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The speculation tax applies to residential property in British Columbia’s largest urban centers facing the housing affordability crisis. The tax applies in the Metro Vancouver Regional District (excluding Bowen Island and Electoral Area A, except the part of the electoral area that is the UBC and University Endowment Lands), the Capital Regional District (excluding the Gulf Islands Juan de Fuca), Kelowna-West Kelowna, Nanaimo-Lantzville (excluding Protection Island), Abbotsford, Chilliwack, and Mission. Most islands are excluded.


Exemptions

  • Primary residences of British Columbians are exempt from the tax.
  • Properties that are used as qualifying long-term rentals are exempt from the tax. Homes will need to be rented out for at least three months to qualify for an exemption in 2018. Starting in 2019, homes will need to be rented out for at least six months, in increments of 30 days or more, to qualify for an exemption
  • Over 99% of British Columbians will be exempt, because the vast majority of homes owned by British Columbians in the province’s urban centers will either be owner-occupied or will be rented long-term.


Rate design

  • In 2018, the tax rate for all properties subject to the tax is 0.5% on the property value.
  • In 2019 and subsequent years, the tax rates will be as follows
    • 2% for foreign investors and satellite families
    • 1% for Canadian citizens and permanent residents who do not live in British Columbia
    • 0.5% for British Columbians who are Canadian citizens or permanent residents (and not members of a satellite family)


Credit design

British Columbians who are Canadian citizens or permanent residents, and not part of a satellite family, will be eligible for a tax credit that is immediately applied against the speculation tax. This credit will offset a total of $2,000 in speculation tax payable. For homeowners with multiple properties, the tax credit will only apply to one property.


This tax credit will ensure that British Columbians do not pay tax on a second home valued up to $400,000. For more expensive vacant properties, the credit ensures that tax only applies to the value of the property above $400,000.

 

Who doesn’t pay the tax

  • The vast majority of British Columbians
  • People whose homes and cottages are outside the designated urban centers
  • Homeowners with properties in designated urban centers, but who rent them out long-term
  • Those eligible for special exemptions, including
    • The owner or tenant is undergoing medical care or residing in a hospital, long-term care or a supportive-care facility
    • The owner or tenant is temporarily absent for work purposes
    • The registered owner is deceased and the estate is in the process of being administered


Who pays the tax

  • Foreign speculators and satellite families
  • Domestic speculators
  • Those with multiple properties in B.C.’s designated cities that are vacant most of the year


Stress Test

AllCanadian home borrowers are required to qualify for 2% more than their contracted mortgage rate when applying for a new mortgage.

GST

New residential property/home

5% GST is payable on the purchase price of newly constructedor substantially renovated residential homes. Substantially renovated is defined in the legislation as the removal or replacement of most of the house construction components except for the foundation, external walls, interior supporting walls, floor, roof and staircase. This includes assignment of contracts.

 

“Used” residential property/home

GST is not applied to used housing, as the first owner of the property would have already paid it (unless substantially renovated – see above).


GST New Home Rebates

  • If the purchase price is $350,000 or less, new home buyers can apply for a rebate of the 5% GST. The rebate is up to 36% of the 5% GST to a maximum rebate of $6,300.


Assume the purchase price of a new home is $350,000 excluding GST. The gross GST. is $17,500 (5% of $350,000). The GST New Housing Rebate is 36% of $17,500, which is $6,300. Thus, the applicable GST. is $17,500 less $6,300, which equals $11,200.


  • If the purchase price is between $350,000 and $450,000, there is a proportional GST rebate.


The rebate is gradually reduced and is calculated by using the following formula:


$6,300 x [$450,000 – the purchase price] / $100,000

 

For example, assume the purchase price of a new home is $400,000 excluding GST The GST New Housing Rebate is:


$6,300 x [$450,000 – $400,000.00] / $100,000

 

Which equals $3,150. The gross GST would be 5% of $400,000.00, which equals $20,000.00, less the partial GST New Housing Rebate of $3,150.00, for a net tax of $16,850.00.


  • If the purchase price is over $450,000,there is no GST New Housing Rebate.


* Please note that the Developer may agree in the Contract to credit the Purchaser on completion for the rebate, but not all Developers allow this. If they do not, the Purchaser will have to pay the full 5% GST on completion and will then have to apply directly to C.R.A. for the GST New Housing Rebate after closing. This means the Purchaser will have to ensure that they have additional funds to cover the 5% GST on completion. Note the GST New Housing Rebate is not available to a corporation or a partnership. If the developer pays the GST, the buyer will be required to sign over the rebate to the developer when it is received.

