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February 2019 Market Update

 

Canada: What The New Speculation And Vacancy Tax Act Means For B.C. Real Estate

British Columbia's Speculation and Vacancy Tax Act (Bill 45) (SVTA) recently received royal assent. As announced in the 2018 provincial budget, the SVTA introduces a tax on residential properties left vacant for six months or more within a calendar year (Speculation Tax).

The Speculation Tax applies on the basis of an owner's interest in a residential property and is calculated based on a property's assessed value. In general, "residential property" will be property classified as residential by BC Assessment for annual property assessment purposes.

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Click the link below to view the monthly market statistics for your area in an easy to understand infographic. Listings, sales and prices are summarized for condos, townhomes and single family homes in cities across BC.

 

Abbotsford

Bowen Island

Burnaby East

Burnaby North

Burnaby South

Cloverdale

Coquitlam

Kelowna

Ladner

Langley

Maple Ridge

Mission

Nanaimo

New Westminster

North Delta

North Surrey

North Vancouver

Parksville

Pitt Meadows

Port Coquitlam

Port Moody

Richmond

South Surrey/
White Rock

Squamish

Sunshine Coast

Surrey - Central

Tsawwassen

Vancouver - East

Vancouver - West

Victoria

Vernon

West Vancouver

Whistler

The symbol of the pig 'has always been blessed with good fortune'

Andrew Leong, a Richmond realtor and occasional adherent to the world of Chinese astrology, has some encouraging words for the coming year.

"The pig has always been blessed with good fortune,” the 35-year veteran realtor says.

He said that even though the real estate market has experienced somewhat of a downturn in recent months, β€œit really can't get any worse.”

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B.C. Real Estate News

LOWER MAINLAND

Real Estate Board of Greater Vancouver reports another sharp drop in monthly sales (The Georgia Straight)

This is how Canada's housing correction begins (Maclean's)

Report forecasts 1.1 million population rise in Lower Mainland by 2041, requiring 500,000 new housing units (Georgia Straight)

VICTORIA & VANCOUVER ISLAND

Greater Victoria real estate sales dropped almost 24 percent in January 2019 over January 2018 (Sooke News Mirror)

Victoria to ask B.C. for authority to levy surtax on empty houses (Times Colonist)

Vancouver Island housing markets world-class in their unaffordability (BC Local News)

SQUAMISH & WHISTLER

Squamish vacation rental operators torn between profit and housing affordability (Squamish Chief)

OKANAGAN

Sales pace continues to slow in South Okanagan real estate market (Infotel)

Okanagan region property assessments continue to rise (Salmon Arm Observer)

Okanagan real estate listings up, sales down in January (Global News)

 
 

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