Simplified, what does the new budget mean for our real estate market?

It is important to note that the First Time Home Buyer PTT exemption for RESALE properties remains unchanged and capped at 475K (sliding scale to 500k).

Property Transfer Tax (PTT)

• a New Housing exemption will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and

• a partial exemption will apply on newly built homes priced $750,000 to $800,000.

• a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance.

These changes take effect today February 17, 2016. A…

9605 Views, 0 Comments

Read Full Post

Decade low inventory levels across all property types ignites an aggressive real estate market in Vancouver. Whether you're looking for a detached home, townhouse or a condo, chances are you'll find yourself in multiple offers so be prepared.

After a record setting 2015 where home sales were the highest in REBGV history, we're headed for a strong 2016. January sales are up by almost 32% compared to January 2015 and new listing inventory is down by 6%.

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

If you’re contemplating a purchase this spring/summer it might be a good idea to start looking now to…

4783 Views, 0 Comments

Read Full Post