New budget may not be home-friendly after all

On Behalf of Porter Ramsay LLP | Feb, 27, 2018 | Real Estate Law

The Pacific Province’s recently dropped budget may not make homes any more affordable as hoped, according to industry professionals. British Columbia’s proposed housing affordability plan, may even have the opposite effect and drive home prices up, says a spokesperson for the province’s real estate development industry. Homes worth upwards of $3 million will also be privy to a transfer tax hike of 5 per cent, up from 3, which won’t help matters, the spokesperson added.   The province is also being criticized for a tax geared toward those who don’t pay income tax such as foreign owners of real estate. The tax basically targets those... View Article

Real estate builds going through the roof in Kelowna

On Behalf of Porter Ramsay LLP | Feb, 12, 2018 | Real Estate Law

Construction sites are popping up everywhere in the Kelowna area. The real estate industry in general is pretty healthy in British Columbia, and the Okanagan Valley area is no exception. Canadian Mortgage and Housing Corporation (CMHC) statistics show that Kelowna broke the record with housing starts in 2017 with 3,577 new builds. Single detached homes comprised 923 of those with the rest going to apartments and condominiums, with condos continuing to lead the way. The condo sector will continue to excel in the real estate industry, particularly because of the new federal mortgage rules. With this new legislation, purchasers with... View Article