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October sales exceed historical average

Metro Vancouver home sales exceeded typical historical levels in October with the majority concentrated in the townhouse and apartment markets.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 3,022 in October 2017, a 35.3 per cent increase from the 2,233 sales recorded in October 2016, and an increase of 7.1 per cent compared to September 2017 when 2,821 homes sold.

Last month’s sales were 15 per cent above the 10-year October sales average.

“Conditions continue to vary significantly based on property type. The detached home market is well supplied with homes for sale, which is relieving pressure on prices,” Jill Oudil, REBGV president said. “It remains a much different story in the townhouse and apartment markets. Buyers of these properties continue to have limited supply to choose from and are seeing upward pressure on prices.”

There were 4,539 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2017. This represents a 14 per cent increase compared to the 3,981 homes listed in October 2016 and a 15.6 per cent decrease compared to September 2017 when 5,375 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 9,137, a 0.1 per cent decrease compared to October 2016 (9,143) and a 3.5 per cent decrease compared to September 2017 (9,466).

For all property types, the sales-to-active listings ratio for October 2017 is 33.1 per cent. By property type, the ratio is 16.8 per cent for detached homes, 44.8 per cent for townhomes, and 66 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 growth in our provincial economy and job market is contributing to today’s demand,” Oudil said. “The federal government’s announcement of plans to tighten mortgage requirements for the seventh time in the last eight years also helped spur activity in the short term. Many buyers are trying to enter the market before the changes are in place.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,300. This represents a 12.4 per cent increase over October 2016 and a 0.5 per cent increase compared to September 2017.

Sales of detached properties in October 2017 reached 940, a 44.2 per cent increase from the 652 detached sales recorded in October 2016 and a 34.6 per cent decrease from the 1,437 sales in October 2015. The benchmark price for detached properties is $1,609,600. This represents a four per cent increase from October 2016 and a 0.5 per cent decrease compared to September 2017.

Sales of apartment properties reached 1,532 in October 2017, a 30.1 per cent increase compared to the 1,178 sales in October 2016 and a 0.7 per cent decrease from the 1,543 sales in October 2015. The benchmark price of an apartment property is $642,000. This represents a 22.7 per cent increase from October 2016 and a one per cent increase compared to September 2017.

Attached property sales in October 2017 totalled 550, a 36.5 per cent increase compared to the 403 sales in October 2016 and a 17.4 per cent decrease from the 666 sales in October 2015. The benchmark price of an attached unit is $802,400. This represents a 17.7 per cent increase from October 2016 and a two per cent increase compared to September 2017.

34 Great Grants and Rebates for Home Buyers, Owners and Renters


index  

 

 

1. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program Qualifying first-time buyers may be exempt from paying the PTT (1% on the first $200,000 and 2% on the remainder of the purchase price of a resale home priced up to $500,000. Proportional exemption for homes priced $500,000 - $525,000. At $525,000+ no exemption. Foreign entities, taxable trustee ineligible.  1-888-355-2700.  https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

2.BC Property Transfer Tax Newly Built Home Exemption Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000 and a partial exemption on newly built homes priced $750,000 to $800,000.  1-888-355-2700.  https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/newly-built-home-exemption

3. BC Home Owner Grant Reduces property taxes for home owners with an assessed or partitioned value up to $1.65 million. Grant reduced by $5 for each $1,000 above the threshold; eliminated at $1.764 million (basic grant) and $1.819 million (additional grant). Basic grant: up to $570 for principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts; an additional grant of $200 to rural home owners elsewhere in BC; and an additional grant of $275 to seniors aged 65+, those permanently disabled, and veterans of certain wars. [email protected]. 1-888-355-2700.

4. BC Property Tax Deferment ProgramsProperty Tax Deferment Program for Seniors: qualifying home owners aged 55+ can defer property taxes. Property Tax Deferment Program for Families with Children:qualifying home owners who financially support children under age 18 can defer property taxes. Vancouver: 604-660-2421. Elsewhere in BC: 1-800-663-7867.

5. CMHC First-time Home Buyers’ Incentive Qualifying first-time home buyers with annual household incomes <$120,000 and a 5% down payment, a 10% shared equity mortgage for a newly constructed home OR a 5% shared equity mortgage for an existing home. Buyer repays the incentive later or at re-sale. Incentive reduces the amount of monthly mortgage payments. https://pm.gc.ca/en/news/news-releases/2019/03/20/new-program-help-100000-canadian-families-buy-their-first-home

6. Home Buyers’ Plan Qualifying home buyers can withdraw up to $35,000 (couples can withdraw up to $70,000) from their RRSPs for a down payment. Home buyers who have experienced a breakdown in their marriage or common-law partnership even if they are not first-time buyers and those who have repaid their RRSP may be eligible to use the program a second time. Canada Revenue Agency.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/participate-home-buyers-plan.html

