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Home Inventory Rising in Greater Vancouver – But So Are Prices


Majority of homes still selling above list price, despite continued slide in transaction numbers

 

Of the 274 homes sold in the Greater Vancouver board region last week, 155 went for more than their asking price, our weekly #REWCAP market roundup reveals.

 

This is despite sales the same week (July 31-August 6, registered sold as of August 10) slowing considerably on week-by-week and month-by-month basis, as the warm weather kept potential buyers at bay.

rewcap july 31

 

Sellers also continued to sit on the sidelines, with new listings coming on the market in the same week dropping below the 1,000 mark.

 

Despite the lower numbers of newly marketed homes, overall resale inventory is rising because of the even slower sales. As of August 10, there were 9,162 active home listings on the Greater Vancouver Multiple Listing Service® - compared with 8,515 as of the end of June and 8,168 at the end of May.

 

This increased choice for buyers has not dampened prices, with median sale prices in all three home categories this week higher than last week, and a larger proportion of homes (56.6% versus 53%) selling for over asking price.

 

Looking at condos, 62% of the 175 homes to sell last week exchanged hands for more than their sticker price. The median sale price was $595,000.

 

Townhouses (including half-duplexes and row homes) also saw an increased median selling price at more than $800,000.

 

In fact, the most expensive home to sell in the Greater Vancouver region the week of July 31-August 6 was a townhome – a luxurious waterfront Yaletown unit that sold for $3,490,000,

 

The detached home market continued to plod along, with 56 home sales across the entire Greater Vancouver region last week, 25 of which were sold above asking price. The priciest detached house to sell that week, registered as of August 10, was a beautiful heritage-style, 2003-built house in MacKenzie Heights on the West Side, which sold for $3,410,000.

 

All information kindly provided by rew.ca

 



Beware Capital Gains Taxes. Vancouver


The federal government of Canada has begun cracking down on capital gains taxes, which home owners are only exempt from on the sale of their principal residence.

You should know that laneway houses and rental suites on a property are not exempt from capital gains tax upon the sale of the home. The federal government has introduced a new rule that for the first time requires home owners to declare the sale of their principal residence in their annual income tax return, as of the 2017 tax year. As has been the case for many years, income from rental units – including laneway homes and suites on the property – must also be declared.

This new combination of information will allow the Canada Revenue Agency to see where home sellers are selling a principal residence that has been operating rental suites, leaving the portion of the home that was rented out liable for capital gains tax.

People have been playing pretty fast and loose with the principal residence exemption on your home… It’s not just foreign buyers, it’s Canadians themselves who have been doing this for years.

The problem now is that there has been rapid price appreciation in places like Metro Vancouver, and increasingly more homes are being allowed on individual lots [and they are required to be rented out or face Empty Homes taxation.

If you have a single-family home with two rental suites in the basement and a laneway house, all rented out. Only a third of the house could be said to be the principal residence and the rest is income-producing property and subject to capital gains tax.

So now, probably, you need to start thinking, is it worth doing the rentals, because you may lose at the end, if it’s going to be subject to capital gains tax? It could remove these units from the rental pool.”

When asked if this is at odds with the City of Vancouver’s mandate to increase the numbers of basement suites and laneway homes being added to the rental pool.

This is an indication of how the different levels of government don’t co-operate together on the housing file, with the federal government doing one thing and the province and municipalities doing something else – and the poor homeowner is just trying to follow the rules. But they’re the ones who get blindsided. It’s a great idea to have low-density rentals to help with the mortgages in the most expensive places in Canada – not so great if the homeowner is going to get nailed with huge capital gains tax. And a lot of these are older homeowners who are going to get nailed.

 

 

REALTOR® in Greater Vancouver, Oleg Tsaryov

1-604-719-4490



RBC Economics Research -Federal government announces new housing measures. October 2016 - Greater Vancouver Real Estate News


Uniform rules for all insured mortgages

Starting on October 17, 2016, all new mortgage borrowers with a down payment of less

than 20% and seeking mortgage insurance (high-ratio mortgages) will be required to

qualify at the posted rate for a conventional mortgage for a five-year term (presently

4.64%) or the contract rate, whichever is higher. Currently, this qualifying requirement

is imposed only on insured mortgages with a variable rate or a fixed rate with a term of

less than five years. Moreover, effective November 30, 2016, the standards for low-ratio

mortgage portfolio insurance will be same as those for insured high-ratio mortgages.

This means that mortgages in a portfolio to be insured will be restricted to 25 year in

length of amortization, a maximum of $1,000,000 in value, a credit score of 600 or

higher, and a maximum Gross Debt Service of 39% and Total Debt Service of 44%

calculated with the posted rate for a five-year conventional rate or the contract rate,

which ever is higher.

 

Link to the full report

To view, print and download the new report, click on the following link:

http://www.rbc.com/economics/economic-reports/pdf/canadian-housing/New%20housing%20measures.pdf



Metro Vancouver home sales set record pace in June


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Last month was the highest selling June, and the second highest overall monthly total, on record for the Real Estate Board of Greater Vancouver (REBGV).

