BC HOME GROUP | SHIRIN PUREWAL | VICTORIA REAL ESTATE | info@bchomegroup.ca1-778-401-9545

Buying a house in Victoria BC means you are investing in one of the most desirable real estate markets in all of Canada. First time home buyers are sometimes a little intimidated and wonder where they can find affordable homes in Victoria. An experienced first-time buyer expert can counsel you on which Greater Victoria municipalities might offer housing options to suit your need.


Victoria, along with all of south-western British Columbia, has a reputation of high real estate values, but on the whole, Victoria real estate prices are more reasonable than its neighbor across the water, the city of Vancouver. Across the Greater Victoria area, there are a wide range of housing options and a correspondingly wide range of housing prices, so with a little help from an experienced realtor, you will find the right home at a price you can afford.



As is the case in any city, the further you travel from town the better your chances of finding more affordably priced properties. Any real estate venture can become a headache if you aren't careful. In fact, a waterfront property purchase comes with additional concerns that need to be addressed from the start.


Just for comparison, you should look into the MLS statistics for Victoria, Oak Bay, Metchosin, Central Saanich, North Saanich, and Sidney. These desirable communities are probably not within reach of most first time home buyers, but you never know where you'll find affordable homes in Victoria BC with the help of an experienced realtor. After all, it never hurts to look, and might give you a goal to strive for!


BC Home Group is a real estate group in Victoria that values honesty, integrity, and straightforwardness. Having Lived in Victoria, Shirin has a valuable source of information about the Greater Victoria area for those who are interested in moving to this beautiful city. Looking forward to chatting soon!

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SHIRIN PUREWAL BC HOME GROUP View this email in your browser Victoria Real Estate Newsletter

VREB market statistics for May released to news media

A late spring bloom for Victoria real estate market...

A total of 848 properties sold in the Victoria Real Estate Board region this May, 12.3 per cent more than the 755 properties sold in May 2018 and a 21.8 per cent increase from April 2019. Sales of condominiums were up 3 per cent from May 2018 with 244 units sold and were up from April 2019 by 20.2 per cent. Sales of single family homes were up 9.6 per cent from May 2018 with 445 sold. "We are seeing lower activity than we have experienced in recent years for spring home sales," says Victoria Real Estate Board President Cheryl Woolley. "Of course, this is not surprising given consumers are impacted by the B20 mortgage stress test, as well as ongoing lower inventory levels. Despite this, we have seen an increase in May for sales over last year. Prices remain strong in the lower price ranges, with little change in our benchmark prices when compared to last year."...Read More

Want to know what your home is worth? Contact Me for a market evaluation!

THANK YOU TO ALL MY CLIENTS FOR YOUR BUSINESS - Shirin Purewal

Featured Listings

Homes

Click to see the latest of homes for Sale in Victoria.

Condo

Click to see the latest list of Condos for sale in Victoria.

Townhouses

Click to see the latest list of townhouses in Victoria for sale.

Luxury & Waterfront Properties

Click to see the latest list of luxury real estate for sale in Victoria.

For more information on my listings,
Contact Me Today!

 

House Hunting

Thinking of selling? Here's what my clients are currently looking for!

- Fixer upper in Victoria, Langford, or Saanich - Under $650,000
- 2 Bedroom 2 Bath Condo in Saanich & surrounding areas under $450,000
- Homes in Saanich with a rental suite up to $750,000
- 2 Bedroom Condo Westshore up to $420,000
- Condo in Bear Mountain up to $425,00
- Home in Bear Mountain up to $850,000
 

Let's find your perfect place to live, love and laugh, let’s make your dream a reality. Click Here to Begin!

 

Market News

Victoria housing market improves, vacancy remains low

...Read More

 
 

Where to buy real estate in 2019: Victoria, B.C.

...Read More

Home & Garden Tips

13 Low Cost Interior Decorating Ideas For All Types Of Homes. let’s now take a look at a few low cost decorating ideas. ...Read More

Testimonials

"Shirin was wonderful to work with. She listened to our expectations for selling, helped formulate a plan and sold our house in record time! We found her very professional!"

- Lisa Sykes

"I've had AWESOME experience working with Shirin as my Realtor. We left our home in Toronto in Dec 2016 and took a bold step in buying a house in Victoria in April 2017 but knew no one here. She communicated with my whole family about differing needs staying in constant contact with important information - both basic and complex stuff. She listened in terms of adapting to our needs from understanding our time frame to giving references/contacts to sharing local knowledge honestly. She is hardworking, technology savy, detailed oriented, tenacious!."

- Anjan Chhetry

Please click here to see more testimonials!

"When it comes to buying, insuring you make the right decision is my priority and I have your long term, best interest at heart. If something is not right for you, I will tell you, straight. When it comes to selling, I take marketing to an entirely new level. Call me to find out how!"
- Shirin Purewal


Copyright © 2017 Shirin Purewal BC HOME GROUP Jonesco Real Estate Inc., All rights reserved.

