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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"There is a crack in everything, that's how the light gets in." - Leonard Cohen

 

Sales and listings stats are attached as of November 24, 2016. Steady as she blows, pretty much the theme of the last 3 months and continuing this month. Sales in those 3 months have averaged 2,380 homes sold in Greater Vancouver. November is likely to finish at around 2,200 sales for the month. Total number of Active Listings continues to be on the decline, currently sitting at 9,344 units. Both East Vancouver and West Vancouver – two of the areas that have showed a greater decline in sales, are likely to achieve more sales in November than in October. Similarly with Detached Houses on the West Side of Vancouver. Sales will be down from last year but we are still seeing multiple offers with some properties.

 

Sales and Listings Report Houses Townhouses Condos Nov 23 2016

 

Sales and Listings Report All Regional Nov 23 2016

 

Here is a summary of the activity so far:

 

Greater Vancouver –1,625 Units Sold so far in November 2016. Total New Listings so far in September are 2,527. Total Active Listings are at 9,344 (down from 9,826 at the end of October 2016), Sales To Listings Ratio is at 64% compared to 56% at the end of October 2016.

 

Vancouver West - 295 Units Sold so far in November 2016. Total New Listings so far in September are 456. Total Active Listings are at 1,545 (down from 1,652 at the end of October 2016), Sales To Listings Ratio is at 65% compared to 54% at the end of October 2016.

 

Vancouver East – 183 Units Sold so far in November 2016. Total New Listings so far in September are 323. Total Active Listings are at 1,030 (down from 1,047 at the end of October 2016), Sales To Listings Ratio is at 57% compared to 40% at the end of October 2016.

 

North Vancouver – 120 Units Sold so far in November 2016. Total New Listings so far in September are 174. Total Active Listings are at 520 (down from 551 at the end of October 2016), Sales To Listings Ratio is at 69% compared to 54% at the end of October 2016.

 

West Vancouver – 32 Units Sold so far in November 2016. Total New Listings so far in September are 86. Total Active Listings are at 484 (down from 516 at the end of October 2016), Sales To Listings Ratio is at 37% compared to 25% at the end of October 2016.

Richmond – 179 Units Sold so far in November 2016. Total New Listings so far in September are 340. Total Active Listings are at 1,328 (down from 1,370 at the end of October 2016), Sales To Listings Ratio is at 53 compared to 57% at the end of October 2016.

 

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It takes courage to grow up and become who you really are. - E. E. Cummings

 

This is the Sales and Listings Report updated to the end of October 2016. Sales for October leveled out after falling five straight months. Greater Vancouver homes sales were 2,284 in October, down 0.5% from September and down 39% from October 2015. Sales for the month of October were 13% below the 25 year average while New Listings for October were 11 percent below the 25 year average. So while sales are down, new listings coming on market are down too – Sellers are not willing to sell at any cost. West Vancouver remains the most impacted market, with sales down 76% compared to October of last year. Vancouver’s East Side market has seen one of the most significant increases in home inventories with Active Listings up 39% compared to the say time last year. Arguably that market has been less impacted by foreign buyers and probably faced buyer fatigue sooner than other market areas. Prices are as well showing signs of coming off their highs. The detached market more so, and the higher end of the market as well. While House Price Index is now starting to show declines in prices, some market areas and segments may be down from their peaks in the range of 10 per cent. Not surprising considering the extreme peaks we saw over the last year.

 

 

Government measures continue to make headlines in the market with the latest being mortgage rule changes that the Canadian government introduced with the goal of safeguarding the health and stability of Canada’s housing market. They have done this six times since 2008. The measures include adjustments to income testing rules for borrowers requiring mortgage insurance, limits to the use of portfolio insurance by lenders, and increased oversight of the principal residence tax exemption rule. This will require every homeowner who sells in 2016 to report that sale when they file their 2016 Income Tax Return – whether it was a principal residence or not, although the exemption for principal residence still applies for Canadian Residents. While these changes do not affect all buyers, they do have an impact on the psychology of the market which can add to the effects of an already changing market. Which is what we are seeing.

