Glossary
Plain-English definitions of 68 BC real estate legal, tax, regulatory, and transaction terms. Every entry is verified against a primary government, regulator, or industry-association source, and was last re-checked in June 2026.
Looking for the full reference, with every rule and its sources? Read the BC Real Estate Codex.
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A
Adjustment Date
Adjustments date · BC adjustment date · Statement of Adjustments date
The date specified in the BC purchase contract used to prorate property tax, strata fees, oil-tank fills, and prepaid utilities between buyer and seller — typically the same as the completion date or possession date, captured on the buyer's lawyer's Statement of Adjustments.
Adverse Possession in BC
Squatter's rights BC · Adverse possession · Possessory title BC
The historical common-law doctrine letting a long-term occupant of land claim title against the registered owner — abolished against registered land in BC by the Land Title Act s. 23(4); a "squatter" cannot take title to BC land registered under the Torrens system.
Agricultural Land Reserve
ALR · ALC · BC Agricultural Land Reserve
A provincial zone covering about 4.6 million hectares of BC farmland in which permitted uses are restricted to farming and a defined set of accessory uses; administered by the Agricultural Land Commission (ALC).
B
B-20 Same-Lender Renewal Stress Test Exemption
Same-lender renewal exemption · B-20 renewal exemption · Renewal stress test waiver
OSFI rule effective November 21, 2024 letting federally-regulated lenders renew an existing uninsured mortgage with the same lender without re-applying the B-20 stress test, even when the borrower would no longer qualify under current rules.
BC Annual Rent Cap
BC rent cap · Annual allowable rent increase
The maximum allowable annual rent increase for existing BC tenancies, set yearly by the Residential Tenancy Branch — 2.3% for the 2026 calendar year.
BC Financial Services Authority
BCFSA · BC Financial Services Authority (BCFSA)
The provincial Crown agency (established November 1, 2019) that regulates BC real estate licensees, mortgage brokers, credit unions, trust companies, insurance, and pension plans.
BC Foreclosure (Court-Order Sale)
BC foreclosure · Court-ordered sale · Order Nisi foreclosure
BC's judicial (court-supervised) foreclosure process — the lender petitions BC Supreme Court for an Order Nisi, the borrower has a redemption period (typically 6 months), then the court issues an Order for Conduct of Sale and approves offers at a court hearing where competing buyers may bid.
BC Foreign Buyer Additional PTT
Foreign Buyer Tax · Additional PTT · APTT
A 20% additional Property Transfer Tax payable by foreign nationals, foreign corporations, and taxable trustees buying residential property in five specified BC regional districts.
BC Foreign Buyer Additional PTT — Specified Areas
Specified areas · Additional PTT regions
The 5 BC regional districts where the 20% Foreign Buyer Additional Property Transfer Tax applies: Metro Vancouver, Capital, Fraser Valley, Nanaimo, and Central Okanagan.
BC Home Flipping Tax
Flipping tax · BC flipping tax · Anti-flipping tax
A provincial tax on profit from residential property sales held under 730 days, effective January 1, 2025 — 20% if held under 365 days, phasing linearly to 0% over days 366-729.
BC Home Owner Grant
Home Owner Grant · BC HOG · Property tax grant
An annual BC property-tax reduction (basic $570 / northern-rural $770) for owners occupying their property as a principal residence on December 31, with up to $275 additional for seniors 65+, persons with disabilities, and certain veterans — phasing out by $5 per $1,000 above an annually-set assessed-value threshold.
BC Land Title Office (LTSA)
LTSA · Land Title and Survey Authority · BC Land Title Office
The BC land registration system operated by the Land Title and Survey Authority (LTSA) under the Land Title Act, RSBC 1996, c. 250 — a Torrens system where the registered title is generally conclusive evidence of ownership.
BC MLS Rules of Cooperation
MLS Cooperation Rules · MLS Rules · Cooperation Rule
The BC framework — Real Estate Services Rules (BC Reg 209/2021) plus BCFSA Standards of Conduct — that governs how listings are shared via member-board MLS systems and requires single-agent designated agency in place of dual agency.
BC Notice to End Tenancy (RTB Forms)
Notice to End Tenancy · RTB-32 · RTB-30
The prescribed BC Residential Tenancy Branch forms a landlord must use to end a tenancy — RTB-30 (cause), RTB-32 (personal/family use, 4 months as of July 18, 2024), RTB-29 (10 days for unpaid rent), and several others — each with its own grounds, notice period, and tenant dispute window.
