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Get Ready to Upsize in 2025

Buyers Are Coming Back; Don’t Get Caught Unprepared

The market is heating up, and buyers are returning. If you’re planning to upsize in 2025, now is the time to start preparing. By following these four steps, you’ll be in a strong position to make your move when the time is right.  
---
Step 1: Engage Your Realtor (or Find a New One)

Buying and selling a home simultaneously is more complex than a single transaction. You need a Realtor who understands both sides of the market and can guide you through all of your options. Your agent should have a clear strategy for navigating the ups and downs of the market, whether you’re buying first, selling first. Either way you need the strategy for a seamless transition.  

If your current Realtor isn’t providing the level of service or expertise you need, don’t hesitate to make a change. The right agent can make or break your experience—and your bottom line.  

---
Step 2: Talk to Your Mortgage Broker

Before you make any moves, it’s crucial to get a realistic picture of your financing options. Here are a few key questions to ask your mortgage broker:  
- Will there be penalties to break your current mortgage?  
- Is your current lender the best choice for your next purchase?  
- What creative financing options are available to you? 

A great mortgage broker will not only answer these questions but also help you explore all your options. Remember, you’re entitled to excellent service; don’t be afraid to challenge your broker or seek out a new one if needed.
(Feel free to reach out if you need recommendations!)  

---
Step 3: Build a Strategy

With insights from your mortgage broker and Realtor, it’s time to map out your plan. Here are some key decisions to consider:  
- Buy first or sell first? Each option has pros and cons, and the right choice depends on your financial situation, the product you are selling and your next purchase (townhouse/duplex/single family home?).
-How long will your closing timeline need to be? Ideally you can line up a perfect closing for so that your home closes just in time for your purchase but if not, will you be able to be flexible for the right home (buy side) or right price (sell side).

A clear strategy will help you navigate the process with confidence and avoid costly mistakes.  
---

Step 4: Prepare Your Home to List

When it’s time to sell, don’t cut corners. Staging and preparing your home to stand out is an investment that pays off. A well-presented home not only sells faster but also gives you more leverage to negotiate timelines and terms that work for your move.  

Here are a few tips to get started:  
- Declutter and depersonalize your space to appeal to a broad audience.  
- Invest in minor repairs and upgrades that boost curb appeal.  
- Work with a stager to highlight your home’s best features.  

Remember, the goal is to make your home irresistible to buyers—so it sells quickly and for the best possible price.
---

Ready to get started? Let’s build your strategy together. Book a selling strategy session with me today, and let’s make your upsize dreams a reality.  

📧 Email: KadeLacasse@gmail.com  
📞 Call/Text: 604-401-9199  
Book directly into my calendar for a free selling strategy session.

Read


Days on Market (DOM)- How many days the listing has been live or was live before it sold. Important stat but should be taken with a grain of salt as sellers will re-list their home when the listing is stale and this will restart the DOM count, bringing the listing to the top of the pile once again.

Open House- Window of time where the home will be shown to anyone that would like to have a look around. This will be hosted by a licensed agent but not necessarily the listing agent.

Open House by appt- Same as an open house but for more serious buyers who are either engaged with a Realtor or have contacted the agent directly to schedule an appointment.

Offers as they come- The seller will be reviewing offers as soon as they are received and can accept an offer the first day the listing is live. This is the typical listing strategy.

Holding Offers- The seller has set a date and time in which they have decided to look at offers (ie. 4pm Tuesday January 10th) . This direction from the seller is performed in writing and via a document called “Irrevocable Direction Regarding Presentation of Offers” (IDRPO) which will be noted in the back end of the listing (that the Realtors can see) not necessarily the public view.
This strategy is usually used when sellers are expecting multiple offers and in recent years has been combined with a listing price that is lower than the seller is willing to accept.
See my blog on Invitation to Treat for more details.
That being said, there are other reasons for sellers to have an IDRPO including needing to sell quick because they have found their next home. Do not avoid listings with IDRPOs but they do require more due diligence up front.

Offer- A completed “Contract of Purchase and Sale” signed by the buyers stating the names of the buyers, sellers, the address of the home, offer price, terms and how long it is open for acceptance. Once the offer is sent, if the other seller signs without any changes, you have an accepted offer.  If they sign but change any terms, this is considered a counter-offer and the changes will need to be signed by the buyers in order to be considered a fully executed accepted offer.

