Welcome to North Vancouver! Located on the North Shore of the Burrard inlet in British Columbia, North Vancouver is a haven for some of the best skiing and hiking trails the country has to offer. 

The municipality is separated into the City of North Vancouver and the District of North Vancouver. The City of North Vancouver is small in area, but one of the most urbanized areas of the North Shore communities. You can find the North Vancouver municipal hall located directly in the center of the City of North Vancouver.

North Vancouver features stunning waterfront and mountain views. North Vancouver is known best for its outdoor attractions, with facilities for fishing, sailing, skiing, and mountain climbing in the area’s many parks. North Vancouver seamlessly blends Pacific Northwest forests with a bustling urban atmosphere. You can witness this effect in places like Lynn Canyon and Garibaldi Park, where you step from residential streets into quiet rainforests in seconds. 

North Vancouver is a curious place. One minute it’s just this little suburb that isn’t even part of Vancouver proper (yes, it’s considered its own municipality), the next it’s an international destination with trendy restaurants and European-style shopping all along Grouse Mountain. It’s got everything from beaches to mountains and from parks to museums — more than any one person really needs.

North Vancouver is a popular destination for new families. The city’s school districts include public and private schools, elementary and high schools, and a local university. There are many schooling options, including multiple French immersion programs. Schools such as Ross Road Elementary have French immersion programs that feeds into French high schools, such as Argyle secondary.

88West Realty is a North Vancouver brokerage. We are not only local, we are local experts! To view North Vancouver homes for sale, click here to view our brokerage’s latest listings!

Housing is the centrepiece of the federal government’s 2022 budget. Here are some of the proposed programs and tax measures:

  • One-time $500 payment to “those facing housing affordability challenges”, with a total of $475 million allocated in 2022-23 to pay for this.

  • Doubled First-Time Homebuyer’s tax credit, to offer a tax break of $1,500 for first-time homebuyers. 

  • Tax credit for renovating for relatives to move in, which would allow families to recover 15% of eligible expenses up to $50,000 for the creation of a secondary dwelling unit. 

  • Increased Home-Accessibility tax credit from $10,000 to $20,000. This allows recipients to reduce their tax owing by up to $3000 for undertaking accessibility renovations. 

  • $40,000 tax-free first home savings account, Like a Registered Retirement Savings Plan, contributions to the account would be tax-deductible, while withdrawals to make a first-home purchase, including income earned on the money in the account, would be tax-free.

  • House-flippers selling a property after they’ve owned it for less than 12 months will see their profits taxed as business income

  • No more GST/HST exemptions for new home assignment sales, according to the federal government the current rules for payment of HST/GST on the resale of housing that hasn’t yet been constructed or occupied gives opportunity to speculators to avoid it (the tax doesn’t apply, for example, if the buyer had intended to live in the home)
https://ottawacitizen.com/news/local-news/budget-2022-heres-how-the-feds-say-they-will-make-housing-more-affordable

-According to a report released by Sotheby’s International Real Estate and the Mustel Group, 40% of Vancouver’s Generation Z adults expect their first home to be co-owned.


-The survey also revealed that 37% of Generation Z adults (ages 18-28) expect they will be able to purchase their first home in less than five years.
43% of those surveyed expect to be able to buy a home in 10 years.


-27% of those surveyed indicated they would likely co-own a house with a family member, while 13% said they expect to own a home with someone who isn’t family.

Read the full article here:
https://bc.ctvnews.ca/40-of-vancouver-s-generation-z-adults-expect-1st-home-to-be-co-owned-real-estate-survey-suggests-1.5812376

2018 the Government of BC was under pressure to respond to skyrocketing housing prices in BC. In response, the government introduced the Speculation and Vacancy Tax. The Government of BC says: “The speculation tax is designed to turn empty homes into housing for British Columbians, and to ensure that foreign owners and those with foreign income contribute fairly to British Columbia’s tax system.” The idea is that the speculation tax would reduce profits made by those trading in real estate, which would allow the market to cool, and create a new source of income for the government to apply to the development of affordable housing. This tax is an annual tax that applies based on how property owners use their residential property, the property owner’s residency status, and where owners earn and report their income.

