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First Time Home Buyers Program in BC Property Transfer Tax Exemption Changes The BC government has made some changes starting April 2024 to the First Time Home Buyers program where eligible individuals are either exempt completely or partially from paying Property Transfer Tax. These changes were laid out in the 2024 Provincial Budget.The exemption threshold on a properties market value has now...
Your Monthly real estate update https://youtu.be/Nd8QROEFBIo"“We’ve concluded a rather quiet first quarter and are transitioning into the spring market,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales...
Your Monthly real estate update https://youtu.be/p8cqP41AdqA“We saw glimmers of a start to the spring market over the course of February,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “In addition to the increase in sales, more than five hundred new listings came to market when compared to last year’s inventory numbers. This much needed inventory gives...
Your Monthly real estate update https://youtu.be/696UDe3CS7MSales were up 22.7% January in Greater Victoria when compared to January of last year. Overall, there has been consistency and stability in our market here that has continued since late 2023 into the new year. With mortgage rates levelled out and inventory slowly building, we are no longer in an ultra pressurized...
Your Monthly real estate update https://youtu.be/jA6tA4dkw8EOverall, 2023 had a fairly uneventful end to it with December wrapping up with very minimal changes in price year over year. Single family homes had a slight increase in average prices. The one big change however is still inventory. Inventory is up 26% year over year. This is great for buyers as they have more...
Your Monthly real estate update https://youtu.be/GY-CJ79f3nkOverall, November has wrapped up with not much change from November of last year. Market conditions are in the balanced to buyer side depending what factors you look at. Months of inventory is at 5.7 and shows we are in balanced territory (shown below) but sales to list ratio is saying a buyers territory which is...
Change to local government act & Small Scale Multi-Unit Housing These proposed changes are part of the Homes For People Action Plan to create more housing that is within reach for people. This includes building homes for the "missing middle". https://youtu.be/WzP_N9KmyP4 How Did We Get Here? Outdated zoning rules: due to this, new housing has been in the...
Your Monthly real estate update https://youtu.be/pHUiCVmEvXcOverall, the market has been consistent this past year. We are generally where we were one year ago with no major changes in pricing year over year. However, inventory has been building shown by the 25.7% increase in listings actively on the market at the end of October 2023 when compared to October 2022. This...
B.C.'s Short-Term Rental Accommodations Act New Rules For Short Term Rentals BC is currently grappling with a severe housing crisis, characterized by a shortage of attainable housing, including long-term rentals. According to the government, the rise of short-term rental platforms, such as Airbnb and VRBO, has contributed to this crisis by reducing the availability of much-needed homes for British...