Homeownership

Buying your first home is an exciting milestone, but the biggest hurdle for many is coming up with a down payment. If you've been diligently contributing to your Registered Retirement Savings Plan (RRSP), you might be closer to your dream home than you think, thanks to Canada’s Home Buyers' Plan (HBP).

What is the Home Buyers' Plan (HBP)?

The Home Buyers' Plan is a government initiative that allows first-time homebuyers to withdraw up to $60,000 per person from their RRSPs to use as a down payment on their first home—completely tax-free. This amount was increased in 2024 from the previous $35,000 limit, giving couples the opportunity to access up to $120,000 combined for their home purchase.

Who Qualifies for the Home Buyers' Plan?

The HBP is designed primarily for first-time homebuyers, but even if you’ve owned a home in the past, you may still qualify under certain conditions. Here’s who can take advantage of the plan:

• First-time homebuyers: If neither you nor your spouse/common-law partner has owned a home in the last four years, you qualify.

• Recent divorcees or separations: If you've experienced a breakdown of your marriage or common-law partnership, you may still qualify, even if you owned a home in the past.

• Haven’t lived in an owned property recently: If you haven’t lived in a home you or your partner owned in the last four years, you might also be eligible.

Important Considerations Before Withdrawing from Your RRSP

Before you tap into your RRSP for a home purchase, there are a few critical points to keep in mind:

1. Repayment Terms: The funds you withdraw under the HBP must be repaid within 15 years. Each year, you’ll need to repay 1/15th of the amount you withdrew. If you don’t, the unpaid amount will be added to your income for that year and taxed accordingly.

2. Eligibility of the Property: The home you plan to buy must be your primary residence, located in Canada. It must also give you full ownership rather than just tenancy rights.

3. Accessibility of RRSP Funds: Not all RRSPs are created equal. Some group or locked-in RRSP plans may not allow you to withdraw funds under the HBP, so it's essential to check with your plan provider.

Planning for Future Homeownership

If homeownership isn’t in your immediate future, but you’re planning ahead, consider how you’re investing in your RRSP today. The flexibility of your RRSP investments can impact your ability to use the HBP later. For those just starting out with investing, it's crucial to think long-term and choose investments that align with your goal of homeownership.

Ready to Take the Next Step?

The Home Buyers' Plan is a powerful tool for first-time buyers looking to make their dream of homeownership a reality. With the increased withdrawal limit, now is a great time to explore whether this option is right for you.

Find more details on eligibility and participation requirements, please visit the Government of Canada’s official page to learn more about the Home Buyers’ Plan (HBP).

If you're ready to dive into the world of homeownership and want personalized guidance, don't hesitate to reach out. I’m here to help you navigate the process and make the most of your investment. Call me today, and let's get started on your journey to owning your first home!

Is your kitchen in need of a refresh? If you're looking to bring your space up to date with modern design trends without spending a fortune, you're in the right place. Updating your kitchen doesn’t require a massive renovation or a hefty budget. Even small changes, like upgrading cabinet hardware or adding a fresh coat of paint, can make your kitchen feel brand new.

In this guide, we'll explore five budget-friendly kitchen renovation ideas that can elevate your home's aesthetic and functionality.

1. Embrace the Trend of Open Shelving

Open shelving is a popular and cost-effective way to enhance your kitchen’s storage and style. Not only does it provide easy access to everyday items like dishes and spices, but it also creates an opportunity to display your personal style.

Whether you choose traditional painted shelves with crown molding or opt for rustic wooden mantels with metal brackets, open shelves can make your kitchen feel more spacious. You can also use them to showcase decorative items like plants, framed artwork, and pottery, adding a personalized touch to your cooking space.

2. Upgrade Your Kitchen Hardware

Your kitchen hardware, including cabinet handles, sink faucets, and drawer pulls, plays a significant role in defining the room's overall vibe. Upgrading your hardware is a simple yet powerful way to refresh your kitchen’s look.

