Current Market Conditions

Welcome to the DEXTER ASSOCIATES REALTY STATISTICAL UPDATE PAGE. We want to ensure that our REALTORS® and our clients are well informed on current market conditions.

In our Blog below you will find a weekly market update. Within the Blog, there are 2 links updated weekly that separate and break down listing and sales statistics for market areas in and around the City of Vancouver. One link combines all residential types of properties for a select group of market areas and another link breaks down those areas by houses, townhouses and apartments.

If you have any questions at all, do not hesitate to contact one of our Dexter Associates!

 
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Property Status Declaration: Starting January 2017 and due by February 2, 2018 Empty Homes Tax Payment: Due by April 16, 2018 for 2017 Tax Year Unpaid tax added to Property tax bill: December 31, 2018 Tax will be equal to 1% of the property's assessed value

 

Properties not subject to Empty Home Tax:

 

*         Being used as a principal residence by the owner or his/her family member

 

*         Rented for a total of 180 days of the year, in periods of at least 30 consecutive days

 

*         Meeting the criteria for one of the permissible exemptions listed below

 

 

Permissible Exemptions:

 

*         Your home is being used a minimum six months of the year for work purposes within the City of Vancouver, with your principal residence elsewhere

 

o   Must provide address of your principal residence, contact information for Vancouver employer, letter from Vancouver employer confirming full time employment status and required physical presence for purposes of work

 

*         You or your tenant is receiving long-term, in-patient, medical or supportive care

 

o   Contact information for care facility and letter from care facility confirming property owner is under-going care

 

*         The owner is deceased and a grant of probate or administration is pending

 

o   Provide copy of death certificate

 

*         The ownership of the property changed during the year

 

o   Provide a copy of the contract of purchase and sale

 

*         The property is undergoing major renovations, or is under construction or redevelopment and permits have been issued

 

o   Short description of redevelopment and permit number

 

*         The property was subject to strata rental restrictions as of November 16, 2016

 

o   Provide copy of strata bylaws and letter from strata council confirming rentals are at the maximum and the property in question is on the waiting list

 

o   Any strata bylaw enacted after November 16, 2016 will not allow for an exemption by the property owner

 

*         The property is under a court order prohibiting occupancy

 

o   Provide a copy of the court order

 

*         The property's use is limited to vehicle parking or the shape, size or other aspect of the property precludes the ability to construct a residential building

 

 

Penalties and Fines:

 

*         Failure to self-declare will result in the tax applied in the year following, with the amount added to the property tax bill

 

*         Late and unpaid Empty Home Taxes are subject to late payment penalty of 5%, daily interest on arrears and the tax sale process

 

*         False declarations will result in fines up to $10,000 per day in addition to payment of the tax

 

*         Properties may be audited and documentation and support of exemptions will be requested

 

For further information, please go to the City of Vancouver website:

 

http://vancouver.ca/home-property-development/empty-homes-tax.aspx

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