Brian White

For immediate release

Vancouver, BC – November 14, 2017.

TheBritish Columbia Real Estate Association (BCREA) reports that a total of 8,677 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, an increase of 19.3 per cent from the same period last year. Total sales dollar volume was $6.25 billion, up 41.6 per cent from October 2016. The average MLS® residential price in the province was $720,129, up 18.7 per cent from October 2016.

“BC home sales trended higher in October, up 23 per cent from January on a seasonally adjusted basis," said Cameron Muir, BCREA Chief Economist."A lack of supply in the resale market continues to put upward pressure on home prices in most BC regions."

Total active listings were down 5.1 per cent to 27,987 units in October compared to the same month last year, and have declined 49 per cent over the last five years. The ratio of home sales to active listings was up from 24.7 per cent in October 2016 to 31 per cent last month.

The BC housing market is considered to be in relative balance when the ratio of home sales to active listings is between 12 and 20 per cent.

Year to date, BC residential sales dollar volume was down 9.4 per cent to $63.8 billion, when compared with the same period in 2016. Residential unit sales declined 10.7 per cent to 90,290 units, while the average MLS® residential price increased 1.4 per cent to $706,881.

Thinking of buying or selling? This October I celebrated 27 years in reale state & construction industries. Hire me and I will get you the home or property you really want for you and your family. My clients call me innovative, insightful, diligent and direct. All of my competitive knowledge base is an advantage you won’t get from anyone else in the industry. I treat my clients like family, so when you time come, they are comfortable moving forward, and have complete confidence that they have made the right decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

Change to Mortgage Underwriting - October 17, 2017

The Office of the Superintendent of Financial Institutions (OSFI) announced new restrictions on uninsured mortgages today. Effective January 1, 2018, all home-buyers with a down-payment of more than 20 per cent will have to qualify at the higher of the posted 5-year qualifying rate and their contractual rate plus 200 basis points (2 per cent).  This is in addition to policy announced in October of 2016 that required all insured borrowers qualify at the posted 5-year qualifying rate.

In addition to the new stress test for uninsured mortgages, OSFI is also requiring lenders to establish and adhere to appropriate loan-to-value limits reflective of risk and the current economic environment and is prohibiting s lending arrangements designed to circumvent loan-to-value limits such as combing mortgages with other lending products.

These new residential mortgage underwriting requirements will apply to all Federally regulated financial institutions.
 
The impact of the new stress test requirement will be to lower the purchasing power of households by up to 20 cent. Like past tightening of mortgage regulations, we anticipate that the market impact will be sharp but temporary. In the past, we have seen home sales decline in the 3 to 9 months following the implementation of tighter mortgage lending standards, with the severity of the impact fading within one year.  However, these new regulations impact a larger pool of mortgages and so the impact could be more significant than in the past.

This October I am celebrating 27 years in the real estate & construction industry. All of my clients enjoy my competitive knowledge base an advantage they don’t get from most of the agents in the business. I treat my clients like family, so they are comfortable moving forward, and when the time comes to make a move, they have complete confidence in their decision. Experience matters!

I'm never too busy for any of your referrals,

Your Realtor for Life,

Brian White

Canadian Housing Starts - October 10, 2017

Canadian housing starts decreased by 4 per cent in September to 217,118 units at a seasonally adjusted annual rate (SAAR).  The six-month trend in Canadian housing starts also declined to 214,821 units SAAR.

New home construction in BC rose 6 per cent on a monthly basis to 37,470 units SAAR but was down 18 per cent on a year-over-year basis.  Single detached starts were flat compared to one year ago while multiple unit starts declined 24 per cent year-over-year.

Looking at census metropolitan areas (CMA) in BC: 

• Total starts in the Vancouver CMA fell 13 per cent from August and were down about half compared to September 2016. Multiple unit starts were down 58 per cent from one year ago as record levels of units under construction weigh on new projects.

• In the Victoria CMA market, housing starts continue to surge, rising 127 per cent year-over-year. Multiple unit starts continue to drive new home construction, with starts more than triple levels seen last September.
• New home construction in the Kelowna CMA jumped more than 200 per cent year-over-year as close to 350 new multiple unit starts were recorded.