Completion- aka Closing- The date on which the money goes from the buyer’s lawyer or notary to the seller’s lawyer or notary and the Title is officially registered in the Buyer’s name. The buyer becomes responsible for the property at 12:01 am on the completion day which is why we advise our clients to have the home insured for completion day not possession day.

Adjustment- The date that the lawyers use to make adjustments between the buyer and seller for the other costs associated with the property. For example, the seller will be responsible for their share (100/365 days) and the buyer responsible for the remainder (265/365 days) of the Property Tax or Strata fees. The adjustment date is typically the same as the possession date.

Possession- The date and time in which the buyer is entitled to physical possession of the property (assuming there is no tenancy in place).

Firm Deal- An accepted offer which is subject free or the buyer and seller have removed their subjects; the deal is now firm and binding meaning that the parties must perform their obligations set out in the contract (buyer releasing funds for completion and the seller providing a free and clear title and possession) or face legal consequences.

Conditional Offer- an accepted offer that contains Subjects (aka conditions). While there is a conditional offer in place, the seller may accept back-up offers.

Back-up Offer- an accepted offer between a second buyer and the seller that is subject to the first accepted offer falling through. 

Subjects- these are clauses in the contract that allow the benefitting party to walk away from the sale if their subject is not satisfied within the time specified. Typically subjects are for the benefit of the buyer and include financing, inspection, document and title review, etc. but can be for the benefit of the seller.

Home Buyer Rescission Period- aka ‘Cooling Off Period’. This is a 3 business day window in which the buyer can back out of (or rescind) an offer for ANY reason regardless of their subjects. There is a small fee of 0.25% of the purchases price payable to the seller if the buyer exercises this option. Most transactions have subjects which allow the buyer to back out of an offer for specific reasons (see above) without any fees. The rescission period is mostly applicable with subject free offers.
The 3 day window starts the business day after the buyer receives a fully accepted offer.
Full detailed breakdown of Home Buyer Rescission Period

Deposit-aka earnest money- Money provided by the buyer to secure the sale. This is usually about 5% of the purchase price, due once the deal is firm and deposited into the buyer’s agent’s brokerage trust account. If the buyer is unable to perform their contractual obligations, the seller will be entitled to the deposit but the buyer may be liable for even more than the deposit should the seller have incurred additional damages.
The deposit is considered part of the down payment at completion.

Down Payment- Initial money the buyer pays towards the home (not including the closing costs) to complete the purchase. Purchase price - mortgage= Downpayment 

Appraisal - In terms of Real Estate, an appraisal is when an unbiased and impartial professional determines the value of a home or property. An appraisal can be physical, where the appraiser comes on-site to view the home OR a desk appraisal where they use recent comparable sales to determine the value. Required by lenders for home purchases and home-owners that are looking to re-finance as the lender wants to make sure the value of the home covers their risk, should the borrower default.

Read

BC’s Flipping Tax- Effective January 1st, 2025

Understanding BC’s New Home Flipping Tax: What You Need to Know
The BC government introduced the Home Flipping Tax in early 2024, a move aimed at curbing speculative activity in the housing market. This new measure could have significant implications for property owners, investors, and even some regular homeowners. That tax is now applicable so let’s break it down and see what it means for you.

What is the BC Home Flipping Tax?

The Home Flipping Tax, effective for property sales on or after January 1, 2023, is part of British Columbia’s broader effort to create housing affordability. This tax applies to individuals who sell a property that they’ve owned for less than 2 years (729 days), with certain exemptions for life events.

How Does It Work?

If you sell a residential property within 729 days of purchase, profits made from the sale will be taxed as business income. This means the profit won’t qualify for the principal residence exemption that typically allows homeowners to sell their primary residence tax-free, although sellers that owned their home for more than 1 year and used their home as a primary residence at some point during that period MAY be eligible for a $20,000 principal residence exemption.


How to calculate taxable income;
Proceeds from sale of property
(-)cost to purchase property
(-)cost to improve property
(-)principal residence exemption (if applicable)
______________________________________
= Taxable Income


How to calculate tax rate;
If you own the property for less than 366 days, the tax rate is 20%.

If you own the property for more than 365 days and less than 730 days, the tax rate is reduced until it reaches zero according to the following formula:

Tax rate = 20% × [ 1 - ( (Days held - 365) / 365) ]

Exemptions to the Tax
The government recognizes that not all short-term sales are speculative. Some key exemptions include:

  • Divorce or separation

  • Job relocation (minimum 40 km move)

  • Health-related reasons

  • Death in the family

  • Threat to personal safety (e.g., domestic violence)

  • Insolvency or significant financial hardship

  • Natural disasters

These exemptions ensure that people experiencing genuine hardships or life changes aren’t unfairly penalized.

