Vacation home considerations

(July 15, 2015, posted in Recreational Properties)

If you are thinking of buying a BC vacation property here are some things to be aware of.

provincial property transfer tax
The Property Transfer Tax (PTT) is charged whether you buy undeveloped land, a second home, a strata property or fractional ownership.

Even if you have never owned a home before, you won't qualify for the First Time Home Buyers' Exemption Program because the home isn't your princ... read more.

home sale spin-offs

(July 13, 2015, posted in BC Market Update)

Every MLS® transaction generates spin-offs, creates jobs and keeps our communities growing.

How much does this amount to?
In BC, a single home sale generates $64,500 in economic spin-offs and 0.48 jobs, according to the Canadian Real Estate Association.

Last year, 33,116 properties were sold by REALTORS® on the MLS® system, generating $2,136 billion in economic spin-off activity and 16,277 jobs.

Jobs... read more.

competition for homes today

(July 10, 2015)

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

There were 4, 375 sales on our MLS® last month.  This is up 28% compared to last year and nearly 30% above the 10 Year June Average.

June also marked the fourth consecutive month that sales surpassed 4,000 in the region.  This is another first in our history.

We are seeing... read more.

conditions in sellers' favor

(July 09, 2015, posted in North Vancouver Strata)

It is a seller's market when sales are more than 20% of overall inventory over a sustained period.  In North Vancouver that figure was 87% in June for North Vancouver townhomes, 35% apartments and 58% for detached homes.

Since the beginning of the year the monthly sales-to-active listings ratio trend for North Vancouver: 
  • townhomes has been 22% in January, 46% February, 58% March, 58% April, 51% May a... read more.

improved numbers

(July 07, 2015, posted in West Vancouver Strata)

To help better understand the strength of West Vancouver's condominium (apartment) market we measure the condominium buyer demand fueled by condominium sales against condominium seller supply fueled by the number of condominium listings. This measurement in June gave us a sales-to-active listing ratio of 17% for West Vancouver condominiums. Over the past five months the sales-to-active listing rat... read more.

'Up' cycle

(July 06, 2015, posted in North Vancouver Strata)

Real estate market activity comes in cycles and as 2015 continues to unfold, all North Vancouver housing types, detached homes, apartments and townhomes are experiencing an 'up' cycle.

The past 5 months NV monthly apartment sale totals have almost doubled NV's Ten Year Monthly Sale Average of 77:
57 - January
94 - February
141 - March
109 - April
122 - May
122 - June

March's apartment sale total of 141 ju... read more.

conditions propel activity

(July 04, 2015, posted in West Vancouver Homes)

In spite of West Vancouver often quoted as 'being one of world's least affordable cities', monthly home sales that past five months continue to propel above the Monthly Ten Year Average (62):
47 - January
118 - February
101 - March
109 - April
98 - May
103 - June

In addition, for seven months straight the MLS® House Price Index (HPI) and Median Price has been holding in the $2 million dollar range.

The be... read more.

Upward pressure continues

(July 03, 2015, posted in North Vancouver Homes)

Strong competition for North Vancouver detached homes continues to put upward pressure on prices.

The monthly MLS® Median Sale Price for North Vancouver homes has been holding in the past 18 months over a mil and the MLS® House Price Index (HPI) the past 12 months.  

$1,264,000 is the Median Price and $1,176,600 the MLS® House Price Index composite benchmark price for all detached homes in North Vanco... read more.

building a laneway house?

(July 01, 2015, posted in Tips)

A laneway house is a small detached residential infill house that typically fronts on the lane of a larger principal house.

It's important for property owners to understand their options before building a laneway house or buying a property with a laneway house.  Here is some information about the tax implications of laneway houses and scenarios outlined by the Canada Revenue Agency (CRA).

1. You own... read more.