Vancouver Real Estate Market Update: Why 2025 is the Year to Make Your Move
As we step into 2025, Vancouver's real estate market is showing clear signs of renewed energy and opportunity. After a period of rising interest rates and cautious buyers, December 2024 closed with a remarkable 31% increase in home sales compared to the previous year—a strong indicator of growing buyer confidence. 📈 Key Takeaways from the 2024 Market: Sales Momentum: Residential sales rose to 26,561, a modest 1.2% increase over 2023, signaling a market finding its rhythm. Inventory on the Rise: Listings increased by 18.7%, providing buyers with more choices and sellers with greater exposure. Stable Prices: The benchmark price for all residential properties sits at $1,171,500, showing minimal fluctuation—great news for both buyers and sellers seeking stability. 🏡 Why Act Now? Buyers: Mortgage rates are showing signs of easing, giving buyers better purchasing power. With inventory levels higher than in recent years, now is the time to secure your dream property before competition heats up. Sellers: Increased buyer activity means stronger offers and faster sales. With market momentum building, this could be the ideal time to list your home. 🚀 2025 Outlook: A Market on the Rise Experts predict continued market strength as we head further into 2025, with sales numbers expected to approach historical averages. Whether you're a buyer or a seller, this year holds tremendous potential. 👉 Don’t wait on the sidelines—let’s talk strategy now. Whether you're looking to buy, sell, or simply explore your options, I'm here to guide you every step of the way. Make 2025 Your Year in Real Estate with Taylor Ross!
BC Home Flipping Tax 2025: What Every Homeowner Should Know Before Selling
What is the BC Home Flipping Tax? Starting January 1, 2025, the BC Home Flipping Tax will apply to homes, condos, and townhouses sold within two years of purchase. This tax is designed to reduce housing speculation, stabilize prices, and encourage long-term ownership. If you're planning to buy or sell property in British Columbia, here's what you need to know. Who Does the Tax Apply To? This tax applies to anyone selling residential property within two years of buying it. It includes: Homeowners Real estate investors People selling pre-sale contracts or property assignments It doesn’t matter whether you live in BC, elsewhere in Canada, or another country—everyone is subject to this tax if they sell property in BC within two years of purchase. How Much is the Tax? The tax is based on profits from the sale and follows a sliding scale: Sold within 1 year (365 days): You’ll pay 20% tax on your profit. Sold between 1–2 years (366–730 days): The tax decreases the longer you hold the property. After 2 years: The tax no longer applies. Example: You buy a townhouse in February 2024. You sell it in May 2025, after 15 months. You’ll need to pay a reduced tax rate on the profit you make from the sale. Who is Exempt from the Tax? While the tax applies broadly, there are important exemptions, including: Primary Residence: If it’s your main home, you might qualify (specific conditions apply). Life Changes: Job relocation (100+ km), divorce, or separation. Serious Illness or Disability: Medical reasons requiring you to sell. Death of a Homeowner: If the owner passes away and the home is sold. Government Expropriation: When the government takes over property for public use. If you believe you qualify for an exemption, you’ll need to provide proper documentation when filing your tax return. What Should Homeowners Do Next? Plan Ahead: If you're considering selling a home within two years, calculate how the tax might affect your profits. Document Everything: Keep records of your purchase price, sale expenses, and any qualifying exemption details. Talk to a Professional: A tax advisor or real estate expert can help ensure you're prepared. Why is This Tax Being Introduced? The BC government aims to: Reduce short-term speculative activity in the housing market. Encourage long-term homeownership over quick profit sales. Stabilize housing prices for local buyers. This tax isn’t about penalizing homeowners—it’s about creating a fairer housing market for everyone. Final Thoughts The BC Home Flipping Tax is a significant change that will impact homeowners, buyers, and sellers across the province. Whether you're considering a sale or simply planning ahead, knowing the rules can help you avoid unexpected costs. If you're unsure about how this new tax applies to your situation, reach out to Vancouver real estate advisor Taylor Ross or a tax professional—it’s always better to have clarity upfront. Smart planning today means fewer surprises tomorrow!
November Mortgage Rate Update: Why Now Might Be the Time to Go Variable in Vancouver
Happy November! It’s hard to believe we’re already in the final quarter of the year—time flies. As we head into the winter season, there’s encouraging news on the mortgage front. The Bank of Canada has recently lowered rates by 0.5%, giving a boost to homebuyers and owners looking to maximize savings on their mortgages. Even better, economists suggest there may be another rate drop on the horizon this December. I’m Taylor Ross, a Vancouver-based realtor, here to share what these changes could mean for you and your plans to buy or invest in Vancouver’s housing market. Why Variable Rate Mortgages Are Now More Attractive With the recent rate cut, variable-rate mortgages have started to gain an edge over fixed rates, which many borrowers opted for in recent years. Here’s why: Discounted Variable Rates: Right now, lenders are offering variable rates at prime minus 0.75% to 1%, bringing them down to the 4.95% to 5.2% range. This trend means variable mortgages now sit lower than the fixed-rate options in the low to mid-4% range (for 3- and 5-year terms). Potential for More Savings: If economists’ predictions hold and rates continue to drop, borrowers with variable rates could see their interest rates dip to 4.2% or even 3.95% within the next year. For qualified borrowers, this can add up to substantial savings by the end of the mortgage term. Flexibility to Lock-In: Many lenders allow borrowers to lock in their variable rate without penalty if rates change. This flexibility provides a financial advantage for anyone looking to switch to a fixed rate later on. Should You Consider Switching to a Variable Rate? Choosing a variable rate now could save you more over the long term than locking into a mid-4% fixed rate, especially if rates continue to decline. However, every financial situation is unique. Here’s how to make the best choice: Assess Your Timeline and Financial Goals: If you’re planning to hold onto your property long-term, the potential savings with a variable rate can be appealing. However, if short-term stability is a priority, a fixed rate might offer more peace of mind. Evaluate Your Risk Tolerance: Variable rates fluctuate with prime rates, so if the idea of changing monthly payments isn’t ideal, consider if this option aligns with your comfort level. Consult with a Mortgage Specialist: Many lenders are offering substantial discounts, making it a great time to explore options. Connect with your mortgage advisor to see if switching makes sense for you. Ready to Discuss Your Real Estate Goals? I’m here to help you navigate Vancouver’s real estate market with updates on mortgage trends, property insights, and more. Feel free to reach out or visit website for the latest on how today’s rates could work in your favor. Let’s make the most of this evolving market together!
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