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I have sold a property at 206 537 Heatherdale Lane in Saanich

I have sold a property at 206 537 Heatherdale Lane in Saanich. See details here

Unconditional - awaiting Probate. Welcome to this upscale home in highly regarded Heatherdale Estates. Gorgeous green outlook to a treed vista backdrop beyond manicured hedge & grounds. Well designed 1208 sf layout features all sizeable rooms that are easy to furnish. Quality finishing details-smooth ceilings, engineered hardwood, crown mouldings, extensive trim pkg. Bedrooms w/great separation, each able to accommodate king-size beds. Primary w/custom closet & luxurious ensuite. Impressive kitchen showcasing rich wood cabinetry, pantry & wine storage, granite countertops, stainless appls & bar counter, ideal for casual entertaining. Inviting dining & living rooms are both open & cosy w/ electric fireplace ambiance. Catch a glimpse of sunset from the covered deck & checkout the stars at night. Beautiful courtyard gardens w/ ponds & pathways. Central location, walking distance to Commonwealth Rec Centre Pool & Library, Restaurants, Coffee Shops, Broadmead Village, Royal Oak Shopping

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I have sold a property at 2552 McClaren Rd in Mill Bay

I have sold a property at 2552 McClaren Rd in Mill Bay. See details here

Open House Sat 12-2 Nov 26- A beautiful custom home, a gem found 20 min from Westshore and located close to every amenity you could wish for in the Cowichan Valley. With almost 3100 sq foot, this 4 bed, 3 bath home features radiant in floor bath heating, soaring 11 foot ceilings, rich hardwood floors, gleaming marble and quartz countertops, a custom limestone gas fireplace, a media room, recreation room, walk out basement and most notably a stunning front and backyard landscaped and well cared for. Once planned as Deloume Park, many mature large trees are still found behind and on your new property. Notice the 30,000 lbs of concrete that went into a beautiful retaining wall. You will find hot and cold water taps for washing your RV, Boat or Vehicles. Plenty of parking in the huge driveway out front and beside. Mill Springs is a highly desired community. This 11 year old large home is situated across from a Community Park, close to Schools, Vineyards, Shopping and quick access to HWY 1.

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Here’s a friendly reminder that we’ve introduced a new service, available for a limited time, where you can obtain general strata information in a quick and convenient way!

How does this new service work and who is it for?

1. The service is available to licensed BC Realtors.

2. There is no requirement to engage Condo Clear for any other services.

3. We are happy to answer your questions, even if you work with other service providers to review strata documents.

4. All you need to do is email your questions to support@condoclear.ca.

5. One of our advisors will get back to you within 48 hours with an answer and/or additional resources to help you better understand that particular concept.

How much does this service cost?

Being that we are in the beta stage, we are going to be offering this service COMPLETELY FREE until January 31st, 2023.

We want to work with you to provide as much value as possible. If you have any feedback on our new service offering, please don’t hesitate to get in touch.

eel free to share this email and information with your colleagues and industry partners.

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I have sold a property at 742 Brentwood Hts in Central Saanich

I have sold a property at 742 Brentwood Hts in Central Saanich. See details here

Move in Ready! Built by award-winning custom home builder, White Wolf Homes, this outstanding 2,761 sqft 4 bed/3bath home has uncompromised quality and impeccable attention to detail. The stunning interior showcases an open concept living space w/ vaulted ceilings, double sliding doors to the main patio deck, and a gourmet kitchen w/ Bosch appliances and quartz waterfall edge countertops. The large primary bedroom features a walk-in closet w/ built-in cabinetry, and a spa-like en-suite w/ free standing tub. The lower level has 2 spacious bedrooms, a 4-piece bathroom, a laundry room and office space. The rooftop patio has panoramic ocean views of Brentwood Bay and offers plenty of space to entertain. Additional highlights include a heat pump, gas fireplace, oversized windows, landscaped yard w/ irrigation and double car garage. This is an incredible property located minutes from Butchart Gardens and everything the Saanich Peninsula has to offer.

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Depreciation Reports (as they’re known in BC) or Reserve Fund Studies (as they’re known in most other jurisdictions), are a useful tool that enable strata corporations to better plan for future repair and/or replacement, and maintenance, of common property and common assets.

From a buyer’s point of view, depreciation reports are a tool that can give them a better understanding of:

  • The likelihood that they may have to pay additional special levies, because the strata may not be saving enough in the Contingency Reserve Fund (CRF), to pay for future projects.

