Breaking Down BC's Budget Impact on Real Estate: What You Need to Know

Hey there, savvy real estate enthusiasts!  The British Columbia budget announcement is here, and it's stirring up some buzz in the property realm. Here's a quick rundown of how the recent budget changes might affect you in the world of real estate:

  1. Flipping Tax Takes Center Stage:

    • Premier David Eby has been clear that speculators are in his crosshairs, and with the 2024 budget, his government has announced details of a new "BC Home Flipping Tax."

    • Starting January 1, any profits made from the sale of a residential home within two years of buying it will be subject to the tax – with exceptions.

    • The tax will see a sliding scale: 20 percent on profits made on a home sold within the first year, gradually declining to zero after two years of ownership.

    • Divorce, death, illness, and relocation for work, “among others” would be grounds to avoid paying the tax.

    • The tax revenues are earmarked toward the construction of new affordable housing in the province.

  2. Speculation and Vacancy Tax Amendments:

    • Effective January 1, 2024, leaseholders registered with the Land Title and Survey Authority will bear the responsibility of the speculation and vacancy tax. Say goodbye to fee simple owners carrying the load!

  3. Property Transfer Tax Gets a Facelift:

    • Calling all first-time homebuyers! As of April 1, 2024, the threshold for property transfer tax exemption skyrockets to a fair market value of $835,000.

    • Newly built homes also get a boost, with the exemption threshold jumping to $1,100,000.

    • Looking ahead to 2025, transactions involving new purpose-built rental buildings receive a golden ticket. Qualifying purchases can kiss the general property transfer tax goodbye.

The BC budget is shaking things up in the real estate realm, aiming to strike a balance between affordability and investment. Whether you're flipping, buying your first home, or eyeing the rental market, these changes could shape your next move. Stay informed, stay savvy, and let's navigate these waves of change together!

Please reach out with any questions you may have. 


2024 Get Ready... Get Set... Go!!

2024 Get Ready... Get Set... Go

As we step into the dawn of 2024, optimism fills the air. The rumblings of lower interest rates and other positive signs are setting the stage for an exciting year ahead.

Buyers who've been waiting in the wings are about to spring into action. With more choices and lower monthly payments on the horizon, the market is buzzing with anticipation. We're expecting prices to rise in many segments later this year, prompting savvy buyers to make plans for refinancing in the near future.

For sellers, it's time to embrace proactive strategies. Confidence is returning with stabilized interest rates, and there don't forget more policy changes, including rules for short-term rentals and speculation tax expansion. The British Columbia Real Estate Association forecasts a rebound, adding to the optimistic outlook.

Despite a slight decline in average house prices over recent months, the overall trend has been upward. Multiple offers are still happening in certain segments, and January, though traditionally slower, showed positive indicators for pending sales and price stability.

Buyers are advised to keep an eye on rate decreases and housing prices as we anticipate a busier market ahead. Meanwhile, sellers may benefit from increased activity but are urged to price strategically.

Favorable conditions await buyers, especially with anticipated adjustments later in the year. Fixed-rate mortgages offer stability amidst potential rate changes, and sellers can strategically price listings, particularly single-family detached homes.

The rebound in housing prices is expected to benefit sellers, with a gradual price increase anticipated in the third or fourth quarter, bolstering buyer confidence. However, recent government measures impacting the short-term rental market call for adaptability among investors, who are exploring mid-term rentals as a viable option.

For buyers, timing is key. It's essential to weigh the potential decrease in interest rates against the potential increase in average housing prices.

Finally, for listings lingering on the market for 90+ days, it's time to make a move. Fresh inventory is hitting the market, so instead of chasing it downwards with incremental price reductions, consider a proactive adjustment to stay competitive.

In essence, 2024 is shaping up to be an exciting year in real estate. With optimism, proactive strategies, and a keen eye on market trends, we're ready to embrace the opportunities that lie ahead. Let's make this year a success together!


