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Patent Defects / Material Latent Defects / Stigmas Types of Property Defects When buying, selling, or renting a home, potential defects can significantly impact the transaction. There are two key types of defects to be aware of: Patent defects are visible issues that can be identified during a reasonable inspection. Examples include broken windows, damaged…
BC Speculation Tax What is it? The BC Speculation and Vacancy Tax (SVT) is designed to convert vacant homes into housing for BC residents and ensure foreign owners contribute fairly to BC’s tax system. The SVT ensures that residential properties contribute to the housing market, either through occupancy or by generating revenue that supports the…
New Capital Gains Tax What is it? Capital gains tax is a tax on the profit realized from the sale of an investment. This investment can include real estate (such as land and buildings) or securities (such as stocks and bonds). Essentially, capital gains are the difference between the investment’s purchase price and its sale…
BC Home Flipping Tax What is it? As of January 1, 2025, the BC home flipping tax is now in effect. This new tax is distinct from the existing federal property flipping tax and specifically targets short-term property sales within British Columbia. How it works The tax applies to income from sales of residential properties, presale…