Home sale and listing activity continue trending below long-term averages in November

While typically a quiet month of market activity based on seasonal patterns, November home sale and listing totals lagged below the region’s long-term averages.

“With the most recent core inflation metrics showing a stubborn reluctance to respond significantly to the furious pace of rate increases, the Bank of Canada may choose to act more forcefully to bring inflation back toward target levels.” the REBGV’s director, economics and data analytics said. “While it’s always difficult to predict what the bank will do with certainty, this persistent inflationary backdrop sets up the December 6 rate announcement to be yet another increase, making holiday-season home…

848 Views, 0 Comments

Read Full Post

Strata Rental Restriction Lifted.

Age restriction rules for aged below 55 removed.

Ministry of Attorney General and Housing details:

No strata rental-restriction bylaws allowed (Nov 24, 2022) As of November 24, 2022, no strata corporation or section is allowed to have a residential rental-restriction bylaw. All strata rental-restriction bylaws are invalid. (Note: no strata bylaw changes are required as provincial legislation changed). Short-term rental strata bylaws are allowed and a strata corporation or section may have, or create, a bylaw banning or limiting short-term rentals.

Reference (Nov 27, 2022): Progress of Bills, 3rd Session, 42nd Parliament (2022); Bill 44, Building and Strata Statues Amendment Act.

Strata…

366 Views, 0 Comments

Read Full Post

What expenses and potential taxes do I need to pay if I’m buying a property?


There are a number of typical expenses and taxes that’ll be applicable to your real estate purchase in BC. You will have to prepare to pay for expenses such as lawyer or notary fee, mortgage financing fee if applicable, professional home inspector fee, appraiser fee if required, moving expense, strata building move-in fee if applicable, adjustment for annual property taxes and maintenance fees to the day of your completion (Buyer’s pro-rated %), and taxes such as the property transfer tax PTT and goods and services tax GST with varying amounts/calculation.

Eg

Lawyer fee $1,600

Mortgage financing (varies)

Home Inspection 

Home Appraisal

Moving company  

…

209 Views, 0 Comments

Read Full Post