Brian White

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With all of the recent changes, some website sand PTT calculators are a little out of date.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

February 8, 2017

Canadian housing starts began the year on a high note, edging up from a strong December to 207,400 total units at a seasonally adjusted annual rate (SAAR) in January. The six-month trend in Canadian housing starts was also higher at 199,900 units, which is slightly above average annual growth in Canadian households. 

Housing starts in BC slowed to begin the year from a torrid pace is 2016. Starts were down 33 per cent on a monthly basis and 13 per cent year-over-year,  though unseasonably high snowfall in December and January likely played a role in limiting construction activity. Single detached starts were down 36 per cent while multiple unit starts were down 5 per cent year-over-year. 

Looking at census metropolitan areas (CMA) in BC, total starts in the Vancouver CMA were down 24 per cent year-over-year in January, with a sharp decline in single detached starts compared to last year. In the Victoria CMA, housing starts were up 28 per cent year-over-year due to strong growth in new multiple unit starts. New home construction in the Kelowna CMA fell 6 per cent compared to last year as fewer multiple unit projects got underway. Housing starts in the Abbotsford-Mission CMA were 87 per cent higher compared to January 2016 as several multiple unit projects broke ground, leading to a doubling of multiple unit starts compared to last year.

Thinking of buying or selling in 2017? I am celebrating 26 years in realestate & construction practises. 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. I treat my clients like family, so they are comfortable moving forward, and have complete confidence they have made the right decision.

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

Your Realtor for Life

Brian

Surrey RCMP search warrants and arrests yield street drugs and cash:

Last week Surrey RCMP arrested three individuals and seized thousands of dosages of street level drugs, including fentanyl, and approximately $16,000 in Canadian currency as a result of a two month long drug investigation.
In November 2016, Surrey RCMP launched a strategic drug investigation as a result of the high number of overdose related deaths. The investigation focused on drug traffickers who were believed to be supplying drugs to the 135A Street area in north Surrey.
As a result of this complex investigation, a search warrant was executed on January 13, 2017, in the 10100 block of 127th Street in Surrey. This search resulted in the seizure of approximately 240 doses of suspected heroin/fentanyl, 21 doses of methamphetamine packaged for sale, and approximately $13,000 in Canadian currency. A 30 year old Surrey man was arrested.
A subsequent search warrant was executed on January 26, 2017, in the 9500 block of 127th Street. The search warrant resulted in the seizure of 3,600 doses of suspected heroin/fentanyl, 500 doses of methamphetamine, and 410 doses of crack cocaine all packaged for street level sale. Also seized was approximately $3,000 in Canadian currency. Lee Roy BRAATEN, 54 years old from Surrey, has been charged with three counts of Possession of a controlled substance for the purpose of trafficking.
Also arrested and charged with drug related offences is 47 year old Surrey resident Wanda STOPA. STOPA was arrested in the 10600 block of 135A Street as a result of this ongoing investigation. Her arrest and the subsequent seizure of suspected heroin/fentanyl prevented approximately 300 doses of the potentially fatal drug from reaching the streets. STOPA has been charged with two counts of Possession of a controlled substance for the purposes of trafficking and one count of Failing to comply with a recognizance.
“Surrey has had the second highest number of overdose deaths in BC, second only to Vancouver,” says Inspector Shawna Baher, Surrey RCMP Proactive Enforcement Officer. “The 135A Street area and the people that frequent that area have been significantly impacted by the ongoing fentanyl health crisis. These drug seizures, arrests, and charges were the result of the coordinated efforts of the Surrey RCMP Drug Section, our Crime Reduction Unit, and the Surrey Outreach Team. This investigation will have a significant impact on illegal drug activity in this area and has no doubt saved lives.”
“The Surrey Outreach Team has been working diligently to build relationships with the residents and businesses in and around 135A Street,“says Inspector Andy LeClair, Surrey RCMP’s Community Support and Safety Officer. “By being present and gaining an understanding of the needs of the residents and businesses, we are able to improve public safety. One of the goals of this team has always been to take any enforcement action necessary as it relates to those that prey upon the most vulnerable people in this area.”
For more information on the Surrey Outreach Team and how it is engaging the community please visit the Surrey RCMP website.

Canadian Retail Sales - January 20, 2017

Canadian retail sales inched 0.2 per cent higher in November.  Sales were higher in just 5 of 11 sub-sectors, with motor vehicle and parts dealers and building materials supplies leading the way.  E-commerce sales accounted for 3 per cent of total retail sales, the highest proportion to date in 2016.  Given today's data,  we are currently tracking fourth quarter Canadian real GDP growth at 1.5 per cent. 