 

Rental Rebates

If a Purchaser is planning to rent out the new home, they may be eligible for a GST New Residential Rental Rebate. The full GST NRR Rebate is only available on new homes priced up to $350,000. A partial GST NRR Rebate is available for homes priced between $350,000 and $450,000. To be eligible the purchaser must meet certain conditions which include:


  1. The Purchaser must not be entitled to claim input tax credits in respect of any part of the tax payable on the acquisition of the rental unit.
  2. The rental unit must be a “qualifying residential unit” which means the person applying for the rebate must be the owner of the unit and the unit must be a self-contained residence as defined in the Excise Tax Act
  3. The unit must be held by the owner for the purpose of making exempt supplies (for example, a residential tenancy)
  4. The unit must be used as a primary place of residence by the tenants and must be so used for at least one year and the Purchaser will have to provide a copy of the tenancy agreement showing a term of at least one year.

 

* Please note that the Developer is not allowed to credit the Purchaser on completion with the GST NRR Rebate. This means the Purchaser will have to pay the full 5% GST on completion and then claim the GST NRR Rebate afterwards directly from C.R.A. The Purchaser will have to ensure that they have the necessary funds to cover the 5% GST on completion.

 

Property Transfer Tax and Foreign Buyers’ Tax

Property Transfer Tax

Property Transfer Tax on residential properties is 5% on the portion of the fair market value greater than $3,000,000 effective February 21, 2018.


As of 2018, the applicable rates are as follows:


  • 1% on the first $200,000
  • 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000
  • 3% on the portion of the fair market value greater than $2,000,000
  • If the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000

BCREA Tax Calculator: http://www.bcrea.bc.ca/taxapp/


Foreign Buyers Tax

Foreign Buyers’ Tax is 20% as of February 21, 2018. It has also been extended outside of the Greater Vancouver Regional District to include the Capital Regional District, Fraser Valley, Central Okanagan and Nanaimo Regional District. Foreign entities in these taxable regions are subject to this tax (persons who are not a Canadian citizen, Permanent Resident or registered under the Provincial Nominee Program).


If the property transfer is registered on or before February 20, 2018 and is within the Greater Vancouver Regional District, the tax amount is 15% of the fair market value of your proportionate share.


Example:

If the fair market value of a home is $3,000,000 and the purchaser is a foreign buyer, the total PTT bill would be $668,000. (i.e.: $600,000 as the amount of the foreign buyers’ tax plus $68,000 as the amount of the basic PTT)

 

Non-Resident (Foreign) Sellers

The Income Tax Act of Canada provides that whenever a non-resident disposes of property, the non-resident is required to pay the appropriate amount of taxes on any gain.  In order to satisfy the Buyer that the appropriate amount of taxes are paid, the Seller must provide to the purchaser, on or before closing, a clearance certificate from Revenue Canada.  This certificate is issued by the federal government and certifies that a certain amount of money is payable for the taxes.  The amount owing is deducted from the sale proceeds and sent directly to the federal government by the Seller’s lawyer.


The clearance certificate is issued pursuant to section 116 of the Income Tax Act and is usually required on the closing date.  The application for the certificate may be made prior to closing by the Seller, but not until there has been a subject free contract of purchase and sale.  The wait for the clearance certificate is usually around 3 months, so in a perfect world, there would be a 3-month lead-time between subject removal and the completion date.

Complications can arise if the certificate is not obtained prior to the closing date.  In such a case, the Buyer is required to hold back from the sale proceeds a percentage of the selling price.  This percentage is between 25% and 50%, depending on whether the property is non-depreciable property (a residence of the Seller), depreciable property (the property has been rented), or inventory (Seller is a builder).  The transaction closes with the money remaining in a lawyer’s trust account until the certificate is obtained.  Once the certificate is obtained, the taxes are paid from the holdback and the Seller receives any amount left over.

Note that the holdback is based on the selling price, not the equity in the property.  If there is financing on the property, the Seller may need to pay this financing from other sources.


