Archive for the ‘Real Estate and Property Trends’ Category
Wednesday, August 10th, 2022
The Government amended the Property Law Act to enable the creation of a homebuyer protection period. The Homebuyer Protection Period (HPP), aka “cooling off period,” comes into effect on January 1, 2023. Let’s take a look at what this means for homebuyers.
B.C. Homebuyer Protection Period
What is a homebuyer protection period?
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Tags: #purrfectproperties, BC Homebuyer Protection Period, Chilliwack Real Estate, Delta Realtor, Fraser Valley Real Estate Agent, Fraser Valley Realtor, FVREB, jeanine osborne realtor, Langley Realtor, Local Real Estate, Local Realtor, Lower Mainland Real Estate Agent, Lower Mainland Realtor, Metro Vanouver Real Estate, Pet Friendly Homes For Sale, Pet-Friendly Homes, Pet-friendly Realtor, Real Estate Advice in B.C., Real Estate Agent Abbotsford, Real Estate Agent Delta, Real Estate Agent Langley, Real Estate Agent Langley City, Real Estate Agent Langley Township, Real Estate Agent Mission, Real Estate Agent South Surrey, Real Estate Agent Surrey, Real Estate Agent White Rock, South Surrey Realtor, White Rock Realtor
Posted in B.C. Real Estate, B.C. Real Estate News, Canadian Real Estate Market, Fraser Valley Real Estate, Homebuyer Guide Book, Homeseller Guide Book, Lighthouse Realty Ltd., Lower Mainland Communities, Lower Mainland Real Estate, Lower Mainland Real Estate Resource, Metro Vancouver Real Estate, Purrfect Properties - Jeanine Osborne, PurrfectProperties, Real Estate and Property Trends, Real Estate News | Comments Off on BC Homebuyer Protection Period
Tuesday, August 9th, 2022
Sales activity continues to slow in the face of rising interest rates and uncertainty.
Canadian Housing Market Snapshot July 2022
Home Sales are Down across Canada -23.9%
Home Sales are down 3.9% across Canada with 48,176 units sold in June of 2022. Compared to 63,280 in June of 2021.
New Listings are Up 10%
New listings are up 10% across Canada, with 93,352 new listings added in June 2022. Compared to 86,633 in June of 2021.
Average Price of Homes Sold is Down -1.8%
The average price of homes sold in Canada in June of 2022 was $665,849 down -1.8% from $678,280 in June of 2021.
Highlights of Real Estate Activity across British Columbia
Fraser Valley Housing Market Snapshot July 2022
Home Sales are Down -33.9%
Home Sales are down 35.2% across British Columbia with 7,189 units sold in June of 2022. Compared to 11,096 in June of 2021.
New Listings are Up 5.5%
New listings are up 5.5% across British Columbia, with 16,400 new listings added in June of 2022. Compared to 15,538 in June of 2021.
Average Price of Homes Sold is Up 4.1%
The average price of homes sold across British Columbia in June 2022 was $947,216 up 4.1% from $909,642 in June of 2021.
Benchmark Price Across British Columbia
CHILLIWACK – $824,300 – down $20,000 from May of 2022
FRASER VALLEY – $1,128,400 – down $39,000 from May of 2022
INTERIOR BC – $716,300 – down $17,000 from May of 2022
GREATER VANCOUVER – $1,261,100 – down $26,000 from May of 2022
VANCOUVER ISLAND – $769,800 – down $1,000 from May of 2022
VICTORIA – $976,600 – up $9,000 from May of 2022
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry associations, representing more than 150,000 REALTORS® working through 78 real estate boards and associations.
Tags: August 2022 B.C. Real Estate Market, August 2022 B.C. Real Estate News, August 2022 British Columbia News and trends, August 2022 Fraser Valley Real Estate News, August 2022 Lower Mainland Real Estate News, August 2022 Metro Vancouver Real Estate News, August 2022 Okanagan Real Estate News and Trends, August 2022 Vancouver Real Estate News, August 2022 Victoria and Vancouver Island Real Estate News and trends, August 2022 Whistler and Squamish Real Estate News and Trends, B.C. Real Estate News for August 2022, Let’s take a review of the Real Estate news across B.C. in Februaryof 2022., Sales Activity Continues to Slow in the Face of Uncertainty.
Posted in B.C. Real Estate, B.C. Real Estate News, Canadian Real Estate Market, Fraser Valley Real Estate, Lighthouse Realty Ltd., Lower Mainland Real Estate, Lower Mainland Real Estate Resource, Metro Vancouver Real Estate, Real Estate and Property Trends, Real Estate News | Comments Off on Sales Activity Continues to Slow in the Face of Uncertainty.
Saturday, August 6th, 2022
The Fraser Valley housing market saw sales slide again in July in the face of continued interest rate hikes, as the government applies the brakes to the housing market and struggles to bring inflation under control.
In July, the Board (FVREB) processed 993 sales on MLS®. This is a decrease of -22.5% from the previous month and a -50.5% drop compared to July 2021. New listings totaled 2,385. A -28.4% decrease compared to June and a decrease of -1.9% compared to July 2021.
FVREB MLS Sales – August 2022
“It is important to keep in mind that real estate is and always will be an asset with considerable upside over the long-term. As prices come down from the highs of recent months, there are opportunities for buyers who have been waiting to shop for the right property.”
Active listings, at 6,413, remained relatively unchanged from June and were up 30.9 per cent over last July. This brought balance for townhomes and detached homes (sales-to-active ratios: 18% and 12%, respectively); favoured sellers slightly for apartments (28%). The market is considered balanced when the sales-to-active ratio is between 12% and 20%.
FVREB Benchmark Price – August 2022
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Tags: #purrfectproperties, Abbotsford Real Estate Market August 2022, August 2022 – Delta Real Estate Market Update, August 2022 – Fraser Valley Real Estate Market Update, August 2022 Real Estate Market, August 2022 Real Estate Market Lower Mainland, August 2022 Real Estate Reports, Cloverdale Real Estate Market 2022, Fraser Valley Benchmark Price for August 2022, Fraser Valley Housing Market Spring 2022, Fraser Valley Housing Market Statistics for August 2022, Fraser Valley Market Snapshot – August 2022, Fraser Valley MLS Sales Statistics, Fraser Valley Real Estate Reports, jeanine osborne realtor, Langley Real Estate Market August 2022, Maple Ridge Real Estate Market August 2022, MLS® HPI Benchmark Price Activity for Fraser Valley in August 2022, Real Estate Market Fraser Valley, Sales Slide as the Brakes are Applied to the Housing arket!, South Surrey Real Estate Market August 2022, South Surrey White Rock Real Estate Market August 2022, Spring 2022, Spring 2022 Real Estate Market, Spring 2022 Real Estate Market BC, West Vancouver Real Estate Market Update August 2022, White Rock Real Estate Market August 2022
Posted in B.C. Real Estate, B.C. Real Estate News, Canadian Real Estate Market, Fraser Valley Real Estate, Jeanine Osborne, Jeanine Osborne REALTOR, Lighthouse Realty Ltd., Lower Mainland Real Estate, Lower Mainland Real Estate Resource, Metro Vancouver Real Estate, Purrfect Properties - Jeanine Osborne, PurrfectProperties, Real Estate and Property Trends, Real Estate News, South Surrey & White Rock Realtor | Comments Off on Sales Slide as the Brakes are Applied to the Housing Market!