7. GST/HST New Housing Rebate New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. There is no rebate for homes priced at $450,000+. Canada Revenue Agency. 1-800-959-8287. https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/rc4028/gst-hst-new-housing-rebate.html

8. First-Time Home Buyers’ Tax Credit (HBTC) Eligible persons who bought a qualifying home can claim the home buyers’ amount of $5,000 on Line 369 of Schedule 1 when filing their 2019 income tax and benefit returns. For 2019, the maximum home buyers’ tax credit (HBTC) is $750, which is calculated by multiplying the home buyers’ amount of $5,000 by the federal non-refundable tax credit rate of 15% (equal to the lowest personal income tax rate for the year). 1-800-959-8281  https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31270-home-buyers-amount.html

9. COVID-19 Mortgage Payment Deferral (CMHC) Homeowners left without a job or with reduced hours may be eligible for a temporary mortgage payment deferral up to six months. Mortgage payments must be repaid and have to resume according to the regular payment schedule.   https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral

10. CMHC Mortgage Loan Insurance Premium Refund Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. Learn more. 604-731-5733.  https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/energy-efficient-housing-made-more-affordable-with-mortgage-loan-insurance

11. Canada Emergency Rent Subsidy Businesses, charities, and non-profits with declining revenue can access up to 65% for eligible expenses, including rent and interest on commercial mortgages. Support to tenants and property owners until June 2021. Claims can be retroactive to Sept. 27, 2020.

12. Municipal rent bank programs Provides one-time interest-free loans to eligible families/individuals in temporary financial crisis at risk of eviction or utility disconnection due to a temporary shortage of funds, for example, the Vancouver Rent Bank. Check your local municipality.

https://vancouver.ca/people-programs/financial-aid.aspx#:~:text=The%20Vancouver%20Rent%20Bank%20provides,people%20in%20temporary%20financial%20crisis

13. Home Adaptations for Independence (HAFI)Joint federal/provincial government program provides up to $20,000 to eligible low-income seniors and disabled home owners and landlords finance modifications to their homes to make them accessible and safer. Learn More. 604-433-2218 or 1-800-257-7756.

14. BC Seniors’ Home Renovation Tax Credit Assists eligible seniors 65+ with the cost of eligible permanent home renovations to a principal residence to improve accessibility. Maximum refundable credit: $1,000 per tax year, calculated as 10% of the qualifying renovation expense (maximum $10,000). Forms are available online. 1-800-959-8281.

15. Energy saving mortgages Some financial institutions offer special mortgages to home buyers/owners making homes energy efficient. For example, home owners may qualify for a BMO Eco Smart Mortgage™ or a TD Canada Trust rural property mortgage.

16. Low interest green renovation rebates and loans Financial institutions offer loans to home owners making energy efficient upgrades, for example, Vancity Home Energy rebate up to $2,000 and RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000. Visit your financial institution.

17.Clean BC PlanA new $679 million program of the BC Government provides a range of incentives including up to $6,000 for buyers of electric vehicles, and $2,000 to replace a fossil fuel heating system.

18. Energy Efficient Buildings Incentives for households and businesses installing high-efficiency heating equipment and building envelope improvements. A partnership of BC Hydro, Fortis BC and BC Housing.

19. BC Hydro and FortisBC rebates to improve a home’s efficiencyRebates for heat pumps and insulation, draft-proofing, hot water heaters, and a $300 bonus offer for making two eligible upgrades within 18 months.

20. FortisBC new home energy rebate offerFortisBC and BC Hydro customers can receive rebates when building ENERGY STAR new homes or installing high-efficiency natural gas fireplaces.  https://www.fortisbc.com/rebates-and-energy-savings/rebates-and-offers?l=

21. Home energy rebate offer BC Hydro and FortisBC offer home owners rebatesfor upgrades and improvements, including insulation, space and water heating systems and ventilation to reduce your energy bill. Includes a bonus offer for completing three or more upgrades. Total value: up to $10,000. Learn more. 1-877-740-0055.

22. Energy savings kitsBC Hydro and FortisBC offer income-qualifying customers a free energy saving kit containing products to help save energy and dollars.

23. FortisBC Rebate for rental apartment buildingsRental Apartment Efficiency Program for owners and managers of rental apartment buildings of nine or more units includes a new water-efficient shower head and kitchen and bathroom faucet aerator for each unit, an energy assessment and ongoing professional assistance. Learn more.

24. Join the Power Smart TeamBecome a member of Team Power Smart and start a challenge to reduce your electricity use by 10% over the next year. If you’re successful you’ll earn a $50 reward. Learn more.

25. ENERGY STAR appliance rebatesBC Hydro Power Smart and participating municipalities offer $100 mail-in rebates to home owners buying ENERGY STAR clothes dryers, and refrigerators. Learn more.

