BC’s Market at Center Stage

BC’s Market at Center Stage

Apr 12, 2017 | Finance, Local, Real Estate

British Columbia’s real estate market continues to turn heads as reports roll in analyzing the successes of 2016, as well as new activity surrounding the foreign buyer taxation regulations, and reports of a record-breaking February.

The BC Supreme Court recently ruled in favour of a foreign plaintiff who sued their notary when the CRA requested additional taxes on a recently acquired property. Said notary was found guilty of failing to “..adequately determine whether the Vancouver house his client was buying for $5.5 million had been owned by a tax resident of Canada.” According to immigration lawyer Richard Kurland, this sets a new precedent for real estate agents, who “..can now get a knock on the door from the tax man..”

Meanwhile, CBC has published an article stating that the unforeseeable successes of 2016’s commercial real estate market had a 47% increase in year over year sales, compared to 2015. Nearly $13 billion in commercial real estate transactions were processed in 2016 – a dramatic increase from 2015’s $8.8 billion.

Further to this, Canadian home prices achieved record-setting increases in February this year. According to Teranet-National Bank’s national composite house price index, February’s 1.0% increase was the largest in the 18-year establishment of the index.

The Canadian real estate is center stage and singing loudly, so don’t be afraid to ask me how you can benefit from it!

Additional Reading

Take it to the Top

Take it to the Top

    With another month gone by, so much has changed and things are moving faster than ever. Yet, the story remains the same: the Okanagan real estate market is still soaring with no signs of slowing down. Last year we saw average home prices go up steadily,...

Living in the Fast Lane

Living in the Fast Lane

    The Okanagan market continues to flourish with inventory at an all-time low and buying interest continuing to rise, specifically from larger urban centres. Now with the weather getting nicer, we’re also seeing a shift in focus from residential properties...

Budding Success

Budding Success

    It’s been one year since COVID-19 began affecting our lives here in the Okanagan, and it’s fair to say that nobody expected what followed. After an uncertain spring season in 2020, many Canadians took the time to reevaluate their lifestyles and living...

250-470-0377