EMPTY HOME TAX FOR VANCOUVER HOME OWNERS

Good Afternoon on this Fantastic Friday!

 

Just a reminder your Empty Homes Tax declaration is due FEB, 4 2019

By now, you should have received your Empty Homes Tax Declaration in the mail. Note that ALL homeowners are required to complete & submit the declaration.  

If you have not received it, we highly recommend giving the city a call ASAP! You can call the City of Vancouver at 604 873-7000

Failing to meet or not completing the declaration date, and if the property is presumed vacant, will result in a 1% vacancy tax of the property’s assessed value as well as a $250 fine.

 

Declaring is Easy

  1. First, have your notice with you. Go online to Vancouver.ca/eht-declare

You will be asked for the FOLIO number (Found in the top-right corner of your Assessment Notice) on your bill – enter that number in the field provided

  1. You will then be asked to enter in your ACCESS CODE, which too is on your bill next to the FOLIO number.
  2. You will be asked a series of questions and required to agree on your declaration
  3. Click on “Submit declaration”
  4. Finally, you will receive an email confirmation

 If you are having any troubles or have any further questions, you can call 604 873-7000 and the City of Vancouver can take your declaration over the phone. It’s very quick as well.

 

If the property is not deemed a rental and/or not your primary residence, and you are subject to the tax you can pay the tax by:

  1. Online
  2. Through your bank
  3. Mail a cheque
  4. Pay in person at City Hall Revenue Services

 

NOTE: If not paid by Feb 4th, however, you will ensure a 5% penalty.

 

About the Empty Homes Tax

The Empty Home Tax was introduced by Vancouver Mayor Gregor Robertson, through the City of Vancouver and came into effect January of 2017. The purpose of the tax is to primarily target second properties that could be on the rental market but were being primarily used as business holdings. At the time the tax was introduced, Vancouver rental vacancy rate was very low compared to other major cities at 0.6%, so as a solution to counteract the low vacancy rate the tax was a way to add current vacant homes into the rental market.

Of course, this too was introduced as a way of generating income for the city.  The Empty Home Tax is based on the property’s assessment from the previous year and taxed at 1% of that value. Know that most homes will not have to pay the tax, as it does not apply to Vancouver homes that have been rented for the past 6 months of the year or if your home is your principal residence. Do note, however, that ALL homeowners are required to submit the declaration.

 

Exemptions to the Empty Home Tax

There are a few exemptions that could allow you to not pay the tax:

  1. If your home is under construction
  2. If you home was either bought or sold during the year of 2018
  3. If there are strata restrictions on renting in your building

 

Where are the Empty Home tax dollars being used?

After all the taxes have been collected, the City of Vancouver has indicated that they will then take the net revenues and reinvest them into affordable housing initiatives for Vancouver. The city is illustrating that it will go towards the Vancouver Housing Action Plan to further solve the affordability crisis ensuring that housing in Vancouver will support more residents with varied incomes and make housing more livable & affordable.

 

Is the Empty Home Tax the Same as the Speculation and Vacancy Tax?

No, the Empty Home Tax is completely separate from the Speculation and Vacancy Tax which we will cover in an upcoming communication. To find out more about the Speculation and Vacancy Tax, go online at  https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax

 

As your Vancouver Real Estate Professionals, we feel it is important that our clients take advantage of every benefit and tax savings that they can in the Vancouver Real Estate Market. Ensuring you are not required to pay the Empty Home tax is important for continued savings as a Vancouver homeowner especially with a higher cost of living.  Particularly First-Time Home Buyers need to be aware of the tax and ensure they take the time to make the declaration as every dollar saved counts when owning your first home.

As one of the Top Real Estate Teams, we are deeply committed to our client’s happiness & success. We are proud to build long term relationships with our clients and are always here to assist you with your real estate questions or needs long after the buying or selling of your property.

If you have any further questions about the Empty Home Tax, our team or Real Estate Professionals with years of education, experience and expertise who are ready to assist you with all your questions and real estate needs, please give us a call.  We would love to help you with any questions you may have.

