News: Vancouver Real Estate Market

Purchasing your first home is a significant milestone, but it often comes with a multitude of financial considerations. In British Columbia, one consideration is the Property Transfer Tax (PTT), which can add a significant cost to your home purchase. However, there's good news for first-time homebuyers in BC: the First-Time Home Buyer Property Transfer Tax Exemption. As a future home owner, it is important to know the exemption details and how it can benefit you as a first-time homebuyer.

Understanding...

In the ever-shifting landscape of real estate regulations, British Columbia is implementing a transformative measure: the BC Home Flipping Tax. Set to take effect on January 1, 2025, this tax targets income derived from the sale of properties owned for less than two years. As we go through how this tax works, it is important to note this tax is on top of our already established (January 1, 2023) Federal Flipping Tax. This rule ensures that profits from flipped properties are treated as business income,...

In January, Metro Vancouver home sellers appeared mostly hesitant, however new listings rose 31% year-over-year in February, bringing a significant number of newly listed properties to the market.

Greater Vancouver REALTORS® (GVR) reports that the residential sales in the region totalled 2,070 in February 2024, a 13.5% increase from the 1,824 sales recorded in February 2023. This was 23.3 per cent below the 10-year seasonal average (2,699).

“While the pace of home sales started the year off briskly,...