Knowledge, Integrity, Humour

Blog

Urban Analytics Report on Highrise Condo Projects Put on Hold


In my opinion there is sure to be a supply deficit come 2022 which will only drive prices UP!

 

 

Developers hit pause on riskier, highrise condo projects: Urban Analytics

Highrise condo projects, which carry significant risk for developers and construction lenders, comprised the largest proportion of postponed developments

Highrise condo projects, which carry significant risk for developers and construction lenders, comprised the largest proportion of postponed developments, according to Urban Analytics, which tracks presale condo data. DARRYL DYCK / THE CANADIAN PRESS

SHAREADJUSTCOMMENTPRINT

Vancouver-based developer Townline gave official notice that it’s postponing its Meridian project, a 39-storey tower with one-, two- and three-bedroom units near the Evergreen Line in Coquitlam.

Other developers, who had been scheduled to launch sales in recent months, have been more discreetly letting key dates go by without proceeding as planned. And there is market chatter about others who will join them.

It’s no wonder some developers are hitting pause, according to Michael Ferreira, managing principal at Urban Analytics, which keeps track of presale condo data.

The number of new or presale condo and townhome sales recorded across Metro Vancouver during the first quarter of 2019 represented a 56-per-cent drop from the last quarter and a 61-per-cent drop from the same quarter last year. At 1,783, it was the third-lowest quarterly sales total since 2010, after the global financial and credit crisis.

The postponing of several condo-project launches in the first quarter of 2019 meant 75-per-cent fewer units were released for sale, compared with the previous quarter.

“Highrise condo projects, which carry significant risk for developers and construction lenders, comprised the largest proportion of postponed developments,” said Ferreira in a news release.

Consultant Michael Ferreira of Vancouver-based Urban Analytics says highrise projects that carry significant financial risk for developers have hit a major slowdown. GERRY KAHRMANN / PNG FILES

Projects that are more dependent on buyers who are investors have also been hit hard, as investors are “more apt to stay on the sidelines and wait for what they perceive as a bottom of the market.”

This impacted some findings for the quarter. For example, there was a more significant drop in sales in the area north of the Fraser River because of the greater concentration of highrise developments there.

To compare, while highrise condo sales fell by 61 per cent year-on-year, there was only a 28-per-cent drop for lowrise condo sales.

The Real Estate Development Marketing Act requires developers to secure construction financing nine months after they file a disclosure statement, which allows them to legally sell their units. When presales were selling like hotcakes, this timeline was easy to meet.

Now, “with such a short window in which to meet presale targets required to obtain financing, developers are reluctant to launch a new project without some certainty they’ll meet those targets,” said Ferreira.

He added that the “overwhelming majority of unsold units are in the pre-construction phase, with completed and unsold units accounting for just six per cent of all unsold inventory.”

Across Metro, 93 per cent of all highrise-condo units scheduled to be completed by the end of 2020 are sold. The number goes down to 80 per cent of units being sold when looking at units that will be completed later in the third quarter of 2022.

Only in a few markets such as South Surrey/White Rock, Langley/Cloverdale and Richmond/South Delta were there more than 50 completed, move-in ready units that were unsold.

Overall, the total number of completed, move-in-ready-but-unsold units at the end of the first quarter of 2019 was 453. This figure has been increasing “moderately” and is an 18-per-cent increase over the last quarter, but still well below the high of just over 2,200 that was recorded in the last quarter of 2013, according to Urban Analytics.

[email protected]



"Equity Loss Cause For Alarm", Posted by Stepup Admin


 

Equity loss cause for alarm

 

Today, at an event hosted by STEPUP, I released analysis that shows nearly $90 billion of estimated losses in homeowner equity across Metro Vancouver, largely driven by new federal and provincial government policies and taxes on homes.

This report is cause for alarm.

Our analysis uses sales data to determine an estimated loss of homeowner equity over the past year. It uses assessed values as a base to illustrate an estimate of total residential value prior to the downward market movement indicated by the actual sales transactions reported by the real estate boards of Greater Vancouver and the Fraser Valley.

Across the region, the grand total is a whopping $89.2 billion in lost equity. Percentage decreases range from a 4.76-per-cent drop in Pitt Meadows, to a 14.76-per-cent decrease in West Vancouver — the hardest hit municipality.

