SURREY BOARD OF TRADE FEDERAL BUDGET HIGHLIGHTS:

TRANSIT INVESTMENT
“The Public Transit Infrastructure Fund will provide needed federal support for Surrey’s proposed construction of the Light Rail project,” said Huberman. “The federal funding for accelerated design, implementation and construction work for new large-scale projects, such as new light rail transit lines in Surrey and Metro Vancouver coupled with the new innovative direction to get projects moving quickly by having the Federal Government fund up to 50% of eligible costs for projects could prove well for Surrey’s Light Rail Transit vision.”

Total infrastructure investment includes:

• $11.9 billion over five years to modernize and upgrade infrastructure systems, including transit and water
• $3.4 billion over three years to upgrade and improve public transit systems across Canada
• $5.0 billion over five years for investments in water, wastewater and green infrastructure projects across Canada
• $3.4 billion over five years for social infrastructure, including affordable housing, early learning and child care, cultural and recreational infrastructure, and community health care facilities on reserve

The Surrey Board of Trade noted that Funding under the program will be allocated to municipalities based on ridership with B.C. at 13.63% (share of national public transit ridership) equaling $460,490,000.
“The Surrey Board of Trade looks to the provincial government’s decision to work with the Mayor’s Council on how to move needed transit and transportation projects forward. The full 27km vision for Surrey’s Light Rail Transit line is what Surrey needs to build and connect our communities – and attract business.”

INNOVATION, APPRENCTICESHIPS, SKILLS & UNIVERSITIES
Skills are the number one challenge for Canadian business, including Surrey businesses. The Surrey Board of Trade appreciates the additional investments of $125 million for Labour Market Development Agreements, alongside $50 million for the Canada Job Fund Agreements. These provide a range of training and employment programs.

Budget 2016 will also provide $85.4 million over five years to support union-based apprenticeship training. In addition, it will strengthen co-op and on-the-job opportunities for young people. “However, the Surrey Board of Trade needs industry to commit to partner to train apprentices.”

In the 2016 budget, there is $2.26 billion of funding announced, almost all of it destined to Canadian universities via the strategic infrastructure investment fund. This is welcome; however, Canada's public sector expenditure on research and development is already among the highest in the OECD. The trouble is that Canada lags in commercialization, in venture capital and in growing technology businesses beyond a certain size. The government's support for private sector innovation was modest, with additional support for incubators and an extra $50 million for the National Research Council’s Industrial Research Assistance Program.

In 2016, the government will launch its Innovation Agenda, a "bold new plan" that will redesign and redefine how it supports innovation and growth. We cannot wait.

SMALL BUSINESS TAXES
The deferral of further reductions on small business taxes and reductions in EI premiums is understandable but we would encourage the government to establish a timeline for when further reductions can be achieved to allow small business to assist in the growth required to make this budget successful over the long term. The Employment Insurance premium rate will decrease from the current 1.88 to 1.61, instead of the previously planned 1.49, due to the deteriorating economy and additional costs in the expansion of EI eligibility.

The Surrey Board of Trade noted that a push back on the small business tax and increasing CPP, as businesses struggle, could slow down job creation and investment.

The previous budget legislated that the Small Business Tax rate would fall by 0.5% per year from 11% to 9% in 2019. The rate is currently at 10.5%, and the government has deferred the decreases that were coming in future years. There was no date or estimate given for the duration of the deferral. This means that small businesses across the country will pay over $1 billion more than expected.

The government has also tightened the rules so that investment income is no longer eligible for the small business rate. Also, the budget announces new rules so that partnerships and corporate structures cannot be used to separate businesses into smaller entities that qualify for the lower rates.

ADDITIONAL REVENUE
The Surrey Board of Trade noted that the government clearly thinks that there is massive tax evasion going on. The budget will spend $444 million over five years to crack down on it, and the government expects to raise $2.6 billion. The government is so confident in the amount it can collect that the budget includes it as revenue.

CANADA PENSION PLAN
On the Canada Pension Plan, which could bring about a significant increase in payroll taxes, the government will launch consultations with Canadians in the coming months. The government maintains its goal of coming to a collective decision with the provinces and territories on enhancing the CPP by the end of 2016.