Our mailing address is:
201-641 Herald St., VICTORIA BC

Want to change how you receive these emails?
Please see link below
 


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A late spring bloom for Victoria real estate market

A total of 848 properties sold in the Victoria Real Estate Board region this May, 12.3 percent more than the 755 properties sold in May 2018 and a 21.8 percent increase from April 2019. Sales of condominiums were up 3 percent from May 2018 with 244 units sold and were up from April 2019 by 20.2 percent. Sales of single-family homes were up 9.6 percent from May 2018 with 445 sold.

"We are seeing lower activity than we have experienced in recent years for spring home sales," says Victoria Real Estate Board President Cheryl Woolley. "Of course, this is not surprising given consumers are impacted by the B20 mortgage stress test, as well as ongoing lower inventory levels. Despite this, we have seen an increase in May for sales over last year. Prices remain strong in the lower price ranges, with little change in our benchmark prices when compared to last year."

There were 3,019 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2019, an increase of 9.7 percent compared to the month of April and a 26.1 percent increase from the 2,394 active listings for sale at the end of May 2018.
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in May 2018 was $886,200. The benchmark value for the same home in May 2019 decreased by 2.9 percent to $860,800, higher than April's value of $843,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2018 was $506,100, while the benchmark value for the same condominium in May 2019 increased by 2.6 percent to $519,300, higher than April's value of $512,700.

"May sales have ranged from a high of 1,289 in 2016 to a low of 441 in 1990, which is the year our detailed records began," adds President Woolley. "This month with 848 sales we are very close to the ten year average for overall sales in May, which is 813 properties. We are off from the ten-year average in May for active listings, which is 3,838, with 3,019 active listings last month. The lowest number we've tracked is from 2017 when May of that year saw 1,896 active listings. Though we're not at an all-time low in terms of active listings, anything new and desirable coming into the market that is appropriately priced can sell quickly and we still see multiple offers in these situations. According to established sales to listing ratios, we are in a more balanced market than in previous years, but it is a complicated market to navigate. If you're considering buying or selling, it's a good time to connect with your local REALTOR® to discuss the market and your best approach."

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New condo project Cameo at 2417 beacon avenue, sidney bc. beautifully designed homes in a range of sizes, from micro-suites to 3-bedroom units and luxury penthouses.

I can honestly say for what you are getting, this project is fantastic! The ocean view prices are fantastic. They are launching to the public soon. If you would like a special pre-showing with a pre-booking opportunity call me 1-778-678-5626 or you can submit an online form for an appointment  LINK 
 

To Download the Floorplans and Project Overview click on the following LINK.

For a Price list, please click on the following LINK.  NOTE: these prices will be changing soon! So let's arrange an appointment before they do.


Talk soon :-) Shirin Purewal 


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I have sold a property at 651 Grenville AVE in VICTORIA.
Gorgeous new built west coast contemporary home with ocean views in the quiet Rockheigts area. Home designed by Samantha Weeks Design Group. Close to shopping and the Naden military base. Walk to the new liquor store or Red Barn market or head down admirals to the thrifty foods. Very close to Saxe Point Park. 78 walkscore, most errands can be accomplished on foot. Huge flat back yard. This home boasts immaculate modern finishings, gas Fireplace, laundry room, heated bathroom floors. New home warranty, immediate possession Net GST included.
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We are pleased to announce the release of two brand new homes at Thetis Glen.

Both of these homes include quality details such as quartz kitchen counters, 9’ ceilings, Rinnai direct vent gas heat, a cozy gas fireplace, and gas on-demand hot water. 

Thetis Glen homes are selling quickly so if you see something that you like, don't delay!
Lot 10 - 2351 Lund Road

This spacious 3-bedroom home offers large rooms, an island kitchen with eating bar that invites friends to hang around, and a great room with plenty of windows, merging seamlessly with your private patio out back. 

The ground level with its large family room, bathroom, and two bedrooms is ideal for family or guests. 

 
Backs onto forested land
3 bedrooms, 3 bathrooms, family room
Main level up with island kitchen and direct patio access
Master ensuite with heated floor & double sinks

Gas fireplace, on-demand hot water, gas heat
Ready for occupancy by August 23, 2019

$674,900 + GST
Lot 11 - 2353 Lund Road

One of our largest, this attractive four-bedroom home has plenty of room for the entire family! 

Backing onto forest, the upper level offers a large island kitchen with quartz counters along with two bedrooms, including a master with ensuite. Step right outside from this level into your elevated backyard and enjoy nature! Downstairs, we know that you will love the third and fourth bedrooms along with an large recreation room.

 
Backs onto forested land
4 bedrooms, 3 bathrooms, family room
Open plan with island kitchen
Gas fireplace, on-demand hot water, gas heat
Ready for occupancy by August 23, 2019

$ 694,900 + GST
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Living at Capital Park Residences encourages a healthy and active lifestyle with its central, pedestrian and cycling-friendly location. Designed to LEED® Gold standards, this development is being built to create an environmentally-conscious residence, which includes provision for electric vehicle charging at every parking stall.

