Foreign Buyers 15% Property Transfer Tax (PTT)

Posted on July 24, 2016 by Alisa Sakamoto

Foreign Buyers 15% Property Transfer Tax (PTT)

This additional PTT applies to residential property buyers in Metro Vancouver communities including Anmore, Belcarra, Bowen Island, Burnaby, Coquitlam, Delta, Langley City and Township, Lion’s Bay, Maple Ridge, New Westminster, North Vancouver City and District, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver, White Rock, and Electoral Area A. Exemptions include residential property on the Tsawwassen First Nation and non-residential property.

Residential property includes detached units, duplexes, multi-family units, apartment buildings, condominiums, mixed-use (residential portion only), manufactured homes, nursing homes, rest homes, bare, undeveloped land and farms.

This tax is charged when foreign entities, including foreign nationals or foreign-controlled corporations, register their title. The new PTT applies even if the contract of purchase and sale was signed before August 2, 2016.

The new 15% PTT is in addition to the current PTT which is charged at a rate of:

1 per cent on the first $200,000;
2 per cent on the portion between $200,000 and $2,000,000; and
3 per cent on any amount over $2,000,000.
Example

$1.5 million home

A foreign buyer of a $1.5 million home will pay

1% on the first $200,000 = $2,000

2% on the portion between $200,000 and $2,000,000 = $26,000

15% foreign buyer PTT = $225,000

Total PTT: $253,000

Revenue from the new tax will help fund a new Housing Priority Initiatives Fund for provincial housing and rental programs. The government will announce the details of this fund in September.

Learn more from this Ministry of Finance Tax Information Sheet.

This article is courtesy of rebgv.ca

Read

Steveston Village Open House 2PM-4PM: 3200 Regent Street, Richmond

Posted on July 15, 2016 by Alisa Sakamoto

OPEN HOUSE: Saturday, July 17th 2-4pm 2:00 PM to 4:00 PM

I we will be hosting an Open House at 3200 REGENT STREET in the Steveston Village neighborhood, Richmond. This is an opportunity to visit this excellent House for sale in beautiful Steveston Village.

Please come with any questions you may have. In the meantime you can take a virtual tour of this Steveston Village House 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.

Alisa Sakamoto
REALTOR® RE/MAX WESTCOAST

Read

Real Estate Board of Greater Vancouver Stats for June 2016

Posted on July 10, 2016 by Alisa Sakamoto

July 5, 2016

Home buyers remain active across Metro Vancouver

Home buyers continue to compete for homes listed for sale across the Metro Vancouver housing market.

Residential property sales in the region totalled 4,400 in June 2016, an increase of 0.6 per cent from the 4,375 sales recorded in June 2015 and a decrease of 7.7 per cent compared to May 2016 when 4,769 homes sold.

Last month’s sales were 28.1 per cent above the 10-year sales average for the month and rank as the highest selling June on record.

"While we're starting to see more properties coming onto the market in recent months, the imbalance between supply and demand continues to influence market conditions," Dan Morrison REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,875 in June 2016. This represents an increase of 1.2 per cent compared to the 5,803 units listed in June 2015 and a 6.6 per cent decrease compared to May 2016 when 6,289 properties were listed.

“Since March, we’ve seen more homes listed for sale in our market than in any other four-month period this decade,” Morrison said.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,812, a 35.9 per cent decline compared to June 2015 (12,181) and a 1.1 per cent increase compared to May 2016 (7,726).

The sales-to-active listings ratio for June 2016 is 56.3 per cent. While clearly indicative of a seller’s market, this is the lowest this measure has been since February.

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.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $917,800. This represents a 32.1 per cent increase compared to June 2015.

Sales of detached properties in June 2016 reached 1,562, a decrease of 18.6 per cent from the 1,920 detached sales recorded in June 2015. The benchmark price for detached properties increased 38.7 per cent from June 2015 to $1,561,500.

Sales of apartment properties reached 2,108 in June 2016, an increase of 18.8 per cent compared to the 1,774 sales in June 2015.The benchmark price of an apartment property increased 25.3 per cent from June 2015 to $501,100.

Attached property sales in June 2016 totalled 730, an increase of 7.2 per cent compared to the 681 sales in June 2015. The benchmark price of an attached unit increased 28.1 per cent from June 2015 to $656,900.

Download complete stats package.

Read

Real Estate Board of Greater Vancouver: Foreign buyer data released

Posted on July 7, 2016 by Alisa Sakamoto

Government data shows foreign buyers make up five percent of Metro Vancouver market

Foreign nationals make up 5.1 per cent of home buyers in Metro Vancouver, according to the first set of real estate transaction data released by the provincial government today.

This confirms data realtors have provided the board for several years through the monthly member market poll.

“We wrote the Minister of Finance earlier this year asking him to again track the residency of home buyers in BC and we applaud the government for taking action on this issue,” Dan Morrison, Board president said. “The housing affordability challenge we face is of critical importance to all of us in the region and it’s important that this debate be based on facts. We look forward to the province releasing larger data sets in the future to further inform this conversation.”

The government will continue to release this data each month. The current set covers transactions between June 10 and June 29, 2016.

The data is collected when owners register their property at the Land Title Office and the Property Transfer Tax is paid. Individuals must disclose if they’re a Canadian citizen or permanent resident, or if their citizenship if not Canadian. Corporations must disclose their directors’ citizenship.

The report is available here.

Additional findings include:

• 10,148 residential real estate transactions in BC, totalling more than $7.6 billion.

• 337 transactions (3.3 per cent) involved foreign nationals, worth $390 million (5.1 per cent).

• In Metro Vancouver, there were 5,118 transactions worth nearly $5.4 billion, of which 260 involved foreign nationals (5.1 per cent), worth $351 million (6.5 per cent)

• In the City of Vancouver, there were 1,139 transactions, totalling more than $1.6 billion. 47 of these involved foreign nationals (4.1 per cent), worth $64 million (3.9 per cent).

Courtesy of the Real Estate Board of Greater Vancouver

Read

Foreign Buyers 15% Property Transfer Tax (PTT)

Steveston Village Open House 2PM-4PM: 3200 Regent Street, Richmond

Real Estate Board of Greater Vancouver Stats for June 2016

Home buyers remain active across Metro Vancouver

Download complete stats package.

Real Estate Board of Greater Vancouver: Foreign buyer data released

Government data shows foreign buyers make up five percent of Metro Vancouver market

Location

Contact