FISCAL RESPONSIBILITY
The budget deficit will reach $29 billion this year and next, before gradually declining to $14 billion in 2020. At 1.5% of GDP, Canada's deficit compares favourably to Europe (3.3%) or the U.S. (3.9%), but a significant deterioration from the $3.4 billion back in November.

The arguments for increased spending do resonate: borrowing costs are cheap in this low interest rate environment, and austerity in the midst of economic weakness can be self-defeating. But if we suddenly withdraw the need for caution, we’ll go down the path of too much spending as we have before.

We should point out that if the government can achieve its deficit targets then the overall debt-to- GDP ratio will fall from 2017-2020 simply because the economy will be growing faster than the debt. But this will take tremendous discipline.

INTERNATIONAL TRADE
The government said that Phase 2 of the infrastructure plan, which will contain the fast, efficient trade corridors allowing Canadian exporters to benefit fully from international trade and measures to modernize the economy, will be announced in the next year.

ENVIRONMENT
$1 billion in funding over the next four years will be allocated to support clean technology in the forestry, fisheries, mining, energy, and agriculture sectors. Also included for environment, is $2 billion over two years to establish the Low Carbon Economy Fund, which will assist provinces and territories with reducing greenhouse gas emissions. Accelerated Capital Cost Allowance rates will be expanded for a variety of clean energy technologies, including electrical energy storage and electric vehicle charging.

The government is proposing $14.2 million to the Canadian Environmental Assessment Agency as well as $16.5 million to the National Energy Board and Natural Resources Canada to improve consultations and environmental assessment processes.

TOURISM
Every community in Canada can benefit from tourism. Surrey is a sports destination city. The government’s announcement of an additional $50 million investment in Destination Canada over the next two years to improve the marketing of Canada as a tourist destination is quite welcome.

ARTS & CULTURE
The Government of Canada confirmed today that it plans to allocate additional funding to the National Film Board in the amount of $13.5 million for the next 5 years, $1.5 million in 2016‒2017 and $3 million in subsequent years. The NFB’s total annual budget will be $61.5 million (2016‒2017) and $63 million in the years following.

This announcement, made as part of the 2016‒2017 Federal Budget, confirms that culture and creativity are a priority for the government. The CBC also had renewed funding.

“And so for cultural industries locally and nationally we are going to see a renewed commitment to our creative and innovative arts and culture work which will enhance our presence and the impact of our works on the Canadian public and the entire world.”

CONCLUSION
Canada’s economy is facing huge challenges. Weak energy and commodity prices are likely to persist at least through 2017. Canadian consumers are among the most highly indebted in the world and the housing market is overvalued in many communities especially in Metro Vancouver. Canada can no longer rely on the traditional sources of growth—natural resources and consumer spending—that powered the Canadian economy over the past decade.

To continue to grow and to improve our standard of living, the Canadian economy must succeed in exporting, in creating new businesses, and in commercializing the technologies of tomorrow. Our number one priority in Surrey, and as it should be for Canada, has to be the improvement of productivity and innovation. The Federal Budget’s stimulus is positive, however, we need to ensure that job creation, business sustainability, business attraction, and more innovation occur at the same time. A flourishing business sector will get more Canadians into high paying, highly skilled jobs and provide the tax revenues to pay for the social programs we need. The economy and our social programs go hand in hand.

On a cautionary note, the Surrey Board of Trade, though agreeable on short-term spending, also urges the federal government to balance the budget soon—at least in the 3^rd or 4^th year of the new government’s term.

For the full Federal Budget document go to: http://www.budget.gc.ca/2016/home-accueil-en.html?utm_source=CanCa&utm_medium=Carousel&utm_content=BCover&utm_campaign=CAbdgt16

Buyers hoping to get into home ownership may soon have a more difficult time qualifying for their purchase, according to one leading economist.

Past bids to cool hot housing markets through mortgage rule tweaking hasn’t worked, according to one economist who suggests the government may look to further tighten the rules.

“I wouldn’t be surprised. Keep in mind they started this process in July of 2012 and that was the first change,” Michael Campbell, economist for mortgage network Verico. “So now we have this change here and yet it hasn’t started to slow down the hot markets at all.”

Campbell is referencing the latest mortgage tweak to high ratio mortgages that went into effect February 15.

