Not only are we almost certain to have the worst sales numbers for February in recent history, but – for the first time ever, it appears that we may increase MOI from Jan-Feb (that never happens).
Now the weather will have some impact for sure but this February is not going well and many people are waiting things out as prices settle down.
There’s a catch ( there’s always a catch ).
The house is in Alberta and you have to write an essay about why you want a $1.7 million house for $25. The $25 is your entry fee.
Looks like a decent way to drum up some hype and try to get more than your asking price in a collapsing market.
If you were hoping 2019 would kick off with a booming real estate market… well, it’s not going so well.
“After three or four years of a very robust market and escalating prices, this certainly seemed to be a year of transition. We went from more of a sellers’ market, to a balanced market, and now — a buyers’ market.”
The drop in benchmark price for a detached home accompanied a drastic slump in sales, year-over-year.
The total number of homes sold across Metro Vancouver in 2018 dropped 31.6 percent from 2017, with 24,619 transactions.
That’s the lowest number recorded in the region since 2000, and 25 percent below its 10-year average.
Read the full article here.
From southseacompany: Home prices in Vancouver are down 3-5% while over in Victoria they hit the 11th consecutive month of dropping sales.
Meanwhile next door, Edmonton is plunging and Calgary detached home sales have hit the lowest level since the 1990’s.
Will a new tax on vacant homes help solve the affordability crisis?
The speculation tax will apply to those who own multiple properties in Metro Vancouver, the Capital Regional District (excluding the Gulf Islands and the Strait of Juan de Fuca), Kelowna, West Kelowna, Nanaimo-Lantzville, Abbotsford, Chilliwack and Mission.
The tax will apply at a reduced rate in 2018, based on property owned as of Dec. 31. It expands in 2019 to 0.5 per cent of assessed value for B.C. residents, one per cent for Canadians from outside B.C., and two per cent for non-Canadians.
Owners are exempt if they rent their properties for at least six months a year. And there is also a tax credit for B.C. residents with second homes valued under $400,000.
James pointed to exemptions she said will make the tax fair, including for people facing medical emergencies, people who have to relocate suddenly for a job, seniors who enter care homes, people undergoing a separation, and those with disabilities.
“If people choose to leave their homes vacant where the housing crisis is the deepest, we are asking them to pay their fair share. All that revenue will be returned to British Columbians in the form of affordable housing,” said James.
Read the full article here.