Vancouver Island Real Estate Foreign Buyer Tax

Vancouver Island Real Estate Foreign Buyer Tax — Will she or won’t she?

Will she or won’t she add the dreaded 15% Vancouver Island Real Estate Foreign Buyer Tax for Property Transfers?  This is a question that engages the thoughts of my clients this Spring.  This is especially the case as Buyers and Sellers consider what Premier Christy Clark’s government has done in the Vancouver Real Estate Market.  My thoughts are these:

BC considering increases to the Foreign Buyer Property Transfer Tax
Vancouver Island Real Estate Foreign Buyer Tax. Will She or won’t She?

Not too long ago, the BC Provincial Government changed the Provincial Property Tax for homes purchased in the Greater Vancouver Area.  The tax was 1% on the first $200,000 and 2% on the balance.  Currently the tax is the same if you are a Canadian resident.  However, if you are a foreign Buyer, the tax is now 15% on the whole amount.  This is huge for foreign Buyers.  It reflected a government attempt to regulate price increases through Government regulation, intervention and taxation.   One Vancouver Lawyer told me that if the Provincial Government did not intervene, the coming election would be lost.

Vancouver Island Real Estate Foreign Buyer Tax — The impacts . . .

The obvious result of this regulation, taxation and intervention was an almost immediate price reduction in the price of Vancouver homes.  It is a double digit drop in prices and a substantial slow down in the number of sales.  You can read the details here — THE GLOBE AND MAIL

There has been talk about putting this new tax on Victoria homes and likely on homes across the rest of the Province.  You can read about this in several online articles.  Witness the TIMES COLONIST ARTICLE

Vancouver Island Real Estate Foreign Buyer Tax
Christy Clark walking back BC’s Foreign Buyer Property Transfer Tax

However, the issue is both political and economic.  There has been much concern about the decline of the Vancouver Real Estate Market.  The Province is headed into an election and BC home owners concerned about price drops also reflect a huge voter block.  Therefore, Premier Christy Clark’s Government is attempting to walk back the challenging aspects of the new added tax.  Foreign Buyers who buy and who will be working in Vancouver could soon be exempt from the additional Tax.   The Vancouver Sun quotes Christy Clark–VANCOUVER SUN

The Vancouver Sun has further quotes on this from Finance Minister Michael de Jong.  Check it out — VANCOUVER SUN

Vancouver Island Real Estate Foreign Buyer Tax — Conclusions . . .

So, the question remains . . . will there be a Vancouver Island Real Estate Foreign Buyer Tax.  This realtor believes there will be continued pressure to slow the impact of foreign Buyers on our market.   However, at the same time, there will be some refining of the legislation around the matter of who pays the tax and how it is administered.  If a foreign Buyer plans to settle down and work in the area, then tax relief is likely.  If on the other hand, a Buyer buys a home and plans to be absentee, then likely there will be no tax relief.

In the end. . . time will tell.  These are political times.  It is fashionable to let others pay taxes–Especially foreigners.  It is all good until my / your house value drops.

If you want to discuss this further, Associate Broker and Realtor (R) Lorne Gait is happy to discuss this further.  Let’s get in touch.

Vancouver Island Real Estate Market Stats for January 2017

Vancouver Island Real Estate Market Stats for January 2017

Vancouver Island Realtor Lorne Gait talks about the current Vancouver Island market

Lorne helps you understand the Vancouver Island Real Estate Market Stats for January 2017

The Vancouver Island Real Estate Board or VIREB–has published the Vancouver Island Real Estate Stats for December 31, 2016. 

Contained in these stats is information on the Average House Price for the region, the amount of homes sold and much more.   In this update, we are considering two Real Estate Board areas.  These are the Cowichan Valley Region which goes from Mill Bay through to Ladysmith and the Nanaimo Board area which goes from Cedar up to North Nanaimo.

In many ways, these statistics form a great way to look at the market that has past and to predict the market that will come in 2017.  

A quick look at the stats shows that prices are upward as there is less supply in relation to the amount of demand.  In the Nanaimo, the average home went up from $391,313 in 2015 to $447,336 in 2016.  In the Cowichan Valley, the average home went up from $360,361 in 2016 to $389,947 in 2016.  This upward trend took place in Apartments, patio homes and townhomes for both regions with one or two exceptions.  