The minimum down payment for new insured mortgages increased from 5% to 10% for the portion of the house price above $500,000.

The changes were meant to reduce taxpayer exposure while supporting long-term stability of the housing market, according to the ministry.

And while many predicted the change would impact the hot Vancouver and Toronto markets, Campbell argues it hasn’t.

“We didn’t see any change in the market; the market just completely exploded after that,” Campbell said. “In Vancouver, in Victoria, in Toronto – the hot markets stayed hot.”

Because of this, the government may look to implement even further tightening. But would that be the right move? After all, real estate has been a major driver of – what is, at this point a struggling – economy.

“You have to ask why you want to cool the market first,” Campbell said. “Every homeowner is pretty happy right now, but there are other things too; the renovation industry is thrilled, the furniture selling industry is thrilled, painters are thrilled.” 

my2cents - the worst thing we could do is allow the government to implement an other tax to homeownership – the PPT is bad enough, more tax makes it even harder for young people to get into the market.

Brian White

Fine Homes & Estates since 1990

I am so tired about the miss information being reported in the papers and on the evening news I felt compleled to give some FACTS.

VANCOUVER WEST as of 11:27 am Friday Feb 26, 2016

Fact 1: 559 properties are listed

Fact 2: 429 sold in the last 90 days (typical listing period)

Fact 3: 272 properties did not sell over the same time period

NOT EVERYTHING IS SELLING! The fact is 27.5% of the homes did not sell during the same 90 day listing period. Why do people never read that stat in the papers?

Some perspective needs to be reported by mainstream media and stop reporting ones that are put on the market purposely undervalued to start a frenzy, get the headlines and ultimately free publicity. 

Brian J White

Professional Realtor

604-961-4104

Fine Homes & Estates Since 1990

Bay Realty Ltd.   604-531-4000

www.brianwhite.ca

info@brianwhite.ca

National Zero Waste Council
Workshop at GLOBE 201

How waste prevention can boost the bottom line and drive circular economy innovation

DATE: Friday March 4 2016, 2:00 pm – 3:30 pm
LOCATION: Vancouver Convention Center East, Room 11 (meeting room level)

Preventing waste is one of humanity’s most urgent issues, but also a powerful lever for change – with significant benefits for businesses, governments and citizens striving to boost sustainability and achieve ambitious climate goals. By convening coalitions of problem-solvers – policy-makers, business leaders, entrepreneurs, inventors and designers – and rethinking our products and processes with waste prevention in mind, we can scale up innovative solutions in pursuit of a circular economy where materials and resources are kept in use for as long as possible and concepts such as durability, disassembly and sharing really count.

Moderated by Dagmar Timmer, Managing Director, On Earth and Co-Host, The Sustainable Region and Metro Vancouver Close Up and featuring Dr. Ilse Truernicht of MaRS Discovery District, Nicole Hagerman-Miller of Biomimicry 3.8, Nadine Gudz of Interface and Mayor Malcolm Brodie, the Chair of the National Zero Waste Council and Chair of the Metro Vancouver Zero Waste Committee, this interactive session will explore how waste prevention can power innovation and a reinvigorated economy in Canada and beyond. What are the opportunities and challenges? What innovations are needed to design waste out of our system? How can we support a culture of zero waste innovation and entrepreunership in Canada?

Join Canada's National Zero Waste Council to hear how waste prevention can power innovation and a reinvigorated economy in Canada and beyond.

(Registration to the Globe Conference is not required to attend this workshop.)

CLI Signals Steady Economic Climate for Commercial Real Estate

Vancouver, BC – February 25, 2016.  

The BCREA Commercial Leading Indicator (CLI) broke a string of two consecutive declines, eking out a 0.1 point increase to an index value of 120.0 in the fourth quarter of 2015. On a year-over-year basis, the CLI was 0.4 per cent higher than in 2014.

“Uncertainty in the global economy roiled financial and commodity markets in the second quarter,” said BCREA Economist Brendon Ogmundson. “However, BC’s nation leading economic growth should help to sustain commercial real estate activity through the end of the year.”

“Financial market jitters offset solid gains from a strong BC economy,” said BCREA economist Brendon Ogmundson. “We expect that the economic environment will remain supportive of steady growth in the commercial real estate market.”

