BC’s New Property Registry 2019: A good idea?

* this is a brief commentary on the topic of BC’s newly proposed property registry. For more information, contact our office. How does owning a condo in the name of my company raise the risk that the owner is committing fraud, laundering money or evading taxes? As usual these unsubstantiated assumptions are made by the government and then blindly repeated by the reporter without question. Rather than creating a whole… Read More »BC’s New Property Registry 2019: A good idea?

The Speculation and Vacancy Tax – What the government isn’t saying

On November 27, 2018, the speculation tax was passed in B.C. to, in the government’s words “target speculators who own residences in B.C. but don’t pay taxes here, turn empty homes into good housing for people, and raise revenue that will directly support affordable housing.” The pitch to the public was that this tax would aid in tackling the housing crises in major urban centers in British Columbia and make… Read More »The Speculation and Vacancy Tax – What the government isn’t saying

Canada’s first pre-sale register to crack down on flipping

The BC government is announcing the creation what appears to be yet another make work project to create needless government jobs (doubtless for NDP supporters). It’s called “The Condo and Strata Assignment Integrity Register.” Even the name is odd.  It implies that there is a difference between condos and stratas. However, in common parlance, a condo is a strata and vice versa. Furthermore the BC Condominium Property Act (which used… Read More »Canada’s first pre-sale register to crack down on flipping

5 Ways the Government could Help with Housing Affordability in Vancouver BC

This article suggests 5 things that the government could do to help housing affordability. 1.     Longer amortizations are a good idea.  They help buyers get into the market.  All mortgages have prepayment options so if the buyer’s fortunes improve he or she can shorten the amortization down the road. 2.     Scrap the mortgage stress test. Historical mortgage default rates in Canada for the last 50 years are about .3% and… Read More »5 Ways the Government could Help with Housing Affordability in Vancouver BC

Do Listing Agents Owe a Duty of Care to Prospective Buyers?

The short answer: YES! It has long been established that even where there is no contractual relationship, a real estate agent owes a duty to exercise care when providing information to those who may be reasonably expected to rely on it. For example, an MLS Listing contains information about the property type, its age, size, number of rooms, zoning, municipal taxes and many other things. It is reasonable to assume… Read More »Do Listing Agents Owe a Duty of Care to Prospective Buyers?

Why are Metro Vancouver housing prices falling? When will this trend end?

Those are the $64,000 questions which occupy the top of the charts these days. For the past 10 years foreign money has poured in to Canada, particularly Vancouver and the Lower Mainland destabilizing real estate prices and uncoupling them from local incomes. Both the BC and federal governments turned a blind eye to this phenomenon for the better part of the decade and in fact, encouraged it as “foreign investment.”… Read More »Why are Metro Vancouver housing prices falling? When will this trend end?

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A $6,500,000 sale goes up in smoke due to poor drafting!

A recent case in the B.C. Supreme Court, JBP Developments Ltd. v. Li, 2018 B.C.S.C. 209 provides a lesson to all realtors to take greater care and attention when drafting offers to purchase. In this case, an oversight in complying with section 9 (TITLE) of the Standard Contract of Purchase and Sale allowed a Buyer was to walk away from a $6,500,000 contract of sale leaving the Seller without a… Read More »A $6,500,000 sale goes up in smoke due to poor drafting!

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[Vancouver Real Estate]: How to lie with Statistics

“Foreign capital accounted for only 2.92% of Metro Vancouver real estate sales over 11 months” was the recent headline in the Georgia Straight earlier this month. As the perennial classic book by Darrell Huff points out, there are many ways to deceive with statistics, including how they are presented. These foreign capital statistics are misleading, as they relate only to the period between January and November of 2018 – about 7 months… Read More »[Vancouver Real Estate]: How to lie with Statistics

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Vancouver Real Estate: What Will Happen in 2019?

Happy New Year! The big question is what is going happen this year in the housing market. Will prices continue to slide? Or will the market pick up? Will housing crash completely? Despite all the opinions, no one can reliably predict that market. We will just have to wait and see. Last December sales and the number of new listings continued to drop as Buyers continued to be inactive. Stay… Read More »Vancouver Real Estate: What Will Happen in 2019?