With the new federal rebate incentives on zero-emissions vehicles that came into effect last week to supplement existing provincial incentives, there is now more reason to consider going green. These initiatives are part of Canada’s strategy to reduce transportation-related emissions by getting more electric and hybrid cars on the road. With upwards of $10,000 available to you in government rebates, combined with Capital Park Residences’ EV-friendly parking, making the switch to an electric vehicle has never been easier.

EV charging Capital Park Residences Courtyard

With 15 homes already sold this spring, and construction advancing, now is the time to secure a sophisticated residence in this inviting new community. Visit the Presentation Centre today to tour the fully furnished Display Suite and learn about our wide selection of floorplans.

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A total of 696 properties sold in the Victoria Real Estate Board region this April, 10 per cent fewer than the 774 properties sold in April 2018 but an 8.8 per cent increase from March 2019. Sales of condominiums were down 9.8 per cent from April 2018 with 203 units sold but were up from March 2019 by 3.6 per cent. Sales of single family homes were down 12 per cent from April 2018 with 369 sold.
 
"Spring has been a non-traditional real estate market thus far," says Victoria Real Estate Board President Cheryl Woolley. "Consumer purchasing power continues to be negatively impacted by the B20 mortgage stress test, causing many buyers to step back while they save more money for a down payment."
 
There were 2,751 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2019, an increase of 13 per cent compared to the month of March and a 37.4 per cent increase from the 2,002 active listings for sale at the end of April 2018.  
 
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2018 was $874,800. The benchmark value for the same home in April 2019 decreased by 3.4 per cent to $845,100, higher than March's value of $843,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2018 was $506,900, while the benchmark value for the same condominium in April 2019 increased by 1 per cent to $511,700, higher than March's value of $506,500.
 
"Prices have remained reasonably flat across the region and are expected to stay that way," adds President Woolley. "Presently, REALTORS® are busy showing homes and bringing new listings to the market, but with few new options to view, we are still seeing multiple offer situations when that right property does become available. Given the current dynamic and evolving market conditions, it's a good time to chat with your Realtor about a personal plan for buying or selling a property." 
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I have sold a property at 649 Grenville AVE in VICTORIA.
Gorgeous new built west coast contemporary home with ocean views in the quiet Rockheigts area. Home designed by Samantha Weeks Design Group. Close to shopping and the Naden military base. Walk to the new liquor store or Red Barn market or head down admirals to the thrifty foods. Very close to Saxe Point Park. 78 walkscore, most errands can be accomplished on foot. Huge flat back yard. This home boasts immaculate modern finishings, gas Fireplace, laundry room, heated bathroom floors. This home is setup for a legal suite, hugely reduce your mortgage. New home warranty, immediate possession Net GST included.
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To help make homeownership more affordable for first-time home buyers, Budget 2019 introduces the First-Time Home Buyer Incentive.
  • The Incentive would allow eligible first-time home buyers who have the minimum down payment for an insured mortgage to apply to finance a portion of their home purchase through a shared equity mortgage with Canada Mortgage and Housing Corporation (CMHC).
  • It is expected that approximately 100,000 first-time home buyers would be able to benefit from the Incentive over the next three years.
  • Since no ongoing payments would be required with the Incentive, Canadian families would have lower monthly mortgage payments. For example, if a borrower purchases a new $400,000 home with a 5 per cent down payment and a 10 per cent CMHC shared equity mortgage ($40,000), the borrower's total mortgage size would be reduced from $380,000 to $340,000, reducing the borrower's monthly mortgage costs by as much as $228 per month. Terms and conditions for the First-Time Home Buyer Incentive would be released by CMHC.
  • CMHC would offer qualified first-time home buyers a 10 per cent shared equity mortgage for a newly constructed home or a 5 per cent shared equity mortgage for an existing home. This larger shared equity mortgage for newly constructed homes could help encourage the home construction needed to address some of the housing supply shortages in Canada, particularly in our largest cities.
  • The First-Time Home Buyer Incentive would include eligibility criteria to ensure that the program helps those with legitimate needs while ensuring that participants are able to afford the homes they purchase. The Incentive would be available to first-time home buyers with household incomes under $120,000 per year. At the same time, participants' insured mortgage and the Incentive amount cannot be greater than four times the participants' annual household incomes.
Budget 2019 also proposes to increase the Home Buyers' Plan withdrawal limit from $25,000 to $35,000, providing first-time home buyers with greater access to their Registered Retirement Savings Plan savings to buy a home.
 
---
 
The budget also includes a focus on strengthening rules and compliance and INCREASING supply through partnerships and targeted investments. 
 