26. BC Hydro rate decrease and one-time bill creditCustomers receive a 0.61% rate decrease retroactive to April 1, 2020 and a one-time bill credit early in 2021. 604-928-6468. Learn more.

27. Leaders in Energy Management ProgramPartners BC Hydro with large commercial, government and institutional customers spending $200,000 or more a year. Customers gain access to energy management programs, tools, and incentives. Learn more. 1-800-522-4713.

28. Business Energy Saving Incentives Provides financial incentives to organizations that replace inefficient technologies with energy efficient technologies. Learn more.1-800-474-6886.

29. FortisBC rebate program for businesses For commercial buildings, save up to $500,000 for constructing high-performance, energy efficient commercial, multi-unit residential or industrial buildings; up to $1 million for industrial building energy-efficient upgrades. Learn more.

30.City of VancouverBuilding Energy Retrofit Fund Program includes $1 million to support and expand programs that result in energy efficiency upgrades for buildings. Includes a Green Landlord Program to help non-market apartment building owners and operators reinvest in buildings and reduce energy costs. Learn more.

31. Rebates for home, workplace EV charging Province offers homeowners a rebate up to 50% of purchase/installation costs of an EV charger to a max of $700. Workplaces/residents of condos/apartments rebate up to 50% of costs to a max of $4,000 per charger. Up to 5 hours free support services from an EV charging station advisor for condos/apartments/workplaces. Visit: https://cleanbc.gov.bc.ca/; https://goelectricbc.gov.bc.ca/

32. Rain barrel subsidy programs Metro Vancouver municipalities offer rain barrels for sale at a discount for residents:Richmond - $30; Burnaby - $100. Other municipalities may have similar offers.

33. Water saving kits Metro Vancouver municipalities offer water saving kits. Contact municipalities such as Burnaby, and Delta.

34. Local government water meter programs Municipalities may offer water metering, so you pay only for the amount of water you use. Burnaby (scroll down), Delta,Richmond, and West Vancouver have programs. Visit your municipality’s website and search ‘water meter.’

 

 

 

 



Real Estate In the Times of Covid-19


https://mailchi.mp/81b11d66f0e6/real-estate-in-the-times-of-covid-19

 

Real Estate In the Times of Covid-19
 
I hope you are doing well and are in good health.
 
In the times of Covid-19, every business is taking measures and changing the ways they do business to stop or slow down the infection.
 
Open houses are not recommended by the Real Estate Board of Greater Vancouver. Instead, we are focusing on individual showings to prevent the further spread of illness in our communities. Real Estate agents are using strict control measures to limit the number of people who view a home at one time. Virtual showings and technology based solutions seem to be getting popular.
 
I closed 3 deals this week- transactions are still happening as lawyers and notaries are still working either from their individual offices or remotely. Mortgages are still being processed, appraisals and inspections are still being done and land title office staff  are still working. Mortgage submissions and underwritings are being done online. Other than signing your mortgage and conveyance documents in front of a notary or lawyer in person, the rest is being done remotely. 
 
Mortgage rates are very low and some banks are giving options to defer payments.
 
I inserted my very first- may as well be the first in the real estate history- Covid-19 clause in a contract this past week. The question was “what happens on the completion date if we can not complete due to the wide-ranging adverse consequences of the Covid-19?" . To protect the Buyers, we had our lawyer structure a clause formulating what happens to the deal in the event things happen out of our control.
 
Interesting times for sure!
 
At the times like these, there is no predicting how far this will go or how long. The best advice is to avoid panic selling. If you are in the market to buy there may be some good opportunities.
 
 
 

With millions of us lying low to limit the spread of Covid-19, I feel like this is also a great opportunity to slow down and take advantage of the time we have now to read, watch films, cook, learn new things online, call friends and family. Yes this is not a holiday but we can try to get the most of it.

We can check in on friends and neighbors right now and ask "do you need anything?"  At the time of crises we stay together, we support each other and stay strong.

pacific spirit image

 

Recipe:
 
I made this delicious mushroom risotto couple days ago and it turned out perfect!

Pressure Cooker Mushroom Risotto

https://www.seriouseats.com/recipes/2014/12/pressure-cooker-mushroom-risotto-recipe.html

mushroom risotto vegan gluten free 2 1 720x720

 

I have compiled a list of online courses for bored kids,virtual museum tours and educational videos.

These 12 famous museums offer virtual tours you can take on your couch:

To Keep Kids Busy:
 
Some educational and fun links for kids:
 
 
 
 
 
IXL
 
TedEd
 
Prodigy Match

Travel the World- without leaving your home :)

In this day and age, it is easier than ever to travel the world without leaving home.



If you have any question about the market please do not hesitate to contact me.
 

Stay safe and stay healthy!
 
