with confidence after a challenging period. The limited supply of homes is creating competitive conditions and driving price escalation. The current market shows a rebound in sales, with prices already up by 5% year-to-date. The MLS® Home Pr…

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…

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…

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 …

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…

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…