The city of Vancouver is considering restricting ownership of housing to local residents, among other strategies, as it looks to cool a hot real estate market that it says is fueled by foreign and local speculation. A foreign buyer ban is just one of numerous supply and demand measures outlined in Vancouver’s ...Continue Reading
Housing Market Facing Headwinds Despite Strong Economy BCREA 2017 Fourth Quarter Housing Forecast Vancouver, BC – November 28, 201 7. The British Columbia Real Estate Association (BCREA) released it’s 201 7 Fourth Quarter Housing Forecast today. Multiple Listing Service® ( MLS® ) residential sales in the province are forecast to ...Continue Reading
Vancouver proposes 3.9% property tax hike for 2nd year in a row, budget also includes a 7.9% increase in utility fees and a 2% increase for recreation fee!s.
The City of Vancouver is proposing a 3.9 per cent property tax hike to help pay for its 2018 budget. It includes new spending the city says is needed on actions to “address housing supply, affordability and critical social issues.” The proposed increase amounts to an extra $87 per median single family home ...Continue Reading
Starting January 1, 2018, Canadian homebuyers will need to meet stiffer guidelines in order to qualify for a mortgage with a federally regulated mortgage lender. As expected, Canada’s banking watchdog, the Office of the Superintendent of Financial Institutions Canada (OSFI), confirmed October 17 that starting next year, all borrowers – ...Continue Reading
You can get a great deal if a home is part of an estate – but there are particular conditions you should include in your offer First, what is probate? Probate, in short, is the court procedure for two things: • Official approval of the will by the court as ...Continue Reading
Home buyers in BC and across Canada are bracing themselves for strict new qualification rulescoming into force in January for mortgage applicants who have more than 20% as a down payment. Those buyers will have to undergo the same “stress test” that was introduced a year ago for buyers who ...Continue Reading
Home sales across BC in October rose 19.3% year over year, to 8,677 units, despite extremely low inventory, according to a report issued November 14 by the British Columbia Real Estate Association (BCREA). That’s also an increase of 4% from the 8,340 sales reported across the province in September this ...Continue Reading
Are you a Vancouver home owner? you’ll have to submit an Empty Homes Tax property status declaration for 2017.
To address Vancouver’s housing crisis, we have implemented an annual tax on empty or under-utilized residential properties called the Empty Homes Tax. Every owner of residential property in Vancouver is required to submit a property status declaration each year to determine if their property is subject to the tax. Properties ...Continue Reading