An Active Start To Spring 2024
We are off to a very active Spring real estate market. Beyond seasonal trends, the expectation of lower interest rates seems to have excited the market. We are experiencing strong sales, an increase in new listings, and rising prices.
The Federal Government is expected to introduce some housing initiatives in its budget next month, but in the meantime, the BC Government has been the first to act. The BC NDP has introduced a new framework to the Property Transfer tax with an increase in the Fair Market Value threshold for First Time Homebuyers and an increase in the Fair Market Value threshold for Newly Built Homes. This will help First Time Homebuyers reduce or eliminate the cost of PTT. Please contact me if you would like more details.
The BC Government has also introduced a new Flipping Tax targeting short-term speculators. This will punish anyone selling a residential property that has been held for less than two years. Some pundits believe this will constrict inventory levels and put added pressure on prices.
If you planning to sell your home; your curb appeal and outdoor living space cannot be ignored. Consider updating your landscaping and hardscapes. Great-looking, useful, and maintenance-free landscaping is the new trend.
Looking for inspiration for your next landscaping project? Check out a few of the images from our friends at Luxury Enterprises Ltd that are sure to inspire your next project. Their services range from landscaping to hardscaping, artificial grass to concrete as well as irrigation system installation.
