YOUR VANCOUVER REAL ESTATE EXPERTS

🏡 Empty Homes Tax Declaration Due by February 4, 2025 🏡

Introduced in 2017, the Empty Homes Tax aims to increase housing affordability and availability in Vancouver. All homeowners are required to submit an annual declaration to determine if their property is subject to this tax. Please note: Only one declaration per property is needed, even if the property is co-owned.

Important:
Properties that are deemed or declared empty for the reference year 2024 will incur a tax of 3% of the assessed taxable value for 2024.

How to Declare:
To complete your declaration, you’ll need the folio number and access code from your property tax notice. Declarations can be made online at https://vancouver.ca/home-property-development/empty-homes-tax.aspx

Deadline:
Ensure your declaration is submitted by February 4, 2025.

Don’t miss this important deadline to avoid unnecessary charges!

Jan 20

☕️Craving a coffee in Kitsilano near the beach? ☕️Stop by @kitsbeachcoffee for a seaside brew, or head over to @vivacafebakery for a delicious coffee & treat! Both are steps from the beach and offer the perfect blend of atmosphere and delicious coffee!

Jan 16

🏡 What is a material latent defect? 🏡
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A material latent defect is a hidden issue with a property that can’t be easily discovered through a regular inspection and may pose a safety risk, lower the property’s value, or make it unfit for use. A MLD can often be defects known to the seller and legally must be disclosed to prospective buyers.

Examples of material latent defects include:
* Foundation cracks or structural issues
* Mold or water damage behind walls
* Faulty wiring or plumbing hidden from view
* Past fire or flood damage not disclosed

Pro Tip: Always ask your realtor about due diligence steps to protect yourself. Discovering a material latent defect after you buy can lead to unexpected costs and stress. Have any questions? Let’s chat!

Jan 13

✨EV Feature Friday- Park City, Utah✨

7 beds | 11 baths | 14,595 sq.ft | $32,000,000
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Experience year-round luxury in The Colony at White Pine Canyon, a premier gated, ski-in/ski-out community. This custom-built home offers unmatched privacy, direct ski access, and breathtaking views, making it the ultimate mountain retreat. Designed by Upwall Design and built by Yukon Construction, the home blends modern elegance with high-end finishes, including an Onyx slab entry door, shinnoki oak walls, and advanced privacy glass.

The main level features a great room with a wine bar, a chef’s kitchen, private dining, and indoor/outdoor fireplaces. With seven en-suite bedrooms, including a primary suite with dual walk-in closets and a private patio, the home accommodates family and guests in style. Additional amenities include a fitness room, pickleball/basketball court, and an après-ski lounge.

The lower level offers a game room, home theater, massage room, and five en-suite bedrooms. Outdoor spaces include a year-round BBQ kitchen, heated pool, hot tub, and fully heated decks and driveways. Enjoy easy access to skiing, hiking, biking, and more, or relax by ponds teeming with wildlife. Just 15 minutes from Park City’s Main Street and 40 minutes from KSLC and KHCR private airports.

Jan 10

✨December stats ✨

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“Home sales register a strong finish to cap off 2024”

Home sales registered on the MLS in Metro Vancouver rose over thirty % in December, compared to the previous year, signalling strengthening demand-side momentum to close out 2024.

Residential sales in the region totalled 1,765 in December 2024, a 31.2 % increase from the 1,345 sales recorded in December 2023. This was 14.9 % below the 10-year seasonal average (2,074) for the month.

Across all detached, attached and apartment property types, the sales-to-active listings ratio for December 2024 is 16.8 %. By property type, the ratio is 12.1 % for detached homes, 23.6 % for attached, and 18.7 % for apartments.

“Looking back on 2024, it could best be described as a pivot year for the market after experiencing such dramatic increases in mortgage rates in the preceding years,” said Andrew Lis, GVR’s director of economics and data analytics. “With borrowing costs now firmly on the decline, buyers have started to show up in numbers after somewhat of a hiatus – and this renewed strength is now clearly visible in the more recent monthly data.”

“Although sales activity had a slower start to the year, price trends began 2024 on the rise and closed out the year on a flatter trajectory. Most market segments saw year-over-year increases of a few per cent except for apartment units, which ended 2024 roughly flat. With the data showing renewed strength to finish the year however, it looks as though the 2025 market is positioned to be considerably more active than we’ve seen in recent years.”

For a detailed look at the Vancouver market, check out our latest blog post (link in bio), where we break down sales across key areas. Follow us for neighborhood stats and evolving trends.  Thinking about buying or selling? Let’s connect to explore your options and find the best path forward!

Jan 8

🏠 BC Home Flipping Tax In Effect! 🏠
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As of January 1, 2025, the BC Home Flipping Tax takes effect, targeting short-term property sales in British Columbia.

Here’s what you need to know🔑:  This tax applies to income from selling residential properties, presale contracts, or assignments owned for less than 730 days (2 years). It’s designed to discourage speculative activity and promote a more stable housing market.

💰 Tax Rates:
* 20% for properties sold within the first 365 days of ownership.
* Gradually decreases, phasing out entirely after 730 days.

Who Does it Affect? Applies to sales by individuals, corporations, partnerships, and trusts, regardless of residency.

Exemptions May Apply: Life circumstances like: • Separation or divorce
• Death
• Disability or illness
• Work relocation • Job loss • Personal safety concerns • Insolvency

Why it Matters ❔ If you sell a property purchased less than two years prior, you may be subject to this tax. Planning ahead can help you avoid surprises.

Got questions about how this impacts you? DM us or reach out directly—we’re here to help! 🙋‍♀️

Jan 6

🏡 B.C. Property Assessments Are Now Live! 🏡
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The 2025 property assessments are now available and can be accessed online at www.bcassessment.ca. These assessments reflect property values as of July 1, 2024, and are used to calculate your 2025 property taxes.

You can access your property’s assessed value online or by contacting BC Assessment directly. Assessments will also arrive by mail in the coming weeks. 📪

Important Notes:
* These assessments may not fully reflect current market conditions or account for recent improvements or sales.
* Your property taxes depend on how your assessment compares to the average change in your municipality or property class—not just the change in your home’s value.

Have any questions? Reach out and we would be happy to chat!

Jan 3

🎉🥂 Happy New Year! 🎉🥂

Here’s to a year of new beginnings, endless possibilities, and making every moment count. May 2025 bring you joy, success, and lots of memorable adventures. Cheers to a fantastic year ahead!

Jan 1

Merry Christmas from the Resident Experts! 🎄✨ Wishing you a magical day filled with love, laughter, and cherished memories with your loved ones. ❤️🎁

Dec 25

🤍A Home Away from Home: Supporting Families at Ronald McDonald House BC 🤍

For many years, our team has proudly sponsored a room at Ronald McDonald House BC, providing families with a place to stay while their children undergo life-saving medical treatments.

On average, families spend anywhere from 25 nights to a full year at RMH BC. For parents facing such unimaginable challenges, the House offers far more than just a room—it’s a space of comfort, community, and hope.

At RMH BC, families find moments of connection and relief through enriching programs such as Music Therapy, Art Therapy, Medical Play, Massage Therapy, and Pet Therapy. These services help lift spirits, reduce isolation, and create moments of joy during otherwise difficult times.

It’s been such a privilege to support a place where families find comfort, care, and moments of relief when they need it most.

Dec 24