In slow or downturn markets, it’s common for some buyers to try to get out of pre-sale contracts. They do so by ‘assigning’ the contract. This is when one party to an existing contract (the "assignor") transfers the contract's obligations and benefits to another party (the "assignee"). In most cases, developers don’t allow them to advertise on MLS, so we’ve included a few current examples of new assignments below:

#201 - 2688 Duke Street

Vancouver, BC

$600,000

1 BED | 1 BATH | 630 SQ. FT. INDOOR | 208 SQ. FT. OUTDOOR PATIO

#1004 - 1633 Capilano Road

North Vancouver, BC

$798,000

1 BED | 1 BATH | 580 SQ. FT.

5706 - 1289 Hornby Street

Vancouver, BC

$3,650,000

2 BED | 2 BATH | 1,623 SQ. FT.

The details of an assignment are extremely complex as there are many variables that require expert help. If you’re interested in shopping assignments or have any questions of what the nitty-gritty of taking over an existing contract would look like, feel free to send us an email or give us a call!

As far as Google search trends go these days, ‘What causes inflation?’ has got to be up there somewhere not too far from ‘Elon Musk children’. While Canada’s inflation scenario shares a lot of similarities to our neighbors down south, it’s important noting that there are some key differences as well.

A recent article on the Financial Post argues that since the Loonie hasn’t risen with oil prices as it normally does, this has complicated the Bank of Canada’s fight against inflation. The result is the central bank’s current policy rate of 2.5%, the highest its been since 2008. In his interview with the Post, Bank of Canada governor Tiff Macklem says: “When the price of oil in U.S. dollars goes up, the Canadian dollar tends to appreciate. What does that do? One, it dampens the inflationary shock for households at the gas pump, because it means the price in Canadian dollars doesn’t go up as much because the Canadian dollar absorbs some of that. The other thing it does is that it spreads the benefits to Canada of a higher oil price because we’re an oil exporter. It spreads it more across the economy.”

The result is that a low dollar is compounding Canada’s inflation problem and some feel that this may force the BOC’s hand more than what’s happening in the US. While global factors like the war in Ukraine and ongoing supply issues are drivers of inflation, “domestic price pressures from excess demand are becoming more prominent” says the Bank of Canada. BOC goes on to say “surveys indicate more consumers and businesses are expecting inflation to be higher for longer, raising the risk that elevated inflation becomes entrenched in price- and wage-setting. If that occurs, the economic cost of restoring price stability will be higher.”

Thinking of renovating your home? In addition to improving the home’s value, a home renovation can increase your comfort and enjoyment of your home as well as help increase the efficiency of the home (ex. Insulate walls in basement to help with temperature control or replacing outdated lightbulbs with more energy-efficient options.

Whatever the reason, one thing’s for sure – home renovations can add up. Fortunately, the federal and provincial governments offer Canadians with tax rebates for some qualified home renovations. Here’s a few that we’d like to highlight:

Home Accessibility Tax Credit

This tax credit helps offset the cost of making homes more accessible for people with disabilities as well as the elderly. An example of this might be adding a wheelchair ramp. According to the website, “A qualifying individual may have only one eligible dwelling at any time” and “the total eligible expenses for all such eligible dwellings of the qualifying individual cannot be more than $10,000.” You can read more about the Home Accessibility Tax Credit here.

Multigenerational Home Renovation Tax Credit

This credit will be available to families who want to renovate their homes to add extra accommodation for either a senior or disabled relative to live with them. Due to factors such as tighter housing supply, high prices and inflation overall, multigenerational housing has more appeal among Canadians than in previous years. This new tax credit is expected to be available starting in 2023, with more details on how to apply coming soon. But if you’d like to get a sneak peak, H&R Block talks about it on their blog here.

Tax credits aren’t always straightforward, so if you plan on taking advantage of a federal or provincial tax credit, consult with a professional to make sure you’re covering all the bases.

Pets rank high among the many factors new home buyers need to take into consideration when considering purchasing a new property. If you own a pet or are a prospective pet parent (premature congratulations are in order), it’s important to find answers to some key questions like:

• What types of pet restrictions are in place?
• What type of rules does the strata have?
• Is the space a good fit for my pet? Is there enough space to play inside?
• Is this a pet-friendly neighborhood?

Taking the time to research the answers to these questions before committing on a big purchase will help avoid future headaches. Having a trusted realtor walk you through these bylaws is an excellent way to ensure that you and your furry friend(s) are both welcomed and appreciated in the new home. It’s common practice for strata corporations to limit the number or type of pets owners are allowed. Other stratas prohibit pets altogether, although this type of bylaw doesn’t apply to certified guide dogs and service dogs. Examples of such bylaws might look something like:

• ban pets altogether
• limit the number of pets that can be kept
• provide restrictions on keeping pets, such as leashing them in common areas
• limit the kind of pets that can be kept, such as no dogs, or no dogs over 20 kilograms
• require pets to be registered with the strata council

The main point to keep in mind: make sure pet bylaws are suitable for your needs.

What about when strata corporations start enforcing new pet bylaws? You might be interested in reading this article.