Looking forward, it appears the market will continue to rise. The threats to growth are these:  there are new mortgage rules for first time buyers and those with small down payments; and there it the threat of a foreign buyer property transfer tax that will be applied not only to Vancouver, but to the whole of the province.  The opportunities are these:  This is a great time to downsize; And this is a great time to be a first-time Buyer because of low interest rates.  Overall, this is a great place to live.  Folks are coming from Vancouver and Victoria and from other places to live the Vancouver Island lifestyle.

A Video on the Market . . .

 

Download the PDF Reports . . .

Nanaimo Graphstats to December 31, 2016

Cowichan Valley Graphstats to December 31, 2016

These two reports include:

  • Cumulative Residential Average Single Family Sale Price

  • Single Family Units Reported Sold

  • Comparative Activity by Property Type

  • MLS® Single Family Sales Analysis

  • Cowichan Valley – Single Family Sales by Subarea

  • Nanaimo – Single Family Sales by Subarea

  • Gabriola Island

Hopefully you have gained insight on the current st in the Vancouver Island Real Estate market for January 2017. If you have questions about the data detailed in this post or in the reports, or would like to discuss the stats in detail with Lorne, please get in touch.

Wonder what your property is worth in today’s market?

contactus

 

Helping you is what we do. ™

 

 

Vancouver Island Real Estate Blog – Market Update

Vancouver Island Real Estate Blog

A few words about the market in our beautiful Vancouver Island Real Estate Blog area…

Victoria Area Market Update

We are in an amazing Seller’s Market!  This is a great time to Sell and Buying in a rising market that might give you good appreciation on your investment.

The paragraph below is from an article published earlier in the week in the Victoria Times Colonist.

Greater Victoria’s real estate market continued its strong pace in May as the average price of a single-family house rose to a record $763,517 and the number of properties sold blasted to a new high. The latest average price in the capital region is up by 17.6 per cent from $649,431 a year ago. It’s a seller’s market as buyers face rising prices and multiple offers in hot spots such as Fairfield, Oak Bay and Saanich East. Benchmark prices, calculated by the Victoria Real Estate Board based on a “typical” house, also give a sense of what’s happening. For the entire region, the benchmark was $584,700 in May.

Link to the Full Article

Lorne Gait's Vancouver Island Real Estate Blog
Lorne Gait’s Vancouver Island Real Estate Blog

 

Lorne is always willing to talk about real estate.  Let’s Get in Touch!

Yellow Point Oceanfront Home — 2610 Pylades Drive

SOLD!
Yellow Point Oceanfront Home — 2610 Pylades Drive

Pylades 2610-1 Pylades 2610-12

Stunningly beautiful Ocean and Island views are yours in this beautiful Yellow Point oceanfront three bed and two-bathroom rancher.

Enter the property in your own circular driveway with high private hedges to maintain your privacy. There is lots of parking and a garage workshop if you wish. A large home entranceway welcomes you to the plentiful views.

The Kitchen, nook, dining room, living room, den and master bedroom all have ocean views. Sit in the shade on a partially covered concrete patio area. Then go out to an upper deck with hot tub or a lower deck with dining area.

An easy path to the beach winds through your property till you get to an ocean side sitting area with fire pit and private ocean views.

There is a beach, there is opportunity for you to have your own Buoy. The yard is beautifully landscaped. There are many gorgeous shrubs and flowers. A fenced garden area will keep deer away from your veggies.

To view a drone video of this beautiful property, click HERE

Follow this link to a short Video Tour on this Yellow Point Waterfront Home . . . .  TOUR 

Call or text Lorne Gait for more information at 250-618-0680. Email Lorne at lorne [at] lornegait [dot] com

 

If you want to find your way to this property, here is a map

 

Lorne Gait is a professional realtor who can help you with your Vancouver Island Waterfront or Water view home. To start the conversation follow this link — Get in touch.

Vancouver Island Real Estate Market Stats for March 2016

Vancouver Island Real Estate Market Stats for March 2016

Vancouver Island Realtor Lorne Gait talks about the current Vancouver Island market

Vancouver Island Real Estate Market Stats for February 2016
Vancouver Island Real Estate Market Stats for March 2016

Lorne helps you understand the Vancouver Island Real Estate Market Stats for March 2016

April 11, 2016 — Our Real Estate Board, VIREB–has published the Vancouver Island Real Estate Stats for March 2016.  The stats I discuss on are the average numbers for the Cowichan Valley region in Single Family Homes, which also include the localized areas of Ladysmith, Saltair and Chemainus. 