That being said, when looking at depreciation reports, it’s important to recognize that the cost estimates represent a “best guess” and are often considered “Class D Estimates (±50%)”. The report writer (often an engineer) comes on site and does a visual inspection of the strata’s common property and common assets, and they then do their best to predict:

  • When the strata will have to repair and/or replace certain components.

  • And how much this might cost.

What are Class D Estimates?

Many of the depreciation reports we review note that the estimates provided are Class D Estimates (±50%), which are preliminary estimates based on “little or no site information”. These estimates are typically considered to be +/- 50% in accuracy, with many variables influencing the final price. This means that if they estimate a project cost to be $10,000, it could actually range from $5,000 - $15,000.

It’s therefore important for buyers to recognize that their future “strata expenses” could be higher (or lower) than what is noted in a depreciation report, and they should plan accordingly.

That’s it for this week. If you have any suggestions for other topics you’d like us to cover, please let us know at info@condoclear.ca.

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On November 24, 2022, Bill 44, the Building and Strata Statutes Amendment Act, 2022 (the “Act”), was enacted and removed most rental and age restrictions in strata buildings.  The amendments became effective immediately on November 24, 2022.


REALTORS® need to be aware of the impact of these changes for existing owners, buyers, and sellers.


The Act removed two rights of strata corporations to pass bylaws that could control occupancy, rental and use of strata lots:


  1. Prohibition of rental restrictions; and
  2. Removing the right to have age restrictions within a strata building, other than 55

Rental Restriction


The Act prohibits rental restrictions in several ways. Firstly, by repealing the requirement for developers who intend to rent strata lots to prepare a rental disclosure statement. Since January 1, 2010 developers have been required to file rental disclosure statements if they intend to rent or preserve the right to rent, all strata lots (or a portion thereof) either as the developer or by successive owners of the strata lots. Since 2010 most developers have filed rental disclosure statements, except for certain developments located in areas where “owner-occupied” buildings would be more desirable to prospective purchasers.


So how did rental disclosure statements work? If a rental disclosure statement was filed with the superintendent that reserved the right to rent the units for the next 100 years (for example), then any bylaws the strata corporation approved regarding rental restrictions were unenforceable until the end of the 100-year period. Without a rental disclosure statement being filed with the superintendent of real estate, strata corporations could only impose rental restrictions through passing resolutions by a ¾ vote at an annual general meeting or special general meeting to enact bylaws related to rentals.


The second way the Act prohibits rental restrictions is by repealing any provision of the Strata Property Act, [SBC 1998] CHAPTER 43 (the “Strata Act”) which allowed for strata corporations to create bylaws related to restricting or prohibiting rental. Before the enactment of the Act, a strata corporation could:


“…restrict the rental of a strata lot by a bylaw that:


(a) prohibits the rental of residential strata lots, or


(b) limits one or more of the following:


(i) the number or percentage of residential strata lots that may be rented;


(ii) the period for which residential strata lots may be rented.”


With the Act’s enactment, strata corporations no longer have any rights to create bylaws that restrict the rental of strata lots (except for restrictions on short-term rentals (or stays) of 30 days or less).


Age Restrictions


The Act repealed existing section 123 of the Strata Act which gave strata corporations the ability to enact bylaws related to pet and age restrictions and replaced it with provisions just related to pets and animals


The Act added sections 123.1 and 123.2 to the Strata Act. Section 123.1 states that the only age restriction allowed is now 55 and over:


“Age restriction bylaws


123.1 (1) The strata corporation must not pass a bylaw that restricts the age of persons who may reside in a strata lot except as permitted by subsection (2).


(2) The strata corporation may pass a bylaw that requires one or more persons residing in a strata lot to have reached a specified age that is not less than 55 years.


Previously, strata corporations were allowed to pass bylaws that restricted the age of persons who may reside in the strata lot. An example of these restrictions could be that strata lots could only be occupied by persons over the age of 19 or age 45 and over, which is not permissible under the amendments passed by the Act.


Section 123.2 provides exemptions for the age restrictions in 55+ buildings. These exemptions include caregivers who reside in the strata lot for caregiving, or people residing in a strata lot before the restriction occurred.


Other Amendments

The Act also amended other portions of the Strata Act, such as bylaws within the Standard Schedule of Bylaws related to rental restrictions, and removed the requirement for strata corporations to confirm the number of strata lots rented on the Strata Form B.


