Housing Budget 2018 HausRE

 

Here are some key points on the British Columbia government’s plan on housing affordability from Tuesday’s budget:

— Increases the foreign buyers tax from 15 to 20% and expands it to areas outside of Vancouver as it will apply to the Fraser Valley, central Okanagan and the Nanaimo and Capital regional districts, which includes Victoria.

 

— Introduces a speculation tax in the fall of 2018 that will be levied as an annual property tax on foreign and domestic homeowners who don’t pay income taxes in B.C. It will initially apply to Metro Vancouver, Fraser Valley the Capital and Nanaimo regional districts, Kelowna and West Kelowna.

 

— Increases the property transfer tax and school tax on the value of homes over $3 million.

 

— Cracks down on tax fraud and closes real estate loopholes including contract assignments in the condo pre-sale market, where people sell and resell multiple times before a unit is lived in, inflating the price and avoiding taxes.

 

— Makes a $6 billion investment in affordable housing and increases rental grants for some elderly renters and low-income families.

 

We are curious about your thoughts so let us know what you think - We are here to help.

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Preview Starting Feb. 24th

 

A boutique community of 22 townhomes nestled in Sunny South Surrey's most private neighbourhood. You'll love the privacy these spacious 3 and 4 bedroom homes offer as they are surrounded by nature and overlooking Peace Portal Golf Club.


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Previews Starting Feb. 24th

 

Blackberry Walk III is a new townhouse development by Woodbridge Properties currently under construction at 6030 142 Street, Surrey. The development is scheduled for completion in 2018.Blackberry Walk III has a total of 48 units, sizes range from 1350 to 1800 square feet.

 

The exteriors at BB3 are timeless; as classic today as they will be tomorrow. Thoughtful touches like covered entryways, fenced yards, and lush landscaping make each home even homier. Conveniently located a short distance away from a wide variety of shops, restaurants, parks, & schools, BB3 is the center of it all!


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Have you ever wanted to buy a home but thought you couldn't? Come to HausRE's Mortgage Information night and find out ,YES you can!

 

We are hosting this session with Sheryl Elsom from Dominion Lending Centres. Sheryl has over 28 years of Mortgage experience and she will be happy to answer your mortgage related questions and discuss the New Stress Tests and if it applies to you!

 

Join us on Tuesday, February 20th at7pm at the Sutton West Coast Offices at 7565 132nd Stree in Surrey to find out more.

 

All attendees will get FREE Home Show Tickets (limited Quantities) so RSVP!

 

See you there!

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 2018 brings more of the same for Fraser Valley real estate

SURREY, BC – Fraser Valley housing market activity in January continued on the momentum seen throughout 2017 with year-over-year increases seen for both sales and pricing.

 

The Fraser Valley Real Estate Board processed 1,210 sales of all property types on its Multiple Listing Service® (MLS®) in January, an increase of 24 per cent compared to the 976 sales in January of last year, and a 10 per cent decrease compared to the 1,344 sales in December 2017. This was the third highest sales total for a January in the Board’s history, behind only 2016 (1,338) and 1992 (1,270).

 

Of the 1,210 sales processed last month 281 were townhouses and 338 were apartments, together representing 51 per cent of all transactions in January.

 

“This will be the third consecutive year of heightened market activity for our region, and we’re starting 2018 exactly where we left off – gradually rising prices, tight inventory, and the dominance of attached home sales," said Gopal Sahota, Board President.

 

Active inventory for the Fraser Valley finished at 3,962 listings last month, increasing 3.8 per cent month-over-month, and decreasing 10 per cent when compared to January 2017. January’s sales-to-active listing ratio was 31 per cent.

The Board received 2,092 new listings in January, a 63.8 per cent increase from December 2017’s 1,277 new listings, and a 3.9 per cent decrease compared to January 2017.

 

"Generally, pricing continues to be heavily impacted by ongoing demand and a lack of incoming inventory,” continued Sahota. “While conditions may differ depending on property type and area, it remains a complex real estate environment overall where a thorough understanding of the market and knowing what you’re looking for can make all the difference.”

For the Fraser Valley region the average number of days to sell an apartment in January was 19, and 24 for townhomes. Single family detached homes remained on the market for an average of 46 days before selling.

 

HPI® Benchmark Price Activity 


• Single Family Detached: At $982,700, the Benchmark price for a single family detached home in the Valley increased 0.6 per cent compared to December 2017, and increased 15.1 per cent compared to January 2017.

 

• Townhomes: At $519,400 the Benchmark price for a townhome in the Fraser Valley increased 1.2 per cent compared to December 2017, and increased 23.4 per cent compared to January 2017.

 

• Apartments: At $404,100, the Benchmark price for apartments/condos in the Fraser Valley increased 4 per cent compared to December 2017, and increased 44.1 per cent compared to January 2017.

 

Full package:
http://www.fvreb.bc.ca/statistics/Package201801.pdf

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.