Residential property sales in Metro Vancouver reached 4,375 on the Multiple Listing Service® (MLS®) in June 2015. This represents a 28.4 per cent increase compared to the 3,406 sales recorded in June 2014, and an increase of 7.9 per cent compared to the 4,056 sales in May 2015.

Last month’s sales were 29.1 per cent above the 10-year sales average for the month. It’s the fourth straight month with over 4,000 sales, which is a first in the REBGV’s history. The previous highest number of residential home sales was 4,434, recorded in May 2005.

“Demand in our detached home market continues to drive activity across Metro Vancouver,” Darcy McLeod, REBGV president said. “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.” 

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $694,000. This represents a 10.3 per cent increase compared to June 2014.

“Housing market activity comes in cycles; we're in an up cycle right now that looks similar to the mid-2000s,” McLeod said. “It would be easy to point to one factor that's causing this cycle, but the truth is that it's a number of different factors.

"Conditions today are being driven by low interest rates, a declining supply of detached homes, a growing population, a provincial economy that's outperforming the rest of Canada, pent-up demand from previous years and, perhaps most importantly, the fact that we live in a highly desirable region," McLeod said. 

New listings for detached, attached and apartment properties in Metro Vancouver totalled 5,803 in June. This represents an 8.7 per cent increase compared to the 5,339 new listings reported in June 2014.

"We’re seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said.

The total number of properties currently listed for sale on the region’s MLS® is 12,181, a 23.9 per cent decline compared to June 2014 and a 1.3 per cent decline compared to May 2015. This is the lowest active listing total for June since 2006. 

The sales-to-active-listings ratio in June was 35.9 per cent. This is the highest that this ratio has been in Metro Vancouver since June 2006. A seller’s market typically occurs when this ratio exceeds 20 per cent for a sustained period of time. 

“The competition in today’s market means that buyers have less time to make decisions,” McLeod said. “Given this, it’s important to work with your REALTOR® to gain insight into the local market, to get quick access to new MLS® listings, to develop a buying strategy that meets your needs and risk appetite, and to receive other services and protections that come from having professional representation.”

Sales of detached properties in June 2015 reached 1,920, an increase of 31.3 per cent from the 1,462 detached sales recorded in June 2014, and a 74.2 per cent increase from the 1,102 units sold in June 2013. The benchmark price for a detached property in Metro Vancouver increased 14.8 per cent from June 2014 to $1,123,900.

Sales of apartment properties reached 1,774 in June 2015, an increase of 35.6 per cent compared to the 1,308 sales in June 2014, and an increase of 66.1 per cent compared to the 1,068 sales in June 2013. The benchmark price of an apartment property increased 5.3 per cent from June 2014 to $400,200.

Attached property sales in June 2015 totalled 681, an increase of 7.1 per cent compared to the 636 sales in June 2014, and a 44.3 per cent increase from the 472 attached properties sold in June 2013. The benchmark price of an attached unit increased 7.1 per cent between June 2014 and 2015 to $506,900.

Download the complete stats package by clicking here. 

the news have been provided by the real estate board of Greater Vancouver.



Vancouver Hot Market. Homes Reduced Selection. February 2015 Real Estate Update


Home buyers remain active despite reduced selection

The first month of 2015 saw home sale activity above historical norms, while the number of homes listed for sale trended below typical levels.
   
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,913 on the Multiple Listing Service® (MLS®) in January 2015. This represents an 8.7 per cent increase compared to the 1,760 sales recorded in January 2014, and a 9.6 per cent decline compared to the 2,116 sales in December 2014.

Last month’s sales were 14.9 per cent above the 10-year sales average for the month.

“While demand remains steady, we’re seeing fewer homes for sale at the moment,” Ray Harris, REBGV president, said. "This is creating greater competition amongst buyers, particularly in the detached home market. The number of detached homes listed for sale today is the second lowest we’ve seen in four years.”
   
New listings for detached, attached and apartment properties in Metro Vancouver(1) totalled 4,737 in January. This represents an 11.4 per cent decline compared to the 5,345 new listings reported in January 2014.
   
Last month’s new listing count was 1.2 per cent higher than the region’s 10-year new listing average for the month.
   
The total number of properties currently listed for sale on the REBGV MLS® is 10,811, a 14.2 per cent decline compared to January 2014 and a 4.8 per cent increase compared to December 2014.

The MLS® Home Price Index(2) composite benchmark price for all residential properties in Metro Vancouver is currently $641,600. This represents a 5.5 per cent increase compared to January 2014.

With the sales-to-active-listings ratio at 17.7 per cent, the region remains in balanced market territory.

“The Bank of Canada’s recent announcement to lower its benchmark interest rate is an important one for home buyers, sellers and owners to note,” Harris said. “A reduced rate could allow you to pay down your mortgage a little faster, save some money on your monthly payments, or change the amount you qualify for. It’s important that you do your homework and understand how these announcements impact your situation.”

