Winter may be hanging on tenaciously, but the housing market is waking from its seasonal slumber. The Real Estate Board of Greater Vancouver reports 2,425 residential home sales in February; that’s 59.2 per cent more than were sold the month before. And while it’s still 41.9 per cent less than the record 4,172 homes that were sold in February, 2016, it’s only slightly less than the 10-year average for the month. REBGV president Dan Morrison says rotten weather may have helped keep buyers at home. But the supply of new listings is also tight. The 3,666 new properties for sale in February was 36.9 per cent less than a year ago, and 11.4 per cent fewer than January. It was also the lowest number of new listings for the month since 2003. That’s keeping prices buoyant in the local housing market, says Morrison. “While home sales are not happening at the pace we experienced last year, home seller supply is still struggling to keep up with today’s demand,” says Morrison. “This is why we’ve seen little downward pressure on home prices, particularly in the condominium and townhome markets.” The ratio of sales to active listings actually increased 10 per cent from January to 31.9 per cent; experts say housing prices don’t start going down until that ratio dips below 12 per cent for a sustained period and they go up when the ratio stays greater than 20 per cent over several months.
Condo sales strong in local housing market
In fact, the benchmark price for a typical condo in Greater Vancouver increased 2.7 per cent in February to $526,500. In New West, the benchmark price for a condo went up 1.4 per cent to $392,400; that’s a 21.3 per cent increase over a year ago. The benchmark price for condos also increased in Burnaby, by as much as 2.6 per cent to $503,600 in North Burnaby, to 1.9 per cent in South Burnaby, where a typical condo now goes for $561,600. The benchmark price for townhomes in Greater Vancouver is now $675,500, a 1.3 per cent increase since January and 18.3 per cent more than Feb., 2016. New West townhomes experienced similar increases to a benchmark of $545,500 while in North Burnaby, the benchmark price increased 3.1 per cent over the previous month to $539,500. House prices are staying steady; in Greater Vancouver the benchmark price of $1,474,200 for a single-family detached home was unchanged from January. In New West, the benchmark price for a typical house went up .3 per cent in February to $1,026,700 while increases in Burnaby ranged from .1 per cent in the South to $1,636,100 to a 1.3 per cent jump in North Burnaby to a benchmark price of $1,499,600. The February stats
When you’re selling or buying a home, it can be tempting to go it alone. After all, it doesn’t cost anything to post your house, or search for one, on Craigslist. But there are plenty of good reasons to hire a Realtor. [somryv url=”Jm1KrJ9oyNA” size=”full” align=”center”] 1. One of the best reasons to hire a Realtor is to take the emotion out of such a large financial transaction. Owning a home isn’t just a monetary commitment, it’s also an emotional investment. You may have raised your family in your home, created cherished memories. Or you may be looking for a home to raise a family and all the hopes and dreams that come with that. A Realtor brings an objective perspective to the process that can help you stay focussed on your goals. They’re able to use their experience and training to offer an honest evaluation of a home’s financial worth. They will analyze the local market, including recent sales of comparable homes in the area, to determine a correct price for your home. The correct price will attract buyers if you’re selling your home. It will help you decide if you’re getting good value when you’re buying a home. 2. A Realtor is essentially a marketer. Their product is your home. They know how to show it off at its best, from arranging professional photographs, to writing evocative descriptions to offering suggestions for improvements or renovations. They’ll hit the right emotional chords for prospective buyers.
3. A Realtor is able to list your home on the Multiple Listing Service. That’s a national database of properties for sale that is accessible to other Realtors who may be looking for the perfect home for their clients. Getting your home of the MLS increases its exposure to potential buyers. Conversely, if you’re looking for a home, a Realtor’s access to the MLS can alert them to a listed property that fits your needs and budget. 4. Another of the great reasons to hire a Realtor is to gain access to their entire network of clients and other Realtors. A Realtor’s client base may already include a potential buyer for your home. Or someone who has a home for sale that you may be interested in. 5. Buying or selling a home is a complicated process that involves a lot of legal paperwork. A Realtor will help you navigate that process, including recommending lawyers and notaries who will ensure everything is on the up-and-up. They’ll ensure deadlines are met and documents are filed. 6. Buying or selling a home can be time consuming. A Realtor is able to invest that time on your behalf. That includes arranging showings, hosting open houses, creating a marketing campaign. A Realtor can gauge the seriousness of potential buyers, and the motivation of sellers, so you’re not wasting time and energy chasing every lead.
