Real Estate Advisor with Engel & Völkers Vancouver, Canada

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March 2018 Housing Market Update Real Estate Board of Greater Vancouver


Latest Market Housing Market Update Real Estate Board of Greater Vancouver

march 2018 housing market update real estate board of greater vancouver



New Listing 6602 Delwood Court, Burnaby, BC


R2254759 - 6602 Delwood Court, Burnaby, BC, CANADAView my new listing for sale at 6602 Delwood Court, Burnaby and currently listed at $1,699,000.

Prime cul-de-sac location neighbouring Sumas Park. Walking distance to schools, shops, recreation, transit & more. This 4 bedroom split level home with 2 kitchen levels on each level is perfect for investors or a large family. 6 year old roof, well maintained, beautiful sun room, plus deck and lovely outdoor space. This property is ideal for investors wanting to generate a long term income, or for a family looking for a home on a quiet family orientated cul-de-sac near to many amenities and transit. A few blocks to the sky train, and walking distance to many amenities. Fabulous location!

Fewer home sales and listings in the first quarter of 2018


newsflash red a

Home buyers and sellers were less active in Metro Vancouver throughout the first quarter of 2018.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,517 in March 2018, a 29.7 per cent decrease from the 3,579 sales recorded in March 2017, and a 14 per cent increase compared to February 2018 when 2,207 homes sold.

Last month’s sales were 23 per cent below the 10-year March sales average.

There were 6,542 home sales on the Multiple Listing Service® (MLS®) in Metro Vancouver during the first quarter of 2018, a 13.1 per cent decrease from the 7,527 sales over the same period last year. This represents the region’s lowest first-quarter sales total since 2013.

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” Phil Moore, REBGV president said. “High prices, new tax announcements, rising interest rates, and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

There were 4,450 detached, attached and apartment properties newly listed for sale in Metro Vancouver in March 2018. This represents a 6.6 per cent decrease compared to the 4,762 homes listed in March 2017 and a 5.4 per cent increase compared to February 2018 when 4,223 homes were listed.

There were 12,469 homes listed for sale in Metro Vancouver during the first quarter of 2018, a 0.8 per cent decrease from the 12,568 sales over the same period last year. This represents the region’s lowest first-quarter new listings total since 2013.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,380, a 10.5 per cent increase compared to March 2017 (7,586) and a 7.1 per cent increase compared to February 2018 (7,822).

“Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low,” Moore said. “Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms.”

For all property types, the sales-to-active listings ratio for March 2018 is 30 per cent. By property type, the ratio is 14.2 per cent for detached homes, 39.9 per cent for townhomes, and 61.6 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,084,000. This represents a 16.1 per cent increase over March 2017 and a 1.1 per cent increase compared to February 2018.

Sales of detached properties in March 2018 reached 722, a decrease of 37 per cent from the 1,150 detached sales recorded in March 2017. The benchmark price for detached properties is $1,608,500. This represents a 7.4 per cent increase from March 2017 and a 0.4 per cent increase compared to February 2018.

Sales of apartment properties reached 1,349 in March 2018, a decrease of 26.7 per cent compared to the 1,841 sales in March 2017. The benchmark price of an apartment property is $693,500. This represents a 26.2 per cent increase from March 2017 and a 1.6 per cent increase compared to February 2018.

Attached property sales in March 2018 totalled 446, a decrease of 24.1 per cent compared to the 588 sales in March 2017. The benchmark price of an attached unit is $835,300. This represents a 17.7 per cent increase from March 2017 and a two per cent increase compared to February 2018.

Click here to download the full package.



New Online GG Magazine Mar-May 2018 Available


gg magazine 03-0518

christian volkers Time and again, spectacular works of art fetch record prices. A recent example of this is the painting “Salvator Mundi” by Leonardo da Vinci that was sold at auction for $ 450 million. Particularly in the art world, it is primarily factors like the significance of a work of art, or artist, that determine their appeal and influence the value of such objects. Similar principles apply to exceptional pieces of real estate, which not infrequently change owners for collector’s prices. I am proud of the fact that our portfolio comprises very special, art-related properties. Some of these exhibit artistic elements, others are themselves works of art thanks to their architectural style.  An example of this is the Haus Zuckerkandl villa in Jena that was designed and built by Bauhaus founder Walter Gropius in 1928. It is not only the building itself, which has been preserved, but also some of its original fittings and furniture. Another special piece of real estate is the 14th century Het Steen chateau in Belgium. Among its owners was the famous painter Peter Paul Rubens, who refurbished the estate in the Flemish renaissance style and immortalized the chateau in several of his paintings. In Tyrol, on the other hand, there is a medieval castle for sale whose ceiling frescoes were painted by Baroque-era artist Stephan Kessler.