For further information about the Empty Home Tax, you can go online at https://vancouver.ca/home-property-development/empty-homes-tax.aspx

info@leeandpete.com
604- 729-5646

SHOULD I BUY OR RENT A HOME?

Are you torn between buying renting a home in Vancouver? Do you have a fear that you may not be able to get into the Vancouver Real Estate Market? Or maybe you are just having a difficult time finding the right property at the right price?

Recently a client wanted to either buy or rent in Vancouver. He had $100,000 saved in RRSPs that he was willing to potentially put towards a down payment.

The first property he looked at renting was in English Bay. The unit advertised was a 450 Sq. ft studio with a monthly rent of $2000 plus utilities. The second property he looked at was located in Yaletown and was similarly priced.

He then decided to look at property options. This young man started researching Vancouver Realtors because he felt the need for guidance in the Real Estate Market. He came across our website and decided to give Vancouver’s Top Agents a shot. We determined his criteria, which included easy access to transportation if the property was located outside of the downtown core. He also wanted a space that would be spacious enough for two people to live comfortably. After looking at his budget, we advised him to look at East Vancouver; a desirable yet still affordable area especially for young adults and young families.

We secured property for $500,000 near the PNE with transit just out the door. His new home was a 1 bedroom plus den with over 750 square feet of living space on the top floor with a beautiful view of the North Shore mountains.

With interest rates still historically low, his mortgage payment (with a 20% down payment) came to $1,800 plus strata fees of $365 per month for a total of $2,165 – just slightly higher than the rental place!

Why did he choose to own over renting when he could have saved $165?

  • First off, he owns his property and while property values have fluctuated in the past as with any real estate market, over time they have significantly increased.
  • He is currently paying down his mortgage and building up equity.
  • With a spacious den, he decided to rent it out to a friend for $600 to further reduce his expenses.
  • With transit being so accessible, he saves costs on monthly parking downtown

Unlike owning, renting puts you at the mercy of the landlord. Your rent can be increased, you may not be allowed to have any pets and you don’t have much freedom when it comes to wanting to make a few changes to the property and your landlord legally can kick you out of the property for it to be sold. Owning your own property gives you all control over every decision you make.

You can budget. Choosing a fixed rate mortgage allows you to better budget over the term of the mortgage and not worry about year-over-year rental increases.

Your home becomes your savings account. When you rent and move out, you have nothing. When you sell when values are up, you not only get your down payment back, but you get the difference between the purchase price and the selling price, less the principal amount you have been paying on your mortgage.

When you have enough equity in your property i.e. you have paid down your mortgage significantly or property values have greatly increased, you have options. Options to buy another property using the equity in your existing one, which leaves you with 2 properties. Or, you can sell and upgrade into a bigger property with a larger down payment.

If you are concerned with coming up with a downpayment, read out the latest blog post which touches on ways to secure funds. There are many programs as well to help you get into the market and become a homeowner or ask your parents to help with a gift towards the downpayment or co-signing the mortgage.

Don’t shy away from the Real Estate Market, there are plenty of ways to find the right place for you. We, at Lee and Pete Vancouver Real Estate Group love to sit down with you and go over your options and criteria to find a home that allows you to be in charge instead of the landlord and sets you up for building equity in the long run.

Our team consists of the best Vancouver Realtors with years of experience who will help you save time & make more money! Who wouldn’t want that?

Reach out, we love a coffee date with you. Get in touch now & contact us at info@leeandpete.com or 604- 729-5646

ARE YOU A FIRST TIME HOME BUYER? DON’T WORRY, WE ARE HERE TO HELP!

Hello & happy Saturday!

 

Today we are going to talk about first time home buyers. With all the lending rule changes and high Vancouver prices, many first time purchasers are either afraid or convinced they can’t get into the market. Good news, you can. Especially with the continued low interest’s rates. Please see below for more information on navigating your first purchase in the Vancouver real estate market. As always, we’re here to help! Feel free to call our team anytime.

 

Buying your first home. Don’t be afraid!

 

So, you’re thinking of buying your first home. Everyone’s excited about the prospect, however, you read in the paper and hear on the news how hard it is to get into the Vancouver Real Estate Market. Well, fear not, there are many programs that can help you as a first-time home buyer.

