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CMHC Green Home offers a partial refund on the cost of mortgage loan insurance. Buy, build or renovate for energy efficiency and you may be eligible for a refund of up to 25% of your premium.

Check if you’re eligible

YOU ARE BUYING OR BUILDING A HOME

Homes built under eligible building standards

Building StandardInsurance Premium Refund
R-2000 (national) 25%
Built Green™ (national) 15%
ENERGY STAR® (national) 15%
GreenHouse™ (Ontario) 15%
GreenHome™ (Yukon) 15%
LEED Canada for Homes (national) 15%
Novoclimat (Quebec) 15%
Manitoba Hydro’s New Homes Program (Manitoba) 15%

Homes not built under eligible building standards

If your home isn’t built to eligible building standards, have it assessed by a Natural Resources Canada (NRCan) qualified energy advisor.

Your advisor will measure your home’s efficiency using one of two EnerGuide scales: the 0-100 scale or the gigajoules (GJ) per year scale.

EnerGuide 0-100 RatingInsurance Premium Refund
82-85 15%
86-100 25%


EnerGuide GJ/Year RatingInsurance Premium Refund
At least 15% lower than “A Typical New Home” 15%
At least 40% lower than “A Typical New Home” 25%

YOU ARE BUYING A CONDO

If your building meets the LEED Canada New Construction standard (Certified, Silver, Gold or Platinum), you automatically qualify for a 15% refund.

If your building is designed to be 20% more energy-efficient than compliance with the energy provisions of the applicable building code, you may be eligible for a 15% refund.

If your building is designed to be 40% more energy-efficient than compliance with the energy provisions of the applicable building code, you may be eligible for a 25% refund.


YOU ARE RENOVATING A HOME

If you purchase an existing home and make energy-efficient improvements you may be eligible for a CMHC Green Home premium refund.

Before and after you make the improvements, have your home assessed by a Natural Resources Canada (NRCan) qualified energy advisor.

Your advisor will measure your home’s efficiency using one of two EnerGuide scales: the 0-100 scale or the gigajoules (GJ) per year scale.

  EnerGuide rating
0-100 scale
EnerGuide rating
Gigajoules scale
If pre-retrofit rating is < 55 If pre-retrofit rating is ≥ 55 If pre-retrofit rating is ≥ 200 If pre-retrofit rating is < 200
15% Insurance Premium Refund Minimum increase of 10 points, with resulting rating of at least 60 Minimum increase of 5 points Minimum decrease of 45 GJ/year, with resulting GJ/year not to exceed 250 Minimum decrease of 20 GJ/year
25% Insurance Premium Refund Minimum increase of 20 points, with resulting rating of at least 60 Minimum increase of 10 points Minimum decrease of 90 GJ/year, with resulting GJ/year not to exceed 250 Minimum decrease of 45 GJ/year

Download the Green Home application form to apply. Your application must be submitted within 24 months of the closing date of your mortgage.

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The First-Time Home Buyer Incentive (the Incentive) helps qualified first-time homebuyers reduce their monthly mortgage carrying costs without adding to their financial burdens.

You need to have the minimum down payment to be eligible. You can then apply for a 5% or 10% shared equity mortgage with the Government of Canada. Your maximum qualifying income is no more than $120,000 and your total borrowing is limited to 4 times the qualifying income.

The Incentive has an equity-like payout, where the government would share in the upside and downside of the property value.

* Barring any unforeseen circumstances the program will launch on September 2, 2019. The first closing will take effect on November 1, 2019.

Program Details

How does it work?

The Incentive enables first-time homebuyers to reduce their monthly mortgage payment without increasing their down payment. The Incentive is not interest bearing and does not require ongoing repayments.

Through the First-Time Home Buyer Incentive, the Government of Canada will offer:

5% of a first-time buyer’s down payment for the purchase of a re-sale home
5% or 10% of a first-time buyer’s down payment for the purchase of a new construction

How do I know how much I have to pay back?

You can repay the Incentive at any time without a pre-payment penalty. You have to repay the Incentive after 25 years or if the property is sold. The repayment of the Incentive is based on the property’s fair market value:

  • You receive a 5% incentive of the home’s purchase price of $200,000, or $10,000. If your home value increases to $300,000 your payback would be 5% of the current value or $15,000.
  • You receive a 10% incentive of the home’s purchase price of $200,000, or $20,000 and your home value decreases to $150,000, your repayment value will be 10% of the current value or $15,000.

NOTE: If your property value goes down, you are still responsible for repaying the shared equity mortgage based on the current home value at time of repayment.

 
Incentive by Property Type
PROPERTY TYPEINCENTIVE (%)
New Construction 5% or 10%
Existing Home 5%
New or re-sale mobile/manufactured home 5%

Funding Available

The First-Time Home Buyer Incentive works on a first-come-first-serve basis. The total amount of funding will be $1.25 billion over 3 years.

Eligibility & Requirements

Who can apply?

  • Canadian citizens, permanent residents, and non-permanent residents who are legally authorized to work in Canada
  • Borrowers must have a maximum qualifying income of $120,000 
    • Total qualifying income cannot exceed $120,000 per year
    • This is subject to qualifying income requirements set out by lenders and mortgage loan insurers
  • At least one borrower must be a first-time homebuyer, as per the definition below.

Are you a first-time homebuyer?

You are considered a first-time homebuyer if you meet one of following qualifications:

  • you have never purchased a home before
  • you have gone through a breakdown of a marriage or common-law partnership (even if you don’t meet the other first-time home buyer requirements).
  • in the last 4 years, you did not occupy a home that you or you current spouse or common-law partner owned
  • IMPORTANT: With the 4-year clause, it is possible that you or your spouse or common-law partner qualifies for the first-time homebuyer incentive (if you are in a married or common-law relationship). Even if you or your spouse or common-law partner has previously owned a home in the last 4 years.

How does the 4-year period work?

  • The 4-year period begins on January 1 of the fourth year before the year you purchased your home. It ends 31 days before the date you purchase your new home. Here are a few examples: 
    • if you purchase a home on March 31, 2015, the 4-year period begins on January 1, 2015 and ends on February 28, 2019
    • if you sold your home you lived in in 2013, you may be able to participate in 2018 or if you sold the home in 2014, you may be able to participate in 2019

Are there other mortgage details?

