Housing supply up, demand down across Metro Vancouver

VANCOUVER, BC –August 2, 2018 – July’s residential housing sales in Metro Vancouver* reached their lowest levels for that month since the year 2000.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in the region totalled 2,070 in July 2018, a 30.1 per cent decrease from the 2,960 sales recorded in July 2017, and a decrease of 14.6 per cent compared to June 2018 when 2,425 homes sold.
Last month’s sales were 29.3 per cent below the 10-year July sales average.
“With fewer buyers active in today’s market, we’re seeing less upward pressure on home prices across the region,” Phil Moore, REBGV president said. “This is most pronounced in the detached home market, but demand in the townhome and apartment markets is also relenting from the more frenetic pace experienced over the last few years.”
There were 4,770 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in July 2018. This represents a 9.2 per cent decrease compared to the 5,256 homes listed in July 2017 and a 9.6 per cent decrease compared to June 2018 when 5,279 homes were listed.
The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 12,137, a 32 per cent increase compared to July 2017 (9,194) and a 1.6 per cent increase compared to June 2018 (11,947).
“Summer is traditionally a quieter time of year in real estate. This is particularly true this year,” Moore said. “With increased mortgage rates and stricter lending requirements, buyers and sellers are opting to take a wait-and-see approach for the time being.”
For all property types, the sales-to-active listings ratio for July 2018 is 17.1 per cent. By property type, the ratio is 9.9 per cent for detached homes, 20.2 per cent for townhomes, and 27.3 per cent for condominiums.
Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.
The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,087,500. This represents a 6.7 per cent increase over July 2017 and a 0.6 per cent decrease compared to June 2018.
Sales of detached properties in July 2018 reached 637, a decrease of 32.9 per cent from the 949 detached sales recorded in July 2017. The benchmark price for detached properties is
$1,588,400. This represents a 1.5 per cent decrease from July 2017 and a 0.6 per cent decrease compared to June 2018.
Sales of apartment properties reached 1,079 in July 2018, a decrease of 26.5 per cent compared to the 1,468 sales in July 2017. The benchmark price of an apartment property is $700,500. This represents a 13.6 per cent increase from July 2017 and a 0.5 per cent decrease compared to June 2018.
Attached property sales in July 2018 totalled 354, a decrease of 34.8 per cent compared to the 543 sales in July 2017. The benchmark price of an attached unit is $856,000. This represents a 12.1 per cent increase from July 2017 and a 0.4 per cent decrease compared to June 2018.



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What is the Home Renovation Tax Credit (HRTC) & How Can I take Advantage of It?

March 13th, 2009

The Home Renovation Tax Credit (HRTC)

·         Implemented in the 2009 Federal Government Budget

·         Is a non-refundable tax credit for work performed or goods acquired in respect to an Eligible dwelling?

·         An Eligible Dwelling is one’s principal residence, a cottage or summer home occupied personally.

·         A property you own that family members reside in during the time period from January 27th, 2009 to February 1st, 2010. 

·         Eligibility is family based.  A family is an individual and his/her spouse/common law partner including children less than 18 years of age by the end of 2009.

·         If 2 or more families own and occupy the same residence, then both families will be eligible for their own separate tax credit.

·         Eligible expenses must fall between $1,000 and $10,000.  The maximum tax credit is $1,350 (15% of $9,000).

·         The Tax Credit is ONLY for the 2009 Taxation year. 

 

What Qualifies as an Eligible Expense?

 

·         Expenses incurred with respect to a renovation must be of an enduring nature and integral to the home.

·         This includes cost of labor, professional services, building materials, fixtures, rentals and permits.

·         You MUST have documentation to prove this.  Agreements, Contracts, Invoices, or Receipts.

·         The type and quantity of goods purchased or services received must be listed.

·         The Contractor’s name, business address, gst/hst registration number as well as the address where the work was performed must be on the Documentation. 

·         Proof of Payment must be noted as well.

 

Eligible Expenses:

 

·         Renovations to a Kitchen, Bathroom or Basement.  *(appliances are not eligible nor is renovations to a tenanted basement suite in your principal residence)*

·         New Carpets or Hardwood Flooring.

·         Building of an addition, garage, deck, shed or fence.

·         Painting of the exterior and interior of your homeRe-shingling of a roof.

·         A new furnace, woodstove, boiler or water heater.

·         A new driveway or the re-surfacing of an existing one. 

·         Laying of new sod.

·         Swimming pools both in ground and above.

·         Costs of permits, equipment rentals and incidental expenses related to the renovation.

·         *If you own a condo and a special levy is approved for the upgrading of a Common Area and a special assessment is passed for this levy, you would be eligible for a tax credit based on your unit entitlement.*  Please check with your Strata Management Company, Accountant and Lawyer for specifics. 

·         Expenses are not eligible if the work performed or the goods acquired are provided by a person not dealing at arm’s length. For example, if your brother-in-law helps you re-shingle your roof and is not registered with gst/hst and you pay him in cash or cheque, then you can’t claim the expenses.

·         Renovations that qualify for the Medical Expense Tax Credit (METC) is an eligible expense and one can claim both the (HRTC) & (METC).

·         Eligible expenses will not be reduced by other qualifying Government grants or Tax Credits.

 

Please note that the above information is just a guideline and for complete details or information, please contact the CRA Canada Revenue Agency, www.cra-arc.gc.ca or speak to your Accountant prior to renovating. 

 

If you or anyone you know are thinking about Selling and wish to renovate prior to doing so, please call me for a no obligation consultation of which renovations will increase the property’s value more than others. Also, should you hear of anyone thinking of buying or selling real estate, please keep me in mind as I am never too busy for any of your referrals!

 

Regards,

 

 

 

Robert Britch

www.robbritch.com

www.vancouverbcrealestate.ca

Email:  robbritch@telus.net

Tel:  604-240-5813

Quality Service since 1993!

                                                   

 

 

Not intended to Solicit Properties Already Listed for Sale.