The CLI was virtually flat to end the year, which in combination with a falling index through the spring and summer has produced a flattening of trend underlying the index. That trend suggests that growth in commercial real estate activity will neither accelerate nor decelerate over the next two to four quarters. 

If you ave any questions or need more information, email me or let's meet for a coffee.

Sometimes it only takes someone saying just the right thing, at just the right moment, to change a person's life forever.

A few weeks ago I was in a retail store talking to the salesman about an ATV. The conversation got around to real estate and the price of owning a home in BC. If you believe the news and all the papers or the on line rants about the crazy price of housing in BC, you are not getting the true story. Both Alex (the salesman) and his girl friend (Mollie) thought they had to give up the idea of owning their own house, after all everything they have heard and read said so. After a brief conversation of their current living situation, I told him I could help, that the whole story or the truth about home ownership in Vancouver or the Fraser valley is not being reported accurately. If it is sensational it reads, it gets the views, I don't blame the reporters, (I kinda do) it’s just the nature of reporting.

In literally under 2 minutes I found them a house, in their area, after work they drove by, loved it, called me that night. They put in an offer, got the house and it will be less expensive per month including taxes and utilities than they currently pay for rent. In fact it will be over $500.00 less when they factor in the savings in fuel and commuting costs.

I am pleased to say, Alex and Mollie will be moving into their new home on the 5^th of March 2016. I hope this story will give the reader just enough of a push to help them find the courage to make home ownership a reality, pay yourself first.

If you want to know more of how I can ‘make this happen’ for you get in touch with me now!

Fears of a housing correction in Canada’s two hottest markets are unlikely to be realized according to one mortgage lender’s experts. Robert Kavcic of Bank of Montreal says that he expects homes in Toronto and Vancouver to continue to appreciate during 2016.

A larger number of people will move to the cities from Alberta and Saskatchewan looking for work and opportunities. Economic growth in Ontario and BC with better job prospects, together with continued low mortgage rates, will make a move more attractive. The oil price rout and its knock-on effects will exacerbate price declines in the oil regions though “The real estate correction is already happening – just not where most expected,” 

Housing in Calgary will be “weak,” according to the Calgary Real Estate Board which cites continued economic volatility as the reason.

 CREB Chief Economist Ann-Marie Lurie said in a release. “Weakness in the energy sector is overshadowing all aspects of our economy and with more people looking for work and fewer opportunities; we could see some families making adjustments to their housing situation. As we move into the second year of this environment, we expect to see additional housing supply pressure and further price declines,”

Sales activity is expected to decline 2.2% to 18,416 units, according to the association. The average price is expected to decline by 3.44% to $438,652.

“Market intelligence really matters in today’s operating environment. Pricing trends have and will continue to vary depending on product type, price range and location,” Calgary's REB president Cliff Stevenson said. “Sellers in this market need to have a good understanding of activity within their specific niche of the market. This is where a real estate professionals can really help navigate market conditions and real estate options, which are always unique to each consumer.”

Thinking of buying or selling in 2016? With 25 years of experience in realestate and construction practises I get you what you really want. I’m innovative, insightful, diligent and direct. All of my clients enjoy a competitive advantage they won’t get from anyone else so they can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Bank of Canada Interest Rate Announcement - January 20, 2016

The Bank of Canada announced this morning that it is maintaining its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is evolving as expected with total CPI continuing to test the bottom of the Bank's 1-3 per cent target range due to low energy prices. However, the Bank expects that inflation will rise over the next year, reaching its 2 per cent target by mid-2017.  On the economy, the Bank sees economic growth firming after a slowdown in the fourth quarter of last year. The Bank projects that the Canadian economy will grow a modest 1.5 per cent this year before strengthening to 2.5 per cent in 2017. 
 
In not moving on interest rates this morning, the Bank is recognizing that there is little that monetary policy can do to offset a significant supply-side shock such as the dramatic decline in oil prices. Indeed, given Canada's floating exchange rate, the loonie has already adjusted to help partially absorb the negative impact of falling commodity prices on exports.   Keeping in mind that the Canadian economy is still projected to grow at a rate very close to its somewhat diminished potential for 2016 and that inflation will be spurred by a dramatically lower Canadian dollar, we anticipate that the Bank will reassess the need for monetary stimulus once the worst of the oil-shock had passed. That means, barring a significant deterioration in the economy, the Bank will more than likely remain sidelined for 2016. 