7. Realtors are skilled negotiators. Their knowledge of current market conditions is one of the important reasons to hire a Realtor. They will help ensure you get a fair price for your home, or pay a fair price for a home you’re buying. While they act on your instructions and must inform you of any offers they receive for your home, they can also offer guidance on how to proceed. 8. Realtors know the area. They know if a home is priced right for the market and whether that home might be a food fit for a client’s lifestyle needs and desires. They know about potential new developments in the area, or other factors that could impact your lifestyle or the value of your home. They can bring you up to speed on local bylaws, taxes and utility costs. 9. Realtors are accountable. They must abide by a strict code of professional ethics and follow procedures set out by the Real Estate Services Act. Violations can be investigated and disciplined by their local Real Estate Board. 10. Realtors are current. Their education is ongoing. As a condition of membership in their local Real Estate Board in B.C., they must complete courses every two years that keep them up-to-date with new information, legal requirements and trends in the industry.
More useful blogs if you’re planning to buy or sell a home
What’s hot in Greater Vancouver real estate? And what’s not? We’re well into the new year, we’ve settled back into familiar routines. It’s time for a little market analysis and look ahead to the coming months. Snow and ice. A media feeding frenzy. Changes to the mortgage rules. The foreign buyers’ tax. The usual post-Christmas lull. It’s all added up to a of uncertainty, and a “lukewarm start” in the Greater Vancouver real estate market. Sure, sales are down 39.5 per cent from last January. And there’s 9.1 per cent more listings. But the market is stronger than it may appear.
Condos and townhouses are what’s hot in Greater Vancouver real estate
In fact, condos and townhouses are hotter than ever! They’re still selling at peak prices. They’ve been virtually unaffected by the legislative changes, or skittish buyers. We’ve already had a few recent sales that were 5-10 per cent above last summer’s spike. Quite simply, there’s more demand for condos and townhouses for sale than there is supply. It’s the first time I can recall condos being hotter than houses. So, if you’re looking to purchase a condo, don’t expect to find a deal. You’re going to have to jump when the right one comes up because there’s no sign they’re going to slow down in the short term. If you’re selling a condo, it’s a great time. The provincial government’s new loan program to help first-time homebuyers with their downpayment is already driving demand. Many of those buyers are shopping for condos.
Houses are what’s not hot in Greater Vancouver real estate
The market for detached houses, on the other hand, is still cool. Especially for houses worth more than $2 million. Currently, there’s 240 of those listed for sale in Burnaby, New Westminster and the Tri-Cities. But only seven have sold. Then again, only seven such homes sold in all of 2010. Also feeling the pain are land value listings as builders hold off, hoping to score a deal. Difficult properties such as those with weird layouts or ones located on busy streets are presenting challenges as well. Overall, their prices are discounted 5-10 per cent, and sometimes even as much as 20 per cent, from where they were last summer. That’s not great news for sellers. If you’re looking to sell a high-end detached home, it might be best to hold off a little longer if you’re able; I expect the market will rebound 5-10 per cent by the time the weather warms up. For buyers, there may be some opportunities to score a deal that would have been unattainable last summer. You could do especially well if you’re willing to throw a little sweat equity into the mix by buying a home that needs some renovation. Of course, what’s hot in Greater Vancouver real estate, and what’s not, is always evolving. The fact remains, this is a desirable place for people to live and invest in real estate, and the general trend for property values continues to increase over time. It’s all about where and when you want to jump into or out of the market. Spring is just around the corner; traditionally that’s a busy time of year whether you’re selling or buying.
