New rules stated by the Provincial Government will decrease shady deals in real estate moving forward. Restricting `Dual Agency,` where one agent represents both seller and buyer in a single transaction. An additional change in regulation is the requirement for transparency regarding entitled compensations.
With the new speculation tax for vacant homes in British Columbia, questions arise surrounding those who will be affected. A 0.5 per cent increase on 2018 property value for B.C. residents with second homes.
According to the 2017 Royal LePage Canadian Recreational Housing Report released this year, the majority of recreational property markets across Canada have seen year-over-year price and sales volume increases, although in a number of regions, trends differ markedly.
While recreational property trends remain mixed in the majority of oil-producing provinces, high-priced competitive environments have intensified in British Columbia and Ontario’s recreational segment, with characteristics stemming from Greater Vancouver and the Greater Toronto Area emanating into the provinces’ recreational markets.
Campbell River ranks as one of the hardest cities to find rental housing in the province.
A recent study on Rental Housing was released by the Canada Mortgage and Housing Corporation. With the apartment vacancy rate at .6 % and prices on the rise, house and townhouse rental seekers are being hit even harder.
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