 

The Home Buyers Plan or HBP is a program started by the government to help first time homebuyers. The program allows new buyers to access their RRSP’s for a down payment, it lets you withdraw from your RRSP’s (Registered Retirement Savings Plan) up to $25,000 or $50,000 per couple.

 

Another way to access funds is through the receiving part of your down payment as a gift. The gift, however, must come from an immediate relative (mother, father, brother, sister) and must be a real gift and not a loan. Banks require a gift letter from your immediate relative confirming the amount gifted.  Keep in mind that often it is beneficial to come up with some of the down payment yourself to show the lender that you are a strong applicant, including good credit and solid employment.

 

What is not widely known, is that new buyers can access a down payment through the borrowing of funds. This would need to be in the dome of a loan or line of credit. Of course, the payments of the loan would be calculated into the overall debt servicing of the mortgage and applicants would have to qualify within the lending guidelines.

 

Another great program is the purchase plus improvement program. Meaning homebuyers can purchase a property at a lesser value that may need work. Improvements can be made over time and be reimbursed from the mortgage when the work is completed.

 

So, what about the down payment?

In Canada, lenders require a minimum down payment of 5%. This is a great way to get into the market however there is an insurance premium associated with any purchases under 20% and is based on a sliding scale.

 

Another advantage for first time homebuyers is a newer policy that allows you to avoid paying property transfer tax on the first $475,000. This used to be $425,000 and was increased to stay in line with rising home prices, particularity in the Vancouver and Toronto real estate markets. There is a break between $475,000 – $500,000

 

If you are thinking of getting into the Vancouver real estate market, here are the steps we recommend:

 

  1. We set up a meeting with you to discuss your goals, narrow down your locations, requirements from the property and strategies to help you achieve homeownership.

 

  1. You meet with your lender or we can recommend a highly skilled mortgage professional to start your mortgage pre-approval process.

 

  1. We go shopping! We work closely together to match you with properties that meet your criteria.

 

  1. Once found, we put in an offer and negotiate the best price and conditions on your behalf.

 

  1. Typically at this stage, a home inspection is conducted

If all subjects are satisfied and the home inspection is good, we accept the deal and sign all the paperwork.

 

  1. Now a deposit cheque is required. Usually 10% of the value of the home. This will be deducted off the purchase price at the time of closing.

 

  1. The property closes.

 

  1. We give you the keys.

 

  1. You are a proud new homeowner!

 

  1. We are here for you long after the purchase closes and will continue to answer any question you may have.

 

But wait, don’t forget about the first-time home buyers tax credits!

 

The first-time home buyers tax credit or FTHB was created in January 2009 to give relief to first time home buyers. It allows for an income tax credit that is nonrefundable. eligible first time home buyers with a qualified home can apply for up to $5,000 in credit income tax to a maximum of $750 in tax relief. When you’re a first-time homebuyer, every penny counts. So, make sure to take advantage.

 

To find out if you and your home are eligible, and for more information, please feel free to reach out to our team, we’re here to help.

Get in touch with us to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.

info@leeandpete.com
604- 729-5646

 

 

EVERYTHING YOU NEED TO KNOW ABOUT THE BC ASSESSMENTS

The New Year has arrived and that means your BC Assessment letter will soon be in the mail, notifying you of your current property value AND potentially increased taxes.

As one of the top Vancouver Real Estate Team’s in Greater Vancouver, we understand how frustrating it can be for homeowners continuing to see their property taxes increase year over year. That’s the downside. The upside is the value of your property is increasing and creating more equity in your home. Many of our clients are now looking to tap into that equity and purchase investment properties in the Greater Vancouver Real Estate Market.
If you haven’t already, you should be receiving your BC properly assessment in the mail shortly. But wait, what is the BC assessment all about? BC assessment is conducted by government appraisers and establishes a value of your property to determine your property taxes. The property tax raises over 7 billion dollars in revenue a year to pay for local government services like schools hospitals emergency services, parks, and roads and is therefore, one of the province’s biggest revenue source.