December was a record smashing so if you are thinking of a move in 2016, call me I can help. I can get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Brian

Top Grants and Rebates for
Property Buyers and Owners

1.  Home Buyers’ Plan

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. Canada Revenue Agency. Learn more or to participate in the Home Buyers’ Plan or call 1.800.959.8287

2.  GST Rebate on New Homes

New home buyers can apply for a rebate for the 5% GST if the purchase price is $350,000 or less. The rebate is equal to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing $350,000 – $450,000. There is no rebate for homes priced at $450,000 and above. Canada Revenue Agency. Enter ‘RC4028’ in the search box. 1.800.959.8287

3.  BC Property Transfer Tax (PTT) First-Time Home Buyers’ Program

Qualifying first-time buyers may be exempt from paying the PTT of 1% on the first $200,000 and 2% on the remainder of the purchase price of a home priced up to $475,000. There is a proportional exemption for homes priced between $475,000 and $500,000. At $500,000 and above the rebate is nil. Learn more. 1.250.387.0604

4.  First-Time Home Buyers’ Tax Credit (HBTC)

A federal non-refundable income tax credit for qualifying buyers of detached and attached homes, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2014) x $5,000. For the 2015 tax year, the maximum credit is $750.Learn more. 1.800.959.8281

5.  BC Home Owner Grant

Reduces property taxes for home owners with an assessed value of up to $1,100,000. The basic grant gives home owners:

• a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;
• an additional grant of $200 to rural home owners elsewhere in the province; and
• an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.

Learn more or contact your municipal tax office.

6.  BC Property Tax Deferment Programs:

• Property Tax Deferment Program for Seniors. Qualifying home owners aged 55+ may be eligible to defer property taxes.
• Financial Hardship Property Tax Deferment Program. Qualifying low-income home owners may be eligible to defer property taxes.
• Property Tax Deferment Program for Families with Children. Qualifying home owners who financially support children under age 18 may be eligible to defer property taxes.

Learn more. 1-888-355-2700

7.  Home Adaptations for Independence (HAFI)

A program jointly sponsored by the provincial and federal governments provides up to $20,000 to help eligible low income seniors and disabled home owners and landlords to finance modifications to their homes to make them accessible and safer. Learn more. 604.433.2218 or toll-free 1.800.257.7756

8. BC Seniors’ Home Renovation Tax Credit

Assists eligible seniors 65+ with the cost of certain permanent home renovations to a principal residence to improve accessibility or help a senior be more functional or mobile at home. The maximum amount of the refundable credit is $1,000 per tax year and is calculated as 10% of the qualifying renovation expense (maximum $10,000 in expenses). Learn more. Canada Revenue Agency or toll-free 1.800.959.8281

9.  CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient home or make energy saving renovations. Learn more. 604.731.5733

10.  Energy Saving Mortgages

Financial institutions offer a variety of mortgages to home buyers and owners making their homes energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage may qualify for a rebate of $300 to their RBC account. Learn more. 1.800.769.2511

11.  Low Interest Renovation Loans

Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity Home Energy Loan  personal loan offers home owners up to $50,000 at prime + 1% for up to 15 years for energy efficient renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 rebate on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.

12.  Heritage Energy Retrofit Grant (Pilot Program)

Grants of up to $3,000 per household to assist with energy retrofits for Vancouver homes built before 1940 and homes listed on the Vancouver Heritage Register. This pilot runs to August 31, 2016. It is sponsored by Vancouver Heritage Foundation and the City of Vancouver Sustainability Group with assistance from City Green Solutions. Qualifying retrofits include insulation, air sealing, window repairs and storm windows, and high efficiency forms of heating and hot water. Learn more. Terms/Conditions Grant application

13.  Energy Conservation and Assistance Program

BC Hydro and FortisBC offer free energy assessments and energy saving products to income-qualifying households. Qualified contractors will install upgrades ranging in value from $300 to $5,000 depending on the need of the home.

