Homes in Vancouver which are unoccupied for 6 full months of the year or more, will be subject to the 1% EMPTY HOMES TAX.

The tax is equal to 1% of the property's taxable assessed value in addition to the existing property tax and will be applied annually.

Who won't be subject to the tax?

Residences being used as a principal residence by the owner, a family member, a friend or any other person occupying with the permission of the owner but is not a tennant or sub tennant, will NOT be charged the tax.

Nor will properties that are rented long term (with a written tennancy agreement) for at least 30 days in a row for a minimum of 6 months in aggregate over the course of a year.

For greater detail and how this particular tax applies to you, it is always important to seek proper advice such as with an accountant or lawyer. More info also available at:

https://vancouver.ca/home-property-development/empty-homes-tax.aspx

Do you have a basement suite or a laneway house and you don't want long term tenants?

As of September 1st 2018, in Vancouver, you are permitted SHORT TERM RENTALS in principal residences only - the home where you live.

Anyone operating a short term rental must have a business licence and include it in all the listings.

The registration period to comply with the regulations ends after August 31st. After this date, you can still apply for a licence but all short term rentals listed without a licence will be fined $1000.

For more info go to vancouver.ca/short-term-rentals

July 2018

Typically, the real estate market will slow down in the summer months, with an increase slightly in mid - September and then take a slower turn as it approaches November. Below are the statistics for July 2018 in comparison to July 2017.

Detached Properties:                                                         One year Change

Total Active Listings                          858                                        +6.3%
Sales                                                  57                                         -23%
Days on Market Average                   54                                         +50%
MLS HPI Benchmark Price                $3,356,500                           -8.4%
             
Condos:

Total Active Listings                         1203                                       +20.2%

Sales                                                 295                                         -25.5%

What does all this mean?

In the detached home market on the west side of Vancouver, prices are down around 8% from last year, sales activity is down as well, and listings are up. All of this creates a BUYER'S MARKET - great time to BUY!

For condos, activity continues to be strong, with prices up, listing numbers up, but activity down in the summer months. It is a SELLER'S MARKET.

For townhomes, which is a small market on the west side, listings are up, sales slightly down but prices still on the rise. One reason for this is lack of supply and high demand, especially amonst the down sizing crowd. This is a BALANCED MARKET.

Historically, there is a bump in selling and buying activity in the 2nd and 3rd week of September, when the kids are all back at school and the adults have settled into their fall schedule.

NOW is the time to prepare your home to list in September.

1. Have a garage sale

2. Get some exterior painting done during the warm weather

3. Declutter

If you are not sure what tasks will enhance the presentation of your home, give me a call. Decluttering and staging are 2 of my talents and passions!

Summer time is typically slow for real estate in Vancouver, and Kitsilano is no different. Currently, there are 48 detached homes for sale, the lower end at $1,999,000, a 1927 home on a 33 x 110 lot and a 2305 sq. ft. home.

At the top end, as usual is Point Grey Road water front, with one property listed at $19,980,000.

There have been 4 sales in the last 30 days with a 25 x 120 lot with a house built in 1905 on it, selling for $1,400,000.

It is important to remember that in VANCOUVER, any home built pre - 1940 must be assessed for possibly having "character" or be checked for being on the Heritage list, as this will affect how or if you can make structural changes to the house or demolish it.

Many Babyboomers are reluctant to sell their homes after raising their families in lovely detached homes. People always say "where will we go?"

Now you can move into a beautiful brand new condo in your same community on the west side of Vancouver.

Alma & 10th by Landa Global is a new four-storey mixed-use concrete development located at the corner of Alma & West 10th Ave.  Contemporary with traditional charm enhances this upscale neighborhood. This project will offer seven retail units and 32 two and three-bedroom spacious condominiums.

The Broadway commercial district, Almond Park, fitness centre and more are great attributes of this west side community.

According to the Federal Government HOME BUYER'S PLAN, you can use up to $25,000 of your RRSP to help finance a DOWN PAYMENT or use for closing costs.

The RRSP funds must be on deposit for at least 90 days, and you have 15 years to repay it all back.

You must be a FIRST TIME buyer, however, even if you owned a home previously, you can be considered a first time home buyer if in the previous 4 years, you did not own a home.

Before withdrawing the RRSP funds, seek appropriate advice from an accountant, banker or financial planner.