News & Tips

Higher Demand Than Supply for Homes Across Vancouver Low housing inventory coupled with strong demand, specifically for condos and townhomes, propelled the market in March. The number of new listings has not been this low since March 2009. Ongoing competition to purchase condos and townhomes means attached home prices will likely continue to increase until […]

The Empty Homes Tax will be applied annually, with the first tax year beginning on January 1, 2017. Homes that are deemed empty will be subject to a tax of 1% of the property’s BC Assessment value. Most homes will not be subject to the tax, as it does not apply to principal residences or homes […]

Condo Demand Continues to Outstrip Supply Demand for condos and townhomes remain high, even though year-over-year sales volume of attached properties were down approximately 30 percent. Condo prices have increased 2.3 percent over the past six months and February 2017 prices were up 2.7 percent compared to January 2017.  We continue to experience an extremely competitive condo market, […]

Vancouver, BC – February 22, 2017 – Budget 2017— BCREA News Release On the heels of multiple government announcements in 2016 and early 2017, the British Columbia Real Estate Association (BCREA) welcomes the latest: an increase in the Property Transfer Tax exemption threshold for first-time buyers, announced in Budget 2017. The increase, to $500,000 from […]

Property Transfer Tax (PTT) is a provincial land registration tax paid by a property buyer or owner when a property title is registered at the Land Title and Survey Authority (LTSA). How much is the PTT? The PTT is charged on the fair market value of a property at a rate of: 1% on the first $200,000 […]

As we help our clients navigate the current market, we continue to see high demand for condos, especially at the lower-to-mid range price points. Many of our clients who have been trying to purchase since early January, have been repeatedly faced with multiple offer and “subject-free” competition. A factor that may be feeding this demand […]

You likely received your BC Assessment notice in the mail last month and saw a substantial increase in your home value.  Metro Vancouver property assessments saw an uptick of 15-50 percent in 2017.   Larger property assessments increase for single-family homes Increases of 30-50% were typical for single-family homes in Vancouver, North and West Vancouver, […]

Mixed Start to the New Year for Vancouver’s Housing Market After near record-breaking housing sales in 2016, the Vancouver real estate market started the year in January 2017 with a mix of cooling trends in some areas and hot spots in others. Overall, Vancouver residential real estate sales volume for January 2017 was down approximately […]

Effective January 16, 2017 – the new BC Home Owner Mortgage and Equity Partnership program contributes to the amount first-time homebuyers have already saved for their down payment, providing up to $37,500, or up to 5% of the purchase price, with a 25-year loan that is interest-free and payment-free for the first five years. The […]

On Jan 10, 2017, BC’s Finance Minister announced that the province’s home owner grant program will now include properties with an assessed value of up to $1.6 million – which is up from the previous threshold of $1.2 million. This $400,000 increase from last year’s limit will ensure nine out of ten homes across the […]