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


Episode 3 of Open House by BCREA focuses on the impact of COVID-19 on REALTORS®. Hear from BCREA Chief Economist Brendon Ogmundson about the new Market Intelligence Report exploring the impact of COVID-19 on the BC housing market, and Manager of Professional Services Jennifer Lynch about the changes to Realtors' day-to-day lives and business.
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When it comes to real estate sold contact the BC Home Group to help you. We have a team of experts on stand-by. We can follow up and answer any of your real estate questions. If we do not have your answer we will make sure to guide you in the right directions. Always here to help ! 
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This is great information to be shared with fellow realtors as we get instructions on what to do for our clients.


As the situation around COVID-19 continues to disrupt people’s lives, we’re actively working to update our online information for professionals and consumers. We encourage you to keep checking our COVID-19 and Real Estate page for new resources and guidance, including external links to resources you may find useful. 
 

RECBC has developed checklists to help you manage challenges related to COVID-19 when working with clients. All real estate professionals should be discussing COVID-19 with their clients to work cooperatively to find solutions that minimize risk for all parties. You can find the checklists, along with advice and considerations for professionals, on our website:

  • Sellers Checklist
  • Buyers Checklist
  • Landlord/Tenant Checklist
  • Strata Checklist

If you are working with clients or members of the public who have questions about how their real estate transaction or management services will be impacted by COVID-19, RECBC’s consumer information may be a helpful resource: Information for Real Estate Consumers on COVID-19. 

Service Reminder 
BC has declared a provincial health emergency, and so we encourage you to not visit our office in person at this time. We are continuing to provide all licensing, education, audit, and compliance services. 

We are available to serve real estate professionals and members of the public by phone or email. Do not send anything to our office by mail with the exception of applications containing original Criminal Record Search documents. You can reach us at info@recbc.ca or by phone at 604-683-9664, toll-free 1-877-683-9664.  

Real estate professionals and consumers with questions about how real estate services may be affected by COVID-19, please contact our Professional Standards Advisors at advisor@recbc.ca, or by phone at 604-683-9664, toll-free 1-877-683-9664. 

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Hi Global Family !


Hoping everyone out there is safe and secure with their families. I just wanted to share with my colleagues and web friends that are in the middle of a real estate transaction a Corona Covd-19 clause you could use as part of your contract. This was shared with me by my managing broker and I thought it would be very useful for everyone out there. If i can help support you in any way, please feel free to reach out to me. I am positive this will all pass and this is a good time for us to self reflect and appreciate our blessings as well as our families.


Kind Regards, 


1-778-678-5626 Shirin Purewal.


"The parties agree and acknowledge that in the event that either the Buyer, Buyer’s lender, the Seller, or either of their respective legal counsel, the Land Title Office or other necessary government agency becomes the subject of a voluntary or mandatory COVID-19 virus quarantine or closure prior to the Completion Date that results in the Buyer’s or Seller’s inability to perform their obligations on the Completion Date, the Completion Date shall be extended to the day that is ten (10) business days following the day that the quarantine or closure order is lifted by the applicable government authority or authorities as the case may be (the “Extended Completion Date”). Provided however that if the Extended Completion Date is greater than sixty (60) business days from the original Completion Date then unless the parties otherwise agree in writing, this contract will be at an end, and neither party will have any further obligations to the other, and any deposit being held shall be forthwith released  to the Buyer. In the event that the original completion date is extended pursuant to this provision the parties agree that adjustment and possession dates will be extended to the same date as the extended completion date.

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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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September 12, 2018

Significant interest in a corporation or trust that acquires Real Estate


As of September 17, 2018, individuals with a significant interest in a corporation or trust that acquires real estate property may need to be identified on the property transfer tax return. In addition, the Province is establishing a public registry administered by the Land Title Survey Authority to record beneficial ownership of land, such as corporations and trusts.


During the transition stage, the Province will require all individuals who own a beneficial interest in property to disclose such interest. The Province will also be enacting legislation that will require corporations in B.C. to hold accurate and up-to-date information on beneficial owners of land in their own records office to be available to governmental authorities.

  

Although the Province has not announced any tax liability with respect to the foregoing, it may be that corporations and bare trusts may incur tax liabilities in the future. Clients intending to purchase through a corporation or trust are well advised to obtain advice from qualified tax advisors or a lawyer prior to entering into contracts of purchase and sale.


More information can be found at the following link: https://www2.gov.bc.ca/gov/content/taxes/tax-changes/whats-new/property-taxes.

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A total of 708 properties sold in the Victoria Real Estate Board region this June, 29.8 per cent fewer than the 1,008 properties sold in June of last year, and a 6.2 per cent decrease from May 2018. The sales of condominiums were down 25.1 per cent from last year in June with 230 units sold. Sales of single family homes were down 34.7 per cent from 2017 with 357 sold this June.
 
"June typically signals the conclusion of the busy spring market, and activity lightens into the summer," says Victoria Real Estate Board President Kyle Kerr. "However, because of decelerating growth due to aggressive government implementation of policies to reduce demand, Victoria's real estate market has been hobbled since the start of the year when federal restrictions around mortgage qualifications were rolled out. Even demand side measures that are not yet live, like the Vancouver/Kelowna/Nanaimo/Victoria-specific Speculation Tax, are dragging the market down as many consumers stand aside to watch what happens."
 
There were a total of 2,595 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2018, an increase of 8.4 per cent compared to the month of May and 35.5 per cent more than the 1,915 active listings for sale at the end of June 2017.  
 
"The good news is that inventory is slowly being added to the market, though we are still very far off from our ten year average inventory level of 4,100 listings" adds President Kerr. "The slower pace of the market has created more time for buyers who may have been hesitant to jump in during the high pressure market conditions of recent years
. Homes are spending a bit longer on the market and there are fewer multiple offer situations than in the past, and if we see more listings over the next few months we may be heading back into a more balanced market situation. Every type and location of property is a separate segment of our market, and there are varying pressures and demands, so if you are buying or selling it is wise to take advantage of the services of your local REALTOR® to help navigate this changing market."  

<MLS® Home Price Index reporting is currently unavailable. This document will be updated when the June numbers are released.>

Stats will be posted on the VREB website this afternoon.
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