Karelyn Campbell

Cell: 250-618-8213 |

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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