BC Real Estate News
Tax Fairness for Homebuyers This spring, REALTORS® around the province are meeting with their MLAs to talk about the impact provincial shelter taxes (that is, the Harmonized Sales Tax and Property Transfer Tax) have on homebuyers. BCREA and REALTORS® believe the following actions will help restore tax fairness: Increase the 1% Property Transfer Tax threshold from $200,000 to $525,000, with 2% applying to the remainder of the fair market value. Index the 1% Property Transfer Tax threshold of $525,000 using Statistics Canada’s New Housing Price Index, and make adjustments annually. Index...
Read MoreFebruary 2011 Comox Valley Sales Stats
Market Normalization for VIREB area NANAIMO, BC – Multiple Listing Service® (MLS®) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for February 2011, shows a 3% decline in unit sales compared to February 2010 but a 36% increase over last month. HERE ARE THE SALES STATS FOR FEBRUARY, 2011 FOR THE COMOX VALLEY AREA: 02-feb_11_comox_valley_home_sales_map 02-feb_11_comox_valley_graphstats Likewise the average price of a single family home sold in February 2011 through the VIREB MLS® system was $338,882 down 1% from the $342,047 posted in...
Read MoreBank rate 1%
Boosts outlook for Canadian economic growth The Bank of Canada kept its target for the overnight rate at one per cent for the third consecutive meeting on January 18th, 2011. Correspondingly, the Bank rate remained at 1.25 per cent and the deposit rate remains at 0.75 per cent. The Bank said that the global economic recovery was proceeding at a somewhat faster than expected pace, but noted that risks remain elevated. The main source of uncertainty to the global outlook remains sovereign debt concerns in several European countries. The driver of the improvement in the global outlook was the...
Read MoreNew Mortgage Rules
On Monday, Finance Minister Jim Flaherty announced some changes to mortgage rules in Canada. 1. The maximum amortization period is now 30 years (down from 35 years) for government-backed insured mortgages, when the down payment is less than 20 percent. This new amortization limit will come into force on March 18, 2011. 2. The maximum amount that can be borrowed when refinancing a mortgage is now 85 percent the value of the home, down from 90 percent. This new refinance limit will come into force on March 18, 2011. 3. The government will no longer provide insurance backing for home equity...
Read MoreMarket Conditions Beginning to Improve
Vancouver, BC – October 13, 2010. The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province declined 36 per cent to 5,511 units in September compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province increased 2 per cent in September from August 2010. The average MLS® residential price climbed 4 per cent to $493,846 in September compared to the same month last year. “BC home sales increased for the second consecutive month in September,” said Cameron...
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Owen has lived in the Comox Valley for over 30 years. He loves the Comox Valley, and the people who live here! His strong negotiating skills and great personality make him the right choice for your real estate needs. 