Understanding BC’s New House Flipping Tax
What Homeowners Need to Know The B.C. government has implemented a new house flipping tax (the “House Flipping Tax”) under the Residential Property (Short-Term Holding) Profit Tax Act (the “Act”), effective January 1, 2025. The House Flipping Tax applies to the profit earned from the sale of a residential property that is sold within 730 days of the date […]
April 2023 Update: Amendments to the Prohibition on the Purchase of Residential Property by Non-Canadians Act’s Accompanying Regulations
This bulletin is an update to our previous Bulletin published in January 2023 on the Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”). The Act came into force on January 1, 2023. The Prohibition on the Purchase of Residential Property by Non-Canadians Act Regulations (the “Regulations”) complemented the Act setting forth […]
BCFSA’s Amendments to Policy Statements 5 and 6 – Developers May Now Market Projects After Third Reading
The BC Financial Services Authority (“BCFSA”) has recently issued an advisory notice No. 23-010 to purchasers, developers, and other stakeholders providing notice that, among other things, the Superintendent of Real Estate’s Policy Statements 5 and 6 (collectively, the “Amendments”) have been amended effective March 8, 2023. The purpose of the Amendments is to standardize […]
The Prohibition on the Purchase of Residential Property by Non-Canadians Act
Starting January 1, 2023, non-Canadians will be prohibited from purchasing residential real estate in Canada for a period of two years under the newly enacted Prohibition on the Purchase of Residential Property by Non-Canadians Act (the “Act”). The Act prohibits the purchase of residential property in Canada by non-Canadians unless they are exempted by the Act […]
Changes to Real Estate Law in British Columbia Starting January 1, 2023
The Property Law Amendment Act’s Allowance for a New “Cooling-Off” Period The Government of British Columbia announced a new homebuyer protection period on residential real estate sales that will come into force on January 1, 2023. This “cooling-off” period will provide buyers the benefit of three (3) business days after the acceptance of a […]
Buying Property Under Foreclosure. Do You Really Get A Deal?
Many people think if they buy a property under foreclosure they will be getting “a deal”. Is this really the case? Understanding the Foreclosure Process The foreclosure process is one in which a lender can force the sale of a property where the borrower has not met his obligations under the mortgages. Particularly, if […]