As of January 1, 2025, the BC Home Flipping Tax is now in effect. This new tax is distinct from the existing federal property flipping tax and specifically targets short-term property sales within British Columbia. 

Here’s how it works: 

  • The tax applies to income from sales of residential properties, presale contracts, or assignments owned for less than 730 days (two years). This includes properties bought before January 1, 2025, if they are sold on or after that date and owned for less than two years.  

  • The rate is 20 per cent for sales within the first 365 days of ownership, gradually decreasing until it is eliminated at 730 days.  

  • This tax applies to any person or entity (individual, corporation, partnership, or trust) selling property within BC, regardless of residency.  

  • Exemptions include certain primary residences, though exemptions are subject to specific conditions and filing requirements. 

The BC Government has released a new video about the tax. Check it out below.

To check out all the details on the BC Government website, click here.

For the BC Real Estate Association’s breakdown of the new tax, including a comparison with the federal flipping tax, click here.  

For more information, please contact: Gino Pezzani.

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As you embrace the start of the New Year, it’s important to give yourself room to grow. It’s also important to remember that growth is not always easy or obvious. I’m reminded of the following story, a valuable metaphor for embracing adversity:

A man found the cocoon of a butterfly. A small opening appeared. The man sat and watched the butterfly for several hours as it struggled to force its body through the little hole. Then it seemed to stop making any progress. It appeared as if it had gotten as far as it could and could go no farther.

The man decided to help, so he took a pair of scissors and snipped off the remaining bit of cocoon. The butterfly then emerged easily. But it had a swollen body and shriveled wings.

The man continued to watch the butterfly because he expected that at any moment the wings would expand, and the body would contract to the proper proportion.

Neither happened! In fact, the butterfly spent the rest of its life crawling around. It never was able to fly.

In his kindness and haste, the man had not understood something. A restricting cocoon and the struggle for the butterfly to get through the tiny opening were nature's way of forcing fluid from the body of the butterfly into its wings so that it would be ready for flight once it achieved its freedom.

Sometimes struggles are exactly what we need to become stronger in character and determination. If nature allowed us to go through life without any obstacles, we would not learn how to be resilient and powerful. We might never fly!

Kind Regards,

Gino Pezzani

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About BCREA’s Housing Monitor Dashboard

The BCREA Economics team has created the Housing Monitor Dashboard to help REALTORS® monitor BC’s housing market. This dashboard, which is updated monthly, provides up-to-date data on key variables for public education and use. Focuses include: 

  • Resale Home Market

  • Construction

  • Rental Market

  • Borrowing Costs

  • Other BCREA Data

In the dashboard, the image and data are available for download under each chart, where possible.

For more information, please contact: Gino Pezzani.

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I have sold a property at 1307 5311 Goring ST in Burnaby

I have sold a property at 1307 5311 Goring ST in Burnaby on Dec 16, 2024. See details here

Welcome to luxury living at ETOILE by Millennium! This stunning southeast-facing unit offers a breathtaking view of Metrotown from its spacious 150 sqft balcony. With a convenient 5-minute walk to the Skytrain station, this sunny 579 sqft corner unit features 1 bedroom plus den, 9-foot ceilings, air-conditioning, and high-end finishes including quartz countertops and Bosch appliances. Enjoy the convenience of being minutes away from Brentwood Town Centre shopping mall and indulge in over 30,000 sqft of rooftop resort-style amenities including a large outdoor swimming pool, hot tub, fitness centre, and concierge.

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Canadian retail sales rose 0.6 per cent to $67.6 billion in October from the previous month. Compared to the same time last year, retail sales are up by 1.5 per cent. Furthermore, core retail sales, which exclude gasoline and automobile items, rose by 0.2 per cent month-over-month. In volume terms, adjusted for rising prices, retail sales were unchanged in October.

Retail sales in British Columbia were up 0.9 per cent in October month-over-month and up 1.5 per cent compared to the same time last year. In the CMA of Vancouver, retail sales were up 0.1 per cent from the prior month and 1.1 per cent higher than October 2023.

October's retail sales demonstrate a recovery in Canadian retail activity over the past few months as the Bank continues cutting toward its neutral range. The Bank of Canada will hope that Canadian retail growth serves as a proxy for next week's GDP report as it seeks guidance on whether the economy is rebounding in accordance with its 2025 forecast. 

https://mailchi.mp/bcrea/canadian-retail-sales-october-2024

For more information, please contact: Gino Pezzani.

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Canadian real GDP increased by 0.3 per cent in October, following a 0.2 per cent increase in September. Service-producing industries grew by 0.1 per cent, while goods-producing industries rose by 0.9 per cent. October's growth was driven by gains in mining, quarrying, and oil and gas extraction (+2.4 per cent), construction (+0.4 per cent), wholesale trade (+0.5 per cent), and real-estate and rental and leasing (+0.5 per cent). Finally, GDP for real-estate offices and agents was up 6.3 per cent month-over-month. Overall, the Canadian economy exhibited growth in 12 out of 20 industries.  Preliminary estimates suggest that real GDP fell by 0.1 per cent in November.

After third-quarter growth that fell short of the Bank of Canada's expectations, Canada's output in October shows some positive signs of consumer activity and builds upon some encouraging trends observed in the previous month. We expect the Bank to cut by 25-basis points at their first two meetings in 2025 and then pausing to assess the need for further stimulus. 

https://mailchi.mp/bcrea/canadian-economic-growth-october-2024

For more information, please contact: Gino Pezzani.