Sources:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax

https://www2.gov.bc.ca/assets/gov/taxes/property-taxes/publications/is-2018-001-speculation-tax.pdf

UBC Sauder School of Business Real Estate Trading Services Licensing Course Bulletins

https://www.bcrealestatelawyers.com/basic-info-for-residential-real-estate/

http://bridgewellgroup.ca/blog/gst-on-real-estate-in-bc/

https://www.bcrealestatelawyers.com/non-resident-buyers-and-sellers-of-real-estate/

Home Owner Grants

Home Owner Grants are a type of tax relief from property taxes for an owner of an eligible property, if he or she occupies it as a principal residence.


To be entitled to a basic grant:

  • Must be owner of an eligible residence
  • Must be registered owner of the property
  • Must be ordinarily resident in British Columbia
  • Must be Canadian citizen or permanent resident of Canada
  • Must occupy the property as his or her principal residence


As of 2018, the grant is $570. (this is deducted from the Property Tax payable by the particular owner)

Grant is available in full for homes having an assessed value of up to $1,650,000, but is phased out entirely for homes having an assessed value of $1,764,000 or more.

Owners must generally pay at least $350 in Property Taxes before obtaining the benefit of the grant.


Homeowner Grant Threshold

As of 2018: $1,650,000


Homeowner Grant Threshold is the maximum value of an assessed or partitioned property where home owners are eligible to claim the home owner grant.


You may be able to claim the full grant amount if your property has an assessed or partitioned value of $1,650,000 or less.


If you meet all requirements but your property’s assessed or partitioned value is over $1,650,000, you may qualify for the grant at a reduced amount.


The grant is reduced by $5 for each $1,000 of assessed value over $1,650,000. This means the grant isn’t available for properties assessed over $1,819,000 ($1,859,000 in a northern and rural area).


If your property has an assessed value of more than $1,819,000 ($1,859,000 in a northern and rural area), then you aren’t eligible for a home owner grant. You may still qualify for a low income grant supplement, even though you aren’t receiving the home owner grant, and can apply for the supplement on its own.

 

Other types of Home Owner Grants

Seniors Grant

To qualify:

  • Registered owner of residence
  • Canadian citizen or permanent resident
  • Live in British Columbia
  • Residence is your principal residence
  • Must pay at least $100 in property taxes 
  • Assessed or partitioned value of your property must not exceed the grant threshold
  • Ensure you meet additional requirements if you are buying or selling your property


Total grant amount:

  • $845 ($275 on top of regular grant of $570) in Capital Regional District, Greater Vancouver Regional District and the Fraser Valley
  • $1,045 in all other areas of British Columbia


Other information:

Disability Grant

To qualify:

  • Registered owner of residence
  • Canadian citizen or permanent resident
  • Live in British Columbia
  • Residence is your principal residence
  • Assessed or partitioned value of your property must not exceed the grant threshold
  • Ensure you meet additional requirements if you are buying or selling your property
  • Must pay at least $100 in property taxes 
  • One of the following:

1)  You receive provincial disability assistance, hardship assistance or a supplement under the Employment and Assistance for Persons with Disabilities Act.

2)  You’re disabled or have a disabled spouse or relative living with you in your principal residence and you (a) pay at least $150 per month during the calendar year to help the person with disabilities with daily living activities in your principal residence, (b) have spent at least $2,000 for a qualifying modification to your principal residence, or (c) purchased your principal residence with a qualifying modification completed by a previous owner and the modification cost at least $2,000.


Total grant amount:

  • $845 ($275 on top of regular grant of $570) in Capital Regional District, Greater Vancouver Regional District and the Fraser Valley
  • $1,045 in all other areas of British Columbia


Other information:

Veterans Grant

  • Most veterans can apply for the homeowner grant as a person under 65 (basic grant), senior, or person with a disability.
  • If you have an adjusted net income of $32,000 or less you may qualify for a: Supplement for veterans under 65, Low income grant supplement for seniors, Low income grant supplement for surviving spouses of veterans who received a War Veterans Allowance
  • If you’re under 65 years of age and the surviving spouse of a veteran who received a War Veterans Allowance, you may qualify for a higher grant amount. You qualify if you: Are the surviving spouse of a veteran who received a War Veterans Allowance, and Meet the same requirements for the home owner grant for seniors, excluding the age limit criteria

Deceased Owner

To qualify:

  • Property is still registered in the name of a deceased owner or in the name of the executor or administrator of their estate
  • You’re the spouse, child, grandchild, parent, brother or sister of the deceased owner
  • The deceased owner would have qualified for the home owner grant
  • You occupied the residence as your principal residence on the date of the owner’s death
  • The property is still your principal residence

If the owner’s death occurred in the current year, you’ll receive the amount they would have been entitled to. If the owner would have qualified for an additional grant, you'll be entitled to the extra grant amount regardless of your status.

