February 2019

Found 13 blog entries for February 2019.

VICTORIA - The British Columbia government says it has launched Canada's first registry aimed at cracking down on pre-sale property flipping and tax evasion in B.C.'s real estate market.

The Ministry of Finance says the Condo and Strata Assignment Integrity Register will improve fairness and transparency in property transactions.

Finance Minister Carol James says in a news release that the register will take "real action to moderate the condo market," and is already starting to see results in Metro Vancouver.

Condo developers will be required to securely gather and report the identity and citizenship of anyone completing a contract assignment in a project.

A contract assignment occurs when a buyer sells, or "flips," their purchase contract

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Canadian real estate sales are off to a weak start in 2019. Canadian Real Estate Association (CREA) numbers show dollar volumes have made a sharp decline in January. The drop makes this month one of the weakest the country has seen in years.

Real Estate Dollar Volume

Dollar volume is a less popular, but very important, indicator to help determine market liquidity. A rise in dollar volume indicates more money, which generally means more liquidity. Falling dollar volumes mean less money, and generally a decline in market liquidity. By itself, it’s hard to actually extract much meaning. Instead you should combine your takeaway with sales, inventory, and prices to get a better overall market picture.

Canadian Real Estate Dollar Volumes Drop Over

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Host Stuart McNish speaks with President and CEO of the Urban Development Institute Anne McMullin and Adjunct Professor at the Center for Sustainable Development Michael Geller about this year's provincial budget.

President and CEO of the Urban Development Institute Anne McMullin and Adjunct Professor at the Center for Sustainable Development Michael Geller join host Stuart McNish to discuss measures taken in the B.C. NDP budget to impact the housing market.

Can government’s plan to target the demand side of the housing equation lead to lasting results?

Continue reading Housing Matters podcast: Can real estate market be taxed into submission? at Vancouver Sun Website

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Cooling prices, smart tech and the suburbs are in the cards for Canada

After a roller-coaster market, 2019 is pressing the reset button on housing and starting fresh. That’s the word from Engel & Völkers, the Germany-based international luxury real estate firm, in a list of five trends it expects to shape the Canadian industry this year.

Homebuyers don’t like interest, but it sure is fond of them. First, banks will probably raise interest rates with several hikes throughout 2019, Engel & Völkers reckons. Those increases will likely be enough to cool down the inflated markets in places such as Vancouver and Toronto. The Canadian Real Estate Association (CREA) expects that the average price for homes across Canada will rise by a soft 1.7 percent,

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If you're looking to upgrade to a luxury house or condo in Metro Vancouver, a Canadian real estate company says it might be a good time to make the move.

A newly released report by Royal LePage forecasts a 7.1-per-cent drop in the median price of a luxury home in the region in 2019. That's a difference of about $410,000.

“Luxury properties in Greater Vancouver are softening in price, but the lower-end luxury market is faring better than the upper-end,” sales representative Brock Smeaton said in the report.

“For buyers considering the city’s most luxurious properties, it is a great time to buy in terms of price and selection.”

Between January 2018 and January 2019, the period studied in the report, the median price of a luxury home in

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The British Columbia budget tabled Tuesday is forecasting that the real estate correction that drove down sales and prices in 2018 is over, and that property tax revenues will rise this year to help fund new benefits for families and students, climate action programs and revenue sharing with Indigenous communities.

The balanced fiscal plan introduced by Finance Minister Carole James includes no new taxes, but anticipates government revenues will rise by $2.4-billion, with some of the largest increases provided by the rising carbon tax, and growing revenue from property taxes.

The budget document forecasts the amount of revenue from property taxes coming into provincial coffers will grow by 4.2 per cent – almost double the rate

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Canadian real estate buyers are taking a break after driving most of the country’s markets to new highs. Canadian Real Estate Association (CREA) numbers show the sales to listings ratio declined across most of Canada in January. There were only three exceptions, all located east of Toronto.

Sales To New Listings Ratio (SNLR)

The sales to new listings ratio (SNLR) is a quick way to view real estate market demand, and is used by CREA. The indicator measures the ratio of home sales, to the number of new listings on the MLS. The thinking behind it is, by measuring same month absorption – we get a feeling for how hot or cold a market is. It’s how the industry can tell if a market is “balanced” or not.

Reading it is straightforward. If the

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The latest Teranet-National Bank data shows prices in the region have fallen 3.2 per cent over the last six months

Metro Vancouver housing prices saw a “marked retreat” in January, in part responsible for pulling down national numbers.

It’s the region’s sixth consecutive month without a composite price gain – a trend that adds up to a 3.2 per cent cumulative decline in prices over that period, according to the Teranet-National Bank National Composite House Price Index.

Weakness in Canada’s west is responsible for a 0.1 per cent month-to-month index decline nationally. That index hasn’t seen an increase in five consecutive months, the longest such streak since March 2013. 

Price indices in the metropolitan regions of Edmonton (-0.8 per

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Bill Morneau says getting people into affordable homeownership is top of mind, and that Liberal Party won't compromise stability of the market

man-talking-staning-on-a-podium

New_B1-clr-0209-morneau.jpg Federal Finance Minister Bill Morneau joins Shaw president of wireless services Paul McAleese during an announcement for Freedom Mobile during a press conference at the Delta Ocean Pointe on Friday, Feb. 8, 2019. Photograph By CHAD HIPOLITO, THE CANADIAN PRESS

Finance Minister Bill Morneau, who has been meeting with business groups around the country leading up to a budget speech expected within the month, told reporters in Victoria February 8 that housing is very much top of mind.

Morneau said he wouldn’t go into specifics, but his department is

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Ninety-seven per cent of Vancouver property owners can pat themselves on the back for making their Empty Homes Tax declaration by the Feb. 4 deadline.

As for the remaining three per cent — or 4,979 property owners — they can make a late declaration, says the city.

In a press release, the city reminds residents that those who do not declare will have their properties deemed vacant by the city, and be subject to the tax at a rate of one per cent of the property’s 2018 assessed taxable value. They will also be charged a $250 bylaw fine.

This year ― the second year of Vancouver’s Empty Homes Tax ― the city is making late declarations available. Once the property owner pays the $250 late fee (or disputes the ticket), they can make their online

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