Updated on Thursday, July 4, 2024

1. Federal Home Buyers’ Plan

Qualifying homebuyers can withdraw up to $60,000 (couples up to $120,000) from their RRSPs for a down payment. Must begin repaying within five years and repay within 15 years. Eligibility to use program a second time: home buyers who’ve experienced a breakdown in their marriage/common-law partnership and those who have repaid their RRSP. Can be used together with the First Home Savings Account program. Canada Revenue Agency. Learn more.

2. Federal Tax-Free First Home Savings Account (FHSA)

Qualifying first-time buyers can contribute up to $8,000 yearly to a maximum of $40,000 towards a down payment. Contributions are tax deductible; Capital gains (earnings) and interest are tax-free. Can be used together with the Home Buyers’ Plan. Learn more.

3. First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT (one per cent on the first $200,000 and two per cent on the remainder of the purchase price of a resale home) for homes priced up to $835,000, with the first $500,000 exempt from the PTT. The phase out range is $25,000 above the threshold, with the complete elimination of the exemption at $860,000. New thresholds begin April 1, 2024. Foreign entities, taxable trustees, ineligible. Learn more. 1-888-355-2700.

4. Newly Built Home Exemption

Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $1,100,000, and a partial exemption on newly built homes priced up to $1,150,000. Begins April 1, 2024. Learn more. 1-888-355-2700. 

5. Provincial new purpose-built rental buildings exemption

Buyers of new qualifying purpose-built rental buildings will be exempt from the PTT starting January 1, 2025, and ending December 31, 2030. The purpose-built rental building must have at least four separate apartments that are non-stratified and held as rentals monthly or longer, for at least 10 years. Learn more. 1-888-841-0090. 

6. Provincial flipping tax exemption

Effective January 1, 2025, homebuyers who sell a residential property, including a presale assignment, within two years of buying will be taxed 20 per cent within the first year of purchase, declining to zero between 366 and 730 days. A property is tax exempt if homebuyers are adding to the housing supply, developing/constructing housing; or have life changes – separation, divorce, death, disability, illness, work relocation work, job loss, insolvency, or personal safety. Homeowners selling their primary residence within two years of purchase can exclude a maximum of $20,000 when calculating their taxable income. Learn more. Questions: ITBTaxQuestions@gov.bc.ca. 

7. Provincial secondary suite incentive loan program

Forgivable loans up to $40,000 for homeowners to build and rent an affordable secondary suite at below market rates to increase affordable rental supply. Learn more and check eligibility. 604‑439‑4727 or 1‑877‑757‑2577 and select option three or use this secondary suite web form. 

8. Federal First-Time Home Buyers’ Tax Credit (HBTC)

Eligible persons who bought a qualifying home can claim the home buyers’ amount of $10,000 on Line 31270 of Schedule 1 when filing their 2022 income tax and benefit returns. Learn more and here. 1-800-959-8281.

9. Provincial renter tax credit

If a renter has low-to-moderate-income ($60,000 or less) there's a new annual income-tested tax credit of up to $400 per year for renters. Learn more. 1‑800‑959‑8281.

10. GST/HST New Housing Rebate

Homebuyers buying a newly-built home can apply for a rebate for the five per cent GST if the purchase price is $350,000 or less. The rebate is equal to 36 per cent of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. There is no rebate for homes priced at $450,000+. Learn more. 1-800-959-8287.

11. CMHC Mortgage Loan Insurance Premium refund

Provides homebuyers with CMHC mortgage insurance, up to a 25 per cent premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. Learn more. 604-731-5733.

12. BC Home Owner Grant

Reduces property taxes for homeowners with an assessed or partitioned value up to $2.125 million. The grant is reduced by $5 for each $1,000 above the threshold. The grant threshold applies across the province. The amounts are:

• $570 for the basic grant;

• $770 if the home is located in a northern or rural area;

• Up to $845 for homeowners age 65 and more or a homeowner with a disability; and

• Up to $1,045 for homeowners age 65 and more or a homeowner with a disability where the home is in a northern or rural area. Learn more. hogadmin@gov.bc.ca. 1‑888‑355‑2700.

13. BC Property Tax Deferment Programs

Property Tax Deferment Program for Seniors: qualifying homeowners aged 55+ can defer property taxes.

Property Tax Deferment Program – Financial Hardship: qualifying low-income homeowners can defer property taxes.

