The Vancouver Empty Homes Tax proves to be a continuing cash cow, despite its limited success in driving more rentals into the market.
A busy month The October 2019 real estate market was 45% busier than last October, with 2,858 resale transactions – the most in any month this year. It was also busier than September this year by about 25%. Prices are still about 5-8% lower than last year’s, but they are stabilizing. While it’s still possible to negotiate on a purchase without having 10 people behind you ready to make unconditional… Read More »Metro Vancouver home sales surge 45% this October. Are price declines coming to an end?
Buyers need to ask appropriate questions if they are averse to purchasing a property in which a stigmatizing event occurred. Realtors should ask their clients if they are sensitive to stigmatizing events and if so, include a seller’s warranty or representation in the offer that no such occurrence took place!
The team at Pazder Law Corporation would like to extend a heartfelt THANK YOU to our fantastic clients. We are very glad to be of assistance. We value your business and hope to see you for your next transaction. The following are some of the reviews we have received in 2019: We’ve done 3 house transactions with Ken and all have been excellent. Ken and his team is a joy… Read More »Thank you for the positive feedback
On February 28, 2016, the BC government changed the Strata Property Act to remove the requirement for a UNANIMOUS vote of the strata members to dissolve a strata corporation.
I bought a pre-sale condo and it’s gone up in value. What if I assign the contract or just buy it and flip it before it’s ever occupied? How about after six months? A year? Is there even a rule?
That should never be the question; every strata owner should always insure. You may be thinking “Why? My strata property already has property insurance!” That is correct. The strata corporation’s insurance is mandated by statute and paid for by the owners through their monthly strata fees. Under the BC Strata Property Act (s.149 and s.150), the strata corporation is required to obtain insurance for common property, common assets, buildings as… Read More »Strata Properties: “To Insure or Not to Insure?” That is the question
As the first of its kind, the Vancouver Empty Homes Tax (“EHT”) is now into its third year. The rationale for this draconian tax by the city of Vancouver was that there were close to 25,000 empty homes in the city with a rental vacancy rate next to nil.
EVERYONE should buy a home as soon as they are able to. Long term, the property value goes up, the mortgage gets paid off and the gain is tax free. For most people, the paid off value of their home is most if not all of their retirement security (and ultimately their estate, to leave to the kids). For the vast majority of people, their after-tax income is used up… Read More »Quick Tips: Should I buy or rent my home?