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  1. The BC government has officially passed its home flipping tax, set to take effect on January 1, 2025

    This new tax significantly impacts short-term sales. Clients aiming for quick profits from property flips will face a declining tax based on how long they hold their property. Properties sold within 365 days will be subject to a 20% tax on the profit, with the rate decreasing until the property is held for 730 days, after which the tax no longer applies. This shift means agents need to counsel clients carefully about holding strategies and tax exposure when considering short-term property sales.
    By Joanna Gerber
    06-11-2024

  2. Restructurings more common in current difficult economic, regulatory environment

    Developers in Vancouver are facing a confluence of economic and regulatory factors that are financially stressing projects and making insolvencies more common.

    Even if developments don’t fail, they may require a restructuring to make financial sense in a new environment characterized by a significant escalation in costs and other barriers.

    Various factors are creating a challenging climate for builders. They include inflation, the steep jump in the key interest rate from 0.25 per cent in March 2022 to five per cent in June 2023, redistributive taxes and policies, rising construction costs, permitting delays and changing building codes.
    By Jami Makan
    06-11-2024

  3. A Realtor’s guide to navigating strata documents in B.C.

    Realtors play a vital role in guiding buyers through the often overwhelming process of purchasing a unit in a multi-family complex. For many, the volume of required documentation—from disclosure statements and financial reports to meeting minutes—can feel daunting. Knowing what to focus on and interpret is crucial for a smooth experience and can make all the difference in helping clients make informed decisions.
    By Jaclyn Jeffrey
    06-11-2024

  4. The park board has approved designs for the first phase of East Park

    Vancouver will be getting a new 1.2-hectare park at False Creek after the park board voted Monday night to approve the design.

    Park board staff say the first phase of East Park, near the city’s Olympic Village neighbourhood, will include a songbird tree grove to offer a tranquil retreat, a level lawn for small-scale community events, and a recreation area with seating.

    The area will also feature separated walking and cycling paths to provide safe and accessible routes along the water and throughout the park, according to staff.

    “The East Park Phase 1 concept plan represents an exciting new vision for this neighbourhood amenity and waterfront destination,” said park board chair Brennan Bastyovanszky in a statement on Tuesday.

     
    By Tiffany Crawford
    05-11-2024

  5. Vancouver Park Board approves designs for an exciting new park on False Creek’s waterfront

    November 5 2024 – At last night’s Park Board meeting, Commissioners approved designs for the first phase of East Park, a new waterfront destination park on False Creek in Vancouver’s Olympic Village.

    “The East Park Phase 1 concept plan represents an exciting new vision for this neighbourhood amenity and waterfront destination,” says Park Board Chair Brennan Bastyovanszky. “The designs introduce access to natural areas and large open spaces to support events as well as a variety of casual uses. I can’t wait to see the first phase of the East Park project come to life and I hope that residents and visitors see their feedback and aspirations reflected in the final plan.”

    The concept for the 1.2-hectare park is shaped by the     Guiding Principles PDF file (802 KB) for the design of parks in Northeast False Creek and by what we heard from the local First Nations and thousands of community members during two rounds of engagement, held in fall 2022 and spring 2024.
    

    Source: The Vancouver Sun
    05-11-2024

  6. Condo sellers in towns like Toronto are about to give buyers a windfall chance at low prices

    The psychology in some of Canada’s biggest condo markets, particularly those with large immigrant populations, has been deteriorating for months, but the meltdown is worsening. It may not be a Chernobyl — because prices will someday recover — but it’s definitely feeling Three Mile Island-esque.

    n the GTA, TRREB says third-quarter condo resales dropped 4.4 per cent while listings jumped 10.6 per cent. But that’s before the government’s bombshell announcement that it was slashing Canada’s population for the next two years. Talk about kicking the legs out from under a market. Condos in places like metro Toronto, Vancouver and Montreal are heavily tenanted by temporary residents and immigrants.

    By Robert McLister
    01-11-2024

  7. Columbia Square redevelopment that was approved this week is just one of many transit-oriented developments

    Did you know New Westminster is British Columbia's oldest city? New West was an early pioneer settlement with a history that dates back 10,000 years, it was incorporated in 1859, and it was the first capital city of British Columbia until Victoria took over the mantle after British Columbia was united with Vancouver Island in 1866.

    This is why, when you look at land titles for properties across the Lower Mainland, the "legal description" for properties as far out as Surrey, Burnaby, or even North Vancouver, identify the property as part of the New Westminster Land District.

    By Howard Chai
    31-10-2024

  8. How to Get the Best Return on Investment with a Rental Property

    Investing in rental properties can be a powerful way to build wealth and generate passive income. However, maximizing the return on investment (ROI) from rental property ownership requires careful planning, smart management, and a focus on both income generation and cost control. Here’s a guide to help you get the best ROI on your rental property. 

    Choose the Right Property Location

    Location is the foundation of any real estate investment. An area with high demand for rentals, like shops and restaurants is more likely to attract quality tenants and offer higher rental yields. Here’s how to evaluate a location:

    • Neighborhood Quality: Look for areas with low crime rates and good local services. 
    • Job Market Proximity: Proximity to a strong job market can ensure a steady flow of tenants, especially young, working professionals. 
    • School Quality: Areas with well-regarded schools are attractive to families, which can lead to longer lease terms and stable income.
    By Aiden Lowrie
    30-10-2024

  9. Prices of new residential homes in Vancouver unchanged from a year ago

    New home prices in the Vancouver region declined in September on a month-over-month basis, according to Statistics Canada.

    In an update released Oct. 25, Statistics Canada said its New Housing Price Index in September was down 0.2 per cent from August – and unchanged from a year ago – for the Vancouver census metropolitan area (CMA).

    In the Victoria region, prices were unchanged from August to September. Prices were up 0.6 per cent in the Kelowna region. For B.C. as a whole, the monthly index was down 0.2 per cent, and down 0.1 per cent year-over-year.
    By Jami Makan
    28-10-2024

  10. Canadian homeowners who frequently rent properties on Airbnb could face 13% tax when selling it. Here’s what you need to know

    Canadian homeowners might want to think twice before listing their properties on Airbnb as they might have to pay a 13 per cent tax on the property if they sell it. 

    The relatively new tax ruling comes following a decision earlier this year from the Tax Court of Canada that says properties that are consistently rented out on short-term listing platforms are subject to HST on the property when they sell it. This could equal hundreds or thousands of dollars in tax.
    By Breanna Marcelo
    25-10-2024

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