• Housing starts in the Abbotsford-Mission CMA also more than doubled year-over-year due to strong growth in both single and multiple starts.

As you see outside the forgien tax umbrella markets continue to grow while the changes have had a negitive impact on the market and is shrinking the equity of BC homeowners.

This October 19th, I am celebrating 27 years in the real estate & construction industry. All my clients enjoy my competitive knowledge base an advantage they won’t get from most agents in the business. I treat my clients like family, so they are comfortable moving forward, and when the time comes to make a move, they have complete confidence in their decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

The Ontario real estate industry received some long overdue good news from the Toronto Real Estate Board, as home prices climbed 6%, representing the first monthly increase since the slide began in April.

The housing slowdown that began when Ontario following in British Columbia's footsteps instituted a set of new regulations, including a 15% foreign buyers’ tax, that caused house prices to slip almost 20% since the peak in April of this year.

Home Capital Group Inc.(TSX:HCG) also played a large part in souring investor sentiment. The crisis sparked a sell-off in other alternative lenders, like Equitable Group Inc.(TSX:EQB) and mortgage insurers like Genworth MI Canada Inc.(TSX:MIC). After a tumultuous spring and summer, Canada housing has shown signs that it may be ready for a significant bounce back in the coming months.

CMHC is set to explore loosening of regulations

The Canadian Mortgage and Housing Corporation (CMHC) is reportedly mulling regulatory changes to make it easier for small-business owners to qualify for new mortgages. Current mortgage regulations have stringent income stipulations that force small-business owners, contractors, and other non-salaried workers to qualify based on a two-year average. This can be especially complicated for younger workers in contract work, which is becoming more prevalent in the so-called gig economy.

Intuit Canada released a study in January in which it projected self-employed Canadians will make up 45% of the workforce in 2020. If and when these regulations are loosened to adapt to the new working environment, it could entice many new prospective buyers.

New construction and real estate investment continues at a record pace

Toronto and its surrounding cities saw an incredible rise in the first third of 2017. Hamilton, Ontario, was of particular interest as a city undergoing a transition into an affordable landing spot for those priced out of Toronto. On September 29, Hamilton surpassed the $1 billion mark when it came to construction investment in the city. This represents the fastest growth in investment in the city’s history.

RioCan Real Estate Investment Trust(TSX:REI.UN) announced that it plans to pursue a $2 billion sale of its holdings in secondary markets and focus more on commercial and residential properties in major cities.

Immigration is set to rise in 2018

Canadian immigration minister Ahmed Hussen indicated that immigration levels may increase in 2018 from the already record levels of 300,000 per year seen in 2015 and 2016. Some experts are predicting a rise in the 310,000-320,000 range.

Immigration from outside Canada into Ontario was the highest reported in five years in 2016. Immigration also remains one of the main sources of population growth in the city of Toronto, both from outside and inside Canada. There is still debate over how immigration has impacted demand, but the continuing surplus should yield positive results for the market.

Investors in housing and alternative lenders should also take solace in the recent comments by the Bank of Canada following the September 6th rate hike. Governor Stephen Poloz has assured that the bank will proceed with caution, which seems to indicate a gradual approach to rising interest rates. This should help lenders and the industry at large keep borrowing costs low.

This October 19th, I am celebrating 27 years in the real estate & construction industry. My clients enjoy my competitive knowledge base an advantage they won’t get from most agents in the business. I treat my clients like family, so they are comfortable moving forward, and when the time comes to make a move, they have complete confidence in their decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

Canadian Employment - October 6, 2017

Canadian employment increased by 10,000 jobs in September while the the national unemployment rate remained steady at 6.2 per cent. In the twelve months to August, employment in Canada is up 1.8 per cent, or 320,000 jobs. Somewhat tepid job growth along with slumping exports and flat real GDP in recent months means the Bank of Canada will very likely hold off on raising rates at its October meeting.
 