First Time Home Buyer Victoria
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I have sold a property at 972 Jenkins AVE in VICTORIA.
Great Glen Lake Location in a newly developing area of Langford with lots of great family amenities all within a short walk. Solid 1960's home with 3 bedrooms up and a 1 bedroom in-law accomodation down. The lot is large enough to duplex, but sewer must be extended down Jenkins from neighbouring property. Contact Langford for confirmation if important. House needs some cosmetic updates and maintenance, as some jobs were not completed. The large 11,250 sq/ft lot (.26 acre) is level and mostly fenced. Short walk to the new Belmont development, Westshore Mall, Quality foods, Movie Theatre, Restaurants, Skating, Swimming, and much more. Close to main bus routes.
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Located by the Selkirk Waterway and located within the Victoria Inner Harbour. This popular project is selling out fast. The Railyards consists of 1 and 2 bedroom homes with high end finishings, within walking distance of Victoria's inner harbour. These homes are located Downtown Victoria and they will impress you. This project is currently pre-selling. The two bedroom townhouses are approximately 1200 sqft and have a modern look and feel to them. If you are interested in getting more information on this project. Please do not hesitate to contact me. LINK


The Developer of this project is LeFreve & Company and this is a trusted developer and the project is located in a very central and fantastic location of Victoria BC. Let's go and see this project.


Excited to Share this Project with YOU!

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This newly approved condo project in Victoria West consists of 183-unit project on 210 Kitma Rd. The Developers are  Mariash Group & Focus Equities. At 25 storeys tall it will have some of Victoria's best views.


Stay tuned for more information on this condo-presale project in Victoria. If you would like an invite to the launch of the Roundhouse Rise as soon as it happens, please contact me and I will make sure you have an appointment for a showing. LINK


If you would like know more about another condo pre-sale project in Victoria that is one of Victoria's tallest buildings at 25 storeys high, learn more about the HUDSON ONE.

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To find homes in this price range click on the following LINK.


When I think about affordable home prices for the average income in Victoria BC. I think of homes that are for sale under $ 600 000. It is not easy if you think about it,  to have a mortgage on a home that is priced over half a million. You do not want to stretch yourself too thin as a home owner. You want to get into an affordable price range while enjoying a normal life. You do want to live pay cheque to pay cheque all while trying to pay off that mortgage.


Now even though, my clients may want to buy a home in Victoria for under 600 000 I always encourage to sign to see homes over 600 000 a well, becaue you never know which of those homes can negotiate their price to being under 600 000. You do not want to miss out on those opportunities as well.


A newer home in the price range of 600 000 will be further out from the Victoria Downtown core, almost taking you to Happy Valley in Langford or as fas as the Sooke. If you are ok, with driving over the Malahat, even more affordable homes would be found in Shawnigan Lake and Mill Bay. 


If you do not mind being in an older home or a fixer upper, than of course you may be able to find a home closer to downtown, in Esquimalt, Mayfair area, or even View Royal neighbourhoods.


But before I keep going on in this blog post ha ha , what type of a home are  you looking for? A condo, townhouse, duplex  or a detached home....Remember a home can mean many things :-) . Lets talk soon.


You Friendly Fun realtor Friend


Shirin 

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Have you been dreaming of walking out your door and strolling into Cook St. Village, Beacon Hill Park and Downtown without having to use your car? Now is your chance to own a spacious condo within walking distance of Cook Street Village, Beacon Hill Park, Moss St. 439 Cook St is a fantastic building. Close to market and the beach! This home is located on the quiet, rear side of the building and features two large bedrooms, an ample sized kitchen and a quiet balcony to soak in the sun. The building features a sun drenched shared outdoor patio for BBQ's and entertaining. Pride of ownership is evident throughout the building building and the balconies have been newly completed within the last year. You will certainly appreciate the secure underground parking and generous storage that come with the unit. This condo will allow you to enjoy an active lifestyle in one of Victoria's most vibrant communities. Car charging stations are being installed.


Many upgrades have been done in the building and you will enjoy the fantastic location. Call now to see what is available for sale in the building. 


For more information on 439 Cook St click on the following LINK.

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Are you looking to sell your home ? and you want to save money?


Google "Victoria Top Realtor " click on the Yelp link and on the Rate my agent link ... You will see that out of thousands of agents in Victoria I am ranking top on google ( not my doing but by google ) as a top realtor.


Why is this important ... because I achieve three key points for my sellers

- I sell their home

- I get great value for their home

- I save them money (yes correct I save you money)


It's just property guys ...but ...not to me . It is your investment and I want you to get you the best return. I make sure that for your property, I market it in top prints and publication and I give it the maximum internet exposure I can get...BEST PART is..I offer you a deal while exceeding your expectations.


Have any other questions about your property? I can pull your title and review it with you for free. Further I can discuss all your options. Great value and great service.


If you would like to arrange a meetup, please click on the following link Looking forward to hearing fro you soon.

