Brian White

Below are five things you should know about your property assessment and how to dispute what you think is inaccurate.

1 - Your property assessment is essentially an appraisal of your property's value considering changes in land value, including things such as rezoning nearby, neighbour home sales and improvements to your home or building. Assessments are set by the authority July 1st every year.

Whatever market changes that happened after July 1, 2016 like the impact of the 15% foreign buyers tax, will be reflected in your 2018 assessment.

2 – Municipalities use assessments to adjust property tax rates to account for changes in assessed values for various property classes. The concern for many homeowners is whether their assessment rose more than the average for their property class. If so, the homeowner will see a tax increase larger than the municipal’s general increase. Typically, in areas where there has been a number of older home demolished and new much larger homes were built. Homeowners whose assessments rose less than the average will get a tax break.

3 – The provincial government uses property assessments to establish eligibility for the B.C. Homeowners Grant ($570 per household offered to help defray property taxes on home that are their principal residence). The threshold value for 2016 was set at $1.2 million, above which the grant is reduced $5 per $1,00 in value. However Finance Minister Mike de Jong said that the province is reviewing the threshold considering soaring property prices and assessments.

4 – Homeowners with questions regarding their assessments can go online at B.C. Assessment’s e-valueBC site to check how their assessment compares with their neighbours and comparable property sales that would have been used in setting the value. If that doesn’t answer questions, they’re welcome to call B.C. Assessment an assessor will figure out if there are any discrepancies. The B.C. Assessment Authority always encourages people to call, sometimes it’s something that can be resolved easily or give people a better understanding of how their assessment was determined.

5 – Homeowners always have the right to formally appeal their assessments if they disagree with the result. Failing an understanding at that level, the homeowner can file an independent complaint. Those are heard by a three-member independent property assessment review panel for each community.

The deadline to appeal your assessment is January 31, 2017. Typically only one to two percent of homeowners will appeal their assessments.

Assessments on average rose from 31.4 in Vancouver to 43.3 in Surrey, personally mine went up 49%.

Get your current market evaluation in 24hours at www.brianwhite.ca

Congratulations to Thea Copeman-Haynes from KUP for being awarded the Laura Szendrei Endowed Memorial Scholarship 2016

Sales of detached, attached and apartment properties in the region reached 39,943 in 2016, a 5.6 per cent decrease from the 42,326 sales recorded in 2015, and a 20.6 per cent increase over the 33,116 residential sales in 2014.

“It was an eventful year for real estate in Metro Vancouver. Escalating prices caused by low supply and strong home buyer demand brought more attention to the market than ever before,” Dan Morrison, Real Estate Board of Greater Vancouver (REBGV) president said. "As prices rose in the first half of the year, public debate waged about what was fuelling demand and what should be done to stop it. This led to multiple government interventions into the market. The long-term effects of these actions won’t be fully understood for some time.”

Residential properties listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver reached 57,596 in 2016. This is an increase of 0.6 per cent compared to the 57,249 properties listed in 2015 and a 2.6 per cent increase compared to the 56,066 properties listed in 2014. “The supply of homes for sale couldn't keep up with home buyer demand for much of 2016. This allowed home sellers to raise their asking price. It wasn’t until the last half of the year that prices began to show modest declines.”

The MLS® Home Price Index (HPI) composite benchmark price for all residential properties in Metro Vancouver ends the year at $897,600. This represents a 2.2 per cent decrease over the past six months and a 17.8 per cent increase compared to December 2015.

December summary

Residential property sales in the region totalled 1,714 in December 2016, a decrease of 39.4 per cent from the 2,827 sales recorded in December 2015 and a decrease of 22.6 per cent compared to November 2016 when 2,214 homes sold. Last month’s sales were 8.1 per cent below the 10-year sales average for the month.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 1,312 in December 2016. This represents a decrease of 35.1 per cent compared to the 2,021 units listed in December 2015 and a 58.3 per cent decrease compared to November 2016 when 3,147 properties were listed.

The total number of properties currently listed for sale on the MLS® in Metro Vancouver is 6,345, a 5.3 per cent increase compared to December 2015 (6,024) and a 24.3 per cent decrease compared to November 2016 (8,385).

Sales of detached properties in December 2016 reached 541, a decrease of 52.4 per cent from the 1,136 detached sales recorded in December 2015. The benchmark price for detached properties is $1,483,500. This represents an 18.6 per cent increase compared to December 2015 and a 1.8 per cent decrease compared to November 2016.

Sales of apartment properties reached 915 in December 2016, a decrease of 25.3 per cent compared to the 1,225 sales in December 2015.The benchmark price of an apartment property is $510,300. This represents a 17.3 per cent increase compared to December 2015 and a 0.3 per cent decrease compared to November 2016.