In BC, employment declined for a third consecutive month, falling by 6,700 jobs in September. Full-time employment was up by 5,000 jobs but an 11,600 decrease in part-time work more than offset those gains.   Over the past twelve months, the level of employment in BC is up 3.6 per cent.  Despite three months of falling employment, the provincial unemployment rate continued to slide lower due to declining participation in the labour market. The BC unemployment rate fell 0.2 points to 4.9 per cent, the lowest rate since September 2008.

This October 19th, I am celebrating 27 years in the real estate & construction industry. All of my clients enjoy my competitive knowledge base an advantage they won’t get from most agents in the business. I treat my clients like family, so they are comfortable moving forward, and when the time comes to make a move, they have complete confidence in their decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

Canadian Monthly GDP (July 2017) - September 29, 2017

Growth in the Canadian economy was essentially flat in July following 8 consecutive months of growth.  Only 11 of 20 industrial sub-sectors posted positive growth with output in key industries like mining, oil and gas and manufacturing declining.   Given today's release, third quarter growth in the Canadian economy is tracking at about 2.5 per cent - a deceleration from the nearly 4 per cent growth in the first half of 2017. 

The Bank of Canada has been emphatic that future rate adjustments will be highly data dependent. Slower growth in the third quarter likely means the Bank will hold off on increasing rates at its October meeting. However, beyond that meeting, as long as the Canadian economy is growing well above trend, which the Bank sees as a signal of rising future inflation, we expect further rate increases to come either by the end of this year or in early 2018.

This October 19th, I am celebrating 27 years in the real estate & construction industry. My clients call me innovative, insightful, diligent and direct. All of my clients enjoy my competitive knowledge base an advantage they won’t get from most agents in the business. I treat my clients like family, so they are comfortable moving forward, and when the time comes to make a move, they have complete confidence in their decision.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

Canadian Inflation and Retail Sales - September 22, 2017

Canadian inflation, as measured by the Consumer Price Index (CPI), registered 1.4 per cent in the 12 months to August. That is a slight uptick from 1.2 per cent in July.   The Bank of Canada's three measures of trend inflation were also up slightly, averaging 1.5 per cent.   In BC, provincial consumer price inflation was 2.0 per cent in the 12 months to August. 

Canadian retail sales increased 0.4 per cent on a monthly basis in July and were 7.8 per cent higher year-over-year. Sales were higher in 6 of 11 retail sub-sectors with the main contribution coming from motor vehicle dealers and food and beverage stores. In BC, vigorous consumer spending continues to set the pace for the BC economy. Retail sales in the province climbed 0.7 per cent on a monthly basis and were up 12.3 per cent year-over-year.
 
Despite rapid economic growth in Canada, there is still very little sign of inflation. With inflation reading well below the Bank of Canada's 2 per cent target once again in August, the case for a further rate increase in October is lessened though not completely closed.

Thinking of buying or selling? This October I am celebrating 26 years in the real estate & construction industry. My clients call me innovative, insightful, diligent and direct. All of my clients enjoy my competitive knowledge base, an advantage they won’t get from most agents. I treat my clients like family, so they are comfortable moving forward, and when the time comes they have complete confidence that they have made the right decision.

Canadian Manufacturing Sales - September 19, 2017

Canadian manufacturing sales declined for a second consecutive month, falling 2.6 per cent in July. The dip in sales was largely due the motor vehicle and parts sector while sales were up in 12 of 21 manufacturing sub-sectors.
 
In BC, manufacturing sales decreased 1.6 per cent on a monthly basis but were up 7 per cent year-over-year. Year-to-date, BC manufacturing sales are up close to 8 per cent over 2016, led by strong contributions from a diverse range of industries from wood and paper products to food manufacturing to machinery and equipment. A strong trade and manufacturing sector is helping to propel employment and economic growth around the province, which further supports robust housing demand in BC.

Vancouver, BC – September 6, 2016.

The BCREA Commercial Leading Indicator (CLI) posted its largest increase since 2009, rising by 3.7 index points in the second quarter of 2017 to 133.1. That increase represents a 2.8 per cent rise over the first quarter and a 6.6 per cent increase from one year ago.

