Key December indicators:
- Sales: 1,765 properties (31.2% above Dec 2023)
- New listings: 1,676 properties (26.3% above Dec 2023)
- Sales-to-active listings ratio: 16.8%
- Benchmark price: $1,171,500 (+0.5% year-over-year)
Property type performance:
- Detached homes: $1,997,000 (+2.0% year-over-year)
- Townhomes: $1,114,600 (+3.4% year-over-year)
- Apartments: $749,900 (-0.1% year-over-year)
With borrowing costs declining and the market showing consistent strength, 2025 is positioned for increased activity. This may present opportunities for both buyers and sellers as the market gains momentum.
Looking to understand how these market changes could work in your favour? Let's talk.
Spring remains the most active real estate season, but savvy buyers and sellers begin their journey in winter.
Current Advantages:
- Access winter's less competitive inventory
- Time to prepare your home properly
- First access to early spring listings
- Avoid peak season bidding wars
- More negotiating power in today's balanced market
With interest rates declining and steady prices, this winter presents a strategic opportunity before the spring rush. Sellers can focus on improvements and staging, while buyers can secure financing and pre-approvals without pressure.
Ready to get ahead of the spring market? Let's meet to discuss your 2025 real estate goals and create a customized strategy.
On January 1, 2025, the BC home flipping tax came into effect. This tax applies to profit earned from selling a property in British Columbia, including pre-sale contracts, if the property was owned for less than 730 days.Key Information About the Tax
- The tax is separate from federal property flipping rules and is not harmonized or administered with federal or B.C. income tax. It is also separate and distinct from the property transfer tax.
- The seller may be a B.C. resident or a resident anywhere else in the world.
- The tax applies to properties with a housing unit, properties zoned for residential use, or the right to acquire the above properties, such as the assignment of a purchase contract for a pre-sale development unit.
- The tax does not apply to exempt property locations or the leasing or sale of a leasehold interest in a property.
- The BC home flipping tax return is separate and distinct from annual income tax filings. A return must be filed within 90 days of the sale if the tax applies, or if an exemption requires a return to be filed.
- Exemptions are available, and depending on the exemption, the seller is either: Exempt only after filing a return, or Exempt without filing a return.
This new tax could impact many property owners and potential sellers, so it’s important to stay informed about how it may apply to your situation. If you’re considering selling a property in the near future, ask us for more details and how this tax may affect your plans. We’re here to provide clarity and help you navigate these new regulations.
If you're planning to sell, contact us for more details on how this tax may affect you!