Sales of detached properties in January 2015 reached 781, an increase of 7.3 per cent from the 728 detached sales recorded in January 2014, and a 44.1 per cent increase from the 542 units sold in January 2013. The benchmark price for a detached property in Metro Vancouver increased 8.4 per cent from January 2014 to $1,010,000.

Sales of apartment properties reached 809 in January 2015, an increase of 7.4 per cent compared to the 753 sales in January 2014, and an increase of 40.5 per cent compared to the 576 sales in January 2013. The benchmark price of an apartment property increased 2.5 per cent from January 2014 to $382,800.

Attached property sales in January 2015 totalled 323, an increase of 15.8 per cent compared to the 279 sales in January 2014, and a 38.6 per cent increase from the 233 attached properties sold in January 2013. The benchmark price of an attached unit increased 4.3 per cent between January 2014 and 2015 to $479,600.

Download the compete stats by clicking here.

 



Vancouver home sale and listing activity reach historical norms in 2014


Home sale and listing activity reach historical norms in 2014

Was it a typical year for the Metro Vancouver housing market? The region’s home sale and listing totals for 2014 both rank fifth when compared against the past 10 years of activity, while home prices increased.

Total sales of detached, attached and apartment properties in 2014 reached 33,116, a 16.1 % increase from the 28,524 sales recorded in 2013, and a 32.3 % increase over the 25,032 residential sales in 2012.

The total number of residential properties listed for sale on MLS® in Metro Vancouver increased 2.4 % in 2014 to 56,066 compared to the 54,742 properties listed in 2013. Looking back further, last year’s total represents a four per cent decline compared to the 58,379 residential properties listed for sale in 2012.

While home buyer and seller activity created balanced market conditions within the region, we also experienced some upward pressure on home prices over the course of the year.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver ends the year at $638,500. This represents a 5.8 %increase compared to December 2013.

“Detached homes continue to be the most sought after property type in our market,” Harris, said. “Detached homes in Metro Vancouver have increased 8.1 per cent in value over the last 12 months while townhome and condominium properties have increased 4.5 and 3.5 per cent over the same period.”

December 2014 summary

Residential property sales in Greater Vancouver totalled 2,116 in December 2014, an increase of 8.3 per cent from the 1,953 sales recorded in December 2013 and a 15.9 per cent decline compared to November 2014 when 2,516 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,888 in December 2014. This represents a 1.7 per cent increase compared to the 1,856 units listed in December 2013 and a 37.4 per cent decline compared to November 2014 when 3,016 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 10,320, a 10.7 per cent decline compared to December 2013 and a 17.8 per cent decrease compared to November 2014.

Sales of  houses in Greater Vancouver area in December 2014 reached 833, an increase of 9.3 per cent from the 762 detached sales recorded in December 2013. The benchmark price for homes increased 8.1 per cent from December 2013 to $1,002,200.

Sales of apartment properties in Greater Vancouver, Canada reached 912 in December 2014, an increase of 7.3 per cent compared to the 850 sales in December 2013.The benchmark price of an apartment property increased 3.5 per cent from December 2013 to $380,700.

Attached property sales in Greater Vancouver, Canada in December 2014 totalled 371, an increase of 8.8 per cent compared to the 341 sales in December 2013. The benchmark price of an attached unit increased 4.5 per cent between December 2013 and 2014 to $476,800.

Download the complete stats package by clicking here.

 

 

all information has been provided by real estate board of Greater Vancouver 



Vancouver Real Estate News, December 2014. VIDEO BLOG


Home buyers in Metro Vancouver remained active in November, a month that is traditionally a quieter time of year for real estate.

The Real Estate Board of Greater Vancouver reports that residential property sales in Metro Vancouver reached 2,516 on the Multiple Listing Service® (MLS®) in Nov 2014. This represents an 8.4% increase compared to the 2,321 sales in November 2013, and a 17.7% decline compared to the 3,057 sales in October 2014.
Last month’s sales were 6.9 per cent above the 10-year sales average for November.

It’s been a more active fall than we typically see in the Metro Vancouver housing market. Home prices across the region have experienced steady gains in 2014 of between three and seven per cent depending on property type.

New listings for detached, attached and apartment properties in Metro Vancouver* totalled 3,016 in November. This represents a 7.1% decrease compared to the 3,245 new listings in November 2013 and a 32.8% decline from the 4,487 new listings in October.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,553, a 10.2 per cent decline compared to November 2013 and a 9.4 per cent decrease compared to October 2014.

This is traditionally a low inventory time of year, so it’s a good time to list your home for sale if you want to face less competition in the marketplace. 
  
The Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $637,300. This represents a 5.7% increase compared to 2014.

Sales of detached properties in November 2014 reached 1,012, an increase of 9.3 per cent from the 926 detached sales recorded in November 2013, and a 60.9 per cent increase from the 629 units sold in November 2012. The benchmark price for detached properties increased 7.9 per cent from November 2013 to $997,800.

Sales of apartment properties reached 1,052 in November 2014, an increase of 8.6 per cent compared to the 969 sales in November 2013, and a 40.3 per cent increase compared to the 750 sales in November 2012. The benchmark price of an apartment property increased 3.2 per cent from November 2013 to $379,500.

