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Real Estate

 

 

 

November 30, 2016

Updated residential real estate data – June 10 through Oct. 31

Foreign purchasers were involved in 3% of Metro Vancouver residential real estate transactions in October, a rate equal to the provincial average for that month, according to the latest real estate transaction data released by the Province today.

About 140 residential property transfers valued at $115 million involved foreign nationals in Metro Vancouver during October, from a total of about 4,700 transfers valued at $3.6 billion. The 3% rate of foreign purchase is higher than September's 1.8% rate, but still significantly below the 13.2% rate of foreign investment seen in Metro Vancouver before the Province implemented the additional property transfer tax.

In the rest of the province, foreign nationals were involved in 189 residential property transactions, representing about 2.9% of all transactions. Transactions involving foreign nationals in the rest of the province totalled $129 million.

Other statistics include:

In Vancouver, about 2.5% of transactions involved foreign nationals, representing about 2.8% of the value.
In Surrey, about 1% of all residential transactions involved foreign nationals in October, compared to about 1% in September. In both months, investment from foreign nationals represented about 1% of the total value of all transactions.
Richmond saw a small, month-over-month increase in the rate and volume of foreign investment. Foreign nationals were involved in 6.7% of all residential transactions, representing 7.2% of the total value.
Burnaby saw about 5.9% of transactions (18 of 307) involving foreign nationals in October, representing 4.5% of the value of all transactions.
The Capital Regional District, where the additional property transfer tax does not apply, saw about 6.3% of transactions (55 out of 879), representing 10.3% of the value of all transactions. Government continues to monitor this data closely.
There is a period of distortion in the market any time a tax is introduced or changed. Many transactions that would have occurred in the months following the introduction of the tax were moved to July to avoid the tax. As time goes on and the market readjusts, trends such as the rate and volume of foreign demand will normalize to levels we can expect to continue.

The Province will begin releasing more detailed statistical information about property transactions on a monthly basis through DataBC. This data has been prepared in consultation with the Office of the Information and Privacy Commissioner and BC Stats to ensure it complies with privacy requirements. View the data at: https://catalogue.data.gov.bc.ca/dataset/9c9b8d35-d59b-436a-a350-f581ea71a798

All property transfer transactions are subject to audit and all additional property transfer tax returns will be reviewed and verified. The audit period is six years from the date the transfer is registered at the Land Title Office.

From Aug. 2 to Nov. 14, 2016, 431 additional property transfer tax returns were filed, totalling $36 million. The ministry has opened 215 audit files to investigate whether the correct amount of tax has been paid and issued 30 assessments totalling $3 million.

More information:

Property transfer tax data to Oct. 31, 2016: https://news.gov.bc.ca/files/Property_Transfer_Tax_Report_Jun_10_to_Oct_31_2016.pdf

 

Fraser Valley Real Esstate Board Numbers for October

Sales increase slightly as inventory hits 10-year low for the month of October

SURREY, BC – The Fraser Valley real estate market remained active through October, with sales breaking slightly higher than the 10-year historical average for the month.

The Fraser Valley Real Estate Board processed 1,463 sales of all property types on its Multiple Listing Service® (MLS®) in October, a decrease of 17.4 per cent compared to the 1,772 sales in October of last year, and a 12.1 per cent increase compared to the 1,305 sales in September 2016.

Of the 1,463 sales processed last month, 389 were townhouses and 400 were apartments, representing a significant portion of October’s market activity. Townhome transactions increased 10.2 per cent when compared to last year, and apartment sales reached even higher levels seeing a 56.3 per cent gain.

“Sales activity was healthy in October, especially in the townhome and apartment categories. With prices beginning to level-off, it appears that buyers are becoming more motivated to explore the Valley’s available inventory,” said Charles Wiebe, Board President.

Last month the total active inventory for the Fraser Valley was 6,035 listings, the lowest level seen for an October in ten years. Active inventory decreased by 6 per cent month-over-month, and decreased 7.7 per cent when compared to October 2015.

The Board received 2,197 new listings in October, an 18.9 per cent decrease from September 2016, and a 1.9 per cent increase compared to October 2015’s 2,155 new listings.

“It seems that there’s no bad time to sell a home in 2016 as demand for Fraser Valley real estate remains strong. Talk to your REALTOR® if you’re looking to make a move before the end of the year, and they can get you where you need to be.”