Per household, the equity loss is tens of thousands across the board, including $153,873 in Vancouver and $451,385 in West Vancouver.

These are not just numbers on paper, nor is it a problem for a few wealthy homeowners being targeted by specific taxes. This rapid loss has a real impact on families in all Metro Vancouver communities. Almost half of those billions in losses are outside Vancouver and West Vancouver.

Most of the time, home ownership is a worthy investment. Values change from year to year but generally increase over time, providing equity and hopefully some financial security for tough times and retirement.

We rely on the investment in our home for financial security now and in the future. Equity can be pulled out of your home to pay for things like unexpected emergency expenses, home renovations, post-secondary education and senior care costs.

For many people, diligent saving and paying down a mortgage is their retirement plan. Outside of a few sectors, guaranteed work retirement plans are a thing of the past. Once retirement and fixed income comes along, knowing that you have that equity gives you peace of mind, whether you choose to refinance, downsize or stay put with your grown children. And, of course, many seniors hope to leave a little something to their children.

A senior in Delta, for example, on a fixed monthly income facing a $67,000 loss in equity in one year faces much greater uncertainty about their future. Can they stay in their home? Can they afford the prescriptions and health care that they need?

And what if you haven’t been in your house for decades? Let’s think of a young family in Port Coquitlam who saved to put a 10-per-cent downpayment on a $650,000 condo in 2018. But wait! You have lost 10 per cent in equity since you bought! You are now paying interest on a loan that exceeds the home’s value, with little to no equity to access should unexpected repairs be required.

Research from the B.C. Real Estate Association shows that the equity loss has a significant impact across the economy: local businesses, retail sales, workers and housing starts are affected. It makes sense, if you are suddenly facing economic uncertainty, you are going to immediately tighten your budget. Tough choices have to be made.

Real estate markets are complex and no single policy change can be attributed to the loss being felt by homeowners in Metro Vancouver. However, real estate, like most investment types, is impacted by perceived risk. Recent provincial government taxes on housing as well as the new federal stress test rules on mortgages have acted to create uncertainty and perceived risk in the local market, which has stalled new development and reduced many household’s ability to access funds for discretionary spending. This will have a broader negative impact on the economy that has yet to be felt.

The risk is just too great, and a serious threat to our economic well-being.

Paul Sullivan is a senior partner at Burgess Cawley Sullivan and Associates, one of the largest commercial real estate appraisal and property tax consulting groups in Canada. This article appeared in the Vancouver Sun on May 21, 2019.



Bank of Canada Financial System Review 2019


Financial System Review Summary - 2019

 

A stable and efficient financial system is essential for sustaining economic growth and raising living standards. In our Financial System Review, we identify the main vulnerabilities and risks to financial stability in Canada and explain how they have evolved over the past year.


Vulnerabilities are pre-existing conditions that can interact with and magnify shocks. Risks are extreme scenarios that threaten the ability of the financial system to perform its core functions were they to occur. These risks are not our base-case forecast, which is presented in our quarterly Monetary Policy Report.

Progress on two key vulnerabilities

The vulnerabilities associated with high household debt and imbalances in the housing market have declined modestly but remain significant.

  1. The combined effect of mortgage stress tests and past increases in interest rates has slowed household borrowing and improved the quality of new mortgage lending. The share of Canadians falling behind on their debt payments remains relatively low and steady.
  2. Housing resales and price growth have slowed significantly in Toronto and Vancouver over the past two years. Provincial housing measures, mortgage stress tests and past increases in interest rates have helped reduce excesses in these markets. Difficulties in the oil sector continue to weigh on housing markets in oil-producing provinces.

Despite this progress, we need to remain vigilant as the overall level of indebtedness continues to be high, with a large portion of that debt held by highly indebted households.

New measures have curbed borrowing, reduced speculative behaviour in housing markets and made the financial system more resilient. While the fundamentals in the housing sector remain solid overall and the sector should return to growth later this year, we continue to monitor these vulnerabilities closely.

Fragile corporate debt funding emerging as a vulnerability

Across many countries, including Canada, companies have become more indebted. This increase has been concentrated in lower-rated firms. Investor appetite for high-yield bonds and leveraged loans has driven this increase in borrowing, thus making future activity susceptible to shifts in investor sentiment. We will be monitoring this closely.

