What It Is: A tax on profits from selling residential property owned for less than 730 days. Effective from January 1, 2025, under the Residential Property (Short-Term Holding) Profit Tax Act. Who It Applies To: Individuals, corporations, partnerships, or trusts that sell properties in BC after owning them for less than 730 days. Includes non-residents of BC or Canada. What Is...

Presale 101: A Step-by-Step Guide to Buying a Presale Buying a presale property can be an exciting way to secure a brand-new home or investment property before it's even built. Here’s a step-by-step guide to help you navigate the process with confidence: Step 1: Understand What a Presale Is A presale is a property that is purchased directly from the developer before construction is...

Rate Cut by the Bank of Canada (BoC) The BoC made a significant move this morning by cutting the overnight rate by 50 basis points (bps) to 3.75%. This follows three consecutive 25 bps rate cuts. The market had already anticipated a 90% chance of this 50 bps cut due to: Slower-than-expected GDP growth. Consecutive weak inflation reports. The larger cut aims to boost growth faster,...

Newly built home exemption: Full exemption: Effective April 1, 2024, the fair market value threshold for a full exemption for newly built homes is increased from $750,000 to $1,100,000. Partial exemption: A partial exemption is also available for properties with fair market values just above the threshold. The phase out range is $50,000 above the threshold, with the complete elimination of the...

The Act and Regulations provide exceptions for those international students who meet all the requirements: are enrolled in a program of authorized study at a designated learning institution have filed income tax returns for each of the 5 taxation years have been physically present in Canada for a minimum of 244 days in each of the 5 calendar years preceding the year in which the...

If are you unsure of your status in regards to purchasing residential properties, whether presale or resell, here is some info for you:  The Prohibition on the Purchase of Residential Property by Non-Canadians Act applies to individuals who aren’t: Canadian citizens, or permanent residents of Canada, or persons registered under the Indian Act The prohibition also applies...