North shore real estate update March 2018

(April 04, 2018, posted in North Shore)

In West Vancouver, there were 26 sales in the month of March. The sales to new listings ratio was 23% which represents a buyer’s market. For March 2018, the sales to total active listings percentage was 6%, a decrease from 15% in March 2017. Sales for March 2018 were down by 33 units compared to March 2017. 

The West Vancouver listing inventory has increased by 7 homes compared to February 2018 and... read more.

greater market balance

(March 28, 2018, posted in North Vancouver Homes)

In North Vancouver February sale totals for detached homes decreased 34% from February 2017 and 37% below the 10 year monthly sales average of 92.  Furthermore, total year-to-date home sales at the end of February were down 28.5% compared to same two months last year.

New house listings increased 10.5% and total active listings at month-end were up 26%. At this time, this has resulted in greater bal... read more.

measures affecting bc real estate

(March 28, 2018, posted in BC Real Estate)

In its 2018 Budget, the provincial government announced a number of measures that will impact the real estate industry. Among the measures announced on February 20, 2018:

Changes to the Property Transfer Tax rate: the tax rate on residential properties above $3 million has increased from 3% to 5%, effective February 21, 2018.

Increase and Expansion of Additional Property Transfer Tax: also known as... read more.

BC speculation tax

(March 27, 2018, posted in Tips)

On Monday, the provincial government announced it is making some changes to the speculation tax, which was first announced last month as part of the budget.

The government expects to introduce legislation in the fall to make the tax part of law and they say 99 per cent of British Columbians will be exempt from paying the tax. The tax will be applied on properties that are not the primary residences... read more.

supply outstrips demand

(March 26, 2018, posted in West Vancouver Homes)

West Vancouver detached house transactions in February jumped from the month before, 24 versus 15 respectively, yet sales were 62.5% below the 10 year monthly average of 64.
In addition, house YTD sales, that is, from January 1 to February 28, were down 30% from same period in 2017.

New listings increased 34.5% and total inventory to month-end were up 24%.

The sales-to-new listings ratio for February... read more.