CLICK ON LINK

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Jukebox Victoria now over almost sold  out ! Another exciting condo project brought to you by Mosaic Properties Inc., a 9 storey concrete & steel residence that’s designed to let you experience the “WOW” factor from the second you step into the lobby. Numerous floor plans to choose from including studio & one bedroom +. Obsessive attention to detail throughout with average 10 ft. ceilings, gleaming hardwood floors, quartz countertops, GE Loft Series appliances in kitchen plus in-suite laundry. The Pre sale condos are a must see ! Relax in the meditation garden or sweat it out in the fitness centre. Located in Harris Green neighbourhood, right next to Victoria's vibrant downtown core & within walking distance to shops, restaurants and the Inner Harbour. Scheduled Completion early 2019. Stay tuned for the Jukebox Victoria.


A few questions that people are asking about this project are?


How much are the strata fees? Well for 603 sqft  strata fees are $231 approximately. 


Can I get access to floor plans and the bylaws the Jukebox building?


Absolutely you can! Contact me and I can see you information on what floor plans are available along with bylaws and disclosure on 1029 View St. Note there are  other pre-sale projects in downtown Victoria. Let's meet to discuss further.



If you any questions on this Pre-sale project or if you like to see other pre-sale projects. Click on the following link to contact me.

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Latest Market Reports

Victoria Real Estate Market Continues to Stabilize ...

A total of 533 properties sold in the Victoria Real Estate Board region this September, 16.7 per cent fewer than the 640 properties sold in September of last year, and a 10.3 per cent decrease from August 2018. Sales of condominiums were down 30.4 per cent from last year in September with 149 units sold. Sales of single family homes were down 9.2 per cent from 2017 with 285 sold this September.

"This year's housing market has continued to behave as we've expected, moderating after the record setting pace of 2016 and adjusting to various government measures such as tightening mortgage qualification rules that were intended to cool the market," says Victoria Real Estate Board President Kyle Kerr. "We continue to see a reduction in sales when we compare to recent years and prices stabilizing across the market, with some variation in value in niche, higher end homes."...Read More

Want to know what your home is worth? Contact Me for a market evaluation!

THANK YOU TO ALL MY CLIENTS FOR A RECORD BREAKING SUMMER - Shirin Purewal

Featured Listings

Homes

Click to see the latest of homes for Sale in Victoria.

Condo

Click to see the latest list of Condos for sale in Victoria.

Townhouses

Click to see the latest list of townhouses in Victoria for sale.

Luxury & Waterfront Properties

Click to see the latest list of luxury real estate for sale in Victoria.

For more information on my listings,
Contact Me Today!

 

House Hunting

Thinking of selling? Here's what my clients are currently looking for!

- Fixer upper in Victoria, Langford, or Saanich - Under $650,000
- 2 Bedroom 2 Bath Condo in Saanich & surrounding areas under $450,000
- Homes in Saanich with a rental suite up to $750,000
- 2 Bedroom Condo Westshore up to $420,000
- Condo in Bear Mountain up to $425,00
- Home in Bear Mountain up to $850,000
 

Let's find your perfect place to live, love and laugh, let’s make your dream a reality. Click Here to Begin!

 

Market News

40% Sold ! Pre-sale Condo Project exceeds expectations

...Read More

 
 

Victoria Garden Suite Approval yields 22 approvals among 7000 eligible properties

...Read More

Home & Garden Tips

8 Budget Ideas for Decorating Your Blank Walls

Postcards, tile and sentimental clothing can bring beauty to your walls, often for less than the cost of original art

...Read More

Testimonials

"Shirin was wonderful to work with. She listened to our expectations for selling, helped formulate a plan and sold our house in record time! We found her very professional!"

- Lisa Sykes

"I've had AWESOME experience working with Shirin as my Realtor. We left our home in Toronto in Dec 2016 and took a bold step in buying a house in Victoria in April 2017 but knew no one here. She communicated with my whole family about differing needs staying in constant contact with important information - both basic and complex stuff. She listened in terms of adapting to our needs from understanding our time frame to giving references/contacts to sharing local knowledge honestly. She is hardworking, technology savy, detailed oriented, tenacious!."

- Anjan Chhetry

Please click here to see more testimonials!

"When it comes to buying, insuring you make the right decision is my priority and I have your long term, best interest at heart. If something is not right for you, I will tell you, straight. When it comes to selling, I take marketing to an entirely new level. Call me to find out how!"
- Shirin Purewal


Copyright © 2017 Shirin Purewal BC HOME GROUP Jonesco Real Estate Inc., All rights reserved.

Our mailing address is:
201-641 Herald St., VICTORIA BC

Want to change how you receive these emails?
You can email info@bchomegroup.ca
 


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Victoria Real Estate Market Continues to Stabilize 

A total of 533 properties sold in the Victoria Real Estate Board region this September, 16.7 per cent fewer than the 640 properties sold in September of last year, and a 10.3 per cent decrease from August 2018. Sales of condominiums were down 30.4 per cent from last year in September with 149 units sold. Sales of single family homes were down 9.2 per cent from 2017 with 285 sold this September. 

"This year's housing market has continued to behave as we've expected, moderating after the record setting pace of 2016 and adjusting to various government measures such as tightening mortgage qualification rules that were intended to cool the market," says Victoria Real Estate Board President Kyle Kerr. "We continue to see a reduction in sales when we compare to recent years and prices stabilizing across the market, with some variation in value in niche, higher end homes." 

