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The Speculation and Vacancy Tax in British Columbia functions as an annual levy tied to the utilization of residential properties in regions most impacted by the prevailing housing shortage crisis. It comes into play when a home remains unoccupied or unrented for at least six months. The tax rates vary based on ownership status, with foreign owners subject to a 2% tax on the property’s assessed value, while Canadian citizens or permanent residents face a 0.5% tax. This tax policy addresses the critical issue of housing availability by incentivizing property owners to either reside in their homes or contribute to the rental market. This tax will affect you if you were considering to buy a secondary home that you did not want to reside in for a least 6 months. *This is a brief overview and people should seek tax and legal advice to confirm status.
Property owners are able to sell their residences with tenants but the residential tenancy act protects the rights of renters by mandating that the seller must provide two full months’ notice if a new owner wishes to occupy the rented home. Should a new owner not be moving into the home then a tenant has the right to remain in the home as per the tenancy act and the tenancy agreement signed stipulates. *This is a brief overview. Please seek professional advice for full information on tenancy.
Strata properties can offer a lot of advantages, one being that you as an owner share the expenses of operating the building with the other unit owners. One of the negative aspects of strata properties is that they have a number of rules and bylaws that all residents are expected to adhere to. Strata properties are a community unto themselves and there are times when residents don’t always agree with decisions made by a council elected by the residents. Make sure to do your research before purchasing a strata run property, especially hiring a home inspector with experience reviewing strata documents and engineering reports. I have a lot of experience with Strata properties, don’t hesitate to ask me questions
British Columbia government introduced the Home Buyer Rescission Period (HBRP) in 2023 as part of residential real estate transactions. Commonly known as the “cooling-off period,” this policy grants homebuyers a window of up to three business days to pull out of an offer on a property following its acceptance. Please note, there is an associated fee for initiating the HBRP (Collapsing the offer) amounting to 0.025% of the accepted offer price. For example, if an offer of $1,000,000.00 is accepted, the fee for invoking the HBRP would be $2,500.00. If you have an offer that has further conditions (Subject to Financing) that goes past the three say rescission period then the 0.025% penalty does not apply thereafter. *Please ask me for more information.