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New property listed in Queen Mary Park Surrey, Surrey

I have listed a new property at 120 8183 121A ST in Surrey. See details here

PRIME LOCATION! Convenience is at your doorstep. This lovely 1 bed/1 bath ground floor home is just steps away from shopping, grocery stores, restaurants, public transit, schools, parks, recreation, & more! Features a gorgeous kitchen with quartz counters, a breakfast bar, shaker-style cabinetry, & S/S appliances. Open concept home with a spacious dining/living room, large windows for natural light, & a great patio to enjoy. Updates incl. microwave (2023), washer (2023), & dryer (2021). Previous updates in 2019 incl. the bathroom, kitchen cabinets, quartz countertops, flooring, & appliances. 1 Parking & 1 Locker. Extra parking avail. for rent & lots of street parking. Amenities include a fully equipped gym, a party/meeting room, & guest suites. OPEN HOUSE SAT 1-3 PM & SUN 12-2 PM.

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Open House. Open House on Saturday, March 23, 2024 1:00PM - 3:00PM

Please visit our Open House at 120 8183 121A ST in Surrey. See details here

Open House on Saturday, March 23, 2024 1:00PM - 3:00PM

PRIME LOCATION! Convenience is at your doorstep. This lovely 1 bed/1 bath ground floor home is just steps away from shopping, grocery stores, restaurants, public transit, schools, parks, recreation, & more! Features a gorgeous kitchen with quartz counters, a breakfast bar, shaker-style cabinetry, & S/S appliances. Open concept home with a spacious dining/living room, large windows for natural light, & a great patio to enjoy. Updates incl. microwave (2023), washer (2023), & dryer (2021). Previous updates in 2019 incl. the bathroom, kitchen cabinets, quartz countertops, flooring, & appliances. 1 Parking & 1 Locker. Extra parking avail. for rent & lots of street parking. Amenities include a fully equipped gym, a party/meeting room, & guest suites. OPEN HOUSE SAT 1-3 PM & SUN 12-2 PM.

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Open House. Open House on Sunday, March 24, 2024 12:00PM - 2:00PM

Please visit our Open House at 120 8183 121A ST in Surrey. See details here

Open House on Sunday, March 24, 2024 12:00PM - 2:00PM

PRIME LOCATION! Convenience is at your doorstep. This lovely 1 bed/1 bath ground floor home is just steps away from shopping, grocery stores, restaurants, public transit, schools, parks, recreation, & more! Features a gorgeous kitchen with quartz counters, a breakfast bar, shaker-style cabinetry, & S/S appliances. Open concept home with a spacious dining/living room, large windows for natural light, & a great patio to enjoy. Updates incl. microwave (2023), washer (2023), & dryer (2021). Previous updates in 2019 incl. the bathroom, kitchen cabinets, quartz countertops, flooring, & appliances. 1 Parking & 1 Locker. Extra parking avail. for rent & lots of street parking. Amenities include a fully equipped gym, a party/meeting room, & guest suites. OPEN HOUSE SAT 1-3 PM & SUN 12-2 PM.

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New property listed in East Central, Maple Ridge

I have listed a new property at 504 11655 FRASER ST in Maple Ridge. See details here

Nestled in the heart of Maple Ridge is this immaculate 2 Bed/2 Bath Top Floor/Corner Unit Home. Enjoy the panoramic views of Mt. Baker & The Fraser River. Podium stands as a beacon of architectural excellence and urban sophistication. Kitchen features quartz countertops, S/S appliances, & undermount sink. Spacious open-concept living with tall ceilings & extra large windows. Roughed in for A/C. 2 Parking Stalls (EV ready) & 1 Locker. Walking distance to shopping, dining, cafes, Maple Ridge Leisure Centre, West Coast Express, & more! Nature is close by with parks, riverfront trails, and lakes only minutes away. Estimated completion: June 2024. Call today for more info on this one of a kind home.