Property Tax Deferment Program for Families with Children: qualifying homeowners who financially support children under age 18 can defer property taxes.

Learn more. Vancouver: 1-888-355-2700 or 250-387-0555.

14. Multigenerational Home Renovation Tax Credit

Families adding a secondary unit to their home for an immediate or extended family member to live with them can claim a 15 per cent tax credit for up to $50,000 in renovation and construction costs. Learn more.

15. Home Accessibility Tax Credit

Doubles the qualifying expense limit of qualifying home renovations up to $20,000 for 2022 and subsequent years. This tax credit is up to $3,000 for accessibility renovations or alterations. Learn more. 

16. Homebuyers’ tax credit for persons with disabilities

Persons with disabilities, or persons with a spouse or common-law partner with disabilities, may be eligible for a disability tax credit, even if they’re not a first-time home buyer. Learn more.

17. Tax deductions for moving for work

Persons who get a new job and move a minimum of 40 kilometres closer to work may be able to deduct all moving costs, including the costs of selling real estate, ending a lease or mortgage, flights, movers, and temporary housing. Learn more.

18. Expanded heat-pump program

BC’s expanded heat-pump program is taking applications, with savings of up to $24,000. Learn more here or call 1-833-856-0333 or email IncomeQualifed@betterhomesbc.ca.

19. BC Rebate for Accessible Home Adaptations

This program provides up to $17,500 in rebates for adaptations to a home. Must be a resident of BC with limited income and assets. Eligible households include homeowners and joint applications from tenants and landlords – someone in the household must have a permanent disability or loss of ability. Learn more. 604-433-2218 or 1-800-257-7756.

20. Home Renovation Tax Credit for seniors and persons with disabilities

Assists eligible seniors 65+ with the cost of eligible permanent home renovations to a principal residence to improve accessibility. Maximum refundable credit: $1,000 per tax year, calculated as 10 per cent of the qualifying renovation expense (maximum $10,000). Forms are available online. Learn more. 1-800-959-8281.

21. BC Electricity Affordability Tax Credit

A new, one year electricity affordability credit for all households, regardless of income starting in April 2024. Households will save on average $100 a year on their electricity bills. Commercial and industrial customers will receive savings of about 4.6 per cent based or about $400 on their 2023/24 electricity bills. Learn more.

Download

Download 21 grants and rebates for homebuyers and owners (opens 2-page PDF).

Date:        Saturday July 6th, 2024

Time:       11:00am -12:30pm

Location: 5366 Crooked Branch Road, University Endowment Lands
                 (near UBC campus)

Sign up: https://forms.gle/sXuAiQByKXfJftBG7

NOTE: For video filming, please contact Vivian at 778-869-0504

edge way Preview Package
edge way Floor Plan Preview Package
edge way VIP Offering Sheet

• Rules of Cooperation - August 2024

• Rules of Cooperation - What’s Changing (side by side comparison of the previous and new standards)

If you have a child in grade 12 in 2024, we encourage them to apply for one of our annual entrance scholarships!

Each year we award five $1,500 entrance scholarships to our members’ children entering post-secondary education.

We award scholarships based on performance in academics, athletics, fine arts, and community service. The recipients are chosen by a team of independent adjudicators.

Your child is eligible to apply if

• you, as their parent or legal guardian, are an active member of Greater Vancouver REALTORS®

• they’re currently in grade 12

• they’ll be enrolled in full-time studies in fall 2024 in a program of at least two years’ duration leading to a recognized degree, diploma, or certificate at a university, college, or institute recognized by Universities Canada

Key Information

• Deadline for applications is August 30, 2024. Adjudication will take place in September, and successful applicants notified in October.

• Successful applicants will be asked to submit a certified copy of their final transcript (all grade 11 and 12 marks and provincial exam results). The applicant’s transcript will be mailed to them by the provincial government. The student’s school may also certify copies.

• Applicants are advised to begin collecting required documents early, as some references may not be available during the summer.

Request your scholarship application here

Questions?

Email scholarship@gvrealtors.ca.

The Goods and Services Tax (GST) is a key factor in real estate transactions, applying to commissions, fees, and even some housing.

It’s important for Greater Vancouver REALTORS® (GVR) members to understand how GST is applied so you can properly guide your clients.