There were a total of 2,646 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2018, an increase of 5 per cent compared to the month of August and 33.9 per cent more than the 1,976 active listings for sale at the end of September 2017. 

"If you are considering buying or selling a home, you need to understand your local market, particularly in the context of your property type and price point," adds President Kerr. "Micro markets in our area behave very differently as they are influenced by different pressures. The under $800,000 housing market in some areas is under tremendous pressure as many buyers compete for these homes. The multimillion-dollar market in other areas is currently experiencing less pressure and we can see price flexibility coming into play in the 1.5 million dollar plus market. And although we saw a bump in inventory at the start the year, those inventory levels have stabilized as well. So buyers still face a market with much less inventory available than the historical average. Your local REALTOR® can help you understand the best way forward for your selling or buying plans based on current and granular data and market insights." 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2017 was $832,000, while the benchmark value for the same home in September 2018 increased by 6.2 per cent to $883,700, slightly lower than August's value of $888,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2017 was $457,700, while the benchmark value for the same condominium in September 2018 increased by 9.9 per cent to $503,000, exactly the same as August's value.

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The speculation tax applies to residential property in British Columbia’s largest urban centers facing the housing affordability crisis. The tax applies in the Metro Vancouver Regional District (excluding Bowen Island and Electoral Area A, except the part of the electoral area that is the UBC and University Endowment Lands), the Capital Regional District (excluding the Gulf Islands Juan de Fuca), Kelowna-West Kelowna, Nanaimo-Lantzville (excluding Protection Island), Abbotsford, Chilliwack, and Mission. Most islands are excluded.


Exemptions

  • Primary residences of British Columbians are exempt from the tax.
  • Properties that are used as qualifying long-term rentals are exempt from the tax. Homes will need to be rented out for at least three months to qualify for an exemption in 2018. Starting in 2019, homes will need to be rented out for at least six months, in increments of 30 days or more, to qualify for an exemption
  • Over 99% of British Columbians will be exempt, because the vast majority of homes owned by British Columbians in the province’s urban centers will either be owner-occupied or will be rented long-term.


Rate design

  • In 2018, the tax rate for all properties subject to the tax is 0.5% on the property value.
  • In 2019 and subsequent years, the tax rates will be as follows
    • 2% for foreign investors and satellite families
    • 1% for Canadian citizens and permanent residents who do not live in British Columbia
    • 0.5% for British Columbians who are Canadian citizens or permanent residents (and not members of a satellite family)


Credit design

British Columbians who are Canadian citizens or permanent residents, and not part of a satellite family, will be eligible for a tax credit that is immediately applied against the speculation tax. This credit will offset a total of $2,000 in speculation tax payable. For homeowners with multiple properties, the tax credit will only apply to one property.


This tax credit will ensure that British Columbians do not pay tax on a second home valued up to $400,000. For more expensive vacant properties, the credit ensures that tax only applies to the value of the property above $400,000.

 

Who doesn’t pay the tax

  • The vast majority of British Columbians
  • People whose homes and cottages are outside the designated urban centers
  • Homeowners with properties in designated urban centers, but who rent them out long-term
  • Those eligible for special exemptions, including
    • The owner or tenant is undergoing medical care or residing in a hospital, long-term care or a supportive-care facility
    • The owner or tenant is temporarily absent for work purposes
    • The registered owner is deceased and the estate is in the process of being administered


Who pays the tax

  • Foreign speculators and satellite families
  • Domestic speculators
  • Those with multiple properties in B.C.’s designated cities that are vacant most of the year


Stress Test

AllCanadian home borrowers are required to qualify for 2% more than their contracted mortgage rate when applying for a new mortgage.

GST

New residential property/home

5% GST is payable on the purchase price of newly constructedor substantially renovated residential homes. Substantially renovated is defined in the legislation as the removal or replacement of most of the house construction components except for the foundation, external walls, interior supporting walls, floor, roof and staircase. This includes assignment of contracts.

 

“Used” residential property/home

GST is not applied to used housing, as the first owner of the property would have already paid it (unless substantially renovated – see above).


GST New Home Rebates

  • If the purchase price is $350,000 or less, new home buyers can apply for a rebate of the 5% GST. The rebate is up to 36% of the 5% GST to a maximum rebate of $6,300.


Assume the purchase price of a new home is $350,000 excluding GST. The gross GST. is $17,500 (5% of $350,000). The GST New Housing Rebate is 36% of $17,500, which is $6,300. Thus, the applicable GST. is $17,500 less $6,300, which equals $11,200.


  • If the purchase price is between $350,000 and $450,000, there is a proportional GST rebate.


