Market News Posts

New Property Transfer Tax exemptions for first-time buyers and new homes in BC

Did you read our email last week on rental restriction bylaws? Ok forget everything we said. The proposed legislative changes came into force sooner than we expected.1. Rentals – Rental restriction bylaws in strata corporations are no longer valid. Short term rental bylaws are still allowed, and a strata corporation or section can still create a bylaw banning or limiting short term rentals.

Contingency Reserve Fund - what to know

New Tax Announcement -Anti flipping tax- New Budget 

1. Regardless of the Size, a Strata is a Strata is a Strata

While some might find it surprising, strata legislation in British Columbia applies to every type of strata development. The same legislation that governs a 500 unit apartment style strata complex applies equally to a 100 townhouse strata project, to a 20 unit bare land strata development and to a 2 unit strata, most often called a duplex.

While, in some cases, the legislation adds extra requirements for a particular type of project (for example, only strata corporations with 5 or more strata lots must obtain depreciation reports), the legal fundamentals are the same for all strata developments.

Low Strata Fees are not always a good thing.  Here are some points to consider...

Strata Property New Home Warranty 

There is no doubt that it’s important for strata corporations to be fiscally responsible. That being said, strata corporations whose main focus is keeping strata fees as low as possible can, at times, make decisions that lead to low strata fees in the short term, but significantly higher costs to the owners in the long term.

When it comes to the modern property market — especially for first time buyers — a strata development should be just as viable of an option as a conventional home