Resources

Resources

The Home Buyers Recission Period

Buying a home is one of life's biggest decisions. Sometimes a little extra time is needed to make sure you made the right choice. Here's what you need to know about the Home Buyer Recission period

Property Transfer Tax

Property transfer tax is a provincial tax payable when someone purchases or gains interest in a property in BC. Here what you'll need to know

GST (BC)

The Goods and Services Tax (GST) applies to various real estate transactions in British Columbia. Here's a detailed breakdown of when and how GST is applicable

BC Empty Homes Tax

The Empty Homes Tax also known as the Vacancy Tax was introduced in 2017 to address housing affordability and availability challenges in Vancouver. Homeowners must submit an annual declaration to determine if their property is subject to the tax. Even if you live in your home, you must make a declaration every year.

The Foreign Buyers Ban

The foreign buyer ban was made effective January 1, 2023, which prohibits the purchase of residential property on a federal level in Canada by foreign commercial enterprises and Non-Canadians.

BC Foreign Buyer Tax

If you are a foreign national, foreign corporation, or taxable trustee, you are required to pay an additional property transfer tax on your share of the property in certain regions of British Columbia. This additional tax is 20% of the fair market value of your proportionate share.

Underground Oil Storage Tanks (UST)

Many homes in the Greater Vancouver area built before 1957 were initially heated with furnace oil. When natural gas became available, the underground oil storage tanks (USTs), usually located in backyards, were often filled with sand or capped.

BC Home Flipping Tax

The proposed BC home flipping tax targets income from the sale of property, including pre-sale contracts, in British Columbia if the property was owned for less than 730 days. It is scheduled to take effect on January 1, 2025, pending legislative approval.

New Capital Gains Tax

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 price.

BC Speculation Tax

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 community.

Patent Defects / Material Latent Defects / Stigmas

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:

Joint Tenants vs Tenants in Common

When two or more people purchase a property in British Columbia together, they can own that property in one of two ways: Joint Tenancy or Tenancy-In-Common.

Compare Properties

You can only compare 4 properties, any new property added will replace the first one from the comparison.