New Year, So Much New Stuff: Strata Rules, Cooling Off Period, Flipping Tax & Maybe the Last Rate Hike!

Foreclosures and Court Ordered Sales January 2023

North Vancouver West Vancouver Detached
Langley Attached
Abbotsford Detached
Vancouver West Detached
Abbotsford Attached
Mission detached
Maple Ridge, Pitt Meadows Detached
Burnaby Attached
New Westminster Attached
Langley Detached
New Westminster Detached
Richmond Detached
Surrey, North Delta, Cloverdale Attached
richmond Attached
Port Coquitlam, Coquitlam, Port Moody Detached
Vancouver East Attached
Surrey Delta Cloverdale Detached
Vancouver West Attached

No Surprises Here: The Bank of Canada Hiked Rates By Only 25 bps, Signaling a Pause

By Dr Sherry Cooper, Chief Economist for Dominion Lending Centres

As expected, the Bank of Canada--satisfied with the sharp decline in recent inflation pressure--raised the policy rate by only 25 bps to 4.5%. Forecasting that inflation will return to roughly 3.0% later this year and to the target of 2% in 2024 is subject to considerable uncertainty. 

The Bank acknowledges that recent economic growth in Canada has been stronger than expected, and the economy remains in excess demand. Labour markets are still tight, and the unemployment rate is at historic lows. "However, there is growing evidence that restrictive monetary policy is slowing activity, especially household spending. Consumption growth has moderated from the first half of 2022 and housing market activity has declined substantially. As the effects of interest rate increases continue to work through the economy, spending on consumer services and business investment is expected to slow. Meanwhile, weaker foreign demand will likely weigh on exports. This overall slowdown in activity will allow supply to catch up with demand."

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Helping Homeowners and Buyers Navigate New Federal Tax Changes

Posted by Matt Mayers for BCREA

The federal government is introducing new tax changes that may impact homeowners and potential homebuyers beginning January 1, 2023. Here's what you need to know.

Multigenerational Home Renovation Tax Credit
This tax credit for families applies to eligible construction costs for those who wish to add a secondary unit to their home to allow an immediate or extended family member to live with them. To be eligible, the renovation must be completed in the owner’s primary residence where they live with a senior or disabled person. The tax credit covers 15 per cent of costs to a maximum of $7,500. Eligible expenses would include the cost of labour, building materials, equipment rentals and permits. Non-eligible expense examples include furniture, construction and equipment tools, routine repair or maintenance costs, household appliances and devices and landscaping or security services. Expenses must be supported by receipts.

Residential Property Flipping Rule
Individuals who purchase a residential property and sell it within 12 months of their purchase may be subject to the Residential Anti-Flipping Rule. Under the new rules, any profit from the sale of residential real estate (including rental property) within a year would be taxed as business income and ineligible for either the 50 per cent capital gains rate or the principal residence exemption.  

Click here for Exemptions...