Bill 44 also allows for electronic attendance at an annual or special general meeting without needing a specific bylaw.  


What does this mean for clients?


Clients need to know the following about the new changes:

  • Bylaws that prohibit the rental of strata lots are no longer enforceable. All strata lots can now be rented out.
  • Bylaws that enforce only a certain number of rental units within a strata building are no longer enforceable.
  • Prohibitions on short-term rentals (less than 30 days) are still allowed and enforceable.
  • Any bylaws restricting the age of persons who may reside in a strata lot for persons under 55 years are no longer enforceable.
  • There is no obligation for strata corporations to update their current bylaws to reflect these changes; however, they should note that some of their bylaws will no longer be enforceable.


These changes may affect not only the use and occupancy of people’s strata lots, but also the way in which their properties are listed, marketed and valued. For strata corporations in vacation ‘hotspots’ or older buildings with noise issues, these amendments may lead to more disputes and complaints for the strata corporation to address on an ongoing basis.

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I have sold a property at 1354 Copper Mine Rd in Sooke

I have sold a property at 1354 Copper Mine Rd in Sooke. See details here

PEACE, PRIVACY & OCEANVIEWS COMBINE! Stunning, custom, architecturally inspired home on landscaped .59ac lot in supernatural East Sooke. Step thru the double front doors & be impressed w/the handcrafted cedar finishings awash in light thru an abundance of windows & enhanced by airy vaulted ceilings. Kitchen w/cedar cabinets, dual sinks & massive solid fir breakfast bar. Vaulted dining rm w/3 walls of windows & lush forest views. Spacious living rm w/oceanviews & cozy floor to ceiling river rock fireplace. 2 generous bedrooms, main 4pc bath, games room & huge laundry rm w/sink. Back door opens to large deck & private backyard. Ascend the stairs to the vaulted upper level where you will find the family rm opening to the oceanview deck, 3pc bath & primary bedroom w/walk-in closet, river rock fireplace & sliders to deck. Carport & huge crawlspace/workshop varying in height from 5'10 to 10'. Just steps from Copper Mine Trail head & the celebrated trails & beaches of 3500ac East Sooke Park!

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The 2022 Victoria real estate market year in review


A total of 320 properties sold in the Victoria Real Estate Board region this December, 26.9 per cent fewer than the 438 properties sold in December 2021 and a 16.7 per cent decrease from November 2022. Sales of condominiums were down 38.2 per cent from December 2021 with 94 units sold. Sales of single family homes decreased 24.6 per cent from December 2021 with 156 sold.


A grand total of 6,804 properties sold over the course of 2022, 32.3 per cent fewer than the 10,052 that sold in 2021. 2022 sales came closest to 2014’s sales year when 6,698 properties were sold.

 

“We began the year with record low inventory, and with higher than average sales,” says 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. “And then the market changed on a dime. Interest rate increases through the remainder of 2022 signalled the end of low-cost borrowing and pushed buyers to the sidelines. Each time interest rates went up, market activity slowed. As we head into 2023, we continue to see the cost of moving and borrowing money undermine demand. Slower sale activity has resulted in inventory levels rebounding from historic lows, which means there are more opportunities for buyers in our market this year than in recent years.”

 

There were 1,688 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2022, a decrease of 20 per cent compared to the previous month of November but a 158.9 per cent increase from the 652 active listings for sale at the end of December 2021.

 

“The new year begins with the federal government’s ban on foreign buyers,” adds President Dinnie-Smyth. “This is a disappointing politically motivated action in the theme of government trying to slow demand, rather than addressing the more lengthy and less politically popular process of building more housing supply. The cost of housing is unlikely to be affected by this ban because we know from the government’s own data that foreign buyers represent only a handful of transactions in our region in recent years. At the provincial government level, legislation began today for the cooling-off period, now referred to as the Home Buyer Recission Period. The Victoria market has already cooled off, which leaves this legislation at least a year out of date and toothless in terms of public protection, as standard condition terms are often longer than the three-day legislated term. Victoria REALTORS® support policies that provide housing that British Columbians can afford, and we are pleased to see some of our municipalities considering innovative builds that can help with this. Will 2023 be the year that the housing supply chain will be front and centre on all levels of government agendas? If we fail to encourage new development now, we will have another supply shortfall in an upcoming market cycle which will lead to pressure on pricing. New government rules further complicate real estate transactions – so if you are buying or selling in 2023 - be sure to call your favourite Realtor for guidance.”