Finding a Realtor may be the most important step in your search for a new home. There are questions a buyer should ask their Realtor to make sure they’re a good fit for the way you like to do things. Your Realtor should understand your needs and desires, keep your best interests first and foremost. Think of it as a job interview; if you like what you hear, like their qualifications and feel like they’re a good match for your needs, they’re hired. 1. What is your experience? One of the first questions a buyer should ask their Realtor is about their experience. Not just in terms of years, but in real estate the number of sales is just as important. You want to make sure your Realtor has a good base of knowledge and experience in the type of properties you’re looking for, and that they’re well in tune with the current market. If the Realtor doesn’t have much experience it’s good to know if they have any related experience or knowledge. A background in real estate investment or construction could be a valuable resource to tap as you evaluate possible properties. 2. What is your approach to the buying process? Does your Realtor’s way of doing things align with your own philosophy and approach. Some buyers prefer to monitor listings themselves and then just inform their Realtor to set up a showing when they find one of interest. Other buyers prefer to sit back and entrust their Realtor to do all the leg work. Make sure each of you has a clear understanding of who’s watching the market. And be clear about your timeframe for your search; some buyers are very anxious and want to get their new home purchased quickly while others are more patient, willing to wait until they find the “perfect” place. If you’re the latter, you don’t want your Realtor pressuring you before you’re ready to buy. 3. What are your expectations from your clients? You should know what your Realtor expects of you. Conversely, your Realtor should know what you expect of them. Be open in all your communications with your Realtor; let them know when you’re anxious to buy, or when you might want to take a break from the search. Try to stay focussed so you, or your Realtor, aren’t expending a lot of wasted energy. Make sure your financing is in order, and you’re pre-approved for a mortgage so when the right home does come along, your Realtor can move quickly and confidently on your behalf. Be realistic in your expectations; it may take some time to find the perfect house, or you may have to make some compromises if you need to move quickly. 4. Where do you primarily work? A Realtor who is familiar with the community and its neighbourhoods will likely get you the best result. If you’re looking in a specific area, that Realtor should know it well. A knowledgable Realtor will be able to recommend neighbourhoods, and even streets, that are the best fit for your needs. They’ll be give you valuable information about schools in the neighbourhood, as well as daycares, parks and transit service. 5. What is your approach to evaluating a property? A property evaluation, or Comparative Market Analysis, will compare a home you’re looking at to other similar homes in the area that are for sale or were sold recently. This will give you an idea of the local market conditions and what it will take to purchase the home you seek in the area you desire. You should ascertain your Realtor’s approach to doing their evaluation; how detailed are the evaluations? A generic condo can be easy to evaluate, especially if there have been recent sales above or below. But evaluating a unique home can be quite difficult as there’s little to compare it with. A skilled Realtor will be able to evaluate a property’s value with confidence and accuracy. They’ll look at similar properties outside the neighbourhood, as well as in similar neighbourhoods. Or they could use a replacement cost approach that calculates the value of the land and what it would cost to build a comparable home. If a Realtor doesn’t provide you with any guidance and just wants to hear your offer, you may want to find another Realtor. 6. Are you part of a team, or do you work independently?
You want to know whether the Realtor you’re dealing with is going to be there for you when you need them or whether you’ll be tapping into a team of Realtors. Make sure you have a clear understanding of who is your primary contact and who is the backup if your Realtor isn’t available. If your Realtor doesn’t have a backup, establish a contingency for when they’re not available; the perfect property could come along at any time and you want to know you can jump on it. 7. How many clients are you currently working with? This may give you an idea how much time and energy your Realtor will have available for you. Don’t be afraid to ask for references. Keep in mind the references the Realtor provides will likely be their best and happiest clients so try to dig a little deeper by asking around the community or other people who’ve recently bought or sold a home. Search their name on Google and Facebook, check out their profile on LinkedIn. 8. What happens after I buy? A great Realtor will be there for you if there are any issues before, during and, especially, after the purchase, such as the seller not fulfilling their end of the contract, or leaving the place in a shambles. They’ll also be available to help you settle in, perhaps recommend professionals and trades to help with any renovations or repairs you want to do. A Realtor who doesn’t abandon you once they’ve handed over the keys to your new home will likely be your Realtor for life. 9. What is your availability and how will you communicate? Does your Realtor prefer phone contact, or email? How often will they update you? What hours are they available? And what happens if the right property comes along when the Realtor isn’t available? Your Realtor will likely have the same questions for you. The more you know about your Realtor’s way of operating, and vice-versa, the more likely you’ll have a good home buying experience. 10. What else do I need to know? It’s always a good idea to ask an open-ended question to give the Realtor a chance to highlight a unique service they might offer, or speak to areas you might have overlooked. That extra little tidbit of information could be the tipping point to your decision. Bonus question. Do you own a brewery?