Other vulnerabilities highlighted in the 2019 Financial System Review include the following:

  • cyber incidents that could spread across the financial system
  • the rapidly changing crypto-asset and fintech sectors
  • climate change

Assessing climate-related risks

We want to better understand the risks that climate change poses to the economy and financial system. To do this, we are beginning a multi-year research effort and plan to

  • collaborate with domestic and international partners to build our analytical capacity, and
  • integrate climate-related risks into financial stability analysis.

The Bank will publish this work on the Financial System Hub and as part of the Financial System Review.

 

Risk slightly higher, but the system remains resilient

The overall risk to the Canadian financial system has increased slightly since our last assessment in June 2018. This increase is due to a slowdown in economic growth, caused in part by global trade policy uncertainty, last year’s oil price decline, ongoing difficulties in the energy sector and expanded risk taking in global financial markets.

The most important risks to Canada’s financial system remain a severe nationwide recession, a large house price correction and a sharp repricing of risk in financial markets. A recent stress test conducted by our staff considers these risks and finds if they materialized, large Canadian banks would be well positioned to manage them, which in turn would mitigate the effects on the wider financial system. At the same time, a second stress shows a scenario in which a material rise in interest rates would result in large redemptions in corporate bond mutual funds, causing a material widening in corporate spreads, which may exacerbate liquidity conditions.

Overall, the financial system remains resilient, and confidence among market participants continues to be high.

Global uncertainty is rising, and risks to financial stability have edged up in the past year. Still, confidence in the resilience of Canada’s financial system remains high, and we are seeing improvements in some of the key vulnerabilities we’ve been worried about for many years.

 

Stephen S. Poloz, Governor
CLICK HERE FOR FULL REPORT


Taxing The Air


Missing the small businesses which once made your neighbourhood so interesting and livable and charming?  Well get ready to lose more of them as the BC NDP government expands its tax to death scheme to include school tax and speculation tax on the airspace above many Mom and Pop shops.  

Read Dan Fumano's article on the predicament here



Interest Rates Will Come Down


BoC governor Stephen Poloz may have underestimated the downturn in the housing market and the wider impact to the economy, senior economist for Canada Stephen Brown told BNN Bloomberg.


Read full article here



April Numbers


 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in April 2019 was 1,850 – up from 1,745  (6%) in March 2019, down from 2,631 (30%) in April 2018, down from 3,617 (49%) in April 2017; Active Listings are at 15,060 compared to 10,474 at this time last year (up 44%); New Listings in April 2019 were up 17% compared to March 2019; were down 1% compared to April 2018 and up 18% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 31% compared to 35% in March 2019.

 

Vancouver Westside Residential: Total Units Sold in April 2019 was 342 – up from 333  (3%) in March 2019, down from 441 (22%) in April 2018, down from 613 (44%) in April 2017; Active Listings are at 2,808 compared to 1,985 at this time last year (up 41%); New Listings in April 2019 were up 18% compared to March 2019; were the same compared to April 2018 and up 34% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 34% in March 2019.

 

Vancouver Eastside Residential: Total Units Sold in April 2019 was 215 – up from 174 (24%) in March 2019, down from 298 (28%) in April 2018, down from 355 (39%) in April 2017; Active Listings are at 1,403 compared to 1,223 at this time last year (15%); New Listings in April 2019 were up 16% compared to March 2019; were down 17% compared to April 2018 and up 1% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 34% in March 2019.

 

North Vancouver Residential Total Units Sold in April 2019 was 149 – down from 165 (10%) in March 2019, down from 221 (33%) in April 2018, down from 255 (42%) in April 2017; Active Listings are at 1,049 compared to 635 at this time last year (up 65%); New Listings in April 2019 were up 26% compared to March 2019; were up 7% compared to April 2018 and up 44% compared to April 2017; Month’s Supply of Total Residential Listings is up to 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 42% in March 2019.

