As we enter 2023, it is important to note some changes that are happening to the real estate industry here in Vancouver. There is a lot happening in the real estate world that will impact consumers, sellers or buyers.
Changes in Rental Restrictions
The provincial government here in British Columbia has eliminated all rental restrictions on Strata properties. This will impact the condo and Strata market in 2023.
What does this mean? If you have a condo or property in Strata, you WILL be able to rent it out.
Three Day Rescision Period
As a consumer, anyone who buys residential property will have 3 days to decide if they will go ahead with purchasing the property or walk away. If you decide to walk away, please keep in mind you WILL need to pay a pentaly.
Foreign Buyer Ban
This ban is in effect for two years and will affect foreigners or non-residents looking to buy residential real estate. There are some exemptions for this ban, which we'd be happy to explain over the phone.
Speculation Tax or Empty Homes Tax
Rates on these taxes are going up 5%. If you rent your property out, you will not need to pay these taxes. However, if you choose to leave the property empty, you will need to pay the tax.
Thinking of selling? Keep the following tips in mind!
FIVE THINGS TO KEEP IN MIND BEFORE SELLING
- Make sure your home is decluttered. Decluttered homes tend to sell quicker and for more.
- Check all your lightbulbs and make sure they all work. Also ensure the lightbulbs are consistent throughout the property.
- Clean out your gutters! Make sure there are no leaves in your gutters.
- Get your furnace serviced and ensure all the filters are changed.
- Run all your sink taps to check for any drips or leaks and get them fixed before listing your property.
Unsure about any of these changes? Interested in selling your home? Give us a call at 604-657-7936. We'd be happy to help you get started on your real estate journey!