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.

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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...
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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.

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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

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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)

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

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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...

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How the Wrong Pricing Strategy Can Cost You Thousands

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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...

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