14.  Fortis New Home Energy Rebate Offer

Fortis and BC Hydro customers can receive rebates when building ENERGY STAR new homes of when installing high-efficiency natural gas fireplaces. Learn more.

15. Smart Thermostat Pilot Program

City of Vancouver and Vancity are offering a $125 rebate for a home owner purchasing 1 of 3 smart thermostats which automatically controls the climate in your home. This pilot program runs to December 2016. Learn more.smartthermostats@vancouver.ca

16.  Home Energy Rebate Offer

BC Hydro and FortisBC offer home owners rebates for upgrades and improvements, including insulation, space and water heating systems and ventilation to reduce the average customer’s energy bill by 30%. There is a bonus offer for completing three or more of certain upgrades. Total value of available rebates: $5,300 per household. Learn more.

17.  Energy Savings Kit Program

BC Hydro and FortisBC offer income-qualifying customers a free energy saving kit containing products to help save energy and money. Learn more.

18.  ENERGY STAR Appliances

BC Hydro Power Smart and various municipalities are offering $100 mail-in rebates to home owners buying ENERGY STAR® clothes dryers and refrigerators. Coquitlam, New Westminster, North Vancouver City, North Vancouver District, Richmond, Vancouver and West Vancouver are participating.  Learn more.

19.  FortisBC Rebate Program for Homes

Rebates for home owners including a $300 rebate for purchasing an EnerChoice fireplace, or up to $1,800 off an ENERGY STAR water heater, or a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system.  Total value of available rebates: $5,300 per household. Learn more. 1.800.663.8400

20.  Fortis Rebate for Rental apartment buildings

In October 2015, FortisBC launched the Rental Apartment Efficiency Program for owners and managers of rental apartment buildings nine units and larger. The program includes a water-efficient shower head and a kitchen and bathroom faucet aerator directly installed in each unit, a building energy assessment and ongoing professional assistance. Learn more and FAQ’s.

21.  Rain Barrel Subsidy Programs

Many Metro Vancouver municipalities offer rain barrels for sale, often at a discount for residents. Richmond sells them for $30. Burnaby sells them for $70. Coquitlam sells them for $72. West Vancouver sells them for $55. Other municipalities have similar offers.

22.  Water Wise Kits

Many Metro Vancouver municipalities offer water wise kits and other tools for reducing home water consumption including Burnaby, Coquitlam, Delta,

23.  Local Government Water Conservation Incentives

Your municipality may provide grants and incentives to residents to help save water.

Toilets: North Vancouver City, North Vancouver District, and the District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Richmond offers a $100 utility rebate. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.

Clothes washers: replace your old clothes washer with a new, high efficiency ENERGY STAR clothes washer and receive a $100 or $200 rebate from Richmond.

24.  Local Government Water Meter Programs

Your municipality may provide a program for voluntary water metering, so that you pay only for the amount of water that you use. Burnaby (scroll down), Delta, Richmond and West Vancouver have programs and other municipalities may soon follow. Visit your municipality’s website and enter ‘water meter’ to find out if there is a program.

To download the PDF Facts Sheet on Top Grants and Rebates Click Here >>

(Source: REBGV)

The BCREA Economics Department forecasts that the number of homes changing hands on the Multiple Listing Service® will exceed 100,000 in 2015. That's the third strongest unit sales figure on record and marks the first time since 2007 that BC home sales will exceed the ten-year average.

While sales are expected to decrease somewhat in 2016, the forecast is still strong with an expectation of 93,700 homes. BCREA expects the average MLS® price to reach $626,100 in 2015 and $639,700 in 2016.

All of this bodes well for provincial government coffers. In his Second Quarterly Report in late November, Minister of Finance Mike de Jong reported that revenues from the Property Transfer Tax are expected to be nearly $1.3 billion in the current fiscal year—$350 million higher than the original budget figure in February.

BCREA has been following Minister de Jong's remarks about the PTT with interest, and looks forward to the 2016 provincial budget, which just might include good news for many homebuyers. The Association's concerns with the tax have been on record since 1987, and BCREA recently made the following recommendations:
1. Increase the 1% PTT threshold from $200,000 to $525,000, with 2% applying to the remainder of the fair market value.
2. Index the 1% PTT threshold of $525,000 using the MLS® Home Price Index, and make adjustments annually.