Preeminent architects also create buildings of major importance today. Some of these masterpieces stand out because they feature an interplay of light and geometric shapes. Richard  Meier is regarded as the ultimate light expert. His architectural style is characterized by combining the color white and wide window frontages to create brightness and transparency. Among his most important works are the Museu d’Art Contemporani de Barcelona and the High Museum of Art in Atlanta. I am particularly delighted that we have been able to sign up Richard Meier as an architect for a new building project that we are currently developing in Hamburg’s HafenCity, which will comprise, among other things, our new Engel & Völkers corporate headquarters as well as a 15-floor residential tower with exclusive condominiums. No matter whether you prefer modern or historical architecture, on the following pages you will – as always – find a selection of the world’s most stunning real estate.


Sincerely,
 
Christian Völkers



February 2018 Housing Market Update - Real Estate Board of Greater Vancouver


REBGV President Jill Oudil provides a summary of February 2018 housing market statistics.



Recently Sold Listing 4785 Wesley Drive, Delta, BC


R2241836 - 4785 Wesley Drive, Delta, BC, CANADAI have just recently sold this listing at 4785 Wesley Drive, Delta.

Empty Homes Tax property status declarations


To address Vancouver’s housing crisis, we have implemented an annual tax on empty or under-utilized residential properties called the Empty Homes Tax.
Every owner of residential property in Vancouver is required to submit a property status declaration each year to determine if their property is subject to the tax.

Properties deemed empty will be subject to a tax of 1% of the property’s assessed taxable value. 

Most homes will not be subject to the tax, as it does not apply to principal residences or homes rented for at least six months of the year; however all homeowners are required to submit a declaration.

Net revenues from the Empty Homes Tax will be reinvested into affordable housing initiatives.

The Empty Homes Tax is also known as the Vacancy Tax and is imposed under the Vacancy Tax Bylaw No. 11674.

Submit your declaration

As 2017 was the first year the Empty Homes Tax was in effect, we have granted an extra month for you to complete your declaration.

Declare by: March 5, 2018

How to declare

Will your home be taxed

Determine if your property will be subject to the Empty Homes Tax (Vacancy Tax). View exemptions and possible scenarios that may apply.

Enforcement and penalties

Learn how the Empty Homes Tax (Vacancy Tax) will be enforced, submit a Notice of Complaint, and pay and dispute a bylaw notice.

Frequently asked questions

View a list of questions, answers, and definitions about the Empty Homes Tax (Vacancy Tax).

Why an Empty Homes Tax

Find out more about the Empty Homes Tax (Vacancy Tax), including why the tax was introduced, reference documents, and more.

Declare property status

Submit your Empty Homes Tax (Vacancy Tax) property status declaration by the March 5, 2018, extended deadline.

Paying your taxes

Pay your property tax and Empty Homes Tax (Vacancy Tax). Learn more about ways to pay, deadlines, and penalties.

 

Published and information provided by City of Vancouver. Click Here for more...



2018 Canada Real Estate Market Outlook


2018 canada real estate market outlook
These are remarkable times. Canadian commercial real estate continues to set records, assert itself on the world stage and build momentum despite an extended, nine-year bull run and technological innovations that are shaping our physical and digital existence. This is the backdrop for CBRE’s 2018 Market Outlook; a year in which context might be as important as the facts and figures upon which forecasts are built.

The 2018 outlook for Canadian commercial property suggests that the market has the potential to defy traditional market cycles. The institutionalization of real estate, the diversification of the economy and changing technology have altered the rules of the game. Traditional market analysis would generally cast doubt on the chances of consecutive, all-time record investment volumes. However, in this new paradigm, Canada has the potential to achieve this feat for a remarkable third consecutive year.



B.C Areas for the Additional Property Transfer Tax


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BC budget includes new real estate taxes and spending commitments

Housing was the dominant issue in today’s provincial budget.

The government released a 30-point housing strategy aimed at reducing housing demand, curbing tax fraud, building affordable housing, and increasing security for renters. 

New tax measures include increasing property taxes and property transfer taxes on residential properties valued above $3 million, expanding the foreign buyer tax, and implementing a housing speculation tax.

“We welcome the provincial government’s commitment to address money laundering concerns and increase the supply of affordable, social, and rental housing in our province,” Jill Oudil, Board president said. “We’re concerned, however, about the series of tax measures announced today. The budget introduces new taxes, hints at future taxes, and hikes existing taxes on housing. Taxes don’t make homes more affordable.”

Below is a summary of the key real estate measures announced today. There’s considerable information to go through. We’re analyzing each item to understand the implications to you and your clients and will report back with more information and analysis in future communications.

Affordable housing

  • The province is investing $6 billion in affordable housing to create 114,000 homes over the next 10 years.
  • The province will enhance local government capacity to build and retain affordable housing.
  • The province will require developers to collect and report comprehensive information about the assignment of pre-sale condo purchases.
  • The province intends to track beneficial ownership information.
  • The province will collect additional information to increase transparency and strengthen enforcement in real estate.