Mortgage Rate Hikes... How does this impact you?


After announcing a “pause” back in January and 2 consecutive meetings where rates held steady, the Bank of Canada (BoC) today announced it is increasing it’s Policy Interest rate by 0.25% (up to 4.75%). This means that most banks will immediately increase their consumer Prime Rate from 6.7% to 6.95%.

In its announcement, the BoC indicated that “excess demand in the economy looks more persistent than anticipated,” referring to last week’s report from Statistics Canada that the 1st quarter GDP few at an annual pace of 3.1% (which is much stronger growth than the BoC was expecting). Combined with the news 2 weeks ago that Canada’s inflation rate for April came in at 4.4% (an increase from March’s 4.3%), it seems to show that Canadian consumers are still spending at a fast pace despite the warnings that a slowdown is coming.

The BoC’s overriding mandate is to bring inflation down to 2%. From the highs of over 8% last summer to the 4.3% rate in March, it was a pretty smooth path. Inflation fell but employment remained strong, and economists started to believe the BoC might actually be able to engineer the mythical ‘soft landing’ where inflation is brought back down without a recession.

April’s inflation reversal (a modest uptick, but still a reversal in the trend), seems to indicate that the last 2% is going to be much more difficult to achieve. Businesses have already reduced their spending, purchasing less inventory for the last few quarters and trying to align staffing to a projected recession next year, but consumers seem determined to continue spending even as prices increase and even as their pandemic savings trickle away and credit card debt accrues to new record levels.

While the rate hike today by the BoC won’t impact the wider business economy for 6-12 months in a measurable way, it will have a big and immediate psychological impact on consumers. Mortgage rates are going to go up, line of credit debt costs are going to go up, and hopefully it will be enough to convince people to hold off for a year on some discretionary splurges. If we don’t slow down soon, odds are likely that we’ll see the BoC increase by another 0.25% in July.

How will this impact me?

When the Bank of Canada increases Prime by 0.25%, it means that the interest rate on variable rate loans will go up. This means that if you have a variable or adjustable rate mortgage or line of credit, your interest costs will increase making your debt more expensive. For mortgages that are adjustable rate (meaning the payments change whenever Prime does), your payments would increase by about $15 per $100,000 of mortgage balance (assuming a 25 year amortization).

It’s always a good idea to stay informed about any changes to the Prime Rate to understand how it may affect your payments. If you aren’t already subscribed, you can sign up to our newsletter for updates directly to your inbox.

Have questions?

We are always happy to discuss your financing needs!

Please book an appointment today with one of our broker team to discuss your plans and we’ll make sure you have all the information you need to make the best financial decision and get the best mortgage to reach your goals.

You can find our best mortgage rates here.


Launch of New Website for 2023

'Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”

-Franklin D. Roosevelt

On that note... let's talk Real- estate in the Comox Valley and how I can serve you. My goal for 2023 is to Redefine Real estate- for my clients and for myself. 

A new website designed to provide regular insights into the Comox Valley real estae market, resources for Buyers and Sellers and of course a few words and photos to "Look at Me" (tongue in cheek humour). Humour aside... I am excited to put on my real estate hat after a long quiet winter, reach out to past clients and meet new ones this year.  I look forward to reconnecting and connecting soon! 


Mothers Day Give Away $100 Giftcard

Mother’s Day “LOVE MY MOM” Giveaway!


1.Be sure to follow me on instagram or facebook
2.Repost on your story
3.Tag your friends and like this post

Contest closes at 2:00 sharp May 8th! All entries will be tallied, and the lucky winner will be drawn and announced on Saturday May 8th at 4:00pm.

Good luck! Happy Mother’s Day!

April 2020 Market Update

The anticipated impact of COVID-19 on VIREB’s housing market became a reality in April, with sales of single-family homes dropping by 54 per cent year over year.