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2021 was $1,262,600. The benchmark value for the same home in December 2022 increased by 1.7 per cent to $1,283,600, down from November’s value of $1,307,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2021 was $544,100, while the benchmark value for the same condominium in December 2022 increased by 5.6 per cent to $574,300, down from the November value of $587,800.

Read the statistics package here.


The release and the full statistics package will be posted to the VREB website at www.vreb.org/current-statistics.


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The new legislation provides buyers an opportunity to rescind a contract to purchase residential real property up to 3 business days after an offer is accepted.

If a buyer decides to rescind their offer during the HBRP, they must pay the seller 0.25% of the purchase price.

Type of properties that are subject to the HBRP:

  • A detached house

  • A semi-detached house

  • A townhouse

  • An apartment in a duplex or other multi-unit dwelling

  • A residential strata lot

  • A manufactured home that is affixed to land, and

  • A cooperative interest that includes the right of use or occupation of a dwelling 

Type of properties that are excluded from the HBRP:

  • Residential real property that is located on leased land

  • A leasehold interest in residential real property

  • Residential real property that is sold at auction

  • Residential real property that is sold under a court order or the supervision of a court, and

  • Any purchase and sale of property under the Real Estate Development and Marketing Act where Section 21 of that Act applie

disclosure requirements

Trading services licensees are required to make two disclosures regarding the HBRP:

  • The first disclosure should be made via the Disclosure of Representation in Trading Services Form

  • The second disclosure is made at the time of preparing or presenting an offer to your client






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Notice of New Federal Legislation Prohibiting the Purchase of Residential Property by Non-Canadians


DATE: December 14, 2022


DISTRIBUTION: Real Estate Licensees, Real Estate Development Industry, Mortgage Brokers, Credit Unions, and Interested Parties

Advisory Number: 22-048

 

Purpose

The purpose of this Advisory is to inform regulated entities of the federal government’s newly enacted Prohibition on the Purchase of Residential Property by Non-Canadians Act (“the Act”), which is set to come into force on January 1, 2023.

Overview of Changes

The Act prohibits individuals who are not Canadian citizens or permanent residents of Canada (collectively, “non-Canadians”) from purchasing residential property in Canada for a period of two years. The prohibition also applies to corporations that are not incorporated in Canada or are controlled by non-Canadians.

Additional details regarding the prohibition will be addressed in supporting regulations from the federal government, which are expected to be issued before January 1, 2023.


While the Act does not directly impact the provision of real estate services or mortgage lending, it does introduce restrictions to future agreements of purchase and sale of residential property that regulated entities should be aware of. The Act:


  • Prohibits non-Canadians from directly or indirectly purchasing residential property in Canada for a period of two years, which includes purchases made through corporations, trusts, or other legal entities;
  • Applies to residential property, which includes detached homes or similar buildings of one to three dwelling units as well as parts of buildings such as semi-detached houses, strata units, or other similar premises;
  • Establishes penalties for non-compliance applicable to non-Canadians, as well as any person or entity knowingly assisting a non-Canadian in contravening the prohibition;
  • Establishes that a contravention of the prohibition could result in a court-ordered sale of the residential property, which would result in the non-Canadian receiving no more than the purchase price paid for the property; and
  • Sets out exemptions for certain classes of people such as: refugees, individuals who purchase residential property with their spouse or common-law partner (provided the spouse or common-law partner is eligible to purchase residential property), temporary residents in Canada who satisfy the prescribed conditions in the regulations, and other classes of persons set out in the regulations.

Considerations For Regulated Entities

Regulated entities should review the Act to ensure they are aware of who the prohibition applies to and how residential property is defined so they are able to advise and inform potential clients of the new restrictions on residential property sales. Regulated entities should be aware that once the Act is in force, any person or entity that “counsels, induces, aids or abets” a non-Canadian to purchase directly or indirectly any residential property, is guilty of an offence and is liable on summary conviction to a fine of not more than $10,000. Therefore, regulated entities should consider making reasonable inquiries to determine whether a buyer is a non-Canadian for the purposes of the Act before assisting with a transaction for residential property.