BC Residential Tenancy Act (SBC 2002, c. 78)
RTA · BC Residential Tenancy Act · Residential Tenancy Act
The BC Residential Tenancy Act (SBC 2002, c. 78) governs landlord-tenant relationships in BC residential rentals — covering deposits, rent increases (subject to the annual cap), entry rights, eviction grounds and notice periods, and the Residential Tenancy Branch (RTB) dispute-resolution process.
BC Speculation and Vacancy Tax
SVT · BC SVT · Speculation Tax
An annual BC tax on residential property held in specified urban areas not used as a principal residence or rented at least 6 months — rates double for the 2026 tax year to 1% (Cdn citizens / PRs) and 3% (foreign owners + satellite families).
BC Strata Insurance Crisis (2019-2020)
Strata insurance crisis · BC strata premium spike · 2020 strata insurance reforms
A documented 2019-2020 spike in BC strata-corporation insurance premiums (reportedly +40% on average) and deductibles (often $50,000-$250,000), prompting a Provincial reform package effective November 1, 2020 that mandated insurance disclosure on Form B and limited certain deductible chargebacks against owners.
Bill 44 (2022) — Strata Reform
Building and Strata Statutes Amendment Act 2022 · Bill 44 strata
BC legislation effective November 24, 2022 that voided all strata rental-restriction bylaws and limited strata age-restriction bylaws to 55+ only.
Bill 44 (2023) — SSMUH
Small-Scale Multi-Unit Housing · SSMUH · Housing Statutes (Residential Development) Amendment Act
BC housing legislation requiring most municipalities to permit 3-4 units on lots zoned for single-family/duplex and up to 6 units near frequent transit, with most municipalities adopting bylaws by the June 30, 2024 statutory deadline.
Bridge Financing
Bridge loan · BC bridge financing · Interim financing
A short-term loan from a lender that covers the gap between the down-payment-due date on a buyer's NEW home and the cash proceeds released on closing of their EXISTING home — typically funded for up to 90-120 days.
Builders Lien (BC Builders Lien Act)
Builders' Lien Act · Construction Lien · BC Builders Lien
A statutory charge under the BC Builders Lien Act (SBC 1997, c. 45) that contractors, sub-trades, workers, and material suppliers can register against a property's title for unpaid work, with a 45-day filing window and a 10% holdback requirement.
Buyer's Agency Contract (Exclusive Buyer's Agency Agreement)
Exclusive Buyer's Agency Agreement · EBAA · Buyer agency contract
The buyer-side agency contract under BC's designated agency model (since June 15, 2018) — the BCREA Exclusive Buyer's Agency Agreement establishes the buyer's designated licensee, contract duration, geographic scope, and how commission shortfalls are addressed.
C
Capital Gains × Principal Residence Exemption (PRE)
Principal Residence Exemption · PRE · T2091
How the federal Principal Residence Exemption interacts with the 50% capital-gains inclusion rate for BC sellers — only one property per family per year can be designated, and PRE never auto-applies; every principal-residence disposition since 2016 must be reported on Schedule 3 with Form T2091(IND).
Capital Gains Inclusion Rate
Capital gains tax inclusion rate · 50% inclusion
The proportion of a capital gain included in taxable income — currently 50% federally; the 2024 proposal to raise the rate to 66.67% on gains over $250,000 was cancelled on March 21, 2025.
Capitalization Rate (Cap Rate)
Cap rate · Capitalization rate · Yield on cost
An investor-side property valuation metric defined as Net Operating Income divided by purchase price (or current market value) — the unlevered annual yield a buyer earns on rental property before financing.
Closing Day (Completion)
Completion day · Completion date · BC closing
The contractually-stipulated date on which the buyer's lawyer registers the title transfer at the BC Land Title Office and the purchase funds are released to the seller — distinct from the possession date (typically completion + 1 day) and the adjustment date (the date utilities/property tax/strata fees are prorated).
CMHC Default Insurance Cap
CMHC · CMHC cap · CMHC insurance
The maximum home purchase price eligible for CMHC default mortgage insurance — raised from $1,000,000 to $1,500,000 effective December 15, 2024.
Comparative Market Analysis
CMA · Comparative Market Analysis (CMA)
A realtor-prepared market-opinion report supporting a recommended listing price; not an appraisal under the BC Appraisal Institute framework and not accepted by federally-regulated lenders as the appraisal of record.