For the Fraser Valley region, the average number of days to sell a single family detached home in October 2016 was 31 days, compared to 36 days in October 2015.

The MLS® HPI benchmark price of a Fraser Valley single family detached home in October was $872,100, an increase of 34.3 per cent compared to October 2015 when it was $649,200.

The benchmark price of Fraser Valley townhomes in October was $421,300, an increase of 34.3 per cent compared to October 2015’s benchmark price of $313,700. The benchmark price for an apartment in the Fraser Valley increased 25.2 per cent year-over-year, from $203,100 in October 2015 to $254,300 in October of this year.

Find the October Statistics Package here.

 

 

 

October 31, 2016

 

 

 

WHITE ROCK’S 10,740 SQ. FT. ‘DOLPHIN GATE’ MANOR HITS THE MARKET FOR $19.66-MILLION

 

A man’s home is his castle, and at 13778 Marine Drive that saying couldn’t be closer to the truth. Welcome to what is arguably the most beautiful private residential estate in all of White Rock, BC. Known locally as the ‘dolphin gate’ house since its construction, the home spans 10,740 square feet across three levels of luxurious living on a resort-style 1.54-acre estate perched over the ocean providing breathtaking views.

No expense was sparred in the creation of this modern day castle, from the slate & zinc roof and natural stone exterior, to the geothermal heating and Jarah hardwood flooring. Upstairs you’ll find a master bedroom wing complete with expansive balcony, walk-in closets, and an octagonal bathroom. There are 4 other bedrooms throughout the home, and a total of 7 bathrooms.

Enjoy a little over 10,700 square feet of floor place with features such as a gourmet cherry cabinet kitchen, restaurant-grade appliances, an open plan with beamed & cathedral ceilings, and extensive floor-to-ceiling glass to take in the endless ocean views.

The lower level is dedicated to entertaining with a home theatre, wine cellar, billiard rooms, and hotel-style changing rooms. Other features include a beautiful infinity-edge swimming pool, koi pond, and waterfall down the property.

It was previously listed as high as $13.8-million before being lowered to $8.9-million, and finally dropping to $7.877-million before selling for an undisclosed price. An old listing reveals photographs of some of the original decor & furniture, some of which still remains in the house today.

It’s back on the market and ready for a new buyer, it’s been listed at a whopping $19,660,000 with Royal Pacific Realty. Be sure to check out the 360 virtual tour and floor plans!

 


Dolphin Gate - 13788 Marine Drive/White Rock

 


The Most Frequently Asked Questions by BC’s First-Time Home Buyers


The Society of Notaries Public of BC conducted an internal online survey of Notary members on key real estate topics in November 2015, which identified the most frequent questions First-Time Home Buyers ask their Notary.


“BC Notaries take extra care in explaining the conveyancing process to First-Time Home Buyers, who typically have a lot of questions,” said Tammy Morin Nakashima, President of BC Notaries and a Notary in Steveston. “Buying your first home is an exciting milestone, and we are proud to help so many First-Time Home Buyers with completing this purchase in a thorough manner.”
Notaries provide conveyancing or other legal services on more than half of all real estate transactions in B.C. and are highly trained and experienced in both simple and complex real estate transactions. As such, Notaries from Greater Vancouver, the Fraser Valley, Vancouver Island, Northern B.C., and the Okanagan, Kamloops and Kootenay regions participated in the survey.
Below are the questions the 133 participating Notaries are most frequently asked, and general guidance for First-time Home Buyers:
Notaries’ 10 Most Frequently Asked Questions by First-Time Home Buyers:


1. Do we need to pay the property transfer tax?
If you are a Canadian citizen or permanent resident purchasing a used home priced below $500,000, and this is the first home purchase for at least one of the buyers, then you would qualify for either a full or partial exemption from the property transfer tax. Full details of this exemption as part of the Province of B.C.’s First Time Home Buyers’ Program are available online.
As of February 17, 2016 , any Canadian citizen or permanent resident purchasing a newly-built home priced up to $750,000 as a principal resident to live in for at least a full year may also be exempt from the property transfer tax – a savings of up to $13,000. Partial exemptions are available for new housing valued up to $800,000. Additionally, those who buy land and build a home to be used as their principal residence can also apply to receive a refund of the property transfer tax rather than an exemption at the time of registration, if they complete construction and move in within a year of purchase. The program will be available to buyers regardless of how long they have lived in British Columbia, meaning those who move to B.C. to take jobs, start companies and build their lives here will also benefit. The Newly Built Home Exemption will be available to First-Time Home Buyers and previous property owners alike.