This question might throw your Realtor. Unless of course they do happen to own a brewery, in which case you may end up with a particularly thirst-quenching welcome gift when you take possession of your new home!
Questions a buyer should ask their Realtor: It’s all about trust
There’s no general rule for forging a great relationship with your Realtor. It’s all about trust and personal preference. But your Realtor should be responsive to your needs; they should be patient when you need to take a little time, and proactive when you’re anxious. Your Realtor should be a good listener who will offer advice and help find solutions. And, most importantly, your Realtor shouldn’t try to sell you into every property you view.
We’re always curious about who’s buying a home in New Westminster. After all, we don’t just work in New Westminster, we also live and play here. It’s important for our clients, and for us, to have a handle on how the city is changing and how those changes might affect the local real estate market. Whenever we hold an open house, we ask visitors where they’re from. The majority are usually local, mostly curious neighbours. But as we started tracking the numbers, we were seeing more and more people coming to our open houses from Vancouver. In fact, through Oct. 2016, 22 per cent of visitors to our open houses were from Vancouver. When we looked at actual sales last year, the trends were even more definitive. For detached single-family homes, 51 per cent of the buyers’ agents were from Vancouver, suggesting their clients likely are as well. For condos, 36 per cent of the buyers’ agents were from Vancouver. The next biggest source was from Coquitlam. But New Westminster residents who’ve chosen to stay in the city were close behind. Overall 39 per cent of the buyers’ agents were from Vancouver. It’s not surprising, really. As real estate prices spiralled upward through the first half of 2016, Vancouver homeowners were cashing out and looking for value by buying a home in New Westminster.
Buying a home in New Westminster is affordable
New home buyers who can no longer afford Vancouver are looking for a place that fits their budget but still offers them the amenities of the big city they desire. Like Justin Turcotte. The 29-year-old filmmaker and his wife, Jaycey, moved to New Westminster last year from East Vancouver. They bought a home in Sapperton because they could afford it, something they could no longer do west of Tenth Avenue.
But moving to New West hasn’t cost them the urban vibe they loved in East Van, says Turcotte. “It really doesn’t feel like a suburb.” New Westminster is no longer a secret. The city is centrally-located, there’s a great sense of community and, quite frankly, it’s the most affordable community to buy into that’s within 30 minutes of downtown Vancouver. Even people who grew up here are appreciating the value of buying a home in New Westminster. Anna Horvath considered moving to Gastown, Chinatown and Mount Pleasant in Vancouver when she was shopping for her first home before she realized there’s no place like her hometown. She ended up buying a condo in the Trapp + Holbrook on Columbia Street.
“The area needed to have a sense of community,” she says. “I wanted it to be on a transit line and no bridges between my place and the downtown core. I did not want to spend most of my disposable income on a mortgage.” Anna’s thrift is well founded; a two bedroom, two bathroom condo that’s between 800 and 900 square feet, in a five to 10 year-old building, will cost a little over half in Downtown New West than it would in Vancouver’s Yaletown neighbourhood. But this new demographic of young professionals buying a home in New Westminster does create some challenges for British Columbia’s oldest city, says its mayor, Jonathan Coté. “It certainly does present a challenge to be able to anticipate that services are in line with the growing population and demand,” says Coté. To meet that challenge, the city embarked on a three-year process to update its Official Community Plan, a kind of road map for growth that was last visited in the 1990s. New Westminster’s population is expected to exceed 104,000 by 2041. “The Official Community Plan is definitely a document that guides us how the city will transform,” says Coté. “The timing is perfect for a city in our stage of growth that is starting to become attractive.” But to manage the city’s growth, it needs a variety of housing options, and the infrastructure like schools, transportation, recreation, culture and jobs, says Coté.