 
Best,


Evelyn Eylem Sonmez
C: 778-895-2954

Royal Pacific Realty
2018-2019 Medallion Club Member - Top %10 of All Realtors in Greater Vancouver
2015 - 2019 Chairman's Club Award Royal Pacific Realty

 



31 Great Grants and Rebates for Home Buyers, Owners and Renters


1. BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program Qualifying first-time buyers may be exempt from paying the PTT of one per cent on the first $200,000 and two per cent on the remainder of the purchase price of a resale home priced up to $500,000. There is a proportional exemption for homes priced between $500,000 and $525,000. At $525,000 and above exemption is nil. Foreign entities and taxable trustee are not eligible for the exemption. https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/first-time-home-buyers

 

2. BC Property Transfer Tax Newly Built Home Exemption Qualifying buyers of new homes may be exempt from paying the PTT on a newly built home or newly subdivided unit priced up to $750,000 and a partial exemption on newly built homes priced $750,000 to $800,000. https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/exemptions/newly-built-home-exemption

3. BC Home Owner Grant Reduces property taxes for home owners with an assessed or partitioned value up to $1.65 million. The grant is reduced by $5 for each $1,000 above the threshold and eliminated at $1.764 million (basic grant) and $1.819 million (additional grant). The basic grant: • up to $570 for principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts; • an additional grant of $200 to rural home owners elsewhere in BC; and • an additional grant of $275 to seniors aged 65+, those who are permanently disabled, and veterans of certain wars. Learn more. [email protected]. 1-888-355-2700.

4. BC Property Tax Deferment Programs • Property Tax Deferment Program for Seniors: qualifying home owners aged 55+ can defer property taxes. • Property Tax Deferment Program for Families with Children: qualifying home owners who financially support children under age 18 can defer property taxes. Learn more. Vancouver: 604-660-2421. Elsewhere in BC:1-800663-7867.

5. CMHC First-time Home Buyers’ Incentive CMHC offers qualifying first-time home buyers with household incomes less than $120,000 a year and a five per cent down payment a 10 per cent shared equity mortgage for a newly constructed home OR a 5 per cent shared equity mortgage for an existing home. The buyer repays the incentive later or at re-sale. The incentive reduces the amount of monthly mortgage payments.

Learn more: https://www.cmhc-schl.gc.ca/en/media-newsroom/news-releases/2019/making-housing-more-affordable-first-time-home-buyer-incentive

6. Home Buyers’ Plan Qualifying home buyers can withdraw up to $35,000 (couples can withdraw up to $70,000) from their RRSPs for a down payment. Home buyers who have experienced a breakdown in their marriage or common-law partnership even if they are not first-time buyers and those  who have repaid their RRSP may be eligible to use the program a second time. Canada Revenue Agency. Participate in the Home Buyers’ Plan : https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t1036.html

7. GST/HST New Housing Rebate New home buyers can apply for a rebate for the five per cent GST if the purchase price is $350,000 or less. The rebate is equal to 36 per cent of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. There is no rebate for homes priced at $450,000 and above. Canada Revenue Agency. 1-800-959-8287.

8. First-Time Home Buyers’ Tax Credit (HBTC) Eligible persons who bought a qualifying home in 2018 can claim the home buyers’ amount of $5,000 on Line 369 of Schedule 1 when filing their 2018 income tax and benefit returns. For 2018, the maximum home buyers’ tax credit (HBTC) is $750, which is calculated by multiplying the home buyers’ amount of $5,000 by the federal non-refundable tax credit rate of 15 per cent (equal to the lowest personal income tax rate for the year). Learn more: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-369-home-buyers-amount.html

9. CMHC Mortgage Loan Insurance Premium Refund Provides home buyers with CMHC mortgage insurance, a 10 per cent premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. Learn more. 604-731-5733.

10. Home Adaptations for Independence (HAFI) A program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low-income seniors and disabled home owners and landlords finance modifications to their homes to make them accessible and safer. Learn More. 604-433-2218 or 1-800-257-7756.

11. BC Seniors’ Home Renovation Tax Credit Assists eligible seniors 65+ with the cost of eligible permanent home renovations to a principal residence to improve accessibility. The maximum refundable credit is $1,000 per tax year and is calculated as 10 per cent of the qualifying renovation expense (maximum $10,000). Forms are available online. Learn more: 1-800-959-8281.

12. Energy saving mortgages Some financial institutions offer special mortgages to home buyers/owners making homes energy efficient. For example, home owners may qualify for a BMO Eco Smart Mortgage™ or a TD Canada Trust rural property mortgage.

13. Low interest green renovation loans Financial institutions offer loans to home owners making energy efficient upgrades, for example, Vancity Home Energy Loan up to $50,000 and RBC’s Energy Saver loan offers one per cent off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000. Visit your financial institution.