  • Total borrowing is limited to 4 times the qualifying income. The combined mortgage and Incentive amount cannot exceed four times the total qualifying income.
  • The amount for the mortgage loan insurance premium is excluded from this calculation.
  • The Incentive will be a second mortgage on the title of the property. There will be no regular principal payments, it’s not interest bearing and has a maximum term of 25 years.
  • The Incentive will have an equity-like payout, where the Government of Canada will share in the upside and downside of the property value upon repayment.

Is Mortgage Loan Insurance required?

  • Mortgages must be eligible for mortgage loan insurance. The first mortgage must be greater than 80% of the value of the property. This is subject to a mortgage loan insurance premium based upon the amount of the first mortgage.
  • Mortgage loan insurance premiums may be subject to provincial taxes.

What are the down payment requirements?

  • Minimum down payment is 5% of the first $500,000 of the lending value. It is 10% of the lending value above $500,000 from traditional down payment sources.
  • Traditional down payment comes from the borrower’s own resources and may include: 
    • savings
    • withdrawal/collapse of a registered retirement savings plan (RRSP)
    • non-repayable financial gift from a relative
    • Note: Unsecured personal loans or unsecured lines of credit used to satisfy minimum down payment requirements are not eligible for the program.

What properties are eligible?

The Incentive is to help first-time homebuyers purchase their first home. Eligible properties include:

  • 1 to 4 unit residential properties which includes 
    • new construction
    • re-sale home
    • new and re-sale mobile/manufactured homes
  • The property must be located in Canada and must be suitable and available for full-time, year-round occupancy.

What are the terms of repayment?

  • The first-time homebuyer will be required to repay the Incentive amount after 25 years or when the property is sold, whichever comes first. The homebuyer can also choose to repay the Incentive in full at any time, without a pre-payment penalty.

How is repayment calculated?

  • If a homebuyer receives a 5% (or 10%) Incentive, he would repay 5% (or 10%) of the home’s value at repayment.
  • Repayment is based on the property’s fair market value.

Let’s look at a specific situation

Anita wants to buy a new home for $400,000.

Under the First-Time Home Buyer Incentive, Anita can apply to receive $40,000 in a shared equity mortgage (10% of the cost of a new home) through the program. This is on top of the minimum required down payment of $20,000 (5% of the purchase price) from her savings.

This lowers the amount she needs to borrow and reduces her monthly expenses.

As a result, Anita’s mortgage is $228 less a month or $2,736 a year.

This example is for illustrative purposes only. Anita will need to repay the incentive at 10% of the fair market value when she sells the property or after 25 years, whichever is earliest.

Here’s another situation

John has an annual qualifying income of $83,125.

To be eligible for Canada’s First-Time Home Buyer Incentive, he can purchase a home up to $350,000. John still has the required minimum down payment of 5% of the purchase price, $17,500 from his savings. He can receive $35,000 in a shared equity mortage — 10% of a newly constructed home.

This would reduce John’s mortgage payments by $200 a month or $2,401 a year.

This example is for illustrative purposes only. John will need to repay the incentive at 10% of the fair market value when he sells the property or after 25 years, whichever is earliest.

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Features

  • Striking modern architecture with dramatic details including an iconic entry canopy, perforated metallic panels and staggered balconies.
  • Gourmet kitchens with engineered stone counters, undermount sinks, custom cabinetry, under-cabinet lighting, mosaic marble backsplashes and integrated brand-name appliances.
  • Keep cool in the warmer months with an air-cooling system.
  • Ensuites feature custom cabinetry and premium finishings including a luxurious oversized spa-style shower with frameless doors, a rain shower head plus a shower wand, and integrated bench seating.
  • Generous decks for outdoor living.
  • Some homes enjoy views of the North Shore Mountains, Mount Baker and surrounding green space.
  • A long list of residents-only amenities includes a fitness studio, social lounge, games library, landscaped podium, barbeque patio and more.
 
 
 

Floorplans

This is a sample of the floorplans available in this community. For an accurate list of available homes, please contact our sales team.


An Effortless Way of Life

What makes Coquitlam so unique is also what makes it such a great place to live. Urban in spirit, and sustainable at heart, it connects you to the essence of the West Coast. Try on the latest fashion at nearby Coquitlam Shopping Centre, enjoy an evening stroll in one of the surrounding picturesque parks, or simply hop on the SkyTrain network to explore downtown Vancouver. Coquitlam is a city where your days are as rich in shopping, dining and entertainment, as they are in trees, trails and parks.

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What we're about



Real Estate Investing, commercial real estate & first time purchasers information seminars and networking. Find out how to locate the best properties to purchase and how to purchase. Network with savy residential investors and entrepreneurs. Learn how to Invest with a group of like minded investors as a single business in properties such as vacation air bnb properties and university student rentals. Current and future entrepreneurs are welcome as well as we go over the key steps to buying and existing business or business space. Learn from award winning trustworthy instructors with years of experience in the industry. Specializing in residential and commercial real estate buyers.


Visit think link to register for the group seminars and rsvp for the next investor group meeting



 
 
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Georgetown One by Anthem is the first new tower planned as part of the Surrey City Centre’s 10 acre masterplanned community. The community itself is made up of seven residential towers, townhouses and 100,000 square feet of restaurant, office and retail space. The 30 storey Georgetown One tower includes 351 studios, one and two bedroom homes that are all efficiently designed. Amenities include co-working space, a glass covered outdoor theatre, fire-pit lounge, fully equipped gym and yoga studio, social lounge with wet bar, pool table and table tennis, entertainment kitchen and dining lounge, as well as a guest suite. In addition, Georgetown One is just steps from King George and Surrey Central SkyTrain station, along with the SFU Surrey campus and an abundance of retail amenities. 




At A Glance

  Address: 13645 102 Avenue
  Units:  351
  Storeys: 30
  Style of Home: Studio, 1 and 2 Bedroom condos
  Nearby Parks: Holland Park, Hawthorne Rotary Park
  Nearby Amenities: SFU University Campus, North Surrey Recreation Centre, Surrey City Hall, Surrey’s newest and largest Public Library and the Central City Shopping Centre

For Pricing and Membership Access 

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PARKSIDE LIVING IN SURREY CITY CENTRE

The Holland, by Townline will soon sit next to the luscious greenery of Holland Park. Located minutes from transit and all the conveniences Central City in Surrey provides. Offering up 251 homes, consisting of one and two bedroom condos as well as exclusive three bedroom townhomes. Townline is known for quality finishes and thoughtful layouts which will complete each home. The sheer number of amenities on offer will enhance the daily lives of each resident. Consisting of over 13,000 square feet of indoor and outdoor amenities the list includes:

  • including a fitness studio
  • business centre
  • electronic parcel delivery room
  • an entertainment and dining lounge that opens onto the outdoor social lounge
  • children’s play area


 

TRANSIT

Two major transit hubs, Surrey Central Station and King George Station, are a short 10-minute walk from home. Hop on the SkyTrain at either station for quick and seamless access to New Westminster, Burnaby, Coquitlam, and downtown Vancouver.