Assessment of a property

What is the assessment of a property and who does it? A BC assessment appraiser will determine the assessed value by taking comparable property prices in the Vancouver area, location, size of the home, size of lot, physical condition of the property, local services, age of the property and miscellaneous features that can affect the home’s value into consideration to make the appropriate estimate. When you receive the letter in the mail, the assessed value is based on the market value of your property as of July 1stof the previous year. To determine the correct value, while constantly chasing current sale prices the appraiser uses the methods:

The direct sales comparison approach which is based on comparable sales in the area and time period.
The income approach, which looks at the potential revenue of property in comparison to its expenses to generate profitability.
Lastly, the cost approach is used when there is a non-comparable property. In which case a property’s value is estimated as the current cost of reproducing or replacing structures on the land. The approach is determined by the properties current use and how often properties with similarity types are bought and sold on the open market.

Why would they assess my property you ask? Easy, Vancouver is known for its soaring Real Estate prices, creating a great source for the city to collect billions in revenue. The higher your property value, the higher, unfortunately, your taxes. The assessment appraiser calculates the property’s value based on the factors above and multiplies it by the current property tax rate which then equals your property taxes.

Is it all bad? Not at all. Increasing property value can sometimes help speed up the selling process as many looks at the asking vs. assessed price when purchasing a property. But more importantly, it can help you create more equity for your home, which in turn can help you purchase more properties and increase your overall assets.

Do I pay the full amount of property taxes?

It depends…. The City of Vancouver offers a Home Owners Grant to those that are Canadian Citizen or landed immigrants, ordinarily reside in British Columbia and are a registered owner of a home in Vancouver. Some homeowner may be eligible for an additional grant if they 65 or older, have a disability or receive a veteran’s allowance. Homeowners whose property value is above 1.764 million, however, are eliminated from the basic grant and homeowners that own a home with an assessed value over 1.819 million are eliminated from the additional grant.

In addition, you have the right to appeal your tax assessment and try to lower the assessed value to reduce your property taxes. Statistically, about one to two percent of homeowner appeal the assessment.

It’s important to note that the assessment was determined in July 2018 and the market condition can change quickly, especially in Vancouver. Therefore, it’s critical to get a current and accurate valuation of your property if you are considering selling. With prices softening, now may be the perfect time to consider buying an investment property in Vancouver. Give our team and call with the best real estate agents and we can advise you on whether purchasing another property makes sense for you. It can be a great source of income over the long term.

The New Year has arrived and that means your BC Assessment letter will soon be in the mail, notifying you of your current property value AND potentially increased taxes.

As one of the top Vancouver Real Estate Team’s in Greater Vancouver, we understand how frustrating it can be for homeowners continuing to see their property taxes increase year over year. That’s the downside. The upside is the value of your property is increasing and creating more equity in your home. Many of our clients are now looking to tap into that equity and purchase investment properties in the Greater Vancouver Real Estate Market.
If you haven’t already, you should be receiving your BC properly assessment in the mail shortly. But wait, what is the BC assessment all about? BC assessment is conducted by government appraisers and establishes a value of your property to determine your property taxes. The property tax raises over 7 billion dollars in revenue a year to pay for local government services like schools hospitals emergency services, parks, and roads and is therefore one of the province’s biggest revenue source.

Assessment of a property

What is the assessment of a property and who does it? A BC assessment appraiser will determine the assessed value by taking comparable property prices in the Vancouver area, location, size of the home, size of lot, physical condition of the property, local services, age of the property and miscellaneous features that can affect the home’s value into consideration to make the appropriate estimate. When you receive the letter in the mail, the assessed value is based on the market value of your property as of July 1stof the previous year. To determine the correct value, while constantly chasing current sale prices the appraiser uses the methods:

The direct sales comparison approach which is based on comparable sales in the area and time period.
The income approach, which looks at the potential revenue of property in comparison to its expenses to generate profitability.
Lastly, the cost approach is used when there is a non-comparable property. In which case a property’s value is estimated as the current cost of reproducing or replacing structures on the land. The approach is determined by the properties current use and how often properties with similarity types are bought and sold on the open market.

