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

Blog

Strata Development Termination - Category: Financial

Posted by Jack Barker

Two recent BC court cases clarify when a strata council might list a terminated development project for sale, or contract to sell it to a buyer.

Many of BC's earliest strata developments are around 50 years old. Aging strata buildings may be located in an area rezoned for higher density development, or need so much remedial work that selling the project to a developer for redevelopment is more cost effective. In 2016, the province of BC made it easier for strata owners to choose to terminate their development, lowering the threshold for a winding-up resolution to 80%. Since then, the Supreme Court of British Columbia has decided several important termination cases.

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BC Real Estate Money Laundering Investigations - Category: Financial

Posted by Jack Barker

A recent news report suggests that up to $1 billion may have been laundered through Vancouver luxury real estate in 2016. BCREA has been supporting the provincial government's ongoing investigations and efforts to understand and eliminate money laundering vulnerabilities in BC real estate transactions.

“As the report says, money laundering is a complex problem and recognizing when sophisticated international crime syndicates – who are experts at fraud and deception – are at work behind the scenes takes significant resources,” noted BCREA CEO Darlene Hyde. “At BCREA, we are ready to make our contribution to keeping BC's economy safe from organized crime and we have committed to assisting the government.”

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Exemptions to Bill 45 - Category: Financial

Posted by Jack Barker

As of the passing of Bill 45, the Budget Measures Implementation (Speculation and Vacancy Tax) Act, the Government of British Columbia has approved additional exemptions to the tax, addressing advocacy concerns brought to the Province’s attention by BCREA. The Bill now allows for exemptions for British Columbians going through traumatic life events such as illness, divorce, or separations, and for owners of properties that are being developed or undergoing renovations.

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Bank of Canada Lending Rates On Hold - Category: Financial

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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New BC Real Estate Speculation Tax - Category: Financial

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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Immigration in British Columbia, Canada - Category: Financial

Posted by Jack Barker

The BC skilled worker category was modified in January 2015 by introducing a PNP Express Entry system co-ordinating with Federal immigration programs. The most radical changes have been renewed for the business category.

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