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

Blog

Protocols for Returning to Operation - Tag: Regulations

Posted by Jack Barker

It has been a challenging time for everyone these last few months, and some restrictions are being lifted in BC. But what does this mean for resuming viewings in the BC real estate market?

Social distancing is still of course in effect, and employers are required to develop a COVID-19 Safety Plan that outlines the policies, guidelines, and procedures they have put in place to reduce the risk of transmission. This means identifying protocols that everyone at the workplace must follow to keep people safe. 

Read More »

Real Estate News Roundup: April - Tag: Regulations

Posted by Jack Barker

We hope that everyone reading this is staying safe and coping with these difficult and stressful times—understandably this month’s roundup will be dominated by the facts of the exceptional circumstances we find ourselves in.  

Read More »

Positive Signs For The BC Housing Market In 2020 - Tag: Regulations

Posted by Jack Barker

With the recently issued property assessments painting a deflated picture for the BC housing market — it would be easy to understand if investors and experts were less than enthusiastic about the picture for 2020. However, in the wake of recent numbers and forecasts, there’s a wave of cautious optimism when it comes to the market in 2020. 

Read More »

Rental Housing Market Trends - Tag: Regulations

Posted by Jack Barker

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. 

Read More »

Stress Test Policy Leading To A Bottleneck Of Housing Demand - Tag: Regulations

Posted by Jack Barker

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.

Read More »

Strata Development Termination - Tag: Regulations

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.

Read More »

Exemptions to Bill 45 - Tag: Regulations

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.

Read More »

Teams, Agency and Disclosure: New Dual Agency Rules - Tag: Regulations

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.

Read More »

New BC Real Estate Speculation Tax - Tag: Regulations

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.

Read More »

Principal Residence and Capital Gain - Tag: Regulations

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.

Read More »

 
Back To Top