Friday, June 24th, 2022
With rising interest rates, home sales have cooled sharply in recent months and keep pushing downwards.
Canadian Housing Market Snapshot June 2022
Home Sales are Down across Canada -21.7%
Home Sales are down 21.7% across Canada with 53,720 units sold in May of 2022. Compared to 68,598 in May of 2021.
New Listings are Up 6.3%
New listings are up 6.3% across Canada, with 100,643 new listings added in May 2022. Compared to 94,704 in May 2021.
Average Price of Homes Sold is Up 3.4%
The average price of homes sold across Canada in May 2022 was $711,316 up 3.4% from $687,595 in May 2021.
Highlights of Real Estate Activity across British Columbia
Fraser Valley Housing Market Snapshot June 202
Home Sales are Down -33.9%
Home Sales are down 33.9% across British Columbia with 8,372 units sold in Mayof 2022. Compared to 12,664 in May of 2021.
New Listings are Down -1.4%
New listings are down 1.4% across British Columbia, with 17,869 new listings added in May 2022. Compared to 18,126 in May 2021.
Average Price of Homes Sold is Up 8.1%
The average price of homes sold across British Columbia in May 2022 was $989,661 up 8.1% from $915,392 in May 2021.
Benchmark Price Across British Columbia
CHILLIWACK – $843,200
FRASER VALLEY – $1,167,300
INTERIOR BC – $733,800
GREATER VANCOUVER – $1,261,100
VANCOUVER ISLAND – $770,440
VICTORIA – $976,600
MLS® Systems are co-operative marketing systems used only by Canada’s real estate Boards to ensure maximum exposure of properties listed for sale.
The Canadian Real Estate Association (CREA) is one of Canada’s largest single-industry associations, representing more than 150,000 REALTORS® working through 78 real estate boards and associations.
Tags: #purrfectproperties, Abbotsford Real Estate Market June 2022, Benchmark Price Across the Fraser Valley, Canadian Housing Market Snapshot June 2022, Cloverdale Real Estate Market 2022, Fraser Valley Benchmark Price for June 2022, Fraser Valley Housing Market Snapshot June 202, Fraser Valley Housing Market Spring 2022, Fraser Valley Housing Market Statistics for June 2022, Fraser Valley Market Snapshot – June 2022, Fraser Valley MLS Sales Statistics, Fraser Valley Real Estate Reports, jeanine osborne realtor, June 2022 – Delta Real Estate Market Update, June 2022 – Fraser Valley Real Estate Market Update, June 2022 Real Estate Market, June 2022 Real Estate Market Lower Mainland, June 2022 Real Estate Reports, Langley Real Estate Market June 2022, Maple Ridge Real Estate Market June 2022, MLS® HPI Benchmark Price Activity for Fraser Valley in June 2022, Real Estate Market Fraser Valley, Rising Interest Rates Push Home Sales Down Across Canada, South Surrey Real Estate Market June 2022, South Surrey White Rock Real Estate Market June 2022, Spring 2022, Spring 2022 Real Estate Market, Spring 2022 Real Estate Market BC, West Vancouver Real Estate Market Update June 2022, White Rock Real Estate Market June 2022
Posted in B.C. Real Estate, B.C. Real Estate News, Canadian Real Estate Market, Fraser Valley Real Estate, Lighthouse Realty Ltd., Lower Mainland Real Estate, Lower Mainland Real Estate Resource, Metro Vancouver Real Estate, Purrfect Properties - Jeanine Osborne, PurrfectProperties, Real Estate and Property Trends, Real Estate News, South Surrey & White Rock Realtor | Comments Off on Rising Interest Rates Push Home Sales Down Across Canada
Tuesday, June 14th, 2022
Hi Friends,
As property sales continue to fall in the Fraser Valley and active listings continue to grow, the real estate market is edging towards more balanced levels not seen since the pre-pandemic period.
Sales of all property types in May were 1,360, down 16.9 per cent from April’s 1,637; and down 53.9 per cent compared to May of 2021.
FVREB MLS Sales – June 2022
“Since March, we’ve seen sales come down with an accompanying increase in inventory, subsequently restoring much-needed balance and cooling our heated market. While still early, it suggests that as we gradually settle into a post-pandemic state of work and life, the big pandemic-era drivers – working from home and record low interest rates – may have run their course.”
At the same time, active listings (the number of properties available for sale at a given moment during the month, in this case at the end of May) have more than tripled since December 2021. At the end of May, actives sat at 6,183, up 5.4 per cent year-over-year, and an increase of 14.8 per cent compared to April 2022.
FVREB Benchmark Price – June 2022
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Tags: #purrfectproperties, Abbotsford Real Estate Market June 2022, Cloverdale Real Estate Market 2022, Fraser Valley Benchmark Price for June 2022, Fraser Valley Housing Market Spring 2022, Fraser Valley Housing Market Statistics for June 2022, Fraser Valley Market Snapshot – June 2022, Fraser Valley MLS Sales Statistics, Fraser Valley Real Estate Reports, jeanine osborne realtor, June 2022 – Delta Real Estate Market Update, June 2022 – Fraser Valley Real Estate Market Update, June 2022 Real Estate Market, June 2022 Real Estate Market Lower Mainland, June 2022 Real Estate Reports, Langley Real Estate Market June 2022, Maple Ridge Real Estate Market June 2022, MLS® HPI Benchmark Price Activity for Fraser Valley in June 2022, Real Estate Market Fraser Valley, South Surrey Real Estate Market June 2022, South Surrey White Rock Real Estate Market June 2022, Spring 2022, Spring 2022 Real Estate Market, Spring 2022 Real Estate Market BC, West Vancouver Real Estate Market Update June 2022, White Rock Real Estate Market June 2022
Posted in B.C. Real Estate, B.C. Real Estate News, Canadian Real Estate Market, Fraser Valley Real Estate, Lower Mainland Communities, Lower Mainland Real Estate, Lower Mainland Real Estate Resource, Metro Vancouver Real Estate, Purrfect Properties - Jeanine Osborne, PurrfectProperties, Real Estate and Property Trends, REALTOR® Testimonials, South Surrey & White Rock Realtor | Comments Off on The Real Estate Market Keeps Getting More Balanced! :)
Monday, April 25th, 2022
Home sales slowed down noticeably in March 2022, yet it’s still the second strongest month for sales volume, ever.