Why would they assess the property you ask? Easy, Vancouver is known for its soaring Real Estate prices, creating a great source for the city to collect billions in revenue. The higher your property value, the higher, unfortunately, your taxes. The assessment appraiser calculates the property’s value based on the factors above and multiplies it by the current property tax rate which then equals your property taxes.

Is it all bad? Not at all. Increasing property value can sometimes help speed up the selling process as many looks at the asking vs. assessed price when purchasing a property. But more importantly, it can help you create more equity for your home, which in turn can help you purchase more properties and increase your overall assets.

Do I pay the full amount of property taxes?

It depends…. The City of Vancouver offers a Home Owners Grant to those that are Canadian Citizen or landed immigrants, ordinarily reside in British Columbia and are a registered owner of a home in Vancouver. Some homeowner may be eligible for an additional grant if they 65 or older, have a disability or receive a veteran’s allowance. Homeowners whose property value is above 1.764 million, however, are eliminated from the basic grant and homeowners that own a home with an assessed value over 1.819 million are eliminated from the additional grant.

In addition, you have the right to appeal your tax assessment and try to lower the assessed value to reduce your property taxes. Statistically, about one to two percent of homeowner appeal the assessment.

It’s important to note that the assessment was determined in July 2018 and the market condition can change quickly, especially in Vancouver. Therefore, it’s critical to get a current and accurate valuation of your property if you are considering selling. With prices softening, now may be the perfect time to consider buying an investment property in Vancouver. Give our team and call with the best real estate agents and we can advise you on whether purchasing another property makes sense for you. It can be a great source of income over the long term.


Get in touch with us to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.
info@leeandpete.com
604- 729-5646

MARKET UPDATE- DECEMBER 2018

Home Sales continue to decline, with 2018 home sales being the lowest since 2000. 

 

The Greater Vancouver Real Estate Board recorded a total of 24,619 sales on the MLS in 2018, a significant decrease of 31.6 per cent from 2017 with 35,993 total sales among the detached, attached and apartment properties.

 

Last year’s sales also mark 25 per cent points below the regions 10-year sales average.

 

According to the REBGV president Phil Moore, rising interest rates, changes to mortgage requirements and high homes prices were contributors to the changing market in Metro Vancouver that has transitioned away from the seller’s market conditions.

 

The MLS recorded 53,614 home listings in 2018 a decrease of 1.9 per cent when compared to 2017 with 54,655 listings and a 6.9 per cent decrease to 2016.

 

Moore further states that it is important to watch the supply of homes for 2019 as many pre-sale buildings will be completing this year.

 

The composite benchmark price for 2018 is $1,032,400 a 2.7 per cent decrease compared to December 2017.

 

The benchmark price of detached homes declined further since June by 7.3 per cent and declined by a total of 7.8 per cent over the past 12 months.

The benchmark price for townhomes, however, increased since December 2017 by 1.3 percent, thus decreased by 5.3 per cent since June.

Apartment homes also increased by 0.6 per cent over the past 12 months and have decreased since June 2017 by 6.4 per cent.

 

Moore blames the supply of homes that started to accumulate in the spring and put downward pressure on prices across all home types throughout the second half of the year.

 

Looking at December, in particular, the MLS reports total sales of 1,072, a 46.6 per cent decrease compared to December 2017 and a 33.3 per cent decline from November 2018 with 1,608 homes sold.

 

Total homes listed were recorded at 1,407 across all property types, representing a 25.6 per cent decrease to December 2017 and 59.4 per cent decrease to November 2018 when 3,461 homes were listed.

 

The total number of homes currently listed for sale is recorded at 10,275 which represents a 47.7 per cent increase compared to December 2017 with 6,958 listings and a 16.5 per cent decrease in comparison to November 2018.

 

The sales-to-active ratio for all property types in December 2018 was 10.4 per cent, specific to each property type, the MLS recorded a 7.1 per cent ratio for detached homes, 12 per cent for townhomes and 14.2 per cent for apartments.

 

According to analysts, this shows that detached homes and townhomes are currently operating in a Buyer’s market as the downward pressure on home prices is at or has dipped below the 12 per cent mark. Apartments are however still in a balanced market.