About Brian

"I’m Brian White, Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

December 2, 2015

The Bank of Canada announced this morning that it is maintaining its target for the overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that inflation is in line with its outlook with total CPI inflation near the bottom of the Bank's 1 to 3 per cent target range while core inflation remains close to 2 per cent.  On growth, the Bank cited ongoing and complex adjustments in the Canadian economy to low commodity prices, but expects growth to move above potential (usually estimated to be about 2 per cent) in 2016. 
 
Absent a substantial recovery in global commodity prices, the Canadian economy will more than likely grow near its long-term trend rate over the next two years. That rate of growth will keep inflation relatively anchored at or below its 2 per cent target.  A baseline scenario of economic growth above 2 per cent, paired with low inflation and steady job growth should keep the Bank of Canada sidelined over the medium run. However, several quarters of steady growth following the oil price shock of late 2014 may convince policymakers that the economy is no longer in need of the monetary stimulus injected into the economy via two rate cuts in early 2015. If so, the Bank may shift back to a tightening bias with a potential rate increase late next year or in early 2017.

For more information, please contact me anytime.  

"I’m Brian White, Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Housing Demand to Ease but Remain Elevated in 2016

Vancouver, BC – November 10, 2015.

The British Columbia Real Estate Association (BCREA) released its 2015 Fourth Quarter Housing Forecast Update today.

Multiple Listing Service® (MLS®) residential sales in the province are projected to surpass 100,000 units this year. This level of home sales will be the third strongest on record and mark the first year since 2007 that BC home sales exceed the ten year average.

After climbing 15 per cent in 2014 and nearly 20 per cent this year, BC MLS® residential sales are forecast to decline 7 per cent to 93,700 units in 2016. “Less latent pent-up demand and gradual upward momentum of mortgage interest rates is expected to ease housing demand next year,” said Cameron Muir, BCREA Chief Economist.

“The inventory of homes for sale is now at its lowest level in nearly eight years,” added Muir. “Sellers’ market conditions are prevailing in many communities and causing home prices to be pushed higher.” The average MLS® residential price in the province is projected to increase 10.2 per cent to $626,000 this year and forecast to slow to a 2.2 per cent increase at $639,700.

Total housing starts in the province are projected to reach over 30,000 units this year, the highest level of production since 2008. Capacity constraints and an edging back of consumer demand is largely behind a forecast decline of BC housing starts, albeit just to 28,800 units in 2016. 

About Brian

"I’m Brian White, Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Vancouver, BC – November 12, 2015.

TheBritish Columbia Real Estate Association (BCREA) reports that a total of 8,725 residential unit sales were recorded by the Multiple Listing Service® (MLS®) in October, up 14.1 per cent from the same month last year. Total sales dollar volume was $5.8 billion, up 32.3 per cent compared to the previous year. The average MLS® residential price in the province rose to $667,480, up 16 per cent from October 2014.

“Consumer demand continued at a heightened pace in October,” said Brendon Ogmundson, BCREA Economist. “Market conditions have diverged significantly in the province as very low supply and a near record pace of home sales in the metro-Vancouver area is offsetting resource sector driven weakness in northern markets.“

“There was a four month supply of residential inventory province wide in October, with markets in the Lower Mainland and Victoria closer to three months of supply. A balanced market typically exhibits a five to eight month supply of homes for sale.

The year-to-date, BC residential sales dollar volume increased 33.6 per cent to $55.3 billion, when compared with the same period in 2014. Residential unit sales climbed by 20.4 per cent to 87,895 units, while the average MLS® residential price was up 11 per cent to $628,909.

About Brian

"I’m Brian White at Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Canadian and US Employment - November 6, 2015

Following four consecutive months of minor gains, Canadian employment increased by 44,000 jobs in October. The national unemployment rate ticked lower by 0.1 points to 7.0 per cent.  For a second consecutive month,  part-time employment accounted for the majority of the month's employment gains, though full-time employment was up by 9,000 jobs. Total hours worked, which is strongly correlated with economic growth, slowed down from 1.1 per cent year-over-year growth in September to 0.7 per cent in October.
 