“The sustained rise in the CLI reflects strong growth in sectors of the economy beneficial to commercial real estate activity," says BCREA Economist Brendon Ogmundson. "An uptick in economic activity last quarter further reinforces the already strong trend in the CLI and points to continued growth for commercial real estate."

The underlying CLI trend, which smooths often noisy economic data, continues to push higher due to strong provincial economic and employment growth. That uptrend signals further growth in investment, leasing and other commercial real estate activity over the next two to four quarters.

Canadian Manufacturing Sales - July 19, 2017

A further sign of momentum in the Canadian economy this morning as Canadian manufacturing sales increased 1.1 per cent in May, the third consecutive monthly increase.  Overall, sales were higher in 16 of 21 manufacturing sub-sectors, reflecting broad-based strength in the Canadian economy.  Continued strong economic data will likely push the Bank of Canada closer to a second rate increase this fall.
 
In BC, manufacturing sales increased 1.8 per cent on a monthly basis and were up 8.2 per cent year-over-year. A strong manufacturing and trade sector has been a key contributor to economic growth in the province this year, which is on track to record a fourth consecutive year of 3 per cent or more growth in real GDP, the best performance for the provincial economy since 2007. 

After years of slow growth across Canada, it floors me that the Bank of Canada will increase to bank rate after a very modest economic increase. They want to slow down the economy that is just getting started after nearly 10 years of static growth. Makes no sense to me.

If you have a real estate related question, feel free to reach out. I'm here to help.

SOUTH OF THE FRASER - While overall market activity slowed slightly in June, apartment sales reached record-breaking levels at 683 transactions for the month.

The Fraser Valley Real Estate Board processed 2,571 sales of all property types on its Multiple Listing Service® (MLS®) in June, a decrease of 10.2 per cent compared to the 2,864 sales in June of last year, and a 5 per cent decrease compared to the 2,707 sales in May 2017.

At 683 sales, apartment transactions represented 27 per cent of all sales activity in the Fraser Valley in June, increasing 13.1 per cent compared to apartment sales in June 2016 and 12.2 per cent compared to May 2017. The average number of days to sell an apartment in June was 15 days, compared to 32 at this time last year.

"We knew that there was a growing appetite for our attached properties, but this month was exceptional," said Gopal Sahota, Board President. “I think one reason demand has continued to be so strong for our region is that we have such diverse, robust inventory to help buyers find the right home even in a more complex market like this one.”

Last month the total active inventory for the Fraser Valley was 5,487 listings. Active inventory decreased by 2.2 per cent year-over-year, and increased 5.5 per cent when compared to May 2017.

The Board received 3,707 new listings in June, a 0.1 per cent increase from June 2016, and a 0.1 per cent decrease compared to May 2017’s 3,712 new listings.

Sahota added, "More and more buyers are looking for affordable entry points in to the Fraser Valley. No matter what you’re trying to sell – from townhomes to ranchers – if it’s priced right, someone will be knocking on your door.”

For the Fraser Valley region, the average number of days to sell a single family detached home in June 2017 was 21 days, compared to 17 days in June 2016.

HPI® Benchmark Price Activity

• Single Family Detached: At $934,600, the Benchmark price for a single family detached home in the Valley increased 2.1 per cent compared to May 2017, and increased 8.5 per cent compared to June 2016.

• Townhomes: At $467,000 the Benchmark price for a townhome in the Fraser Valley increased 1.8 per cent compared to May 2017, and increased 20.6 per cent compared to June 2016.

• Apartments: At $325,300, the Benchmark price for apartments/condos in the Fraser Valley increased 10.3 per cent compared to May 2017, and increased 40.3 per cent compared to June 2016.

BCREA 2017 Second Quarter Housing Forecast

Vancouver, BC – June 19, 2017.

The British Columbia Real Estate Association (BCREA) released its 2017 Second Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10 per cent to 101,000 units this year, after reaching a record 112,209 units in 2016. Housing demand gained strength this spring, as some of the effects of federal and provincial policy efforts to tamp it down dissipate. In addition, strong market fundamentals continue to underpin an elevated level of home sales. The ten-year average for MLS residential sales in the province is 84,700 units.

