CANADA FOREIGN BUYERS BAN - Permanent & Temporary Residents Exempt

Prohibition on the Purchase of Residential Property by Non-Canadians (Foreign Buyers Ban)

Last week, the federal government released the supporting regulations for the 'Prohibition on the Purchase of Residential Property by Non-Canadians Act' (Foreign Buyers Ban) which includes definitions, exceptions, and enforcement elements to help individuals understand and comply with the law.   

The measures were part of Bill C-19 – the Budget Implementation Act – which received royal assent on June 23, 2022 as the federal government looked to cool the hot housing market. 

Read more from Finance Minister Chrystia Freeland : Bill C-19 - The Budget Implementation Act (Immigration.ca)

Parliament passed the 'Prohibition on the Purchase of Residential…

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Market Report - January 2023

Victoria Market Report

The 2022 Victoria Real Estate Market Year in Review

January 3, 2023  A total of 320 properties sold in the Victoria Real Estate Board region this December, 26.9 per cent fewer than the 438 properties sold in December 2021 and a 16.7 per cent decrease from November 2022. Sales of condominiums were down 38.2 per cent from December 2021 with 94 units sold. Sales of single family homes decreased 24.6 per cent from December 2021 with 156 sold.

A grand total of 6,804 properties sold over the course of 2022, 32.3 per cent fewer than the 10,052 that sold in 2021. 2022 sales came closest to 2014's sales year when 6,698 properties were sold.

"We began the year with record low inventory, and with higher than average sales," says…

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Short Term Vacation Rentals - Investment Properties In Victoria, BC.

SHORT TERM Vacation RentalS 

Investment Properties In Victoria, BC

Investment properties can be a lucrative and rewarding way to grow your wealth and diversify your portfolio. If you're considering investing in real estate in Victoria, British Columbia, here are a few key things to keep in mind.

1. Research the market: Before you make any investment, it's important to do your due diligence. Take the time to research the Victoria real estate market, including trends in home prices and rental rates, as well as the demand for rental properties. This will help you make an informed decision about whether investing in a property in Victoria is a good fit for your financial goals.

2. Look for properties with good rental potential: When it comes…

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2022 All Wrapped Up For Christmas

Homes Sold 2022
Vancouver Island 

As a wrap up to the end of 2022, I thought I would share with you the properties I've sold over this past year.  

I want to thank all of my Buyers and Sellers who allowed me to represent them as their Realtor.  I very much appreciate your business!

~ BUYERS SOLDS ~

908 Boardwalk Ave. - Nanaimo, BC (South Nanaimo)
Sold - January 2022

4-1770 Rockland Ave. - Victoria, BC (Rockland)
SOLD - June 2022

104-3333 Glasgow Ave. - Saanich East, BC (Quadra)
Sold - August 2022

105-1380 Henry St. - Comox Valley, BC (Mt.Washington)
Sold - August 2022

1431 Ocean View Rd. - Saanich East (Cedar Hill)
Sold - September 2022

2668 Nugget Terrace - Victoria, BC (Langford)
Sold - June 2022

…

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The Home Buyer Recission Period

Cooling-Off Period on Residential Real Estate Comes into EffECT JANUARY 2023

 In January 2023 the B.C. government will implement changes to the Property Law Act to make the Home Buyer Rescission Period (“HBRP”) or ‘cooling-off period’ mandatory for residential real estate transactions. 

This video will provide an overview of the HBRP and explain how buyers will have the right to rescind or cancel their offer to purchase certain types of residential real property within three business days after an offer has been accepted. 

The video is an introduction to the concept of HBRP, understanding the types of residential property it applies to, knowing the disclosure forms used in the transaction and learning about the exemptions to the right of…

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Market Report - November 2022

Victoria Market Report 

The Autumn Market Has Returned To Its Traditional Rhythm As We Approach The Holiday Season
December 1, 2022  A total of 384 properties sold in the Victoria Real Estate Board region this November, 41.2 per cent fewer than the 653 properties sold in November 2021 and 20 per cent fewer than in October 2022. Sales of condominiums were down 42.4 per cent from November 2021 with 136 units sold. Sales of single family homes decreased 34.1 per cent from November 2021 with 182 sold.

"November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021," says Victoria Real Estate Board President Karen Dinnie-Smyth. "With…

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Bill 44: Changes to Rental & Age Restriction Bylaws NOW IN EFFECT.

Housing Supply Act & Building Strata Statutes Amendment Act passed 

BILL 44: CHANGES TO RENTAL AND AGE RESTRICTION BYLAWS - NOW IN EFFECT

• Nov. 25, 2022. CHOA Information Release:  NEW LEGISLATION AFFECTING STRATA CORPORATIONS IN BC NOW IN EFFECT
• BILL 44 INFORMATION WEBINAR: The Condominium Home Owners Association of BC (CHOA) will be hosting a free Bill 44 Information Webinar on November 30, 2022 at 12:00noon. Pre-registration is not required. Please click the following link to join the webinar (Passcode: 925651):  https://us02web.zoom.us/j/84515346938?pwd=VzBmU3crS3E1K1FaTE5yU1JNZkwwQT09 

  For anyone interested the webinar will be recorded and posted on the CHOA YouTube channel.

•  The BC government is moving forward…

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BC Gov - Housing Supply Act

Office of the Premier

New premier delivers action to expand housing supply within first days

Victoria

To help deliver more good homes for people, the Province is introducing new laws to build the homes people need, make it possible for homes that are vacant to be rented and remove discriminatory age and rental restrictions in strata's that hurt young families.

“B.C.’s housing crisis is stressing out and hurting people while it holds back our economy,” said Premier David Eby. “As a first step in my 100-day plan, we are making changes to deliver more homes for British Columbians, faster. We will work with municipalities to set housing targets and make sure the homes people need get built. For those…

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British Columbia - Housing Taxes 2022

BC Housing Taxes and What You Should Know

Property Transfer Tax / Foreign Buyer Tax / Speculation Tax / Underused Housing Tax 

British Columbia has initiated several taxes that all purchasers should be aware of.

Property Transfer Tax:
When you purchase or gain an interest in property that is registered at the Land Title Office, your legal professional must file a property transfer tax return and you must pay property transfer tax, unless you qualify for an exemption. 

Property transfer tax should not be confused with annual property taxes. 
Annual property taxes are paid yearly to your municipal or rural tax office for each property you have a registered interest in to fund services in your area.

Further info on Property Taxes:  …

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Market Report - October 2022

Victoria Market Report 

A slight uptick in sales and inventory, but Victoria real estate market still requires commitment to homes 

November 1, 2022   A total of 480 properties sold in the Victoria Real Estate Board region this October, 35.6 per cent fewer than the 745 properties sold in October 2021 but a 17.1 per cent increase from September 2022. Sales of condominiums were down 39 per cent from October 2021 with 152 units sold. Sales of single family homes decreased 32.2 per cent from October 2021 with 230 sold. 

“Inventory has remained stable this month and for the first time since May 2022, we see a slight increase in the month over month sales,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “We noted last month that the…

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