I also include the stats for the Nanaimo region, which includes the rural area of Cedar and Yellow Point.  These market stats take into consideration the Vancouver Island Real Estate Market through the end of March 2016, and compare to the monthly stats of this time last year in 2015.

We are now three full months into 2016 and the market has continued it’s steady upward climb.  The Nanaimo market has seen the average Single Family Home price increase from $414, 828 in February to $427, 786 in March 2016.

The Cowichan  market has seen a price increase as well in Single Family Homes from $392,153 in March 2016 compared to $350,449 this time last year. There is quite a lot less inventory this year and much more buyers.

It will continue to be a strong market for those who want to more forward with other opportunities, move up the property ladder, relocate or downsize.  It is also a good time to buy for those who want an investment that is continuing the upward trend in the market with no signs of slow down.

The published market stats for March 2016 are available below in two separate links, one of the Nanaimo region and the other for Cowichan.

These two reports include:

  • Cumulative Residential Average Single Family Sale Price

  • Single Family Units Reported Sold

  • Comparative Activity by Property Type

  • MLS® Single Family Sales Analysis

  • Cowichan Valley – Single Family Sales by Subarea

  • Nanaimo – Single Family Sales by Subarea

  • Gabriola Island

Download the PDF Reports:

03-Mar 16 Nanaimo Graphstats

03-Mar 16 Cowichan Valley Graphstats

Hopefully you have gained insight on the current stats in the Vancouver Island Real Estate market for March 2016. If you have questions about the data detailed in this post or in the reports, or would like to discuss the stats in detail with Lorne, please get in touch.

Wonder what your property is worth in today’s market?

contactus

 

Helping you is what we do. ™

 

 

Vancouver Island Real Estate Market Stats for February 2016

Vancouver Island Real Estate Market Stats for February 2016

Vancouver Island Realtor Lorne Gait talks about the Vancouver Island Market

Vancouver Island Real Estate Market Stats for February 2016
Vancouver Island Real Estate Market Stats for February 2016

Lorne helps you understand the Vancouver Island Real Estate Market Stats for February 2016.

March 7, 2016 — Our Real Estate Board, VIREB–has published the Vancouver Island Real Estate Stats for February 2016.  The stats I focus on are the average numbers for the Cowichan Valley region in single family homes, which includes Ladysmith, Saltair and Chemainus.  I also discuss the stats for the Nanaimo region, which includes Cedar.  These stats take into consideration the Real Estate Market through the end of February 2016, and also compare to the monthly stats of this time last year in 2015.

We are now two months in 2016 and the market has spilled over from 2015 and is continuing its upward climb.  The Nanaimo market has seen a 5% ($28,772+) increase in average single family home price in the last month alone, whereas the Cowichan  market has seen a 6% ($42,879+) increase in single family homes. There is quite a lot less inventory this year and much more buyers.

It will continue to be a good time to sell for those who want to more forward with other opportunities.  It is also be a good time to buy for those who want an investment that is on continuing on the way up.

In the Nanaimo region, the average sell price for a Single Family Home in February was $414,828. In the Cowichan region, the average single family home was $395,666. Learn more about these figures in the downloadable reports below…

In these 2 reports, you will see:

  • Cumulative Residential Average Single Family Sale Price
  • Single Family Units Reported Sold
  • Comparative Activity by Property Type
  • MLS® Single Family Sales Analysis
  • Cowichan Valley – Single Family Sales by Subarea
  • Nanaimo – Single Family Sales by Subarea
  • Gabriola Island

Download the reports:

02-Feb 16 Nanaimo Graphstats

02-Feb 16 Cowichan Valley Graphstats

We hope you have gained some insight on the current stats in the Vancouver Island Real Estate market for February 2016.

Wonder what your property is worth in today’s market?

Let’s Get in Touch.   Please let Lorne–a Ladysmith Real Estate expert help you find answers at lorne [at] lornegait [dot] com

Vancouver Island Real Estate Market Stats for January 2016

Vancouver Island Real Estate  Market Stats for January 2016

Associate Broker Lorne Gait is here again to help you understand the current Vancouver Island Real Estate Stats.

Ladysmith Real Estate Expert — Lorne Gait talks about the Vancouver Island Real Estate Market Stats for January 2016

Lorne Gait helps you understand Vancouver Island Real Estate
Vancouver Island Real Estate Market Stats for January 2016

Our Real Estate Board–VIREB–has just published the Vancouver Island Real Estate Stats for January 2016.  The ones I focus on are the ones for the Cowichan Valley real estate region, which includes Ladysmith, Saltair and Chemainus.  And also the ones for the Nanaimo region, which includes Cedar.  These stats take into consideration the Real Estate Market through the end of January 2016.