14. Clean BC Plan A new $679 million program of the BC Government provides a range of incentives including up to $6,000 for buyers of electric vehicles, and $2,000 to replace a fossil fuel heating system. Learn more.

15. Energy Efficient Buildings Incentives offered to households and businesses for installing high-efficiency heating equipment and building envelope improvements. A partnership of BC Hydro, Fortis BC and BC Housing. 

16. BC Hydro and FortisBC rebates to improve a home’s efficiency A wide range of rebates for heat pumps, insulation, draftproofing, hot water heaters, and a $300 bonus offer for making two eligible upgrades within 18 months. Learn more.

17. FortisBC new home energy rebate offer FortisBC and BC Hydro customers can receive rebates when building ENERGY STAR new homes or installing high-efficiency natural gas fireplaces. Learn more.

18. Home energy rebate offer BC Hydro and FortisBC offer home owners rebates for upgrades and improvements, including insulation, space and water heating systems and ventilation to reduce your energy bill. Includes a bonus offer for completing three or more upgrades. Total value of available rebates: up to $10,000. Learn more. More information. 1-877-740-0055.

19. Energy savings kits BC Hydro and FortisBC offer income-qualifying customers a free energy saving kit containing products to help save energy and money.

20. FortisBC Rebate for rental apartment buildings The Rental Apartment Efficiency Program for owners and managers of rental apartment buildings of nine or more units includes a new water-efficient shower head and kitchen and bathroom faucet aerator for each unit, an energy assessment and ongoing professional assistance. Learn more.

21. Join the Power Smart Team Become a member of Team Power Smart and start a challenge to reduce your electricity use by 10 per cent over the next year. If you’re successful you’ll earn a $50 reward. Learn more.

22. ENERGY STAR appliance rebates BC Hydro Power Smart and participating municipalities offer $100 mail-in rebates to home owners buying ENERGY STAR clothes dryers, and refrigerators. 

23. BC Hydro Power smart appliance rebates Clothes washers: $50 rebate; refrigerators − up to $100 rebate; clothes dryers up to $100 rebate. Learn more: 1-800-224-9376.

24. Climate action tax credit This BC government program gives eligible low- and middleincome families a tax credit of up to $400 in 2019, and up to $500 starting in July 2021 to offset BC’s carbon tax.          

25. Leaders in Energy Management Program Partners BC Hydro with large commercial, government and institutional customers spending $200,000 or more a year. Customers gain access to energy management programs, tools, and incentives. Learn more: 1-800-522-4713.

26. Business Energy Saving Incentives Provides financial incentives to organizations that replace inefficient technologies with energy efficient technologies. Learn more. 1-800-474-6886.

27. FortisBC rebate program for businesses For commercial buildings, save up to $500,000 for constructing high-performance, energy efficient commercial, multi-unit residential or industrial buildings; up to $1 million for industrial building energy-efficient upgrades.  

28. City of Vancouver Building Energy Retrofit Fund Program includes $1 million to support and expand programs that result in energy efficiency upgrades for buildings. Includes a Green Landlord Program to help non-market apartment building owners and operators reinvest in buildings and reduce energy costs. 

29. Rain barrel subsidy programs Metro Vancouver municipalities offer rain barrels for sale at a discount for residents: Richmond - $30; Burnaby - $100; Coquitlam - $60. Other municipalities may have similar offers.

30. Water saving kits Metro Vancouver municipalities offer water saving kits to reduce water use including Burnaby, Coquitlam, and Delta.

31. Local government water meter programs Municipalities may offer water metering, so you pay only for the amount of water you use. Burnaby (scroll down), Delta, Richmond, and West Vancouver have programs. Visit your municipality’s website and search ‘water meter.’

 



REBGV November 2017 Stats


Metro Vancouver continues to experience above-average demand and below-average supply

Metro Vancouver* saw modest home listing changes and steady demand in November.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,795 in November 2017, a 26.2 per cent increase from the 2,214 sales recorded in November 2016, and a 7.5 per cent decrease compared to October 2017 when 3,022 homes sold.

Last month’s sales were 17 per cent above the 10-year November sales average.

“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” Jill Oudil, REBGV president said.

There were 4,109 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2017. This represents a 30.6 per cent increase compared to the 3,147 homes listed in November 2016 and a 9.5 per cent decrease compared to October 2017 when 4,539 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 8,747, a 4.3 per cent increase compared to November 2016 (8,385) and a 4.3 per cent decrease compared to October 2017 (9,137).

“While we’re seeing more listings enter the market today than we saw at this time last year, we have a long way to go before our home listing inventory rises back to more historically typical levels,” Oudil said.

The sales-to-active listings ratio for November 2017 is 32 per cent, which is up three per cent since September 2017. By property type, the ratio is 15.9 per cent for detached homes (up one per cent since September 2017), 36.4 per cent for townhomes (down six per cent since September 2017), and 67.8 per cent for condominiums (up seven per cent since September 2017).

