Park Georgia Realty Listings Recent Sales Find A Home About Norm Newsletter Resources Contact
Featured Listing
7580 Lawrence Drive, Burnaby North
Montecito - Camrose
$1,495,000
Newsletter
Featured articles:
› Eastside House Prices Almost Back to 2016 Levels!
› The Property Transfer Tax (PPT).
› The Heritage Corner....

May 31, 2017
Eastside House Prices Almost Back to 2016 Levels!

After house prices dropped in the Fall of 2016, few analysts would have foreseen yet another Spring of limited listing inventory, multiple offers, and rapidly rising prices.
According to the Multiple Listing Service (MLS) statistics from the Real Estate Board of Greater Vancouver, there were 155 detached homes sold in Vancouver East in March 2017.  Although, sales in April 2017, were slightly lower at 142, part of this can be attributed to the fact that the number of Active Listings for sale has plateaued at under 740 units (as we go to print). 
In spite of the CITY OF VANCOUVER goals to rezone single family neighbourhoods to more multi-family,  we continue to see families on the hunt for the elusive single family home instead of a unit in a multiple dwelling complex. These families are relying on the continuing low mortgage interest rates, which are part of the reason the higher prices are back.  Indeed, low interest rates are also one of the reasons there are lots of real estate investors putting their money into real estate, as well. 
With yields on financial investments very low, these investors frequently turn to real estate for longer-term growth.  It is this demand for houses which keeps the pressure on listing inventories, and therefore prices.  For Sellers with a well-kept home, in a good neighbourhood and listed at current market values a highly successful outcome can be expected.


May 31, 2017
The Property Transfer Tax (PPT).

 How much is the PTT?

The PTT is charged on the fair market value of a property at a rate of :
     -1% on the first $200,000;
     -2% on the balance up to and including $2,000,000;
     -3% on the balance greater than $2,000,000.

An additional 15% Property Transfer Tax (known as the Foreign Buyer Tax) is paid if the buyer is a foreign entity and buys a property in most  areas of Metro Vancouver.
The 15% PTT doesn’t apply to trusts that are mutual fund trusts, real estate investment trusts, or specified investment flow-through trusts.

Arms length transaction

If the property is transferred without money changing hands, for example , an inheritance, the value is determined by an independent appraisal or BC Assessment.  The PTT is paid on this amount.

Pre-Sales

Buyers of pre-sold strata units will typically pay the PTT on the total    consideration paid for the unit—the unit price, fees for upgrades, additions, or any other premium, not the fair market value at registration.  When the developer files a strata plan at the LTSA, the person registering the transfer pays the PTT.

EXEMPTIONS TO THE PTT

First Time Home Buyers’ Program

The First Time Home Buyers’ (FTHB) Program gives a PTT exemption to eligible first time home buyers.  To qualify for a full exemption, first time buyers must:
     -be a Canadian citizen or permanent resident,
     -have lived in BC for 12 consecutive months before the date the property is registered, or
     -have filed 2 income tax returns as a BC resident in the last 6 years,
     -have never owned an interest in a principal residence anywhere, anytime; and
     -have never received a first-time home buyers’ exemption or refund.
The property must be used as a principal residence and have a fair market value of $475,000 or less and be 0.5 hectares (1.24 acres) or smaller.  There’s a partial exemption for properties $
475,000—$500,000.

May 31, 2017
The Heritage Corner....

The Marine Building—355 Burrard Street, Vancouver

The Marine Building is still, for old-timers, the building most clearly identified with Vancouver. Its unique wedding cake “icing”, topped by that vaguely Mayan tower, makes a dramatic and exciting backdrop as you look west down    Hastings. It is one of the great art deco buildings in the world.
Construction started in the spring of 1929 with a ceremony in keeping with the style of the building. “Yesterday morning,” said a March 14 newspaper report, “His Worship, Mayor W.H. Malkin blew a blast on a golden whistle and with it set in motion the steam shovel that will excavate the site for the new Burrard Street Marine skyscraper.”
From that first breaking of the ground, to the formal opening October 7, 1930 took 16 months. The Marine Building opened—with 21 floors at a height of 97.8 metres (321 feet)—Vancouver had seen nothing like it.

 

Have an interesting idea for a newsletter article? Contact Norm and watch this page regularly for updates!
Call Norm Flockhart at 604-328-2111 Norm Flockhart Personal Real Estate Corporation