January, 2017 RSS Icon
Found 3 entries for January, 2017.

Foreigners who have work permits and are resident in BC will soon be exempt from the foreign owner’s tax that was implemented in August of 2016. There were no details on the exemption that Christy Clark announced during a Lunar New Year Parade in Chinatown, including when it might go into effect.

Finance Minister Asked to Investigate Foreign Buyer Tax Lift

Finance Minister Mike de Jong was asked by the BC Premier to examine ways to provide relief for those arriving in BC with work permits. Foreign real estate transactions in Metro Vancouver in November dropped by 90% compared to the 7 weeks prior to the tax being enforced.

Foreign Buyer Tax Lifted After Specific Sector Complaints

NDP critic David Eby suggested the Foreign Buyer Tax was lifted

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2017 BC home owner grant increase infographic

On January 10th, 2017, the BC Government announced it would be raising the BC home owner grant amount to $1.6 million, a 33% increase in the threshold. This is an increase of $400,000 over last year’s maximum allowable home owner grant limit of $1.2 million.

This came as a result of many homeowners in British Columbia seeing an average increase of 10 - 30% in their assessed property values. In Metro Vancouver and Vancouver Island many homeowners saw assessed property values rise between 30 - 50% when the numbers were released by BC Assessment (CBC).

These increases in assessed property values meant that many homeowners in the province became ineligible for the BC property tax relief program which previously had a threshold of $1.2 million.

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fraser valley real estate stastics 2016 infographic

The overall total MLS transactions, and the dollar volume sold in the 2016 Fraser Valley Real Estate market, both showed remarkable increases over 2015.

Overall sales for 2016 increased by 13.6% to 23,974 transactions over the 21,095 sales in 2015. This was also 12.6% higher than the previous record set in 2005 when 21,282 properties sold.

 

All Property Types

Fraser Valley Grand Totals

Dec-16

Dec-15

% Change

Nov-16

% Change

Sales

966

1,543

-37.4%

1,247

-22.5%

New Listings

829

1,294

-35.9%

1,792

-53.7%

Active Listings

3,930

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