Here’s a collection of resources you can use to ensure you’re up to speed on GST.

GST on housing fact sheet for Realtors

GST applies to the purchase of a new residential home in BC – but what exactly does the government consider a “new” home? And are there any rebates or exemptions?

To help you understand the rules around GST, we’ve compiled all this information and more into a fact sheet for Realtors.

You can also download a PDF version.

Need to know more? Take our course

Our GST for Realtors and Real Estate Transactions course provides you with a basic understanding of how the GST applies to your business. You’ll learn how it applies to both commercial and residential real estate transactions, and how you can determine if you have a GST situation that needs action.

You’ll also learn about risks and liabilities associated with the GST and when you should advise your client(s) to seek legal or professional tax advice.

This course also complements BCREA’s Tax Tips for Selling Real Estate course.

The next available date for our course:
June 25, 9:30 am – 3:30 pm via Zoom webinar

Register today.

MLS® rules around GST

Residential listings on the MLS® have an optional field for GST. This yes-or-no field gives you the option to let other members know if the listing price includes GST or not.

If you have a listing that GST applies to and you want to include GST in the listing price, we encourage you to use this field.

Note that all sales prices must be reported to GVR without the tax included even if your original listing included the GST in its price.

When in doubt, ask an expert

If you’re in doubt about GST, we recommend you ask an expert like an accountant, or ask your managing broker for advice.

The new sales statuses for MLS® listings will now be coming to Paragon, REALTOR.ca, and other platforms in July. We'll announce the exact date in the coming weeks.

These new statuses will help REALTORS®, homebuyers, and sellers get a better sense of how far along a listing is in the transaction lifecycle.

What are the new statuses?

There will be three new statuses:

1. Active Under Contract – This optional status will be used when a listing has an accepted offer with subjects on it. If your brokerage has permitted use of this status, and you have the Agent Modify ability, you can change to this status on your own.

2. Pending – Replacing the current “Sold” status, this status will be applied to listings that have an accepted subject-free offer, or once all subjects are removed.

3. Closed – Listings will automatically move to this status at the end of their completion date.

The “Active Under Contract” status will be available to all members with agent modify ability, but your brokerage may apply rules on whether you can use it, or how you can use it. Please check with your office to see how they intend to use the status.

Please note that association staff will not be updating listings from Active to Active Under Contract.

More recent sold prices coming to Realtor.ca

Along with the new sale statuses, we also plan on including more recent sold prices for listings on public-facing listing websites like Realtor.ca.

After the starting date in July, all listings with the new “Closed” status will automatically show their sale price.

We’ll provide more information on the new sale statuses and public facing sold prices in the coming weeks.

Questions? Please contact the MLS® department at mls@gvrealtors.ca

The Bank of Canada decided to reduce its target for the overnight lending rate from 5% to 4.75%. The move was widely expected by financial markets and marked the Bank’s first rate reduction since the onset of the pandemic four years ago, bringing rates down to where they stood exactly one year ago.

In a scheduled announcement on Wednesday, June 5, 2024, the Bank noted Canada’s economy picked up in the first quarter of 2024 but still came in weaker than anticipated. While growth in consumer spending, business investment, and the housing market remained solid, the Bank once again made note of the fact that employment has been rising at a slower pace than working-age population growth.

The Bank continues to focus on elevated shelter costs as a significant contributor to inflation. However, it also noted that both headline and core measures of inflation are showing signs of downward momentum and are close to historical averages.

With inflation now back in the Bank’s preferred range of 1-3% and increased confidence that inflation continues to move toward its 2% target, the Bank stated, “monetary policy no longer needs to be as restrictive” in its decision to lower the policy rate by 25 basis points.

The Bank of Canada will make its next scheduled interest rate announcement on July 24, 2024, as well as publish its full outlook for the economy and inflation in its next Monetary Policy Report.

Are you looking for interest rate information to share with your clients? REALTOR.ca Living Room has put together an article for prospective home buyers about what they should do if they’re buying a home in the current market, and why working with a REALTOR® is important.

VANCOUVER, BC – June 4, 2024 – The number of transactions on the Multiple Listing Service® (MLS®) declined in May compared to what is typical for this time of year in Metro Vancouver1. This shift has allowed the inventory of homes available for sale to continue to accumulate with over 13,000 homes now actively listed on the MLS® in the region.

The Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totalled 2,733 in May 2024, a 19.9 per cent decrease from the 3,411 sales recorded in May 2023. Last month’s sales total was also down 19.6 per cent from the 10-year seasonal average for May (3,398).

GVR Stats Package for May 2024

SURREY, BC – Slower seasonal sales helped build inventory to its highest level since September 2019 in the Fraser Valley in May, creating more balanced market conditions for home buyers and sellers. The increase in supply over the past several months has further contributed to a softening of price growth, which is good news for buyers.

Active listings increased eight per cent from April to May to 7,904 — up 42 per cent over May 2023 and 19 per cent above the 10-year average.

Sales, however, remained seasonally slow, with 1,517 transactions on the Fraser Valley Real Estate Board’s Multiple Listings Service ® (MLS®) in May, up 3 per cent from April, but down 11 per cent compared to May 2023. May sales were 21 per cent below the 10-year average.

FVREB Stats Package for May 2024

CASA168 – Mount Pleasant | Move-in Ready

DATE: Thursday June 20, 2024

TIME: 2:00 pm - 3:00 pm

LOCATION: 1127 E 15th Ave. Vancouver

Prize draw, drinks, and snacks

Sign up: https://forms.gle/hHWG5rzEyJChYgDW7

Website: casa168.ca

MLS® tours are a popular way for members to generate exposure for their listings while networking and staying on top of the local market.  

However, we’ve been hearing recently that some members are taking photos and videos of tour listings and posting them to their websites and social media accounts. This is a violation of Article 14 of the REALTOR® Code and Rule 8.3 of the Rules of Cooperation.

Why is this a violation?

Any promotion of a property in any form, including electronic media, is advertising and is prohibited without the prior written permission of the listing brokerage (who must have the written permission of the seller before giving that permission).  

If a social media post is allowed by the listing brokerage, the post must also include the name of the listing brokerage.  

These rules apply to the posting of pictures and video, which shouldn't have been taken in the first place without the express written consent of the listing agent.  

Even if shared with just one buyer client, who knows what that client will do with them, where they will post them, etc. There's a massive exposure potential for all concerned. 

There can be serious professional, regulatory, and potentially legal consequences should any of the posts you or your clients create lead to a break-in or theft. And that doesn’t include the reputational risk you’re exposing yourself and the profession to. 

What are MLS® tours?

An MLS® tour (log in needed) is an effective way to expose your new listing. It's a caravan-style tour that starts at one location, and members car-pool to other listed homes. It's also an excellent way to increase your knowledge of local communities. 

To submit a listing for a MLS® tour, send it to the MLS® tour coordinator for the area where your listing is located. They'll include it in the next available tour. You’ll get a guaranteed visit to your listing, and an opportunity to network and build a rapport with fellow members. 

Any new residential listing can be included. Realtors who submit listings must be present during the tour to provide access. 

Questions? Contact Daniel Ryall, manager, MLS®, at dryall@gvrealtors.ca.

Your saved searches in Paragon will be automatically updated to reflect the new sales statuses when they’re added to the MLS® in June.

How will my searches be updated?

Saved searches that include “Active” will be updated to include both “Active” and “Active Under Contract”.

Saved searches that include “Sold”, will be updated to replace “Sold” with “Pending” and “Closed”.

To understand what these new statuses mean, check out our sales status FAQ.

What do I have to do?

While your saved searches will be automatically updated, we recommend you review your saved searches to ensure they’re accurate and align with your clients’ needs and expectations.

You can also edit your saved searches after launch to narrow them to only include the new statuses you want – for example, if your search for Active listings now returns both Active and Active Under Contract, you can edit it to only return Active.

Client-centric updates

Searches linked to your clients will be updated with the new statuses ensuring they receive up-to-date information. Search results will continue to be sent to your clients via email and Collaboration Centre.

Clients using Collaboration Centre may notice an increase in notifications due to the expanded range of status values. Active will also include Active Under Contract listings, and Sold will be replaced with Pending and Closed.

If your client has opted to receive a notification when a status changes, then they will receive a notification when status changes to Active Under Contract, Pending, or Closed. With additional status changes triggering notifications, clients will be able to stay better informed regarding their saved searches.

For clients entering searches directly into the Collaboration Centre, the system will automatically adjust searches to include both Active and Active Under Contract. 

Contact the GVR if you have any questions.