Three-in-ten British Columbians have bought a property in the past few years, with Generation Xers (35%) leading the way. When thinking about their next home, Millennials (ages 18 – 34) favour a condominium, while Generation X (ages 35 – 54) is looking for a detached house. Four-in-five British Columbians say it is currently difficult to purchase a home in their city or town. Affordability is a Province-wide issue. While much has been written about affordability being a Metro Vancouver problem, the numbers are high all over the province including Northern BC (90%), the Fraser Valley (79%) and Vancouver Island (74%). Source: BC Real Estate Association
Has your condominium been improved or modified from the standard interior? Changes such as flooring, cabinetry and appliances are the responsibility of the unit owner and are not covered under your strata insurance. Make sure any improvements are covered under your personal insurance policy.
If you qualify for the B.C. Property Tax Deferment Program, you can defer your taxes as long as you own your home. The deferred taxes must be fully repaid, with interest, before your home can be legally transferred to a new owner, other than directly to your surviving spouse. If you refinance your home, your mortgage holder may require full repayment of the deferred taxes upon refinancing. You may repay all, or part of the deferred taxes and interest at any time without penalty.
When hiring a property inspector ensure the individual is properly licensed. Also, consider the inspector’s experience and credentials and also what insurance coverage the inspector carries such as errors and omissions insurance, liability insurance and worker’s compensation coverage.