Three changes are being brought in for April 1, 2024, namely: The threshold to be eligible for the first-time homebuyers exemption is increased from a fair market value of $500,000 to $835,000, with the first $500,000 fully exempt; between $500,000 and $835,000 PTT is paid on a portion of the value; and above $860,000 the exemption is eliminated. The newly built home exemption for purchasers who...
The BC Government has proposed another new tax affecting real estate transactions, which is the BC Home Flipping Tax (no really,… that’s what it’s called!). If it proceeds, it will be applied to income from BC properties sold on or after January 1, 2025 if the property sold within 2 years from purchase, unless there’s an exemption. The tax rate will be 20% on income earned from properties sold...
The Speculation and Vacancy Tax (SVT) is an annual tax paid by some owners of residential properties in designated areas of BC. It’s intended to discourage housing speculation and owners leaving second homes vacant that could represent housing for others. The program has been in operation in the Lower Mainland, Squamish, Lions Bay, Kelowna, West Kelowna and on the Island since 2018, and will be expanded...
Homeowners are always looking for ways to improve their property’s value, but it is important to consider the return on investment (ROI) for a home reno. Let’s look at home renos from an ROI perspective… Boosting Curb Appeal-In real estate, first impressions really matter and set the mood for potential buyers. Enhancing curb appeal can increase a home’s value by up to 5% according to the...
The old adage of ‘…never judge a book by its cover’ is good guidance, but truth be told, it’s difficult to change a first impression when it comes to real estate. According to a RE/MAX® poll, a shabby exterior is by far the biggest turn-off for buyers when browsing for a new home. Curb appeal refers to the overall appearance of a home’s exterior and includes landscaping, painting, siding,...
On January 3, 2023 the BC Government implemented the home buyer rescission period (HBRP). The intention was to provide buyers a “cooling off period” so they can reconsider their purchase. This legislation provides home buyers up to 3 business days to rescind their offer after acceptance. The HBRP applies to detached and semi-detached homes, townhouses, apartments in duplex or multi-unit dwellings,...
This is very stressful for sellers, particularly when their hearts are set on moving. It’s emotionally exhausting to keep a home in prime showing condition and vacate it for showings only to hear that buyers aren’t interested. A common reaction to this problem is to lower price. Some say if an offer hasn’t happened in 30 or 60 days, it’s time to reduce price. That may be true in some cases, but...