D
Debt Service Coverage Ratio (DSCR)
DSCR · Debt coverage ratio · Income coverage ratio
An investor-side mortgage underwriting ratio measuring net operating income against annual debt service — DSCR ≥ 1.10–1.20 is a common lender-policy threshold for rental-property and small-commercial financing in BC.
Depreciation Report
Strata depreciation report · 5-year reserve study
A 5-year reserve study mandatory for BC strata corporations of 5+ residential units, identifying common property components and projected replacement costs.
Designated Agency
BC designated agency · Single-agent designated agency
BC's real estate agency model since June 15, 2018: the agency relationship is between the client and the individual licensee, not the brokerage; dual agency is prohibited except in narrow remote-market exceptions.
Disclosure of Representation in Trading Services (DORT)
DORT · Disclosure of Representation · BCFSA DORT form
A BCFSA-mandated disclosure form a BC real-estate licensee must present and obtain signature on BEFORE providing any "substantive trading services" — explains the agency relationship being established and the duties owed under designated agency.
F
Federal Anti-Flipping Rule
Anti-flipping rule · Property flipping deemed business income
A federal rule (effective January 1, 2023) deeming residential property sales held less than 365 days to be 100%-included business income, with no Principal Residence Exemption available, unless a qualifying life-event applies.
Federal Foreign Buyer Ban
Prohibition on the Purchase of Residential Property by Non-Canadians Act · Foreign Buyer Ban · Federal Ban
Federal legislation prohibiting most non-Canadians from purchasing residential property in Census Metropolitan Areas, in force through January 1, 2027.
Federal Foreign Buyer Ban — Exemption Categories
Foreign buyer ban exemptions · Non-Canadian exemptions
The 7 categories of non-Canadian persons exempted from the federal Prohibition on the Purchase of Residential Property by Non-Canadians Act.
First Home Savings Account
FHSA · First Home Savings Account
A federal tax-deferred savings vehicle for first-time home buyers — $8,000 annual contribution room, $40,000 lifetime maximum, contributions tax-deductible like RRSP, qualifying withdrawals tax-free like TFSA.
First Time Home Buyers' PTT Exemption
FTHB exemption · FTHB · First Time Home Buyer exemption
A BC Property Transfer Tax exemption for qualifying first-time home buyers — available for homes up to $835,000 fair market value: full exemption (no PTT) to $500,000, $8,000 off from $500,000 to $835,000, linear phase-out $835,000–$860,000.
Form B Information Certificate
Form B · Strata Form B · Information Certificate
A statutory information certificate issued by a BC strata corporation for a strata-lot sale, capped at $35 (Form B itself) under s. 4.4 of the Strata Property Regulation (BC Reg 43/2000).
Fraser Valley Real Estate Board
FVREB · Fraser Valley Real Estate Board (FVREB)
The BC regional real estate board operating the MLS data feed + benchmark statistics for Surrey, Langley, North Delta, White Rock, Abbotsford, and Mission.
G
Greater Vancouver REALTORS
GVR · REBGV · Real Estate Board of Greater Vancouver
The BC regional real estate board (formerly Real Estate Board of Greater Vancouver / REBGV, rebranded to Greater Vancouver REALTORS in 2024) operating the MLS for Vancouver, Burnaby, North Shore, Richmond, New Westminster, Tri-Cities, Pitt Meadows, Maple Ridge, and Squamish.
Gross Debt Service Ratio (GDS)
GDS · GDS ratio · Gross debt service
A federal mortgage qualification ratio measuring annualized housing costs (mortgage P&I, property tax, heat, plus 50% of strata fees) against gross household income — generally capped at 39% under OSFI Guideline B-20 lender practice.
GST New Housing Rebate (BC)
GST rebate · New housing rebate · GST190
A federal partial rebate of the 5% GST paid on a new owner-occupied home — full 36% rebate up to $350,000, phasing out linearly to zero at $450,000 (the 1991-set thresholds have not been indexed).
H
Heritage Revitalization Agreement
HRA · Heritage Revitalization Agreement (HRA)
A negotiated contract between a BC local government and a heritage-property owner under Section 610 of the Local Government Act that varies the zoning or subdivision bylaw in exchange for binding heritage protection of identified features.
Home Buyer Rescission Period
HBRP · 3-day rescission · Cooling-off period
A statutory 3-business-day cooling-off period during which a buyer of BC residential real property may rescind an accepted offer, subject to a 0.25% rescission fee.
