If you are looking to Buy a Property in an area, of the Province of British Columbia, where Speculation Tax is payable, you need to know that you are not on the hook for an outstanding Bill where the Seller hasn't paid.

In a recent BC Real Estate Association Bulletin came good news for Buyers and their Real Estate Agents, in that they don't have to worry about including a clause in a Contract of Purchase and Sale that specifies that a Buyer won't be held liable for the Speculation and Vacancy Tax (SVT).

Here's why:

• When a buyer purchases a residential property, they will either pay the Property Transfer Tax (PTT) or be exempted from the PTT because they took advantage of an exemption like the First Time Home Buyers' Exemption or Newly Built Homes Exemption. Payment of the PTT (or exemption) means you're eligible for an exemption of the SVT for the year of purchase.
• The SVT is levied on the person who owns the property on December 31 of the calendar year. That means if...

Why Read this Article?

Are you an Investor looking to purchase a Condo near UBCO or a Parent who has a Student about to attend UBCO Kelowna in the next year?

This article is designed to give you all the information and thought processes you will need to complete a successful purchase.

What do I need to do first?

As soon as you decide this is something you 'might' want to do, familiarise yourself with the UBCO Real Estate Market.

Give me a call, or send me an email, to set you up on an email search. You can then see what is available in the current listing and recent selling prices.

Which areas should I look at in Kelowna?

In the past, areas which are within walking distance of UBCO or on a good transit service have been the most popular with students to buy or rent.

There are 4 main areas that are in this category -:

U-District (Academy Way) & Quail Ridge - both within walking distance of the University.

On good Transit routes - North Glenmore & Rutland.

U District...

Are you thinking of buying a Property in Kelowna, which will give you the flexibility to undertake Short Term Rentals? 

This article gives you details of some of the things you need to think about before making your Purchase.

Information is current as of August 2018, but you will need to check the local City of Kelowna Website https://www.kelowna.ca/our-community/planning-projects/current-planning-initiatives/short-term-rentals & Government websites, at the time you decide to buy for the latest legislation that may affect you.

The City of Kelowna - Current Position on Short Term Rentals

At the present time, Short Term Rentals, of less than 30 days, are not permitted in any Residential Area in Kelowna, despite the fact that we regularly see properties for rent on such websites as Airbnb and Vacation Rentals by Owner.

There are specific pockets of the City and zoning which do permit Short Term Rentals - such as the Discovery Bay and Sunset Waterfront Resort Condo...

Buyers are now more likely to sue post-closing if they feel that have “lost” money through non-disclosure of latent defects.

Stigma – is a negative perception of a property for reasons unrelated to the appearance or function of the property (ie; a ghost – does NOT need to be disclosed) – Caveat Emptor Applies (Buyer Beware).

Patent Defect is an obvious flaw, that would be discovered by a superficial inspection of the property by an ordinary purchaser, for example, a hole in the wall, or a crack on the side of the home. (This does NOT need to be disclosed) – Caveat Emptor Applies.

Latent Defects – one that is NOT discoverable by a potential buyer through reasonable inspection or inquiries and must be material in that the property is rendered dangerous or uninhabitable (BUYER REQUIRED TO DISCLOSE)

Material Latent Defects – are defects required to be disclosed by the LICENSEE under their Real Estate Rules.

My thanks go to Peter Borszcz of Phil...

When buying a home, the last thing you want is a surprise. Most people worry about leaky roofs or rusty boilers. But there may be property issues that can come to light and cost you a lot of money if you’re not careful.

One way to avoid getting in over your head is to get a property survey before you buy. Also known as a house or land survey, it’s the perfect way to ensure you know exactly what you’re getting with the land, so there are no surprises.

How exactly do you go about getting a property survey?

Property Survey Basics

A property survey begins with defining the boundaries of a plot of land. This clarifies the size of the property, and where the land begins and ends.

An updated house survey is also important for legal reasons. This is because municipal laws are not fixed—they change from time to time. For example, the property might have a shed or a fence that was well within the boundaries years ago but after undated municipal border it now encroaches...