Real Estate News

B.C.’s finance minister considered taxing the capital gains of real estate speculators but decided it would do little to improve the tight rental market in the province’s biggest urban centres like Vancouver.

B.C.’s new property taxes — including the revised speculation tax — will add layers of additional costs for buyers of new homes, says a spokeswoman for Victoria’s development industry.

There is now a way for the public to report shady real estate deals. The Real Estate Council of British Columbia Thursday announced the launch of an anonymous tipline “to enhance consume protection in British Columbia’s real estate market.

Greater Victoria home prices hit record levels last month as demand stayed strong and inventory remained tight. Benchmark price for a single-family house in Greater Victoria reached $710,500 in February, up by 10.

A Calgary couple has spent $9 million to acquire a two-acre waterfront estate in North Saanich, making it the highest price for a home sale through the multiple listing service in that municipality.

New mortgage rules that came into effect Jan. 1 are likely behind the surge in home-buying activity toward the end of 2017, according to the Victoria Real Estate Board.

Assessed values for condominiums have increased 15 to 35 per cent from the previous year in urban areas of Vancouver Island, according to new data from B.C. Assessment.