“The province is in its fourth year of above-trend economic growth," said Cameron Muir, BCREA Chief Economist. "Strong employment growth, consumer confidence and an influx of inter-provincial migrants are important drivers of the housing market this year." In addition, with the millennial generation now entering their household forming years, the condominium market in major urban centres is experiencing pressure on supply.

The average MLS® residential price in the province is forecast to decline 1.1 per cent to $683,500 this year, and increase 5.2 per cent to $719,100 in 2018. The decline in the provincial average price is largely due to rising demand for more affordable condominiums and a larger proportion of home sales occurring outside the Metro Vancouver region.

The prices are a reflection in the supply of homes for sale, that supply is at a 20-year low in the province, with sellers' market conditions prevelant across most BC regions and home types.

This coming October I  will be celebrating 27 years in real estate with even more years in construction practises. Looking for a new home or investment property? I will get the home or property you really want. My clients have called me innovative, insightful, diligent and direct. All of my clients enjoy my knowledge base, an advantage they won’t get from anyone else in the industry. I treat my clients like family, so they are well informed and comfortable moving forward, and are assured complete confidence tthat hey have made the right decision in their investment.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

Vancouver, BC – June 13, 2017. TheBritish Columbia Real Estate Association (BCREA) reports that a total of 12,402 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in May, down 7.9 per cent from the same period last year. Total sales dollar volume was $9.33 billion, down 4.0 per cent from May 2017.

The average MLS® residential price in the province was $752,536, a 4.2 per cent increase from the same period last year.

“Market conditions have tightened considerably this spring as an upturn in consumer demand has not been accompanied by a rise in homes listed for sale," said Cameron Muir, BCREA Chief Economist. "The supply of homes for sale in the province has fallen 50 per cent over the past five years."

"The entire southern portion of the province is experiencing a shortage of housing supply, which makes continuing upward pressure on home prices inevitable, at least in the near term," added Muir. Total active listings in the province were down 11.1 per cent to 28,404 units from May 2016. The ratio of home sales to active listings was well over 20 per cent in nine of the province's 11 real estate boards, and over 50 per cent in Vancouver, the Fraser Valley, Chilliwack and Victoria.

Year-to-date, BC residential sales dollar volume was down 25.2 per cent to $30.6 billion, when compared with the same period in 2016. Residential unit sales declined 20.1 per cent to 43,158 units, while the average MLS® residential price was down 5.7 per cent to $709,541.

This coming October I  will be celebrating 27 years in real estate with even more years in construction practises. Looking for a new home or investment property? I will get the home or property you really want. My clients call me innovative, insightful, diligent and direct. All of my clients enjoy my competitive knowledge base an advantage they won’t get from anyone else in the industry. I treat my clients like family, so they are comfortable moving forward, and have complete confidence they have made the right decision in their investment.

I'm never too busy for any of your referrals.

Your Realtor for Life

Brian

VANCOUVER, BC – June 2, 2017 – Home buyer activity returned to near record levels across
the Metro Vancouver* housing market in May.

Residential property sales in the region totalled 4,364 in May 2017, a decrease of 8.5 per cent
from the 4,769 sales in May 2016, an all-time record, and an increase of 22.8 per cent compared
to April 2017 when 3,553 homes sold.
Last month’s sales were 23.7 per cent above the 10-year May sales average and is the thirdhighest
selling May on record.

"Demand for condominiums and townhomes is driving today’s activity," Jill Oudil, Real Estate
Board of Greater Vancouver (REBGV) president said. “First-time buyers and people looking to
downsize from their single-family homes are both competing for these two types of housing.”
New listings for detached, attached and apartment properties in Metro Vancouver totalled 6,044
in May 2017. This represents a 3.9 per cent decrease compared to the 6,289 units listed in May
2016 and a 23.2 per cent increase compared to April 2017 when 4,907 homes were listed.
The month-over-month increase in new listings was led by detached homes at 27.1 per cent,
followed by apartments at 22.7 per cent and townhomes at 14.1 per cent.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 8,168, a 5.7 per cent increase compared to May 2016 (7,726) and a 4.5 per cent increase
compared to April 2017 (7,813).

