Determining if condominium living fits with your lifestyle, personality and financial situation. Wondering whether or not condominium living really is the right choice for you? You may love the idea of ditching your snow shovel and lawn mower when you move into a condo, but you might not be so happy about leaving your satellite…
This video provides an overview of the Home Buyer Rescission Period and explains how buyers can rescind or cancel their offer to purchase.
What Comes After Uncertainty? The Next Phase in BC’s Housing Marke?
Real estate experts say there is another indication that the real estate market in Greater Vancouver is changing. Vancouver realtor and investor, Steve Saretsky, says the market is becoming so saturated that realtors are turning down listings. “The inventory is stacking up, it’s not selling,” he said. “Which is to say, there are a lot of realtors out there working for free.” Home sales in Greater Vancouver are at their lowest since 2020 and Saretsky said sellers’ expectations in a buyers’ market are not always aligned with reality. This means that listings that may have sold fast and over the asking price now might take more resources and time to close the deal — if at all. Story continues below advertisement 1:36 ‘Sign’ of the times: B.C. real estate signpost company offers credit for return of posts Realtor Roman Krzaczek told Global News that people need to adjust their expectations a little bit. Get daily National news Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day. “It seems like there’s a lot of listings that are being relisted because they didn’t sell last year and people are expecting the same price and that’s not very realistic in today’s market,” he said. Krzaczek said many people do not realize that realtors have to put time and money into selling a home, including spending money on marketing materials. “It cost me about $2,000 to list the property and it’s a lot of work; (it) takes a couple days to get the whole package put together,” he added. He said he has to look at other properties that are available, take photos of the property to list it and complete any reports as needed. Story continues below advertisement Krzaczek said he recently lost a listing because the seller wanted to post the property for higher than what Krzaczek thought it was worth. “Somebody else listed the property now,” he said. “So I wish them luck. Great people. I really hope that they sell because that’s, you know, they really need to move.” Trending Now 2:07 Metro Vancouver condos sitting empty amid housing crisis He added on Monday he saw a listing on Quadra Island drop from the $1.4 million list price to $1.3 million. “My listing, we recently dropped the price from $1.2 (million) to $995,000,” he added. “Big drops in price and beautiful properties, water or oceanfront properties. So there’s definitely some of that happening. And as long as we have clients, sellers that are realistic and they do listen to us, pricing is not a science, it’s more of an art form and I’m fully immersed in the market… If it’s priced well, it will sell. If it is not, it probably won’t sell. Not every listing sells.” Story continues below advertisement Krzaczek said he has not seen price drops like this in the market since he started in the business 10 years ago. “Usually a price drop is $10, $20, $30,000,” he said. “But $130,000 $200,000 drops, that’s huge. So I don’t know what’s happening but it looks like there’s some kind of a price adjustment happening right now.” © 2025 Global News, a division of Corus Entertainment Inc.
Prime Minister Mark Carney is fulfilling one of the key promises the Liberal party made during the recent federal election campaign, specifically relating to eliminating the federal five per cent Goods and Services Tax (GST) on home prices for first-time homebuyers. “My government has a mandate to bring down costs. We are delivering this mandate by cutting taxes — so Canadians keep more of their paycheques to spend where it matters most,” said the prime minister, with the specific plans for the GST cuts now released following King Charles III’s speech from the throne on Tuesday. This will be applied as a rebate — the First-Time Home Buyers’ GST Rebate. For first-time buyers only, there will be zero GST applied on new homes sold at up to $1 million. For new properties bought at a price of between $1 million and $1.5 million, there will be a reduced GST for first-time buyers and their new homes. This means that for homes priced at up to $1 million, first-time buyers will save up to $50,000 by not having to pay the GST. Buyers with new, more expensive homes will be eligible for a reduced GST rebate, which falls incrementally from home prices of $1 million to $1.5 million. For example, a home price of $1.1 million would be eligible for a 20 per cent rebate of $40,000, a home price of $1.25 million would be eligible for a rebate of $25,000, and a home price of $1.4 million would be eligible for a rebate of $10,000. A “new home” purchase is defined as property bought from a new home by a builder, a self-built home or a self-contracted new home, or an acquisition of shares of a co-operative housing corporation. Individuals are eligible for the rebate if they are adults and Canadian citizens or permanent residents. As well, they must not have lived in a home that they owned or that their spouse or common-law partner owned in the calendar year or in the four preceding calendar years. This existing ownership status consideration exists both within and outside Canada. At least one of the purchasers in a sale must be a first-time buyer for use as their primary residence, with this individual required to occupy the home following the sale. The sale agreement must be made between May 27, 2025 and Dec. 31, 2030. Homes that have yet to be built under the agreement must begin construction before 2021, with substantial completion by no later than the end of 2035. For rebates for owner-built homes, an eligible individual — at least one of the owner-builders who qualify as a first-time homebuyer — can recover up to $50,000 of the GST or the federal part of the rebate. Construction on the property must begin on or after May 27, 2025, with substantial completion by the end of 2036. And as for the rebate through the co-operative housing corporation share acquisition, an individual can similarly claim up to $50,000. The acquisition and construction timelines are the same for this option. This amounts to an adjustment, expansion, and refinement of Carney’s promise made during the election campaign to eliminate the GST on “new and substantially renovated” home sales up to $1 million for first-time buyers. Conservative party leader Pierre Poilievre vowed to axe the GST for new homes