When selecting new cabinet hardware, consider your daily use. Opt for handles or knobs that not only match your style—whether modern, classic, or industrial—but also offer functionality. For drawer pulls, a good rule of thumb is to choose a pull that is one-third the length of the drawer. Ensure your new kitchen faucet complements the hardware with a matching style and finish, bringing consistency to your space.

3. Revamp Your Kitchen Lighting

Lighting can transform the atmosphere of any room, and your kitchen is no exception. Revamping your kitchen lightingby swapping out old fixtures or adding new ones can dramatically alter the look and feel of your space.

A well-lit kitchen typically combines task lighting, ambient lighting, and accent lighting. Use bright task lights, like under-cabinet lighting, over work areas such as the sink and countertops. Ambient lighting, like chandeliers or wall sconces, provides overall illumination. For an extra decorative touch, consider accent lighting to highlight specific areas, such as backlit glass cabinets.

4. Refresh Your Window Treatments

Window treatments can often be overlooked in kitchen design, but they play a crucial role in tying your space together. Refreshing your window treatments can enhance both the functionality and aesthetics of your kitchen.

Whether you prefer curtains or blinds, choose treatments that allow you to control light and add a layer of privacy. Consider ease of use and maintenance, especially in a kitchen environment where fabrics may be exposed to cooking fumes. For a low-maintenance option, vinyl shutters or blinds can offer a sleek, clean look.

5. Enhance Your Kitchen with Accessories

While accessories may not directly increase your home’s market value, they do play a vital role in creating a space that's enjoyable and functional for your family. Enhancing your kitchen with new accessories can be as simple as updating hand towels, table linens, or floor runners.

Consider adding a burst of color or texture with kitchen-themed artwork, vibrant plants, or a small herb garden to bring fresh flavors to your dishes. Updating small appliances like your toaster, kettle, or coffee maker with a modern design can also add a stylish touch. For a personal and crafty project, reupholster your dining chairs to match your updated kitchen decor.

Conclusion

Updating your kitchen doesn’t have to involve a full-scale renovation or a hefty investment. With these affordable kitchen renovation ideas, you can create a modern, inviting space that reflects your style and meets your family’s needs. Whether you're preparing your home for sale or simply want to enjoy a refreshed environment, these tips will help you transform your kitchen into a space you'll love.

Ready to upgrade your home? Explore more home improvement tips and real estate advice on our blog, or contact us to discuss how we can help you maximize the value of your property.

High cost of living in senior care facilities a driving factor for those who want to remain in their homes longer

The home that Canadians expect to spend their golden years in is often purchased well before retirement. However, with those days so far in the future, it can be difficult to imagine which features would be essential at that time. Senior housing experts and found that while not all Canadian seniors are looking for the same features in a property they can stay in long term, most remain eager to stay in their own homes as they get older.

More and more, Canadians are choosing to right-size rather than down-size as they age. Some mature buyers are looking for a turn-key condominium, so they can spend less time on maintenance and more time traveling after retirement. Others may choose to move from a two-storey home to a bungalow to avoid stairs as they age, or into a multi-generational property that offers the option to live with family. Others will opt to renovate their existing properties to accommodate their changing needs.”

With these factors in mind, as we consider our real estate goals and long term planning, this concept is worth considering.  There’s incredible opportunity here with Bill 44 being passed in B.C. to allow for multiple suites on one lot in certain districts close to transit. With some thoughtful planning, we could cleverly lay out a multigenerational home structure that carries us through the stages of life that work as we mature and children grow.  

1. Accessibility and Mobility

• Single-level Living: Homes with minimal stairs or single-story layouts can accommodate aging family members.

• Wide Doorways and Hallways: These allow for easy movement of wheelchairs or walkers.

• Bathroom Accessibility: Features like walk-in showers, grab bars, and raised toilets are beneficial.