Last month, 189 single-family homes sold on the MLS® System compared to 333 in March 2020 and 412 in April 2019. Apartment and townhouse sales decreased by 82 and 69 per cent, respectively.

Inventory of single-family homes last month dipped by nine per cent year over year (1,293 to 1,173). Active listings of apartments rose by 33 per cent (303 to 403) year over year, while townhouse inventory dropped by 19 per cent (197 to 160).

The benchmark price of a single-family home board-wide was $523,700 in April, a drop of three per cent and marginally higher than in March. In the apartment category, the year-over-year benchmark price rose by five per cent, hitting $313,300, which is slightly lower than the previous month. The benchmark price of a townhouse in April rose by two per cent year over year and was somewhat higher than in March, climbing to $421,400.





We said “they” were coming and they have. Mainland buyers cashing in while recognizing that the lifestyle and affordable real estate in the Comox Valley is an opportunity not to be missed.   This influx of new Buyers to the market combined with the scarcity of  listings continues to drive prices up to new levels. New benchmarks are being set every day and now the rules of real estate will throw ambiguity and confusion further to the mix. This new legislation in March 2018 from the BC Superintendent of Real estate will restrict the public’s right to choose their own Real Estate Representation. The changes coming down the pipeline that have been promoted as “protecting consumers” and “eradicating limited dual agency” could have significant backlash to the consumer on both the buying and selling side. Rights of the consumer veiled under the “small print” of what is to come. On a personal note I have always acted in the best interests of my clients and held a professional standard of care to be loyal, avoiding conflict of interest, full disclosure and kept all confidences. I take the time to explain and educate my clients and my working relationships are based on trust and respect built over time. The changes to come will potentially erode some of those relationships with new policy. Change is inevitable but a smart, thought out and less reactionary approach would have been better for the consumer. As more information becomes available I will outline the changes and how to best navigate in your best interests while continuing to represent you.


If you purchased a single family home in 2015 the average selling price was $363,631 and the average condo was $173,330. Today the average price is $491,428 for single family homes and $238,624 for a condo.


The number of condo sales has jumped from 205 sales in 2016 to 340 in 2017. This is a reflection of equity rich real estate owners reinvesting their appreciation into rental properties. Affordable housing remains a problem and rents are high giving investors a solid return.

Comox Valley Annual Average Home Sales


Multiple offer are  the new norm.  Keeping in mind that multiple offers come in various types..  The Subject free cash offer- no subject conditions to purchase, no financing required = Firm Sale. The sold sign can go up that day. Other offers come in with a few conditions to purchase, perhaps with a higher price. Each offer can be very different and range in price and the types of conditions drastically.  As a Buyer it is impossible to predict what the competition is going to offer. It comes down to... a property is worth what a buyer is willing to pay in this market. As your Realtor I can advise you on the current inventory, sales history of similar properties, current market conditions, property highlights and potential issues for resale and value. I can recommend reputable inspectors, draft an offer that protects you and negotiate on your behalf.  When it comes down to strategy for making an offer I can share my specific market knowledge of 14 years and expertise.   


  1. It is like dating… be prepared to put the work in, face rejection and put your best foot forward…

  2. Be prepared. Be prepared with your financing secured. Have your bank or mortgage broker on speed dial and know the $$ amount you can comfortably purchase given the new lending rules that came out at the end of last year. Interest rates have already gone up this year. Know how many days your lender will require to secure “Firm” financing if this is a necessary condition to purchase.

  3. Have your deposit ready to go.

  4. Be flexible to view the new listing as soon as you are notified of it. Be prepared to be looking a property amongst other eager buyers and agents. Keep your opinions and questions whilst among the competition quiet. You may be their competition.

  5. Read and approve as many of the documents in advance of an offer as possible. Have your lawyer on speed dial to review title searches, site surveysandambiguous strata clauses.