Home Buyers' Plan
HBP · RRSP HBP · Home Buyers Plan
A federal program allowing first-time home buyers to withdraw up to $60,000 tax-free from RRSPs to purchase a home, repaid over 15 years.
L
Leasehold Property in BC
Leasehold · BC leasehold · UBC leasehold
A property ownership interest in BC where the buyer purchases the building (or strata unit) but rents the underlying land from a long-term lessor — common on UBC Endowment Lands, certain First Nations reserves, and Crown-leased land — with a fixed lease end-date that materially affects financing and resale value.
Listing Contract (BC Multiple Listing Contract)
Multiple Listing Contract · MLC · Listing agreement
The seller-side agency contract a BC seller signs with a designated listing licensee under the BCREA Multiple Listing Contract form — establishes the agency relationship, listing duration, commission structure, and the seller's authority to publish the listing on the member-board MLS system.
Loan-to-Value (LTV) Ratio
LTV · Loan-to-Value · Loan-to-Value (LTV)
The mortgage loan amount divided by the lower of the purchase price or the appraised property value; the threshold that determines whether default mortgage insurance is required (above 80% LTV in Canada).
M
N
Net Operating Income (NOI)
NOI · Net rental income · Operating income
An investor-side income measure: gross rental income less vacancy allowance and operating expenses (property tax, insurance, maintenance, management, utilities) — but BEFORE mortgage interest, depreciation, and capital expenditures.
Newly Built Home PTT Exemption
Newly Built Home exemption · NBH exemption
A BC Property Transfer Tax exemption for newly constructed homes with FMV at or under $1,100,000, with linear phase-out to $1,150,000.
O
Official Community Plan
OCP · Official Community Plan (OCP)
A long-range land-use and policy bylaw adopted by a BC local government under Part 14, Division 4 of the Local Government Act; zoning bylaws and rezoning decisions must be consistent with the OCP.
OSFI Mortgage Stress Test (B-20)
Stress test · B-20 · Mortgage qualifying rate
OSFI Guideline B-20 requires federally-regulated lenders to qualify mortgage borrowers at the greater of (a) the contract rate plus 2 percentage points or (b) the Bank of Canada qualifying rate (5.25%).
P
Possession Date
Possession day · Key handover date · Move-in date
The date specified in the BC purchase contract on which the buyer takes physical possession of the property — typically one business day AFTER the completion date, giving lawyers time to confirm registration of title at LTSA and release of funds.
Power of Sale (NOT used in BC)
Power-of-sale · POS foreclosure · Mortgage power of sale
A non-judicial foreclosure mechanism where the mortgage contract authorizes the lender to sell the property without court approval — used in Ontario and many US states, but NOT used in British Columbia, which uses court-supervised foreclosure (Order Nisi + Conduct of Sale).
Presale Condo Assignment Tax Treatment
Presale Assignment · Assignment Sale · Assigning a Presale
The federal + BC tax treatment of selling a presale-condo purchase contract before completion — 5% GST on the assignment fee since May 7, 2022, plus CRA's default treatment of the profit as 100%-included business income.
Property Disclosure Statement
PDS · BCREA Property Disclosure Statement · PDS form
A BCREA standard form completed by the seller disclosing known facts about the property to the buyer's knowledge. Not statutorily required in BC, but standard MLS practice.
Property Transfer Tax
PTT · BC PTT · Land Transfer Tax
A provincial tax payable to the Province of British Columbia on the registered fair market value of any residential property title transfer, calculated using marginal-rate brackets.
R
Real Property Report (RPR)
RPR · Real property report · Surveyor's certificate
A surveyor's drawing showing a property's legal boundaries plus the position of buildings, fences, decks, and other improvements relative to those boundaries — historically a standard buyer/lender requirement on detached homes, increasingly displaced in BC by lender title insurance.
RTA Bill 14 (2024) — Personal-Use Eviction Reform
Bill 14 RTA · Personal-use eviction reform
BC Residential Tenancy Act amendment effective July 18, 2024 lengthening personal-use eviction notice from 2 to 4 months, requiring 12 months minimum occupancy by the new occupant, and introducing a web portal to combat fraudulent personal-use evictions.
S
Short-Term Rental Accommodations Act
STRAA · BC Short-Term Rental Act
BC legislation effective May 1, 2024 in most municipalities, restricting short-term rentals (under 90 nights) to the operator's principal residence plus one secondary suite or ADU on the same property.