"Home buyers are beginning to have more selection to choose from in the detached market,
but the number of condominiums for sale continues to decline," Oudil said.
The sales-to-active listings ratio across all residential categories is 53.4 per cent. By property
type, the ratio is 31 per cent for detached homes, 76.1 per cent for townhomes, and 94.6 per cent
for condominiums.

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below
the 12 per cent mark for a sustained period, while home prices often experience upward pressure
when it surpasses 20 per cent over several months.
“While sales are inching closer to the record-breaking pace of 2016, the market itself looks
different. Sales last year were driven by demand for single-family homes. This year, it's clear
that townhomes and condominiums are leading the way,” said Oudil. “It’s important to work
with your local REALTOR® to understand the different factors affecting the market today.”
The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver is currently $967,500. This represents an 8.8 per cent increase over May 2016 and a
2.8 per cent increase compared to April 2017.

Sales of detached properties in May 2017 reached 1,548, a decrease of 17 per cent from the
1,865 detached sales recorded in May 2016. The benchmark price for a detached property is
$1,561,000. This represents a 3.1 per cent increase over May 2016 and a 2.9 per cent increase
compared to April 2017.

Sales of apartment properties reached 2,025 in May 2017, a decrease of 5.8 per cent compared to
the 2,150 sales in May 2016.The benchmark price for an apartment property is $571,300. This
represents a 17.8 per cent increase over May 2016 and a 3.1 per cent increase compared to April
2017.

Attached property sales in May 2017 totalled 791, an increase of 4.9 per cent compared to the
754 sales in May 2016. The benchmark price for an attached property is $715,400. This
represents a 13.1 per cent increase over May 2016 and a 1.9 per cent increase compared to April
2017.

For more information on what is happening in your area or a market valuation of your property within 24 hours visit www.brianwhite.ca.

Housing Starts - May 8, 2017

Canadian housing starts declined to 214,098 units at a seasonally adjusted annual rate (SAAR) in April following a surge in new home construction in March that saw a pace of over 250,000 units SAAR.  The six-month trend in Canadian housing starts continues to trend higher at about 214,000 units SAAR.

In BC, total housing starts were 44,604 units SAAR, a 1 per cent dip from the previous month and 1 per cent higher compared to April 2016.  Single detached starts declined 9 per cent month-over-month but were 16 per cent higher year-over-year. Multiple unit starts increased 2 per cent month-over-month and were down 3 per cent year-over-year.

Looking at census metropolitan areas (CMA) in BC: 

• Total starts in the Vancouver CMA were flat month-over-month and down 7 per cent year-over-year with declines posted in both single and multiple units starts. 

• In the supply constrained Victoria CMA market, housing starts jumped 25 per cent from March as new multiple unit projects broke ground. However new home construction was well off the pace set in 2016 with total starts down 26 per cent year-over-year . 

• New home construction in the Kelowna CMA dropped 24 per cent on a month-over-month basis after a strong March. However, year-over-year, total housing starts were four times higher than April 2016.

• Housing starts in the Abbotsford-Mission CMA were down 26 per cent from March but were up close to 60 per cent compared to April 2016 due to a stronger pace of multiple unit starts.

Here in is one of the pricing issues we have in Metro Vancouver, Supply & Demand. Cities and Muncipalities need to streamline the months of nit picking design requirements and red tape into weeks. Some developments take years when it should take less than six months to approve any development.Typically it takes 3 years from shovel in the ground to occupency for a concrete tower, 2 years for a wood frame condo building and nearly the same for row or townhomes.

Cities and Muncipalities need to free up their land stock with long term lease agreements with developers to build rental and more affordable price point housing options.

(February 2017) - April 28, 2017

Canadian GDP was essentially unchanged in February following very strong growth in January and three consecutive monthly increases. At the industry level, output was led by higher output in the real estate sector, as well as growth in the finance and construction industries.  Declining output in the goods sector, particularly manufacturing and oil and gas, offset gains in other sectors.

