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Detached Houses: Detached houses are now consistently in a strong Buyer’s Market with sales ratios* in the Westside neighbourhoods dipping below 10%. (remember Seller’s Markets beginning at 21% SR). The hottest neighbourhood in the Westside is Kitsilano with a 21% sales ratio. So, in actual fact houses in Kits are in a Seller’s Market and…
As we all know the provincial government (for the time being) allows homeowners who occupy their property as their principal Residence to claim a ‘Home Owner Grant’. This grant towards your property taxes for people under the age of 65 is $570 in Greater Vancouver. Interestingly enough the province pays $770 for all other areas…
We are 2 weeks into the new B20 mortgage rules. While I am sure we will see further changes as time goes along, here is what we have seen thus far… • New mortgages with less than 20% down are still qualified using the mortgage qualification rate ( 5.19%) and a 25 yr amortization •…
As you have probably heard, The City of Vancouver this past year implemented a tax on vacant properties. The tax is 1% of the properties assessed value. There are several exceptions and provisions within the new regulations, but generally speaking if a residential property is your principal residence where you live or has been rented…