Holland PARK

Holland Park, Surrey’s adaptation of New York’s Central Park, offers up 25 acres of green, recreation, and entertainment space. Included in which are sports fields, basketball courts, a playground, an amphitheatre, and elegant gardens. Holland Park is also home to major community events, including Fusion Festival, Movies Under the Stars and many other exciting events.

THRIVING URBAN GROWTH

Surrey is quickly being recognized as the future of Greater Vancouver, especially when it comes to Real Estate. The increase in employment opportunities and the academic possibilities available at institutions such as Simon Fraser University and Kwantlen Polytechnic University, its no surprise that pre-sale condo demand is at an all time high. With major infrastructure including transit improvements, the writing is on the wall for why Surrey is the next smart move when it comes to buying Real Estate.

SkyTrain accessibility has also become the most important criteria for Real Estate purchasers & investors.  As Greater Vancouver looks to move towards a greener future and reduce the use of cars, it only makes sense to situate yourself as close to local transit and SkyTrain stations as possible.  This is one of the main reasons why SkyTrain accessible Real Estate has become so valuable and why developers are securing land in close proximity to SkyTrain stations.


Register for VIP information

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New Westminster council has unanimously passed a bylaw that will use the city’s business licensing powers to penalize landlords who evict tenants in order to renovate.

The bylaw uses the city’s business licensing powers, and is being called a groundbreaking policy that could put the brakes on what are known as “renovictions” if other Metro Vancouver municipalities follow suit. The bylaw will define under what conditions landlords can evict; will set out provisions to temporarily house tenants if vacancy is required to renovate; and will prohibit rent increases when tenants return.

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METRO VANCOUVER MARKET HIGHLIGHTS JANUARY 2019

 

Home listings increase while buyers remain in holding pattern

 
January 2018
1,818 Sold
January 2019
1,103 Sold
(-39.3%)
 
Residential property sales in Metro Vancouver

Home listings continue to increase across all housing categories in the Metro Vancouver* housing market while home buyer activity remains below historical averages.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,103 in January 2019, a 39.3 per cent decrease from the 1,818 sales recorded in January 2018, and a 2.9 per cent increase from the 1,072 homes sold in December 2018.

Last month’s sales were 36.3 per cent below the 10-year January sales average and were the lowest January-sales total since 2009.

"REALTORS® are seeing more traffic at open houses compared to recent months, however, buyers are choosing to remain in a holding pattern for the time being."
Phil Moore, REBGV president

There were 4,848 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in January 2019. This represents a 27.7 per cent increase compared to the 3,796 homes listed in January 2018 and a 244.6 per cent increase compared to the 1,407 homes listed in December 2018.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,808, a 55.6 per cent increase compared to January 2018 (6,947) and a 5.2 per cent increase compared to December 2018 (10,275).

For all property types, the sales-to-active listings ratio for January 2019 is 10.2 per cent. By property type, the ratio is 6.8 per cent for detached homes, 11.9 per cent for townhomes, and 13.6 per cent for condominiums.

Sales-to-active listings ratio - January 2019
Detached homes
6.8%
Townhomes
11.9%
Condominiums
13.6%
Total 10.2%

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Home prices have edged down across all home types in the region over the last seven months,” Moore said.

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,019,600. This represents a 4.5 per cent decrease over January 2018, and a 7.2 per cent decrease over the past six months.

“Economic fundamentals underpinning our market for home buyers and sellers remain strong. Today’s market conditions are largely the result of the mortgage stress test that the federal government imposed at the beginning of last year,” Moore said. “This measure, coupled with an increase in mortgage rates, took away as much as 25 per cent of purchasing power from many home buyers trying to enter the market.”

Sales of detached homes in January 2019 reached 339, a 30.4 per cent decrease from the 487 detached sales recorded in January 2018. The benchmark price for detached homes is $1,453,400. This represents a 9.1 per cent decrease from January 2018, and an 8.3 per cent decrease over the past six months.

Sales of apartment homes reached 559 in January 2019, a 44.8 per cent decrease compared to the 1,012 sales in January 2018. The benchmark price of an apartment property is $658,600. This represents a 1.7 per cent decrease from January 2018, and a 6.6 per cent decrease over the past six months.

Attached home sales in January 2019 totalled 205, a 35.7 per cent decrease compared to the 319 sales in January 2018. The benchmark price of an attached unit is $800,600. This represents a 0.5 per cent decrease from January 2018, and a 6.2 per cent decrease over the past six months.


* Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

Download PDF
 

 

Fraser Valley Stats

Inventory rises and apartment sales take lead during modest January market

SURREY, BC – Overall inventory levels continued to recover as market activity remained moderate through January.

The Fraser Valley Real Estate Board processed 784 sales of all property types on its Multiple Listing Service® (MLS®) in January, a 2 per cent decrease compared to sales in December 2018, and a 35.2 per cent decrease compared to the 1,210 sales in January of last year.

Of the 784 total sales, 250 were residential detached homes, 190 were townhouses, and 257 were apartments. This is the first time in the Board’s history that apartments have outsold residential detached homes during a month.

“This remains a challenging environment for buyers and sellers alike,” said John Barbisan, President of the Board. “Factors such as reduced buying power, changing expectations for pricing, and a recovering inventory are all having an impact.”

There were 5,995 active listings available in the Fraser Valley at the end of January, an increase of 9.9 per cent compared to December 2018’s inventory and an increase of 51.3 per cent year-over-year.

Additionally, 2,609 new listings were received by the Board for the month, a significant increase compared to December 2018’s intake of 978 new listings and a 24.7 per cent increase compared year-over-year.

"Historically, January months start slowly, and 2019 is following that trend,” explained Barbisan. “Pricing for each of our major residential property types remains either stable or decreased in most areas. This isn’t necessarily indicative of what’s to come in 2019, but it reinforces the need to be aware of what’s happening in your local market in order to be effective.”