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 $1,046,900. This represents a 14 per cent increase over November 2016 and a 0.4 per cent increase compared to October 2017.

Sales of detached properties in November 2017 reached 841, a 31.8 per cent increase from the 638 detached sales recorded in November 2016. The benchmark price for detached properties is $1,608,000. This represents a 6.1 per cent increase from November 2016 and a 0.1 per cent decrease compared to October 2017.

Sales of apartment properties reached 1,508 in November 2017, a 25.7 per cent increase compared to the 1,200 sales in November 2016. The benchmark price of an apartment property is $648,200. This represents a 23.9 per cent increase from November 2016 and a one per cent increase compared to October 2017.

Attached property sales in November 2017 totalled 446, an 18.6 per cent increase compared to the 376 sales in November 2016. The benchmark price of an attached unit is $805,200. This represents a 17.9 per cent increase from November 2016 and a 0.3 per cent increase compared to October 2017.



Home buyer demand continues to differ based on housing type


 Apartment and townhome activity is outpacing the
detached home market across Metro Vancouver*. This activity helped push total residential sales
above the historical average in September.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in
the region totalled 2,821 in September 2017, a 25.2 per cent increase from the 2,253 sales
recorded in September 2016, and a 7.3 per cent decrease compared to August 2017 when 3,043
homes sold.
Last month’s sales were 13.1 per cent above the 10-year September sales average.
“Our detached homes market is balanced today, while apartment and townhome sales remain in
sellers' market territory,” Jill Oudil, REBGV president said. “If you’re looking to enter the
market, as either a buyer or seller, it’s important to understand these trends and use this
information to set realistic expectations.”
There were 5,375 detached, attached and apartment properties newly listed for sale on the
Multiple Listing Service® (MLS®) in Metro Vancouver in September 2017. This represents a 12
per cent increase compared to the 4,799 homes listed in September 2016 and a 26.6 per cent
increase compared to August 2017 when 4,245 homes were listed.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is
9,466, a 1.2 per cent increase compared to September 2016 (9,354) and a 7.5 per cent increase
compared to August 2017 (8,807).
“Detached homes made up 30 per cent of all sales in September and represented 62 per cent of
all the homes listed for sale on the MLS®,” said Oudil. “This dynamic has slowed the pace of
upward pressure that we’ve seen on detached home prices in our market over the last few years.”
For all property types, the sales-to-active listings ratio for September 2017 is 29.8 per cent. By
property type, the ratio is 14.6 per cent for detached homes, 42.3 per cent for townhomes, and
60.4 per cent for apartments.
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 $1,037,300. This represents a 10.9 per cent increase over September 2016
and a 0.7 per cent increase compared to August 2017.
Sales of detached properties in September 2017 reached 852, a 27.9 per cent increase from the
sales recorded in September 2016 (666), a decrease of 33 per cent from September 2015 (1,272),
and a decrease of 32.9 per cent from September 2014 (1,270). The benchmark price for detached
properties is $1,617,300. This represents a 2.9 per cent increase from September 2016 and a 0.1
per cent increase compared to August 2017.
Sales of apartment properties reached 1,451 in September 2017, a 19.1 per cent increase
compared from the sales recorded in September 2016 (1,218), a 5.1 per cent decrease from
September 2015 (1,529), and a 22.1 per cent increase from September 2014 (1,188). The
benchmark price of an apartment property is $635,800. This represents a 21.7 per cent increase
from September 2016 and a 1.4 per cent increase compared to August 2017.
Attached property sales in September 2017 totalled 518, a 40.4 per cent increase compared to the
sales recorded in September 2016 (369), a 4.8 per cent decrease from September 2015 (544), and
an 11.6 per cent increase from September 2014 (464). The benchmark price of an attached home
is $786,600. This represents a 14.5 per cent increase from September 2016 and a 1.1 per cent
increase compared to August 2017.



Vancouver Empty Homes Tax now in effect


The first tax year began January 1, 2017. The tax rate is 1.0% of the property’s assessed value.

Does the Empty Homes Tax apply to you? http://vancouver.ca/home-property-development/empty-homes-tax.aspx

Who pays this tax?
Owners of non-principal residences unoccupied for six months or more each year must pay this tax.

The Empty Homes Tax Does Not apply to:

  • Vancouver home owners, including snowbirds;
  • owners of principal residences;
  • a home with a basement suit or a laneway house if one of the units is occupied; and
  • Owners of properties rented long-term (with a tenancy agreement), or for at least 30 days in a row for a minimum of six months or a total of 180 days a year. For example, a homeowner renting a property for six 30-day terms is exempt from the tax, even if those six 30-day terms are not consecutive.