Lorne Gait — a Realtor serving the broader regions but focusing on Ladysmith real estate market — shares his view on the current market conditons…

Can you believe it?  We are already over a month into 2016 and the market has stayed strong throughout the winter.  It is a great time to be listing since we are moving into a sellers market. There will be less inventory this year and more buyers.  Looking at the Graph stats above, the market is 5% up from this time last year in Nanaimo, and up 6% in the past 12 months to date in the Cowichan Valley.

It will be a good time to sell for those who want to more forward with other opportunities.  It will also be a good time to buy for those who want an investment that is on the way up.

In the Nanaimo region, the average sell price for a Single Family Home last month was $386,056. In the Cowichan region, the average single family home was $352,787. Learn more about these figures in the downloadable reports below.

In these 2 reports, you will see:

  • Cumulative Residential Average Single Family Sale Price
  • Single Family Units Reported Sold
  • Comparative Activity by Property Type
  • MLS® Single Family Sales Analysis
  • Cowichan Valley – Single Family Sales by Subarea
  • Nanaimo – Single Family Sales by Subarea
  • Gabriola Island

Download the reports:

01-Jan 16 Cowichan Valley Graphstats

01-Jan 16 Nanaimo Graphstats

We hope you have enjoyed these Vancouver Island Real Estate Stats for January 2016

Wonder what your property is worth in today’s market?  Let’s Get in Touch.   Please let Lorne–a Ladysmith Real Estate expert help you find answers at lorne [at] lornegait [dot] com

Want to kick out Foreign Real Estate Buyers in Canada?

Do you want to kick out foreign real estate Buyers in Canada?   Before you make up your mind, check out this article by Martin Armstrong on the Australian decision to kick out foreign owners . . .  LINK to Article

Canadian Foreign Real Estate Buyers

Martin’s conclusion is that money is fleeing and will flee from places that want to restrict foreign investment.  He is a bit inflammatory about the political left.  I am not sure I am quite there, but his fiscal understanding is right on.  Australia and Britain are and will struggle because they are shunning foreign investment.  The USA and places like BC in Canada are doing well comparatively speaking because of foreign investment.

I hope each of us will think this through carefully.  If there are no or fewer high end Foreign Real Estate Buyers in Canada, then there will be fewer people to buy the next level down and so on and so on.  Really think this through.  Certainly we are able to create lower cost housing in real estate zones in our area.

 

 

 

Ladysmith Townhome with Ocean View and No Stairs

Ladysmith Townhome with Ocean View
#11- 100 Gifford Rd, Ladysmith, BC

Enjoy amazing ocean views from this spacious level entry townhome, in the beautiful seaside town of Ladysmith. This is a rare no stair Ladysmith townhome. Enjoy island living and ocean views in “The Lookout” development.

This handicap friendly, open floor plan features a formal dining area, large living room with a gas fireplace, a kitchen with eating nook, and a bonus covered deck. Views from living room, kitchen and deck are some of the best ocean views that Vancouver Island has to offer. Extras include in-suite laundry, lots of in-suite storage, a master bedroom with large walk-in closet and 4-piece en-suite, and a second bedroom, also with a large walk-in closet. The covered car port is right at your front door, for easy access. Extra parking is available and can be negotiated with the strata corporation.

A short level walk to town or downhill to Transfer Beach oceanfront park, round out the appeal of this convenient location. In the summertime, you can walk to the park for swimming, sunbathing, kayaking and more. On the August long-weekend, enjoy a night of fireworks, as Ladysmith celebrates its anniversary with Ladysmith Days. In the winter, enjoy watching the sail past as boats are lit-up with Christmas lights. This is Ladysmith townhome living at its best.

Call Lorne Gait for more information or for a viewing today at 250-618-0680. View on line at www.lornegait.com

Regular open houses will be held for this property, contact Lorne for more details. If you are wanting more information on other Ladysmith townhome properties, please get in touch.

If you want to find your way to this property, here is a map . . .

 

Lorne Gait is a professional realtor who can help you with your Ladysmith Townhome. To start the conversation with us…

contactus

 

Vancouver Island Real Estate Buyer and Seller Specialists