For the Fraser Valley region, the average number of days to sell an apartment in January was 45, and 44 for townhomes. Single family detached homes remained on the market for an average of 55 days before selling.

HPI® Benchmark Price Activity

  • Single Family Detached:At $954,100, the Benchmark price for a single family detachedhome in the Fraser Valley decreased 1.2 per cent compared to December 2018 and decreased 3.3 per cent compared to January 2018.
  • Townhomes:At $522,100, the Benchmark price for a townhomein the Fraser Valley in the Fraser Valley decreased 1.8 per cent compared to December 2018 and increased 0.5 per cent compared to January 2018.
  • Apartments:At $409,000, the Benchmark price for apartments/condosin the Fraser Valley decreased 2.2 per cent compared to December 2018 and increased 1.2 per cent compared to January 2018.

Full package:
http://www.fvreb.bc.ca/statistics/Package201901.pdf

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Equity Mortgage Financing 

  • No Income Verification
  • No Stress Test
  • No Qualifying Rates
  • Simple Common Sense Approvals

Minimum Qualification Requierements:

1. Minimum Equity/Down-payment: 25%*
2. Application
3. Credit Bureau
4. Appraisal

Funds available NOW for:

First Mortgages up to $1,000,000.00 - Starting at 7.95%*

Second Mortgages up to $500,000.00 - Starting at 8.95%*

We lend based on equity and will consider:

  • No Proof of Income
  • Debt consolidation and credit repair
  • Lease land properties
  • CRA/Liens/CPL
  • Commercial financing under $1 Million (65% LTV Max)


We are a proud sponsor of HelpingFamiliesinNeed.org

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Lori Greiner From SHARK TANK abc is a Christmas Baby, born December 9, 1969. She is known as the Queen of QVC as since 2000, she has appeared on a QVC show called Clever & Unique Creations. She is also the president and founder of the Chicago company, For Your Ease Only, Inc.
 
Greiner grew up modestly on the Near North Side, Chicago. She majored in communications from the Loyola University Chicago, and worked for the Chicago Tribune while in college. She was briefly a playwright and also humbly designed and sold her own jewelry on the side.

In 1996, Greiner created and patented a plastic earring organizer, which was picked up by J. C. Penney before the holiday season. She took out a $300,000 loan to make this product and paid it back in eighteen months. She has also patented consumer products in other categories including cosmetic organization, jewelry storage, travel, electronics, and household items. She is also known venture in capital investing, product design consulting and television production.

Greiner started her own company after her J.C.Penney success and her product began appearing on Home Shopping Network and in the retail store, Bed, Bath and Beyond. Shortly thereafter, she transitioned to QVC and in 2000, landed her own show called Clever & Unique Creations, which is one of the longest running show on the network.

In 2012, Greiner joined the US TV series Shark Tank. In 2014, her investment in Scrub Daddy, a company that produces a texture changing household sponge, was noted as one of the biggest success story in Shark Tank history. On July 30, 2014, she sold more than 2 million sponges on QVC (in one day alone).

Another Shark Tank investment by Greiner made in Bantam Bagels (mini stuffed bagels) in 2014, was fully acquired by T. Marzetti Company, a subsidiary of Lancaster Colony Corporation. Other investments by Greiner include Squatty Potty, Readerest, Paint Brush Cover, Hold Your Haunches, Drop Stop, FiberFix, Simply Fit Board, Sleep Styler and Screenmend.




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Calculations take into account all market data, as well as site potential

The increased value of commercial properties has sparked debate in the media about what is the true value of commercial properties in B.C. The truth is market demand for those properties is what really drives prices up or down, says Tina Ireland, BC Assessment Regional Assessor.  

BC Assessment’s mandate is to provide fair, equitable, independent and trusted property assessments that echo market demands.

“BC Assessment reflects what is happening in the marketplace. Commercial assessments are all based on market value data. Across B.C., the assessed value is based on a commercial property's best potential use, as opposed to actual use,” Ireland explains. “Think, could a small shop be redeveloped into a high-rise commercial building?”


But how exactly are commercial property assessments calculated?


The first step is to determine the highest and best use of the property in order to make an accurate assessment. This is fundamental to a market value assessment system.  The highest and best use of a property must be legal permissibility, physical possibility, financial feasibility and maximum profitability.  Once the highest and best use is determined we measure how the market reflects this use.

“We analyze sales, we interview participants in that sale and we also look at rental/lease rates…there is a lot of data that goes into creating accurate assessments,” Ireland says. “We also work closely with national associations across the country and internationally to ensure our approach is accurate.”

 “Our assessments to sales ratio received a 96 percent accuracy rate,” Ireland adds. “Some people think we simply predict, and that assessments are less factual than they are, but on the contrary, it is a very thoughtful process using the best market data we can find.

"In fact, our assessments meet IAAO (International Association of Assessing Officers) standards.  The IAAO sets the standards that BC Assessment follows to ensure delivery of accurate assessments with current property values. The IAAO does that by using the median Assessment to Sales Ratio (ASR). The ASR measures how closely assessments represent a property’s actual selling price, tracking assessment accuracy in a market-based property assessment system.

“Across Canada and internationally, we are renowned for our system…one which works, one which is understandable and transparent,” notes Ireland. “We are very well ranked.”  

There are several drivers that influence market values, most notably the demand for specific properties, physical characteristics, and changes in zoning and density. If a property is rezoned, it is typically undertaken to permit more land uses and/or increased density to be developed on the property. 

Ireland credits its highly professional staff who ensure the accuracy of its assessments.

“Less than two percent of our property assessments are appealed, which means 98 per cent of people accept their assessments,” adds Ireland.

The website is full of great information that helps people understand the process.

“On bcassessment.ca, residents can compare their property assessments to those around them, as well as latest trends, sales and value changes in different municipalities and much more,” says Ireland. “We encourage property owners to contact us to learn more about their assessment.”


Find full article HERE

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Close to $3 billion worth of purpose-built rental properties changed hands in Greater Vancouver last year, according to the numbers crunched by the Goodman team at HQ Commercial.

 


The sum represents a 37% increase from last year, even though the number of properties changing hands totalled 155, just five more than in 2017. The average price per suite increased 23%, to $530,401.


“The real story behind the stats is all about the dirt,” Mark Goodman said. “The rarity of land throughout Metro Vancouver, coupled with investment growth in the condo and rental sphere, continues to drive our markets.”

