Local news that affects Real Estate in Victoria and BC.

Office of the Premier

New premier delivers action to expand housing supply within first days

Victoria

November 21, 2022

To help deliver more good homes for people, the Province is introducing new laws to build the homes people need, make it possible for homes that are vacant to be rented and remove discriminatory age and rental restrictions in strata's that hurt young families.condo in Victoria

“B.C.’s housing crisis is stressing out and hurting people while it holds back our economy,” said Premier David Eby. “As a first step in my 100-day plan, we are making changes to deliver more homes for British Columbians, faster. We will work with municipalities to set housing targets and make sure the homes people need get built. For those…

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BC Housing Taxes and What You Should Know

Property Transfer Tax / Foreign Buyer Tax / Speculation Tax / Underused Housing Tax 

British Columbia has initiated several taxes that all purchasers should be aware of.

Property Transfer Tax:
When you purchase or gain an interest in property that is registered at the Land Title Office, your legal professional must file a property transfer tax return and you must pay property transfer tax, unless you qualify for an exemption. 

Property transfer tax should not be confused with annual property taxes. 
Annual property taxes are paid yearly to your municipal or rural tax office for each property you have a registered interest in to fund services in your area.

Further info on Property Taxes:  …

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Consumer Protection

The British Columbia Real Estate Association (BCREA), with support from the province’s eight real estate boards and 24,000 REALTORS®, has presented a white paper to the BC government with sweeping recommendations on creating more housing options for British Columbians, improving affordability and better protecting consumers in real estate transactions. We call our white paper A Better Way Home: Strengthening Consumer Protections in Real Estate.

Our recommendations are based on extensive feedback from consumers and Realtors, including focus groups and surveys. It combines on-the-ground insights from buyers, sellers and Realtors with detailed economic analysis and a study of the impacts of attempted housing market interventions…

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Top Victoria Realtor I am honoured to receive the President's Premier Award representing the Top 1% of Coldwell Banker Agents Worldwide from one of the largest Real Estate brokerages globally. If you need help selling or buying a home, my phone is always on and I would be happy to advise and help you through this transitional process. Feel free to reach out anytime if only for a coffee/tea and a chat.

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Victoria Real Estate Market Report

Overall housing demand on the South Island remained at 1.7 months supply but with 20% less residential sales and 20% less inventory. November sales volume was approx. double that of November 2019 and that of November 2018. Average sales prices remained at 111% of the assessed value.  

Single Family Homes:

Detached home demand dropped only slightly from 1.4 months to 1.5 months of supply, with a 20% drop in sales and 16% drop in listings. Sales prices averaged 117% of assessed value which is up from 114% last month. Sales volume in Saanich East and in Sooke did not change, all other areas were down. The 1 week trend ending November indicates that the market is not slowing down just yet. By price,…

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Strata Parking May Get Simpler

In its newest report (the “Report”), the British Columbia Law Institute’s formidable committee of strata experts (the “Committee”) recommends more changes to the Strata Property Act (the “Act”). If adopted, these changes will make it easier for a REALTOR® to confirm how strata parking is designated.

 
Background


Depending on the circumstances, a strata parking stall may be: 

  • a separate strata lot (except where intended to be used in conjunction with a residential strata lot); 
  • part of a strata lot; or
  • common property.

 

The Committee focused on projects where parking is part of the common property. Where a parking stall is common property, it may also be:  

  • used under a developer’s…

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Victoria Real Estate Market Report

A total of 661 properties sold in the Victoria Real Estate Board region this August, 11.3 per cent more than the 594 properties sold in August 2018 but a 6.4 per cent decrease from July 2019. Sales of condominiums were up 4.1 per cent from August 2018 with 203 units sold. Sales of single family homes increased 15.5 per cent from August 2018 with 351 sold.

“August could be considered a status quo month for real estate in greater Victoria with entry-level homes selling quickly when priced appropriately, and higher-end properties moving at a slower pace," says Victoria Real Estate Board President Cheryl Woolley. “As expected, we’ve seen relatively stable pricing, with an uptick in sales – particularly single family…

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Mid-Century Modern West Coast Contemporary.

Designed and built in 1963, this timeless architecture is married with the ecological ethics of our evolving culture. A private arrival at this farm status South facing 5 acre homestead on Salt Spring Island you are greeted by a large carport connected to the home via covered walkway amongst mature landscaping. Inside we have 6 bedrooms and 2 kitchens reflecting the walkout one bedroom suite. An open plan with a recent custom kitchen update featuring local clear fir millwork and marble countertops .

An adjacent open pantry with laundry is beautifully constructed with Douglas Fir custom cabinets.Throughout the home you will enjoy relaxing on the hardwood floors, if you like doing your early morning yoga…

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Take a read of what exactly the Government is doing

Speculation Tax - Government of B.C.

All the links and headlines below will give you a update on the latest news

  • Economist pleased to see measures he proposed included in B.C. speculation tax

  • Premier John Horgan defends speculation tax amid backlash,    Is the Government backing away?

  • West Kelowna councillors demand exemption from B.C.'s speculation tax

  • B.C. finance minister hints speculation tax being redrawn for vacation homes implications

     

  • Urban Development Institute

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It’s official. Things are changing (again).

Take the Stress test to see how it may impact you purchasing power or refinancing options.

The Office of the Superintendent of Financial Institutions (OSFI) released revised guidelines for the mortgage industry, similar to the draft version released earlier this summer. These new parameters will take effect January 1, 2018.

These new guidelines include a stress test for uninsured mortgages (mortgages with more than a 20% down payment or 20% in existing equity).

This new stress test means that borrowers will be qualified based on the greater of their rate + 2% or the five year benchmark rate published by the Bank of Canada, which today is currently 4.89%.

For example if your rate…

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