Realtor and Associate Broker Lorne Gait has just prepared for you this mid year Vancouver Island Real Estate Update market update for the central Vancouver Island area. Lorne is a professional working in the mid Vancouver Island are based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.
VIREB (Real Estate Board) Real Estate Market Update
The Vancouver Island Real Estate Board also has its own Vancouver Island market Update. Check it out HERE
The gist of the market is that there is still not a piling up of unsold properties. There is still less available properties than Buyers would like. However, the demand has slowed a bit by modest amounts.t
The demand is still active as Buyers find the mid Vancouver Island area fairly affordable compared to Victoria and Vancouver. As a result there is not any huge drop in pricing. Prices are stable, but hot rising like they were in the last number of years. It is still a good time to Sell –though at the prices you have seen — not higher. It is a good time to Buy because there are a few motivated Sellers who want to achieve a sale.
Lorne and Morgan would love to help you with your real estate needs. Let’s get in touch . . . at 250-618-0680.
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:
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
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.
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-pieceen-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…
Your own private hobby farm close to town. This four bedroom and two bath home has many updates. The property is quiet and private. Come up the driveway, check for ducks in your pond, and enjoy the garden areas as you approach the freshly painted home with double garage.
The roof and decks are all in very good condition. Behind the home is a second detached garage, trees and a horse/animal barn and field. A gazebo and other outbuildings are bonuses.
The home is partially updated, there are new countertops in the bathrooms and kitchen, a near new wood stove and a furnace will keep you warm without using the wood stove.
This is a beautiful property and family home. There is room for you & your projects. Sub-dividable in the near future…