Category : BC Real estate industry

An Update On The BC Tenant Protection Changes

On March 25, 2020, the BC government announced that renters would not be evicted if they could not pay rent due to the COVID-19 crisis. It also introduced a Temporary Rental Supplement (TRS) to help renters pay their rent.  Last month, it partially lifted the ban on residential rental evictions, but maintained the moratorium on rent increases and evictions for non-payment of rent.  The government has also extended the TRS program that was supposed to end in June, to the end of August. The rental supplements of $300-$500 are paid directly to the landlords.  Between April 9, 2020 and June 15, 2020,  BC Housing received more than 90.000 applications for…

Here Is The New Normal When Buying A Home With Social Distancing

There’s no doubt now that using technology has become the new normal for buying a home. Keeping everyone safe is front of mind, and online tools like those created for remote working and collaboration, are now being actively used to help home buyers look for a home.  Fewer visits to homes  The rules for viewing homes in person have changed drastically. While one family member may be allowed to physically walk through the home, the whole family may not be able to view together, Touching countertops, opening closets and other habits we are used to doing when viewing a home, may be a thing of the…

BC Financial Services Authority To Be Created By Spring 2021 To Regulate BC’s Real Estate Sector.

BC has been under pressure to deal with money laundering in the province’s real estate market, which has inflated home prices by at least 5%. Creating a single regulator was a key recommendation for cracking down on money laundering in the sector. Currently oversight and enforcement of regulations in BC’s real estate sector remains the joint responsibility of the Real Estate Council of BC and the Superintendent of Real Estate. Both have been mandated to work closely to crackdown on money laundering. On Nov 1, the province created the BC Financial Services Authority as a Crown agency to continue the…

REBGV Market Update For June 2020 – Buyers and Sellers Play Catch-up

The June 2020 market report released by the Real Estate Board of Greater Vancouver (REBGV) showed that home sales in the Greater Vancouver area are starting to return to more typical levels after dipping to four decade lows in April. All this while, prices continue to edge up from 2019.  "REALTORS® continue to optimize new technology tools and practices to help their clients meet their housing needs in a safe and responsible way,” said Colette Gerber, REBGV president. “Over the last three months, home buyers and sellers have become more comfortable operating within the physical distancing and other safety protocols in place."  Home Sales  In June…

Now Is The Time To Invest In Vancouver Real Estate, As Amazon’s New Offices Will Most Likely Create A Real Estate Shortage.

Amazon recently announced plans to convert the old Canada Post site in Downtown Vancouver, into its new base of operations, in the process creating 3,000 new jobs by 2022. This will mean that there will be thousands of extra workers needed homes in a city already facing a shortage of affordable housing. Amazon has been gradually increasing its workforce footprint in the Lower Mainland of BC over the past few years. The current workforce scattered around the lower mainland stands at 1,800 and by 2022 will explode to 5,000. But it will not stop there. Consider Amazon’s presence in the…

How the COVID 19 Pandemic Is Affecting Home Inspections

Despite the fact that the COVID 19 pandemic that has virtually changed the way we live our lives, people are still buying and selling their properties. Any person buying a home would want to get a home inspection, in order be alerted to any issues that could become problems in the future.   In the past, it was not uncommon for buyers to show up during the inspection, so that they could learn about the property, as the inspectors would go through it. But now with social distancing and keeping safe being on the forefront of everyone’s minds, new home inspection protocols have been introduced by the British…

How To Repair Your Credit Score

A poor credit score can hinder your chances of getting into your first home or your dream home. If you have a “decent” but not optimum credit score, a lender will compensate for the risk by offering you a higher interest rate, which means higher monthly payments on your mortgage.  Here’s how to repair and improve your credit score and keep it healthy:  Get a credit report.  The first step on the road to recovery is to get your report from the 2 main credit bureaus in Canada that collect and share data about how you’ve used credit in the past – Equifax and Transunion, and…

If You Have Investment Properties Earning Rent – You Must Read This

 If You Have Investment Properties Earning Rent – You Must Read This  As COVID-19 makes its way through our lives and the economy like a hurricane sweeping over land, it leaves nothing untouched. Its has also affected rents. Cities like Vancouver and Toronto are seeing rent reduction rates that would have been unheard of at the beginning of the year.  While rents in some Canadian cities have declined a bit or even risen slightly in the last few months, the cities of Vancouver and Toronto, homes of the priciest rental market in the country, have seen rents falling fast because of the pandemic.  Last week, Rental.ca posted figures showing that compared to a year ago, rents…

Take Heed Of Your Property Tax Assessment – There Could Be Some Savings Here

On January 1, 2017 property assessments became available on the BC Assessment website. And as expected, the increases in property values are substantial: values were calculated as at July 2016 when local real estate prices were at their peak.  The main issue here is that your property value has risen and you are facing a higher than normal property tax rate hike.  It is important to note that a sharp increase in your property value does not necessarily indicate a proportional property tax hike; it’s relative to how much your property appreciated compared to others in the same municipality.  In view of this year’s higher assessments, the Provincial government just announced an increase in the Home Owner Grant threshold from…

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