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

Archives April 2018

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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