 

West Vancouver Houses: Total Units Sold in April 2019 was 48 – up from 34 (41%) in March 2019, down from 56 (14%) in April 2018, down from 100 (52%) in April 2017; Active Listings are at 723 compared to 653 at this time last year (up 11%); New Listings in April 2019 were up 48% compared to March 2019; were down 12% compared to April 2018 and up 13% compared to April 2017; Month’s Supply of Total Residential Listings is down to 15 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 19% compared to 20% in March 2019.

 

Richmond Residential: Total Units Sold in April 2019 was 172 – down from 178 (3%) in March 2019, down from 312 (44%) in April 2018, down from 510 (66%) in April 2017; Active Listings are at 2,220 compared to 1,475 at this time last year (up 51%); New Listings in April 2019 were up 4% compared to March 2019; were up 1% compared to April 2018 and up 8% compared to April 2017; Month’s Supply of Total Residential Listings is up to 13 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 25% compared to 26% in March 2019.

 

Burnaby East: Total Units Sold in April 2019 was 15 down from 17 (12%) in March 2019, down from 35 (51%) in April 2018, down from 46 (63%) in April 2017; Active Listings are at 153 compared to 120 at this time last year (up 28%); New Listings in April 2019 were up 12% compared to March 2019; were down 14% compared to April 2018 and down 5% compared to April 2017; Month’s Supply of Total Residential Listings is up to 10 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 26% compared to 33% in March 2019.

 

Burnaby North: Total Units Sold in April 2019 was 81 – up from 77 (5%) in March 2019, down from 135 (40%) in April 2018, down from 200 (59%) in April 2017; Active Listings are at 634 compared to 387 at this time last year (up 64%); New Listings in April 2019 were up 26% compared to March 2019; were up 1% compared to April 2018 and up 8% compared to April 2017; Month’s Supply of Total Residential Listings is up to 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 29% compared to 34% in March 2019.

 

Burnaby South: Total Units Sold in April 2019 was 97– the same as March 2019, down from 108 (10%) in April 2018, down from 164 (41%) in April 2017; Active Listings are at 819 compared to 467 at this time last year (up 75%); New Listings in April 2019 were down 3% compared to March 2019; were up 1% compared to April 2018 and up 8% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 8 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 33% in March 2019.

 

New Westminster: Total Units Sold in April 2019 was 108 – up from 81 (33%) in March 2019, down from 133 (19%) in April 2018, down from 179 (40%) in April 2017; Active Listings are at 533 compared to 286 at this time last year (up 86%); New Listings in April 2019 were up 41% compared to March 2019; were up 21% compared to April 2018 and up 34% compared to April 2017; Month’s Supply of Total Residential Listings is down to 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 38% compared to 40% in March 2019.

 

Coquitlam: Total Units Sold in April 2019 was 153 – up from 142 (8%) in March 2019, down from 202 (24%) in April 2018, down from 295 (48%) in April 2017; Active Listings are at 1,068 compared to 809 at this time last year (up 32%); New Listings in April 2019 were up 2% compared to March 2019; were up 2% compared to April 2018 and up 17% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 33% compared to 35% in March 2019.

 

Port Moody: Total Units Sold in April 2019 was 60 – up from 38 (58%) in March 2019, up from 54 (11%) in April 2018, down from 85 (29%) in April 2017; Active Listings are at 252 compared to 155 at this time last year (up 63%); New Listings in April 2019 were up 53% compared to March 2019; were up 28% compared to April 2018 and up 12% compared to April 2017; Month’s Supply of Total Residential Listings is down to 4 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 41% compared to 40% in March 2019.

 

Port Coquitlam: Total Units Sold in April 2019 was 67 – up from 59 (14%) in March 2019, down from 103 (35%) in April 2018, down from 121 (45%) in April 2017; Active Listings are at 395 compared to 197 at this time last year (up 101%); New Listings in April 2019 were up 17% compared to March 2019; were up 7% compared to April 2018 and up 32% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 34% compared to 35% in March 2019.

 

Ladner: Total Units Sold in April 2019 was 29 – up from 25 (16%) in March 2019, down from 32 (9%) in April 2018, down from 46 (37%) in April 2017; Active Listings are at 190 compared to 129 at this time last year (up 47%); New Listings in April 2019 were down 16% compared to March 2019; were up 14% compared to April 2018 and up 14% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 7 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 45% compared to 32% in March 2019.