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New property listed in Mission BC, Mission

I have listed a new property at 202 7554 BRISKHAM ST in Mission. See details here

Lovely 55+ home located in the heart of Mission. GREAT VALUE for a 2 bed/2 bath with over 1,000 of living space. Custom-designed masonry wall & cozy gas fireplace (gas incl. in strata fee). Kitchen features brand-new S/S appliances, pantry, double undermount sink, & additional space for a kitchen table. Large open-concept living/dining area. Functional floor plan w. bedrooms located on opposite sides, 2 full baths, & large walk-in closet in the prim bedroom. Plenty of storage with full-size laundry room and an extra-large storage locker. Well-managed building. Parking available for rent & street parking available. Walking distance to transit & convenience store. Quick drive to shopping, Mission Leisure Centre, West Coast Express, & more! OPEN HOUSE SAT, MARCH 16TH FROM 1-3 PM.

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Open House. Open House on Saturday, March 16, 2024 1:00PM - 3:00PM

Please visit our Open House at 202 7554 BRISKHAM ST in Mission. See details here

Open House on Saturday, March 16, 2024 1:00PM - 3:00PM

Lovely 55+ home located in the heart of Mission. GREAT VALUE for a 2 bed/2 bath with over 1,000 of living space. Custom-designed masonry wall & cozy gas fireplace (gas incl. in strata fee). Kitchen features brand-new S/S appliances, pantry, double undermount sink, & additional space for a kitchen table. Large open-concept living/dining area. Functional floor plan w. bedrooms located on opposite sides, 2 full baths, & large walk-in closet in the prim bedroom. Plenty of storage with full-size laundry room and an extra-large storage locker. Well-managed building. Parking available for rent & street parking available. Walking distance to transit & convenience store. Quick drive to shopping, Mission Leisure Centre, West Coast Express, & more! OPEN HOUSE SAT, MARCH 16TH FROM 1-3 PM.

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3 New Changes to Real Estate
If you haven't heard yet on the news, the new 2024 BC budget is going to bring some changes to the real estate world! So let's start with the good news! 

NEW PROPERTY TRANSFER TAX EXEMPTIONS

Starting on April 1, 2024

1. FIRST-TIME HOME BUYERS - RESALE PROPERTIES 


As of April 1, 2024, the threshold for the exemption to the property transfer tax for first-time homebuyers is being increased up to $835,000. Properties with a fair market value of under $500,000 will be completely tax-exempt.

Previously, to quality for a full property transfer tax exemption, the property needed to be $500,000 or less. We all know in Vancouver, this is pretty hard to achieve. Many people have been waiting for the threshold to be increased, so here it is! :)

Here is a breakdown, taken from the Government of BC website.

To qualify for an exemption, at the time the property is registered you must:

  • Be a Canadian Citizen or Permanent Resident
  • Have either:
    • Lived in B.C. for at least a year immediately before the date you register the property
    • Filed at least 2 income tax returns as a B.C. resident in the last 6 taxation years immediately before the registration date
  • Have never owned a registered interest in a property that was your principal residence anywhere in the world at any time
  • Have never received a first-time home buyers' exemption or refund

And the property must:

  • Only be used as your principal residence
  • Have a fair market value of $835,000 or less (effective April 1, 2024)
  • Be 0.5 hectares (1.24 acres) or smaller, and
  • Contain only residential improvements

If all of the above requirements are met, then the purchaser will be exempt from property transfer tax on the first $500,000 of the purchase price of the property.

Note: If you purchase the home before April 1, 2024, to receive the full exemption, the fair market value must be $500,000 or less. 

2. NEWLY BUILT HOME PROPERTY TRANSFER TAX EXEMPTION

If you are purchasing a newly built home, you do not need to be a first-time home buyer! 

The newly built home exemption reduces or eliminates the property transfer tax on qualifying purchases of a principal residence.

  • Full exemption: Effective April 1, 2024, the fair market value threshold for a full exemption for newly built homes is increased from $750,000 to $1,100,000.
  • Partial exemption: A partial exemption is also available for properties with fair market values just above the threshold. The phase-out range is $50,000 above the threshold, with the complete elimination of the exemption at $1,150,000 for qualifying purchasers.

NOW FOR THE NOT SO GOOD NEWS... :(

3. NEW HOUSE FLIPPING TAX


Starting in 2025, the province will implement a new “home-flipping tax” to target the profit made from selling a residential property within two years.

Sellers will see a 20% tax on profit if they sell the property within the first year of purchase, with the rate declining to zero while it approaches the second year. It will also apply to assignment contracts.

Exemptions will apply “for certain life circumstances” including separation, death, divorce and disability. The province has also pledged exemptions for sellers who “add to the housing supply or engage in construction and real estate development.”

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