If the owner’s death occurred in previous years, you’ll receive the amount you qualify for.



Sources:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/reduce/home-owner-grant

UBC Sauder School of Business Real Estate Trading Services Licensing Course Bulletins

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BC's Speculation Tax - Developers and property owners looking for certainty
 

The proposed introduction of a new tax on certain properties in BC is intended to drive down soaring prices and push more housing stock onto the rental market. However, uncertainty surrounding the details of a plan that could significantly impact a substantial segment of the provincial economy is causing concern among developers and property owners.  

 

The BC Speculation Tax, announced in the province’s 2018 budget, targets the owners of unoccupied residential properties, with a particular emphasis on foreign and out-of-province residents currently paying little or no income tax in the province. According to the information provided to date by the BC government, the tax is intended to curb inflation in the residential real estate market in the province’s largest urban centres by levying additional costs on so-called speculators to “push them out of the market.”

Ultimately, the full impact of the tax won’t be known until legislation is introduced, debated and enacted. To understand the current proposal, read Grant Thornton's full overview


In the meantime, Grant Thornton is following developments in this area closely and can help you understand these risks, quantify what they may mean from your individual financial perspective, and formulate effective strategies to address them.

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Even though the House is in recess until the fall, your Board and other community stakeholders continue to work on the Speculation Tax situation - and encouraging our local representatives to "Scrap It!".
 
Request:
Do you have first-hand information on a development being altered  / delayed or lost housing due to the Speculation Tax that you've not already sent us? Please connect, we are collecting stories to help the government understand the repercussions of this tax. Thank you. 
 
Update on ongoing activities:
Your President, Kyle Kerr, President Elect Cheryl Woolley and EO Dave Corey are preparing to meet with Housing Minister Selina Robinson this week. Their discussion will focus on increasing housing supply in the Victoria area.  

 
Please continue to share the Scrap the Speculation Tax website - the site makes it easy to write to your local representatives to encourage them to consider the broader economic impacts of the Spec Tax. More than 20,000 letters to government have been facilitated by the website.  
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A total of 688 properties sold in the Victoria Real Estate Board region this March, 25.9 per cent fewer than the 929 properties sold in March last year, but a 26.2 per cent increase from the month previous. The sales of condominiums were down 28.2 per cent from last year in March with 211 units sold. Single family homes were 30.8 per cent down from the year previous, with 337 sold this March.

"As we expected, March sales are tracking lower than in 2017," says Victoria Real Estate Board President Kyle Kerr. "This is likely due to a number of factors that have created hesitation in consumers, including recent heavy measures by the provincial government to reduce the value of home prices and the federal government's new mortgage qualification rules. Combine these factors with rising interest rates and you've got a housing market that is in transition due to outside influences. Every time there is intervention into a market, it takes a few months for the market to rebalance. With the continual changes of late from different levels of government, our market is experiencing a new cycle of ongoing uncertainty."

There were a total of 1,766 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2018, an increase of 14.3 per cent compared to the month of February and 13.5 per cent more than the 1,556 active listings for sale at the end of March 2017.

"Despite all of the above, we continue to see benchmark price increases across our market and demand persists - partly due to low inventory - but also because of our highly desirable location," adds President Kerr. "Specific areas and price points are experiencing varying pressure on price and demand - which creates micro-markets. We are still seeing multiple offers and above asking price sales in some segments. Active buyers in our market may see some relief as inventory is slowly growing. This showcases why it is important to work with your local REALTOR® in this transitioning market to ensure you have the most up-to-date information to make purchasing and selling decisions."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2017 was $785,600, while the benchmark value for the same home in March 2018 increased by 9.4 per cent to $859,400, higher than February's value of $840,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2017 was $409,700, while the benchmark value for the same condominium in March 2018 increased by 19.6 per cent to $490,000, which is higher than February's value of $472,600.


About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of Realtors. The Victoria Real Estate Board represents 1,354 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
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Your Government Liaison Committee and your Board of Directors is concerned about the implications of the proposed Speculation Tax, and is working with BCREA and other local stakeholders to connect the government with data and information to encourage them to alter their plans for the tax. 