  6. Keep a calm head. Always consider the #1 Rule of Real Estate- Location Location Location.


The price is always a main factor but not always. The dates for possession along with the date for subject removal (if any), along with the number of conditions to purchase ( if any) and the size and receipt of deposit can be important factors.   The fewer the conditions and if an offer is subject free the sold sign can go up upon acceptance. The Seller will decide what is most important to them and can only work with one offer at a time. That offer is then accepted or countered.  Where deadlines are tight a Seller or Buyer may ask for an extension to think about it. Remember,any changes to a contract open it up. Important to understand the implications of this. 



As a Seller get ready to put on your dancing shoes as the market is likely very different from when you last purchased or sold. A celebration is in the near future as YOU are in the driver’s seat. If you are making a move within the community remember its all relative. If you are moving out of the valley you may have more buying power depending on where you are going.


Pricing is rather ambiguous in this market. Important to note that proper pricing remains important. Too high could potentially miss serious buyers with pen and cheque book in hand. If the decision is made to “Test the waters” on price be prepared to reduce the price within a week or two if no interest. The market will tell you. Pricing a property is based on my experience, market knowledge and the saleability of a property. Depending on buyer demand some properties are not necessarily bound to attain a multiple offer.


1. Preparation in advance of a listing hitting the MLS ( imperative. Much of the work is done prior to a property appearing on the MLS.

2. Property “show ready” condition to appeal to the greatest number of prospective buyers. I will provide staging advise and a professional cleaner to put those finishing touches where required to make the property shine.

3. Professional photography, professional floor plan, complete package of strata documents if applicable, title search, survey, property disclosure, well & septic permits & reports, insurance docs, warranty certificates, hydro bills.. All of these items prepared in advance and ready to upload to the mls right away for prospective buyers. First impressions on the mls are important as buyers wait anxiously for new listings to appear on their PCS.

4. Flexibility of showings- with appropriate pricing showing requests will be fast and furious.

5. Social media blitz, advertising, Realtor Caravan tour… many more features. Contact me for a copy of my complete Marketing Program.



Yes it would be lovely to tell your neighbours that you got an offer on Day 1. Would it not be even better to allow some market exposure and increase the odds of a multiple offer and a higher price?   Perhaps one of those mainland buyers with deep pockets would like an opportunity to view your home in person or even have the time to see it online? Some Agents may not have the time to show a new listing or coordinate with a buyers work schedule on Day 1.  In my experience I find that giving a property adequate market exposure pays off and 3-7 days is the magic number.  Some buyers may of course decide not to compete but with such a shortage of offers “tis the nature of the market”.  I also believe that Buyers feel less frenzied and write cleaner offers that are less likely to collapse the next day with buyers remorse.



I will refer that buyer to a colleague I trust and respect  to prepare the offer. As of March 15, 2018 there are new regulations coming into effect. There are many details that have not been clarified by the Superintendent of Real estate to date. I will be writing a separate blog regarding the changes.


Stay tuned for monthly updates on the new legislation impacting you as a Consumer, the monthly stats, opportunities to invest and useful tips for navigating this fast paced Sellers market.


Super excited to market this lovely Patio Home at #17 352 Douglas St, Comox $439K



#17 352 Douglas Street in Comox $439,000.  This lovely 2 bedroom, 2 bath patio home on no thru street in the heart of Comox has been impeccably maintained and exudes pride of ownership. Modern functional floor plan with open concept kitchen, dining and living room areas. Appreciate 9 foot ceilings, gas furnace, hot water tank and fireplace. Spacious bedrooms with 2 full baths, separate laundry room. Kitchen is bright and cheerful with amply cupboard and counter space with expansive eating bar. Lots of natural light and 2 private patios overlooking well kept strata gardens. The perfect spot to take in the nature and choose your spot for shade or sunshine.This unit has a full sized double garage with built in shelving.  Well run strata, must be 50+ years young and one dog or cat under 25lbs. No rentals. 


MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.