• Entrance: A no-step entry can make it easier for elderly individuals to enter and exit the home.

2. Space and Layout

• Separate Living Areas: Multiple living areas or in-law suites can provide privacy for different generations.

• Flexibility: Rooms that can be repurposed as needs change (e.g., a home office becoming a bedroom).

• Adaptable Design: Homes that can be easily modified as family needs change (e.g., converting spaces for caregiving).

3. Proximity to Services

• Healthcare Facilities: Close proximity to hospitals, clinics, and pharmacies.

• Grocery Stores and Shopping: Convenient access to essentials.

• Public Transportation: Availability of reliable and accessible public transport.

4. Community and Social Factors

• Neighborhood Safety: Ensure the area is safe for all family members.

• Community Amenities: Parks, recreational centers, and social clubs that cater to different age groups.

• Schools and Daycare: For families with children, the quality and proximity of schools and daycare centers are important.

5. Legal and Estate Planning

• Ownership Structure: Consideration of how the home will be titled (e.g., joint tenancy, tenants in common) and the implications for estate planning.

• Wills and Trusts: Ensuring that legal documents are in place to specify the future ownership and management of the property.

6. Emotional and Psychological Considerations

• Family Dynamics: Open communication among family members to ensure everyone’s needs and preferences are considered.

• Support Systems: Proximity to extended family, friends, and community support networks.

• Quality of Life: Ensuring the home and its location contribute to the overall well-being and happiness of all family members.

Conclusion

Purchasing a home for multiple generations involves balancing the needs and preferences of various family members, both now and in the future. Careful planning and consideration of these factors can help ensure that the home provides a comfortable, safe, and enjoyable living environment for everyone.

27% of Renters Plan to Buy Property Within Two Years

A recent Royal LePage survey reveals that 27% of Canadian renters plan to buy a home within the next two years. This jumps to 40% for those aged 18 to 34. However, 69% of renters have no immediate plans to purchase, mainly due to insufficient income.

Phil Soper, President and CEO of Royal LePage, highlights that high mortgage rates and housing shortages are significant obstacles for many renters aiming to become homeowners.

Renters Consider Homeownership Before Leasing

Nearly a third of renters considered buying a home before signing their lease, but 41% decided to rent due to insufficient down payments. Other reasons include waiting for lower interest rates (33%) and property prices (30%), saving for a down payment (22%), and not qualifying for a mortgage (20%).

High Rental Costs for Canadians

Rental costs are a major burden for many Canadians. 36% of renters spend up to 30% of their income on rent, 37% spend 31-50%, and 16% spend more than half. In Vancouver and Toronto, these figures are 27% and 19%, respectively.

The Canadian Mortgage and Housing Corporation reports an 8% increase in rent for two-bedroom units over the past year, with vacancy rates at just 1.5% for purpose-built rentals and 0.9% for condo apartments.

Soper emphasizes the need for innovative solutions from the housing industry and government to address housing affordability and supply issues.

Key Highlights from the Royal LePage 2024 Canadian Renters Report:

• 50% of renters planning to buy within two years expect to have a down payment of less than 20%.

• 53% will use long-term savings for their down payment.

• 44% believe they can afford a home in their current city, while 37% do not.

• In British Columbia, 25% of renters spend over half their income on rent, above the national average of 16%.

Ready to Make the Move to Homeownership?

If you're one of the many renters looking to buy a home, we can help you navigate the process. Contact us today to get started on your journey to homeownership. Let’s turn your homeownership dreams into reality!

On April 16th, the Canadian government announced several new initiatives to create more housing and make renting and homeownership easier.

Here are eight key policies from this year's budget:

1. Canadian Renters’ Bill of Rights

With more Canadians renting longer, the 2024 budget introduces measures to protect tenants and help them buy homes. This includes a nationwide standard lease and requiring landlords to share rental price histories. Tenants can also report rent payments to credit bureaus to improve their credit scores for future mortgage applications.