Process:

  • Registered homeowners in a designated taxable region (basically every town and municipality in BC is in a “taxable region”) must complete a declaration each year to declare their residency status and how their property has been used. A declaration must be made each year and is due of March 31st of each year. If you owe tax, you must pay by the first business day in July. Every registered owner of a property must complete a declaration, even if the other owner is your spouse or relative.
  • Over 99% of British Columbians are exempt from the speculation tax. Generally, a British Columbian owner is exempt if their home is their principal residence. There are many exemptions that can apply to an individual, including but not limited to: if your home is occupied by a tenant, if you inherited the property, if the residence is uninhabitable, bankruptcy, death, divorce, and more. More information on exemptions can be found on the Government of British Columbia’s website.

If you owe tax, the rate varies. The rate is a small percentage of the assessed value of your
residential property. From 2019 onwards, the tax is 2% for foreign owners and satellite families
(untaxed worldwide earner), and 0.5% for British Columbians and other Canadian citizens or
permanent residents. The tax applies based on ownership as of December 31st of each year.

For more information, visit:

https://www2.gov.bc.ca/gov/content/taxes/speculation-vacancy-tax

First Time Home Buyers’ program reduces or eliminates the property transfer tax when you purchase your first home. If requirements are met, first-time homeowners can avoid a tax bill of up to $8,000. Along with meeting other requirements, the home being purchased must be worth less than $525,000.


The First Time Home Buyers’ Program reduces or eliminates the amount of property transfer tax you pay when you purchase your first home. If you qualify you may be eligible for either a full or partial exemption from the tax.

If one or more purchasers don’t qualify, only the percentage of interest that the first-time homebuyer(s) have in the property is eligible. For example, if you acquired 60% interest in the property, and another person acquired 40% interest but only you meet the qualifications, only your 60% would receive the exemption.

To qualify for a full exemption, at the time the property is registered you must:

  • Be a Canadian citizen or a permanent resident
  • Have lived in BC for at least a year immediately before the date you register the
    property
  • Filed at least 2 income tax returns as a BC resident in the last 6 taxation years
  • Have never owned a registered interest in a property that was your principal residence
    anywhere in the world at any time
  • Have never received a First Time Home Buyers’ exemption

And the property must:

  • Only be used as your principal residence
  • Have a fair market value of $500,000 or less
  • Be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption from the tax if the property:

  • Has a fair market value less than $525,000
  • Is larger than 0.5 hectares
  • Has another building on the property other than the principal residence

For more information, visit the Government of British Columbia’s website: https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

​​​​​​​​​​​​​​​​​​​​​BC Assessment develops and maintains real property assessments throughout British Columbia in addition to providing real property information. 

BC Assessment maintains real property assessments in compliance with the Assessment Act which requires that properties be assessed as of July 1st each year. To do this, BC Assessment produces assessment information annually to provide tax authorities with a tax base and other information collected about property. 

Visit the BC Assessment website to find your most up-to-date property assessment at any time.

To learn more about the BC Assessment and how it works, visit the website here: https://info.bcassessment.ca/about-us/about-BC-Assessment

Resources For Landlords

Click here to visit LandlordBC, a resource for owning and managing rental housing in BC.

Click here to view the residential tenancy act

Click here to visit the Government of British Columbia website, for information on rental and tenancy regulations.

Click here for tools to determine important deadlines or calculations. These calculators may be used for tenancies that fall under the Residential Tenancy Act. (Government of British Columbia)

Resources For Tenants

Click here for BC Housing’s tenant handbook, available in 6 languages.

Click here to visit TenantsBC, an informational website for tenants.

Click here to visit TRAC (Tenant Resource and Advisory Centre)

Click here for letter templates for tenancy purposes