Home security doesn’t end with locks and alarms. There are other less obvious ways to keep your home safe, this month I've provided a list of simple precautions to significantly lower your risk of a break-in.
As the housing market shifts further and further towards rental opportunities, it’s important for potential buyers and investors to understand where the rental housing market is trending in British Columbia. Recently this market has seen an influx of investment and incentive programs with encouraging results.
With the recent figures for sales and prices for April and May in the books, it’s clear that the British Columbia housing market remains in a state of flux, with present challenges competing against cautiously optimistic projections to leave forecasters, agents and buyers alike opting for a ‘wait and see’ approach.
With home ownership having undergone a volatile transition phase in terms of both volume and demographics, there are now emerging trends that explain what the new generation of homeowners are worried about when it comes to their property decisions.
As was expected by many market forecasters, the B20 Stress Test implemented as a part of Federal level mortgage policy has had negative repercussions throughout the housing market.
This is especially true here in British Columbia, with the BCREA observing that residential unit sales figures in March saw a decline of 23% from the same point last year. These figures, coupled with a decline of 5.4% in residential house prices in BC in the same period, painting a stark picture of the current housing market in the province.
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.
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.”
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.
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.
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.