Who Does This Impact?

Investors
If you’ve been flipping homes as part of your investment strategy, this tax is a game-changer. Any profit made within the 2 year period will now be subject to the above tax rates, which could make some flips less profitable. This is particularly important for those who rely on the principal residence exemption as part of their tax planning.

Homeowners
Regular homeowners might also be affected, especially if life circumstances force an unplanned move. While exemptions exist, you’ll need to provide documentation to qualify, so be prepared to prove your case if necessary.

Prospective Buyers
For buyers, the tax could reduce speculative activity in the market, potentially leading to less competition and more stable pricing. However, the broader impact on overall housing affordability remains to be seen.

What Does This Mean for the Market?

The goal of the Home Flipping Tax is to discourage speculative flipping and stabilize the housing market. While it might deter some investors, it could also encourage longer-term homeownership, contributing to a healthier housing supply. That said, the tax is just one piece of the puzzle that the NDP’s are adding to try and address affordability challenges in BC.

How to Navigate the New Rules

If you’re planning to buy or sell a home in BC, here’s what you can do to stay ahead:

  1. Plan for the Long Term: If you’re purchasing a home, consider whether it’s a place you can see yourself staying in for at least a year.

  2. Understand Your Tax Obligations: Work with a tax professional to understand how the Home Flipping Tax might affect your finances, especially if you’re an investor.

  3. Keep Documentation: If you think you might qualify for an exemption, make sure to keep thorough records of the life event prompting your sale.

  4. Work with a Realtor: Navigating these new rules can be complex, so having an experienced realtor on your side will help you make informed decisions.

Let’s Build Your Strategy

Whether you’re buying, selling, or simply planning your next move, working with someone that keeps up with the newest regulations in housing is crucial. Let’s sit down and develop a strategy that works for your unique situation.

Reach out today:
Email: kadelacasse@gmail.com
Call/Text: 604-401-9199
Book directly into my calendar HERE

Read
RSS

Get Ready to Upsize in 2025

Buyers Are Coming Back; Don’t Get Caught Unprepared

The market is heating up, and buyers are returning. If you’re planning to upsize in 2025, now is the time to start preparing. By following these four steps, you’ll be in a strong position to make your move when the time is right.  
---
Step 1: Engage Your Realtor (or Find a New One)

Buying and selling a home simultaneously is more complex than a single transaction. You need a Realtor who understands both sides of the market and can guide you through all of your options. Your agent should have a clear strategy for navigating the ups and downs of the market, whether you’re buying first, selling first. Either way you need the strategy for a seamless transition.  

If your current Realtor isn’t providing the level of service or expertise you need, don’t hesitate to make a change. The right agent can make or break your experience—and your bottom line.  

---
Step 2: Talk to Your Mortgage Broker

Before you make any moves, it’s crucial to get a realistic picture of your financing options. Here are a few key questions to ask your mortgage broker:  
- Will there be penalties to break your current mortgage?  
- Is your current lender the best choice for your next purchase?  
- What creative financing options are available to you? 

A great mortgage broker will not only answer these questions but also help you explore all your options. Remember, you’re entitled to excellent service; don’t be afraid to challenge your broker or seek out a new one if needed.
(Feel free to reach out if you need recommendations!)  

---
Step 3: Build a Strategy

With insights from your mortgage broker and Realtor, it’s time to map out your plan. Here are some key decisions to consider:  
- Buy first or sell first? Each option has pros and cons, and the right choice depends on your financial situation, the product you are selling and your next purchase (townhouse/duplex/single family home?).
-How long will your closing timeline need to be? Ideally you can line up a perfect closing for so that your home closes just in time for your purchase but if not, will you be able to be flexible for the right home (buy side) or right price (sell side).

A clear strategy will help you navigate the process with confidence and avoid costly mistakes.  
---

Step 4: Prepare Your Home to List

When it’s time to sell, don’t cut corners. Staging and preparing your home to stand out is an investment that pays off. A well-presented home not only sells faster but also gives you more leverage to negotiate timelines and terms that work for your move.  