With the Bank of Canada aggressively hiking interest rates, this slowdown may last a while as Canada continues to face record low supply levels.
Housing Market Snapshot – April 2022
New Listings in British Columbia Fall by 14.3%
Housing markets in British Columbia have seen a 14.3% decrease in new listings, compared to this time last year, with 18,076 added in March 2022.
Benchmark Price of Canada – April 2022
Home Sales are down 23.2% across B.C. with 11,580 units sold in March of 2022, compared to 15,087 in March of 2021.
The average price of homes sold across BC in March of 2022 was $1,089,600 up 15.2% from March 2021.
Tags: April 2022 B.C. Real Estate Market, April 2022 B.C. Real Estate News, April 2022 British Columbia News and trends, April 2022 Fraser Valley Real Estate News, April 2022 Lower Mainland Real Estate News, April 2022 Metro Vancouver Real Estate News, April 2022 Okanagan Real Estate News and Trends, April 2022 Vancouver Real Estate News, April 2022 Victoria and Vancouver Island Real Estate News and trends, April 2022 Whistler and Squamish Real Estate News and Trends, B.C. Real Estate News for April 2022, Canadian Home Sales Slow Down, Let’s take a review of the Real Estate news across B.C. in Februaryof 2022., New Listings in British Columbia Fall by 14.3%
Posted in Canadian Real Estate Market, Homebuyer Guide Book, Homeseller Guide Book, Jeanine Osborne REALTOR, Just Listed Lower Mainland Real Estate, Lower Mainland Communities, Lower Mainland Real Estate Resource, Purrfect Properties - Jeanine Osborne, PurrfectProperties, Real Estate and Property Trends, Real Estate News, South Surrey & White Rock Realtor | Comments Off on Canadian Home Sales Slow Down
Friday, April 8th, 2022
The Public Health Officer recently announced changes to BC’s COVID-19 response, to take effect today, April 8, 2022. Health and safety of our clients remains our top priority and we have some changes to mention about our pandemic response.
Changes in Pandemic Response – BC Real Estate
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Tags: #purrfectproperties, B.C. Real Estate Pandemic Changes, Changes in B.C. Real Estate, Delta Realtor, Fraser Valley Real Estate Agent, Fraser Valley Realtor, FVREB, jeanine osborne realtor, Langley Realtor, Local Real Estate, Local Realtor, Lower Mainland Real Estate Agent, Lower Mainland Realtor, Pet Friendly Homes For Sale, Pet-Friendly Homes, Pet-friendly Realtor, Real Estate Advice in B.C., Real Estate Agent Abbotsford, Real Estate Agent Delta, Real Estate Agent Langley, Real Estate Agent Langley City, Real Estate Agent Langley Township, Real Estate Agent Mission, Real Estate Agent South Surrey, Real Estate Agent Surrey, Real Estate Agent White Rock, South Surrey Realtor, White Rock Realtor
Posted in B.C. Real Estate News, Canadian Real Estate Market, Jeanine Osborne REALTOR, Just Listed Lower Mainland Real Estate, Just Sold Lower Mainland Real Estate, Purrfect Properties - Jeanine Osborne, PurrfectProperties, Real Estate and Property Trends, Real Estate News, South Surrey & White Rock Realtor | Comments Off on Changes to B.C. Real Estate – Pandemic Response
Sunday, March 20th, 2022
To prepare for house hunting and one of the biggest decisions of your life, you want to work with someone you can trust. By using the services of a trained professional, you’ll have an expert who can guide you through every step of buying a property. After all, the key to making smart decisions is by being an informed consumer. Let’s take a look at some other factors.
How to Prepare for House Hunting
Know that there’s no “right” time to buy.
If you find the perfect home now, don’t risk losing it because you’re trying toguess where the housing market and interest rates are going. Those factorsusually don’t change fast enough to make a difference in an individual home’s price.
Don’t ask for too many opinions.
It’s natural to want reassurance for such a big decision, but too many ideas fromtoo many people will make it much harder to make a decision. Focus on thewants and needs of the people who will actually be living in the home.
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Tags: #purrfectproperties, Delta Realtor, Fraser Valley Real Estate Agent, Fraser Valley Realtor, FVREB, How to Prepare for House Hunting, jeanine osborne realtor, Langley Realtor, Local Real Estate, Local Realtor, Lower Mainland Real Estate Agent, Lower Mainland Realtor, Pet Friendly Homes For Sale, Pet-Friendly Homes, Pet-friendly Realtor, Real Estate Advice in B.C., Real Estate Agent Abbotsford, Real Estate Agent Delta, Real Estate Agent Langley, Real Estate Agent Langley City, Real Estate Agent Langley Township, Real Estate Agent Mission, Real Estate Agent South Surrey, Real Estate Agent Surrey, Real Estate Agent White Rock, South Surrey Realtor, White Rock Realtor
Posted in B.C. Real Estate News, Canadian Real Estate Market, Homebuyer Guide Book, Homeseller Guide Book, Jeanine Osborne REALTOR, Lower Mainland Communities, Lower Mainland Real Estate Resource, Purrfect Properties - Jeanine Osborne, Real Estate and Property Trends, South Surrey & White Rock Realtor | Comments Off on How to Prepare for House Hunting
Thursday, February 10th, 2022
Even after shattering all sorts of records in 2021-for high sales and prices and low inventories-Canada’s housing market isn’t about to buckle. Plenty of unmet demand remains and will continue to fuel tremendous activity across the country.
Canadian Housing Market Expectations in 2022
Still, we expect the Bank of Canada’s rate liftoff to turn down the market’s heat in 2022 as deteriorating affordability sends buyers to the sidelines. Higher interest rates and the likelihood of new anti-speculation measures will also prove a tougher proposition for investors.
In all, we expect 579,600 existing Canadian homes to change hands this year. Though down 13.1% from the astounding 667,000 transactions in 2021, that’s still the second-highest amount in history. The ongoing construction boom will bring much needed new supply to the market, helping to ease severe shortages.
