Blog

Real estate news and trends are constantly shifting, which is why a revolving door of current information can be helpful to anyone in the market. Use this blog as a tool to stay up to date on the Central Okanagan Real Estate market.

Latest Okanagan Real Estate News

BC Home Flipping Tax

Low and behold, the BC government has announced a new flipping tax that will come into effect on January 1, 2025. The proposed BC home flipping tax applies a 20% tax to income you earn from the sale of BC properties sold within 2 years of the purchase of the property. The tax applies to: ...

Kelowna Short-Term Rental Operators Are Out of Luck!

The province has announced that there will be no exemption for Kelowna short-term rental operators. Any city request for exemptions for certain building/development sites will not be considered. The province has reasoned that granting said exemption would not meet the intent of the legislation. This means that the pending development known as “Aqua” and other ...

Canada’s Foreign Buyer Ban

A Foreign Buyer will face an array of different obstacles in Canada. Here are a few hurdles that a Foreign Buyer will face: Non-Canadian residents should discuss these bans and taxes with professionals prior to purchasing real estate in Canada. Today, we will discuss the Foreign Buyers Ban. Foreign Buyers Ban (4 Years) The Act ...

British Columbia’s Property Transfer Tax

Buyer’s looking to purchase or gain property in B.C. must be aware of the Property Transfer Tax. Property transfer tax exemptions – Province of British Columbia (gov.bc.ca) What is a Property Transfer Tax (PTT)? A buyer or their legal professional must file a PTT return and the Buyer must pay property transfer tax. In most cases, the PTT ...

BC Assessment Values Decrease in the Okanagan

BC Assessment values decrease in the Okanagan following BC Assessment’s July 2023 review. Kelowna’s single family homes saw a decrease of 3%, while West Kelowna saw a 5% decline. Lake Country decreased by 2% while Peachland only saw a 1% decline in the median pricing. BC Assessment – Central Okanagan Kelowna 2023 Typical Assessed Value ...

First Time Home Buyers Guide to BC Homeownership

Let’s grab a pair of shoes from the front door. This time let’s grab the pair that belong to the real estate virgin. Take a minute and slide into those shoes and let’s take a walk through the lens of first time home buyers. You’ve been wading through life up until now jumping from your ...

BC Speculation & Vacancy Tax

In an effort to turn homes sitting empty into long-term housing options, the Provincial government has implemented a tax on properties within a list of locations with low vacancy rates. The BC Speculation & Vacancy Tax was designed to target primarily foreign owners to ensure that they are fairly contributing to BC’s tax system. The ...

Reviewing Strata Documents in British Columbia

Strata document review can be time-consuming. Reviewing these documents carefully should be top of mind. Not reviewing the strata documents properly can result in future issues that affect your financial comfort, lifestyle and daily happiness. Who can request to receive strata documents? An owner, or person authorized in writing by a strata lot owner, may request ...

GST on Homes in BC

Understanding the closing costs associated with a property purchase is crucial when planning your finances to purchase. It is always a wise idea to clarify your closing costs and taxes with a certified tax specialist or a lawyer, but today I wanted to debrief you on the basics of Goods and Services Tax on the ...

Short-Term Rental Legislation Changes

The Short-Term Rental Accommodations Act in British Columbia (B.C.) has been enacted in response to the rapid expansion of short-term rentals. This includes properties listed on platforms like Airbnb, VRBO, Expedia, and FlipKey. The Act aims to address the challenges posed by the diversion of long-term rental properties into the short-term rental market. It is ...

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