 

Tsawwassen: Total Units Sold in April 2019 was 18 – up from 15 (20%) in March 2019, down from 38 (53%) in April 2018, down from 41 (56%) in April 2017; Active Listings are at 296 compared to 243 at this time last year (up 22%); New Listings in April 2019 were up 28% compared to March 2019; were down 7% compared to April 2018 and up 54% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 16 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 17% compared to 18% in March 2019.

 

Pitt Meadows: Total Units Sold in April 2019 was 28 – up from 24 (31%) in March 2019, up from 25 (12%) in April 2018, down from 56 (50%) in April 2017; Active Listings are at 136 compared to 72 at this time last year (up 89%); New Listings in April 2019 were up 28% compared to March 2019; were up 24% compared to April 2018 and down 11% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 5 Month’s Supply (Balanced Market) and a Sales to Listings Ratio of 38% compared to 43% in March 2019.

 

Maple Ridge: Total Units Sold in April 2019 was 124 – up from 15 (20%) in March 2019, down from 205 (39%) in April 2018, down from 205 (60%) in April 2017; Active Listings are at 792 compared to 512 at this time last year (up 56%); New Listings in April 2019 were up 31% compared to March 2019; were down 5% compared to April 2018 and up 23% compared to April 2017; Month’s Supply of Total Residential Listings is steady at 6 Month’s Supply (Buyer’s Market) and a Sales to Listings Ratio of 36% compared to 44% in March 2019.

 



































 

 

 

 

April has underperforme.  Click HERE for the stats 

 

 



Vancouver Real Estate Market Update April 2019


Reduced demand and increased supply remain the trend across Metro Vancouver’s housing market

Decreased demand continues to allow the supply of homes for sale to accumulate across the Metro Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,829 in April 2019, a 29.1 per cent decrease from the 2,579 sales recorded in April 2018, and a 5.9 per cent increase from the 1,727 homes sold in March 2019.

Last month’s sales were 43.1 per cent below the 10-year April sales average.

“Government policy continues to hinder home sale activity. The federal government’s mortgage stress test has reduced buyers’ purchasing power by about 20 per cent, which is causing people at the entry-level side of the market to struggle to secure financing,” Ashley Smith, REBGV president said. “Suppressing housing activity through government policy not only reduces home sales, it harms the job market, economic growth and creates pent-up demand.”

There were 5,742 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in April 2019. This represents a 1.3 per cent decrease compared to the 5,820 homes listed in April 2018 and a 16 per cent increase compared to March 2019 when 4,949 homes were listed.

The total number of homes currently listed for sale on the MLS® in Metro Vancouver is 14,357, a 46.2 per cent increase compared to April 2018 (9,822) and a 12.4 per cent increase compared to March 2019 (12,774).

“There are more homes for sale in our market today than we’ve seen since October 2014. This trend is more about reduced demand than increased supply,” Smith said. “The number of new listings coming on the market each month are consistent with our long-term averages. It’s the reduced sales activity that’s allowing listings to accumulate.”

The overall sales-to-active listings ratio for April 2019 is 12.7 per cent. By property type, the ratio is 9.4 per cent for detached homes, 15.4 per cent for townhomes, and 15.3 per cent for apartments.

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

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,008,400. This represents an 8.5 per cent decrease over April 2018, and a 0.3 per cent decrease compared to March 2019.

Detached home sales totalled 586 in April 2019, a 27.4 per cent decrease from the 807 detached sales in April 2018. The benchmark price for a detached home is $1,425,200. This represents an 11.1 per cent decrease from April 2018, a 0.8 per cent decrease compared to March 2019.

Apartment home sales totalled 885 in April 2019, a 32.3 per cent decrease compared to the 1,308 sales in April 2018. The benchmark price of an apartment is $656,900 in the region. This represents a 6.9 per cent decrease from April 2018 and is unchanged from March 2019.

Attached home sales totalled 358 in April 2019, a 22.8 per cent decrease compared to the 464 sales in April 2018. The benchmark price of an attached home is $783,300. This represents a 7.5 per cent decrease from April 2018 and is unchanged from March 2019.

Download the April 2019 stats package.



February 2019 Stats from REBGV


Housing market conditions continue to favour home buyers

The Metro Vancouver housing market saw increased supply from home sellers and below average demand from home buyers in February.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,484 in February 2019, a 32.8 per cent decrease from the 2,207 sales recorded in February 2018, and a 34.5 per cent increase from the 1,103 homes sold in January 2019.

Last month’s sales were 42.5 per cent below the 10-year February sales average.

“For much of the past four years, we’ve been in a sellers’ market. Conditions have shifted over the last 12 months to favour buyers, particularly in the detached home market,” Phil Moore, REBGV president said. “This means that home buyers face less competition today, have more selection to choose from and more time to make their decisions.”

There were 3,892 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in February 2019. This represents a 7.8 per cent decrease compared to the 4,223 homes listed in February 2018 and a 19.7 per cent decrease compared to the 4,848 homes listed in January 2019.

The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 11,590, a 48.2 per cent increase compared to February 2018 (7,822) and a 7.2 per cent increase compared to January 2019 (10,808).

For all property types, the sales-to-active listings ratio for February 2019 is 12.8 per cent.

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.

“Homes priced well for today’s market are attracting interest, however, buyers are choosing to take a wait-and-see approach for the time being,” Moore said. “REALTORS® continue to experience more traffic at open houses. We’ll see if this trend leads to increased sales activity during the spring market.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,016,600. This represents a 6.1 per cent decrease over February 2018, a 6.2 per cent decrease over the past six months, and a 0.3 per cent decrease compared to January 2019.

Sales of detached homes in February 2019 reached 448, a 27.9 per decrease cent from the 621 detached sales recorded in February 2018. The benchmark price for detached properties is $1,443,100. This represents a 9.7 per cent decrease from February 2018, a 7.6 per cent decrease over the past six months, and a 0.7 per cent decrease compared to January 2019.

Sales of apartment homes reached 759 in February 2019, a 35.9 per cent decrease compared to the 1,185 sales in February 2018. The benchmark price of an apartment property is $660,300. This represents a four per cent decrease from February 2018, a 5.1 per cent decrease over the past six months, and a 0.3 per cent increase compared to January 2019.

Attached home sales in February 2019 totalled 277, a 30.9 per cent decrease compared to the 401 sales in February 2018. The benchmark price of an attached unit is $789,300. This represents a 3.3 per cent decrease from February 2018, a 6.7 per cent decrease over the past six months, and a 1.4 per cent decrease compared to January 2019.

Download the February 2019 stats package.



Westbank Proposal for 720 Beatty, Central Heat site



Speculation Tax


Does you brain hurt when you think about the myriad taxes on real estate you are facing under this government?  Mine does.  

 

0327 speculation tax map e1522103442410

 

Just in case you have been cut off from media for the past several weeks I am informing you of the necessity to declare the occupancy status of your property for the SPECULATION TAX (which has zero to do with speculation).  Every person on title for every property must submit an exemption if they qualify or else will be charged the tax.  

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/exemptions-speculation-and-vacancy-tax

 

What about satellite families?  What is a satellite family?

Here is the definition form the site:

 

People who declare LESS than 50% of their total combined household income for the year on Canadian income tax returns may pay tax at the highest rate and may not be entitled to all exemptions. People in this situation are considered members of a satellite family. This could apply to you even if you are a Canadian citizen or B.C. resident.

Examples:

  • One spouse is a Canadian citizen but isn’t the home owner, while the other spouse is the owner but isn’t a Canadian citizen or permanent resident. Around 70% of their combined worldwide income is earned outside of Canada and is not reported on a Canadian income tax return. Both spouses are members of a satellite family.
  • One spouse owns the home but is out of the country most of the time, earning 100% of his income from outside Canada with no obligation to report to Canada Revenue Agency. The other spouse and their children live in their B.C. house. Since the combined income of these two spouses is entirely unreported on Canadian tax returns, they are both considered members of a satellite family.

Basically, declare or be automatically charged.  (Seems to me this billing model has been deemed illegal for businesses, hmmm.).  

 

tax burden 620x330

 

 

 

Still, Vancouver is once again ranks as one of the healthiest places to live on the planet;).  

https://dailyhive.com/vancouver/vancouver-healthiest-cities-world-2019