NDP Budget and January 2018 Stats and Info

Hello Everyone,
 
Our NDP government announced their budget today. For the housing market it includes:
  • A new, province wide "speculation tax," focused on vacant homes. The tax will be two per cent of the assessed value of properties in 2019.
  • An increase to the foreign buyers tax from 15% to 20% and the expansion of the tax to properties in other major municipal areas in B.C. outside Metro Vancouver. 
  • An increase in the property transfer tax from 3% to 5% for homes worth more than $3 million
 
You can read more about that here:
 
At this point it’s too early to know how much of an impact this will have on our market. I think it will cause some initial cooling before the market adjusts to the new rules. Of course this is on the heels of the introduction of the new ‘stress test’ for buyers which came into affect on the 1st of January (more on that here: https://globalnews.ca/news/3807946/mortgage-rules-stress-test/ ), so for how long and to what extent we see a slow down is anyone’s guess.
 
As far as how our market fared at the end of January - it was really split! The detached housing segment was firmly in a Buyer’s market, while attached homes (townhouses) moved into Balanced territory. The condo market remained firmly rooted in a Seller’s market. 
 
“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” Jill Oudil, REBGV president said. “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4% increase from the 1,523 sales recorded in January 2017, and a 9.8% decrease compared to December 2017 when 2,016 homes sold.

Last month’s sales were 7.1% above the 10-year January sales average. By property type, detached sales were down 24.8% from the 10-year January average, attached sales increased 14.3% and apartment sales were up 31.6% over the same period.

 

Here is the snapshot:
 
Come join me on social media or visit my webpage:
Twitter: @kimparish73
Facebook: www.facebook.com/KimParishMacRealty
Web: www.kimparish.com 

A large part of my business comes from referrals, so if you or someone you know is interested in buying and/or selling, please pass along my contact information and I would be happy to speak with them about how I can help.
 
Warm regards,
Kim
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.