Real estate market overview and current challenges
Stepping into 2017
Come join me as we learn from Jennifer Podmore-Russell of Deloitte, and her take on where is Vancouver’s real estate marketing heading as we step into 2017. This presentation brought to us courtesy of Wealthminds!
Click here for the full presentation.
I’ve also highlighted below some notable changes in our market which may affect you! Give us a call at (604) 629-7515 or fill out the form below if you’d like to learn more.
Changes in the market – BC’s Foreign Buyer Property Transfer Tax
On July 25, 2016, the BC government introduced legislative changes directed at BC’s residential housing market. The key changes include the introduction of an additional 15% property transfer tax (PTT), effective August 2, 2016, on transfers of residential properties within the Greater Vancouver Regional District (GVRD) to foreign entities or taxable trustees
Government Responses – Preventative Measures for a “Healthy, Competitive and Stable Housing Market”
Legislation release on October 3, 2016 included a “Mortgage rate stress test” for all insured borrowers and closing loopholes for the Principal Residence Exemption.
Stop… in the name housing affordability and supply!!
I seem to have a lot of Christy Clark showing up in my blog feed these days. Today’s announcement, is that the province aims to implement rules that require the Seller’s consent for any assignment plus any profits made from assignments returned to the home-owner. The announcement comes one day after NDP Leader John Horgan introduced two bills in the legislature in response to so-called shadow flipping and empty homes.
So what do you think? Is this likely to succeed? Will it in fact have any affect on the real issue which is housing affordability and supply?
Province to address “shadow flipping” abuse in real estate transactions
Premier Christy Clark has announced British Columbia is taking further action on realtor conduct, conflict of interest and housing affordability.
In the coming weeks, government will put new rules in place to prevent the potentially predatory practice of real estate contract assignment ─ so-called “shadow flipping.”
Government looks forward to the Real Estate Council’s independent advisory group recommendations on licensee conduct and potential conflict of interest, such as dual agency representation where one licensee acts for both the seller and buyer in a transaction.
Finance Minister Michael de Jong and Deputy Premier Rich Coleman will meet with Vancouver Mayor Gregor Robertson to discuss collaborative steps governments can take to further improve affordability in Vancouver.
Read the Premier’s full Press Release here
Want to learn more?:
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– Photo Tour
– Map & Streetview (Extremely Private Lot)
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Today I’m here to invite you for our next upcoming meetup. We are going to be meeting up on November 17th in Burnaby, BC.
We’re going to be chatting about financial planning. This has always been an interesting topic for us. We’ve got a great guest speaker lined up and we’ll share with you those details if you go to meetup page. Continue reading →
Come join us in this Meetup as we look at the highs and lows of being a landlord. This evening will be a great chance to share experiences and stories. We will go through what things you should watch out for when dealing with tenanted properties!
RSVP on Meetup.com or Facebook – in order to be eligible for the prize draws at the end of the evening!
Through our discussion on the highs and lows of being a landlord we will learn: should you charge the maximum rent, how to screen tenants properly, when not to use a property manager, is the Residential Tenancy Office friend or foe, why can it take up to 6 months to remove a tenant that doesn’t pay rent, and much more.
Back by popular demand! Our special guest speaker this week will be:
Real Estate Broker, Project Marketing Continue reading →