n the dynamic realm of real estate, potential buyers, sellers, and investors in British Columbia must be well-versed in the intricacies of taxation to make informed decisions. Various taxes can impact real estate transactions, shaping the financial landscape for both individuals and businesses. In this blog, we will delve into the key taxes that may affect real estate transactions in British Columbia.
[NEW] Flipping Tax
Starting in 2025, the BC Home Flipping Tax is a 20 per cent tax on the gain from...
Buying a home is a significant milestone in one's life, and it often comes with a list of resolutions to make the process smoother and more successful. Here are some New Year's resolutions for home buyers:
1. Save for a down payment: Start the year off by creating a budget and setting aside money specifically for a down payment. This will help you reach your goal faster and make the home buying process more manageable.
2. Improve your credit score: Your credit score plays a crucial role in the mortgage...
The "leaky condo" crisis in British Columbia refers to a period from 1984 - 1999 when numerous multi-unit residential buildings experienced widespread water ingress and building envelope failures, resulting in extensive damages and costly repairs. As a result of this crisis, significant changes were made to the British Columbia Building Code (BCBC) to address the issues and improve building standards. Some of the changes made to the BCBC following the leaky condo disaster include:
In recent times, Canadian homebuyers have demonstrated a growing fascination with the idea of acquiring pre-construction properties as a refreshing alternative to the conventional resale transactions. While historically, pre-construction properties were primarily snatched up by investors, this trend has now become equally enticing for end-user buyers who cherish the prospect of owning a brand-new home and the flexibility to await its completion.
One of the most significant advantages of pre-construction...
Owning a home is a significant milestone that many people aspire to achieve. The decision to transition from renting to homeownership is not to be taken lightly, as it comes with both financial and emotional implications. If you find yourself contemplating this monumental step, here are some compelling reasons why purchasing a home might be the right move for you.
1. To Stop Renting: The End of Endless Rent Payments
One of the most common motivations for purchasing a home is the desire to put an end...
Are you in the market to buy a home in British Columbia? If you're considering purchasing a home that was built prior to 1980, there are some important things you should be aware of. Homes built before this time period may have unique features and potential issues that you need to consider before making a decision. In this blog, we'll explore some key factors that home buyers should be aware of when buying a home in BC that was built prior to 1980.
Building Codes and Regulations: Building codes and...
Viva just released its final homes for sale. Located in Sullivan Ridge, once of the most desirable residential neighbourhoods in Surrey. Conveniently located 35 minutes from Burnaby, 35 minutes to Richmond, 30 minutes to Langley and 20 minutes to the USA border. A commuters dream close to schools, restaurants, transit and just 4 blocks to Sullivan Square shopping centre.
Viva features a beautifully landscaped courtyard and has a selection of Studio, I bedroom and junior 2 bedroom suites...
While most buyers expect to live in their homes an average of 14 years, the typical tenure is close to nine years. That means the average buyer will go through the process of buying a home about once a decade. The real estate market is always changing - the process of buying a home has evolved in the past decade, here are a few tips to help you navigate through it. Give a real estate professional a call as soon as you start thinking of buying. A real estate professional can provide valuable guidance...
Depreciation Reports or Reserve Fund Studies are a useful tool that enable strata corporations to better plan for future repair and/or replacement, and maintenance of common property and common assets over the life of the assets.
Special levies are a fact of life when buying into a strata, you will never completely avoid it. As an owner you should view these as an investment in the maintenance and of your home. However no one wants to purchase a home and immediately be saddled with...
Speak to a mortgage professional; having your mortgage pre-approved is an important step in the process and benefits you in three ways:
- Pre-approval helps verify your budget and allows your real estate agent to find the best home in your price range. Quick Tips: It's not a pre-approval if you haven't provided the documents to your lender. Don’t forget about the closing costs! Factor in approx. 2% of the purchase price.
- Pre-approval is usually in writing and guarantees the rate...
For the majority of homebuyers, finding the right property to buy is often the most difficult step of the home buying process, more difficult than saving for a down payment or getting a mortgage. Before you start you search, consider these four important factors. The average buyer visited or considering 10 homes before buying.
-How much house can I afford? Knowing what you can afford will help you narrow your search to homes within your budget. Make a list of expenses you’ll have when...
Few modern homes can beat the charm and character of Canada’s homes built before the twentieth century. Natural wood beams and trim, built-in cabinets and cozy bedroom alcoves are only a few of the features that make older homes special and attractive to many home buyers. Yet along with their appealing style and atmosphere, many of these houses also possess an array of ailments and conditions specifically because of their age. The Canadian Association of Home & Property Inspectors...
When you’re shopping for a home in Sellers market, you may become interested in a property for sale that several other buyers are interested in. What should you do if you really love that home? Obviously, you’ll need to move quickly and make some fast decisions. Start by making certain the property fits within your price range. The last thing you want is to have an offer accepted and find out it is beyond your budget. That’s why it’s a good idea to arrange for financing...
Whether seeking solace, activity, schools, churches, or green space, every homebuyer looks for a different combination of attributes in a new community. Choosing a neighbourhood that suits your needs and wants is one of the most important decisions you’ll make in the home-buying process; your choice of environment will affect the way you experience your new home. This is a very personal decision, influenced by countless unique factors colouring your own lives, but you should always keep the...
The asking prices of most homes on the market indicate the current state of the market, and usually mirror the prices for which other similar homes in the area have recently sold. In deciding upon a selling price, a home-seller must establish a balance between the desire to draw the highest offer and finding a price that will be reasonable enough to attract an appropriate pool of prospects, and competitive offers. While most selling agents counsel their clients to consider this equation when pricing...
There is no set equation to determine how you’ll reach an offer price. Rather, the process involves a range of research and comparison that will vary with each situation. You’ll need to look at sales of comparable properties, and factor in additional data such as the condition of the property, the current market, and seller circumstances. With this information in hand, you will be able to determine a fair price range and, from there, establish the price you’re willing to offer. C...
Pretty plants can have ugly impacts. This is especially true with knotweed, a fast spreading and potentially destructive plant with bamboo-like stems, the plant can cause structural damage by pushing through concrete, asphalt and drainage systems. It also displaces other plant life, causes erosion and pollutes streams with sediment from the eroded land. Native to Asia, there are four knotweed varieties in the province: Himalayan, Japanese, Giant and Bohemian. All grow in the Fraser Valley...
Each homebuyer has different ideas of what will constitute the ideal home for them, these notions often based on particular aesthetic preferences. But one thing that unites all potential homebuyers is the desire to find a home that is fundamentally sound—in areas beyond the immediate sweep of the eye—and that will provide a safe, comfortable, and efficient foundation for their life behind a new door. This is where the services of a home inspector come in. During a home inspection, at least...
Budgeting for a new home can be tricky. Not only are there mortgage installments and the down payment to consider, there are a host of other—sometimes unexpected—expenses to add to the equation. The last thing you want is to be caught financially unprepared, blindsided by taxes and other hidden costs on closing day. These expenses vary: some of them are one-time costs, while others will take the form of monthly or yearly installments. Some may not even apply to your particular case. But...
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