Tax measures

Speculation tax

  • The province will implement a new speculation tax on residential properties, targeting foreign and domestic homeowners who don’t pay income tax in BC. This includes those who leave homes vacant.
  • The tax will apply to the Metro Vancouver, Fraser Valley, Capital, and Nanaimo Regional districts and in the municipalities of Kelowna and West Kelowna.
  • In 2018, the tax rate will be $5 per $1,000 of assessed value. In 2019, the tax rate will rise to $20 per $1,000 of assessed value.
  • The province will administer the tax and will collect data to enforce it including, social insurance numbers, household information, and world-wide income information.

Foreign buyer tax

  • Effective Feb. 21, 2018, the foreign buyer tax will increase to 20 per cent from 15 per cent and will be extended to the Fraser Valley, Capital, Nanaimo, and Central Okanagan Regional Districts.
  • If the property is located in the Capital Regional District, Fraser Valley Regional District, Regional District of Central Okanagan, or Nanaimo Regional District, and the property transfer is registered on or after February 21, 2018, there are transitional rules available here.

Property Transfer Tax

Effective Feb. 21, 2018, the Property Transfer Tax on residential properties above $3 million will increase to five per cent from three per cent.

Provincial School Tax

Beginning in 2019, the provincial school tax will increase on most residential properties in excess of $3 million.

Database on pre-sale condo assignments

The province will require developers to collect and report comprehensive information about the assignment of pre-sale condo purchases. The information will be reported to a designated government office and shared with federal and provincial tax authorities to ensure taxes are paid.

Online accommodation PST and MRDT

Online accommodation platforms are enabled to collect and remit the Provincial Sales Tax and Municipal and Regional District Tax (Hotel Room Tax).

Property tax treatment for ALR land

As part of the Agricultural Land Reserve (ALR) review, the province is examining residential land in the ALR to ensure land is used for farming.

Clarity of property ownership

Compelling access to MLS®

The province plans to enable tax administrators to compel access to information relevant to property transfers, such as information held in a MLS® database. (We’re asking government for clarification.)

Beneficial land ownership registry

The province will require additional information about beneficial ownership on the PTT form.

Administered by the LTSA, the information will be publicly available and shared with federal and provincial tax and law enforcement authorities. Legislation will be introduced to require BC corporations to hold accurate and up to date information on beneficial owners in their own record offices available to law enforcement, tax and other authorities.

Task force on money laundering and tax evasion

The province will work with the federal government to formalize a multi-agency working group on tax evasion, money laundering and housing.

Residential Tenancy Branch

Increased funding to the Residential Tenancy Branch to reduce wait time, improve service and deal with disputes more quickly, as well as strengthening the Residential Tenancy Act and the penalties for those who repeatedly break the law.

Read the Homes for BC 30-point plan for housing affordability

Read the Budget press release

Read the Fiscal Plan (opens a 157-page pdf)

Read the Budget 2018 Speech



New Listing 4785 Wesley Drive, Delta, BC


R2241836 - 4785 Wesley Drive, Delta, BC, CANADAView my new listing for sale SOLD at 4785 Wesley Drive, Delta and currently listed at $1,268,000.SOLD

Simplicity & elegance highlight this beautiful mid-century rancher located on a lovely corner lot of the prestigious 'Village' neighborhood, located in English Bluff, Tsawwassen. Welcomed by an expansive breezeway that incorporates the immediate elements of indoor/outdoor living in all areas of the home, this California style rancher resonates with our very own, sunny Tsawwassen and West Coast lifestyle. Bright, edgy, and move in ready, this home offers modern living in an easy, comfortable layout. The home has attributes featuring expanses of glass that deliver beautiful natural lighting throughout, offering a playful side not often seen in conventional ranchers. The very large den/multi-purpose room offers its own entrance. The property is located near the 1.2 million square feet retail space of the grand shopping mall, Tsawwassen Mills. The property is a short drive to Tsawwassen Springs golfing playground with the coveted Pat Quinn restaurant and Woods Coffee, as well as the Beach Grove Golf Club. Within this beautiful community, the reputable Southpointe Academy is private education for children attending school from K-12, or 2 nearby public schools are a variety of choices for families looking to move here. Delta Hockey Academy is also a great attraction for families wanting their hockey players to attend one of the most elite academies in the Lower Mainland. The property is surrounded by nearby parks, beaches, and less than a 10-minute drive to the BC Ferry terminal. Useful links for the area: https://southpointe.ca/ https://www.beachgrovegolf.com/ https://www.tsawwassensprings.ca/ http://deltahockeyacademy.com/ https://www.tsawwassenmills.com/en/ https://www.bcferries.com/ https://www.patquinns.com/ http://www.metrovancouver.org/services/parks/parks-greenways-reserves/boundary-bay-regional-park http://www.delta.ca/parks-recreation/parks-trails/list-of-parks/lists/all-parks/diefenbaker-park

See the Pixilink 360° Virtual Tour for this listing

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