Vancouver’s Short-term Rental Bylaws Take Effect April 19..
Regulations for short-term rentals approved by the City of Vancouver in November will take effect April 19, 2018. Under the policy, short-term rentals of a secondary suite or laneway house will only be allowed if the property is the owner’s principal residence or if it is rented long-term, and the tenant wishes to operate a short-term rental, with approval of […]Continue Reading »
BC Speculation Tax: Here’s What you Need to Know..
On Monday, the provincial government announced it is making some changes to the speculation tax, which was first announced last month as part of the budget. The government expects to introduce legislation in the fall to make the tax part of law and they say 99 per cent of British Columbians will be exempt […]Continue Reading »
The Nitty Gritty on the 2018 BC Budget
Here is what we know of today’s provincial budget as it relates to real estate: The foreign buyers tax goes to 20%, effective tomorrow, and is now applicable in Capital Regional District, Fraser Valley, Central Okanagan and Nanaimo Regional District. Property transfer tax will go from 3% to 5% on values of homes over $3,000,000.00. […]Continue Reading »
Canada’s Bank Regulator Toughens Mortgage Qualifying Rules
Canada’s banking regulator just released final rules that will make it harder for buyers to take on uninsured mortgages, adding to the list of measures aimed to rein in Canada’s dynamic housing markets. After years of clamping down on insured mortgages, policy makers have been turning their attention to the uninsured segment, which has been […]Continue Reading »
April 2017 Market Stats
Residential property sales in the region totalled 3,553 in April 2017, a 25.7 per cent decline compared to April 2016 when 4,781 homes sold and a 0.7 per cent decrease from the 3,579 sales recorded in March 2017. April sales were 4.8 per cent above the 10-year average for the month. For the first four […]Continue Reading »
If you sold your home last year you have to report it on your taxes for the first time – Are you ready?
For the first time, Canadians who sold their homes in 2016 will have to report it to the Canada Revenue Agency, even though any gains remain tax-free if they’ve lived in the properties as long as they’ve owned them. Basic information related to the transaction, the year of purchase, the proceeds of the sale and […]Continue Reading »