 

Sales of detached homes in December 2018 have been on the decline with 348 recorded sales, representing a 43.6 per cent decrease compared to December 2017, with 617 homes sold. The benchmark price for a detached home is $1,479,000, a 7.8 per cent decrease from December 2017.

 

Apartment homes also recorded a decrease in total sales, with 535 sold homes in December 2018 and 1,028 recorded sales in December 2017, a 34 per cent decrease. However, prices for apartment homes slightly increased by 0,6 per cent from December 2017 to December 2018, with a new benchmark price of $664,100

 

Lastly, attached home sales reached 189, a strong decrease of almost 50 per cent compared to December 2017 with 371 sales. Here, too, the benchmark price slightly increased when compared to the previous year, by 1.3 per cent, however, records a 1.1 per cent decrease compared to November 2018. The new benchmark price for attached homes is $809,700.

 

Discover if your individual neighbourhood and price band is either a Buyer, Seller or balanced market. Email us to receive the current market stats for December 2018. 

info@leeandpete.com

Get in touch with us to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.

info@leeandpete.com

604- 729-5646

LEE + PETE VANCOUVER REAL ESTATE GROUP CHRISTMAS & CLIENT APPRECIATION PARTY 2018

The Lee + Pete Vancouver Real Estate Group is honored to have gotten the opportunity to show our deep appreciation for you, our valued clients, family, and friends. With the trust, loyalty, and support from each and every one of you, our team is currently the Top Real Estate Team in Vancouver, B.C.

Every year our team hosts a Christmas & Client Appreciation Party locally in beautiful Vancouver. These are clients that have entrusted our team with either the purchase or sale of their homes here in the Lower Mainland Real Estate Market. This year our celebrations were held at the White Lounge in Vancouver’s popular Yaletown. We celebrated with over 150 valued clients that were able to attend the event and enjoyed tasty canapés, delicious drinks & great live music.

Giving back to our community across the Lower Mainland has always been very important to our team and we have done so for the past 7 years. This year, our guests had the opportunity to win over 20 high-end gifts while supporting a great cause. All proceeds from this draw went to the Canuck Place Children’s Hospice which provides care to children with life-threatening illnesses and giving them a place of comfort so that they can continue to enjoy the simple joys of life with their families. With the help of our charitable guests, we were able to raise $2,400 for the foundation and intend on continuing to support this wonderful cause in the future.

Thank you again for attending our event and being part of the Lee + Pete Vancouver Real Estate Group family.  Together we can all do wonderful things that truly make a difference. We are looking forward to continued business in 2019 and of course another party!

Take a look at the gorgeous photos of our event  taken by  Jill Keech and please CLICK HERE 

If you like to post any photos from our event on social media, we appreciate if you could tag @leeandpete_realestate

Wishing everyone good health & great success in the New Year! Happy Holidays!

info@leeandpete.com

604- 729-5646

EXCLUSIVE ASSIGNMENT OPPORTUNITY AT LOUGHEED HEIGHTS TOWER 1

  

▫️ ASSIGNMENT OPPORTUNITY ▫️

Exclusive Assignment Lougheed Heights Tower 1

# 1310 515 Foster Avenue, Coquitlam, BC

499,000 1 Beds

1 Baths

573 Sq.ft. Indoor 110 Sq.ft. OutdoorAwesome north facing 1 bedroom suite with 573sqft of open concept living and large 110sqft balcony with sweeping mountain views. Built in sleeping theatre and ExtenTable.

Live in a rapidly growing community only minutes from over 200 shops, services and restaurants and access to the Evergreen Line.Built by Bosa and Bluesky Properties
24,000 square feet of private resort-inspired amenities, including pool, fitness centre, music room, hockey and basketball court.

For more information download the feature sheet HERE 

Get in touch for further information on this assignment opportunity. 

info@leeandpete.com

604- 729-5646

EXCLUSIVE ASSIGNMENT OPPORTUNITY AT BROOKLYNN

 

 

▫️ ASSIGNMENT OPPORTUNITY ▫️

# 409 467 Mountain Highway, North Vancouver, BC

$ 849,000

2 Beds + Den

2 Baths

1,042 Sq.ft.