If regulated entities are unsure if a client, property, or transaction is captured by the Act, they should advise their client to seek legal advice before continuing to provide their services. Regulated entities that utilize standard-form contracts of purchase and sale may want to consider changing them to contain assurances from buyers that they are not a non-Canadian within the meaning of the Act.

Regulated entities should also review the supporting regulations once released to ensure they understand the exemptions, as well as the full scope and application of the prohibition.

Additional Information

To learn more, please refer to:

  • The Prohibition on the Purchase of Residential Property by Non-Canadians Act;
  • The Department of Finance Canada’s news release; and
  •  Canada Mortgage and Housing Corporation’s news release and FAQ.

If you have questions about this Advisory, contact BCFSA’s practice standards advisors or your relationship manager.

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Victoria Real Estate Board Market Report for November 2022


A total of 384 properties sold in the Victoria Real Estate Board region this November, 41.2 per cent fewer than the 653 properties sold in November 2021 and 20 per cent fewer than in October 2022. Sales of condominiums were down 42.4 per cent from November 2021 with 136 units sold. Sales of single family homes decreased 34.1 per cent from November 2021 with 182 sold.


“November saw a significant decrease from last year in the number of home sales recorded, but this was expected as the market continues to settle after the record setting pace of 2021,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “With a small month over month decrease in price, the autumn market has returned to its traditional rhythm as we approach the holiday season. Inventory levels dipped slightly but remain well above this time last year, which is providing buyers with more options.”


There were 2,111 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2022, a decrease of 3.7 per cent compared to the previous month of October but a 138 per cent increase from the 887 active listings for sale at the end of November 2021.


“Premier Eby’s rapid introduction of changes to the Strata Property Act which remove rental restrictions and age restrictions other than 55 and older from strata developments is raising questions within strata communities. It remains to be seen what effect this may have on the strata market,” adds President Dinnie-Smyth. “It is an open question whether these changes will bring any additional rental stock to the market - with BC’s complex Residential Tenancy Act not all homeowners of vacant strata homes have a desire to become landlords and current interest rates are less attractive to investors who may want to purchase strata rental properties. It is also possible that these measures will contribute further to eroding housing affordability as older stratas with rental restrictions were generally valued lower than their rentable counterparts.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2021 was $1,249,400. The benchmark value for the same home in November 2022 increased by 4.6 per cent to $1,307,100 but was down 2.6 per cent from October's value of $1,341,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2021 was $536,200, while the benchmark value for the same condominium in November 2022 increased by 9.6 per cent to $587,800, down by 2.5 per cent from the October value of $602,700. 


Read the statistics package here.


The release and the full statistics package will be posted to the VREB website at www.vreb.org/current-statistics later this afternoon.

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We wanted to let you know that there are now significant changes coming to Strata Rental Restrictions here in BC.

Here is a summary of the changes:

Announced  Today  Nov 22 2022

Strata Property Act – Changes https://news.gov.bc.ca/releases/2022PREM0065-001745

To help deliver more good homes for people, the Province is introducing new laws to build the homes people need, make it possible for homes that are vacant to be rented and remove discriminatory age and rental restrictions in stratas that hurt young families.

Minster Eby-

            “As a first step in my 100-day plan, we are making changes to deliver more homes for British Columbians, faster. We will work with municipalities to set housing targets and make sure the homes people need get built. For those searching for a home today, there's good news. We're making it possible for thousands of condos that are vacant to be rented out as soon as these new laws pass. For those worried about the future, we're setting out a new way to co-ordinate the efforts of our cities and the Province to build the homes people need quickly.”

In addition, the Province is making amendments to the Strata Property Act to end all strata rental-restriction bylaws and to limit age-restriction bylaws so that the only permitted age restriction is to preserve and promote seniors' housing through the “55 and over” rule in strata housing. Some buildings have “19+ only” age restrictions that mean couples starting a family have to plan to move out as soon as they become pregnant. Stratas will be able to appear at the Residential Tenancy Branch to evict problem tenants and recover costs of those appearances. 

In areas where government has data through the Speculation and Vacancy Tax, there are approximately 2,900 empty condos that cannot be rented out because strata rules prevent them from renting out their condo, and government expects there are more empty units in strata buildings in other parts of the province. This amendment will enable owners to rent out these badly needed homes immediately. Government also expects that some owners in strata buildings would choose to rent out a room in their condo if they were given the opportunity to do so.

If approved, the changes to the Strata Property Act would take effect immediately. Bylaws restricting short-term rentals, such as AirBnBs, will continue to be allowed.