Despite February's disappointing GDP number, we are still tracking first quarter growth at 3.5 per cent due to very strong economic data observed year-to-date. However, it was also reported today that the US economy grew only 0.7 per cent in the first quarter of the year, which could mean Canadian exports were weaker than expected.

March 30, 2017

A foreign national who purchases a home within Metro Vancouver (GVRD) pays an additional tax of 15%.  The government recently announced that this tax will no longer apply to foreign nationals who receive confirmation under the B.C. Provincial Nominee Program.  To qualify, the buyer must be a confirmed B.C. Provincial Nominee before the title changes hands and the property must be used as a principal residence.  Further, this exemption may only be claimed once. 

If the foreign national purchases another property, they will pay the additional property transfer tax.

From what I can tell the B.C. Provincial Nominee Program is a program to allow skilled and qualified people to enter the labour market.  Feel free to review www.welcomebc.ca/immigrate-to-b-c/b-c-provincial-nominee-program.

If you are helping a foreign national purchase property within Metro Vancouver you should ask if they are registered under the B.C. Provincial Nominee Program to determine if they are eligible for this exemption.

Also, a refund may be available to a foreign national who has paid the additional property transfer tax between August 1, 2016 and March 17, 2017 and

1.            is subsequently confirmed as a B.C. Provincial Nominee, or

2.            becomes a permanent resident or Canadian citizen within 1 year of the transfer date.

Application forms are available on the government’s website.

With all of the recent changes, some website sand PTT calculators are a little out of date. 

Finally, I send these updates to hundereds of people I have worked with over the years.  There are occasions when these emails generate many questions.  While I will try to answer every question in the order on which they are received.

Best,

Repairs And Upgrades: How Much Will They Cost?

During the process of buying or selling a home, clients often learn about recommended or required repairs and upgrades. This can happen as a result of your Realtors' expert knowledge of the market and comparable homes as well as a pre-listing home inspection. Of course, the first thing clients want to know is, "How much will that cost?"

After 26 years in the Real Estate industry and more in construction experience, I have compiled Residential Construction and Remodeling Estimatescost guide, which provides estimated cost ranges for repair and/or replacement of the major systems and components in a home. It also includes general guidelines for the life expectancies of those systems. This information can help your clients make informed decisions when they're considering home repairs or improvements, and is valued by buyers and sellers alike.

When entering a home the first thing most people notice is the flooring, you want to make an impression cleanliness and quality.

Floors

Refinishing Hardwood                                                                    $3 - $6 / sq. ft

Carpet Cleaning                                                                             $125 / room

Ceramic Tile                                                                                   $6 - $20 / sq. ft

The heart of the home should show clean and be efficient.

Kitchen

Cabinet re-finishing                                                                        $30 - $60 per door

Cabinets                                                                                         $3,500 plus

Kitchen counter - laminate                                                             $45.00 / Ln ft

Kitchen counter - Marble/Granite                                                   $80 - $300 Ln ft

New and fresh paint should be in neutral or earth tone colours

Paint

Inside                                                                                             $125 per room

Outside                                                                                          $3,200 plus

Decks are an extension of your living space, they should be cleaned or pressure washed and repaired as required.

Exterior Decks

Pressure Treated                                                                          $15 - $30 sq ft

Custom Designed & Built                                                              $55 - $100 sq ft

Windows should be cleaned inside and out. If any seals have been broken replace the pains or if need be the entire window.

Windows

Skylight                                                                                          $800 and up

Casement - replace                                                                       $50 - $100 sq ft

Above is just a sampling of the list of estimated costs for hundreds of repairs/upgrades I have compiled. If you have a question regarding any repair or replacement inside or out, I can help. I also have a number of qualified bonded contractors, skilled trades and landscapers I have worked with over the years.

These estimates reflect the average basic costs for supplies and installation of building materials in Canada. Costs may vary depending on regions, upgrades, complexity, and disposal fees inn your area.