“If the real estate market has shown us anything this year, it’s that we must be prepared to adjust and adapt to uncertainty,” said FVREB Board CEO Baldev Gill. “Market reaction to the many variables at play — be they interest rates, regulatory changes or supply chain issues, for example — is tough to predict at the best of times.
NEWSREAL | REAL ESTATE NEWS
JANUARY 2023 EDITION
MARKET STATS | CURRENT MARKET TRENDS
STRATA G | CONDO & TOWNHOME UPDATES
LATEST REAL ESTATE NEWS
FRASER VALLEY STATS | CONDOS | DECEMBER 2022
FRASER VALLEY STATS | TOWNHOMES | DECEMBER 2022
FRASER VALLEY STATS | HOUSES | DECEMBER 2022
Guide To Condo & Townhome Topics
WHAT TO EXPECT FROM BILL 44
1. Rentals - Rental restriction bylaws in strata corporations are no longer valid. Short term rental bylaws are still allowed, and a strata corporation or section can still create a bylaw banning or limiting short term rentals.
2. Age Restrictions - Strata corporations and sections are only allowed to have age restriction bylaws that require one or more persons residing in the strata lot to have reached an age that is not less than 55 years. All other age restriction bylaws are no longer valid.
IN THE NEWS
What is the Home Buyer Rescission Period (HBRP)?
The HBRP, commonly known as a "rescission period," gives buyers the right to withdraw from a purchase agreement within a specified period of time after an offer is accepted. Without a rescission period, if a buyer wishes to terminate an unconditional contract, they would need to negotiate with the seller and would typically face significant financial penalties or legal ramifications.
What properties will be subject to the HBRP?
The policy will apply to the following types of structures:
apartments in a duplex or other multi-unit dwellings,
residential strata lots,
manufactured homes that are affixed to land, and
cooperative interests that include a right of use or occupation of a dwelling.
BC TAX ASSESSMENTS
What Exactly Are The BC Tax Assessments?
In British Columbia, property tax assessments are conducted by the British Columbia Assessment Authority (BCAA) to determine the value of a property for the purpose of taxation - in other words, this is used to calculate your portion of tax. Residential properties are assessed based on their market value as of July 1st of the previous year. Tax assessments are generally outdated by the time they are received and typically do not reflect current values. If you believe your assessed property value is too high or incorrect, you have the option to appeal the assessment.
YOUR REAL ESTATE GUIDE
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.