2. Funding for New Homes

The government is investing billions in new housing. The Canada Builds initiative will add $15 billion to the Apartment Construction Loan Program, aiming to build 131,000 new homes by 2031. The CMHC’s Housing Accelerator Fund gets $400 million for 12,000 new units. Infrastructure Canada receives $6 billion over ten years to support water and waste infrastructure for new communities, plus $100 million for skilled-trade programs to build housing.

3. 30-Year Mortgages for First-Time Buyers

Starting August 1st, first-time buyers of new homes can get 30-year mortgages, reducing monthly payments by spreading them out over a longer period.

4. Higher Withdrawal Limits for Home Buyers’ Plan

To help new buyers save for a down payment, the budget increases the Home Buyers’ Plan withdrawal limit from $35,000 to $60,000.

5. Support for Secondary Suites

The budget allocates $409.6 million over four years for low-interest loans up to $40,000 for homeowners to add secondary suites, providing extra living space or rental income.

6. Higher Tax on Big Capital Gains

Starting June 25th, the tax rate on capital gains over $250,000 increases from 50% to 66%, affecting sales of secondary residences and investment properties. Principal residences remain exempt.

7. New Designs for Post-War Housing

The budget allocates $11.6 million to modernize home designs, including row homes, fourplexes, sixplexes, accessory units, and modular homes.

8. Turning Public Land into Housing

To tackle land scarcity, the government aims to build 250,000 new homes by 2031 by using public land. They plan to lease public land to builders and convert federal office buildings into housing, with $5 million allocated over three years to support these initiatives.

Want to learn more about the 2024 federal budget? You can read the full announcement here.

From young adults returning home after completing their studies to elderly parents moving in with their adult children, an increasing number of Canadians are opting to live with family members or purchase property with friends as a joint venture.

While multi-generational living is not a new concept, it has become more prevalent in North America in recent years. Many Canadians are choosing this living arrangement to collectively raise young children, care for elderly family members, and share housing costs in an increasingly competitive market.

Advantages and Challenges

Living with family offers numerous financial and emotional benefits, but it can become chaotic if the home isn’t designed for multiple families. If you're considering cohabitation, here are some tips on transforming your home into a multi-generational living space.

Creating Separate Spaces

Privacy is crucial in a shared living arrangement. If space and budget allow, building a secondary unit on the property can provide an in-law suite or apartment for adult children. Alternatively, converting a basement into a separate apartment with its own kitchenette, bathroom, and living area can offer additional privacy within the same household.

If major renovations aren't feasible, consider adding privacy through interior soundproofing, room dividers, and separate entrances. Multiple entryways can streamline foot traffic and give occupants a greater sense of independence.

Before starting any major renovation or construction project, contact your municipality's building department to ensure you have the necessary permits and are aware of any additional requirements for separate entrances, addresses, utilities, etc.

Mindfully consider your layout

Multi-generational households may choose to include one or two bedrooms on the main level of the home in addition to the bedrooms upstairs. This is not only beneficial for elderly occupants who will find it easier to navigate one level, but can also provide some additional privacy by separating the bedrooms over two floors. If you live in a single-floor property, consider converting rooms on opposite sides of the home into bedrooms, if possible.

It’s also important to strike a balance between separation and togetherness. Open concept layouts in shared dining, living and kitchen areas offer a place for families to gather. Larger communal areas can not only accommodate more people, but also lend enough breathing room for wheelchairs, walkers and space for getting around furniture.

When living with many people, it’s important to maximize every square foot for multi-tasking too. Consider converting some of the underutilized spaces of your home – such as the attic, garage or den – into flexible spaces that can be adapted into areas for hobbies, a home office, a kids’ playroom, or extra storage.

Keep accessibility in mind

If your multi-generational household includes older family members, it’s crucial to think about their accessibility needs – today and in the future.

Layouts that include wider doorways and hallways, removing doors where possible and adding ramps or stairlifts, can be beneficial for those with mobility constraints. Consider the amount of space needed for mobility devices to comfortably turn circles in each room. Slip-resistant flooring like carpet, good lighting, grab handles and railings are also important to factor in when retrofitting your home for elderly occupants.

The Canada Mortgage and Housing Corporation (CMHC) offers online guides for designing accessible spaces in the home.

Take advantage of tax credits

If you’re renovating your home for the purposes of multi-generational living, then you may be entitled to a tax break.

As of 2023, the federal Multigenerational Home Renovation Tax Credit is available as a refundable credit towards the creation of a secondary unit that a ‘qualifying individual’ will live in, such as a parent, grandparent, sibling or spouse. The credit is applicable on the renovation of, or addition to, an eligible dwelling that a qualifying individual will reside in. Applicants can claim up to $50,000 in rebates during the taxation year in which the renovation period ends.

There’s no one way to do it right. Some prefer a fine-tuned, perfectly measured grouping of similar frames, while others like to switch it up, adding varied frame styles and sizes, and different accent pieces without precise spacing.

If you’re looking for a great do-it-yourself project to tackle this winter, here are some top gallery wall design tips for you to consider:

Use the floor as your sketchpad

Don’t start hanging right away. Get an aerial view of your vision by using the floor as your testing ground; a temporary space to choose your preferred layout, colour scheme, shapes and sizes before fully committing to your new gallery wall. Lay out your pieces a few times until they suit your preference, and don’t hesitate to start over if you don’t like it the first time.

Build out from a focal point

Start by centering around a favourite frame or accent piece to emphasize on the gallery wall. Get a sense of balance, and build your spread from there. Building outwards will help you control the balance and dimensions of the overall design.

Start with the biggest pieces

If you are using a collection of frames in varied sizes, add in your larger hanging pieces first, and use the smaller ones to fill in the gaps. Don’t be afraid to mix different colours, sizes and textures on your gallery wall.

Pick the right colour scheme

Unless you’re going for an eccentric look, try to pick frames, art, photos and accent pieces that match the rest of the space. While your gallery wall is likely to be a focal point of the room, it should fit the aesthetic of the room.

Think beyond photos and art

Consider including elements that aren’t picture frames. Take inspiration from some of the boldest gallery wall artists online and try adding hanging plants, accessories like jewelry and hats, or even a collection of your favourite travel souvenirs. The space is yours to play with.

No matter what you like – and no matter how big or small the space – gallery walls can come together quickly and be among the more affordable options for adding a touch of personal style to your home.

If you’re new to gardening, you may want to start off with low-maintenance, robust plants that are easy to maintain without an expert-level of horticultural knowledge.

Before picking out you plants, here are a few mindful tips for the beginner gardener to help you get started:

Sunlight and shade

Put the right plants in the right place! Surprising to some, but not all plants love the sun. Be attentive to where you place your plants in your garden to ensure they’re in a spot optimal for their specific growing needs – some plants thrive in full sun conditions, while others do best in a mix of shade and daylight.

Soil

You’ll be tucking your plants into their garden bed, so it’s important to ensure they’re comfortable. The soil surrounding your home might not be ideal for growing certain types of plants. You can bring a soil sample to your local greenhouse for testing to determine whether or not it’s usable, and if new soil is required.

Water

Some plants are drought-resistant, while others require regular watering. Keep the specific water needs of each plant well documented so your hard work in the garden doesn’t go to waste.

Perennials versus annuals

Before adding any plants to your garden, it’s important to distinguish between varieties that are seasonal and those that stand the test of time. Annuals are the plants that join your garden party for just one season, while perennials are your trusty, long-term garden companions, returning year after year without replanting. Both are wonderful in their own way, adding their unique charm to your outdoor space.

