A recent article in the Victoria Times-Colonist reported that, with supply lagging, demand for real estate outside Victoria is pushing up prices.
Of course, in Vancouver, with the recent news of a record number of home sales in March (and rising prices), the market continues to surprise.
I doubt that anyone, even a year ago, thought this would continue.
But with prices rising to such high levels, I think it has reached the point where some planning is appropriate. A house in the Lower Mainland worth $2 million (no longer unusual), if it falls into a deceased person’s Estate, results in a Probate fee of about $28,000 payable to the Provincial government.
In such circumstances, discussing options for owners would be useful.
This ad ran in the Richmond News on April 8, 2016.