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The Lisa MacIntosh Team - Your Vancouver Real Estate Experts

Specializing in Vancouver Heritage Homes, First Time Buyers and Real Estate Investors looking for great investment opportunities in Vancouver.

Let us be your Vancouver real estate experts. We will give you honest, efficient and professional service that helps you in reaching your goals.

Phone: (604) 263-1144
Fax: (604) 263-6699
E-mail: Lisa MacIntosh
Web site: www.lisamacintosh.com

 

Awarded - MLS Medallion Club Member 2006 - 2015 - Ranked Top 10% of all Realtors in Greater Vancouver -  Recent Sales  
MARKET UPDATE

*BENCHMARK PRICE: Estimated sale price of a benchmark property. Benchmarks represent a typical property within each market.

 

Vancouver Real Estate Market Update
(Historical Statistics for Real Estate Board)

There is often a lot of confusion, and misinformation about the real estate market in Vancouver. The media likes to create "news", so often real estate market information is given a sensational "breaking news headline" - that perhaps sometimes misconstrues the facts somewhat.

Our attempt with this market update is to give you the facts about what has been happening in the Vancouver market focusing on the Vancouver West Side and Vancouver East Side. Remember, if you need a Vancouver Realtor don't hesitate to call, as we specialize in both Vancouver West Side and East Vancouver Real Estate.

For more detailed statistics for Vancouver neighbourhoods visit our Market Stats Page, where you can search each neighbourhood, for current information about pricing.

FEATURED LISTINGS
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RECENT CHANGES THAT EFFECT REAL ESTATE IN VANCOUVER

TAXES

Pre-sale purchase exempt of the Property Transfer Tax (PTT - to be paid only upon the purchase of residential real estate in B.C.)
As of February 2016, the purchase of any pre-sale properties for a value of up to $750,000 will not trigger the payment of the PTT, be it that you are a first time home buyer or previous property owner alike. The property needs to be lived in for a year and as a principal residence. This exemption is available to Canadian citizens and permanent residents.
More Info on PTT - Pre-sale exemption


15% Foreign Buyer Tax - an addition to the Property Transfer Tax (PTT)
As of August 2nd, 2016, a purchaser falling under the criteria of a foreign buyer will have to pay a supplementary PTT of 15%. This tax currently has geographical boundaries and applied to any properties located within the Greater Vancouver Regional District only. More Info on PTT - 15% Foreign Buyer


1% Empty Home Tax - City of Vancouver
In November 2016, City of Vancouver's Councillors voted to implement, as of January 1st, 2017, a 1% tax on empty homes. The City of Vancouver website provides details as to what it considers an empty home. The tax will not be due prior to 2018. More Info on Empty Home Tax



Reporting the sale of your principal residence (Canada wide)
On October 3, 2016, the Government announced an administrative change to CRA's reporting requirements for the sale of a principal residence. Starting with the 2016 tax year, you will be required to report basic information on your income when you sell your principal residence to claim the full principal residence exemption on any potential capital gain realized. More Info on CRA - Reporting the sale of your principal residence

CONTRACT LAW
Assignment of contract - monetary or nominal
In light of the "shadow flipping" mayhem of Spring 2016, new specific and protective measures took place in the heart of the contract of purchase and sale. As of then, two supplementary clauses were implemented to protect a seller from any unknown assignment of contract prior to completion date and for any potential profit in said assignment to now benefit the original seller of a property.
STRATA PROPERTY ACT

Strata Corporation Termination (B.C. wide)
As of July 2016, strata lot owners are now able to terminate their strata corporation by an 80% vote of all eligible voters instead of the previous unanimous voting requirement. More info on
Strata Corporation Termination


Civil Resolution Tribunal (CRT - B.C. wide)
In July 2016, the new Civil Resolution Tribunal came to life. With a 24/7 online access, it intends to resolve matters between strata owners and their strata corporations, for example: non payment of strata fees, unfair action by the corporation or the owner, uneven, arbitrary or non-enforcement of strata bylaws. The tribunal will not decide on matters affecting the land such as ordering the sale of a strata lot, or the dissolution of a strata corporation, dealing with developers and phased strata plans, determining each owners % share in the strata complex. These matters will still be heard in the Supreme Court of BC. More Info on Civil Resolution Tribunal Tribunal Website: www.civilresolutionbc.ca

MORTGAGES
High Ratio Mortgages "stress test" (Canada wide)
Since October 2016, a "stress test" has been taking place to approve any high ratio mortgages (insured mortgages), even if the buyer has more than 20% of a downpayment. The buyer would need to qualify at both the negotiated mortgage rate AND the 5 year fixed posted mortgage rate. Said fixed posted rate is usually an average of the posted rates of the big six banks in Canada.

B.C. Home Owner Mortgage and Equity partnership (First time home buyer ONLY)
In December 2016, the BC Government announced the launching for January 16th, 2017 of this program.
In essence, it lends for the first 5 years an interest and payment free loan up to 5% on the purchase of a property worth up to $750,000. After 5 years, the loan can be either repaid in full or make monthly payment at the current interest rate. After 25 years, the loan becomes due. There are MANY SPECIFIC criteria to qualify for this loan. A lot of questions from the lending community have not yet been answered by the Government. Stay tuned for more details on this subject.
CITY OF VANCOUVER NEIGHBOURHOOD & ZONING CHANGES

GRANDVIEW WOODLAND OFFICIAL COMMUNITY PLAN (GWOCP)
This OCP was released last year and will be effective sometimes in 2017. A lot of changes, some drastic others less so, are coming into this fantastic neighbourhood. The full details of this plan can be found on either our website or the City of Vancouver website. More Info on Grandview Woodland OCP


Potential Citywide Character Home Rezoning
The City of Vancouver is undertaking a Character Home Zoning Review which could lead to potential zoning changes. More info on Character Home Zoning

 


Lisa MacIntosh Team - Personal Real Estate Corporation - Dexter Associates Realty
Phone: 604-263-1144 Fax: 604-263-6699 website: www.lisamacintosh.com
Medallion Club Member -
Top 10% of Realtors in Greater Vancouver
email: Lisa MacIntosh Copyright © 2017. All rights reserved.

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