 

 While strong demand for rental accommodation allowed investors to enjoy good cash flow in the past, the motivation today is increasingly about redevelopment opportunities. Supply can’t keep up with demand, and an aging stock suited to redevelopment in rental-friendly municipalities means many properties’ land values have risen – in some cases, Goodman said, “almost beyond recognition.”

 

Deals in the West End, for example, broke the billion-dollar mark as 21 buildings comprising a total of 1,373 suites sold.

The strong activity put paid to mid-year analyses that saw a slowing market for multi-family properties.

Avison Young, which tracks sales $5 million and greater, felt that political uncertainty in the run-up to last October’s civic elections would combine with government efforts to cool real estate markets and rising interest rates to cool deal activity and pricing.

“The likely pause in the market will allow for potentially better pricing to be achieved on properties than what has been available recently,” Avison Young opined in its mid-year multi-family report. “Purchasers will gain more certainty and a greater understanding of what pricing the market can support.”

While this wasn’t the case in Greater Vancouver, political uncertainty remains.

Goodman reports that some investors are shying from investing in purpose-built rental properties as a result. However, with no new land being created and the development environment still fraught with hurdles and delays, short supplies and strong tenant demand seem poised to buoy opportunities for investors.

Civic support

“City of Vancouver is doing far more than any other city in the region to both protect and increase rental housing, and is a leader nationally in creating new rental housing,” a sunny summer press release from former Vancouver mayor Gregor Robertson stated last June, notwithstanding industry criticisms of the lengthy approval process for projects. “The delivery of new rental housing in the city is at levels not seen in 40 years.”

The press release went on to note proudly that “roughly 50% of all rental housing under construction in Metro Vancouver is within the city of Vancouver” (though many feel Vancouver shouldn’t be shouldering the region’s housing crisis solo).

Year-end Canada Mortgage and Housing Corp. (CMHC) figures bear out some of those claims.

Construction of rental housing in the city reached its highest level in 30 years in 2018, with 3,433 units of market and non-market rental housing started. This represented 53% of the regional total of 6,425 starts. Five years ago, that proportion was 38%.

Total Vancouver rental housing starts between 2014 and 2018 represented 45% of the region’s starts.



Find full article here

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Declaration for Speculation and Vacancy Tax

All residential property owners in the designated taxable regionsmust complete an annual declaration for the speculation and vacancy tax. Where there are multiple owners of a home, a declaration must be completed by each owner, including spouses.

You must complete a declaration to claim an exemption. Over 99% of all British Columbians will be exempt from the tax.

The deadline to complete your declaration is March 31.

If you don’t complete your declaration, you’ll receive a tax notice charging you the tax at the maximum tax rate. You can still complete your declaration to claim an exemption even after you've received a tax notice.

If you don’t own residential property in a designated taxable region, you don’t need to complete a declaration.

How to Declare and Claim Your Exemption

If you own residential property in a designated taxable regionon December 31, the Province will send you a speculation and vacancy tax declaration letter in the mail by mid-February. Contact us if you’re expecting a declaration letter from us and haven’t received one by late February.

Your declaration letter will list all the residential properties you own in the designated taxable regions and will tell you how to declare and claim any relevant exemptions. The letter will be sent to you at your mailing address on file with BC Assessment.

If you need to update your mailing address, please contact BC Assessmentto do so.

Your letter will include two unique identification numbers: a declaration code and a letter ID. These numbers match you to your property. You'll need these numbers to complete your declaration. You'll also need your social insurance number to verify your identity.

This is what your letter will look like:

Sample of Declaration letter

As soon as you receive your declaration letter, you can complete your declaration through the online declaration application. You will be guided through the exemption options for each property.

If you prefer, you can declare over the phone with the help of an agent by calling us after you receive your declaration letter. Language translation services are available over the phone.

Complete your declaration right away to claim any relevant exemptions and avoid receiving a tax notice.

Someone else can complete your declaration online for you if they:

  • Have your unique identification numbers from your letter
  • Have your social insurance number
  • Complete an Authorization as a Representative form (FIN 146)

However, if someone else is completing your declaration over the phone, you must also be present on the call. This is because protecting your personal information is important to us.

Note: The speculation and vacancy tax is distinct from the empty homes tax in the City of Vancouver.

* Taken from the Government of British Columbia website page:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/declaration?fbclid=IwAR3dLqtV3hMm3lwQKpI9qvXP5UEb6Wcm66kbfK10J4S_ziTgKG_1bmhRalY

 
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Metro Vancouver home sales decline below historical averages in 2018

Metro Vancouver* home sales in 2018 were the lowest annual total in the region since 2000.

The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties reached 24,619 on the Multiple Listing Service® (MLS®) in 2018, a 31.6 per cent decrease from the 35,993 sales recorded in 2017, and a 38.4 per cent decrease compared to the 39,943 residential sales in 2016.

Last year’s sales total was 25 per cent below the region’s 10-year sales average.

“This past year has been a transition period for the Metro Vancouver housing market away from the sellers’ market conditions we experienced in previous years,” Phil Moore, REBGV president said. “High home prices, rising interest rates and new mortgage requirements and taxes all contributed to the market conditions we saw in 2018.”

Home listings in Metro Vancouver reached 53,614 in 2018. This is a 1.9 per cent decrease compared to 54,655 homes listed in 2017 and a 6.9 per cent decrease compared to the 57,596 homes listed in 2016.

“The supply of homes for sale will be an important indicator to follow in 2019. We’ve had record building activity in recent years and many projects will complete soon. This will provide additional housing options for home buyers across the region,” Moore said.

The MLS® HPI composite benchmark price for all residential homes in Metro Vancouver ends the year at $1,032,400. This is a 2.7 per cent decrease compared to December 2017.

“As the total supply of homes for sale began to accumulate in the spring, we began to see downward pressure on prices across all home types throughout the latter half of the year,” Moore said.

The benchmark price of detached homes in the region declined 7.8 per cent over the last 12 months and 7.3 per cent since June 2018. Apartment homes increased 0.6 per cent over the last 12 months and have declined 6.4 per cent since June 2018. The benchmark price for townhomes in Metro Vancouver have increased 1.3 per cent since December 2017 and have decreased 5.3 per cent over the last six months.