Attracting families buying a home in New Westminster
One key component is the city’s new Family-Friendly Housing Policy. It was sparked by a 2015 City of New Westminster supply analysis that ranked New West 21st out of 22 Metro Vancouver communities for ground-oriented housing and 20th for housing options with three bedrooms that are more family-friendly. But the need for family housing is growing. Census data from 2011 shows an 11 per cent increase in the number of families living in New Westminster compared to 2006. Of neighbouring communities, only Surrey and Coquitlam saw a larger jump, and BC’s overall increase was just 6 percent.
Matt Lorenzi knows the frustration of finding a family home in New Westminster only too well. He spent about a year searching for a new, larger home that could accommodate his growing family, his budget, and his desire to stay centrally-located in the Lower Mainland as well as close to transit. “We wanted more space, something as modest as a third bedroom or spacious den,” says Lorenzi, whose family of four could no longer fit into their one bedroom plus den apartment. “We knew the supply of three-bedroom condos was limited. But we didn’t really realize it until we started our search.” After a series of consultations with residents and builders, the City brought in a new bylaw that mandates new multi-family projects must dedicate at least 30 per cent of the units to two and three bedrooms with at least 10 per cent of the total comprised of three-bedroom units. New multi-family rental buildings must also include a minimum 25 per cent two and three-bedroom units, with at least five per cent of the total comprised of three-bedrooms or more. The bylaw, the first of its kind in British Columbia, came into effect on Jan. 1, 2016. So far developers have been receptive, says John Stark, New Westminster’s acting manager of planning. “There is a realization in the development community that three-bedroom units appeal to a wider market segment, like extended families and young professionals looking at shared living arrangements.” In fact, says Stark, some projects that have been submitted by builders in the past year are even exceeding the mandated requirements for two and three-bedroom units. One of those is a new condo development planned for 100 Braid St.; 26.1 percent of its units will be two-bedrooms and 13.5 percent will have three bedrooms. Stark credits an ongoing dialogue with developers as well as some key compromises, like not requiring the third bedroom to require direct light from a window, for the smooth transition. He says the city is committed to gauging the ongoing success of the bylaw and adjusting it if necessary. “We’re still in the early days,” says Stark. That gives Lorenzi hope his family will be able to stay in New West, even as their living requirements change. After flirting briefly with the idea of moving to Port Moody or elsewhere, they were able to find a suitable condo in Victoria Hill “Over the eight or nine years prior to moving (to Victoria Hill) we grew to love New West,” says Lorenzi. “The city should encourage a mix of housing, especially larger units for growing families.”
Buying a home in New Westminster “the right choice”
Justin Turcotte says he’s confident moving to New West was the right choice. “It took a bit of warming up to the idea of living so far from Vancouver,” says Turcotte. “We’re discovering new things about the city and have been pretty impressed by what we’ve seen so far. I definitely still think that it’s only going to improve and offer more.” Anna Horvath says she’s also feeling good about her decision to stay in New West, close to family and the friends she grew up with. “It ticks most of the boxes.”
A version of this article was commissioned for Tenth to the Fraser magazine, where it appears in the February, 2017 edition.
BC Premier Christy Clark says the 15 per cent tax on foreign home buyers in Metro Vancouver will soon no longer apply to some buyers. Foreign buyers with temporary work permits that allow them to work and live in British Columbia will no longer have to pay the tax, said Clark on Sunday. She made the statement to reporters while she was marching in Vancouver’s Lunar New Year parade, but the government has yet to release a formal announcement or a timeline when the change might happen. “We believe the best and the brightest should be able to come to B.C.,” Clark told reporters. The tax on foreign home buyers in Metro Vancouver was implemented on Aug. 2 as a way to temper housing prices the government said had risen out of reach of many locals because of wealthy foreign buyers. “We need to make sure that we do everything we can to try and keep houses affordable,” said Clark when she first introduced the tax. The chilling effect of the tax was felt almost immediately. From June 10, when the government started tracking foreign buyers, to Aug. 1, foreign buyers accounted for more than 13 per cent of home purchases in Metro Vancouver. After the tax kicked in, the BC government reported only .9 per cent of Metro Vancouver homes sold in August went to foreign buyers. A host of other government interventions like changes to mortgage rules and qualifications for mortgage insurance may have contributed to the 2.2 per cent drop in the benchmark price of a typical home in Metro Vancouver over the last half of 2016.