Strata Bylaws
Strata corporation bylaws · Strata rules · BC strata bylaws
The internal rules a BC strata corporation enacts under the Strata Property Act — covering use of common property, behavior of owners and tenants, alterations, enforcement, and fines — amendable by a 3/4 vote of owners and registered with the Land Title Office.
Subject to Sale of Buyer's Property
Subject to sale · STS clause · Buyer-sale subject
A contract subject in a BC offer making the purchase conditional on the buyer's existing home selling within a specified period — typically paired with a "time clause" that lets the seller serve a 48- or 72-hour notice to remove or collapse.
T
Title Insurance
BC title insurance · Owner title policy · Lender title policy
A one-time-premium indemnity policy purchased at closing that protects the owner (and/or lender) against financial loss from title defects, fraud, encroachments, survey errors, and unresolved work orders that pre-date the policy.
Total Debt Service Ratio (TDS)
TDS · TDS ratio · Total debt service
A federal mortgage qualification ratio measuring all annualized debt obligations (housing costs plus car loans, credit cards, lines of credit, student loans) against gross household income — generally capped at 44% under OSFI Guideline B-20 lender practice.
Transit-Oriented Development Areas (Bill 47)
TOD · TOA · TOD Areas
BC legislation (Bill 47, in force December 7, 2023) designating transit hubs as Transit-Oriented Development Areas where municipalities must permit minimum density and height in tiered distance bands — up to 5.0 FAR / 20 storeys within 200m of a SkyTrain station.
V
Every term
Full glossary — A to Z
Every term defined, alphabetical. Foundational terms include Property Transfer Tax, CMHC insurance, and the BC rescission period.
Show full A–Z index68 terms
- 30-Year Amortization Eligibility
- Adjustment Date
- Adverse Possession in BC
- Agricultural Land Reserve
- B-20 Same-Lender Renewal Stress Test Exemption
- BC Annual Rent Cap
- BC Financial Services Authority
- BC Foreclosure (Court-Order Sale)
- BC Foreign Buyer Additional PTT
- BC Foreign Buyer Additional PTT — Specified Areas
- BC Home Flipping Tax
- BC Home Owner Grant
- BC Land Title Office (LTSA)
- BC MLS Rules of Cooperation
- BC Notice to End Tenancy (RTB Forms)
- BC Residential Tenancy Act (SBC 2002, c. 78)
- BC Speculation and Vacancy Tax
- BC Strata Insurance Crisis (2019-2020)
- Bill 44 (2022) — Strata Reform
- Bill 44 (2023) — SSMUH
- Bridge Financing
- Builders Lien (BC Builders Lien Act)
- Buyer's Agency Contract (Exclusive Buyer's Agency Agreement)
- Capital Gains × Principal Residence Exemption (PRE)
- Capital Gains Inclusion Rate
- Capitalization Rate (Cap Rate)
- Closing Day (Completion)
- CMHC Default Insurance Cap
- Comparative Market Analysis
- Debt Service Coverage Ratio (DSCR)
- Depreciation Report
- Designated Agency
- Disclosure of Representation in Trading Services (DORT)
- Federal Anti-Flipping Rule
- Federal Foreign Buyer Ban
- Federal Foreign Buyer Ban — Exemption Categories
- First Home Savings Account
- First Time Home Buyers' PTT Exemption
- Form B Information Certificate
- Fraser Valley Real Estate Board
- Greater Vancouver REALTORS
- Gross Debt Service Ratio (GDS)
- GST New Housing Rebate (BC)
- Heritage Revitalization Agreement
- Home Buyer Rescission Period
- Home Buyers' Plan
- Leasehold Property in BC
- Listing Contract (BC Multiple Listing Contract)
- Loan-to-Value (LTV) Ratio
- Material Latent Defect
- Net Operating Income (NOI)
- Newly Built Home PTT Exemption
- Official Community Plan
- OSFI Mortgage Stress Test (B-20)
- Possession Date
- Power of Sale (NOT used in BC)
- Presale Condo Assignment Tax Treatment
- Property Disclosure Statement
- Property Transfer Tax
- Real Property Report (RPR)
- RTA Bill 14 (2024) — Personal-Use Eviction Reform
- Short-Term Rental Accommodations Act
- Strata Bylaws
- Subject to Sale of Buyer's Property
- Title Insurance
- Total Debt Service Ratio (TDS)
- Transit-Oriented Development Areas (Bill 47)
- Vendor Take-Back Mortgage (VTB)