Metro Vancouver Real Estate Update: After months of trailing nearly 20% below the ten-year seasonal average, Metro Vancouver home sales surged in October, jumping over 30% year-over-year. The Greater Vancouver REALTORS® reported 2,632 residential sales on the MLS®, a 31.9% increase from October 2023. New listings also rose, with 5,452 properties added to the market—up 16.9% from the previous year and 20% above the ten-year seasonal average. This ... Read the Post...
Want to Purchase a Condo for Under Market Value?
The Provincial government and the xʷməθkʷəy̓əm (Musqueam), Sḵwx̱wú7mesh (Squamish), and səlilwətaɬ (Tsleil-Waututh) (MST) Nations have partnered to give first-time home buyers the opportunity to purchase condos in Vancouver at 60% of their market value. About the Homes A total of 2,600 studios, 1-, 2-, and 3-bedroom homes built at the Heather Lands, located at West 33rdAvenue and Heather Street. These condos will be strata leasehold ... Read the Post...
New Mortgage Approval Rules Coming Soon!
Last week, the federal government announced new mortgage approval rules aimed at making mortgages more affordable for Canadians. First, as of December 15, 2024, the purchase price threshold for insured mortgages will increase from $1 million to $1.5 million. This means that if you’re purchasing a home for $1.5 million or less, you will no longer be required to have a minimum 20% down payment. The previous threshold for insured mortgage was ... Read the Post...
Buyer’s Agent Do I Need To Use One?
Should you use a Buyer’s Agent when you are looking to purchase a home? What about a pre-sale property? The answer in short is, YES! Buying a home is the biggest and most expensive life decision you will ever make. Having someone who represents you and looks out for your best interest is very important. The Seller’s agent is there solely to work in the best interest of their client. If you’re thinking of purchasing a home without a ... Read the Post...
What is the First Home Savings Account?
Are you currently renting with hopes of becoming a homeowner? Do you have children who are over 18 years old? If so, the new First Home Savings Account could help you and your family get into the real estate market. What is the First Home Savings Account? On April 1, 2023, the government introduced the Tax-Free First Home Savings Account (FHSA.) The FHSA is meant to help make saving money for a down payment easier. In fact, it lets ... Read the Post...
What You Need to Know When Buying a Strata Property
When buying a strata property, there are a number of things that you must review. These are different from when you purchase a single family home. The process can be much more time consuming and requires more attention to details. When buying a strata property you should receive 2-year’s worth of strata minutes. In addition there will be various other strata documents. It is important to carefully read them in order to understand if it is a good ... Read the Post...
What You Need to Know About the BC Home Flipping Tax
The BC Home Flipping Tax comes into effect on January 1, 2025. It applies to the net income from properties sold within two years (730 days) of purchase, even if the purchase was made before January 1, 2025. Certain property types and circumstances are exempt from this tax. It is important to note that this tax is separate from/ in addition to the Federal Property Flipping Tax. How is the BC Home Flipping Tax Calculated? The BC Home ... Read the Post...
Everything you Need to Know – BC Short-Term Rental Rules
Due to changes made by the Provincial Government of BC, as of May 1, 2024, there are new requirements for BC short-term rental hosts and short-term rental platforms operating in B.C. The new rules apply to municipalities that have a population of 10,000 and over and in smaller neighbouring communities. Municipalities that are not automatically included in the changes can choose to opt into the changes. Click here to see if your city is ... Read the Post...