December summary

REBGV reports that residential home sales in the region totalled 1,072 in December 2018, a 46.8 per cent decrease from the 2,016 sales recorded in December 2017, and a 33.3 per cent decrease from November 2018 when 1,608 homes sold.

Last month’s sales were 43.3 per cent below the 10-year December sales average.

There were 1,407 detached, attached and apartment homes newly listed for sale on the MLS® in Metro Vancouver in December 2018. This represents a 25.6 per cent decrease compared to the 1,891 homes listed in December 2017 and a 59.3 per cent decrease compared to November 2018 when 3,461 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 10,275, a 47.7 per cent increase compared to December 2017 (6,958) and a 16.5 per cent decrease compared to November 2018 (12,307).

For all property types, the sales-to-active listings ratio for December 2018 is 10.4 per cent. By property type, the ratio is 7.1 per cent for detached homes, 12 per cent for townhomes, and 14.2 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

Sales of detached homes in December 2018 reached 348, a 43.6 per cent decrease from the 617 detached sales recorded in December 2017. The benchmark price for a detached home is $1,479,000. This represents a 7.8 per cent decrease from December 2017 and a 1.4 per cent decrease compared to November 2018.

Sales of apartment homes reached 535 in December 2018, a 34 per cent decrease compared to the 1,028 sales in December 2017. The benchmark price of an apartment home is $664,100. This represents a 0.6 per cent increase from December 2017 and a 0.6 per cent decrease compared to November 2018.

Attached home sales in December 2018 totalled 189, a 49.1 per cent decrease compared to the 371 sales in December 2017. The benchmark price of an attached home is $809,700. This represents a 1.3 per cent increase from December 2017 and a 1.1 per cent decrease compared to November 2018.

Download the December 2018 stats package


*Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta. 

 

Fraser Valley housing market slows down in 2018

SURREY, BC – After three consecutive years of total annual sales surpassing 20,000 units, 2018 saw the Fraser Valley real estate market return to more typical levels for both sales and inventory.

The Board’s Multiple Listing Service® (MLS®) processed 15,586 sales in 2018, a 30.2 per cent decrease compared to 2017’s 22,338 sales and the lowest total sales for the Fraser Valley since 2013. The total dollar volume of MLS® transactions for the year was $11.8 billion, dropping from $15.7 billion sold during the year prior.

Of the total transactions that took place in 2018, 3,866 were townhouses and 4,296 were apartments. Each of those property types saw a significant decrease in sales compared to 2017, with total townhouse sales dropping 25.6 per cent year-over-year and apartments dropping 30.5 per cent.

“In terms of demand, this is around what we’re used to seeing for our region,” said John Barbisan, President of the Board. “There is still a great deal of interest for Fraser Valley real estate, but with prices moving slowly and more inventory becoming available, many consumers are taking a deliberate approach now that they can afford to.”

For inventory, a total of 32,058 new listings were received by the Board’s MLS® system in 2018. This was the fourth highest total for new inventory in the Board’s history.

In December the Board processed a total of 800 sales, the lowest for the month since 2012. Inventory in December finished at 5,454 active units, with a total of 978 new listings entering the market throughout the month.

Barbisan adds, “With buyers shifting into the driver's seat and able to navigate the market more comfortably, it has become key for sellers to price effectively and leverage their home’s appeal to stand out and find success.”

“If you’re looking to enter the market in 2019, buying or selling, contact a local REALTOR® who can help you accomplish your goals in the new year.”

HPI® Benchmark Price Activity 

• Single Family Detached: At $965,300, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1 per cent compared to November 2018 and decreased 1.5 per cent compared to December 2017.

• Townhomes: At $531,900, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.2 per cent compared to November 2018 and increased 3.7 per cent compared to December 2017.

• Apartments: At $418,300, the Benchmark price for apartments/condos in the Fraser Valley decreased 1 per cent compared to November 2018 and increased 7.6 per cent compared to December 2017.

Full package:
http://www.fvreb.bc.ca/statistics/Package201812.pdf

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Metro Vancouver homes sales down across all property types

Home buyer demand remains below long-term historical averages in the Metro Vancouver* housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales totalled 1,608 in the region in November 2018, a 42.5 per cent decrease from the 2,795 sales recorded in November 2017, and an 18.2 per cent decrease compared to October 2018 when 1,966 homes sold.

Last month’s sales were 34.7 per cent below the 10-year November sales average and was the lowest sales for the month since 2008.

“Home buyers have been taking a wait-and-see approach for most of 2018. This has allowed the number of homes available for sale in the region to return to more typical historical levels,” Phil Moore, REBGV president said. “This activity is helping home prices edge down, across all property types, from the record highs we’ve experienced over the last year.”

There were 3,461 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in November 2018. This represents a 15.8 per cent decrease compared to the 4,109 homes listed in November 2017 and a 29 per cent decrease compared to October 2018 when 4,873 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,307, a 40.7 per cent increase compared to November 2017 (8,747) and a 5.2 per cent decrease compared to October 2018 (12,984).

For all property types, the sales-to-active listings ratio for November 2018 is 13.1 per cent. By property type, the ratio is 8.9 per cent for detached homes, 14.7 per cent for townhomes, and 17.6 per cent for apartments.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Home prices have declined between four and seven per cent over the last six months depending on property type. We’ll watch conditions in the first quarter of 2019 to see if home buyer demand picks up ahead of the traditionally more active spring market,” Moore said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,042,100. This represents a 1.4 per cent decrease over November 2017 and a 1.9 per cent decrease compared to October 2018.

Detached home sales in November 2018 reached 516, a 38.6 per cent decrease from the 841 detached sales recorded in November 2017. The benchmark price for detached homes is $1,500,100. This represents a 6.5 per cent decrease from November 2017 and a 1.6 per cent decrease compared to October 2018.

Apartment home sales reached 810 in November 2018, a 46.3 per cent decrease compared to the 1,508 sales in November 2017. The benchmark price of an apartment property is $667,800. This represents a 2.3 per cent increase from November 2017 and a 2.3 per cent decrease compared to October 2018.

Attached home sales in November 2018 totalled 282, a 36.8 per cent decrease compared to the 446 sales in November 2017. The benchmark price of an attached home is $818,500. This represents a 2.6 per cent increase from November 2017 and a 1.3 per cent decrease compared to October 2018.

Download the November 2018 stats package


*Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta.

