Stay in touch with NIHO!

Press Gallery

Spiking home prices in British Columbia bite into property-tax relief

Mike Hager, The Globe and Mail, Jan. 04, 2017

The skyrocketing value of British Columbian homes would cut twice as many homeowners out of property-tax relief from the provincial government this year compared to last because their residences are now worth too much.

Last year, 91 per cent of all homes in the province were covered by the homeowner grant program, which offers $570 to owners of properties with an assessed value of less than $1.2-million.

Read more »

Thousands of Vancouver’s poorest living in buildings listed at risk in earthquake

Gordon Hoekstra, Vancouver Province, Dec 24. 2016

Thousands of the poorest residents in the Downtown Eastside are living in buildings, designated by the City of Vancouver as single-room occupancies, that are at risk in an earthquake.

In the past several years, a dozen of those buildings managed by non-profit organizations have had seismic improvements thanks to a $143-million upgrade program led by B.C. Housing.

But many others designated as single-room occupancies — at least 59 buildings with more than 3,000 rooms — appear to have had no upgrades,

Read more »

Transportation costs bog down Richmond’s newly minted millionaires: Yan

Graeme Wood, Richmond News, Dec 21, 2016

It’s a “Boxing week extravaganza,” with prices you may never see again, says urban planner Andy Yan, referring to his map of Richmond with 2016 property values.

Come early January, BC Assessment will have sent out all of its 2017 property value assessments for Richmond, and every detached home property is expected to crest the $1 million mark.

“Single-family property values are uncoupled from local incomes and continue to increase outside the range of incomes,” said Yan,

Read more »

100,000 more Metro Vancouver homeowners could lose grant unless province ups cutoff limit

Susan Lazaruk, Vancouver Province, Dec 14, 2016

More than 100,000 homeowners in Metro Vancouver stand to lose all or some of their $570 homeowner grant at property tax time because assessed home values are expected to be up to 50 per cent higher in some cities next year.

In the city of Vancouver, for instance, as many as 30,000 homeowners may be pushed past the $1.2-million eligibility threshold,

Read more »

On B.C.’s farmland, mega-mansions and speculators reap the rewards of lucrative tax breaks

Kathy Tomlinson, The Globe & Mail, Nov 20, 2016

Bob Fisher shakes his head as he looks over at the palatial new building next door to his beekeeping operation. It was supposed to be a single-family farmhouse – approved as such by city hall – built on some of Canada’s best farmland, in this suburb south of Vancouver.

Instead, it’s a 23,000-square-foot mega-mansion – with Roman columns, a grand marble entrance and luxurious guest suites.

Read more »

B.C. earthquake threatens Vancouver buildings

Gordon Hoekstra, The Province, Oct 30, 2016

On Dec. 3, 2013, Vancouver city staff updated city council on a plan to prepare for a major earthquake.

Council asked for the report in 2011, after deadly earthquakes in New Zealand, where 185 people were killed, and in Japan, where the death toll from the ensuing tsunami was more than 16,000.

Under the update, the city was to establish a technical committee to advise it how to reduce the risk of private buildings collapsing or being badly damaged in an earthquake.

Read more »

Torrens and Technology: An Update from the Front Lines!

Rudy Nielsen, The Scrivener, Fall 2016

Back in 2010, I let you know how the provincial land title system guards British Columbians against the ever‑present threat of mortgage fraud.

Today, this is still a timely topic, given the unprecedented level of property sales since then.

Through the Torrens Land Registration System, British Columbia is neatly packaged into about 1.9 million active land titles that have been very active in the past 5 years.

Read more »

Foreign-buyer real estate deals plunge

Jane Seyd , North Shore News, Sept 22, 2016

Figures released by the province on Thursday appear to confirm what many local Realtors already knew – that interest from foreign buyers in the real estate market has fallen significantly since the province imposed a 15 per cent tax on deals involving foreign citizens.

According to data released by the government, real estate transactions involving foreign buyers made up about 13 per cent of the total number and 16 per cent of the total value changing hands between June 1 and Aug.

Read more »

Federal budget funding boost bankrolls tax cheat crackdown (See Waiting on Data)

Peter Mitham, Business in Vancouver, Sept 20, 2016

Tax crackdown

This year’s federal budget gives the Canada Revenue Agency (CRA) extra clout when it comes to chasing down tax cheats, including those trying to evade taxes on real estate.

The topic surged into the national spotlight last week amid reports of lax oversight by the CRA and the practices of offshore investors seeking to sink money into local properties.

Read more »

Spaces with no places: Residential land sits empty across the region

Joanne Lee-Young, The Province, Sept 10, 2016

The crux of the Lower Mainland housing crisis supposedly hinges on the lack of supply and an insatiable demand for land that can be developed.

Municipalities insist they are hung up on a way to boost the supply of affordable housing, in part, because Metro Vancouver is so hemmed in by water, mountains and land designated for agricultural use.

And yet, 

Read more »