RSS

British Columbia introduced tax changes in its provincial budget Tuesday to help buyers and builders of new homes valued up to $750,000, while targeting people able to afford properties priced above $2 million.

o-VANCOUVER-CONDOS-facebook.jpg


Housing policy experts and the NDP panned the tax measures as inadequate, saying bolder action was needed to help young people enter the hot housing market.

Finance Minister Mike de Jong said the government considers housing affordability an area of major concern. Average prices for homes in many Metro Vancouver neighbourhoods are above $1 million.

Prices for single-family homes in most areas of Metro Vancouver have increased between 45 per cent and 70 per cent over the past five years, while the cost of multi-family homes has jumped between 15 and 40 per cent.

"Is there anything more reflective of who we are as Canadians than the dream of owning a home, and the ability to make that dream a reality?'' de Jong said. "For many B.C. families, that reality has become harder to achieve in recent years as home prices have continued to rise.''

He said the province's fourth consecutive balanced budget, which has a surplus of $264 million, contains a new housing initiative that exempts payment of property transfer taxes on newly built homes, including condominiums, priced up to $750,000.

The current property transfer tax is set at one per cent on the first $200,000 and two per cent on the remaining price.

De Jong said the exemption will save buyers of a new home $13,000. People who buy older homes will continue to pay the property purchase tax at the current rates.

New Democrat Leader John Horgan called the changes cosmetic.

"They were not what people were looking for,'' he said. "They were looking for substantive change to help people get into the market.''

University of B.C. housing policy expert Paul Kershaw said the budget has done little to help British Columbians enter the market, especially young people in Metro Vancouver where he estimated it takes 23 years to save for a down payment on a home.

"As a result, he's actually missed the reality that unaffordability is a provincewide problem and it looks more and more like our province is drunk on high housing prices.''

De Jong said much of the new housing exemption will be funded with the creation of a third tier of property transfer tax. It involves increasing the property transfer tax rate to three per cent on the value of a home over $2 million.

Buyers of property above $2 million will still pay the existing purchase tax rates of one per cent on the first $100,000 and two per cent for homes up to $2 million but the rate rises to three per cent tax on any value above $2 million.

De Jong said the three per cent tax is estimated to raise $75 million annually, the amount the government believes it will need to offset the exemptions for new home buyers.

He said buyers will also be required to disclose their citizenship so the government can collect data on who is purchasing property.

"The government stopped collecting data that specifically identified foreign purchasers in 1998,'' de Jong said. ``We believe there is a legitimate need to resume that process again.''

The budget also exempts children from medical service premiums starting next January and increases disability payments by $77 a month.

The Medical Services Plan exemptions will benefit single-parent families by reducing monthly payments by up to $72.

De Jong said the budget also includes the first deposit of $100 million to its promised Prosperity Fund, which was billed three years ago to potentially grow to $100 billion with revenues from the liquefied natural gas industry.

Read

Open House Feb 20th and 21st, 2:00 PM to 4:00 PM 
B110 1331 Homer Street, Vancouver


This is an opportunity to visit this excellent Condo for sale in beautiful Yaletown.

06.jpg


We are proud to announce that this Saturday and Sunday Feb 20th and 21st, 2:00 PM to 4:00 PM we will be hosting an Open House at 1331 Homer Street in Pacific Point 1 in the Yaletown neighborhood, Vancouver. 

Please come with any questions you may have. In the meantime you can take a virtual tour of this Yaletown Condo for sale.

As always please do not hesitate to give me a call at 604.644.1044 if I can answer any questions before the open house, or if you would like to book a private showing.

Thanks

Alisa Sakamoto

REALTOR® RE/MAX WESTCOAST

Read

February 16, 2016

BC Budget 2016

The BC government introduced its 2016 budget today. The budget included a number of items intended to affect affordability and availability in the Lower Mainland’s housing market. 

Here’s a summary:

Property Transfer Tax (PTT)

• a New Housing exemption will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and

• a partial exemption will apply on newly built homes priced $750,000 to $800,000.

• a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance. 

These changes will take effect on February 17, 2016. 

 “While we applaud the government’s efforts to improve affordability for home buyers purchasing new housing, there’s more work to be done, including indexing PTT thresholds to keep pace with changes in home prices over time,” Darcy McLeod, Board president said. 

Data collection

Starting this summer, individuals and corporations buying property must disclose if they are Canadian citizens or permanent residents of Canada and if neither, their home country. These changes will provide information on the volume of foreign investment in BC. 

Home Owner Grant

The Home Owner Grant threshold will increase to $1.2 million from $1.1 million for the 2016 tax year.

 Affordable housing

The province will invest $355 million to help the BC Housing Management Commission support more than 2,000 affordable housing units for residents with low-to-moderate incomes. 

Additional government resources:

Read the Housing Affordability Backgrounder. Read the Budget Speech. (Opens 24-page pdf)

 

copyright© real estate board of greater vancouver. all rights reserved.

Follow us on Facebook and Twitter

Read

I just finished uploading this Condo for sale, B110 1331 Homer Street, Yaletown, Vancouver, BC

03.jpg

Rarely available!

FULLY UPGRADED (2015) 3 bdrm, 2 full bath PLUS den overlooking the water at Pacific Point I – perfect for a growing family! Extensive renos done with permit. Beautiful open floor plan make entertaining a breeze! BRAND NEW full-sized kitchen features exceptional Caesarstone quartz counters, premium 36” Bosch induction cooktop & Fisher Paykel appl. Outdoor entrance off quiet courtyard makes for your own backyard. Includes 1 parking + more avail & oversized storage locker. Solid rainscreened building w/ warranty. Amenities include guest suite, billiards room, sauna, fitness center, courtyard & solarium! Rentals & pets welcome. Quiet part of Yaletown, steps to seawall, David Lam Park, Canada Line, Elementary school & Yaletown's boutique shops & restaurants.  Don't miss this!

