WHAT YOU NEED TO KNOW ABOUT THE SHORT-TERM RENTAL BUSINESS IN VANCOUVER!

All short-term rental operators in Vancouver must have a business licence and include their licence number in all online listings and advertising. 

NYou must have strata approval and/or your land-lord must permit the use of short-term rentals in your home before you apply for a licence. The following information is taken directly from the City of Vancouver website. 

WHY? SHORT-TERM RENTALS ARE ALLOWED IN VANCOUVER!

Vancouver is facing a housing affordability crisis. We want residents to stay, live, and build a future in Vancouver. As part of the Housing Vancouver Strategy, our short-term rental regulations:

• Protect existing long-term rental housing and return more long-term rental housing to the market
• Allow residents to use their principal residence to earn additional income to offset their housing costs
• Provide safe and healthy accommodation options to support our tourism industry
• Helps us respond to any concerns about noise, garbage, parking, and safety
• Permit us to enforce against non-compliant and illegal operators who are using long-term rental homes as short-term rentals. 
                                                           FOR MORE DETAILS CLICK HERE

Here is a list of buildings and recent active listings UNDER 1 MILLION that currently allow SHORT TERM RENTALS: 

** REMEMBER, this list is subject to change. 

Some listings might get sold. The bylaws can be amended by strata at any time; therefore, you are advised to contact me for updated information in case you wish to invest in any of these properties.

Help for first-time home buyers - 9 government grants and rebates

REAL ESTATE BOARD OF GREATER VANCOUVER

Qualifying home buyers can withdraw up to $35,000 (couples up to $70,000) from their RRSPs for a down payment. Must repay within 15 years. Eligibility to use the 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.

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.

Qualifying first-time home buyers with annual household incomes less than $120,000 and a 5% down payment, a 10% shared equity mortgage for a newly constructed home OR a 5% shared equity mortgage for an existing home. Buyer repays the incentive later or at re-sale. Incentive reduces the amount of monthly mortgage payments.

4. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT (1% on the first $200,000 and 2% on the remainder of the purchase price of a resale home priced up to $500,000. Proportional exemption for homes priced $500,000 - $525,000. At $525,000+ no exemption. Foreign entities, taxable trustee ineligible.

Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000 and a partial exemption on newly built homes priced $750,000 to $800,000.

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.

New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% 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+.

8. BC Homeowner Grant

Reduces property taxes for homeowners with an assessed or partitioned value up to $2.125 million. Grant reduced by $5 for each $1,000 above the threshold. The homeowner 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.

9. BC Property Tax Deferment Programs

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

FOR MORE DETAILS CLICK HERE

Ramina Sandhu has established herself as a very successful Realtor®. With roots in India and education from both UK andCanada, she brings a deep understanding of various cultures and love for humanity. These attributes help her in developing long term relationships with her clients.

Here’s Ramina, talking about her journey from India to Canada and how she entered in the Real Estate Agent profession.

I was born and raised in Moga, Punjab, India. I completed my B.S c. from MCM DAV College, Chandigarh and M.Sc. Biomedical Engineering from Queen Mary University of London, UK. I moved to Canada in 2017 and worked as an elementary school teacher in Surrey and then high school science teacher in Vancouver.

I grew up in a business family and have worked very closely with my father to learn all the skills required to be successful in Real Estate. I share the same passion and instincts as my father when it comes to recognizing a good investment opportunity. My interest in Real Estate strengthened when I bought my own place about two years ago. I understand that buying and selling is more than just an investment, it is an emotional process. For some people it is once in a lifetime investment, therefore choosing the right Real Estate professional is of utmost importance. My honesty, passion for service, exceptional problem-solving skills and my untiring work ethic make me great at what I do. I am a tough negotiator which helps my clients get the best value for their money.

At a very early age I was introduced to chess and I learnt the most important life skill – problem solving under pressure. I was a state level chess champion in high school. I moved from India about 6 years ago and as an individual, I bring in the best of both the worlds, where I understand the life and struggles of being an immigrant and I have lived here long enough to understand and appreciate the Canadian work culture. Having gone through the buying process myself allowed me to understand all that is at stake when it comes to putting a significant portion of your hard-earned money into an investment. For me, my clients’ best interests will always be a priority.