Climate

It’s important to be aware of your surroundings and pick plants and trees that are best for the climate you live in. If you live in a region where temperatures dip below zero, you should also keep an eye on the frost report in your area at the beginning of spring and wait to start gardening until after the frost lifts.

Now that you’re familiar with some basic gardening know-how, here is a list of seven beginner-friendly plants to start with in your garden this year:

1. Boxwoods

Boxwoods are the perfect addition to any garden because they are incredibly resilient. They are drought-resistant, low-maintenance, evergreen shrubs that offer year-round greenery – perfect for the beginner gardener, and loved by even the most seasoned.

2. Hostas

Hostas are the go-to choice for beginner gardeners in Canada because they offer lush greenery while requiring minimal maintenance. They’re perfect to use for lawn borders, ground cover, or adding greenery throughout your property. Hostas are available in different sizes and colours. Place them in partial- to full-shaded areas of your garden – this is where they’ll thrive!

3. Black-eyed Susans

Black-eyed Susans add a beautiful pop of colour to your garden. To grow these blooms in abundance, don’t be afraid to cut them back to encourage abundant blooms — the more you prune, the more they’ll grow. Black-eyed Susans are known pollinators, perfect for attracting bumblebees and butterflies to your garden. These flowers are available in a few different colours, including the most popular variety – yellow! These flowers love the sun, so be sure to plant them in an area with full sun exposure.

4. Garden Phlox

Garden Phlox are available in a variety of colours and smell amazing. Hummingbirds and butterflies love these flowers. They bloom from mid-summer to late fall, and will blossom more vigorously in areas with full sun and ample air flow. Deadhead these pollinators and water them often to have them grow more plentifully.

5. Lavender

Lavender, known for its calming fragrance, is an excellent choice for beginner gardeners due to its resilience and easy upkeep. Lavender thrives in well-drained soil and full sunlight, and is drought-tolerant once established, making it a perfect flower for a beginner’s garden. Be sure to water lavender regularly and prune them lightly after flowering to encourage bushier growth.

6. Daylilies

Daylilies add beauty to your garden with their vibrant and long-lasting flowers. They’re great for beginner gardeners due to their resilience and adaptability. These hardy perennials thrive in various soil conditions and light levels. This makes them easy to grow in almost any garden. Show love to these plants with regular watering and deadheading, and they’ll flourish.

7. Peonies

Peonies are known for their fluffy fragrant blooms and are one of the most commonly used flowers in bridal bouquets. Lucky for the novice gardener who wants to add elegance to their home, these stunning stems are an excellent choice. Not only are they incredibly resilient, but these perennials are available in an abundance of colours.

Happy gardening!

Spring inventory continues to build in the Fraser Valley to levels not seen in nearly 5 years creating more balanced market conditions for home buyers and sellers. The increase in supply over the past several months has further contributed to a softening of price growth, which is good news for buyers.

The average number of days townhomes and single-family detached homes are spending on the market increased slightly in May.

Detached homes are spending 25 days on the market, up from 23 in April.

Townhomes are spending 20 days on the market, up one day from April, and condos remain steady at 23 days on the market.

Real estate investments extend beyond traditional flipping or rentals, encompassing a variety of lucrative opportunities that can diversify portfolios and capitalize on market trends without loads of capital.

 One method is called Real Estate Investment Trusts (REITs). Investors can buy shares of REITs to earn dividends from the properties without having to manage upkeep or deal with tenants. REITs offer faster liquidity and an opportunity for those seeking exposure to real estate with a hands off approach. Real Estate Mutual Funds and ETFs offer similar benefits.

 Private Mortgages or Mortgage Investment Funds: Investors can provide loans secured by real estate, receiving interest payments over time, usually for higher returns compared to traditional bonds. People looking for steady cash flow and passive income, backed by real estate fills a niche in markets where conventional lending is restricted.

 Real Estate Crowdfunding: Get a group of investors to pool their funds to invest in real estate projects, for the chance to participate in larger, potentially more profitable projects than they could on their own.