Mortgage insurance premiums from Canada Mortgage and Housing Corporation will be increasing March 17. For the average homeowner whose mortgage is insured by CMHC, that could mean an increase in their monthly mortgage payment of about $5 on a $250,000 loan with a downpayment between 5% and 9.99%. The increase applies to new mortgage applications received after March 17. The premium for current mortgages or applications that are submitted before March 17 won’t be increased.
“We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, the senior vice-president of insurance at CMHC. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.” CMHC is a Crown corporation that is the largest provider of mortgage insurance in the country.
Private insurer also raising mortgage insurance premiums
Canada’s largest private mortgage insurer, Genworth, is matching the CMHC premium hikes. “We believe this new pricing is prudent and reflects the new regulatory capital framework for mortgage insurers,” said Stuart Levings, the president and CEO of Genworth Canada. The increase is necessary because new rules that came into effect on Jan. 1 require banks and insurers to hold more capital against the value of the mortgages they’re holding. It’s also the latest in a suite of changes to mortgage rules implemented last fall by the federal government to help temper the furious housing market in some parts of the country, including Metro Vancouver. Mortgage insurance is required by Canadian law whenever a homeowner’s down payment on a home purchase is less than 20 per cent of its total price. The premium can be paid in a lump sum, but it’s more typically added to the mortgage principal and repaid as part of a homeowner’s regular mortgage payments. The insurance protects lenders in case borrowers default on their loans.
We’ve got a new home! Garbutt + Dumas is now part of the Keller Williams Elite real estate team. Keller Williams is a global network of realtors and real estate professionals who believe in working together to help each other and our clients achieve success in business and life. In fact, Keller Williams is the world’s largest real estate franchise, with more than 110,000 realtors operating in 700 offices in Canada, the U.S., Indonesia, Vietnam, South Africa and Dubai. That’s a lot of expertise and talent to draw upon. The team at Keller Williams Elite is just that, a team. They understand the team model. Their support systems and commitment to training and innovation will make us more effective, able to provide an even better experience for our clients. We’re pretty excited about the move. But that’s not all that’s new for us in this new year. To celebrate our move to Keller Williams Elite, we’ve got a new look. If you follow our social media channels (and, really, you should), you may have noticed our new signs being posted in front of our newest listings. As the market gets busier, you’ll also be seeing more of our signs around Metro Vancouver. We like to think our new signs are bold and distinctive to catch the eye of passersby. But they’re still classy enough you’ll be pleased to place one on your lawn.
Finally, if you pay attention to the address bar at the top of your browser window, you may have noticed we’ve also got a new URL. Our new site may not look that much different from the old one, but we’re building it to make it more functional and informative, even if you’re not currently in the market to buy a new home or sell your current one. Our listings will continue to feature some of the best properties in Greater Vancouver. And now you’ll be able to easily search for properties in specific communities and neighbourhoods, as well as learn a little about what it’s like to live there. Each community page features an interactive map of its neighbourhoods where you can get familiar with amenities like parks, recreation and shopping, as well as its schools and transit information. We also want to keep you up-to-date on everything real estate in Greater Vancouver. Our blog features timely updates on market news, issues and policies, as well as useful tips and information that will help you understand and navigate the process of buying or selling a home, or just make your life a little easier if you’re content right where you are. After a record year in 2016, and with the support of Keller Williams Elite, our growing team at Garbutt + Dumas is poised for an even bigger 2017. But our priority will always be to provide our clients with the best service and a great experience.
The BC government is raising the threshold for owners to be able to claim the homeowner grant to $1.6 million from $1.2 million. The change means many homeowners whose recent property assessment increased the value of their home above the old threshold will still be eligible for the $570 basic homeowner grant to offset municipal property taxes on their principal residence. “The threshold increase to $1.6 million helps ensure virtually everyone who received the grant last year will also receive it in 2017,” said Finance Minister Michael de Jong.
