*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.

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

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

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