You may or may not have heard, but there were changes announced for the Property Transfer Tax (PTT) yesterday. The PTT is a provincial tax paid by buyers when a property changes title (so when you purchase).

Since it's introduction in the late 80's, it has been calculated at:
1% on the first $200K and 2% on the balance of the purchase price.

 

First time home buyers are exempt from paying for homes up to $475K. There is a partial exemption between $475K and $500K.

 

Here is a quick summary of the changes:

 

1.    There are no changes to the first time home buyer exemption limits;

2.    All buyers (whether first time buyers or not) no longer pay PTT on purchases of NEW homes up to $750,000 in value; note the buyer must be a Canadian citizen or a permanent resident; there is a partial exemption for homes between $750,000.00 and $800,000.00;

3.    PTT has changed so that there is now a 3% tax on amounts over $2,000,000.00. The 3% tax is only paid on the amount over $2,000,000.00, not the full price.

 

So, great news if you are purchasing a newly built home (up to $750K), not so great news for those buying over $2M...and no change if you are buying a re-sale property.

 

In my opinion, much more could have been done, namely increasing the threshold from $200K for the 1% calculation to help the many buyers purchasing re-sale property.

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Hi Everyone,

Firstly - I wanted to say a huge THANK YOU to all of you. I recently received a Sales Achievement Award for 2015 and would not have done this without your trust, support and confidence in me.

In order to build on this success in 2016, I would like to offer a $100 gift card for any referrals received of your friends, family or colleagues that result in a sale. Please get in touch for more info.



Looking at January, home buyer activity remained at near record levels across the Metro Vancouver housing market. With demand still high, and listings still below average, we continue to see upward pressure on prices.

Residential property sales in Greater Vancouver for January 2016, saw an increase of 31.7% compared January 2015 and a 10.9% decline compared to December 2015.


Last month’s sales were 46% above the 10-year sales average for the month and rank as the second highest January on record.


“Fundamental economics are driving today’s market. Home buyer demand is at near record heights and home seller supply is as low as we’ve seen in many years,” Darcy McLeod, REBGV president said.


New listings for detached, attached and apartment properties in Greater Vancouver saw a 6.2% decline compared to January 2015 and a 119.8% increase compared to December 2015.


“The MLS® is the most powerful real estate marketing system in the country. If you’re thinking of selling, it’s important to talk with your REALTOR® about putting your home on the MLS® system to ensure your property gets maximum exposure,” McLeod said.


The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 6,635, a 38.6% decline compared to January 2015 (10,811) and a 10.1% increase compared to December 2015 (6,024).


Looking specifically at Vancouver, January finished in a strong seller's market, with most market segments having less than three months supply of inventory.


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.


See below for info on Vancouver's east and west sides. Contact me if you'd like more information on this, or on an area not covered here.

Here are the stats: