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Mid-October Market Activity


Sales and listings stats as of October 14, 2019. The trend is continuing so far in October as we’ve seen over the last three months with the number of sales ahead year over year.  The total number of active listings are actually down from last year for the first time in over two years in Greater Vancouver.

 

 Greater Vancouver –1,132 Units Sold so far in October 2019 compared to 898 Units Sold by October 15, 2018 and 1,368 Units Sold by October 15, 2017. Total New Listings so far in October are 1,802 compared to 2,302 by the same time last year and 2,054 at this time on October 2017. Total Active Listings are at 13,627 (13,604 at the same time in October 2018), Sales To Listings Ratio is at 63% compared to 39% at this time in October 2018.

 

Vancouver West – 186 Units Sold so far in October 2019 compared to 164 Units Sold by October 15, 2018 and 255 Units Sold by October 15, 2017. Total New Listings so far in October are 363 compared to 459 by the same time last year and 441 at this time on October 2017. Total Active Listings are at 2,382 (2,450 at the same time in October 2018), Sales To Listings Ratio is at 51% compared to 36% at this time in October 2018.

 

Vancouver East – 120 Units Sold so far in October 2019 compared to 107 Units Sold by October 15, 2018, and 125 Units Sold by October 15, 2017. Total New Listings so far in October are 180 compared to 228 by the same time last year, and 228 at this time on October 2017. Total Active Listings are at 1,239 (1,431 at the same time in October 2018), Sales To Listings Ratio is at 67% compared to 47% at this time in October 2018.

 

North Vancouver – 96 Units Sold so far in October 2019 compared to 68 Units Sold by October 15, 2018, and 104 Units Sold by October 15, 2017. Total New Listings so far in October are 130 compared to 219 by the same time last year, and 189 at this time on October 2017. Total Active Listings are at 824 (940 at the same time in October 2018), Sales To Listings Ratio is at 74% compared to 31% at this time in October 2018.

 

West Vancouver – 32 Units Sold so far in October 2019 compared to 24 Units Sold by October 15, 2018, and 24 Units Sold by October 15, 2017. Total New Listings so far in October are 67 compared to 97 by the same time last year, and 93 at this time on October 2017. Total Active Listings are at 689 (748 at the same time in October 2018), Sales To Listings Ratio is at 48% compared to 25% at this time in October 2018.

 

Richmond – 136 Units Sold so far in October 2019 compared to 111 Units Sold by October 15, 2018, and 195 Units Sold by October 15, 2017. Total New Listings so far in October are 232 compared to 270 by the same time last year, and 287 at this time on October 2017. Total Active Listings are at 2,041 (1,870 at the same time in October 2018), Sales To Listings Ratio is at 59% compared to 41% at this time in October 2018.

 

Burnaby East - 11 Units Sold so far in October 2019 compared to 11 Units Sold by October 15, 2018, and 11 Units Sold by October 15, 2017. Total New Listings so far in October are 21 compared to 24 by the same time last year, and 28 at this time on October 2017. Total Active Listings are at 152 (140 at the same time in October 2018), Sales To Listings Ratio is at 52% compared to 46% at this time in October 2018.

 

Burnaby North - 60 Units Sold so far in October 2019 compared to 39 Units Sold by October 15, 2018, and 71 Units Sold by October 15, 2017. Total New Listings so far in October are 86 compared to 107 by the same time last year, and 77 at this time on October 2017. Total Active Listings are at 550 (538 at the same time in October 2018), Sales To Listings Ratio is at 70% compared to 36% at this time in October 2018.

 

Burnaby South - 62 Units Sold so far in October 2019 compared to 35 Units Sold by October 15, 2018, and 77 Units Sold by October 15, 2017. Total New Listings so far in October are 93 compared to 134 by the same time last year, and 93 at this time on October 2017. Total Active Listings are at 722 (671 at the same time in October 2018), Sales To Listings Ratio is at 67% compared to 26% at this time in October 2018.

 

New Westminster - 51 Units Sold so far in October 2019 compared to 43 Units Sold by October 15, 2018, 57 Units Sold by October 15, 2017. Total New Listings so far in October are 80 compared to 114 by the same time last year, and 81 at this time on October 2017. Total Active Listings are at 473 (480 at the same time in October 2018), Sales To Listings Ratio is at 64% compared to 38% at this time in October 2018.

 

Coquitlam - 98 Units Sold so far in October 2019 compared to 60 Units Sold by October 15, 2018, and 108 Units Sold by October 15, 2017. Total New Listings so far in October are 139 compared to 170 by the same time last year, and 147 at this time on October 2017. Total Active Listings are at 944 (1,024 at the same time in October 2018), Sales To Listings Ratio is at 71% compared to 35% at this time in October 2018.

 

Port Moody - 32 Units Sold so far in October 2019 compared to 17 Units Sold by October 15, 2018, and 37 Units Sold by October 15, 2017. Total New Listings so far in October are 35 compared to 26 by the same time last year, and 46 at this time on October 2017. Total Active Listings are at 217 (233 at the same time in October 2018), Sales To Listings Ratio is at 91% compared to 65% at this time in October 2018.

 

Port Coquitlam - 49 Units Sold so far in October 2019 compared to 39 Units Sold by October 15, 2018, and 64 Units Sold by October 15, 2017. Total New Listings so far in October are 49 compared to 76 by the same time last year, and 53 at this time on October 2017. Total Active Listings are at 308 (345 at the same time in October 2018), Sales To Listings Ratio is at 100% compared to 51% at this time in October 2018.

 

Ladner - 10 Units Sold so far in October 2019 compared to 7 Units Sold by October 15, 2018, and 13 Units Sold by October 15, 2017. Total New Listings so far in October are 23 compared to 26 by the same time last year, and 18 at this time on October 2017. Total Active Listings are at 182 (172 at the same time in October 2018), Sales To Listings Ratio is at 43% compared to 27% at this time in October 2018.

 

Tsawwassen - 15 Units Sold so far in October 2019 compared to 13 Units Sold by October 15, 2018, and 15 Units Sold by October 15, 2017. Total New Listings so far in October are 29 compared to 25 by the same time last year, and 29 at this time on October 2017. Total Active Listings are at 289 (226 at the same time in October 2018), Sales To Listings Ratio is at 52% compared to 52% at this time in October 2018.



How About All Those Taxes On Real Estate!


Here is a summary of all those taxes applicable to your real estate:

 

  • Property Transfer Tax (PTT)  -  purchasing residential property - increased to 5% (from 3%) of the purchase price for the value above $3,000,000:

  • 1% on 1st $200,000

  • 2% on balance up to $2,000,000

  • 3% on balance above $2,000,000 up to $3,000,000

  • 5% on balance above $3,000,000

 

  • Homeowner Grant - increased to $1.65 million

 

 

  • The City of Vancouver Empty Home Tax “EHT” became effective January 1, 2017. The Empty Home Tax is applied annually with the first taxation year beginning January 1, 2017. The tax for 2017 was payable by April 2018. The tax rate is 1% of the assessed value based on the assessment in the year the tax is paid.

  • The EHT does not apply to a home used as a principal residence or is subject to a long term tenancy agreement of at least 180 days accrued in a calendar year with a minimum of 30 day terms for the tenancies.

  • There are various exemptions for the EHT for situations such as major renovations, major illness, death of the owner, ownership of the property changed curing the previous year, strata rental restrictions that were in place prior to November 16, 2016, homes used for work orders, homes subject to a court order. Explanations for these can be found on the City of Vancouver website https://vancouver.ca/home-property-development/will-your-home-be-taxed.aspx

  • Every residential home owner in the City of Vancouver must submit an Empty Home Declaration by February each year, whether the property is deemed vacant or not. Failure to do so will result in the City declaring the property vacant.

 

 

  • Speculation Tax – https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax

  • The tax applies to residential properties in Capital Regional District (Victoria), Metro Vancouver Regional District excluding Bowen Island, Village of Lions Bay but including the University Endowment Lands and UBC, City of Abbotsford, District of Mission, City of Chilliwack, City of Kelowna and West Kelowna, City of Nanaimo and District of Lantzville

  • The tax will 0.5% for 2018 and 0.5 for Residents of British Columbia and Canadian Citizens and 2% for Foreign Nationals in 2019 and going forward from there.

  • All residential property owners in designated taxable regions of B.C will have to complete an annual declaration for the Speculation and Vacancy Tax to claim any relevant exemptions. Where there are multiple owners of a home, a declaration must be completed by each owner.

  • Declaration will be sent in mid-February and will be due by March 31st each year and any tax owing will be due July 2 of each year

  • Anyone who uses their home as their principal residence is exempt. For this exemption, an owner must be a Canadian citizen or permanent resident of Canada who’s a B.C. resident for income tax purposes and isn’t part of a satellite family

  • Long-term rentals are exempt from the tax.

  • 2018 – Homes must be rented out for at least 3 months.

  • 2019 - Homes must be rented out for at least 6 months, in increments of 30 days or more.

  • Strata buildings with rental restrictions are exempt for 2018 and 2019 only as long as the rental bylaw was in place as of October 2018.

  • Special Case Exemptions:

    • Owner/tenant undergoing medical care, in hospital, long-term care facility

    • Owner/tenant – temporarily absent for work purposes

    • Registered owner is deceased, estate is being processed

    • All exemptions listed here