“Amendments to the Strata Property Act, if passed, would remove all rental restrictions from all B.C. strata buildings, which Eby estimated would turn thousands of empty units into homes for renters.

It would also make it illegal for stratas to have 19-plus age restrictions to force out young families when they have a child. “Seniors only” stratas will still be allowed”.

https://vancouversun.com/news/local-news/new-b-c-housing-laws-will-lift-rental-restrictions-in-strata-set-housing-targets-for-municipalities

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From the BC Financial Services Authority (BCFSA) regarding the upcoming implementation of British Columbia’s Home Buyer Recission Period (HBRP):


In January 2023, amendments to the Property Law Act will come into effect. These amendments establish the Home Buyer Rescission Period, also known as the “cooling-off period.” The HBRP enables a purchaser of residential real property to rescind (or cancel) a contract within three business days of entering the contract. 


BCFSA has published a variety of resources on our website to help real estate licensees understand the HBRP, including plain language information about the regulatory requirements, practice guidance, and a series of frequently asked questions. BCFSA has also published updated information for buyers and sellers.

These resources include:




BCREA has also published HBRP resources on the BCREA Access site (login required). To reflect regulatory changes associated with the HBRP, BCREA Standard Forms has made changes to several forms and will launch one new form, Notice of Recission – Residential Real Property. A Standard Forms Pre-Launch Package is available for download now, this includes explanations of the changes and guidelines for use of the new form.  

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One of the biggest problems we’ve encountered regarding strata document packages is missing meeting minutes. So this week, we’ll go over how you can check that you have all the meeting minutes. To start:

  • Step 1: Separate the council minutes from the general meeting minutes.

  • Step 2: Sort each group of minutes in sequential order, from newest to oldest.

While there is no legislation that requires strata corporations to approve their council meeting minutes, it is always good practice for strata to do so, and most follow this practice. Some strata have bylaws that dictate what the strata is required to do in terms of its meeting minutes, so it’s good practice to check for and be aware of these.

Unfortunately, if the strata do not have any such bylaws and do not follow the practice of approving meeting minutes, there is no way to check that you’ve been provided with all the minutes.

If the strata do approve its meeting minutes:

  • Step 3: Check that each set of minutes received was approved at the subsequent meeting.

  • Step 4: If a set of minutes is approved at a meeting, but those minutes were not included in the strata documents package you received, you are missing a set of meeting minutes. Follow up with the strata to obtain the missing set of minutes.

Was a meeting held within the last two weeks? Many strata corporations have bylaws that require the strata council to “inform owners of the minutes of all council meetings within 2 weeks of the meeting, whether or not the minutes have been approved.”

  • Step 5: If the strata have such a bylaw and a meeting had been scheduled more than two weeks ago, you should have received the meeting minutes. If you haven’t, follow up with the strata to obtain the missing set of minutes.

Follow this five-step process to ensure you have all the strata council and the general meeting minutes.

Next, we’ll discuss what licensees need to know when serving on strata councils. If you have any suggestions for other topics you’d like us to cover, please let us know at info@bchomegroup.ca.

Disclaimer: The information provided is for general purposes only. It is not intended to provide legal advice or opinions of any kind. No one should act, or refrain from acting, based solely upon the materials provided, any hypertext links or other general information without first seeking appropriate legal or other professional advice.

 
 
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From the BC Financial Services Authority (BCFSA) regarding the upcoming implementation of British Columbia’s Home Buyer Recission Period (HBRP):


In January 2023, amendments to the Property Law Act will come into effect. These amendments establish the Home Buyer Rescission Period, also known as the “cooling-off period.” The HBRP enables a purchaser of residential real property to rescind (or cancel) a contract within three business days of entering the contract. 


BCFSA has published a variety of resources on our website to help real estate licensees understand the HBRP, including plain language information about the regulatory requirements, practice guidance, and a series of frequently asked questions. BCFSA has also published updated information for buyers and sellers.

These resources include:


Did you know that the Secure Strata KeyBox Housing Program is a VREB initiative? That we are aware, only one other real estate board in Canada offers a similar program.

 

There are currently 333 KeyBoxes installed on buildings throughout Greater Victoria. If you have a listing in a condo building that does not yet have a housing installed, let us know or have them contact the VREB about our free installation.

