Karelyn Campbell

Cell: 250-618-8213 |

Every home buyer hopes to find the perfect house. The one that, as soon as you walk through the front door, you know it is the one for you.


It happens, and when it does, I am really happy for my buyers. I always want my buyers to fall in love with the perfect house and live happily ever after.


Just like in relationships, however, emotions often come into play during the home buying journey…Emotions that may result in some not-so-loving feelings.


While I’m not a therapist, I can help you talk through your emotions about the homes we visit and help you identify if you are making decisions with your heart and not your head.


There are six basic emotions; let’s look at how they can affect your decision-making skills.

  1. Fear: We have all learned that fear triggers a “fight or flight” response. In terms of making decisions, fear may cause you to “flee” from making any decision at all, which could make your home buying experience exhausting. If you are afraid you will run out of time, or that if you pass on a house you won’t find another one, you may “fight” by making a rash decision too quickly.
  2. Sadness: Feeling sad can cause you to lower your expectations and settle for less than you truly want. You may decide you don’t need certain features that you previously wanted. Or you may settle for one of the first homes you see instead of persevering with the search.
  3. Disgust: Disgust can cause you to eliminate choices that otherwise might have been in the running. You might find the perfect floorplan, style, or location, but if the home has a bad odor, a filthy floor, or some other off-putting defect, you might not be able to stomach it, even if it is a completely reversible problem.
  4. Surprise: Surprise is an emotion that is fleeting– it happens quickly and then subsides. Surprises can be pleasant, like if you go to see a home you were not expecting to like and find it is much nicer than you expected. But if you are touring the home and a rat runs out of the pantry, you get a negative surprise. While surprise doesn’t last, the memory does, and it can influence how you feel about the event.
  5. Happiness: We all want to feel happy when buying a home but be careful that your excitement doesn’t cause you to make bad decisions. When you are happy or excited, you tend to underestimate risks, assuming everything will work out. People also tend to spend more money than they planned when super excited.
  6. Anger: Anger can also cause you to take bigger risks. Research shows angry people are more likely to make impulsive decisions. Anger can sometimes be helpful. If handled properly, anger can help you to identify your needs and outline action steps to get the information you need to act responsibly.
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In December 2019, sales of single family homes were up by 40% compared to one year ago. 

 

Annually, sales were down 9% with 4,119 properties sold in 2019 compared to 4,539 in 2018.

 

The VIREB housing market is currently balanced and leaning towards a buyers market. There is a lack of inventory, preventing many buyers from moving forward with a purchase. Now is a great time to list as Sellers can take advantage of the lack of competition. 

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As summer drew to an end we saw a dip in sales, with 11% fewer sales than August 2018 and 9% fewer than July 2019. The VIREB housing market has transitioned towards a balanced market, with some areas trending towards a buyers market. Sellers are recognizing the change in the market and adjusting their pricing expectations. 

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The Vancouver Island Real Estate Board has realeased their lastest stats for May 2019. 


In summary, we continue to see a softening in the market. Current conditions are comparable to that of 2014 and it is expected that market conditions will continue into to fall. Weaker demand has resulted in a 22 percent increase in inventory of single family homes in the VIREB market compared to one year ago. Homes are moving more slowly but we are still seeing sales; and well priced properties are moving quickly.   


To view the full report visit www.vireb.com

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The speculation and vacancy tax is a key measure in tackling the housing crisis in major urban centres in British Columbia, where home prices and rents have skyrocketed out of reach for many British Columbians.


The provincial government is taking action because people who live and work in B.C. deserve an affordable place to call home.


The speculation and vacancy tax is a part of government's 30-Point Plan to make housing more affordable for people in our province.


This new annual tax is designed to:

  • Target foreign and domestic speculators who own residences in B.C. but don’t pay taxes here
  • Turn empty homes into good housing for people
  • Raise revenue that will directly support affordable housing

All owners of residential property in the designated taxable regions of B.C. must complete an annual declaration. Over 99% of British Columbians are estimated to be exempt from the tax.

How to Exempt Yourself

To claim your exemption, you must register your property by March 31, 2019 – and it’s easy to do, either by phone or online. The information you’ll need to register your property declaration will be mailed by mid-February to all owners of residential property within the taxable regions. 


Contact us if you’re expecting a declaration letter from us and haven’t received one by late February.


Please note that if your property has more than one owner, even if the other owner is your spouse, a separate declaration must be made for each owner. 

How the Tax Will Be Charged If You're Not Exempt

The speculation and vacancy tax rate varies depending on the owner’s tax residency and whether the owner is a Canadian citizen or permanent resident of Canada, or a member of a satellite family.
 

By levying the highest tax rate on foreign owners and satellite families (those who earn a majority of income outside the province and pay little to no income tax in B.C.), the speculation and vacancy tax is a way to make sure these property owners are paying their fair share in taxes.


The speculation and vacancy tax applies based on ownership as of December 31 each year.


Note: The speculation and vacancy tax is distinct from the empty homes tax in the City of Vancouver.


Read our answers to questions on the speculation and vacancy tax and learn about how to declare, the taxable regions and the available exemptions.


Subscribe to receive updates as new information about the speculation and vacancy tax becomes available.


NOTE: This article was originally published on the BC Government's website here.

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We saw a 28% drop in the sales of single-family homes and a 32% increase in inventory compared to January 2018. As expected, the shift towards a more balanced market is resulting in modest price reductions and lower demand as many buyers take a "wait and see" approach. The balanced market conditions offers buyers more choice and room to negotiate. This is not to say that it is a bad time for sellers to be getting into the market; just that sellers will need to adjust their expectations to the current market conditions rather than the record-setting pace we've experienced over the last few years. 

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