Attached property sales in November 2014 totalled 452, a 6.1 per cent increase compared to the 426 sales in November 2013, and a 47.2 per cent increase over the 307 attached properties sold in November 2012. The benchmark price of an attached unit increased 4.8 per cent between November 2013 and 2014 to $480,200.

click on - FULL STATS 



Vancouver Real Estate busiest May since 2007.


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VANCOUVER - The mortgage wars between big banks helped stoke British Columbia’s real estate markets to their busiest May since 2007, according to the B.C. Real Estate Association.
1. There was a 14 % increase from the same month a year ago
2. Sale are still way off May of 2007’s near 12,000 transactions, but they increased double-digits in nine of 11 real estate boards, which pushed up prices. The provincial average price for a home in May was up 6 % from a year ago to $565,233.
3. The first five months of 2014 sales were up 17 % to 32,894 units compared with 2013 and the cumulative average price was up 7.7 % to $571,648.
4. Consumer demand was much stronger last month with unit sales posting their highest level in May since 2007.


Our Stanley Park Named Top Park in the World


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Vancouver’s Stanley Park has been named the top urban park in the world by Trip Advisor.

Here’s what Trip Advisor have to say in regards to Canada’s most celebrated park:

"A mini-forest, beautiful gardens, totem poles and scenic walkways make this such a peaceful location. I made a huge pile of autumn leaves and dove into them like a little kid."

The only other Canadian park to have cracked the top 25 was Montreal’s Mont Royal. Meanwhile, New York City had three impressive parks make the top 25.

Within the top 10 best Canadian urban parks list, four B.C. parks were named in the list, including Vancouver’s Queen Elizabeth Park and Victoria’s Beacon Hill Park.

With a little tender love and care, Queen Elizabeth Park has the potential to be a great city park, one worthy of such a list. As it stands right now, the park lacks uniformity, maintenance and the amenities of Stanley Park; it is a stark contrast to Queen Elizabeth Park’s pristine condition just 20 years earlier.

Top 10 Parks in Canada

1. Stanley Park, Vancouver, B.C.
2. Mont Royal, Montreal, Quebec
3. Beacon Hill, Victoria, B.C.
4. High Park, Toronto, Ontario
5. Queen Elizabeth Park, Vancouver, B.C.
6. Plains of Abraham, Quebec City, Quebec
7. Gatineau Park, Gatineau, Quebec
8. Queen Victoria Park, Niagara Falls, Ontario
9. Assiniboine Park, Winnipeg, Manitoba
10. Parksville Community Park and Skate Park, Parksville, B.C.

The temperate rainforest of Stanley Park is almost completely surrounded by ocean water, with both gorgeous skyline views and wild forest of 500,000 hemlock, cedar and fir trees. Park connects to the historic waterfront and downtown via a 5.5-mile portion of seawall that surrounds the park, popular with joggers, strollers, and cyclists. Come to Vancouver to look at rose and rhododendron gardens, nine intricately carved First Nations totem poles. You will find a small golf course, an outdoor summer theater, a seaside swimming pool, and areas for lawn bowling round out its charms. Some visitors enjoy the outdoor ice rink in Stanley Park. Nice place to visit with your family and friends.



900 Wall Centre


Rennie are pleased to introduce newest and most exciting community at Wall Centre 900 Hastings. Brought by the same team behind Wall Centre Central Park, Shannon Wall Centre Kerrisdale, 2300 Kingsway, Capitol Residences, Yaletown Park, and of course, Wall Centre Downtown.

900 Hastings is located in fabulous Strathcona with immediate access to the downtown core, Gastown, and Chinatown. This is affordable home ownership in Vancouver at its finest. Homes will feature contemporary interiors with elegance and efficient design in mind. Stunning panoramic views of Burrard Inlet, the North Shore mountains and beyond are going to amaze you.


If you are interested in buying a new home in Vancouver in the vibrant community of Strathcona, you must check out 900 Hastings.

Presentation Centre is located at 1320 Richards Street (At Drake) and will feature 2 designer display suites. Previews begin on Saturday, September 21, 2013, with sales starting in late October.



West Vancouver News and Stats


With December 2012 Stats Package

Prices hold firm as home buyers and sellers conclude 2012 from the sidelines

The Greater Vancouver housing market experienced below average home sale totals, typical home listing activity and modest declines in home prices in 2012.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2012 reached 25,032, a 22.7 per cent decline from the 32,387 sales recorded in 2011, and an 18.2 per cent decrease from the 30,595 residential sales in 2010. Last year’s home sale total was 25.7 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

The number of residential properties listed for sale on the MLS® in Greater Vancouver declined 2 per cent in 2012 to 58,379 compared to the 59,539 properties listed in 2011. Looking back further, last year’s total represents a 0.6 per cent increase compared to the 58,009 residential properties listed in 2010. Last year’s listing total was 6.1 per cent above the ten-year average for annual MLS® property listings in the region.