 

Fraser Valley market stays quiet through November

SURREY, BC – Despite November’s market continuing at a slower pace and dropping compared to all-time highs in 2017, sales and inventory levels for the month were on par with historical averages for this time of year.

The Fraser Valley Real Estate Board processed 1,028 sales of all property types on its Multiple Listing Service® (MLS®) in November, a decrease of 41 per cent compared to the 1,743 sales in November of last year, and a 11 per cent decrease compared to sales in October 2018.

Of the 1,028 total sales, 383 were residential detached homes, 241 were townhouses, and 286 were apartments.

“Lessening demand continues to impact our market significantly,” said John Barbisan, President of the Board. “In turn, that has given purchasing power back to buyers who now have more time and more options when it comes to making a decision.”

Active inventory for the Fraser Valley in November finished at 7,355 listings, decreasing 5 per cent month-over-month and increasing 43.4 per cent year-over-year.

A total of 2,077 new listings were received by the Board in November, a 25.2 per cent decrease from that received in October 2018, and a 10.6 per cent decrease compared to November 2017.

“The market is shifting, albeit slowly. But while buyers are enjoying a more comfortable real estate environment, sellers will have to pay attention to how these changes will affect their chances at success.”

“Work with a local REALTOR® who can help you put your home in the best position to move. There are always ways to elevate your home’s appeal and potential to sell, even when the market is slower.”

HPI® Benchmark Price Activity 

• Single Family Detached: At $976,200, the Benchmark price for a single family detached home in the Fraser Valley decreased 1.1 per cent compared to October 2018 and did not change compared to November 2017.

• Townhomes: At $532,800, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1 per cent compared to October 2018 and increased 5.4 per cent compared to November 2017.

• Apartments: At $422,500, the Benchmark price for apartments/condos in the Fraser Valley decreased 2.4 per cent compared to October 2018 and increased 12.2 per cent compared to November 2017.

Full package:
http://www.fvreb.bc.ca/statistics/Package201811.pdf

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Home listings at four-year October high as sales remain below typical levels

Home sale activity across Metro Vancouver* remained below long-term historical averages in October.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,966 in October 2018, a 34.9 per cent decrease from the 3,022 sales recorded in October 2017, and a 23.3 per cent increase compared to September 2018 when 1,595 homes sold.

Last month’s sales were 26.8 per cent below the 10-year October sales average.

“The supply of homes for sale today is beginning to return to levels that we haven’t seen in our market in about four years,” Phil Moore, REBGV president said. “For home buyers, this means you have more selection to choose from. For sellers, it means your home may face more competition, from other listings, in the marketplace.”

There were 4,873 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in October 2018. This represents a 7.4 per cent increase compared to the 4,539 homes listed in October 2017 and a 7.7 per cent decrease compared to September 2018 when 5,279 homes were listed.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 12,984, a 42.1 per cent increase compared to October 2017 (9,137) and a 0.8 per cent decrease compared to September 2018 (13,084).

For all property types, the sales-to-active listings ratio for October 2018 is 15.1 per cent. By property type, the ratio is 10.3 per cent for detached homes, 17.3 per cent for townhomes, and 20.6 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Home prices have edged down between three and five per cent, depending on housing type, in our region since June,” said Moore. “This is providing a little relief for those looking to buy compared to the all-time highs we’ve experienced over the last year.”

The MLS® Home Price Index composite benchmark price for all residential homes in Metro Vancouver is currently $1,062,100. This represents a one per cent increase over October 2017 and a 3.3 per cent decrease over the last three months.

Sales of detached homes in October 2018 reached 637, a 32.2 per cent decrease from the 940 detached sales recorded in October 2017. The benchmark price for detached properties is $1,524,000. This represents a 5.1 per cent decrease from October 2017 and a 3.9 per cent decrease over the last three months.

Sales of apartments reached 985 in October 2018, a 35.7 per cent decrease compared to the 1,532 sales in October 2017. The benchmark price of an apartment property is $683,500. This represents a 5.8 per cent increase from October 2017 and a 3.1 per cent decrease over the last three months.

Attached homes sales in October 2018 totalled 344, a 37.5 per cent decrease compared to the 550 sales in October 2017. The benchmark price of an attached home is $829,200. This represents a 4.4 per cent increase from October 2017 and a 2.8 per cent decrease over the last three months.

Download the October 2018 stats package


*Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta. 

The real estate industry is a key economic driver in British Columbia. In 2017, 35,993 homes changed ownership in the Board’s area, generating $2.4 billion in economic spin-off activity and an estimated 17,600 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $37 billion in 2017.


October brings slight bump to sales for Fraser Valley

SURREY, BC – The Fraser Valley housing market saw slight increases in both total transactions and overall inventory this month after sales hit their lowest point for the year in September.

The Fraser Valley Real Estate Board processed 1,155 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 35.8 per cent compared to the 1,779 sales in October of last year, and a 11.6 per cent increase compared to sales in September 2018.

Of the 1,155 sales, 438 were residential detached homes, 306 were townhouses, and 292 were apartments.

“While slight, this is the first time since May that sales here have been on the upswing.” said John Barbisan, President of the Board. “We’re beneath typical activity levels for this time of year but it’s good to see that buyers and sellers are still finding success this season.”

Active inventory for the Fraser Valley in October finished at 7,746 listings, increasing 1.3 per cent month-over-month and 41.3 per cent year-over-year.

A total of 2,776 new listings were received by the Board in October, a 5.8 per cent decrease from that received in September 2018, and a 12 per cent increase compared to October 2017.

“We’re in a much better spot in terms of overall inventory compared to this time last year, and now closer to a more balanced market. Attached inventory in particular has seen notable gains, doubling year-over-year for townhouses and nearly tripling for apartments.”

For the Fraser Valley region, the average number of days to sell both an apartment and townhouse in October was 31. Single family detached homes remained on the market for an average of 39 days before selling.

HPI® Benchmark Price Activity 

• Single Family Detached: At $986,700, the Benchmark price for a single family detached home in the Fraser Valley decreased 0.2 per cent compared to September 2018 and increased 1.1 per cent compared to October 2017.

• Townhomes: At $538,400, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 1.4 per cent compared to September 2018 and increased 7.1 per cent compared to October 2017.

• Apartments: At $432,800, the Benchmark price for apartments/condos in the Fraser Valley decreased 1.3 per cent compared to September 2018 and increased 17.2 per cent compared to October 2017.