The rebate is gradually reduced and is calculated by using the following formula:


$6,300 x [$450,000 – the purchase price] / $100,000

 

For example, assume the purchase price of a new home is $400,000 excluding GST The GST New Housing Rebate is:


$6,300 x [$450,000 – $400,000.00] / $100,000

 

Which equals $3,150. The gross GST would be 5% of $400,000.00, which equals $20,000.00, less the partial GST New Housing Rebate of $3,150.00, for a net tax of $16,850.00.


  • If the purchase price is over $450,000,there is no GST New Housing Rebate.


* Please note that the Developer may agree in the Contract to credit the Purchaser on completion for the rebate, but not all Developers allow this. If they do not, the Purchaser will have to pay the full 5% GST on completion and will then have to apply directly to C.R.A. for the GST New Housing Rebate after closing. This means the Purchaser will have to ensure that they have additional funds to cover the 5% GST on completion. Note the GST New Housing Rebate is not available to a corporation or a partnership. If the developer pays the GST, the buyer will be required to sign over the rebate to the developer when it is received.

 

Rental Rebates

If a Purchaser is planning to rent out the new home, they may be eligible for a GST New Residential Rental Rebate. The full GST NRR Rebate is only available on new homes priced up to $350,000. A partial GST NRR Rebate is available for homes priced between $350,000 and $450,000. To be eligible the purchaser must meet certain conditions which include:


  1. The Purchaser must not be entitled to claim input tax credits in respect of any part of the tax payable on the acquisition of the rental unit.
  2. The rental unit must be a “qualifying residential unit” which means the person applying for the rebate must be the owner of the unit and the unit must be a self-contained residence as defined in the Excise Tax Act
  3. The unit must be held by the owner for the purpose of making exempt supplies (for example, a residential tenancy)
  4. The unit must be used as a primary place of residence by the tenants and must be so used for at least one year and the Purchaser will have to provide a copy of the tenancy agreement showing a term of at least one year.

 

* Please note that the Developer is not allowed to credit the Purchaser on completion with the GST NRR Rebate. This means the Purchaser will have to pay the full 5% GST on completion and then claim the GST NRR Rebate afterwards directly from C.R.A. The Purchaser will have to ensure that they have the necessary funds to cover the 5% GST on completion.

 

Property Transfer Tax and Foreign Buyers’ Tax

Property Transfer Tax

Property Transfer Tax on residential properties is 5% on the portion of the fair market value greater than $3,000,000 effective February 21, 2018.


As of 2018, the applicable rates are as follows:


  • 1% on the first $200,000
  • 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000
  • 3% on the portion of the fair market value greater than $2,000,000
  • If the property is residential, a further 2% on the portion of the fair market value greater than $3,000,000

BCREA Tax Calculator: http://www.bcrea.bc.ca/taxapp/


Foreign Buyers Tax

Foreign Buyers’ Tax is 20% as of February 21, 2018. It has also been extended outside of the Greater Vancouver Regional District to include the Capital Regional District, Fraser Valley, Central Okanagan and Nanaimo Regional District. Foreign entities in these taxable regions are subject to this tax (persons who are not a Canadian citizen, Permanent Resident or registered under the Provincial Nominee Program).


If the property transfer is registered on or before February 20, 2018 and is within the Greater Vancouver Regional District, the tax amount is 15% of the fair market value of your proportionate share.


Example:

If the fair market value of a home is $3,000,000 and the purchaser is a foreign buyer, the total PTT bill would be $668,000. (i.e.: $600,000 as the amount of the foreign buyers’ tax plus $68,000 as the amount of the basic PTT)

 

Non-Resident (Foreign) Sellers

The Income Tax Act of Canada provides that whenever a non-resident disposes of property, the non-resident is required to pay the appropriate amount of taxes on any gain.  In order to satisfy the Buyer that the appropriate amount of taxes are paid, the Seller must provide to the purchaser, on or before closing, a clearance certificate from Revenue Canada.  This certificate is issued by the federal government and certifies that a certain amount of money is payable for the taxes.  The amount owing is deducted from the sale proceeds and sent directly to the federal government by the Seller’s lawyer.


The clearance certificate is issued pursuant to section 116 of the Income Tax Act and is usually required on the closing date.  The application for the certificate may be made prior to closing by the Seller, but not until there has been a subject free contract of purchase and sale.  The wait for the clearance certificate is usually around 3 months, so in a perfect world, there would be a 3-month lead-time between subject removal and the completion date.

Complications can arise if the certificate is not obtained prior to the closing date.  In such a case, the Buyer is required to hold back from the sale proceeds a percentage of the selling price.  This percentage is between 25% and 50%, depending on whether the property is non-depreciable property (a residence of the Seller), depreciable property (the property has been rented), or inventory (Seller is a builder).  The transaction closes with the money remaining in a lawyer’s trust account until the certificate is obtained.  Once the certificate is obtained, the taxes are paid from the holdback and the Seller receives any amount left over.

Note that the holdback is based on the selling price, not the equity in the property.  If there is financing on the property, the Seller may need to pay this financing from other sources.