up to $1.3 million, accounting for the higher home prices in markets such as Metro Vancouver and Greater Toronto. Carney’s policy move is endorsed by the Canadian Home Builders’ Association (CHBA), which states that they have been advocating for such changes for a long while, and that these regulations have not changed since the introduction of GST in 1991. They say the federal government at the time originally committed to adjusting the GST New Housing Rebate thresholds every two years to reflect changes in housing prices and protect housing affordability over time. But these thresholds have not been changed for about 35 years now. Prior to this week’s policy details announcement, the federal government offered a smaller rebate amount of up to $6,300 or 36 per cent of the GST payment that would be required for a home that costs $350,000 or less. If the home costs more than $350,000, the rebate is gradually reduced, with the rebate reaching zero for a home price of $450,000 and over. “For years, CHBA has been advocating for a change to the GST thresholds on new construction homes to help address housing affordability challenges in regions across the country, and this measure is a very positive step forward for Canadians,” said Kevin Lee, CEO of CHBA, in a statement. “Previously, without details around the implementation of this measure, Canadians wishing to enter the housing market were holding out on buying a new construction home, which results in fewer home starts, so it is encouraging that today first-time buyers can have the confidence to move forward.” But Lee suggests the rebate thresholds should be more expansive to provide a greater number of homeowners with relief. CHBA wants to see the zero GST threshold increased to new home prices of $1.5 million, with the gradual reduction kicking in for prices between $1.5 million and $2 million, which would expand the eligibility for first-time homebuyers in Metro Vancouver and Greater Toronto, where there are higher home prices. They are also urging the federal government to expand the rebate to all new homes
Estate sales in British Columbia generally involve the sale of a deceased person’s property, usually handled by the estate executor named in the will or appointed by the court if no will exists. The process can vary depending on whether the deceased left a will and the type of assets involved, but generally follows several…
Some of my clients have been asking me if I have been seeing more foreclosures in our market place. Some have also been curious as to what I think about foreclosures as a vehicle to potentially buy property for less than market value. To better engage in this conversation I feel that it is important…
Call it a sign of the times? “There are so many listings right now in the Metro Vancouver area that there’s not enough signposts,” Kaitlyn Herbst, realtor with MRKT Real Estate Group said. “The company is actually offering, if we take down the signpost, if it’s already sold property and give them their signpost back so that they can use it for a new client, they will give us money back on our next signpost.” Herbst said in April there were more than 15,000 listings in the Greater Vancouver area. “That’s a lot of signs,” she said. “I mean, condos don’t always have signs and stuff, but buyers, they’re just not showing up. They’re a little bit uncertain with everything that’s going on and kind of taking a little more time to look.” Story continues below advertisement 2:07 Metro Vancouver condos sitting empty amid housing crisis Real estate experts say it has been an interesting start to the year in Greater Vancouver. “What we expected to happen was the market to be a little more active than what we’ve seen so far,” Andrew Lis, director of economics and data analytics at Greater Vancouver Realtors, told Global News. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. “Our forecast called for some growth in sales for the year, but sales have come in pretty slow since the beginning of the year.” Lis said it could partially be due to the uncertainty brought about by U.S. President Donald Trump’s tariffs, the political uncertainty around the Canadian election and the federal government’s overall housing strategy plan. “So it could be a number of factors keeping buyers on the sidelines, but things have been sort of quiet on the buy side,” Lis said. Story continues below advertisement “On the sell side, we have a lot of people coming to market with their property. So we’re actually at a point right now where we have some of the highest levels of inventory we’ve seen in almost over a decade. So a really interesting time right now for the market.” Lis said that sales are down about 24 per cent year-over-year. “They’re hanging below our 10-year seasonal averages, you know, around 20, 30 per cent. They’ve kind of been around those levels for some time.” Lis said that the market started to pick up late last year but has been slower in the first part of 2025. “On the inventory side, however, what we’ve seen is a pretty significant increase in inventory levels in our region,” he added. “Our inventory level in the Greater Vancouver region that we track at our board has surpassed the 16,000 mark, which we have not seen in over about a decade.” Trending Now 4:55 New cabinet role puts former Vancouver mayor back in the spotlight Lis said that for buyers, it’s a good thing as there is finally some choice across the board — condos, detached houses and townhouses. Story continues below advertisement However, they have seen more sales of detached homes than attached or apartments. “Generally, price trends have been fairly flat over the past few months and even actually over the last couple of years,” Lis said. “There’s some very small minor ups and downs — a per cent here, up, down a per cent there — but generally the price trend has been flat and that’s been pretty much true across all product types.” Herbst said she has never seen a market like this. “When a couple years ago there was no subjects, you were buying places, sight unseen,” she said. “I had clients buy homes I had never actually seen. Subject free, all that. Now we’ve got, ‘Okay, we’ll come back and see you a second time’.” Herbst said there are even sellers adding incentives to lure in prospective buyers. “There is one home (in Langley) that is for sale that the realtor is offering a Disney Cruise to the buyers of this family home. A four-person Disney cruise,” she said. “It’s not cheap, but it’s a way to make it stand out. It’s a way to get those families through the door. And there’s a lot of options for those buyers. So it’s comparing apples to apples, but this one I get to go on a trip with my family.” © 2025 Global News, a division of Corus Entertainment Inc.