"For much of 2012 we saw a collective hesitation on the part of buyers and sellers in the Greater Vancouver housing market. This behavior was reflected in lower than average home sale activity and modest fluctuations in home prices,” Eugen Klein, REBGV president said.

Residential property sales in Greater Vancouver totalled 1,142 in December 2012, a decrease of 31.1 per cent from the 1,658 sales recorded in December 2011 and a 32.3 per cent decline compared to November 2012 when 1,686 home sales occurred.

December sales were 38.4 per cent below the 10-year December sales average of 1,855.

Since reaching a peak in May of $625,100, the MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver has declined 5.8 per cent to $590,800. This represents a 2.3 per cent decline when compared to this time last year.

“We saw home prices come down a bit during the latter half of the year. During the same period, we saw fewer home sales and listings,” Klein said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,380 in December 2012. This represents a 15.3 per cent decline compared to the 1,629 units listed in December 2011 and a 50 per cent decline compared to November 2012 when 2,758 properties were listed.

Sales of detached properties in December 2012 reached 425, a decrease of 32.5 per cent from the 630 detached sales recorded in December 2011, and a 44.7 per cent decrease from the 769 units sold in December 2010. The benchmark price for detached properties decreased 2.7 per cent from December 2011 to $904,200. Since reaching a peak in May, the benchmark price of a detached property has declined 6.5%.

Sales of apartment properties reached 504 in December 2012, a decline of 34.9 per cent compared to the 774 sales in December 2011, and a decrease of 37.9 per cent compared to the 811 sales in December 2010.The benchmark price of an apartment property decreased 1.9 per cent from December 2011 to $361,200. Since reaching a peak in May, the benchmark price of an apartment property has declined 12.8%.

Attached property sales in December 2012 totalled 213, a decline of 16.1 per cent compared to the 254 sales in December 2011, and a 33.2 per cent decrease from the 319 attached properties sold in December 2010. The benchmark price of an attached unit decreased 2.6 per cent between December 2011 and 2012 to $450,900. Since reaching a peak in April, the benchmark price of an attached property has declined 4.4%.

“Activity continues to vary depending on area so it’s important to work with your REALTOR® and other professionals to understand the trends in your area of interest,” Klein said.  

Download complete stats package.

 

information has been provided by real estate board of Greater Vancouver



Provincial Sales Tax (PST) will replace the Harmonized Sales Tax (HST), on April 1, 2013


The province will transition back to the Provincial Sales Tax (PST), which will replace the Harmonized Sales Tax (HST), on April 1, 2013. Until then, the province has announced transitional rules for new homes which take effect April 1, 2012.

Note: This information is current to today, February 21, 2012 and has been verified with the Canada Revenue Agency, HST Branch. However, we have been advised that the information could change depending on HST rulings to come.

Enhanced New Housing Rebate

Effective April 1, 2012, your clients may be eligible for a provincial enhanced New Housing Rebate if they buy, as their primary residence, priced up to $850,000:

• a new home together with land;

• a new home together with leased land;

• a new mobile home or float home;

• a new home bought through shares in a housing cooperative;

or

• a new home constructed or substantially renovated (more than 90%) by the owner builder.

Your clients may also be eligible for a provincial New Housing Rebate if they buy a secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts

priced up to $850,000. Buyers of new homes will be eligible for a rebate of 71.43% of the provincial portion of the HST paid on the new home up to a maximum rebate of $42,500. Homes priced at more than $850,000 will be eligible for a flat rebate of $42,500. HST is payable GST/HST generally becomes payable on the earlier of the day on which ownership is transferred to the recipient and the day on which possession of the property is transferred to the recipient.

Presales

Agreements signed before April 1, 2012, with possession before April 1, 2012 (Current to April 1, 2012)

If your clients buy a presale residential property and they have an agreement dated on or before April 1, 2012 and they take ownership or possession before on or before April 1, 2012, they will pay the 12% HST and be eligible for a rebate of up to $26,250 on homes priced to a maximum of $525,000. Homes priced at more than $525,000 are eligible for a flat rebate of $26,250.

Agreements signed before April 1, 2012, with possession before April 1, 2013

If your clients buy a presale residential property and they have irrespective of whether the agreement of purchase and sale was entered into before April 1, 2013 or whether construction of the new housing began before April 1, 2013. The PST will not apply to sales of real property. However, the PST will apply to certain types of housing which, at the time of purchase are tangible personal property (a mobile home purchased without land) and where possession transfers on or after April 1, 2013. The PST will also apply to construction inputs that are used to improve real property on or after April 1, 2013.

Agreements signed on or before November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 (Doublestraddling, grandparented)

Special transitional rules apply if your client has bought a presale residential property and they have an agreement dated on or before November 18, 2009, or construction began before July 1, 2010 (the HST start date in BC) and for which ownership and possession transfer on or after April 1, 2013 (the HST end date in BC), this is known as a double-straddling home sale. In this situation, your client will pay a 2% transition tax.