1 Parking

Year Built- 2019

Welcome to BrookLynn, a gorgeous boutique complex with 63 homes in the heart of Lynn Creek Town Centre in North Vancouver.

Enjoy contemporary interiors with this 1,042 square feet bright and airy 2 bedroom/2 bathroom home. Elegant wide plank flooring are highlighted by an abundance of windows showering the interior in sunlight. The gourmet kitchen with quartz counters and high-end appliances package including a 5-gas burner stove are perfect for the every-day chef. Other luxury features include high ceilings generous outdoor space and spa-like bathrooms. The bedrooms are located on opposite ends for maximum privacy.

Take advantage of exclusive amenities including an expansive 1,500 outdoor courtyard, perfect to host summer BBQ’s with family and friends or to relax with a drink after a long day at work.

 

For more information download the feature sheet HERE

Original Price- $ 694, 900

Current deposit held in trust- $ 104, 235

Colour Scheme- Classic

 

Get in touch for further information on this assignment opportunity. 

info@leeandpete.com

604- 729-5646

 

MARKET UPDATE- NOVEMBER 2018

Property Sales continue  to slow down across the Metro Vancouver Real Estate Market.

 

According to the Vancouver Real Estate Board, the total sale of homes in November remains below historical averages. With total sales of 1,608 the Vancouver Real Estate Board recorded a 42.5 per cent decrease from November 2017 as well as a further decrease in sales in comparison to October 2018 with a 18.2 per cent decline.

 

The housing market hasn’t seen a comparable decrease for the month of November since 2008.

Home buyers remain patient in pulling the trigger on the perfect home, allowing the number of available homes for sale to go back to typical historical level. This has resulted in prices coming down across all property types says Phil Moore, the REBGV president.

 

The MLS system recorded 3,461 newly listed homes in Metro Vancouver in November, which is a 15.8 per cent decrease compared to November 2017 when 4,109 were listed with the Multiple Listing Service. The number of homes listed in November has also decreased when compared to October 2018, with 4,873 homes being listed.

 

Currently, the total number of homes available for sale on the MLS system in Metro Vancouver is 12,307, recording a 40.7 per cent increase compared to November 2017 when only 8,747 homes were listed for sale and a 5.2 per cent decrease in comparison to October 2018.

 

The property sales-to-active ratio for detached homes is currently 8.9 per cent, 14.7 per cent for townhomes and 17.6 per cent  for apartments. Therefore detached homes remain in a   buyer’s market with townhomes now also entering into a buyer’s market, and apartments remaining in a balanced market. Overall the sales-to-active ratio for all property types is 13.1 per cent.

 

When the sales-to-active ratio dips below 12 per cent for a sustained period, downward pressure on homes occurs, while home prices climb when the ratio exceeds 20 per cent over several months.

 

According to Moore, home prices have been on the decline over the past 6 month depending on the type of property. Analysts will watch the first quarter of 2019 to see if demand picks up as its usually very active in the spring.

 

The current benchmark price for all property types in Metro Vancouver is $1,042,100 which is a 1.4 per cent decrease compared to November 2017 and a 1.9 per cent decrease to October 2018.

 

Detached home sales have further declined in comparison to the previous year, the Vancouver Real Estate Board records a 38.6 per cent decrease with 516 detached sales in November 2018 compared to 841 detached sales recorded in November 2017. The benchmark price is $1,500,100 documenting a 6.5% decrease from November 2017 and 1.6 per cent decrease compared to October 2018

 

Apartment sales are similar, recording an even higher decrease, 46.3 per cent, compared to the previous year, with 810 sales in November 2018 compared to 1,508 sales in November 2017.  The benchmark price is currently $667,800, representing a 2.3 per cent increase compared to November 2017.

 

Meanwhile townhomes sales too record a decrease in sales, down to 282 sales in November 2018 compared to 446 sales in November 2017. The benchmark price for an attached home is $818,500.

