Real Estate Purchases and Sales

Embarking on the journey of buying or selling a home in British Columbia (BC) involves various considerations. In this guide, we’ll explore key factors that can significantly impact your experience, ensuring you are well-informed and prepared for this significant life event.Consumer Protection:The BC government is dedicated to safeguarding the interests of citizens involved in real estate…

In a significant step towards addressing housing needs, a 52-unit development is underway in Merritt to provide more affordable rental homes for First Nations families, elders, and youth. The project, supported by the B.C. government’s $19-billion housing investment, aims to create a positive impact on the community by offering accessible and culturally safe housing.Location and Features…

Amid the usual slowdown in seasons, recent reports from the Canadian Real Estate Association bring good news – home sales have held steady month over month. With the Bank of Canada sticking to a 5% target rate and lenders dropping fixed rates over the past few weeks, it seems Canada’s housing market is heading towards stability.Buyers and sellers are in a bit of a wait-and-watch mode, anticip…

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 opportu…

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 ChoiceImagine a charming beachfront villa or a stylish city loft. Short-term vacation rentals can fetch higher rent…

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 r…

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 Pric…

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 agreementYou may transfer the right to purchase the property to a…

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 is…