Category: Real Estate News

BILL 44 – 2022: BUILDING AND STRATA STATUTES AMENDMENT ACT. On November 24, 2022, the BC Government passed amendments to the Strata Property Act which take immediate effect.   There are three significant changes impacting strata properties: 1. All rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo. […]

The B.C. government is extending its speculation and vacancy tax to more communities starting in January 2023. Squamish, Lions Bay, Duncan, North Cowichan, Ladysmith and Lake Cowichan will be added to the list, which already included Metro Vancouver, Greater Victoria, Nanaimo, Lantzville, Abbotsford, Mission, Chilliwack, Kelowna, and West Kelowna. The tax rate is 2% of […]

Non-Canadian and non-Permanent Residents will no longer be able purchase a property in Canada starting January 1, 2023. Here is some key information regarding the Prohibition on the Purchase of Residential Property by Non-Canadian Act: * In an effort to address concerns about housing affordability, the federal government passed a two-year restriction on the purchase […]

Spring ushers in calmer housing market trends in Metro Vancouver   After reaching record-setting levels in 2021, home sale activity has returned to more typical seasonal levels in Metro Vancouver this spring due, in large part, to rising interest rates.   The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the […]

Competition amongst home buyers is putting upward pressure on home prices across Metro Vancouver’s housing market. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,727 in February 2021, a 73.3 per cent increase from the 2,150 sales recorded in February 2020, and a 56 per cent […]

Jan 5, 2021 – Strong December activity brought Metro Vancouver’s 2020 home sales total in line with the region’s long-term annual average.   The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 30,944 in 2020, a 22.1 per cent increase from the 25,351 sales recorded in 2019, […]

1. What is the Government of Canada’s First Time Home Buyer Incentive program (FTHBI)? The FTHBI program enables qualified first-time homebuyer/s (the “Homebuyer”) to reduce their monthly mortgage payment without increasing the amount they must save for a down payment, by providing the Homebuyer with a portion of the purchase price of the home (the “Incentive”). The […]

The Impact of the B20 Stress Test on BC Home Sales   Without the stress test, home sales in BC would have been about 7,500 sales—or 10% higher—in 2018 Approximately $500 million in BC economic activity was lost due the B20 stress test The decline in home sales in 2018 was largely due to market […]

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Provincial Government Increases Homeowner Grant Threshold BC Assessment values have increased, but the vast majority of homeowners in the province will still be eligible for the 2018 homeowner grant this year, as the provincial government has raised the threshold for the grant to $1.65 million, up from $1.2 million last year in 2016. Any property owner with a home valued […]