In BC, job creation continues to accelerate. The province added 23,300 new jobs in October, including 11,300 full-time positions.  In spite of very robust job numbers, the provincial unemployment rate remained flat at 6.3 per cent as BC's economic performance continues to attract new entrants to the labour force from both inside and outside of the province. Year-to-date, employment in BC is up just 1 per cent but has risen at a rate of 2.3 per cent over the past three months and was up 3 per cent year-over-year in October. 

In the US,  jobs data for October may have been strong enough to convince the US Federal Reserve to raise interest rates at the end of this year. Employment rose by a robust 271,000 jobs in October while the US unemployment rate fell to just 5 per cent. 

About Brian

"I’m Brian White, Bay Realty and I get you what you really want. I’m innovative, insightful, diligent and direct. With 25 years of experience in realestate and construction practises, my clients enjoy a competitive advantage they won’t get from anyone else and can move forward with complete confidence. Honesty, Dedication and RESULTS! "

Welcome to November!  Or, what many happy fuzzy faced folks refer to as “Movember”.  It’s the month of the mustache, from the pencil to handlebar, a solid 30 days dedicated to honouring facial hair, and for good reason.  What started as 30 Australian “Mo Bros” back in 2003, has grown to a society of 5 million Bros and Sisters, around the world.  By 2014, the fun loving cause with a purpose had raised over $677 million, funded 832 Men’s Health Projects and was rated number 72 of the top 500 non-governmental organizations in the world.  The cause focuses on four keys areas:  Prostate Cancer, Testicular Cancer, Poor Mental Health and Physical Inactivity.  And this year, they are expanding to include “Move-ember”, challenging folks to get active for 30 days.  So whether you are sporting a new facial do, taking on the physical challenge, or donating to someone who is, Movember is an excellent cause.  For more information, please visit: https://ca.movember.com/?home

Another special day this month is also around the corner.  Mustaches aren’t the only thing people everywhere are wearing this month.  Red poppies sit pinned neatly on coats as we honour the sacrifices and achievements of those who served our country.  To all those of the past, as well as those who currently serve, we are forever grateful for what you do for our incredible country.  November 11^this Remembrance Day, many Cities have special services planned at their Municipal or City Halls or Cenotaphs check on line for information on local events.

We’ve been fortunate so far in the lower mainland to enjoy a pretty fantastic fall!  We can go from mowing grass one day to freeing the street drains for fear of being flooded out.  We may start off slightly disgruntled, but that changes the moment we hit the slopes, slip on our skates or build that first snowman.  We are cities and municipalities that move and shake 365 days a year, so make sure to visit my Facebook page for the latest events happening in and around the area!

Our team takes pride in keeping our community up to date on the latest housing market stats and trends.  If you have any questions about the market, or are thinking of buying or selling, we are here to help.  If you know of someone else who is thinking of joining the market, we always appreciate and are never too busy for your referrals.

Happy Movember!

Brian White Real Estate 

Canadian Monthly GDP Growth (August 2015) - October 30, 2015

The Canadian economy expanded 0.1 per cent in August, following 0.3 per cent growth in July. Growth in real GDP, as measured at the industry level, was led by gains in the manufacturing, mining and oil and gas sectors while retail trade and the finance sector were a drag on growth. 

The Canadian economy has posted three consecutive months of economic growth, putting worries of a deepening energy sector driven recession to rest. Third quarter real GDP growth is currently tracking at a relatively strong pace, likely in a range of 2.6 to 3 per cent. 

Canadian Retail Sales - October 22, 2015

Canadian retail sales rose for a fourth consecutive month, increasing 0.5 per cent in August. On a year-over-year basis, sales were up 2.8 per cent. However, sales were higher in only 4 of 11 retail sub-sectors with strong sales of motor vehicles continuing to account for a large share of gains.  Stripping out sales of motor vehicles, retail sales were essentially flat.  In BC, retail sales were up 1.4 per cent on a monthly basis and 7 per cent compared to August 2014. Year-to-date, retail sales in the province are up 7.2 per cent over last year. 

Given today's data release, Canadian real GDP is currently tracking at between 2.5 and 3 per cent in the third quarter, a significant bounce-back following two quarters of modest decline in the economy. 

Time will tell in the coming months what the change in Goverment will mean to the economy moving forward.