Exemptions
Exemptions include:

  • a property being renovated, or under construction or redevelopment (with permits);
  • the owner (or other occupier) is undergoing medical or supportive care;
  • the owner has died and the property is in probate;
  • the property changed ownership during the previous year;
  • there are strata rental restrictions prohibiting rental;
  • the owner uses the property for six months a year for work and has a principal residence elsewhere;
  • there is a court order prohibiting occupancy;
  • the property is limited to vehicle parking, or a residential building can’t be constructed because of the size or shape of the property.

Owners claiming an exemption
These owners must provide evidence, for example, building permits, a letter from a care facility, a death certificate, strata bylaws, or related.

If you don’t qualify for an exemption
Does the tax apply to you? Check here.

Property owners who don’t qualify for an exemption have options. You can:

  • live in your property as a principal residence;
  • rent your property for a minimum of 180 days per year, in periods of at least 30 consecutive days;
  • hire a property management firm to rent the property on a long-term or periodic basis;
  • have a family member occupy the property as their principal residence;
  • sell the property; or
  • Keep the property as-is and pay the Empty Homes Tax.


BosaSPACE - University District in Surrey Center- 3 townhomes remaining for sale


Contact [email protected], 778-895-2954 for details.

bosaspace b

 

 

THREE PENTHOUSE HOMES REMAIN

At this time, we have three beautiful homes remaining in our Penthouse Collection – featuring stunning city and mountain views, legendary Bosa attention to detail, two parking stalls, and private rooftop decks (hot tub included!). Please see below for further details:

Plan Type View
Orientation
Interior SF Exterior SF Price
PH7 S 969 422 $650,900
PH1 S 969 634 $660,900
PH3 NW 1 345 735 $926,900


British Columbia Eyaletinde yasayip, Ilk Defa Ev Alacaklar olanlara saglanilan kolayliklar


British Columbia Eyaletinde yasayip, Ilk Defa Ev Alacaklar olanlara saglanilan kolayliklar:

1- Home Owner Mortgage and Equity Partnership program'i altinda yeni ev alacaklara B.C. Hukumeti 37500 CAD ye kadar ilk 5 yil faizsiz borc verecek. Bu imkandan yararlanmaniz icin en onemli kosul bir bankadan mortgage pre-approval almaniz- yani mortgage icin on onay almaniz gerekiyor. Diger kosullar asagida siralanmistir. Bu parayi alabilmek icin bankanizdan on onayi aldiktan sonra BC Housing for the Home Owner Mortgage and Equity (HOME) partnership loan'a basvuru yapacak sonra oradan da onay gelince evinizi bulacaksiniz. Gerekli kosullar;
  • Son 5 yildir Kanada vatandasi yada gocmen olmus olmak
  • Basvuru tarihinden once 1 senedir British Columbia eyaletinde yasiyor olmak
  • Alacaginiz evin ilk eviniz olmasi gerekiyor
  • Evinizde 5 yil oturacak olmaniz gerekiyor
  • Alacaginiz evin fiyatinin 750 bin dolari gecmemesi gerekiyor
  • Bankadan "pre-approval" yani mortgage icin on onay almis olmaniz gerekiyor
  • Toplam gelirinizin yillik 150 bin dolari gecmemesi gerekiyor
  • En azindan verilen borc miktari kadar yani 37500 CAD lik down payment yani pesinat miktarinizin elinizde olmasi gerekiyor.
  • Alacaginiz evin tapu islem tarihinin 15 Subat ve sonrasina denk gelmesi gerekiyor. Yani simdiden teklif verip anlasmanizi yapsaniz bile evin tapu islem tarihinin 15 Subat ve sonrasi olarak koymalisiniz teklifinize.
  • Bu fon basvuru imkani 31 Mart 2020 tarihine kadar acik olacak.

Daha fazla bilgi icin bu linke tiklayiniz: https://housingaction.gov.bc.ca/tile/home-owner-mortgage-and-equity-partnership

2- Property Transfer Tax (PTT) Exemption - B.C. Hukumeti alinan evlerden belli oranda her alimda bir kere olmak kosulu ile alim-satim vergisi keser. Bu vergi alici tarafindan hukumete odenir. Bu verginin orani soyle hesaplanir:

  • 1% on the first $200,000 - ilk 200bin dolarin yuzde 1'i
  • 2% on the balance up to and including $2,000,000- geriye kalan ve maximum 2 milyona kadar olacak rakamin yuzde 2'si
  • 3% on the balance greater than $2,000,000 - alinan evin fiyati 2 milyon dolardan fazla ise toplam rakamin yuzde 3'u olarak hesaplanir

Mesela 750 bin dolarlik bir yer alirsaniz PTT: $2000 (%1 x $200,000) + $11000( %2 x $550,000) = $13000 olacaktir.

