You may be familiar with the Empty Homes Tax and the Speculation and Vacancy Tax if you are a homeowner in or around the Vancouver area. The key difference between both taxes is that the first is only applicable to Vancouver whereas the latter is province-wide. As of December 31, 2019, significant updates were made to the Speculation and Vacancy…
The coronavirus outbreak has affected everyday life with the media playing a large role in instilling panic through sensationalized headlines. The general public’s fear of the unknown coupled with misinformation has already led to a shortage in personal supplies such as hand sanitizer, face masks, and toilet paper. Thus, it is logical to assume that the real estate market, too,…
According to the B.C. Residential Tenancy Guide, all disagreements present between a landlord and tenant should be acknowledged during its early stages. It is important that both parties attempt to resolve them before they develop into larger issues. In turn, whether you are the landlord or the tenant, it is crucial that you know your rights and responsibilities under the…
Do you know what the difference is between the B.C. Speculation Tax and the City of Vancouver Empty Homes Tax? With the recent introduction of the B.C. Speculation Tax soon after the City of Vancouver Empty Homes Tax, many are left wondering: what’s the difference? It’s not uncommon to be misinformed or left confused about the nature of each type…
What is the B.C. Speculation Tax? In 2018, the NDP government introduced the B.C. Speculation Tax in an effort to dampen the hot housing market. The goal of this annual tax is to: Reduce the amount of empty homes so that more living spaces are available to B.C. residents. Reprimand foreign buyers and domestic speculators who do not pay taxes…
In some cases, buyers may change their minds or realize that they are no longer financially able to follow through with their purchase. However, reneging has proven to be quite expensive and stressful. Therefore, it is important that buyers are well aware of what they are getting themselves into and the terms by which their offer is based on. An…
Canadian home sales have fallen due to the tougher mortgage qualification rules that have deterred prospective buyers. The real estate market tightened its regulations in an attempt to make certain that buyers will be able to sustain potential fluctuations in their economic standing. This may be in terms of interest rate volatility, should their interest rates surpass that of their…
The “accumulation years”, the time you spend on working and acquiring assets for both your personal and financial future use. During this period, you pursue your interests and donate to charities, own businesses, invest in stocks, and purchase property. Regardless of the type of assets you possess, you will most likely want them protected and deliberately distributed amongst your beneficiaries…
Vancouver’s real-estate market has been on the rise and contractors are in high demand. From the maintenance of a real-estate investment to renovating or building a house; more people are generally inclined to enter into an agreement with a contractor or builder. An agreement struck with a contractor for restoration, renovation or building services fall within the scope of contract…
Estate planning is like raising a child. Once you realize how important it was, it’s often too late! Proper planning ensures that the remains of your estate are dealt with according to your wishes, and more importantly it protects your most valuable assets; and peace of mind for your family and loved ones. There are a number of ways to…