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Starting in January 2023, non-Canadians will be banned from buying homes across Canada, through the Prohibition on the Purchase of Residential Property by Non-Canadians Act. This Act prohibits non-citizens and non-permanent residents from purchasing residential property in Canada for two years.

The Act also restricts non-Canadians from avoiding the ban by using corporations or other entities to purchase residential property. Both the non-Canadian purchaser of the prohibited property and any person or entity that knowingly assists in the purchase can be fined up to $10,000 and the property may be forced to be sold.

“Residential property” includes detached houses or similar buildings of one to three dwelling units, as well as parts of buildings such as semi-detached houses, strata units or other similar premises.

How does the Foreign Buyer Ban Impact REALTORS®?

REALTORS®, along with lawyers and notaries, owe their clients an obligation to inform. The legislation does not rely on REALTORS® to enforce the prohibition, however it does allow for penalties to be imposed on any party found guilty of knowingly assisting a non-Canadian in violating the prohibition.

Exemptions

At this point, there is still lots that we do not know about the Act, because details have not been announced through regulation. There may be exemptions for certain groups of people, types of residential property and special circumstances, but these have not yet been established. Also, it is still unclear what is meant by “control” and what is considered “purchase” within the Act. The final regulations are intended to be published later this fall.

Although it is uncertain, we anticipate exemptions will be put in place for:

  • recreational properties,
  • residential property located outside of a large urban centre,
  • vacant land where the land has been zoned for residential use or mixed use by municipal authorities within large urban centres,
  • Indigenous peoples,
  • international students on the path to permanent residency,
  • individuals with work permits residing in Canada,
  • individuals fleeing international crises and other vulnerable populations, and
  • accredited members of foreign missions in Canada.

Advocacy

BCREA is concerned that this policy will create obstacles for homeownership for newcomers and can interfere with Canada’s ability to attract immigrants. The policy is at odds with the federal government’s own immigration targets, as the aim to welcome 465,000 next year. Even if a person is not a Canadian resident, they are still able to contribute to Canada’s economy and communities.

BCREA supports the Canadian Real Estate Association’s (CREA) advocacy for additional exemptions, including:

  • Americans and Mexicans through the Canada-United States-Mexico Agreement. This exemption would avoid a reciprocal response from Canada’s trading partners that could harm Canadians. A US Congressman has already warned that if Canada were to target foreign owners of real property in the United States, there may be reciprocal policies implemented.
  • areas where existing measures are in place. This would include the many areas in BC that are subject to the Speculation and Vacancy Tax, whereby non-Canadians are subject to an additional 20 per cent property transfer tax in specified areas, and
  • established dwellings for redevelopment, provided they increase housing stock.

CREA also asked that the federal government take into consideration the compliance burden of implementation and the recognition that housing needs vary across the country.

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With the new Home Buyer Rescission Period coming into effect in January 2023, BCREA has developed a new course to support REALTORS® and managing brokers to not only understand the new rules but also apply them in their practice.

Launching December 1, 2022, The Home Buyer Rescission Period: What REALTORS® Need to Know the course, will cover the specifics of the new legislation and equip REALTORS® with a strong foundation required to address the needs of their clients. REALTORS® taking this course will particularly find useful the various scenarios that walk through the process of exercising the right of rescission.

After completing this course, learners will be able to:

  • identify the key elements of the new legislation, including the length of the rescission period;
  • provide required disclosures of the rescission rights to their clients;
  • calculate the rescission amount properly;
  • explain how the deposits are handled, in accordance with the Regulation;
  • fill out appropriate forms in order to be compliant with the new requirements; and
  • identify strategies for managing brokers to mitigate risks.

The primary goal of this course is to enhance the standard of professional competency in how REALTORS® assist their clients and protect their best interests during the home buying or home selling experience.

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Strata Tip of the Week - Did you get the latest, enforceable set of bylaws?

We’ve completed quite a few strata document reviews lately where we found that the buyers were not provided the latest set of bylaws. So, in this email, we’ll go over how you can ensure you have the latest, enforceable set of bylaws.

Where can I find the strata corporation’s bylaws?

All strata corporations in BC should have bylaws filed with the Land Title and Survey Authority (LTSA). These can either be the Standard Bylaws or, if the strata has amended its bylaws, the strata’s unique set of bylaws.

To confirm that you have the latest set of enforceable bylaws, we recommend that you always pull them directly from the LTSA.

What’s the correct process for approving new bylaws?