Here are a few tips to get started:  
- Declutter and depersonalize your space to appeal to a broad audience.  
- Invest in minor repairs and upgrades that boost curb appeal.  
- Work with a stager to highlight your home’s best features.  

Remember, the goal is to make your home irresistible to buyers—so it sells quickly and for the best possible price.
---

Ready to get started? Let’s build your strategy together. Book a selling strategy session with me today, and let’s make your upsize dreams a reality.  

📧 Email: KadeLacasse@gmail.com  
📞 Call/Text: 604-401-9199  
Book directly into my calendar for a free selling strategy session.

Read


Days on Market (DOM)- How many days the listing has been live or was live before it sold. Important stat but should be taken with a grain of salt as sellers will re-list their home when the listing is stale and this will restart the DOM count, bringing the listing to the top of the pile once again.

Open House- Window of time where the home will be shown to anyone that would like to have a look around. This will be hosted by a licensed agent but not necessarily the listing agent.

Open House by appt- Same as an open house but for more serious buyers who are either engaged with a Realtor or have contacted the agent directly to schedule an appointment.

Offers as they come- The seller will be reviewing offers as soon as they are received and can accept an offer the first day the listing is live. This is the typical listing strategy.

Holding Offers- The seller has set a date and time in which they have decided to look at offers (ie. 4pm Tuesday January 10th) . This direction from the seller is performed in writing and via a document called “Irrevocable Direction Regarding Presentation of Offers” (IDRPO) which will be noted in the back end of the listing (that the Realtors can see) not necessarily the public view.
This strategy is usually used when sellers are expecting multiple offers and in recent years has been combined with a listing price that is lower than the seller is willing to accept.
See my blog on Invitation to Treat for more details.
That being said, there are other reasons for sellers to have an IDRPO including needing to sell quick because they have found their next home. Do not avoid listings with IDRPOs but they do require more due diligence up front.

Offer- A completed “Contract of Purchase and Sale” signed by the buyers stating the names of the buyers, sellers, the address of the home, offer price, terms and how long it is open for acceptance. Once the offer is sent, if the other seller signs without any changes, you have an accepted offer.  If they sign but change any terms, this is considered a counter-offer and the changes will need to be signed by the buyers in order to be considered a fully executed accepted offer.

Completion- aka Closing- The date on which the money goes from the buyer’s lawyer or notary to the seller’s lawyer or notary and the Title is officially registered in the Buyer’s name. The buyer becomes responsible for the property at 12:01 am on the completion day which is why we advise our clients to have the home insured for completion day not possession day.

Adjustment- The date that the lawyers use to make adjustments between the buyer and seller for the other costs associated with the property. For example, the seller will be responsible for their share (100/365 days) and the buyer responsible for the remainder (265/365 days) of the Property Tax or Strata fees. The adjustment date is typically the same as the possession date.

Possession- The date and time in which the buyer is entitled to physical possession of the property (assuming there is no tenancy in place).

Firm Deal- An accepted offer which is subject free or the buyer and seller have removed their subjects; the deal is now firm and binding meaning that the parties must perform their obligations set out in the contract (buyer releasing funds for completion and the seller providing a free and clear title and possession) or face legal consequences.

Conditional Offer- an accepted offer that contains Subjects (aka conditions). While there is a conditional offer in place, the seller may accept back-up offers.

Back-up Offer- an accepted offer between a second buyer and the seller that is subject to the first accepted offer falling through. 

Subjects- these are clauses in the contract that allow the benefitting party to walk away from the sale if their subject is not satisfied within the time specified. Typically subjects are for the benefit of the buyer and include financing, inspection, document and title review, etc. but can be for the benefit of the seller.

Home Buyer Rescission Period- aka ‘Cooling Off Period’. This is a 3 business day window in which the buyer can back out of (or rescind) an offer for ANY reason regardless of their subjects. There is a small fee of 0.25% of the purchases price payable to the seller if the buyer exercises this option. Most transactions have subjects which allow the buyer to back out of an offer for specific reasons (see above) without any fees. The rescission period is mostly applicable with subject free offers.
The 3 day window starts the business day after the buyer receives a fully accepted offer.
Full detailed breakdown of Home Buyer Rescission Period

Deposit-aka earnest money- Money provided by the buyer to secure the sale. This is usually about 5% of the purchase price, due once the deal is firm and deposited into the buyer’s agent’s brokerage trust account. If the buyer is unable to perform their contractual obligations, the seller will be entitled to the deposit but the buyer may be liable for even more than the deposit should the seller have incurred additional damages.
The deposit is considered part of the down payment at completion.