The 33 per cent increase in the threshold was necessitated by 30-50 per cent jumps in assessed property values for detached single-family homes in some areas that put many homes above the previous $1.2 million threshold. In Metro Vancouver, the new threshold will keep 83 per cent of homes below the threshold and across the province 91 per cent of homes will remain eligible for the full grant. When a home is valued above the threshold, the grant is reduced by $5 for every $1,000 of its assessed value in excess of the threshold. That means a home’s assessed value will now have to be more than $1,714,000 for its owner to completely lose their eligibility for any grant at all. “We are doing our part to help keep housing costs affordable for families,” said de Jong. When homeowners claim the grant to reduce their property taxes, the provincial government reimburses municipalities for the difference. The program will cost the province $821 million in 2017-18, up from $809 million last year.
To be eligible for the grant, a homeowner must be a Canadian citizen or permanent resident, living in BC, and the home must be their principal residence.
The basic grant is $570. For home owners in northern or rural areas, the grant is $770.
Homeowners who are over 65, disabled or are the surviving spouse of a veteran can receive an additional grant to reduce their property taxes by up to $845, or $1045 for residents in northern or rural areas.
Low income homeowners, or those on a fixed income who are still struggling to pay their property taxes can also apply for a deferral of all or part of their obligation. That’s a kind of low-interest loan against the equity of your home; the province pays your property tax on your behalf and you repay the loan, plus interest, at any time. Everything you need to know about the Homeowner Grant
Slight price increases for detached houses, townhouses and condo apartments in New Westminster capped a busy year for Vancouver real estate. The benchmark price for a single family detached home in New West reached $1,035,600 in December. That’s a .9 per cent increase over November and 18.7 per cent higher than December, 2015. Townhouses were up 4.6 per cent over the month prior, 20 per cent more than a year ago; and the benchmark price for condos increased .2 per cent to $380,700, 22.6 per cent more than the end of last year. Overall, the benchmark price for a typical property in New West increased .6 per cent over November, 21.2 per cent more than a year ago.
The benchmark price for residential properties in South Burnaby also increased one per cent in December over November to $858,300. That’s mostly due to a 2.7 per cent bump in the price of condos in the area while townhouses and detached homes dipped slightly.
Those increases came even though there were fewer listings and sales. They also bucked a slight downward trend across Metro Vancouver where the benchmark price for all properties dipped 1.2 per cent from November. In North Burnaby the overall benchmark price dipped .5 per cent in December and it was down .4 per cent in East Burnaby. A general cooling of the real estate market in the last half of 2016 wasn’t enough to keep the year from being the third-highest selling on record, said Dan Morrison, the president of the Real Estate Board of Greater Vancouver. Only 2015 and 2005 recorded more property sales. “The supply of homes for sale couldn’t keep up with home buyer demand for much of 2016,” said Morrison. “This allowed home sellers to raise their asking price.” In fact, the benchmark price for all homes in Metro Vancouver reached $897,600 at the end of 2016, 17.8 per cent higher than December, 2015. The benchmark price for a typical single family detached home increased 18.6 per cent over the year to $1,483,500 while townhouses went up 20.4 per cent in 2016 to $661,800 and condos increased 17.3 per cent to $510,300.
Too soon to tell if 2017 will be another busy year for Vancouver real estate
Morrison said while government interventions to temper the frenzy in the local real estate market in the first six months of 2016 may have contributed to lower sales volumes and prices in the last half of the year, it’s still too soon to tell if their impact will continue to be felt into the new year. “The long-term effects of these actions won’t be fully understood for some time,” said Morrison of the provincial foreign-buyers’ tax that was implemented in August to discourage off-shore speculators and new rules to make it tougher to qualify for a mortgage that were introduced by the federal government in the fall. Another new measure introduced by the provincial government, a loan program to help first-time homebuyers with their down payment, begins accepting applications on Jan. 17. Morrison said the market was under the microscope as sales and prices peaked in the late spring. “Escalating prices caused by low supply and strong home buyer demand brought more attention to the market then ever before,” said Morrison. “As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. It was an eventful year for real estate in Metro Vancouver.” All the stats from a busy year in Vancouver real estate Wrapping-up our record year