May 2022 Real Estate Statistics
May 2022 Real Estate Updates
A new 2-year ban of no foreign buying that includes condos, apartments, and single residential units. (Exempt are recreational units.)
Loopholes? As always there are a few: The ban does not apply to foreign students, permanent residents, foreign workers, or foreigners who are purchasing their primary residence in Canada. Also, recreational properties are exempt.
With commodity prices cooling we continue to expect a lower Canadian dollar
Big Banks Raise 5-Year Fixed Rates Above 4%
Most of the country's big banks are now advertising special-offer 5-year fixed rates above 4%.- "Budget 2022 proposes to make all assignment sales of newly constructed or substantially renovated residential housing taxable for GST/HST purposes, effective May 7, 2022."
- Starting May 7, the government will add taxes on home flippers who buy properties to renovate and put them back on the market less than 12 months later. Who will want to renovate now? Loopholes: Looks like multiple exceptions again for permanent residents, foreign students, etc.
Canada Market Policy Updates | 2022 | Victoria BC
2022 Federal Budget Impacts Market in BC Real Estate - Details
Multigenerational Home Renovation Tax Credit
This will allow families to claim 15 per cent (up to a $7,500 credit) in eligible renovation and construction costs incurred to construct a secondary suite for seniors or adults with disabilities.
Increased Contribution for First Time Home Buyers.
They can contribute up to $40,000 also a Registered Retirement Savings Plan (RRSP) contribution would be tax-deductible, any money instead of being contributed TFSA can be put in place into real estate. Further, the First Time Home Buyers' Tax Credit will be doubled to $10,000, retroactive to homes purchased on or after January 1, 2022.
Bidding Wars
Plan to end this in the real estate market.
Foreign Demand
Policy is being passed to prohibit non-Canadian citizens or permanent residents as well as non-Canadian commercial enterprises from acquiring property in Canada for two years.
No Flipping - Tax
Policy being passed so Buyers get taxed heavily if they try flipping real estate, beginning January 1, 2023.
March 2022 Real Estate Updates - Victoria BC
Record low inventory prevents Victoria real estate market from cooling-off
The 2021 December Victoria real estate market year in review
Fire Insurance - Real Estate Purchase - BC
IN SUMMER the days getting dryer, make sure you insert the following statement into Contracts/offers on areas that have a higher degree of forest fire risks. Each year insurance companies start restricting insurance approvals in areas of fire risk.
Longer the close, potential increased risk during these summer months.
WILDFIRE / INSURANCE STATEMENT:
In the event that the insurance underwriters defer placement of property insurance due to wildfire risk prior to or at the time of completion, the Buyer(s) and Seller(s) agree that the completion, possession and adjustment dates shall be deferred until such time that insurance can be obtained. The Buyer will make all reasonable efforts to complete the sale.
September 2021 - Victoria Real Estate Market Update
June 2021 Real Estate Statistics For Victoria B.C.
May 2021 Real Estate Statistics For Victoria B.C.
April 2021 Real Estate Statistics For Victoria B.C.
March 2021 Real Estate Estatistics For Victoria BC
Nest Project - Yates - Chard Development
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February 2021 Real Estate Statistics for Victoria B.C.
January 2021 Real Estate Statistics for Victoria B.C.
December Real Estate Statistics for Victoria B.C.
Strata Insurance Update for Victoria BC
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