 

“Changing market conditions compounded by a series of government interventions this year have put home buyers and sellers in a holding pattern,” Dan Morrison, Real Estate Board of Greater Vancouver president said. “Potential buyers and sellers are taking a wait-and-see approach to try and better understand what these changes mean for them.”

 

Sales and Listings Report Houses Townhouses Condoos For October 2016

 

Sales and Listings Report All Regional for October 2016

 

Here’s a summary of the numbers:

 

Greater Vancouver: Total Units Sold in October 2016 was 2,284 – down from 2,304 (0.5%) in September 2016, down from 3,714 (39%) in October 2015, down from 3,113 (27%) in October 2014; Active Listings are at 9,826 compared to 10,513 at this time last year; New Listings in October 2016 were down 4% compared to October 2015, down 18% from September 2016; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market – although more balanced in real terms) and a Sales to Listings Ratio of 56% compared to 88% in October 2015 and 47% in September 2016. House Price Index down 0.8% month over month.

 

Vancouver Westside Residential: Total Units Sold in October 2016 was 408  – down from 426 (5%) in September 2016, down from 700 (41%) in October 2015, down from 658 (38%) in October 2014; Active Listings are at 1,652 compared to 1,787 at this time last year; New Listings in October 2016 were down 10% compared to October 2015, down 21% from September 2016; Month’s Supply of Total Residential Listings remained at 4 Months (Seller’s Market – although more balanced in real terms) and a Sales to Listings Ratio of 54% compared to 84% in October 2015 and 45% in September 2016. House Price Index down 0.7% month over month.

 

Vancouver Eastside Residential Total Units Sold in October 2016 was 202  – up from 200 (0.5%) in September 2016, down from 357 (43%) in October 2015, down from 340 (60%) in October 2014; Active Listings are at 1,047 compared to 753 at this time last year; New Listings in October 2016 were up 25% compared to October 2015, down 10% from September 2016; Month’s Supply of Total Residential Listings remained at 5 Months (Balanced Market) and a Sales to Listings Ratio of 40% compared to 89% in October 2015 and 36% in September 2016. House Price Index up 0.5% month over month.

 

North Vancouver Residential:  Total Units Sold in October 2016 was 170  – down from 182 (7%) in September 2016, down from 289 (41%) in October 2015, down from 218 (22%) in October 2014; Active Listings are at 551 compared to 494 at this time last year; New Listings in October 2016 were down 9% compared to October 2015, down 31% from September 2016; Month’s Supply of Total Residential Listings remained at 3 Months (Seller’s Market) and a Sales to Listings Ratio of 54% compared to 100% in October 2015 and 41% in September 2016. House Price Index down 1.0% month over month.

 

West Vancouver Houses: Total Units Sold in October 2016 was 35  – down from 39 (10%) in September 2016, down from 148 (76%) in October 2015, down from 99 (65%) in October 2014; Active Listings are at 516 compared to 545 at this time last year; New Listings in October 2016 were down 23% compared to October 2015, down 33% from September 2016; Month’s Supply of Total Residential Listings is up to 15 Months (Extreme Buyer’s Market) and a Sales to Listings Ratio of 25% compared to 75% in October 2015 and 19% in September 2016. House Price Index flat month over month.

 

Richmond Residential: Total Units Sold in October 2016 was 290  – up from 269 (8%) in September 2016, down from 488 (40%) in October 2015, down from 407 (38%) in October 2014; Active Listings are at 1,370 compared to 1,529 at this time last year; New Listings in October 2016 were down 13% compared to October 2015, down 8% from September 2016; Month’s Supply of Total Residential Listings remained at 5 Months (Balanced Market) and a Sales to Listings Ratio of 57% compared to 83% in October 2015 and 49% in September 2016. House Price Index down 4.1% month over month.

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