 

 

 

Discover if your individual neighbourhood and price band is either a Buyer, Seller or balanced market. Email us to receive the current market stats for November 2018. 

info@leeandpete.com

Get in touch with us to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.

info@leeandpete.com

604- 729-5646

MARKET UPDATE- OCTOBER 2018

SALES REMAIN BELOW LONG- TERM HISTORICAL AVERAGES FOR OCTOBER IN METRO VANCOUVER 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region in October 2018 has decreased by 34.9% from the sales records from October 2017.

According to Phill Moore the REBGV President, the supply of homes for sale today has returned to levels that allow home buyers a larger selection homes to choose from however for sellers, this shift in the market could potentially increase the competition among homeowners.

In October 2018, there were 4,873 homes newly listed for sale which represents a 7.4% increase compared to the number of homes listed in October 2017 and 7.7% decrease compared to September 2018.  The MLS System in Metro Vancouver is recording a 42.1% increase in the total number of homes currently listed- 12,984 in October 2018 Vs 9,137 in October 2017 & a 0.8% decrease compared to September 2018. Overall the sales to the active listing ratio for October 2018 is 15.1 % with detached homes recording the lowest sales to the active ratio at 10.3% followed by townhomes at 17.3% and condominiums at 20.6%. Experts generally call a period in which the ratio dips below 12% a buyers market while homes that experience upward pressure surpassing 20% are called a seller’s market.

 

Phill states that this shift allows little relief for those looking to buy in today’s market compared to the hot market of the past year, as prices have decreased by 3-5% depending on housing type. The composite benchmark price according to the MLS home price index for all residential homes in Metro Vancouver is currently $1,620,100. This is a 3.3% decline over the last three months however, a 1 % increase over October 2017.

Sales of detached homes have decreased in comparison to the previous year- 637 homes in October 2018 verses 940 in October 2017. The benchmark price for detached properties has also decreased by 3.9% over the last three months, down to $1,524,000.

Sales of apartments decreased by 35.7% down to 985 sold apartments compared 1,532 sales in October 2017. The current benchmark price for condominium is $683,500. This actually represents a 5.8% increase in comparison to October 2017 however, there has been a 3.1% decrease over the last three months.

Attached home sales in October 2018 have also fallen by 30.5% from 550 sales in October 2017 from 344 in October 2018. Attached homes sit at a benchmark price of $829,200, a 2.8% decrease over the last three months however there has been a 4.4% increase from October 2017.

 

 

 

The current market offers great opportunities for Buyer’s to secure a home, as well as a great opening for sellers to save time and make the most money.

We listed the best bets for both buyers and sellers in Metro Vancouver below.

BEST BET FOR BUYERS 

 

Vancouver Downtown (Attached)

  • Homes between $2 mil to $2.25 mil, Coal Harbour, Yaletown, and 3 bedroom properties

 

Vancouver Eastside (Attached)

  •  Homes between $1.25 mil to $1.5 mil, Renfrew and minimum 4 bedroom properties

 

 Vancouver Eastside (Detached)

  • Homes between $2.25 mil to $3 mil, Collingwood, Hastings East, and minimum 7 bedroom properties

 

Vancouver Westside (Detached)

  • Homes between $4 mil to $4.5 mil, Marpole and minimum 7 bedroom properties

 

BEST BET FOR SELLERS 

 

Vancouver Downtown (Attached)

  • Selling homes in the Westend and up to 1 bedroom properties

 

 Vancouver Eastside (Attached)

  •  Selling homes in Fraser, Grandview, Knight, Main and 2 bedroom properties

 

 Vancouver Eastside (Detached)

  •  Selling homes in Mount Pleasant, Victoria and up to 2 bedroom properties

 

 Vancouver Westside (Detached)

  •  Selling homes in Quilchena and 3 to 4 bedroom properties

 

 

Discover if your individual neighbourhood and price band is either a Buyer, Seller or balanced market. Email us to receive the current market stats for October 2018. 

info@leeandpete.com

Get in touch with us to discuss the best opportunities for you in this market. We are never too busy to find the right strategy for you.

info@leeandpete.com

604- 729-5646

 

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