As always please do not hesitate to give me a call at 604.644.1044 for more information!

Alisa Sakamoto, Personal Real Estate Corporation
REALTOR® RE/MAX WESTCOAST

Read

How the Wrong Pricing Strategy Can Cost You Thousands

 price strategy.jpg

 

As you’re probably aware, the list price you set for your property has an impact on how quickly it sells — and how much you earn on the sale.

What you may not realize is just how significant an impact it has. Consider the following examples.

 

Example 1:

You price your property well above its current market value. As a result, many buyers don’t bother to see it because it’s outside of their price range. Those who do see it are confused by the high price tag, (and may even be suspicious.) They may wonder, “What’s going on?”

In this scenario, the home will likely languish on the market for weeks or even months. You might even have to lower the price dramatically to reignite interest.

 

Example 2:

You price your property just a couple of percentage points lower than what is necessary to gain the interest of qualified buyers. That might not seem like much of a problem. How much can a couple of percentage points matter?

Those points matter a lot.

On a $400,000 property, pricing your home just 2% lower than necessary could cost you $8,000 on the sale. That’s a serious amount of money!
 

So, as you can see, pricing your home right is serious business. Fortunately, a good REALTOR knows how to set the right price.

Looking for a good REALTOR? Call me today --604.644.1044 Alisa Sakamoto

 

Read

         Home Buyer Competition Keeps Home Sellers in the Driver’s Seat 


VANCOUVER, B.C. – February 2, 2016 - Home buyer activity remains at near record levels across the Metro Vancouver housing market.

Residential property sales in Greater Vancouver totalled 2,519 in January 2016, an increase of 31.7 per cent from the 1,913 sales recorded in January 2015 and a 10.9 per cent decline compared to December 2015 when 2,827 home sales occurred.

Last month’s sales were 46 per cent above the 10-year sales average for the month and rank as the second highest January on record.

“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,442 in January 2016. This represents a 6.2 per cent decline compared to the 4,737 units listed in January 2015 and a 119.8 per cent increase compared to December 2015 when 2,021 properties were listed.

“The MLS® is the most powerful real estate marketing system in the country. If you’re thinking of selling, it’s important to talk with your REALTOR® about putting your home on the MLS® system to ensure your property gets maximum exposure,” McLeod said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,635, a 38.6 per cent decline compared to January 2015 (10,811) and a 10.1 per cent increase compared to December 2015 (6,024).

The sales-to-active listings ratio for January 2016 is 38 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

Sales of detached properties in January 2016 reached 1,047, an increase of 34.1 per cent from the 781 detached sales recorded in January 2015. The benchmark price for detached properties increased 27.9 per cent from January 2015 to $1,293,700.

Sales of apartment properties reached 1,096 in January 2016, an increase of 35.5 per cent compared to the 809 sales in January 2015.The benchmark price of an apartment property increased 19.4 per cent from January 2015 to $456,600.

Attached property sales in January 2016 totalled 376, an increase of 16.4 per cent compared to the 323 sales in January 2015. The benchmark price of an attached unit increased 16.4 per cent from January 2015 to $563,700.


                                              Click here to download the complete stats package.
Read
Categories:   Boyd Park, Richmond Real Estate | Brighouse South, Richmond Real Estate | Brighouse, Richmond Real Estate | Broadmoor, Richmond Real Estate | Cambie, Vancouver West Real Estate | Central Pt Coquitlam, Port Coquitlam Real Estate | Coal Harbour, Vancouver West Real Estate | Delta Manor, Ladner Real Estate | Downtown NW, New Westminster Real Estate | Downtown VW, Vancouver West Real Estate | East Cambie, Richmond Real Estate | East Delta, Ladner Real Estate | East Richmond, Richmond Real Estate | Fleetwood Tynehead, Surrey Real Estate | Glenwood PQ, Port Coquitlam Real Estate | Grandview Surrey, South Surrey White Rock Real Estate | Grandview Woodland, Vancouver East Real Estate | Granville, Richmond Real Estate | Hamilton RI, Richmond Real Estate | Hawthorne, Ladner Real Estate | Highgate, Burnaby South Real Estate | Ironwood, Richmond Real Estate | Kitsilano, Vancouver West Real Estate | Lackner, Richmond Real Estate | Ladner Elementary, Ladner Real Estate | Lynn Valley, North Vancouver Real Estate | McLennan North, Richmond Real Estate | McNair, Richmond Real Estate | Metrotown, Burnaby South Real Estate | Mount Pleasant VE, Vancouver East Real Estate | Mount Pleasant VW, Vancouver West Real Estate | Neilsen Grove, Ladner Real Estate | Quilchena RI, Richmond Real Estate | Riverdale RI, Richmond Real Estate | Riverwood, Port Coquitlam Real Estate | Roche Point, North Vancouver Real Estate | Saunders, Richmond Real Estate | South Arm, Richmond Real Estate | South Marine, Vancouver East Real Estate | Southwest Maple Ridge, Maple Ridge Real Estate | Steveston North, Richmond Real Estate | Steveston South, Richmond Real Estate | Steveston Village, Richmond Real Estate | Terra Nova, Richmond Real Estate | University VW, Vancouver West Real Estate | West Cambie, Richmond Real Estate | West End VW, Vancouver West Real Estate | Westwind, Richmond Real Estate | Woodwards, Richmond Real Estate
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.