Town home and duplex property sales in December 2016 totalled 258, a decrease of 44.6 per cent compared to the 466 sales in December 2015. The benchmark price of an attached unit is $661,800. This represents a 20.4 per cent increase compared to December 2015 and a 0.8 per cent decrease compared to November 2016.

Get your current property evaluation within 24 hours at www.brianwhite.ca

Brian White

Licenced local Realtor since 1990.

SURREY, BC – Fraser Valley real estate experienced the strongest year in its history in 2016, with record-setting numbers seen in both total MLS® transactions and overall dollar volume sold.

The Board’s Multiple Listing Service® (MLS®) processed 23,974 sales in 2016, 13.6 per cent more than the 21,095 sales in 2015, and 12.6 per cent more than the previous record of 21,282 sales in 2005. The total dollar volume of MLS® sales was a record setting $16.2 billion, four billion more than the previous record set in 2015.

Of the total transactions for the year, 5,369 were townhouses sold and 5,069 were apartments, the highest each category has reached in the Board’s history.

Charles Wiebe, President of the Fraser Valley Real Estate Board, attributes this year's extraordinary market activity to a strong provincial economy and the diverse inventory available to consumers entering the Valley. "Our region boasts a vast range of homes available at all price points, which made it a very enticing option for buyers of all types last year."

For inventory, a total of 34,768 new listings were received by the Board’s MLS® system during 2016, the second highest in the Board’s history and only 883 behind the 35,651 received in 2008.

In December the Board processed 966 sales, a decrease of 37.4 per cent compared to December of 2015, but level with the ten-year average for the month. December’s total inventory in the Fraser Valley was 3,930 active listings; 29.8 per cent fewer than were available in November 2016 and 8 per cent fewer than December 2015.

Wiebe adds, “The Fraser Valley market was consistently strong throughout 2016, and at times tremendously active.

However, at year’s end, we see sales returning to more typical levels and low overall inventory.

“Moving into 2017 and the spring market, would-be sellers are in a great position to take advantage of strong pricing and, depending on the area, a limited selection for buyers. Talk to a REALTOR® who can help you kick-off the New Year with incredible opportunity.”

HPI® Benchmark Price Activity

• Single Family Detached: At $856,700, the Benchmark price for a single family detached home in the Valley decreased 0.5 per cent compared to November 2016, and increased 27.4 per cent compared to December 2015.

• Townhomes: At $416,600, the Benchmark price for a townhouse in the Valley decreased 1.8 per cent compared to November 2016, and increased 29.5 per cent compared to December 2015.

• Apartments: At $259,000, the Benchmark price for an apartment in the Valley increased 0.2 per cent compared to November 2016, and increased 26.4 per cent compared to December 2015.

Get your current market evaluation within 24hrs at www.brianwhite.ca

This past July, the British Columbia government unexpectedly slapped a 15% tax on any foreign national buying real estate in Metro Vancouver. This sudden move was designed to dampen the market for the steady inflow of offshore money – mainly Chinese – that has been blamed for Vancouver’s red-hot real estate market.

Some have speculated that Premier Christy Clark, who is running for re-election in 2017, took this measure to ease what was a growing chorus of criticism from NDP housing critic David Eby of her government’s apparent inaction in curbing an overheated housing market.

The tax seems to have had its desired effect: the volume of transactions since last summer has fallen dramatically, although prices remain relatively steady, with only a minor dip in the past few months. Lost equity for home owners :(

Vancouver is what we in the real estate trade call a “super-prime city.” Others in this category include Tokyo, Shanghai, Hong Kong, Singapore, London, Paris, Monaco, San Francisco, New York and Los Angeles.  These cities attract high-net-worth people who want to establish a residence. They also are places where they have confidence that their investment is safe and secure.

There are several key reasons investors continue to flock to these locations: the brand of the city, its reputation for safety and the rule of law, world-class services, easy access to amenities, quality of life and, finally, the prospect of capital appreciation.

Do I believe a 15% tax will stop Asians, and particularly Chinese, from investing in Metro Vancouver? Absolutely not. Moreover, such a tax won’t reduce the Asian thirst for an investment beachhead abroad. It’s been tried in places such as Hong Kong and Australia, and it has not slowed the inbound investment from China. The Socreds tried with the introduction of the PPT to curb the surge of Hong Kong money coming in and buying up expensive Vancouver properties.  That tax did'nt stop the Hong Kong buyer investing in Vancouver but it raised our prices and filled and continues to fill he coffers for the Government. I believe this tax will have the same affect and outcome.

The Chinese currency, the renminbi, continues to fall, which is fuelling fears of a bubble in China. People are looking for ways to protect their wealth, which is another reason why foreign safe havens will be in high demand well into the future. Higher taxes on foreigners won’t change that.

One of Vancouver’s strong attractions for the Chinese isn’t about to change – there is a deeply established and vibrant Chinese and Asian community here. According to the Asia Pacific Foundation of Canada, within the next 20 years Vancouver will be the city with the largest Chinese population outside of China itself.

