Vancouver Real Estate Blog

Harmonize Sales Tax - Decreases affordability

 To help mitigate the effects of the HST, the Real Estate Board of Greater Vancouver made five recommendations to the provincial government in a presentation to the Selection Standing Committee on Finance and Government Services on October 16, 2009.

To read BCREA full submission visit: Learn more >>

More Positive Vancouver Real Estate Market News

There is more positive news on the Vancouver real estate market - this time from the Greater Vancouver Real Estate Board. According to recent sales statistics, an increase in buyer activity over the last four months has lessened the downward pressure on housing prices. 

The REBGV reports that the number of residential property sales in Vancouver totalled 3,524 in May 2009, an increase of 17.4% from May 2008. It also represents an increase of 18.9% compared to last month. 

Since the beginning of the year, the MLSLink® Housing Price Index benchmark price for all residential properties in Vancouver increased 4.5% to $506,201 from $484,211. 

New listings for detached, attached and apartment properties declined in Vancouver, down 36% to 4,733 in May 2009 compared to May 2008, when 7,390 new units were listed. Sales were as follows:

• detached properties increased 16.5%t to 1,402 from the 1,203 detached sales recorded during the same period in 2008; 

• condominiums in May 2009 increased 17.2% to 1,458, compared to 1,244 sales in May 2008; and  

• attached properties in May 2009 were up 19.6%t to 664, compared with the 555 sales in May 2008. 

Bright spots were Vancouver West up 59.5% (193 units sold from 121) for detached homes; up 54.5% for attached homes; and up 25.4% for condominiums.

New Home Owner Grant Limits

Today, the British Columbia provincial government announced changes to the Home Owner Grant Program. Under the changes, the basic home owner grant increases to $570 from $470 and the additional grant will increase to $845 from $745. The phase out threshold of the home owner grant increases to $780,000 from $685,000. The grant phase out rate continues at $5 per $1000 of assessed value above the threshold. The partial grant will apply to properties valued between $780,000 and $894,000. For seniors and other home owners receiving the additional grant, a partial grant will be available for properties valued up to $949,000.

Buyers Confident in Canadian Market

A new report released by Re/Max Ontario-Atlantic shows that gains in real estate prices are attracting a growing number of investors to major markets across the country. According to the report, one in six Canadians plans to buy an investment property in the next 12 to 24 months. In Vancouver, strong economic and employment growth, a business-friendly provincial government and the advent of the 2010 Olympics, have bolstered the residential real estate market, resulting in an increase in the average house price to $420,000 - the highest in the country. You can read the full report at this site in pdf.

2006

Happy New Year and Best Wishes for 2006!

Latest Vancuver Sales Stats Show Huge Increase

The latest sales statistics from the MLS system show quite a significant increase in the price of homes over the past four years - most significant was the Point Grey area with an increase of almost 100% from 2001 to 2005. Download the_graph_here.pdf

BC Housing Market Expected To Grow in 2006

Speakers at the recent CMHC Housing Conference in Vancouver were predicting that BC's economy will continue to be strong during 2006. Economists point to several factors that would drive the economy forward, including:

• strong consumer spending;
• near-record high levels of consumer confidence;
• annual employment growth up 3.2% (best in Canada);
• 1.3% population growth (compared with 0.9% nationally);
• relatively low mortgage rates; and
• 5% increase in wages in the first six months of this year.

BC is expected to outpace the country in annual growth in real GDP in 2005 (3.5%) and 2006 (3.3%). It's a great time to invest in homes in BC!

What If There Was no Provincial Sales Tax In British Columbia?

New research by the British Columbia Real Estate Association shows that removing the Property Transfer Tax from home sales in British Columbia would:

• allow 7,310 families to enter the housing market;
• create 5,460 person years of employment; and
• generate:
  • $422 million in extra spending
  • $81 million in tax revenue
  • $91 million to the province’s GDP

The report can be read here in pdf.

Launch of Vancouver Real Estate Blog by Mitchell Mingie

Welcome to the Vancouver Real Estate Blog. My goal is to blog about recent real estate events, sales, selling or buying a condo and anything real estate related involving the Vancouver Real Estate Market.