 Self-storage facilities and parking lots are increasingly popular for their low maintenance costs and high demand, offering investors steady cash flow with minimal operational complexity. With lower upfront costs and steady demand, especially in affordable housing markets, mobile home parks may yield good returns as well with lower maintenance costs compared to traditional real estate.

Do these 5 things if you want to build capital faster and get your home working for you right away.

1. Always buy the outdated but well cared for home that you can strategically improve upon over time, building up your equity over time as it appreciates. When it’s your principle residence, in B.C, Canada, all of that gains is exempt from tax, allowing you to carry it forward to your next purchase.

2. Whenever you can,  always try to find a way to make your property work for you. It can be simple extras like renting out a parking space, to having a rental suite or renting storage space. Can you run a business, get ALR status or even grow your own food?

3. Consider long term Development.  Properties flourish close to things like transit and city centres. Have a look at your local zoning and municipal plans so you can see where a good up and coming location will be that will be desirable. Things like being close to schools, hospitals, shopping, recreation and transit are important. Strategize to buy homes these up and coming neighbourhoods to get in before they are in high demand and prices soar. 

4. Highest and best use. There are homes I come across all the time with untapped potential to really maximize value. I’ve witnessed some amazing gains made by cleaning up poor landscaping, adding skylights and more natural light into a home. Do you have an awkward layout that you could open up? Can you add an ensuite where there is none? Can you build a shop? Can you add a coach home?  Can you stratify or subdivide?

4. Repeat # 1 every time you sell and upgrade. By doing this over and over through the various stages of life as you need it, you will be able to grow your principle residence over time without the payment of capital gains tax. This compounding effect over time really makes a difference. Again this only applies to principle residences and according to tax law. We advise that you seek out professional advice from an accountant to get advise that’s right of you as I am not an accountant. 

As of January 1, 2025 B.C.'s new flipping tax is something we need to think about as we make our real estate purchase and sale decisions.

If you purchased recently and may have intended to sell before 2 years is up, you now have until the end of December 2024 to sell without any tax payable.  If you sell after January 1, 2025, the tax is payable.

For those who purchased pre-sales, if you sell your presale and enter into a contract prior to 24 months of entering into the original agreement, the flipping tax is applicable. If you wait until 24 months has passed, you may assign without owing the flipping tax. 

There are exemptions to the tax, and you can check out the government of B.C. website for more information. For detailed questions about the application of the tax to a specific transaction, you should seek independant professional advice. 

Some exemptions listed include, the passing of a life, serious illness or disability, some relocations for work or education, involuntary job loss, registered builders, marriage breakdown, foreclosure and more. Sales between related persons are also exempt.  I found this pretty interesting too about about renovation exemptions according to their website.

"If there is a substantial renovation of a housing unit, the property will be exempt from the BC home flipping tax.

If a housing unit is demolished and a new housing unit is constructed or placed on that property, the property will be exempt.

If there is an additional housing unit added to either an existing housing unit (in other words, a basement suite) or constructed or placed on the residential property with an existing housing unit, the property will be exempt from the BC home flipping tax.

The renovation, addition, construction, or placement of the housing unit must be in accordance with a bylaw of a local government with jurisdiction over the property or a British Columbia Building Code established under the Building Act."

If you look under their definition of substantial renovation, it defines it as such:

"Substantial renovation, in relation to an existing housing unit, means a renovation or alteration of the housing unit to such an extent that:

• All or substantially all of the housing unit has been removed or replaced, other than structural components, which include, without limitation, the roof, the foundation, external walls, interior supporting walls, floors, and staircases, or
• The habitable area of the housing unit is increased by at least 100 percent"

So it sounds like as long as you're increasing housing units and square footage, you may be exempt. It will be interesting to see if this is something that takes off.  If someone can buy a home, apply for a coach suite and detached garage, add a basement suite, it sounds like this would be an opportunity for those with land to do it.