Evinizin fiyati $475000 ve altinda ise ve ilk defa ev aliyorsaniz PTT odemezsiniz. $475,000 ve $500,000 dolar arasinda ise oransal bir odeme soz konusu olacaktir. Evin fiyati $500,000 i gecerse PTT odemeniz gerekecektir (hesaplamayi yukardaki ornekde oldugu gibi yapabilirsiniz).

Yeni yapilan evlerde- yani ilk defa satilan sifir evlerde - satis fiyati 750,000 dolarin altinda ise PTT odemezsiniz ama yeni yapilan evler yuzde 5 GST vergisine tabidir. Bazen GST rebate'ler soz konusu olabilir, bunun icin bu linke tiklayiniz :http://www.cra-arc.gc.ca/E/pub/gp/rc4028/README.html

Eger ilk defa ev alacaksaniz ve gerekli kosullari sagladiysaniz bu programdan yararlanmak icin, noteriniz satis islemleri esnasinda gerekli formlari doldurup hukumete first time home buyer oldugunuzu bildirir ve boylece bu vergiden muaf olursunuz. 

Daha fazla bilgi almak icin bu link'e tiklayiniz:  http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax

 

3- RRSP - Home Buyers’ Plan: Registered Retirement Savings for down payments:


Canada Revenue Agency’s Home Buyers' Plan ilk defa ev alacaklarin pesinatlarinda kolaylik saglamak icin, alicilarin birikmis RRSP hesaplarindan kisi basi $25000 cift olarak ise $50000 dolara kadar vergisiz para cekmelerine izin veriyor.

Normalde RRSP hesabinizdan para cekmeniz icin cektiginiz rakamdan o yilki vergi diliminize denk gelen oranda vergi odemeniz gerekir ama ilk defa ev alirken bu vergiden muaf oluyorsunuz.  Bu cekilen paranin 15 sene icerisinde yavas yavas yada bir kere de geri odemeleri beklenir. Tabi yine alinacak evde yasama sarti vardir, yani en az 1 sene bu evde yasamaniz gerekir.

Finansal danismaniniz ile bu konuyu gorusup ayrintilari ogrenebilirsiniz. RRSP hesabinizdan vergisiz para cekmeniz icin verilen bu olanaktan yararlanmanizi oneririm.

Daha fazla bilgi icin buraya tiklayiniz: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/hbp-rap/menu-eng.html

4- First-Time Home Buyers' Tax Credit:

Evinizi aldiktan sonra uygun doneme denk gelen tarihte yillik gelir verginizi yaparken, yeni aldiginiz ev icin $5000 dolara kadar yillik verginizde gosterme imkani taniyor. Bu rakam size yillik vergi hesaplarinizda indirim saglayabilir. Evinizi aldiktan sonra ki donemde yillik gelir vergilerinizi yaparken bu rakami kullanmayi unutmayin.

Daha fazla bilgi icin bu link'e tiklayiniz; http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/ddctns/lns360-390/369/menu-eng.html



MAY 2016 STATS


Demand remains elevated across the Metro Vancouver housing market

Metro Vancouver homes continue to sell at an unprecedented rate in communities across the region.

Residential property sales on the region's Multiple Listing Service® (MLS®) totalled 4,769 in May 2016, an increase of 17.6 per cent from the 4,056 sales recorded in May 2015 and a decrease of 0.3 per cent compared to April 2016 when 4,781 homes sold.

Last month’s sales were 35.3 per cent above the 10-year sales average for the month and rank as the highest sales total on record for May.

"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," Dan Morrison, REBGV president said.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,289 in May 2016. This represents an increase of 11.5 per cent compared to the 5,641 units listed in May 2015 and a 2.6 per cent increase compared to April 2016 when 6,127 properties were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,726, a 37.3 per cent decline compared to May 2015 (12,336) and a 2.3 per cent increase compared to April 2016 (7,550).

"Economic and job growth in Metro Vancouver is out performing most regions in the country. This is helping to underpin today’s activity," Morrison said.

The sales-to-active listings ratio for May 2016 is 61.7 per cent. This is indicative of a seller’s market.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark, while home prices often experience upward pressure when it reaches the 20 to 22 per cent range in a particular community for a sustained period of time.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $889,100. This represents a 29.7 per cent increase compared to May 2015.

Sales of detached properties in May 2016 reached 1,865, an increase of 8.2 per cent from the 1,723 detached sales recorded in May 2015. The benchmark price for detached properties increased 36.9 per cent from May 2015 to $1,513,800.

Sales of apartment properties reached 2,150 in May 2016, an increase of 34.4 per cent compared to the 1,600 sales in May 2015. The benchmark price of an apartment property increased 22.3 per cent from May 2015 to $485,000.

Attached property sales in May 2016 totalled 754, an increase of 2.9 per cent compared to the 733 sales in May 2015. The benchmark price of an attached unit increased 24.9 per cent from May 2015 to $632,400.

Download the full stats package by clicking here