Down Payment- Initial money the buyer pays towards the home (not including the closing costs) to complete the purchase. Purchase price - mortgage= Downpayment 

Appraisal - In terms of Real Estate, an appraisal is when an unbiased and impartial professional determines the value of a home or property. An appraisal can be physical, where the appraiser comes on-site to view the home OR a desk appraisal where they use recent comparable sales to determine the value. Required by lenders for home purchases and home-owners that are looking to re-finance as the lender wants to make sure the value of the home covers their risk, should the borrower default.

Read

BC’s Flipping Tax- Effective January 1st, 2025

Understanding BC’s New Home Flipping Tax: What You Need to Know
The BC government introduced the Home Flipping Tax in early 2024, a move aimed at curbing speculative activity in the housing market. This new measure could have significant implications for property owners, investors, and even some regular homeowners. That tax is now applicable so let’s break it down and see what it means for you.

What is the BC Home Flipping Tax?

The Home Flipping Tax, effective for property sales on or after January 1, 2023, is part of British Columbia’s broader effort to create housing affordability. This tax applies to individuals who sell a property that they’ve owned for less than 2 years (729 days), with certain exemptions for life events.

How Does It Work?

If you sell a residential property within 729 days of purchase, profits made from the sale will be taxed as business income. This means the profit won’t qualify for the principal residence exemption that typically allows homeowners to sell their primary residence tax-free, although sellers that owned their home for more than 1 year and used their home as a primary residence at some point during that period MAY be eligible for a $20,000 principal residence exemption.


How to calculate taxable income;
Proceeds from sale of property
(-)cost to purchase property
(-)cost to improve property
(-)principal residence exemption (if applicable)
______________________________________
= Taxable Income


How to calculate tax rate;
If you own the property for less than 366 days, the tax rate is 20%.

If you own the property for more than 365 days and less than 730 days, the tax rate is reduced until it reaches zero according to the following formula:

Tax rate = 20% × [ 1 - ( (Days held - 365) / 365) ]

Exemptions to the Tax
The government recognizes that not all short-term sales are speculative. Some key exemptions include:

  • Divorce or separation

  • Job relocation (minimum 40 km move)

  • Health-related reasons

  • Death in the family

  • Threat to personal safety (e.g., domestic violence)

  • Insolvency or significant financial hardship

  • Natural disasters

These exemptions ensure that people experiencing genuine hardships or life changes aren’t unfairly penalized.

Who Does This Impact?

Investors
If you’ve been flipping homes as part of your investment strategy, this tax is a game-changer. Any profit made within the 2 year period will now be subject to the above tax rates, which could make some flips less profitable. This is particularly important for those who rely on the principal residence exemption as part of their tax planning.

Homeowners
Regular homeowners might also be affected, especially if life circumstances force an unplanned move. While exemptions exist, you’ll need to provide documentation to qualify, so be prepared to prove your case if necessary.

Prospective Buyers
For buyers, the tax could reduce speculative activity in the market, potentially leading to less competition and more stable pricing. However, the broader impact on overall housing affordability remains to be seen.

What Does This Mean for the Market?

The goal of the Home Flipping Tax is to discourage speculative flipping and stabilize the housing market. While it might deter some investors, it could also encourage longer-term homeownership, contributing to a healthier housing supply. That said, the tax is just one piece of the puzzle that the NDP’s are adding to try and address affordability challenges in BC.

How to Navigate the New Rules

If you’re planning to buy or sell a home in BC, here’s what you can do to stay ahead:

  1. Plan for the Long Term: If you’re purchasing a home, consider whether it’s a place you can see yourself staying in for at least a year.

  2. Understand Your Tax Obligations: Work with a tax professional to understand how the Home Flipping Tax might affect your finances, especially if you’re an investor.

  3. Keep Documentation: If you think you might qualify for an exemption, make sure to keep thorough records of the life event prompting your sale.

  4. Work with a Realtor: Navigating these new rules can be complex, so having an experienced realtor on your side will help you make informed decisions.

Let’s Build Your Strategy

Whether you’re buying, selling, or simply planning your next move, working with someone that keeps up with the newest regulations in housing is crucial. Let’s sit down and develop a strategy that works for your unique situation.

Reach out today:
Email: kadelacasse@gmail.com
Call/Text: 604-401-9199
Book directly into my calendar HERE

Read
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.