Sources:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/additional-property-transfer-tax

https://www2.gov.bc.ca/assets/gov/taxes/property-taxes/publications/is-2018-001-speculation-tax.pdf

UBC Sauder School of Business Real Estate Trading Services Licensing Course Bulletins

https://www.bcrealestatelawyers.com/basic-info-for-residential-real-estate/

http://bridgewellgroup.ca/blog/gst-on-real-estate-in-bc/

https://www.bcrealestatelawyers.com/non-resident-buyers-and-sellers-of-real-estate/

Home Owner Grants

Home Owner Grants are a type of tax relief from property taxes for an owner of an eligible property, if he or she occupies it as a principal residence.


To be entitled to a basic grant:

  • Must be owner of an eligible residence
  • Must be registered owner of the property
  • Must be ordinarily resident in British Columbia
  • Must be Canadian citizen or permanent resident of Canada
  • Must occupy the property as his or her principal residence


As of 2018, the grant is $570. (this is deducted from the Property Tax payable by the particular owner)

Grant is available in full for homes having an assessed value of up to $1,650,000, but is phased out entirely for homes having an assessed value of $1,764,000 or more.

Owners must generally pay at least $350 in Property Taxes before obtaining the benefit of the grant.


Homeowner Grant Threshold

As of 2018: $1,650,000


Homeowner Grant Threshold is the maximum value of an assessed or partitioned property where home owners are eligible to claim the home owner grant.


You may be able to claim the full grant amount if your property has an assessed or partitioned value of $1,650,000 or less.


If you meet all requirements but your property’s assessed or partitioned value is over $1,650,000, you may qualify for the grant at a reduced amount.


The grant is reduced by $5 for each $1,000 of assessed value over $1,650,000. This means the grant isn’t available for properties assessed over $1,819,000 ($1,859,000 in a northern and rural area).


If your property has an assessed value of more than $1,819,000 ($1,859,000 in a northern and rural area), then you aren’t eligible for a home owner grant. You may still qualify for a low income grant supplement, even though you aren’t receiving the home owner grant, and can apply for the supplement on its own.

 

Other types of Home Owner Grants

Seniors Grant

To qualify:

  • Registered owner of residence
  • Canadian citizen or permanent resident
  • Live in British Columbia
  • Residence is your principal residence
  • Must pay at least $100 in property taxes 
  • Assessed or partitioned value of your property must not exceed the grant threshold
  • Ensure you meet additional requirements if you are buying or selling your property


Total grant amount:

  • $845 ($275 on top of regular grant of $570) in Capital Regional District, Greater Vancouver Regional District and the Fraser Valley
  • $1,045 in all other areas of British Columbia


Other information:

Disability Grant

To qualify:

  • Registered owner of residence
  • Canadian citizen or permanent resident
  • Live in British Columbia
  • Residence is your principal residence
  • Assessed or partitioned value of your property must not exceed the grant threshold
  • Ensure you meet additional requirements if you are buying or selling your property
  • Must pay at least $100 in property taxes 
  • One of the following:

1)  You receive provincial disability assistance, hardship assistance or a supplement under the Employment and Assistance for Persons with Disabilities Act.

2)  You’re disabled or have a disabled spouse or relative living with you in your principal residence and you (a) pay at least $150 per month during the calendar year to help the person with disabilities with daily living activities in your principal residence, (b) have spent at least $2,000 for a qualifying modification to your principal residence, or (c) purchased your principal residence with a qualifying modification completed by a previous owner and the modification cost at least $2,000.


Total grant amount:

  • $845 ($275 on top of regular grant of $570) in Capital Regional District, Greater Vancouver Regional District and the Fraser Valley
  • $1,045 in all other areas of British Columbia


Other information:

Veterans Grant

  • Most veterans can apply for the homeowner grant as a person under 65 (basic grant), senior, or person with a disability.
  • If you have an adjusted net income of $32,000 or less you may qualify for a: Supplement for veterans under 65, Low income grant supplement for seniors, Low income grant supplement for surviving spouses of veterans who received a War Veterans Allowance
  • If you’re under 65 years of age and the surviving spouse of a veteran who received a War Veterans Allowance, you may qualify for a higher grant amount. You qualify if you: Are the surviving spouse of a veteran who received a War Veterans Allowance, and Meet the same requirements for the home owner grant for seniors, excluding the age limit criteria

Deceased Owner

To qualify:

  • Property is still registered in the name of a deceased owner or in the name of the executor or administrator of their estate
  • You’re the spouse, child, grandchild, parent, brother or sister of the deceased owner
  • The deceased owner would have qualified for the home owner grant
  • You occupied the residence as your principal residence on the date of the owner’s death
  • The property is still your principal residence

If the owner’s death occurred in the current year, you’ll receive the amount they would have been entitled to. If the owner would have qualified for an additional grant, you'll be entitled to the extra grant amount regardless of your status.

If the owner’s death occurred in previous years, you’ll receive the amount you qualify for.



Sources:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/reduce/home-owner-grant

UBC Sauder School of Business Real Estate Trading Services Licensing Course Bulletins

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