Full package:
http://www.fvreb.bc.ca/statistics/Package201810.pdf


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Just as expected, the Bank of Canada announced another interest rate hike last week. The interest rate increase pushed the overnight rate to 1.75%, the fifth increase in just over a year. The overnight rate has more than tripled since bottoming at 0.5% in early 2017. 

This intetest rate increase is exposing growing concerns over average Canadian households and their ability to swim in the debts amongst rising interest costs. It is said the banks desire to reach their neutral rate of between 2.5-3.5%. Recent economic data from the household sector, which has historically been responsible for just over 60% of GDP growth, suggests average households are drowning out in debt. 

National home sales have now sunk to a 6 year low, with particular weakness in both Calgray and Greater Vancouver, where home sales sit at 18 and 22 year lows respectively. The resulting slowdown has prompted savy home builders to start tredding water instead of sprinting like they did 2 years ago as CMHC reports.


Auto sales have declined for seven consecutive months and retail sales volumes have fallen in each of the past three months, now growing just 0.7% Y/Y compared to the greater than 8% growth just over a year ago. 

Total household credit was up just 3.6 percent in September from the previous year, the slowest annual growth since 1983, according to data released Friday by the Bank of Canada. That’s a marked slowdown from 5.8 percent in the middle of last year, and less than half the 8.1 percent historical average. The amount of household credit outstanding, including consumer credit and residential mortgages, is now C$2.15 trillion ($1.64 trillion).

Sources and fruther relevant data:


1. Household credit growth in Canada hits its slowest pace in 35 years.


2. Non-permanent resident growth as a share of total population growth hasn't been this strong since Canada's last housing boom in the late 1980's. What will happen to this cohort if job growth slows?

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Greater Vancouver

The supply of homes for sale continued to increase across the Metro Vancouver* housing market in September while home buyer demand remained below typical levels for this time of year.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 1,595 in September 2018, a 43.5 per cent decrease from the 2,821 sales recorded in September 2017, and a 17.3 per cent decrease compared to August 2018 when 1,929 homes sold.

Last month’s sales were 36.1 per cent below the 10-year September sales average.

“Fewer home sales are allowing listings to accumulate and prices to ease across the Metro Vancouver housing market,” Ashley Smith, REBGV president-elect said. “There’s more selection for home buyers to choose from today. Since spring, home listing totals have risen to levels we haven’t seen in our market in four years.”

There were 5,279 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in September 2018. This represents a 1.8 per cent decrease compared to the 5,375 homes listed in September 2017 and a 36 per cent increase compared to August 2018 when 3,881 homes were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 13,084, a 38.2 per cent increase compared to September 2017 (9,466) and a 10.7 per cent increase compared to August 2018 (11,824).

For all property types, the sales-to-active listings ratio for September 2018 is 12.2 per cent. By property type, the ratio is 7.8 per cent for detached homes, 14 per cent for townhomes, and 17.6 per cent for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

“Metro Vancouver’s housing market has changed pace compared to the last few years. Our townhome and apartment markets are sitting in balanced market territory and our detached home market remains in a clear buyers’ market,” Smith said. “It’s important for both home buyers and sellers to work with their Realtor to understand what these trends means to them.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,070,600. This represents a 2.2 per cent increase over September 2017 and a 3.1 per cent decrease over the last three months.

Sales of detached properties in September 2018 reached 508, a 40.4 per cent decrease from the 852 detached sales recorded in September 2017. The benchmark price for detached properties is $1,540,900. This represents a 4.5 per cent decrease from September 2017 and a 3.4 per cent decrease over the last three months.

Sales of apartment properties reached 812 in September 2018, a 44 per cent decrease compared to the 1,451 sales in September 2017. The benchmark price of an apartment property is $687,300. This represents a 7.4 per cent increase from September 2017 and a 3.1 per cent decrease over the last three months.

Attached property sales in September 2018 totalled 275, a 46.9 per cent decrease compared to the 518 sales in September 2017. The benchmark price of an attached unit is $837,600. This represents a 6.4 per cent increase from September 2017 and a two per cent decrease over the last three months. 

Download the September 2018 stats package


*Areas covered by the Real Estate Board of Greater Vancouver include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, Pitt Meadows, Maple Ridge, and South Delta. 

Month: 
September
 

Fraser Valley

SURREY, BC – The slowing of sales activity and expansion of overall inventory that has defined much of 2018 for the Fraser Valley housing market continued in September, with sales at their lowest point and inventory at its highest for the year.

The Fraser Valley Real Estate Board processed 1,035 sales of all property types on its Multiple Listing Service® (MLS®) in September, a decrease of 36.1 per cent compared to the 1,619 sales in September of last year, and a 10.4 per cent decrease compared to sales in August 2018.

Of those 1,035 sales, 376 were residential detached homes, 250 were townhouses, and 274 were apartments. This was the lowest number of transactions in a month this year for each category.

“Buyers remain reluctant as the market continues to adjust,” said John Barbisan, President of the Board. “We’re seeing good things happening in terms of inventory, but it only opens the door so much while prices are moving at a much slower rate.”

Active inventory for the Fraser Valley in September finished at 7,647 listings, increasing 4.2 per cent month-over-month and 30.6 per cent year-over-year. This is the highest level of supply for the Fraser Valley since July 2015.

A total of 2,946 new listings were received by the Board in September, a 14.4 per cent increase from that received in August 2018, and a 3.4 per cent increase compared to September 2017’s intake.

“If you want to sell soon, the most important thing you can do to be successful is to price effectively. Talk to your REALTOR® who can help you understand what buyers are looking for in your local market.”

For the Fraser Valley region, the average number of days to sell an apartment in September was 33, and 32 for townhomes. Single-family detached homes remained on the market for an average of 39 days before selling.

HPI® Benchmark Price Activity 

• Single Family Detached: At $988,900, the Benchmark price for a single-family detached home in the Fraser Valley decreased 2 per cent compared to August 2018 and increased 1.1 per cent compared to September 2017.

• Townhomes: At $546,100, the Benchmark price for a townhome in the Fraser Valley in the Fraser Valley decreased 0.4 per cent compared to August 2018 and increased 9.5 per cent compared to September 2017.

• Apartments: At $438,700, the Benchmark price for apartments/condos in the Fraser Valley decreased 1 per cent compared to August 2018 and increased 22.5 per cent compared to September 2017.

Full package:
http://www.fvreb.bc.ca/statistics/Package201809.pdf



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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.