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2025 Taxes and Legislations

2025 Taxes and Legislations
Each year there seems to be more and more that go hand in hand with real estate transactions. 2025 is no exception.  Here are a couple of reminders that you may be interested in understanding.
 
CITY OF VANCOUVER EMPTY HOME TAX
City of Vancouver empty home tax: Your declaration must be made by February 4th every year.  The notice that usually comes in the mail was delayed due to the recent postal strike and no extension is planned.  If you need assistance to make your Declaration please call the City of Vancouver at 311.  You can also click HERE to start your Declaration.
 
BC HOME FLIPPING TAX
As of January 1, 2025, if you sell your property less than 730 days after purchase this tax will apply. This is in addition to the Federal Property Flipping Tax in effect since 2023. Click link HERE to read the details.

TENANCY REGULATIONS
Changes to the Residential Tenancy Act have made it tricky and potentially expensive to give notice for vacant possession.  When selling a tenant occupied property there are many things to consider.  The full information can be found at HERE.

As always, I am happy to hear from you anytime with questions or a chat to catch up. 
 
Take care,


Michele

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