HOME PRICES WILL KEEP CLIMBING
Most of the increase in supply and cooling of the market will take place in the second half of 2022. Demand-supply conditions will become much less favourable for sellers. This will reduce upward pressure on prices. We think this will slow the pace of appreciation, but not alter the direction (with some local exceptions). We project Canada’s benchmark price to rise 6.2% in 2022 or nearly a third of the record rate of 17.8% last year. The momentum will be even slower in 2023 with most markets returning to better balance.
READ MORE AT RBC ECONOMICS HERE
Tags: #purrfectproperties, Canadian Housing Market Expectations in 2022, Delta Realtor, Fraser Valley Real Estate Agent, Fraser Valley Realtor, FVREB, jeanine osborne realtor, Langley Realtor, Local Real Estate, Local Realtor, Lower Mainland Real Estate Agent, Lower Mainland Realtor, Pet Friendly Homes For Sale, Pet-Friendly Homes, Pet-friendly Realtor, Real Estate Advice in B.C., Real Estate Agent Abbotsford, Real Estate Agent Delta, Real Estate Agent Langley, Real Estate Agent Langley City, Real Estate Agent Langley Township, Real Estate Agent Mission, Real Estate Agent South Surrey, Real Estate Agent Surrey, Real Estate Agent White Rock, South Surrey Realtor, White Rock Realtor
Posted in Canadian Real Estate Market, Homebuyer Guide Book, Homeseller Guide Book, Lower Mainland Communities, Lower Mainland Real Estate Resource, PurrfectProperties, Real Estate and Property Trends, Real Estate News, South Surrey & White Rock Realtor | Comments Off on Canadian Housing Market Expectations in 2022
Thursday, February 10th, 2022
Whether you’re looking to buy or sell real estate, preparation is key. By utilizing market data and statistics, with my help as your REALTOR®, you can identify the best opportunities that are available to you when you make your move.
Fraser Valley Real Estate Update for February 2022
LOWER MAINLAND REAL ESTATE SPECIFIC MARKETS
SOUTH SURREY WHITE ROCK REAL ESTATE MARKET
VIEW HOMES FOR SALE IN SOUTH SURREY WHITE ROCK
White Rock South Surrey Real Estate Market February 2022
NORTH SURREY REAL ESTATE MARKET
VIEW HOMES FOR SALE IN SURREY
North Surrey Real Estate Market Update February 2022
CENTRAL SURREY REAL ESTATE MARKET
Central Surrey Real Estate Market Update February 2022
CLOVERDALE REAL ESTATE MARKET
Cloverdale Real Estate Market Update February 2022
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Tags: #purrfectproperties, Abbotsford Real Estate Market February 2022, Abbotsford Real Estate Market Update February 2022, Central Surrey Real Estate Market Update February 2022, Cloverdale Real Estate Market 2022, Cloverdale Real Estate Market Update February 2022, Delta Real Estate Market Update February 2022, February 2022 – Delta Real Estate Market Update, February 2022 – Fraser Valley Real Estate Market Update, February 2022 Real Estate Market, February 2022 Real Estate Market Lower Mainland, February 2022 Real Estate Reports, Fraser Valley Housing Market Statistics for February 2022, Fraser Valley Real Estate Reports, Fraser Valley Real Estate Update for February 2022, jeanine osborne realtor, Langley Real Estate Market February 2022, Langley Real Estate Market Update February 2022, Maple Ridge Real Estate Market February 2022, Maple Ridge Real Estate Market Update February 2022, North Surrey Real Estate Market Update February 2022, Real Estate Market Fraser Valley, South Surrey Real Estate Market February 2022, South Surrey White Rock Real Estate Market February 2022, West Vancouver Real Estate Market Update February 2022, White Rock Real Estate Market February 2022, Winter 2022, Winter 2022 Real Estate Market, Winter 2022 Real Estate Market BC
Posted in B.C. Real Estate News, Canadian Real Estate Market, Homebuyer Guide Book, Homeseller Guide Book, Just Listed Lower Mainland Real Estate, Just Sold Lower Mainland Real Estate, Lower Mainland Communities, Lower Mainland Real Estate Resource, PurrfectProperties, Real Estate and Property Trends | Comments Off on Fraser Valley Real Estate Update for February 2022
Thursday, February 10th, 2022
Tags: B.C. Real Estate News for February 2022, February 2022 B.C. Real Estate Market, February 2022 B.C. Real Estate News, February 2022 British Columbia News and trends, February 2022 Fraser Valley Real Estate News, February 2022 Lower Mainland Real Estate News, February 2022 Metro Vancouver Real Estate News, February 2022 Okanagan Real Estate News and Trends, February 2022 Vancouver Real Estate News, February 2022 Victoria and Vancouver Island Real Estate News and trends, February 2022 Whistler and Squamish Real Estate News and Trends, Let’s take a review of the Real Estate news across B.C. in Februaryof 2022.
Posted in B.C. Real Estate News, Homebuyer Guide Book, Lower Mainland Communities, Lower Mainland Real Estate Resource, Purrfect Properties - Jeanine Osborne, PurrfectProperties, Real Estate and Property Trends, Real Estate News | Comments Off on B.C. Real Estate News for February 2022
Thursday, February 10th, 2022
It began with Bill 28 back in 2016. Lower mainland folks have complained since the 70’s that housing had gotten too expensive. In 2016 Vancouver’s housing was the third most expensive in the English-speaking world, with a ratio of real-estate prices to local earnings of 13 to 1.
In 2016, the Housing Priority Initiative Amendment Act was passed and it included two parts directed at Foreign ownership. One part was the Vacancy tax and the second part was the Additional Property Transfer Tax also commonly known as the Foreign Buyers Tax. Personally I agree with the Foreign Buyers Tax but believe it should be implemented across Canada
Foreign Buyers Tax – Additional Property Transfer Tax in BC
Real Estate regulations do not require a REALTOR® to evaluate if a consumer is a Foreign National. There is a perspective that a good REALTOR® would ensure their client can complete a transaction. To do that effectively, a REALTOR® would need to have item 24 of the residential purchase contract initialed by the buyer. Item 24 requires the buyers to initial off yes or no; if they are a Canadian Citizen or Permanent Resident as defined by the Immigration and Refugee Protection Act.
The law worked as it was intended to and Vancouver area sales dropped nearly 40% in October after the tax was introduced. Chinese buying inquiries for the Vancouver area dropped by 25%. In 2018 the Foreign Buyers Tax was extended further into the Fraser Valley, Capital, Nanaimo, and Central Okanagan Regional Districts, at 20%.
