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The Tax Deferment program, a low-interest loan option for eligible BC homeowners, allows deferral of 2024 property taxes. The Regular and Families with Children Programs offer up to $500/mo savings for eligible residential or residential/farm properties.

BCREA cautions of worsening housing affordability in British Columbia, particularly in Metro Vancouver, exacerbated by high inflation and rising interest rates.Despite potential interest rate drops, increased listings may limit price growth in Vancouver (1-2%), while the Fraser Valley could experience larger increases (~ 4%) by year-end.

The BC Government introduced the STR Accommodations Act to increase long-term residential housing supply. Starting May 1, 2024, STRs are limited to the host’s principal residence plus one secondary suite or ADU in major BC communities.

The BC government proposes changes to the Residential Tenancy Act to fight "unfair evictions." Key measures: 1. Banning rent hikes for new children under 19. 2. Extending landlord eviction notice and tenure for personal use

The BC presale market is offering many buyer incentives due to uncertainty around interest rates. Developers are using creative incentives to attract buyers such as free cars, penthouse upgrades, and gift cards.

Market Response to Rates: Homebuyers in British Columbia await Bank of Canada rate adjustments before entering the marketSlow Start in 2024: Real estate sales in B.C. dropped by 9.5% in March 2024 compared to the previous year.

Affordability in BC is heavily impacted by severe housing shortages and high costs. PM Trudeau revealed a $2B federal loan to bolster the BC Builds program, targeting middle-income rental homes.

BC government introduces expanded Property Transfer Tax (PPT) exemptions for first-timers (FTHBs) and purchasers of newly built homes. The PPT exemption limit for FTHBs is raised to $835K, with a partial exemption up to $860K, potentially saving buyers ~$14K.