• Victoria
  • Sidney
  • Saanich Peninsula
    250-656-4626
In your neighbourhood...
  • Victoria
  • Sidney
  • Saanich Peninsula
    250-656-4626
In your neighbourhood...

Blog

Local School Locations Added To REALTOR.ca

Posted by Jack Barker

New school catchment information on REALTOR.ca will roll out nationally in phases, and is already available for Victoria and Vancouver. Coverage reached 80% of school boards in Canada by September. An additional feature allowing parents to search for a property within a particular school’s catchment area will be available later in the fall.

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New Chair For The Real Estate Council of BC

Posted by Jack Barker

The Government of British Columbia has appointed Elain Duvall as the new chair of the Real Estate Council of British Columbia, with a mandate to protect the public interest in the province’s real estate sector. RECBC will be working under Ms. Duvall’s leadership to achieve a province where real estate consumers have confidence in competent and ethical real estate professionals. In co-operation with the Office of the Superintendent of Real Estate and the Ministry of Finance, they work to ensure that BC's real estate sector is trusted and effective.

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What Homebuyers Should Know About BC Wildfires

Posted by Jack Barker

As wildfires continue to burn across BC, thousands of British Columbians on evacuation alert, with firefighters working to protect communities, homes and businesses.

For those with pending real estate transactions in fire-affected areas, the situation is even more uncertain: you likely have questions about how the fires will affect your home insurance and your ability to close on the transaction.

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Bank of Canada Lending Rates On Hold

Posted by Jack Barker

In line with financial market expectations, the Bank of Canada announced it is keeping its trend-setting overnight lending rate unchanged at 1.25%. However the Bank reiterated that higher lending rates are still on the way, with financial markets betting the next 25 basis point hike will be at the next scheduled policy announcement on July 11.

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Teams, Agency and Disclosure: New Dual Agency Rules

Posted by Jack Barker

On June 15, 2018, consumer protection rules from the Superintendent of Real Estate will take effect. The goals of the rules are to ensure consumers are well-protected, well-informed, and can benefit from the undivided loyalty of a real estate licensee who is acting in their best interests. These rules will protect consumers by:

  • Prohibiting limited dual agency in almost all cases, and
  • Requiring new disclosures about commissions, services to expect from a licensee, and the risks of being an unrepresented party in a real estate transaction.

The Superintendent’s rules will change the way real estate is practiced in BC, and will enforce the fundamental REALTOR® duties of undivided client loyalty, confidentiality, managing conflicts of interests, and informed client consent.

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New BC Real Estate Speculation Tax

Posted by Jack Barker

In its recent budget announcement, the BC government declared that new legislation will be introduced for an annual real estate speculation tax. This new tax will be effective for the 2018 tax year.

The speculation tax is aimed at foreign and domestic real estate speculators in BC, and will not affect the majority of BC homeowners. Speculators own property that is not occupied by the owner or a recognized long-term rental, placing it outside of BC's long-term housing stock. The tax will also affect satellite families: Households that have high worldwide income but pay little income tax in BC.

In the first year the tax rate will be $5 per $1000 of assessed value. In 2019, the rate will be increased to $20 per $1000 of assessed value. The speculation tax will first be applied to Metro Vancouver, Fraser Valley, the Capital Regional District, the Nanaimo Regional District, Kelowna, and West Kelowna. Learn more.

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Principal Residence and Capital Gain

Posted by Jack Barker

The designation of a property as a principal residence is a significant and important financial planning tool because the CRA allows you to shelter the profits earned on the sale of a principal residence from taxes owed.

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Updated Regulation For Building Inspection

Posted by Jack Barker

The Provincial government intent to improve the rules and regulations for Building Inspections.  Implementation of the regulations will take effect on September 1, 2016 and the updated requirements are:

  • Home inspection contracts must describe in advance what will be covered in an inspection.
  • Contractual terms that limit home inspectors liability will be prohibited.
  • New business record keeping requirements will be put in place for home inspectors.
  • Home inspectors will be required to have valid professional and general liability insurance.

The Province intends to undertake a comprehensive review of qualifications required for a Building Inspector and these new standards are intended to be implemented in 2017.

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Will Retiring Boomers Crowd The Rental Market?

Posted by Jack Barker

We are noticing a major change in America where boomers are competing with millenials in renting properties.  The changing demographics with older Canadians who are beginning to flood the market in years to come pushing up rents and pushing up the construction of rental housing.  It’s the combination of their sheer size and the increasing motivation to downsize.

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