CAPITAL GAINS AND G7 COUNTRIES
Of all the G7 countries, Canada is the last remaining country to not have a capital gains tax on residential property ownership.This likely explains while homes are still being scooped up by foreigners. At 18-37% additional tax, it’s easy to see why. The tax becomes payable when you sell, cutting into your profits and handing them to government for housing initiatives. Let’s take a look at the following chart:
G7 Country |
Foreign Ownership? |
Capital Gains Tax |
Canada |
Yes |
Zero |
France |
Yes |
19% |
Germany |
Yes |
25% |
Italy |
Yes |
26% |
Japan |
Yes |
20% |
UK |
Yes |
18-28% |
USA |
Yes |
20-37% |
EU |
Yes |
19.3% |
ON NOTICE – THE CONSUMER
A consumer needs to move forward with all purchases keeping ‘buyer beware’ or ‘caveat emptor’ in the front of their minds. It definitely helps to have a REALTOR®, like myself, who has your back and searches for the answers instead of casually answering questions on paperwork. If you have just moved to Canada, I encourage you to check out the mortgage process on my webpage. If you have any questions, feel free to text or call me.
HOW THE FOREIGN HOME BUYERS TAX CAN GO WRONG
The following incident has made it’s way through legal systems and a judgement was only reached this week. Keep in mind it was not the B.C. Financial Services Authority that brought this summary forward but the Canadian courts:
SOURCE: Kelowna News – Castanet.net
New Article link: here
A REALTOR® and a lawyer owe $170,000 in regards to the B.C.’s Foreign Buyer’s Tax. A B.C Supreme Court ruled both share some responsibility for their client’s large tax bill.
The couple retained a lawyer to assist them with the purchase of the home. In their introductory emails, the buyers noted they were new to Canada and naïve to the house buying process.
Ultimately, they were unable to secure financing on the the first home they wrote an offer for. They messaged their REALTOR® they were not Canadian and we didn’t have PR status – they couldn’t make the finances work on a reno of this scale. The couple then wrote another offer on an $862,000 property. The REALTOR® said he misunderstood a discussion he had with his clients; and had “understood that their citizenship status had been finalized.
So on the second offer, the REALTOR® changed a section stating the buyers were citizens/permanent residents of Canada. The buyers signed the new contract without noticing it.
About six months after they purchased the home, the buyers received a notice of assessment from the B.C. government in the amount of $172,400 for the unpaid Foreign Buyers’ Tax owing on the purchase.
The couple later secured permanent residence status in Canada, but because they were not permanent residents at the time of purchase, the tax still applied.
The court ruled the REALTOR® did not have a duty to provide advice as to whether the tax applied to them; he had a “clear duty to inform the plaintiffs of the existence of the tax.”
“I find that any reasonable realtor would understand that the risk, or the requirement, of paying an extra 20% for a family home would be an extremely important piece of information for prospective purchasers,” Justice Ross said.
“It is reasonable to assume that the prospect of paying an extra 20% for a residence would prevent most, if not all, purchasers from proceeding with their search for a home. That is especially true if the purchasers planned to obtain permanent resident status in the near future.”
The court ruled the REALTOR® was responsible for 75 per cent of the loss suffered by the buyers – $182,813 with accumulated interest – but he also found the lawyer was responsible for 20 per cent.
“I find that the lawyer, having been introduced to the plaintiffs and having welcomed them to Canada, should have inquired about their residency status.”
But the buyers shared some of the blame, five per cent’s worth to be exact.
CAVEAT EMPTOR – BUYER BEWARE
In this quick moving market, where listing agents give so little time, unfairly, for buyers to do due diligence on a property, do yourself the favor they won’t. It’s a rush, it’s hectic, but take time to read your offer fully. Ask the questions, comment when you see something wrong. It might just be the difference between 10 minutes spent on redoing some paperwork, or years chasing down another party through court.
Tags: #purrfectproperties, B.C. Additional Property Transfer Tax, B.C. Foreign Buyers Tax, Capital Gains tax BC, Capital Gains Tax Canada, Capital Gains Taxes of G7 countries, Delta Realtor, Fraser Valley Real Estate Agent, Fraser Valley Realtor, FVREB, G7 countries and foreign ownership, jeanine osborne realtor, Langley Realtor, Local Real Estate, Local Realtor, Lower Mainland Real Estate Agent, Lower Mainland Realtor, Pet Friendly Homes For Sale, Pet-Friendly Homes, Pet-friendly Realtor, Real Estate Advice in B.C., Real Estate Agent Abbotsford, Real Estate Agent Delta, Real Estate Agent Langley, Real Estate Agent Langley City, Real Estate Agent Langley Township, Real Estate Agent Mission, Real Estate Agent South Surrey, Real Estate Agent Surrey, Real Estate Agent White Rock, South Surrey Realtor, Typical Home Purchase costs in B.C., When the B.C. Foreign Buyers Tax Goes Wrong, White Rock Realtor
Posted in B.C. Real Estate News, Canadian Real Estate Market, Homebuyer Guide Book, Jeanine Osborne REALTOR, Just Listed Lower Mainland Real Estate, Lower Mainland Communities, Lower Mainland Real Estate Resource, Pets and Real Estate, Real Estate and Property Trends, Real Estate News, South Surrey & White Rock Realtor | Comments Off on When the B.C. Foreign Buyers Tax Goes Wrong
Tuesday, February 8th, 2022
Thanks for visiting my website and Welcome to Canada Newcomers! This blog, will talk about what you’ll need in order to buy a home when New to Canada.
I’m sure you already know to contact a REALTOR® to view homes and get information about properties and real estate sales. Finding the right home can be simple, but the sales policies in our area make the purchase much harder than it needs to be. I can guide you in these instances, but you will need to do some heavy lifting on getting your finances in order for a pre-approval with a lender.
How to Buy a Home When You Are New to Canada
HOME BUYER 1: YOU HAVE 35% DOWN-PAYMENT READY TO GO
With a 35% down-payment, the transaction is considered less risky to the lender. Due to this reasoning, you do not need to purchase mortgage insurance and the qualifying criteria is less difficult. To qualify:
-You have Landed Immigrant Status confirmed through your Permanent Resident Status Card (PRC).
-You are a Landed Immigrant for no more than 60 months.
-You don’t own more than one other property in Canada.
-You have been employed full time in Canada for a minimum of 3 months.
-In addition to 35% down-payment, you can provide evidence of a years worth of mortgage & tax payments in liquid savings.
–Gifted down-payments are limited to immediate family members.
-The property must qualify under 65% Loan-to-Value. (explained more on my mortgage process page)
Loan to Value Ratio in Canada – Purrfect-Properties.com
HOME BUYER 2: YOU HAVE LESS THAN 20% DOWN-PAYMENT
With less than 20% down-payment the transaction requires mortgage insurance. This is the same with all mortgages, whether you are New to Canada or not.
