What Is Radon? Radon is an odorless, invisible gas that seeps up through the ground and can enter a home through unsealed foundations, cracks in the foundation, gaps in construction materials, and plumbing system components, including sump pumps or drains. Radon gas is also a product of uranium decay. Like uranium, it is radioactive; unlike…
Three major changes have just been announced by the Department of Finance that will positively impact buyers! Effective Dec 15th, 2024: 1. Cap on insured mortgages increasing from $1M to $1.5M. – currently it’s not possible to buy for over $1M with less than 20% down. – with this change, it will be possible to…
In a stunning, half-way reversal, the B.C. government announced today 2 recent changes to the Residential Tenancy Act (RTA) as they relate to buyers of tenanted properties. The initial changes laid out in Bill 14, which came into effect on July 18, 2024, required four months’ notice – instead of the previous two months’ notice…
Recent amendments to BC’s Residential Tenancy Act, RTA, affect landlords, as well as purchasers of tenanted properties! New rules around evictions require BC landlords looking to evict tenants for personal or caretaker use to use a new ‘Landlord Use Web Portal‘ website to create Notices to End Tenancy started July 18, 2024. The Landlord Use…
New capital gains tax rules are in effect today June 25, 2024! These changes impact profits from selling assets like rental properties or stocks. What are the changes? The capital gains inclusion rate in Canada has risen from 50% to 66.7% for realized gains over $250,000 per year. To read more details click here.
Royal LePage just released its ‘2024 Most Affordable Canadian Cities‘ report. The report says half of residents in Canada’s largest urban centers are eyeing a move to more affordable real estate markets! The report highlights include: Thunder Bay tops the list of most affordable cities in Canada. Of the 15 most affordable cities in Canada,…
First introduced in 1987, British Columbia’s Property Transfer Tax, (PTT), is a land registration tax paid by a property buyer or owner when a property title is registered at the Land Title and Survey Authority (LTSA). The PTT is based on the fair market value of the property being transferred whether or not money changes…
Strata corporations can no longer indefinitely defer strata depreciation reports thanks to new provincial regulations that close a loophole in the Strata Property Act. The loophole had allowed strata corporations to indefinitely defer depreciation reports. As of July 1, 2024, existing strata corporations with five or more strata lots will be required to: obtain a…
Confused about wat the new B.C. home flipping tax taking effect January 1, 2025 means to you, a Buyer? The BC home flipping tax webpage is your best source of information, and you can subscribe to the page to be notified about updates! Here are some scenarios for the tax that may help. Remember, the…
The federal Budget 2024, delivered April 16, 2024, proposes significant changes to the capital gains tax. When an individual, business or corporation sells an investment for more than they bought it for, the profit is capital gains. For example, an investment can include assets such as: a cottage or an investment property stocks bonds mutual…
