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COVID-19: Tax Implications on Assignment of a Purchase Contract

Source: Canada June 22, 2020 With the extreme financial uncertainty created by COVID-19, residential homebuilders and buyers are seeing an uptick with incomplete purchase contracts. Buyers are adding clauses that allow them to postpone closings or back out of them entirely. Others are assigning their purchase contracts to new buyers (informally known as “flipping […]

Commercial Activity Nosedive in 2020 Q1

Q1 Highlights: • Economic activity started to feel the impact of the pandemic in March, as declines were reported in manufacturing sales (-2.4%), retail sales (-0.5%), and wholesales (-0.1%). • Employment fell by about 13,500 jobs in key commercial real estate sectors for the first time since the summer of 2018 and by about 1,830 […]

BC’s second Conronavirus case confirmed!

B.C.’s second Coronavirus case confirmed A second person in the Vancouver Coastal Health (VCH) region has been confirmed to have coronavirus by provincial health authorities. It’s a social responsibility to isolate oneself after travelling back from Asia. I myself just came back from Hong Kong and I’m isolating myself for 14 days.

Port Moody Approves Redevelopment

The waterfront site of Flavelle Sawmill is approved to build a significant project, it will create 3.6 million sq. ft. of floor area, including: 3.26 million sq. ft. of residential space 75,000 sq. ft. of live/work space for artists and other creative industries 103,000 sq. ft. of creative light industrial space 99,000 sq. ft. of [...]

Ongoing residential development for ALR in City of Richmond

City of Richmond sticks with current size limits for ALR (Agricultural Land Reserve) homes and added the right to build a secondary home. Which means the maximum size for the main house on a property will remain at 10,764 square feet. Secondary dwellings of up to 3,229 square feet will be allowed on properties of [...]

Temporary Park at Northeast False Creek

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Housing Market Update (October 2017)

Prices across BC Rise Again in September! “Total active listings on the market continue to trend at 10-year lows in most BC regions, limiting unit sales and pushing home prices higher,” said Cameron Muir, BCREA chief economist. Inventory at 10-year lows in most regions, pushing prices ever higher. Nine out of the 11 BC boards [...]

Fraser Valley apartment sales break monthly record

In 30 days, 683 transactions were completed, representing 27% of all sales activity. This was an increase of 13.1% compared with apartment sales in June of last year and 12.2% compared with May 2017. The record-breaking month was led by Surrey, where 345 apartments were sold, followed by Abbotsford (149) and Langley (121). Surrey has […]

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