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MARKET
UPDATE
Vancouver
Real Estate Market Update
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.
Check
out stats for the following Neighbourhoods in Vancouver:
*BENCHMARK
PRICE: Estimated sale price of a benchmark property. Benchmarks represent a typical
property within each market.
RECENT
CHANGES THAT EFFECT REAL ESTATE IN VANCOUVER
TAXES
Property
Transfer Tax Increase effective February 2018 - The
property transfer tax rate is: 1% on the first $200,000, 2% on the portion
of the fair market value greater than $200,000 and up to and including $2,000,000, 3%
on the portion of the fair market value greater than $2,000,000, and if the
property is residential, a further 2% on the portion of the fair market value
greater than $3,000,000 (effective February 21, 2018).More
Info on PTT
20%
Foreign Buyer Tax - an addition to the Property Transfer Tax (PTT) Effective
February 20, 2018, a purchaser falling under the criteria of a foreign buyer will
have to pay a supplementary PTT of 20%. This tax currently has geographical boundaries
and applied to any properties located within the Greater Vancouver Regional District
only. More
Info on PTT - 20% 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
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
Citywide Character Home Rezoning On
October 3, 2017, Council approved amendments to the Zoning and Development Bylaw.
The amendments introduce character retention incentives and increased opportunities
for housing choice in all single-family (RS) zones across the city.More
info on Character Home Zoning