Real Estate has provided me with an opportunity to meet a lot of amazing people. Every home, every investment has a story attached to it and I am always glad to be a part of that story. My journey has been great so far. I hope to make the Real Estate transactions smooth and transparent for all my clients. I want to make sure that they know and understand the process clearly to make an informed decision.

Values of service, honesty and integrity run in the family. Both my paternal grandparents were school administrators who dedicated their lives to support all the students and their families. They are still fondly remembered for their contributions to the community. My maternal grandfather, served as an army officer, and was known for his bravery, honesty and dedication to the community. My mother retired as a school principal. She was also the District Education Officer of Moga. During her time as an educator and administrator, she sponsored the higher education of many girls who couldn’t afford the tuition fee.

My father runs his own business and despite his hectic schedule he helps manage four schools for a non-profit organization which involves him volunteering his time and sometimes donating money to provide best education at the minimum possible cost to the local students. He has also served as the city councillor for many years. My Uncle (father’s brother), worked for major tech giants over the years such as Google, Facebook and Microsoft, and has been the biggest supporter of the local charities and all of my father’s ventures. I have always admired the respect and love my family has received from the community, which inspired me to walk in their footsteps.

When I moved to Canada, I received immense support from our extended family members and family friends. I feel that it is my family’s goodwill that was reciprocated by the members of the community. I hope to contribute as much, or possibly even more. Supporting education and mental health research is what my heart truly desires, and I will contribute to the best of my ability.

They say small things go a long way
and my family's goodwill is a perfect
example of it. - Ramina Sandhu

Below average home sales allow inventory to inch upwards VANCOUVER, BC – March 2, 2023 – February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s* housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region have continued inching upwards. The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,808 in February 2023, a 47.2 per cent decrease from the 3,424 sales recorded in February 2022, and a 76.9 per cent increase from the 1,022 homes sold in January 2023. Last month’s sales were 33 per cent below the 10-year February sales average. “It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year,” said Andrew Lis, REBGV’s director, economics and data analytics. “On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.” There were 3,467 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2023. 

This represents a 36.6 per cent decrease compared to the 5,471 homes listed in February 2022 and a 5.2 per cent increase compared to January 2023 when 3,297 homes were listed. The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 7,868, a 16.7 per cent increase compared to February 2022 (6,742) and a 5.2 per cent increase compared to January 2023 (7,478). “While we continue to expect home price trends to show year-over-year declines for a few more months, current data and market activity suggest pricing is firming up. In fact, some leading indicators suggest we may see modest price increases this spring, particularly if sales activity increases and mortgage rates hold steady,” Lis said. “In the somewhat unusual market environment, we find ourselves in right now with higher mortgage rates, fewer sales, and inventory that is inching higher but remains far from abundant, working with a Realtor who understands your local market conditions and has experience navigating challenging markets is paramount.” For all property types, the sales-to-active listings ratio for February 2023 is 23 per cent. By property type, the ratio is 16.8 per cent for detached homes, 30.1 per cent for townhomes, and 25.8 per cent for apartments. 

Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months. The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,123,400. This represents a 9.3 per cent decrease over February 2022 and a 1.1 per cent increase compared to January 2023. Sales of detached homes in February 2023 reached 514, a 49.1 per cent decrease from the 1,010 detached sales recorded in February 2022. The benchmark price for detached properties is $1,813,100. This represents a 12 per cent decrease from February 2022 and a 0.7 per cent increase compared to January 2023. Sales of apartment homes reached 928 in February 2023, a 49.9 per cent decrease compared to the 1,854 sales in February 2022. 

The benchmark price of an apartment property is $732,200. This represents a three per cent decrease from February 2022 and a 1.6 per cent increase compared to January 2023. Attached home sales in February 2023 totalled 366, a 34.6 per cent decrease compared to the 560 sales in February 2022. The benchmark price of an attached unit is $1,038,500. This represents a 6.3 per cent decrease from February 2022 and a 1.8 per cent increase compared to January 2023.

View full REBGV report here: Full Report