what's happening in real estate?


Did you know?

  • Housing was dominant in the recent provincial budget.  
  • The province committed to spending $6 billion to create 114,000 affordable housing units in the next 10 years.  
  • They also announced a series of real estate tax measures to 'curb housing demand' including a new speculation tax for homeowners who don't pay income tax in BC.
  • The province also increased the foreign buyer tax to 20% from 15% and extended it to more areas;  and raised the Property Transfer tax to 5% from 3% for homes valued over $3 million.

Did you know?

  • The rate of homeownership in Canada has been stable for the past 10 years according to the latest census.
  • Of the 14 million households in Canada, more than 9.5 million of them own their home, representing a 67.8% homeownership rate.

Did you know?

  • The legalization of recreational cannabis is set for later this year and policies are being set on how it will be regulated in BC.
  • Each household will be allowed to grow up to four cannabis plants in their home.
  • Landlords and strata councils can restrict or prohibit cannabis use and cultivation in their properties.

Did you know?

  • Several high-profile developments are on the horizon for Vancouver.
  • The Georgia and Dunsmuir viaducts will be replaced with a new waterfront park and condo towers that will be home to 12,000 residents.
  • Oakridge Centre is being lauded as the largest development in Vancouver's history.  It will include a multi-storey shopping centre, a community centre and homes for 6,000 residents.

Now you know!

Source: Real Estate Board of Greater Vancouver