We hope to have a meeting with Minister James and Minister Robinson to review our position that new taxes do nothing to move forward their goal of affordable housing, and also that artificially devaluing the housing market (a stated goal of James') is detrimental to the province's greater economy. We are promoting that Realtors are strong advocates for their clients, and that real estate is one of the biggest, most important investments many British Columbians / Canadians make. We are also working on next steps. 

We will update you as these discussions and work progresses. If you have clients who are concerned about the speculation tax (which will affect second home owners - even if BC residents) please encourage them to connect with the Minsters directly to share their story. 

Minister of Finance -  Carole James
Minister of Municipal Affairs and Housing -  Selina Robinson 

From BCREA:  
Speculation tax
On the proposed speculation tax, BCREA's heard from REALTORS® around the province and homeowners across the country. We're working with Minister of Finance Carole James and her staff to get answers and to provide input before the legislation is introduced this fall. We believe that homeowners who pay income tax in Canada should be exempt from the speculation tax, regardless of how many homes they own.

BCREA's full list of recommendations, concerns and questions about the proposed speculation tax is available here.
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BC Budget 2018

 

The British Columbia government made several announcements regarding housing as part of the NDP 2018 Budget. Among those announcements are the following:

 


Additional Property Transfer Tax (Foreign Buyer Tax):

  1. Increase of the Additional Property Transfer Tax on Foreign Entities from 15% to 20%.
  2. Expanded regions of the Province where the Additional Property Transfer will apply, to include the Capital Regional District, the Fraser Valley, the Central Okanagan and the Nanaimo Regional District.
    1.                                                     i.     Grandfathering provisions will exempt transactions from the Additional Property Transfer Tax in the above areas if registration occurs before or on May 18, 2018and the property transfer is subject to a written agreement dated on or before February 20, 2018 (a definition of written agreement has not been provided).
    2. Further information on the Additional Property Transfer Tax and other exemptions to the Additional Property Transfer Tax can be found in the following link: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax

 

Property Transfer Tax:

 

  1. The Property Transfer Tax has been increased for residential properties on the portion of the Fair Market Value of the property in excess of $3,000,000.
  2. The Property Transfer Tax rate now is:
    1.                                                     i.     1% on the first $200,000,
    2.                                                    ii.     2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000,
    3.                                                   iii.     3% on the portion of the fair market value greater than $2,000,000, and
    4.                                                  iv.     if the property is residential, 5% on the portion of the fair market value greater than $3,000,000.
    5. This is effective February 21, 2018 and there is no exemption for contracts of purchase and sale entered into prior to February 21, 2018 closing on or after February 21, 2018.
    6. Further information on the Property Transfer Tax can be found in the following link:https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand#FairMarket

 

Speculation Tax:

 

  1. Beginning fall 2018, the Province has announced that it will introduce a new speculation tax on residential property targeting foreign and domestic owners who own real estate in BC but do not pay taxes in BC. 
  2. While full details of this tax have not been released, the Province has announced:
    1.                                                     i.     The new tax will apply to the Metro Vancouver, Fraser Valley, Capital Regional District, Nanaimo Regional District and the municipalities of Kelowna and West Kelowna.
    2.                                                    ii.     Exemptions will be available for most principal residences, qualifying long term rental properties and special cases.
    3.                                                   iii.     The tax rate will be 0.5% of the taxable assessed value of the property for 2018 and 2% for 2019.
    4. Further information on this proposed speculation tax can be found on page 10 in the following link: http://bcbudget.gov.bc.ca/2018/homesbc/2018_Homes_For_BC.pdf.

 General Anti-Avoidance Rules

 

  1. The Property Transfer Tax Act is subject to general anti-avoidance rules and applicable penalties.
    1.                                                  i.     Professional advisors (including Realtors) advising someone to avoid, evade or attempt to avoid or evade tax liability under the Property Transfer Tax Act may result in significant penalties including double the tax, tax plus interest, a fine of $200,000 for corporations or $100,000 for individuals and/or up to two years in prison.
    2. Further information on this can be found in the following link: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/file

 

This is only a brief discussion of some aspects of certain announcements related to housing in the 2018 Budget. The following is a link to further information on the NDP housing announcements: http://bcbudget.gov.bc.ca/2018/homesbc/2018_Homes_For_BC.pdf. If you have any questions on the above or any other real estate related matter, please do not hesitate to contact our office at any time.

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