Asians want to set down roots here. And that very much means buying property. People sometimes forget that Asians seek to invest overseas for more fundamental reasons than just a financial return. 

Middle-class buyers

Despite the common perception that Vancouver’s home prices have risen to stratospheric heights because of wealthy Chinese, most foreign buyers come from the new Chinese middle class. By some estimates, the new middle class in China is over 500 million people and growing fast. Even if a tiny fraction of them want to invest or live in Vancouver, that’s a huge number. Vancouver will be a preferred destination for foreign investors for many years to come.

Brian White (www.brianwhite.ca) has been a local realtor since 1990.

source in part by Tina Mak

January, 2017

You have talked about it and decided to put your home on the market.

As you start checking things off your to-do list, it’s also important to pay mind of what not to do. Below are a handful of things to get you started.

Don’t over-improve.
As you ready your home for sale, you may realize you will get a great return on your investment if you make a couple of changes. Updating the appliances or replacing that cracked cabinet in the bathroom are all great ideas; however, it’s important not to over-improve, or make improvements that are hyper-specific to your tastes. For example, not everyone wants a pimped-out finished basement equipped with a wet bar and lifted stage for their rock-and-roll buds to jam out on. (Okay, everyone should want that.) What if your buyers are family-oriented and want a basement space for their kids to play in? That rock-and-roll room may look to them like a huge project to un-do. Make any needed fixes to your space, but don’t go above and beyond—you may lose money doing so. Remember rooms with water get the best return on investment, kitchens and bathrooms.

Don’t over-decorate.
Over-decorating is just as bad as over-improving. You may love the look of lace and lavender, but your potential buyer may enter your home and cringe. When prepping for sale, neutralize your decorating scheme so it’s more universally palatable.

Don’t hang around.
Your agent calls to let you know they will be bringing buyers by this afternoon. Great! You rally your whole family, Fluffy the dog included, to be waiting at the door with fresh baked cookies and big smiles. Right? Wrong. Buyers want to imagine themselves in your space, not be confronted by you in your space. Trust me when I say, it’s awkward for your potential buyer to go about judging your home while you stand in the corner smiling. Get out of the house, take the kids with you, and if you can’t leave for whatever reason, take a book and sit in the yard or on your deck, this will get you out of their way and show them how relaxing your home is.

Don’t take things personal.
Real estate is a business, but buying and selling homes is very, very emotional. However, when selling your home, try your very best not to take things personally. When a buyer lowballs you or says they will need to replace your prized vintage carpet or barn board pannelling with something “more modern,” try not to raise your hackles.

There is a lot of speculation as to what the market will do this coming year. We are hearing lots of varied opinions from all manner of "experts"! The key thing is to know how to react and create a positive, memorable customer experience when people view your home regardless of whether the market is hot, cold, or flat. With 26 years of experience we have the tools to help you achieve your go...als and help you move forward regardless of the market conditions.

FVREB -

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

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

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

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

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

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

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

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

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

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

To find out what your home is worth in todays market contact me or get your market valuation in 24 hrs at www.brianwhite.ca

Fearing a major crash in the near future, home owners in Canada’s hottest real estate markets, Toronto and Vancouver are starting to sell off their assets in droves.
 
Drastic changes such as the B.C. government’s 15 per cent tax on foreign buyers have led to significant declines in home sales numbers, sparking worries that a major price correction is imminent.
 
“Some homeowners are fearful,” Vancouver-area agent James Garbutt told Global News.
 
“When you compare it to the peak of the madness in April, we’re off — for certain products — by about 20 per cent.”
 
Among the segments suffering the most from the recent changes are luxury and investment properties, Garbutt said.
 
“The homes that were inflated the most, got the most attention and climbed the most at the peak of spring, are also the ones starting to get hit the most." Areas such as North & West Vancouver, Vancouver's west side as well as the White Rock area in the Fraser Valley are getting hit first.
 
In addition, recent revisions to federal mortgage rules—intended to moderate the country’s most overheated markets—might instead lead to increases in mortgage rates, prompting owners to exit ownership while the getting is still good.
 
“One client purchased a home for $440,000 one year ago, sold it before the tax was implimented for just over $600,000 without putting barely any money into it, They did pretty well.” But that's just market pressure.
 
However, in a report released mid-October, Moody’s Analytics assured that while the Canadian real estate sector will experience a more relaxed pace in home price growth over the next half decade, rumors of a massive crash are greatly exaggerated.
 
“There has been a lot of speculation about Canada’s housing markets overheating during the past two years,” Moody’s economist Andres Carbacho-Burgos said in the report.
 
“The house price outlook calls for a deceleration of house price growth, not for a serious decline, though there are exceptions for smaller regions,” the analyst added.

What's your property worth now? Get a current valuation in 24 hours at brianwhite.ca