Learn about changing real estate regulations, information and videos

IMPORTANT NOTICE

The BC Assessment Authority released their assessed values on Whistler properties earlier than anticipated.  The assessed values are the source of many wrong decisions that can cost homeowers a lot of money if not properly understood.

I am sure you have many questions that the BC Assessment office has already answered in easy to watch videos.  The videos include:

  1. How BC Assessment assesses properties.
  2. There are multiple videos related to "Understanding the Relationship Between Property Assessments and Property Taxes" and how they determine the assessed value of your property based on market values of sales as at the July the previous year..

The link to the videos is HERE 

On January 2nd, there will be more…

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BCREA

Bank of Canada Interest Rate Announcement

July 12, 2023

The Bank of Canada raised its overnight rate by 25 basis points to 5 per cent this morning. In the statement accompanying the decision, the Bank noted that the Canadian economy has been stronger than expected but is expected slow as higher interest rate work their way through the economy.  On inflation, the Bank cited the recent easing of inflation to 3.4 per cent but also noted that core inflation continues to run a at 3 to 4 per cent pace and has been more persistent than anticipated.  The Bank now forecasts a return to its 2 per cent target in mid-2025 rather than in 2024. 

While inflation has come down significantly in the past year, the economy seems somewhat impervious to the Bank's…

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Does the Underused Housing Tax apply to you for 2022?


Below is a copy of an email sent by BDO Whistler (my favourite local accountants for everything related to taxes etc)  with regard to the new Underused Housing Tax policy.  You can read their email in detail (Thanks Joanna!) to determine if you need to file.  Be aware that the deadline for filing this form is May 1, 2023

The link to the form is HERE


Subject: IMPORTANT – The new Underused Housing Tax may apply to you for 2022!
Date: 8 March 2023 at 4:17:41 AM GMT+9

Dear BDO Client,   A new federal Underused Housing Tax (UHT) has been introduced that may require a UHT Return filing  no later than May 1, 2023, for the 2022 calendar year. The 1% UHT is intended to apply to non-residents on…

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BCFSA LOGO

Home Buyer Rescission Period began January 3, 2023


The new Home Buyer Rescission Period (“HBRP”) is now in force for residential real estate transactions in the province.

 The B.C. government introduced the HBRP, also known as the “cooling-off period,” as a consumer protection measure to give home buyers time to consider whether a purchase is right for them. HBRP gives buyers the right to rescind their offer up to three business days after the offer is accepted. If a buyer changes their mind, they must pay a 0.25% rescission fee to the seller.

Often contracts of purchase and sale contain subject clauses that provide buyers and sellers with an opportunity to perform their due diligence. The right of rescission is separate from any subject…

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BC & Canada Government image

CANADIAN & BRITISH COLUMBIAN GOVERNMENT LEGISLATIVE CHANGES COMING JANUARY 2023

Foreign Buyer Ban

Beginning January 1, 2023, non-Canadians will be banned from buying residential property across Canada for two years. Although the federal government has still not released supporting regulations at this point, the Canadian Real Estate Association and BCREA will notify REALTORS® as soon as any guidance is released.  There are some exceptions (and Whistler may be one of them), full details won't be available to us until January 1st (frustrating I know!)

Click HERE to read the full article.  


Home Buyer Rescission Period

Also beginning January 3, 2023, The HBRP provides buyers an opportunity to rescind their contract to purchase certain…

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Listing and Selling Tenanted Properties 

Listing and selling tenanted properties can be complicated and add complexity to a transaction. From coordinating showings, to providing vacant possession, to provisions in contracts for standard adjustments at closing, there is a lot for REALTORS® to know and understand.

Coordinating Showings

At common law and under section 28 of the Residential Tenancy Act (the “Act”), a tenant has the right to quiet enjoyment of the rental unit. This means they are granted the right to reasonable privacy, freedom from unreasonable disturbance, and exclusive possession of the rental unit.1 This right of quiet enjoyment can sometimes make showing a tenanted property a bit more complicated. REALTORS®…

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What does the CMHC say?

In its most recent post, CMHC has received public feedback and is working to finalize the details and regulations under the Act, and how to enforce it.


CMHC's summary of the legislation is:

"The Act prohibits non-Canadians from purchasing residential property in Canada for 2 years. This act doesn’t affect Canadians and permanent residents. There may be exemptions for certain groups of people, types of residential property, and particular circumstances – these have not yet been established. (Once we’ve reviewed your feedback, we can establish the exemptions.)

The Act:

  • restricts non-Canadians from avoiding the prohibition by using corporations or other entities to purchase residential property
  • allows the…

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Foreign Buyer Ban

The Canadian Real Estate Association (CREA) published an update on the "Prohibition on the purchase of residential property by non-Canadians Act" (also called Foreign Buyer Ban) which comes into force January 1, 2023.  

While Whistler avoided British Columbia’s Foreign Buyer Tax (implemented in August 2016) and the Speculation and Vacancy Tax (SVT) (introduced in the province’s ‘Budget 2018’), it is not going to avoid this Ban.  Based on BC's experience with these taxes, such measures have had a small and often temporary effect on real estate markets, housing availability and affordability. The effects are largely isolated to large metropolitan markets, with no statistically significant impact in smaller communities.  The Act:

    …

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​

 

Our series continues with Eileen Craig from Sea to Sky Mortgages. We sat down to talk " Tips for First Time Home Buyers" - Click to find out! 

 

CLICK HERE TO WATCH THE FULL VIDEO

Whistler Weekly Update

 

12 New Listings in the past 7 days CLICK HERE

7 Price Changes in the past 7 days CLICK HERE

5 Completed Sales in the past 7 days CLICK HERE

321 Current…

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The BCREA is "forecasting that lower mortgage rates will prevail for all of 2019 with the average 5-year contract rate falling to 3.30 per cent through the spring and early summer and the 5-year qualifying rate finally moving below 5 per cent for the remainder of the year."

 

For more information:
http://www.bcrea.bc.ca/docs/economics-forecasts-and-presentations/mortgagerateforecast.pdf

What should you do?
Find out what your options and find the suitable rate for you and your plans.
Talk to Eileen Craig with the Sea to Sky Mortgages at http://eileencraig.ca/about/contact/

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