In BC, retail sales were down 0.7 per cent on a monthly basis, but were 5.5 per cent higher year-over-year.  Year-to-date, retail sales in the province are up 6.5 per cent. 

The BC economy is the best in the country based on the policies of the current administration.

January 18, 2017

The Bank of Canada announced this morning that it is holding the target for its overnight rate at 0.5 per cent. In the press release accompanying the decision, the Bank noted that uncertainty in the global outlook, particularly with regard to policies in the United States, is undiminished. The Canadian economy is forecast to grow 2.1 per cent in both 2017 and 2018, implying the Canadian economy will return to full capacity in mid-2018.  On inflation, the Bank noted that it continued to be lower than expected but should return to it 2 per cent target in coming months.

Political uncertainty in the United States will likely govern the direction of both policy rates and long-term bond yields over the next year. The interest rate on 5-year government of Canada bonds has risen to its highest point in a year, which is adding upward pressure to mortgage rates offered by Canadian lenders.  While the Canadian economy is forecast to post steady growth in 2017, overall slack in the Canadian economy remains persistent.  Without a significant uptick in economic growth, inflation will likely continue to trend at or below the Bank's 2 per cent target.  That, along with lingering uncertainty, will keep the Bank sidelined through 2017 with a chance of lowering its target rate should current downside risks to the economy become realized.

Thinking of buying or selling in 2017? Celebrating 26 years of experience in realestate and construction practises I get the home or property you really want. I’m innovative, insightful, diligent and direct. All of my clients enjoy a competitive knowledge base advantage they won’t get from anyone else so they can move forward with complete confidence. Honesty, Dedication and RESULTS! "

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

Your Realtor for Life

Brian

January 10, 2017

The BC Government announced on Tuesday, January 10 that it would be raising the Home Owner Grant threshold to $1.6 million from $1.2 million. This represents a 33 per cent increase compared to last year.

Anyone who owns a home valued at up to $1.6 million may be eligible to receive the full home owner grant of $570, while a partial grant may be available to owners of homes above the new threshold.

The increase means that province-wide, 91 per cent of homes will remain below the threshold. In Metro Vancouver, that includes 83 per cent of homes. For properties assessed above the threshold, the grant will be reduced by $5 for every $1,000 of assessed value in excess of the threshold.

There are two types of home owner grants:

• The basic grant can reduce residential property taxes on an owner’s principal residence by up to $570, or if the home is located in a northern and rural area, up to $770.
• An additional grant is available to home owners 65 years of age or older, or who qualify under the persons with disabilities category, or who are the surviving spouse of a veteran who received certain war-veteran allowances. This additional grant can reduce residential property taxes on an owner’s principal residence by up to $845, or if the home is located in a northern and rural area, up to $1,045.

• Home owner grant thresholds in recent years:
  • 2016: $1.2 million
  • 2015: $1.1 million
  • 2014: $1.1 million (threshold lowered as a cost-savings measure)
  • 2013: $1.295 million
  • 2012: $1.285 million
  • 2011: $1.15 million
  • 2010: $1.05 million

Low-income home owners who would have received the additional home owner grant can apply for a low-income supplement, which replaces any reduction in the grant caused by having a property valued over the threshold. The low-income supplement is available to qualifying seniors, certain veterans or their surviving spouse and persons with disabilities.

Property tax deferment is another option that can help make home ownership more affordable. Property tax deferment is a low-interest loan program that allows qualifying BC home owners to use the equity in their homes to defer payment of their annual property taxes. Qualifying home owners can defer all, or a portion of, the annual property taxes on their principal residence.

Learn More:

For more information about home owner grants, visit: http://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/reduce/home-owner-grant/under-65
or contact your municipality or the Province if your property is in a rural area.

For a current market evaluation on your home or investment property visit: http://brianwhite.ca/home-evaluation.html

if links don't connect, copy and paste to your browser.

Thinking of a move now your 2017 assessment is up?

Staging tips,

1. Don't be afraid to open up spaces when ever possible in order to make your home more livable for today's lifestyle.

2. Scale the furniture to suit the rooms while avoiding too many small pieces, fewer large items work better.

3. Colour: Don't go overboard with a variety of shades, stuck to a simple colour palette for continuity.

4. Details make a difference. Consider adding special elements like wood beams or highlights if your going for a cottage feel or upgrade your doors.

5. Use recessed spotlights to highlight a few of your favorite features inside and out in the garden.

Get a complimentary market evaluation in 24 hours at www.brianwhite.ca