When a strata corporation wants to amend a portion of or all of its bylaws, it should follow these steps:

  • Send out a general meeting notice with the bylaw amendment resolutions it is proposing.

  • Hold the general meeting, which allows the owners to discuss and vote on the bylaw amendments being proposed.

  • If approved, file the newly approved bylaws with the LTSA.

Only once filed with the LTSA, can a strata corporation start enforcing those bylaws.

What if the owners approved amendments to the bylaws, but the strata has yet to file those amendments with the Land Title Office?

Because it may take a strata corporation a few weeks to get around to filing newly approved bylaws, there may be a period of time where the bylaws filed with the LTSA are not the latest bylaws approved by the owners. The strata essentially has “newly approved bylaws”, but they are not yet “enforceable”.

When this is the case, the answer to the question “Are there any amendments to the bylaws that are not yet filed in the land title office?” on the Form B should be “Yes”.

Form Bs are completed by humans, which means that sometimes mistakes are made. It is therefore good practice to also check the last two years’ worth of general meeting minutes.

  • If those minutes show that new bylaws have been approved, those bylaw amendments should be in the bylaw package you received.

  • If they’re not and the strata answered “No” to the Form B question noted above, you should follow up with the strata corporation, to confirm why the bylaw amendments aren’t included in the bylaw package provided, yet the Form B states that all bylaw amendments have been filed with the Land Title Office.

 
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A slight uptick in sales and inventory, but Victoria real estate market still requires commitment to homes


A total of 480 properties sold in the Victoria Real Estate Board region this October, 35.6 per cent fewer than the 745 properties sold in October 2021 but a 17.1 per cent increase from September 2022. Sales of condominiums were down 39 per cent from October 2021 with 152 units sold. Sales of single family homes decreased 32.2 per cent from October 2021 with 230 sold.



“Inventory has remained stable this month and for the first time since May 2022, we see a slight increase in the month-over-month sales,” says Victoria Real Estate Board President Karen Dinnie-Smyth. “We noted last month that the number of sales for September did not necessarily reflect the on-the-ground activity in the marketplace. October sales have shown what the industry has been experiencing, an increase in activity, more sales and well-priced homes receiving plenty of attention – some receiving multiple offers. If you are considering selling a property, the continually evolving market conditions this month reinforce the need for up-to-date analysis of how to price your home during this type of market. With many micro-markets within the Greater Victoria area conversations with your local REALTOR® on how the housing market is performing in your specific area will be crucial to your success.”


There were 2,192 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2022, a decrease of 4.7 per cent compared to the previous month of September but a 111.6 per cent increase from the 1,036 active listings for sale at the end of October 2021.



“With new mayors and councillors heading to work in several of our municipalities, we hope to see strong commitments to positive ways to manage the current and future housing needs of our communities high on council agendas,” adds President Dinnie-Smyth. “The future cost of housing is at stake. The pressure on pricing and in the market overall will not resolve until we see material improvements in the number and types of properties available in the Greater Victoria area. Rentals, townhouses, duplexes, triplexes and beyond are all needed to help ensure that we do not face another cycle of rapid price increases due to lack of inventory in the future. We hope that all municipalities will be looking at gentle density improvements that will ensure more homes for more people in their community planning.”


The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2021 was $1,216,900. The benchmark value for the same home in October 2022 increased by 10.2 per cent to $1,341,400 but was down 1.7 per cent from September's value of $1,364,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2021 was $524,500, while the benchmark value for the same condominium in October 2022 increased by 14.9 per cent to $602,700, down by 2.4 per cent from the September value of $617,400.

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I have sold a property at 1021 Tulip Ave in Saanich

I have sold a property at 1021 Tulip Ave in Saanich. See details here

Neat and Tidy family home in a central, family neighbourhood. Great way to enter the market in a single-family home. Bring your renovation ideas and expand downstairs to a larger family home or suite. Or start fresh on a large level lot in Saanich. This loved and cared-for home features 2 bedrooms, 1 bathroom, kitchen, eating area and living room. Low maintenance front and back yard is open & flat for kids or dogs to play. Sunny southern backyard exposure. Finishings include 1-year-old roof, upgraded 200 amp electrical service, original hardwood floors and updated wall heaters. Location close and walkable to many different school options as well as the Galloping Goose Trail. Driving distance to all amenities at the Tillicum Mall & Uptown Shopping Centre. RS-6 Zoning.

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