Agreements signed after November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 (Doublestraddling, non-grandparented)

Special transitional rules apply if your client has bought a presale residential property and they have an agreement dated after November 18, 2009, and construction began before July 1, 2010 (the HST start date in BC) and for which ownership and possession transfer on or after April 1, 2013 (the HST end

date in BC), this is known as a double-straddling home sale. In this situation, your client will pay a 2% transition tax. In this situation, your client will pay a 2% transition tax. However the 2% tax will not apply where construction has been substantially completed before July 1, 2010 and the PST Transitional New Housing Rebate has not been claimed as of February 17, 2012.

Recreational Property

All the same rules apply to recreational property that apply to other residential property. Your clients may be eligible for a provincial enhanced New Housing Rebate if they buy a secondary vacation or recreational home outside Metro Vancouver and Capital Regional Districts priced up to $850,000.

Vacant Land

HST paid on land

For owner-built homes where the HST was paid on the land, the owner may be eligible for a rebate on qualifying construction expenses (including land), up to a maximum of $42,500. There will be no phase-out of this rebate, such that owner-built homes with qualifying construction expenses over $850,000 will qualify for the maximum rebate of $42,500.

No HST paid on land

Where the HST was not paid on the land, the owner will be entitled to a new housing rebate on qualifying construction an agreement dated on or before April 1, 2012 and they take ownership or possession on or before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced are more than $850,000 are eligible for a flat rebate of $42,500.

Agreements signed before April 1, 2012, with possession after April 1, 2013

If your clients buy a presale residential property and they have an agreement dated on or before April 1, 2012 and they take ownership or possession before on or after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will be a temporary transitional provincial tax of 2% on the full house price. This 2% reflects an embedded PST builders pay on materials.

Agreements signed after on or after April 1, 2012 and before April 1, 2013, with possession before April 1, 2013 (This is the transition period)

If your client buys a presale residential property and they have an agreement dated on or after April 1, 2012 and before April 1, 2013, and they take ownership and possession before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000.

Homes priced are more than $850,000 are eligible for a flat rebate of $42,500.

Agreements signed on or after April 1, 2012, with possession after April 1, 2013

If your client buys a residential property and they have an agreement dated on or after April 1, 2012 but the construction of the home commenced before April 1, 2013, and they take ownership and possession after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will be a temporary transitional provincial tax of 2% on the full house price. This 2% reflects an embedded PST builders pay on materials.

Agreements signed on or after April 1, 2013, with possession after April 1, 2013

The GST is applicable. The HST will generally cease to apply to sales of real property (including residential real property) if ownership and possession of the property transfer on or after April 1, 2013. This will be the case for sales of new housing, expenses (which would not include land), up to a maximum rebate amount of $28,475 (for example 67% of $42,500).

Enhanced New Rental Housing Rebate

There is an enhanced provincial New Rental Housing rebate. If your clients construct or substantially renovate a residential property to rent to tenants, your clients are eligible for a rebate up to $42,500 on units priced up to $850,000. There is a flat rebate of $42,500 for units priced above $850,000. The first use of the home must be by a renter of the unit or as a primary residence by the owner for at least one year. Eligible units include:

• a detached, attached, condominium apartment or duplexes, with or without a legal secondary suite;

• a mobile or float home;

• units in a multiple unit building including long-term care residential facilities; or

• the land component of a single-unit or multiple-unit housing, where the land is leased or is a housing cooperative.

If your clients buy a new apartment which is not their principal residence and they don’t rent it, for example, if strata prohibit rentals, or your clients buy a new apartment to use on weekends, the unit is not eligible for the New Rental Housing Rebate. But, if you have clients who buy a new rental apartment building so long as they rent all of the units, they will be eligible for a New Rental Housing Rebate for each unit up to a maximum rebate of $42,500 per unit.

If your clients build or substantially renovate rental property, they will be required to self-assess and pay the HST on or after April 2012 and before April 1, 2013.

all information has been provided by real estate board of Greater Vancouver



West Vancouver News, Bank of Canada announcement


Bank of Canada announcement, West Vancouver News

Variable rate mortgages, lines of credit and/or student loans are all based on the Prime Rate. Here is your personal update from me on the recent Bank of Canada announcement regarding changes to their Overnight Rate which in most cases impacts the Prime lending Rate.

At 9:00 am EST, January 17th, 2012, the Bank of Canada again did what we expected them to do... they maintained their overnight rate.  It means that the prime rate on your mortgage or line of credit will NOT change and remains at 3.00%.  This is good news that will allow many Canadians to continue to make the most of their low mortgage payments and perhaps pay off unsecured debt or start a savings plan. 

Here is an excerpt of the announcement from the Bank of Canada and what they had to say about their decision:

"The outlook for the global economy has deteriorated and uncertainty has increased... The Bank continues to assume that European authorities will implement sufficient measures to contain the crisis, although this assumption is clearly subject to downside risks. The Bank expects the U.S. recovery will proceed at a more modest pace going forward.  For Canada, net exports are expected to contribute little to growth, reflecting moderate foreign demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar.  In contrast, very favourable financing conditions are expected to buttress consumer spending and housing activity."

