Posted on
February 29, 2024
by
Emily Vu
News for First-Time Home Buyers!
Fair Market Value Threshold for First-Time Home Buyer (FTHB) Exemption:
Starting April 1st, 2024, the FTHB exemption is getting a revamp. For properties with a Fair Market Value (FMV) below $835,000, you won't pay Property Transfer Tax (PTT) on the first $500,000. PTT will be applicable only on the difference between the FMV and $500,000. For instance, if the property's FMV is $700,000, the PTT paid would be 2% of $200,000 ($700,000 minus $500,000), resulting in a s...
Posted on
February 28, 2024
by
Emily Vu
Vancouver City Councillor Lenny Zhou has criticized Airbnb for not doing enough to enforce city rules on short-term rentals, citing over 100 non-compliant listings still active on the platform.
Zhou emphasized the importance of balancing housing needs during the ongoing housing crisis. While acknowledging the city's inability to directly remove such listings, Zhou suggested that upcoming provincial regulations in British Columbia would requireshort-term rental platforms to take action....
Posted on
February 13, 2024
by
Emily Vu
As an actively engaged Realtor attending property showings and client meetings daily, I've noticed significant transformations in the real estate landscape, and I'm eager to share my observations with you.
In the past month, the real estate scene has undergone dramatic changes. Properties that lingered on the market for over 100 days are suddenly in high demand.
Describing the current market dynamics is challenging. While some homes are attracting multiple offers, others provide buyers with opportunities...
Posted on
February 6, 2024
by
Emily Vu
Government of Canada Press Release - February 4, 2024
In a statement released today, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, has revealed a pivotal decision. The ban on foreign ownership of Canadian housing, initially slated to conclude on January 1, 2025, will now be extended for an additional two years, until January 1, 2027.
This strategic move aligns with the government's comprehensive approach to enhancing housing affordability for Canadians. The extended...
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