2. If my spouse has owned a home previously but I haven’t, could we still qualify for First-Time Home Buyer programs if we purchase a home that isn’t newly built?
When looking at purchasing a pre-owned home, if one or more of the purchasers don’t qualify as a First-Time Home Buyer, only the percentage of interest that the first-time home buyer has in the property is eligible for exemption. For example, if one partner qualifies and owns a 50% interest in the purchase of a $475,000 home with a partner who has previously owned a home, 50% of the tax amount would be eligible for the exemption, which would mean a tax exemption of $3,750. An equal amount, the remaining 50%, would be paid to the government by the non-exempt partner.


3. Are there any other tax credits available?
First-time home buyers might also qualify for the federal government’s First-Time Home Buyers’ Tax Credit of up to $5,000.


4. What do Notaries do on behalf of the home buyer as part of the conveyancing?
Notaries take care of the following documents:
Mortgage documents – related to borrowing and securing funding from a lender
Title search – ensuring the property is owned by the “seller” and unencumbered
Insurance documents
Strata documents and forms (for strata properties) – determine any special assessments, fines, penalties or fees outstanding; confirm strata fees; preparation of necessary forms
Arrange and secure deposits and transfer funds to lender and/or purchaser
Property transfer and confirmation


5. What other costs should we anticipate?
In addition to the buyer’s down payment, costs may include:
Property valuation fee
Site survey
Home inspection
Adjustments for City/municipality property taxes
Adjustments for local utilities (water and sewer)
Adjustments for strata fees
Property Transfer Tax
Legal fees
Title insurance
GST (and transitional rebate)


6. What is the difference between the completion date and the possession date?
The completion date in a real estate contract is the date the property is transferred, and the money for the purchase is transferred from the buyer to the seller. It is best to ensure this date does not coincide with a holiday or weekend. The possession date is the date the buyer has the right to take possession of the property, also known as the move-in date.


7. What is the difference between Joint Tenancy and Tenants in Common?
Joint Tenancy is a type of ownership where two or more owners share equal ownership of the property accompanied with a right of survivorship, which means if one of the owners dies, then their share automatically passes on to the remaining owners.
With Tenants in Common, if one of the owners dies, their share of the property will be distributed in accordance with their Will. If a Will does not exist or is deemed invalid by the courts, their ownership will be distributed in accordance with the Wills, Estates and Succession Act.


8. How are the balance of the down payment and closing costs paid?
A Notary will draw up a statement of adjustments to add to the balance of the down payment, and will take care of ensuring these disbursements are paid once they receive payment from the buyer. The Notary will usually provide your total adjustment amount at your signing a few days before the closing date.


9. What is Title Insurance and why do I need it?
Title insurance is optional and is intended to protect home buyers against fraud. It is intended to cover problems you might run into, like construction done by the previous owners without proper permits. A current Land Title Survey wouldn’t necessarily show these problems, which could be costly to fix.


10. How do I apply for the Home Owners Grant for the property taxes?
If the home is your principal residence, you are eligible to apply for B.C.’s Home Owners Grant toward your property taxes – details for how to apply can be found online.
“Buying your first home is very exciting,” said Kristy Martin, a Notary Public in Victoria. “There are several complex factors to consider beyond square footage, décor, neighbourhood, and ensuring the home is structurally sound. That’s why it’s so important to work with a legal professional who is qualified and experienced to protect and secure this important purchase.”


About BC Notaries:
The Society of Notaries Public of BC represents more than 340 highly-trained Notary professionals. Most have locally owned and operated offices and all provide personal assistance to clients around the province. Individuals, families and businesses seek the services of BC Notaries for a wide range of non-contentious legal matters, including residential and commercial real estate transfers, mortgage refinancing, Wills and advanced healthcare planning, powers of attorney, and other important documents.
The Notary’s Tradition of Trust spans 2000 years. Notaries first came to British Columbia over 100 years ago. They continue to serve their valued clients and their communities across the province. For more information, please visit www.notaries.bc.ca.

 

 

 








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