The outlook hasn't really changed since the last announcement... they expect that growth will slowly continue but it is anticipated that prime rate might not actually increase until into 2013.  When it does start to increase, it is expected to be gradual and controlled in line with economic recovery, both in Canada and globally.  Remember any change to the prime rate since 1992 has only been by 0.25% at any ONE time.  

I have seen fixed rates remain very low at around 3.19% to 3.49% for a five year fixed term.  Four year terms are as low as 2.99% and a three year mortgage is down to 2.89%. 

Based on this recent announcement, and the anticipation that the prime rate will still remain low for the coming months, I am recommending that existing Variable Rate mortgage clients remain with their current variable rate product. The interest rate on these existing contracts is generally very much lower than a fixed term or a new variable rate mortgage right now.   

However, if you have a mortgage and having a fixed payment is important to you, it may make sense to refinance an existing fixed rate mortgage today to lock in these great low rates for the next 4 to 5 years.  

The next announcement on any change to the prime rate is March 8th, 2012 at which time I'll be in touch again.

In the meantime, with these low rates it is a great time to buy a property or consider refinancing especially as you can hold rates for up to six months!

If you know of someone who is looking for advice on their real estate purchase in West Vancouver, North Shore or in Vancouver downtown, with no obligation, would you mind passing along my contact information on to them? As always, your support is very much appreciated.



Best Route To Affordability


The best solution to high Metro Vancouver housing prices is to dramatically increase the housing supply, according to UBC professor Michael Goldberg. Goldberg, Professor and Dean Emeritus with the Sauder School of Business at UBC, said that if property developers were allowed to build a surplus of residential units, the costs would come down. And high-rise condominiums is the best product to build. Demographic shift is being seen toward smaller households, older and retired people who have lost interest in single-family homes and a working population who would prefer to live in the city rather than commute from the suburbs. "Foreign purchasers of real estate in Vancouver are making valuable investments here", said Goldberg and Canadians should be creating a favorable environment for these investments. The City of Vancouver should abandon regulations that protect "views of the mountains" said Goldberg. He considers the mountains to be high enough that buildings are not going to interfere sufficiently with the views to bother with a regulation. Building height limits also should be dropped in Vancouver according to Goldberg. He says that market condition should dictate height of buildings, not planning regulations. U.S. cities such as Chicago have minimal planning regulation and no height limits, explained Goldberg. Chicago has about three times more built floor area per square foot of land than in Vancouver. Goldberg contends that planning regulations hold back the efficient construction of new buildings in Vancouver to meet a growing demand for real estate. A restricted supply of residential units is in turn pushing up the cost of property development and housing. Michael Goldberg provided Property Biz Canada with the following list of pluses and minuses for the construction of tall buildings: Tall Building Pluses - Make more efficient use of urban land; - Create customers for Skytrain, Canada Line and buses; - Add to urban built form supply efficiently and lower price per buildable square foot; - Allow for urban core open-space; - Encourage mixed uses further adding to urban efficiency and reduction in traffic; and - The only way to reduce building and occupancy costs without expanding freeways.

Oleg Tsaryov

North and West Vancouver Realtor. Help you to buy and sell home in Greater Vancouver.

 

Articles are from various sources and courtesy to Real Estate By Weekly and others.

 



West Vancouver Real Estate October Statistics


Greater Vancouver at lower end of balanced housing market

With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.

“Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said. “Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.

The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.

Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.

Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.

Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.

Download the complete stats package by clicking here. 

 

 

all info has been provided by real estate board of Greater Vancouver



News from West Vancouver. October 14, 2011


A positive close to this week on Friday, as a plan to deal with the European sovereign debt crisis started to come together. Other positive news is that the US retail sales figures for September beat the market expectations.

Canada’s factories were working steady in August, and U.S. consumers were buying last month, strong indicators that the North American recovery is alive and kicking.

Fresh data released Friday shows Canada’s manufacturers posted a surprisingly robust 1.4 per cent jump in sales, almost three times the expectations, while in the U.S. consumers bought enough autos, clothing and furniture in September to boost retail sales by 1.1 per cent.

The new numbers ended a week and a half of mostly positive news, including jobs, export and housing numbers in Canada and rebounding equity markets globally.

“It actually looks like the economy did rebound with some authority in the third quarter,” said BMO’s deputy chief economist Douglas Porter.

On the local level, “MLS® home sales edged up 3 per cent in September compared to August on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Housing demand last month was bolstered by persistent low mortgage interest rates and a surge in employment."

The above is an excerpt from the Globe and Mail, BC Real Estate Association (BCREA) and the Mortgage Brokers Association of BC.

Your West Vancouver Realtor



Real Estate Forecast by CMHC


Canada Mortgage and Housing Corporation says housing starts should hold steady for the rest of 2011 and into next year.

The agency said its national point forecast is for 183,200 units started in 2011, with about 183,900 next year.

It's third-quarter housing market outlook says starts have been strong in the last few months, but are expected to moderate closer in line with demographic fundamentals.

It said that immigration and low mortgage rates are supporting Canada's housing sector, despite the recent financial turmoil in the markets.