-For folks who do not have Canadian Credit Bureau History.
-You have Landed Immigrant Status confirmed through your Permanent Resident Status Card (PRC).
-You have immigrated/relocated to Canada within the last 60 months
-You have been employed full time in Canada for a minimum of 3 months.
-You can provide evidence of a years worth of paid rent in Canada as well as 2 months of other bills or payments.
A few small items…
All down-payments must be verified.
• 95% LTV: Down-payment must come from your own resources.
• Less than 95% LTV: Down-payment can come from a corporate relocation subsidy or be gifted by an immediate family member.
Tags: #purrfectproperties, Delta Realtor, Fraser Valley Real Estate Agent, Fraser Valley Realtor, FVREB, How to Buy a Home When You Are New to Canada, jeanine osborne realtor, Landed Immigrant Status confirmed through your Permanent Resident Status Card (PRC), Langley Realtor, Local Real Estate, Local Realtor, Lower Mainland Real Estate Agent, Lower Mainland Realtor, New to Canada home buyer program, New to Canada Home Buying Program, Pet Friendly Homes For Sale, Pet-Friendly Homes, Pet-friendly Realtor, Real Estate Advice in B.C., Real Estate Agent Abbotsford, Real Estate Agent Delta, Real Estate Agent Langley, Real Estate Agent Langley City, Real Estate Agent Langley Township, Real Estate Agent Mission, Real Estate Agent South Surrey, Real Estate Agent Surrey, Real Estate Agent White Rock, South Surrey Realtor, White Rock Realtor
Posted in B.C. Real Estate News, Canadian Real Estate Market, Homebuyer Guide Book, Jeanine Osborne REALTOR, Just Listed Lower Mainland Real Estate, Lighthouse Realty Ltd., Lower Mainland Communities, Lower Mainland Real Estate Resource, Purrfect Properties - Jeanine Osborne, Real Estate and Property Trends, South Surrey & White Rock Realtor | Comments Off on How to Buy a Home When You Are New to Canada
Friday, January 28th, 2022
A Quick Guide to Leaky Condos
WHERE IS THE LEAKY CONDO PROBLEM?
The term “leaky condo” is common in Vancouver. It refers to many condo buildings built between 1982 – 2006. Keep in mind that leaky condos can be anywhere and any age. Even though a condo looks solid it could be a rotten mess in hidden places.
Before you purchase a condo, make sure you read this blog post to help you identify what a leaky condo is and how to prevent yourself from purchasing one.
WHAT CAUSES THE LEAKY CONDO?
It came about due to a construction boom that was occurring at that time. Designers from other parts of the world, namely California, were brought to the lower mainland to help keep up with the demand for buildings. These designers were not accustomed to the heavy levels of rain in the lower mainland, so all of the structural designs were based on an average rainfall of around 400 millimeters versus the rainfall that we typically see of closer to 1500 millimeters. Moisture would remain in the wall cavity and cause rot, mould, and other structural issues over time.
WHAT IS A TYPICAL LEAKY CONDO?
These leaky condos are typically wood-frame, low rise buildings (less than four stories) that are predominantly stucco clad buildings. The leaky condos are typically built in 1981/1982 – up until 1988. The code was changed in 1996 for Vancouver and 2006 for coastal areas. Homes built after the year 1998-2000 are generally fine but there are still many condos out there that were never properly fixed with Rainscreen.
WHAT’S RAINSCREEN?
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Tags: #purrfectproperties, A Quick Guide to Leaky Condos, Delta Realtor, Easy Guide to Leaky Condos, Fraser Valley Real Estate Agent, Fraser Valley Realtor, FVREB, Helpful Guide to Leaky Condos, jeanine osborne realtor, Langley Realtor, Local Real Estate, Local Realtor, Lower Mainland Real Estate Agent, Lower Mainland Realtor, Pet Friendly Homes For Sale, Pet-Friendly Homes, Pet-friendly Realtor, Real Estate Advice in B.C., Real Estate Agent Abbotsford, Real Estate Agent Delta, Real Estate Agent Langley, Real Estate Agent Langley City, Real Estate Agent Langley Township, Real Estate Agent Mission, Real Estate Agent South Surrey, Real Estate Agent Surrey, Real Estate Agent White Rock, South Surrey Realtor, White Rock Realtor
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Wednesday, January 26th, 2022
The Smith Manoeuvre for Canadian Home Owners
WHAT IS THE SMITH MANOEUVER?
Fraser Smith, a financial planner based in Vancouver Island, Canada, developed the Smith Manoeuver in the 1970’s and popularized it in a book by the same name, in 2002. Smith sees it as debt conversion strategy, instead of a leverage tactic. It can potentially lead to tax refunds, faster mortgage repayment, and a larger retirement portfolio. For over 40 years, Canadians have deducted mortgage interest AND received tax-free capital gains.
HOW DOES THE SMITH MANOEUVRE WORK?
Interest paid on a mortgage is not tax-deductible in Canada. Interest paid on loans for investments is tax-deductible. (It’s important to note that this does not extend to loans taken for investments made in registered plans, such as registered retirement savings plans (RRSPs), and other tax-free accounts, because they are already tax-advantaged.)
For the Smith Maneuver, a borrower needs to obtain a readvanceable mortgage. This is different than a conventional mortgage. A readvanceable mortgage consists of a mortgage and a line of credit–called a HELOC (home equity line of credit) bundled together. A HELOC allows you to borrow up to a certain percentage of the value of your home.
When the borrower pays their mortgage payment, the total amount of the principal that is repaid in that month is simultaneously borrowed again under the line of credit. The net debt for this borrower remains the same because, because for every dollar of the principal that is repaid to the lender, another dollar is borrowed under the line of credit.
In the end, if done properly a homeowner should be left with:
*
No mortgage. It should be paid off.
*
An investment loan with tax deductible interest. This is the HELOC debt you borrowed, which should be the size of the original mortgage.
HOW IS THE SMITH MANOEUVRE DONE?
1.
Obtain a readvanceable mortgage loan. The bank regulator formally calls these Combined Mortgage-HELOC Loan Plans (CLP). These are mortgages that make the principal payment immediately available as mortgage credit.
2.
Make regular mortgage payments. The payments you make are then available as credit on your HELOC.
3.
Use HELOC credit to invest. Every payment made on the mortgage is withdrawn from the HELOC, and used to buy income-earning, eligible investments.
4.
Deduct the HELOC interest. The interest paid on the HELOC is now considered a tax deductible loan since it’s used to generate income. You then get a portion back on your tax return.
