Inventory remains low in Metro Vancouver while home sales dipped well below monthly historical averages in January.

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With 30 years experience in the Real Estate Market, let me Help You Make the Right Move in this shifting market. 

As of January 3rd, 2023, Home Buyers get 3 days to reconsider an accepted offer to purchase.  
It applies if the property is:

• a Detached House 
• a semi detached house
• a townhouse
• an apartment in a duplex or other multi-unit dwelling
• a residential strata lot as defined in section 1(1) of the Strata Property Act,
• a manufactured home affixed to land, or
• a cooperative interest, as defined in section 1 of the Real Estate Development Marketing Act, which includes the right of use or occupation of the dwelling.

The Home Buyer Rescission Period does not apply to exempt properties as follows: 

• residential real estate property that is located on leased land,
• leasehold interest in residential real estate property,
• residential real estate property that is sold at auction, and
• residential real estate property that is sold under a court order or the supervision of a court.

Where the Home Buyer Rescission Period applies, the rescission amount is 0.25% of the purchase price for the residential real property that is set out in the contract.  If there are counter offers between the parties that changes the price, then the rescission amount will need to be recalculated and amended.

You have likely received your new BC Assessment Authority (BCAA) valuation in the mail or looked it up online at www.bcassessment.ca.  Given the change in the Real Estate market since the July 1st evaluation date, BCAA anticipates a higher-than-usual number of appeals and has launched a media campaign with an aim to reduce that number.

BCAA’s mandate is to put a value on over two million properties in British Columbia with a staff of approximately 700 throughout our province. When was the last time an assessor knocked on your door?

The municipality uses these valuations to determine your property tax.

Each municipality takes the total valuation provided by BCAA of every property in their municipality and divides that by the costs to run the municipality, and you pay your proportionate share i.e., property tax based on your property assessment. 

BCAA uses a statistical appraisal system based on a cost approach, considering age, size and replacement costs, not a market value approach. Neighbourhood sales are used to determine what properties are selling for per square foot.

It is very important that you check the data on your property that BCAA is using, significant differences in age, size, bedroom and bathroom count can impact the valuation and likely your taxes. You might want to request a copy of what is on file with your municipality to compare.

On BCAA’s website, you can see what your neighbours’ assessments are and the percentage change from the last assessment. What is critical to note is the percentage change in valuation. Value spreads in many neighbourhoods can be enormous so do not get hung up on that, if your valuation has changed to a greater percentage than your neighbours. In this case, you might want to consider appealing it to keep your taxes in line with the neighbours.

Should you decide to appeal your assessment you must file the appeal before January 31, 2023. The formal appeal process is time-consuming, so try calling your local area assessor as they have some discretionary latitude to alter your assessment. They internally call it the “go-away amount” and from my experience and observation, BCAA may alter the valuation +/-5% provided you have a valid argument.

If you require assistance in preparing your appeal, feel free to contact me as I am here and happy to help.  604-240-5813

Rental bylaws have been repealed entirely by the amendments of the Building and Strata Statutes Amendments Act.

No restriction of rentals by strata corporation: The strata corporation must not screen tenants, establish screening criteria, require the approval of tenants, require the insertion of terms in tenancy agreements or otherwise restrict the rental of a strata lot.

If your strata corporation has a bylaw that sets any restrictions or limitations on rentals, that bylaw is no longer enforceable.

This applies to all strata lots across the province, from duplexes to bare land developments to community developments over 1,200 units.

A bylaw that prohibits short-term accommodations, such as Airbnb and VRBO, is still enforceable, and if part of the bylaws, a strata corporation may still continue to impose fines for up to $1,000 per day of violations.

Vigilant communication, notice and enforcement of bylaws applied to all owners, occupants and tenants will be important to ensure our communities continue to run smoothly.

A landlord must still provide a signed Form K Notice of Tenant’s Responsibilities to the strata corporation. This form notifies the strata the tenant has been given a copy of the recent bylaws and rules and identifies who the tenant(s) is for the strata corporation.

A strata corporation will no longer be required to identify the total number of rentals on a Form B Information Certificate; however, as part of the mandatory record keeping, the strata corporation must continue to maintain a list of the owners and tenants. These are records that must still be provided to an owner or their agent on written request.

Here are a few quick tips to help navigate the increase in tenants for many communities:

• Maintain a complete copy of bylaws and rules that are easily accessible to all owners and tenants to ensure the correct information is provided to all new owners and tenants. 
• Review move-in and move-out bylaws and costs if elevators and loading areas have requirements for access and security. 
• Provide routine updates about waste management, building upgrades, parking and storage allocations, and servicing and access to strata lots. 
• If you are required to issue a notice of complaint about a bylaw or rule violation, always include the landlord/owner. 
• If a tenant is fined and neglects to pay fines, the cost of damages, or comply with bylaws, a strata corporation may commence a complaint in the Civil Resolution Tribunal against the tenant and the landlord may ultimately be responsible for the fines and damages. Documentation and proper notice will be crucial. 

Tony Gioventu  executive director of the Condominium Home Owners Association.

• On November 24, 2022, the BC Government passed amendments to the Strata Property Act, which take immediate effect. There are two significant changes that may impact you. 
• All rental restriction bylaws are removed, except for bylaws restricting short-term rentals such as Airbnb or Vrbo, and
• all age restriction bylaws are removed, with the exception of “seniors only” (55-plus) rules. This means that a strata will no longer be allowed to have 19-plus age restrictions.  

For further information please reach out and I'd be happy to chat about it. 

Home sellers were more active in Metro Vancouver’s housing market in September while home buyer demand remained below the region’s long-term averages. 

Greater Vancouver Market Speedo           
Metro Vancouver Market Speedo              
Fraser Valley Market Speedo                    
Detached Monthly Variances                    
Attached Monthly Variance                       
Download the Complete Report               

With almost 30 years of Experience in the local Real Estate Market, let me Help You Make the Right Move! 

The Latest August 2022 Market stats are out and available for download. 

Greater Vancouver Market Speedo          HERE

Metro Vancouver Market Speedo              HERE

Fraser Valley Market Speedo                       HERE

Detached Monthly Variances                        HERE

Attached Monthly Variances                         HERE

Download the Complete Report                   HERE

The Latest July 2022 Market stats are out and available for download. 

Greater Vancouver Market Speedo  HERE

Metro Vancouver Market Speedo     HERE

Fraser Valley Market Speedo           HERE

Detached Monthly Variances            HERE

Attached Monthly Variances             HERE

Download the Complete Report        HERE