On July 3, 2024, the Provincial Government announced significant amendments to the Residential Tenancy Act, set to take effect on July 18, 2024. These changes are designed to protect residential tenants from unjust tenancy terminations and have considerable implications for both buyers and sellers of tenant-occupied properties. Here’s a comprehensive guide to help you navigate…
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This week, Vancouver City Council will consider a proposal aimed at increasing the availability of affordable housing by expanding the use of housing co-operatives. As Vancouver renters continue to face the highest rental prices in the country, Councillor Sarah Kirby-Yung sees co-ops as a promising solution to address the city's housing crisis. The Appeal of…
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In a move praised by advocates, the federal government announced significant changes to mortgage rules aimed at making homeownership more affordable for Canadians. Speaking in Toronto, Finance Minister Chrystia Freeland revealed that starting August 1, the government will allow 30-year amortization periods on insured mortgages for first-time homebuyers purchasing newly built homes. This is a…
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The Greater Vancouver real estate market showed signs of modest recovery in April, with the number of homes sold rising by 3.3% compared to the same period last year. Despite this uptick, total sales remained significantly below the 10-year average for April, indicating a market that is still finding its footing. In April, the Greater…
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Enhancing Housing Affordability in British Columbia: A Closer Look at the 2024 Budget Initiatives In an ambitious move to address the growing concerns over housing affordability, the British Columbia (BC) government has unveiled key initiatives in its 2024 budget that promise to reshape the housing market landscape. Amidst these initiatives, two critical changes stand out:…
Read MoreIn a significant move, Tofino has taken steps to regulate the burgeoning short-term rental market within its borders. On March 12, 2024, the local Council passed a resolution that will see the picturesque community align with the provincial Principal Residence Requirement under Bill 35. This landmark decision underscores Tofino's commitment to preserving the integrity of…
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In British Columbia, the introduction of the BC Home Flipping Tax marks a significant step in addressing concerns surrounding the rapid turnover of residential properties. This new tax imposes a 20% levy on profits from the sale of a home within one year of purchase, with a graduated rate applying to sales made within two…
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In Vancouver's dynamic real estate landscape, securing a mortgage is a significant step towards homeownership. A mortgage is not merely a loan; it's a secured agreement that allows you to cover the cost of your home with the help of a lender. This legal contract specifies loan details and grants the lender the right to…
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In the intricate process of purchasing a presale condo in British Columbia, grasping the details becomes essential. One critical aspect that significantly influences this journey is the 7-day rescission period, a safeguard provided under the Real Estate Development Marketing Act (REDMA). This period bestows upon buyers the invaluable opportunity to reconsider their purchase within seven…
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Vancouver Real Estate: Embracing Transparency in Multiple Offer Scenarios Welcome to a remarkable era in Vancouver's real estate market, where transparency is taking center stage. In this segment, we embark on a journey through the evolving landscape of the industry, witnessing significant changes that prioritize transparency and trust. Explore how recent modifications in the disclosure…
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