5.
Use the tax return to pay down your mortgage. A little extra acceleration to build your portfolio faster.
6.
Repeat steps 2 to 5 until the mortgage is paid off. Once the mortgage is paid off, you either start paying off your HELOC or repeat the process. At a certain point the write offs are no longer worth the interest, so you should run the numbers.
OF COURSE THERE’S RISKS.
When you’re discussing a leveraged position, you should understand the risks. Two obvious ones are a major decline in home prices or investments, which can amplify your shock.
Tags: #purrfectproperties, Delta Realtor, Fraser Valley Real Estate Agent, Fraser Valley Realtor, FVREB, heloc, jeanine osborne realtor, Langley Realtor, Local Real Estate, Local Realtor, Lower Mainland Real Estate Agent, Lower Mainland Realtor, Pet Friendly Homes For Sale, Pet-Friendly Homes, Pet-friendly Realtor, Real Estate Advice in B.C., Real Estate Agent Abbotsford, Real Estate Agent Delta, Real Estate Agent Langley, Real Estate Agent Langley City, Real Estate Agent Langley Township, Real Estate Agent Mission, Real Estate Agent South Surrey, Real Estate Agent Surrey, Real Estate Agent White Rock, South Surrey Realtor, The Smith Manoeuver for Canadian Home Owners, What is a readvanceable mortgage?, White Rock Realtor
Posted in B.C. Real Estate News, Canadian Real Estate Market, Homebuyer Guide Book, Jeanine Osborne REALTOR, Lighthouse Realty Ltd., Lower Mainland Communities, Lower Mainland Real Estate Resource, Purrfect Properties - Jeanine Osborne, PurrfectProperties, Real Estate and Property Trends | Comments Off on The Smith Manoeuver for Canadian Home Owners
Thursday, January 20th, 2022
Whether you’re looking to buy or sell real estate, preparation is key. By utilizing market data and statistics, with the help of your REALTOR®, you can identify the best opportunities that are available to you when you make your move.
Fraser Valley Real Estate Update for January 2022
LOWER MAINLAND REAL ESTATE SPECIFIC MARKETS
SOUTH SURREY WHITE ROCK REAL ESTATE MARKET
VIEW HOMES FOR SALE IN SOUTH SURREY WHITE ROCK
White Rock South Surrey Real Estate Market January 2022
NORTH SURREY REAL ESTATE MARKET
VIEW HOMES FOR SALE IN SURREY
North Surrey Real Estate Market Update January 2022
CENTRAL SURREY REAL ESTATE MARKET
Central Surrey Real Estate Market Update January 2022
CLOVERDALE REAL ESTATE MARKET
Cloverdale Real Estate Market Update January 2022
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Tags: #purrfectproperties, Abbotsford Real Estate Market January 2022, Cloverdale Real Estate Market 2022, Fraser Valley Housing Market Statistics for January 2022, Fraser Valley Real Estate Reports, Fraser Valley Real Estate Update for January 2022, January 2022 – Delta Real Estate Market Update, January 2022 – Fraser Valley Real Estate Market Update, January 2022 Real Estate Market, January 2022 Real Estate Market Lower Mainland, January 2022 Real Estate Reports, jeanine osborne realtor, Langley Real Estate Market January 2022, Maple Ridge Real Estate Market January 2022, Real Estate Market Fraser Valley, South Surrey Real Estate Market January 2022, South Surrey White Rock Real Estate Market January 2022, West Vancouver Real Estate Market Update January 2022, White Rock Real Estate Market January 2022, Winter 2022, Winter 2022 Real Estate Market, Winter 2022 Real Estate Market BC
Posted in B.C. Real Estate News, Canadian Real Estate Market, Homebuyer Guide Book, Homeseller Guide Book, Lower Mainland Communities, Lower Mainland Real Estate Resource, Purrfect Properties - Jeanine Osborne, PurrfectProperties, Real Estate and Property Trends, Real Estate News | Comments Off on Fraser Valley Real Estate Update for January 2022
Thursday, January 20th, 2022
Tags: B.C. Real Estate News for January 2022, January 2022 B.C. Real Estate Market, January 2022 B.C. Real Estate News, January 2022 British Columbia News and trends, January 2022 Fraser Valley Real Estate News, January 2022 Lower Mainland Real Estate News, January 2022 Metro Vancouver Real Estate News, January 2022 Okanagan Real Estate News and Trends, January 2022 Vancouver Real Estate News, January 2022 Victoria and Vancouver Island Real Estate News and trends, January 2022 Whistler and Squamish Real Estate News and Trends, Let’s take a review of the Real Estate news across B.C. in January of 2022.
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Tuesday, January 18th, 2022
As we’re still spending much more time at home due to the pandemic, many of us are trying to reorganize our space to suit our needs. And now Christmas has passed, it’s an ideal time to get your house back in order – once the tree and decorations are down, of course. Here’s 3 resolutions to get your home working perfectly.
Resolutions for your home in 2022.
Clear out the kitchen cupboards
Re-stock all your staples – flour, sugar, condiments and tinned goods – but as you do so clear out all the items you know you aren’t going to use until next Christmas. The New Year is not the time to be hoarding half-opened jars of cranberry sauce or mincemeat so use it up now or lose it. If there are food items or other non-perishables that are still in date and you no longer use, donate them at your local food bank or collection point.
Get Recycling Regimented
Make this the year when you really get to grips with recycling. Place bins and bags in a spot where they are easily reached, and if collection facilities are not readily available, try your local recycling centre.
You can separate your household waste with ease by investing in clearly labelled recycling bags or a nifty recycling unit.
Make Cleaning Easy on Yourself
It’s easier to clean the bathroom, for instance, if cleaning materials are to hand, so keep a basic kit in every part of the home: bathroom, kitchen, nursery. This will also save you time and effort and make an ongoing domestic routine much less of an overbearing burden.
READ MORE AT housebeautiful.com
Tags: #purrfectproperties, 10 New Year's resolutions for your home in 2022, Delta Realtor, Fraser Valley Real Estate Agent, Fraser Valley Realtor, FVREB, jeanine osborne realtor, Langley Realtor, Local Real Estate, Local Realtor, Lower Mainland Real Estate Agent, Lower Mainland Realtor, Pet Friendly Homes For Sale, Pet-Friendly Homes, Pet-friendly Realtor, Real Estate Advice in B.C., Real Estate Agent Abbotsford, Real Estate Agent Delta, Real Estate Agent Langley, Real Estate Agent Langley City, Real Estate Agent Langley Township, Real Estate Agent Mission, Real Estate Agent South Surrey, Real Estate Agent Surrey, Real Estate Agent White Rock, South Surrey Realtor, White Rock Realtor
Posted in B.C. Real Estate News, Lower Mainland Real Estate Resource, Purrfect Properties - Jeanine Osborne, PurrfectProperties, Real Estate and Property Trends, South Surrey & White Rock Realtor | Comments Off on 3 New Year’s resolutions for your home in 2022
Tuesday, January 18th, 2022
BC Property Assessments Are In!
