Real Estate Blog

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

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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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Local real estate market has entered ‘balanced’ territory

 

 

 

 

Local real estate sales continue to decline.

While it is common to see declining sales in January, sales in January 2019 dropped almost 24 per cent (23.7 per cent) when compared to January 2018, with sales of single family homes down almost 30 per cent from January 2018.

“It’s already an interesting year for local real estate,” said Cheryl Woolley, president of the Victoria Real Estate Board (VREB). “[Realtors]are are keeping busy showing homes and writing offers, however actual sales are slower than we would expect in an average January.”

She said buyers are hesitant to purchase for many reasons. “For instance, changes to mortgage lending rules have decreased

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It's no secret that home prices across Metro Vancouver have been falling in recent months, but a report released Wednesday by a real estate website is shedding new light on exactly how different parts of the region are being affected.

According to calculations from Zoocasa.com, the effect has been most dramatic in Vancouver's West Side.

The benchmark price for a detached home in that part of the city fell by more than 14 per cent—or about $500,000—between January 2018 and the same month this year and now sits at a little over $3 million.

 

West Vancouver was second on the list with a decline of 15.4 per cent or about $477,000. The average price of a house in the North Shore municipality was about $2.6 million at the time of Zoocasa's

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Vancouver home sales fall nearly 40% in January as prices pull back

"Home sales fell to the lowest January level in a decade"

Vancouver's once red-hot housing market continued to cool last month as the number of home sales fell to the lowest level seen in January in 10 years.

The Real Estate Board of Greater Vancouver says 1,103 homes were sold in Metro Vancouver last month, down 39.3 per cent from the same month a year earlier.

Month-over-month, January home sales were up 2.9 per cent versus December 2018.

The board says last month's home sales were 36.3 per cent below the 10-year sales average for January, and the lowest January sales figure recorded since 2009.

Prices are falling across property type, according to the Real Estate Board of Greater Vancouver. (Rafferty Baker/CBC)

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New calculation model could help renters, says Thomas Davidoff of UBC Sauder School of Business

UBC professor proposes innovative property tax system to help housing affordability

A radical, innovative property tax model to improve housing affordability for renters has been proposed by a UBC associate professor.

In new research in the Canadian Tax Journal, UBC Sauder School of Business associate professor Thomas Davidoff suggests a new method for increasing homeowners’ annual property taxes that would result in lower income and sales taxes for all residents.

In a Q&A on the research, published by the UBC website, Davidoff says, “We’ve got a really out-of-balance tax system here — it’s a great place to buy real estate but not a great place to make a living, in terms of tax policy.”

Davidoff suggests that property taxes be…
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