Revised PTT Return

As of November 27, 2017, the BC Government will require a new version (version 29) of the Property Transfer Tax (PTT) return. The following new information will be collected by lawyers and notaries when completing the PTT return: From buyers: Date of birth Business Number (corporate transferee) Individual Tax Number (foreign buyer, if applicable) Provincial Nominee

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Update on Changes to the Income Tax Act

In July 2017, the federal government announced far-reaching changes to the Income Tax Act that would affect private corporations. In response, thousands of individuals and organizations, including BCREA, expressed serious concern. BCREA joined the coalition spearheaded by the Canadian Federation for Independent Business, representing hundreds of thousands of business professionals across the country, urging the government to

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Mortgage Underwriting Changes Could Harm Homebuyers

On October 17, the federal Office of the Superintendent of Financial Institutions (OSFI) announced new restrictions on uninsured mortgages. The changes affect homebuyers and federally-regulated financial institutions. Effective January 1, 2018, all uninsured mortgages will require a qualifying stress test. A homebuyers with a down-payment of more than 20 per cent will have to qualify at

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Consumer Rights and Real Estate Practice

In early September, the Office of the Superintendent of Real Estate published draft rule changes to real estate practice. This action flows from the June 2016 Independent Advisory Group report. The most significant proposed change is a ban on limited dual agency, where a licensee represents more than one party in a real estate transaction.

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BCREA’s Response to Regulating Cannabis in BC

The federal government plans to legalize non-medical cannabis by July 2018. In response, provincial and territorial governments are now considering how they’ll manage their responsibilities.  The BC government’s Cannabis Legalization and Regulation Secretariat is consulting with the public, with a deadline for feedback of November 1. One of the top issues identified by the Secretariat

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Looking Forward to Housing Affordability

A home is an important part of the enviable quality of life many British Columbians seek. REALTORS® hear this every day from their clients all around the province. BCREA’s pleased that the new provincial government has identified housing affordability as an important concern, and the Association offers recommendations to ensure British Columbians have access to

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Draft Changes to Real Estate Practice

On September 6, the Office of the Superintendent of Real Estate announced draft changes to the Rules under the Real Estate Services Act. Stakeholders and the public have 30 days to respond, and the final rule changes will be released after the October 6 consultation deadline. The most significant proposed change is a ban on

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Strata Manager Accountability

Some conflicts between REALTORS® and strata managers are due to not knowing the other’s roles and responsibilities. To try to get that straight, BCREA worked with strata manager and owner organizations on a brief description: Strata Transactions: Roles of REALTORS® and Strata Managers. If your problem goes beyond a misunderstanding, and you want to make a

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Do PRECs Need to Register with WorkSafeBC?

Do Personal Real Estate Corporations need to register with WorkSafeBC? This question has come up a couple of times recently, so here’s the answer: it depends. The first thing WorkSafeBC looks at is the status of the licensee who is the sole voting shareholder of the personal real estate corporation (PREC). This analysis determines whether

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Proposed Changes to Mortgage Underwriting Practices: BCREA’s Response

The federal Office of the Superintendent of Financial Institutions is considering changing residential mortgage insurance underwriting practices. One of these changes would require a qualifying stress test for all uninsured mortgages, which could negatively impact housing affordability. Homeownership is an important achievement for many Canadian families. Requiring all uninsured mortgages to have to qualify for

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