About BC Assessment
BC Assessment produces independent, uniform and efficient property assessments on an annual basis for all property owners in the province.
British Columbia Real Estate Market Trends
Market Trends – BC Assessment
Check out our interactive maps to access local market trends for various communities, average market movement for different property classes, and the top 500 valued residential properties.
Significant Assessment Increases Due to the Pandemic
You know it’s becoming a pricey world when a home valued at $27 million doesn’t crack the top 25 most expensive places in B.C.
In a press release, BC Assessment said over the next few days, owners of more than 1,076,600 properties throughout the Lower Mainland can expect to receive their 2022 assessment notices.
BC Assessment says the notices reflect market value as of July 1, 2021.
“British Columbia’s real estate market remains resilient and that means most property owners can expect higher assessment values for 2022,” said deputy assessor Bryan Murao.
“The widely reported heightened demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province including 10 to 30 percent increases throughout the Lower Mainland.”
Local Valuation Increases
According to BC Assessment, below are the average typical increases:
SINGLE FAMILY DETACHED HOME
Vancouver: 16 per cent increase
Burnaby: 19 per cent increase
New Westminster: 24 per cent increase
Coquitlam: 26 per cent increase
Port Coquitlam: 31 per cent increase
North Vancouver: 22 per cent increase
West Vancouver: 21 per cent increase
Whistler: 29 per cent increase
Richmond: 21 per cent increase
Surrey: 34 per cent increase
White Rock: 27 per cent increase
Delta: 33 per cent increase
Maple Ridge: 37 per cent increase
Abbotsford: 38 per cent increase
City of Langley: 39 per cent increase
Chilliwack: 40 per cent increase
CONDOS/TOWNHOMES
Vancouver: seven per cent increase
Burnaby: 10 per cent increase
New Westminster: nine per cent increase
Coquitlam: 12 per cent increase
Port Coquitlam: 14 per cent increase
North Vancouver: 10 per cent increase
West Vancouver: 15 per cent increase
Whistler: 24 per cent increase
Richmond: 11 per cent increase
Surrey: 18 per cent increase
White Rock: 17 per cent increase
Delta: 13 per cent increase
Maple Ridge: 23 per cent increase
Abbotsford: 21 per cent increase
City of Langley: 39 per cent increase
Chilliwack: 40 per cent increase
Get Expert Help
Talk with Jeanine Osborne, REALTOR® about selling or buying a home in the lower mainland.
Tags: #purrfectproperties, B.C. Assessment's are live, check your property now., Delta Realtor, Fraser Valley Real Estate Agent, Fraser Valley Realtor, FVREB, Have you seen your B.C. Property Assessment yet?, jeanine osborne realtor, Langley Realtor, Local Real Estate, Local Realtor, Lower Mainland Real Estate Agent, Lower Mainland Realtor, Pet Friendly Homes For Sale, Pet-Friendly Homes, Pet-friendly Realtor, Real Estate Advice in B.C., Real Estate Agent Abbotsford, Real Estate Agent Delta, Real Estate Agent Langley, Real Estate Agent Langley City, Real Estate Agent Langley Township, Real Estate Agent Mission, Real Estate Agent South Surrey, Real Estate Agent Surrey, Real Estate Agent White Rock, South Surrey Realtor, White Rock Realtor
Posted in B.C. Real Estate News, Homeseller Guide Book, Lower Mainland Communities, Lower Mainland Real Estate Resource, Real Estate and Property Trends, Real Estate News, South Surrey & White Rock Realtor | Comments Off on B.C. Assessment’s are live, check your property now.
Friday, January 7th, 2022
Reports are calling for the Federal Government to implement a Housing Equity Tax on homes valued over $1 Million to help stall rising home prices. It is estimated that about 21% of homes in British Columbia are valued over $1 Million. Let’s take a closer look:
Housing Equity Tax – Metro Vancouver
CMHC Funded and Backed
The proposal starts at 0.2 per cent of a home’s value over $1 million annually and peaking at one per cent for higher-priced homes.
Owners with homes valued between $1 million and $1.5 million would pay 0.2 per cent. The next bracket, up to $2 million, would pay 0.5 per cent. Anything over $2 million owes one per cent.
“If you own a home valued at more than a million bucks, you may be surprised to learn that you live in the 10 per cent most valuable real estate in Canada,” said Paul Kershaw, UBC professor and founder of Generation Squeeze.
“You may be especially surprised, if your ‘million dollar home’ isn’t the mansion that some people might imagine goes along with this price tag.”
A $1.2 million home would owe $400 a year and a $1.5 million home would pay $1,000 a year. Payment can be deferred until you sell your home, with interest.
Response from the Canadian Government
CMHC, which funded the study, pointed out neither it nor Ottawa are required to adopt the proposals in the report. Both the Liberals and Conservatives rejected the idea of an equity tax in the last election.
The provincial budget is due Tuesday, Feb. 22, and it’s unclear whether it could include more measures to help address affordability.
The Finance Ministry’s statement said there is “more to come.”
“We will keep working with municipalities to streamline development processes and get homes built faster, and will be introducing a new cooling off period this spring and looking at other potential measures to ensure prospective buyers are protected in a volatile market,” it said.
Tags: #purrfectproperties, Delta Realtor, Fraser Valley Real Estate Agent, Fraser Valley Realtor, FVREB, Housing Equity Tax, Housing Equity Tax on homes in canada, Housing Equity Tax on homes valued over $1 Million to help stall rising home prices., Housing Inequity Tax - Canada, jeanine osborne realtor, Langley Realtor, Local Real Estate, Local Realtor, Lower Mainland Real Estate Agent, Lower Mainland Realtor, Pet Friendly Homes For Sale, Pet-Friendly Homes, Pet-friendly Realtor, Real Estate Advice in B.C., Real Estate Agent Abbotsford, Real Estate Agent Delta, Real Estate Agent Langley, Real Estate Agent Langley City, Real Estate Agent Langley Township, Real Estate Agent Mission, Real Estate Agent South Surrey, Real Estate Agent Surrey, Real Estate Agent White Rock, South Surrey Realtor, White Rock Realtor
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