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Some extra care can keep your poinsettia staying beautiful for months. Location is the first consideration: Place it near a bright and indirect light source.

If the pot is wrapped in decorative foil, punch holes in the bottom so the plant's roots will not be standing in water. Place the plant in a saucer to collect extra water.

When watering it, always use water that is room temperature, so the roots don't chill. Slowly add water to the pot until it drains out the bottom. Discard the excess water.

Water only when the top quarter inch of the soil is dry. Too much water will make the leaves turn yellow and drop; not enough water will cause the plant to wilt and drop its leaves.

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Winter is the perfect season for comfort food—think warm soups, creamy casseroles, and hearty stews. But indulgence doesn’t have to mean unhealthy.

By adding a few smart twists to your favorite dishes, you can keep them nourishing and satisfying without overloading on heavy ingredients.

1. Swap heavy cream for coconut milk or Greek yogurt: For creamy soups or sauces, replace heavy cream with coconut milk or plain Greek yogurt. Coconut milk adds richness without the extra fat. Greek yogurt brings protein and tang to such dishes as mac and cheese or creamy soups.

2. Load up on seasonal veggies: Winter brings a bounty of nutrient-packed vegetables, such as sweet potatoes, Brussels sprouts, and butternut squash. Add roasted veggies to your favorite comfort meals or swap them in for carbs. For instance, use mashed sweet potatoes instead of regular potatoes or make a veggie-packed chili.

3. Go for whole grains: Comfort food can still be hearty without being heavy. Use whole grains, such as quinoa, farro, or barley, in casseroles or soups. They add fiber, keep you feeling fuller longer, and deliver a satisfying texture.

4. Bake with a healthy twist: Winter desserts can get a healthy makeover by swapping sugar for natural sweeteners, such as honey or maple syrup, and using almond or coconut flour instead of white flour. Add cinnamon, nutmeg, or ginger to up the flavor and give your baked goods a cozy, seasonal twist.

With these easy tweaks, you can enjoy winter comfort foods while keeping them light and nourishing. So go ahead—indulge, but with a little extra goodness!

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To view the full interactive BCREA Mortgage Rate Forecast, click here.
Download the full report (PDF)

Highlights:

  • Bond markets searching for clarity on the outlook for growth and inflation as tariffs loom.

  • Tariffs on Canadian imports to the US could mean a loss of 1 to 5.5 per cent of real GDP.

The Bank of Canada might be done with jumbo cuts, but is likely to continue cutting. 

For more information, please contact: Gino Pezzani.

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New Year's Day always filled the Anderson house with the comforting aroma of herbs and warmth. At the center of this tradition was Grandma Sarah's special black-eyed pea soup, a dish she believed could inspire positive change.

This year, the Andersons needed that inspiration more than ever. Tom had lost his job in October and Emily's small bakery was struggling. Their teenage son, Jake, was withdrawing into himself and neither parent knew how to reach him.

As the family gathered in the kitchen on New Year's Eve, the atmosphere was heavy with unspoken concerns. Grandma Sarah, sensing the tension, clapped her hands.

"Come on, let's start the soup," she said, her eyes twinkling.

She assigned tasks to everyone. Tom soaked the black-eyed peas, Emily chopped onions and garlic, and Jake oversaw the herbs.

"Easy with the thyme, Jake," Grandma said. "It's potent, like new beginnings."

Gradually, the kitchen filled with conversation and the rich aroma of simmering soup.

When the clock struck midnight, Grandma ladled the steaming soup into bowls. "Remember," she said, "it's not just about eating it; it's about believing in new possibilities."

They savored each spoonful of the warm broth and tender peas. While they ate, something shifted. Tom mentioned a promising job lead. Emily's eyes lit up with an idea for a new line of pastries. Jake, to everyone's surprise, suggested helping at the bakery after school.

Whether it was the soup's warmth or the simple act of coming together, the Anderson family stepped into the New Year with renewed hope and determination.

Here's Grandma Sarah's recipe for New Year's Black-Eyed Pea Soup.

Ingredients:

  • 1 pound dried black-eyed peas, soaked overnight

  • 1 large onion, diced

  • 3 cloves garlic, minced

  • 2 tablespoons olive oil

  • 6 cups broth

  • 1 bay leaf

  • 1 teaspoon thyme

  • 1 teaspoon smoked paprika

  • 2 carrots, diced

  • 2 celery stalks, diced

  • 1 can (14.5 oz) diced tomatoes

  • Salt and pepper to taste

  • Chopped parsley for garnish

Instructions:

1. In a large pot, sauté onion and garlic in olive oil.

2. Add carrots and celery, and cook for 5 minutes.

3. Add soaked peas, broth, bay leaf, thyme, and paprika.

4. Simmer for 1 - 1.5 hours until peas are tender.

5. Add diced tomatoes and simmer for another 10 minutes.

6. Season with salt and pepper.

7. Serve hot, garnished with parsley.

As Grandma Sarah always said, "Serve with a side of hope and a sprinkle of faith in the future."

With Warmth,

Gino Pezzani

RE/MAX Heights Realty
604-418-9366
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