Earlier this week, the Government of Canada announced a series of amendments to the Foreign Buyer Ban. These amendments expand the exceptions to the regulations, are effective immediately, as of March 27, 2023, and are as follows: The Foreign Buyer Ban no longer applies to work permit holders. Now, those who hold a work permit or are authorized to work in Canada are allowed to purchase resid ...

Good Morning, while this post might only be applicable to clients living in a strata property, many of us might be heading that way moving forward! People living in a strata deserve to have peace of mind that their strata corporation has the appropriate reserves to do routine maintenance and keep strata insurance costs down.  Strata corporations in B.C. are required to have a contingency re ...

Rising mortgage rates brought uncertainty and caution to Metro Vancouver’s housing market in 2022 - all areas, all prices. After seeing record sales and prices during the pandemic, Metro Vancouver’s housing market experienced a year of caution in 2022 due to rising borrowing costs fueled by the Bank of Canada’s ongoing battle with inflation.  The Real Estate Board of Greater Vancouver (REB ...

On November 21, 2022, the Office of the Premier announced changes to the Strata Property Act (“SPA”) impacting rental properties in British Columbia. This communication is intended to inform real estate licensees and other interested parties of what these recent changes mean in relation to:• Banning of strata rental restriction bylaws;• Limiting age restriction bylaws in strata housing to age ...

Good morning everyone, a few updates for you: Federal ban on foreign buyers – many articles suggest resort areas such as Whistler will be exempt, but the regulations are not yet out. As soon as they are, I will try to update you all. Residential property flipping rule – The proposed residential property flipping rule (RPFR), announced in the 2022 federal budget, will deem gains arising fr ...

Key Facts: • The new cooling off period will be effective January 1, 2023. • Buyers will have 3 days to back out of a residential purchase after signing a contract. • Buyers who back out of a contract within this 3-day period will have to pay a rescission (cancellation) fee of 0.25%. For example, if the purchaser exercises the right of rescission on a $1-Million home, they would be required ...

The Depreciation Report: A depreciation report provides important insights for buyers looking to buy into a strata corporation. It not only speaks about the current condition of the physical components (as long as the report is recent), but also the financial state of the strata corporation. Some of the most important information in a depreciation report can be found in the following two sec ...