February 21, a 20% Foreign Buyer Tax will be levied on purchases in the Capital Region - according to the BCREA this tax will have an immediate impact on transactions underway, but there are some transitional rules, outlined below.

Also live tomorrow is an increased Property Transfer Tax for properties over $3 million. The Property Transfer Tax will increase to 5 per cent for properties over $3 million.

The Minister of Finance also announced that a speculation tax will roll out in Fall 2018. 

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How to Benefit from the Hot Property Market

The Housing Market in Victoria has continued to be extremely hot with both Sellers and Buyers reaping the rewards.  The current inventory is lower than average and coupled with low interest rates, the current housing market will continue to remain hot.  If you are planning to sell or buy within the next three months, give me a call and I will ensure you realize the best possible result.  My Best, Arran

Vancouver, BC – November 28, 2017. The British Columbia Real Estate Association (BCREA) released its 2017 Fourth Quarter Housing Forecast today.

Multiple Listing Service® (MLS®) residential sales in the province are forecast to decline 10.4 per cent to 91,700 units in 2018, after an expected 8.8 per cent decrease this year. A record 112,209 unit sales were recorded in 2016. The ten-year average for MLS® residential sales in BC is 84,700 units. Strong economic and demographic fundamentals are supporting elevated housing demand. However, a number of factors are expected to temper home sales in the province next year.

“Housing demand across the province will face increasing headwinds in 2018," said Cameron Muir, BCREA Chief Economist."A rising interest rate environment combined with more stringent mortgage stress tests will reduce household purchasing power and erode housing affordability." The 5-year qualifying rate is forecast to rise 20 basis points to 5.15 per cent by Q4 2018, and the new qualification rules for conventional mortgages will erode purchasing power by up to 20 per cent. "Given the rapid rise in home prices over the past few years, the effect of these factors will likely be magnified."

The supply of homes for sale is now trending at or near decade lows in most BC regions. The imbalance between supply and demand has been largely responsible for rapidly rising home prices. The combination of weakening consumer demand and a surge in new home completions next year is expected to induce more balanced market conditions, producing less upward pressure on home prices. The average MLS® residential price in the province is forecast to increase 3.1 per cent to $712,300 this year, and a further 4.6 per cent to $745,300 in 2018.

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If you are a Seller and looking to discuss the market value for your property, send me an email or call me at 250.884.3980 and we can sort.

If you are a Buyer looking at the upcoming changes, as of January 1, 2018 with the mortgage stress testing and the resulting implication on affordability, call me and we can discuss.

www.YourLuckyIrishAgent.com

Courtsey;

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BC Government Limits Choices for Real Estate Consumers 

Vancouver, BC – September 7, 2017. The BC Government's announcement to ban the practice of limited dual agency means that consumers can no longer choose the REALTORS® they want.

"Every day, REALTORS® help their clients understand real estate transactions, so they can make informed decisions," said BC Real Estate Association (BCREA) President Jim Stewart."Over my nearly 25-year career as a REALTOR®, many long-standing clients have developed trust with me, and now my clients have no choice but to start from the beginning and build new relationships. Trust is a crucial part of what is often the largest financial transaction in people's lives."

Limited dual agency occurs when a real estate trading services licensee acts in a limited capacity for both the buyer and the seller. The practice is especially common and important in small BC communities, in which few licensees practice, and so BCREA is pleased to see a proposed exemption for those situations. However, limited dual agency is also used in cases where REALTORS® have established relationships with buyers and sellers, in commercial transactions and in situations where REALTORS® specialize in particular property types.

"Rather than working with licensees they don't know, we're concerned people may decide to complete real estate transactions without representation," said BCREA CEO Robert Laing."That goes against the consumer protection mandate of the Superintendent of Real Estate and the Real Estate Council of BC."

At the end of June 2016, the Independent Advisory Group (IAG) made 28 recommendations aimed at improving the real estate licensing system and the protection of consumers. For more than a year, BCREA has urged the BC Government, Superintendent of Real Estate and Real Estate Council of BC to carefully examine the IAG recommendation to eliminate limited dual agency. The vast majority of BC's more than 22,000 licensees are diligent, ethical and trustworthy, and so BCREA has recommended that limited dual agency should be allowed through the express consent of consumers.

"We know consumers value the right to choose their own representatives," said Mr. Laing. "Over the next few days, BCREA will examine the draft rule changes carefully and consult with the 11 real estate boards to determine our next steps."

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Quick facts:

In response to a July 2017 survey:

• 67% of BC real estate consumers said it's very important or somewhat important that they be able to work with the REALTOR® of their choice,
• More than four-in-five BC homeowners (84%) used the services of a REALTOR® for their last property transaction.
• 88% of BC homeowners who worked with a REALTOR® say they are very or somewhat satisfied with their services.

BCREA is the professional association for over 22,000 REALTORS® in BC, focusing on provincial issues that impact real estate. Working with the province's real estate boards, BCREA provides continuing professional education, advocacy, economic research and standard forms to help REALTORS® provide value for their clients.

To demonstrate the profession's commitment to improving Quality of Lifein BC communities, BCREA supports policies that help ensure economic vitality, provide housing opportunities, preserve the environment, protect property owners and build better communities with good schools and safe neighbourhoods.

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BCREA ECONOMICS NOW

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