CMHC's point forecast for existing home sales is 446,700 units, which is essentially the same level as last year.

It says sales are expected to grow “modestly” in 2012, with a point forecast of 458,000 units.

The average price increased in the first half of the year due to more higher-end homes being sold, but the average price is expected to moderate in the end of 2011.

It says growth next year should be more modest.



Vancouver Real Estate News for August 2011


Greater Vancouver home sales trend toward buyers’ market over summer

August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,378 in August. This total represents an eight per cent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years.

“MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,685 in August. This represents a 24.9 per cent increase compared to August 2010 when 3,750 properties were listed for sale on the MLS® and an eight per cent decline compared to the 5,097 new listings reported in July 2011. Last month’s new listing total was the highest volume recorded for August in 16 years.

At 15,437, the total number of residential property listings on the MLS® increased 1.4 per cent in August compared to July 2011 and rose 0.1 per cent compared to this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.5 per cent to $625,578 in August 2011 from $576,597 in August 2010.

“Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months,” Setticasi said. “It’s important for people entering the market to understand that activity can differ significantly depending on the area and property type.”

Sales of detached properties on the MLS® in August 2011 reached 1,020, an increase of 14.2 per cent from the 893 detached sales recorded in August 2010, and a 25.4 per cent decrease from the 1,367 units sold in August 2009. The benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243.

Sales of apartment properties reached 955 in August 2011, a 2.1 per cent increase compared to the 935 sales in August 2010, and a decrease of 34.8 per cent compared to the 1,464 sales in August 2009. The benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457.

Attached property sales in August 2011 totalled 403, a 7.8 per cent increase compared to the 374 sales in August 2010, and a 33.9 per cent decrease from the 610 attached properties sold in August 2009. The benchmark price of an attached unit increased 4.5 per cent between August 2010 and 2011 to $511,433.

Download the complete stats package by clicking here.

all real estate information has been provided by real estate board of Greater Vancouver



West Vancouver will be changing.


This idea of revitalizing Ambleside– the traditional heart and gateway of West Vancouver community – is not new. It has been under debate for many years, with lots of thoughtful, citizen-led reports outlining possibilities for enhancing the village and enriching the quality of life we treasure.

Along the 1300 block Marine, plans include a walk-through atrium, new four-storey mixed use buildings with commercial space below and housing apartment/condos above, new storefronts, new waterfront amenities and retention of the arts corridor and parks along the beach. West Vancouver municipality will continue to acquire the beachfront properties along Argyle for public use. The West Van Police station would be moved up by municipal hall. Opening hours would be extended beyond 7 pm.

Developers are also planning a 138 residential seniors housing building on the former Wetmore Motors site (2200 block Marine).

Plans for the rezoning and revitalization of the Safeway store site (1600-1700 block Marine) are also in the works. Count on a high rise proposal with the de rigueur mixed-use policy in full swing.

Rounding out the mix is Park Royal. Their  recent council approval for a new “at grade” street level intersection across Marine Drive indicates their intent to pursue several new developments. Their first project will be the removal of the westernmost vehicular overpass and the installation of the above mentioned street level intersection across Marine Drive.

Also on the horizon for Park Royal is their plans for a new multi-million dollar VIP movie theatre to be built on a new third level located at what can best be described as the back of the mall adjacent to the current Brick store location. This new third level mall structure will have eight new theatres, three of them VIP with liquor licensed concierge service, luxury “motion” seats and more.

Future Park Royal plans also include the development of the current White Spot corner into a high-rise, multi-use building with commercial on the lower level and condo apartments, similar to the adjacent West Royal Towers, on the higher floors.

West Vancouver will be 100 years old in 2012. In a century we have evolved from a quiet mill town, once connected to Vancouver by a single rowboat, to one of the most desirable and affluent municipalities on the West Coast. Yet we retain the ethos that makes us a place of excellence – a city nestled between the rain forest and the ocean, a community that embraces its First Nation heritage and preserves our unique lifestyle on the edge of a burgeoning metropolis of more than two million people.

Generations of civic participation and slow, thoughtful and financially prudent growth is how we and those before us built the West Vancouver that exists today. The Memorial Library built in 1950 to commemorate the soldiers of World War II, the 1975 policy to purchase waterfront lots in Ambleside to preserve the waterfront for the public and the new community centre in 2009 are just a few examples of West Vancouver’s quiet evolution as a community that inspires excellence and leads by example.

Years of thoughtful studies and plans, brought together by the Ambleside Town Centre Strategy Working Group, are ready to be brought to life. Successive Councils have listened to the community interest in having a village that builds on the local successful businesses we have today and brings residents closer to the village centre through the creation of smaller housing options.

In a revitalized Ambleside there will be more locals living close to the village centre, additional small retailers, pedestrian enjoyment, office space,  a strengthened arts scene and more to do in the evening. Ambleside must retain the village life we cherish, and it should not have to shut down after 7pm.

Oleg Tsaryov,

I am dedicated to helping my clients buy and sell luxury residential and investment property in West Vancouver.