Bob Sethi, B.Comm | 604.273.2828

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Important information on the HST referendum

The Provincial Government has received the results of the HST referendum. The outcome was decisive, with just under 55% of voters choosing to extinguish the HST and return the province to a system of taxation using both the PST and GST.
 
The government says no changes will occur until at least May 2013. There is no information yet on what the details of the tax system will look like at that time.
 
In terms of what this means to you, the HST is still in place and will be until at least May 2013. I will be updated this blog as we learn more. If you're interested in learning how this affects your plans to buy or sell real estate please contact me at:
 
Bob Sethi, RE/MAX Westcoast 
604-273-2828
 
 
With information provided by the Real Estate Board of Greater Vancouver.
 
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Richmond

January 1st to June 30th, 2011 (Cumulative)
 

Company

No. of
Sales

Volume per
Associate

Sales per
Associate

No. of
Associates

RE/MAX
- Westcoast Realty

1022

$3,264,688

8.9

115

MacDONALD REALTORS
- Westmar & Willie S. Chan

1151

$2,005,084

4.8

242

SUTTON GROUP
- Seafair -on Blundell

801

$1,791,398

4.3

186

ROYAL PACIFIC REALTY
- Riverside Realty

390

$1,668,940

3.6

109

AMEX
- Sunrich Realty

325

$1,513,444

3.2

101

MULTIPLE GROUP
- 3 Richmond Offices

276

$1,191,818

2.5

110

REGENT PARK REALTY
- Fairchild - on #3 Rd

252

$1,044,106

2.4

107

TEAM REALTY
- TEAM Realty Ltd.

63

$720,408

2.2

29

MAGSEN
- Magsen Realty Inc

121

$636,239

1.6

77

All Others
( 13 Offices )

227

$406,837

1.5

150

INTERLINK REALTY
- Interlink Realty

49

$480,764

1.0

47

Total

4,614

 

 

1,244

 
 
NOTE: This representation is based in whole or in part on data generated by the Real Estate Boards of Greater Vancouver, Fraser Valley, Victoria and Vancouver Island, Okanagan Mainline, South Okanagan, and BC Northern, which assume no responsibility for its accuracy.
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Changes to Canadian Immigration Rules

On June 24, the federal government instituted rule changes related to new applications under the Federal Immigrant Investor Program (IIP), the Federal Skilled Worker Program (FSW) and the Federal Entrepreneur Program. The changes are as follows:
  • Federal Entrepreneur Program: A temporary moratorium on new applications.
  • Federal Immigrant Investor Program (IIP): A cap of 700 new IIP applications will be considered for processing each year.
  • Federal Skilled Worker Program (FSW): A cap of 10,000 new FSW applications, without an offer of arranged employment, will be considered for processing each year. Within the 10,000 cap, a maximum of 500 new applications per occupation will be considered each year.

BC, and Vancouver in particular, has been one of the primary recipients of immigrants under the IIP, accounting for half of total Canadian investor class immigration. From 2005 to 2010, over 30,000 investor class immigrants have located in BC, an average of about 5,000 per year. This number relates to roughly 2,000 households per year.

Implications

The Government's stated reason for instituting the application cap is to reduce a backlog in applications and to shorten wait times. In 2010 there were 3,223 applications approved under the IIP and the government has indicated that it has received applications well in excess of that number in recent years, creating a large backlog of applications. It has not indicated that it wishes to lower the number of immigrants processed under the IIP, but simply to reduce the current backlog.
 
Therefore, as old applications are still being processed, the implementation of the new rules may not have an impact on the number of immigrants entering under the IIP and therefore may not have a material impact on BC housing markets.
 
To view Citizenship and Immigration Canada's (CIC) press release, visit:
www.cic.gc.ca/english/department/media/releases/2011/2011-06-24a.asp.
 
For more information about the Federal Immigrant Investor Program, visit:
www.cic.gc.ca/english/immigrate/business/investors/index.asp.
 
For more information about the Federal Entrepreneur Program, visit:
www.cic.gc.ca/english/immigrate/business/entrepreneurs/index.asp.
 
For more information about the Skilled Worker Program, visit:
www.cic.gc.ca/english/immigrate/skilled/index.asp.
 
To view CIC's Frequently Asked Questions, visit:
www.cic.gc.ca/english/information/faq/immigrate/business/index.asp.
 
 
All information subject to verification by independent legal advice.
 
 
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Active home sellers bring greater selection to the Greater Vancouver housing market

While the balance between home buyer and seller activity remains in an equilibrium range in the Greater Vancouver housing market, last month’s home sale total was below the 10-year average for July.
 

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,571 in July, a 14 per cent increase compared to the 2,255 sales in July 2010 and a 21.2 per cent decline compared to the 3,262 sales in June 2011.

“We’re seeing less multiple offer situations in the market today compared to the last few months, but our members tell us that homes priced competitively continue to sell at a relatively swift pace,” Rosario Setticasi, REBGV president said. “It’s taking, on average, 41 days to sell a property in the region, which is unchanged from June of this year.”
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,097 in July. This represents a 23.2 per cent increase compared to July 2010 when 4,138 properties were listed for sale on the MLS® and a 12 per cent decline compared to the 5,793 new listings reported in June 2011.
 

Last month’s new listing total was 8.6 per cent higher than the 10-year average for July, while residential sales were 17.3 per cent below the ten-year average for sales in July.

At 15,226, the total number of residential property listings on the MLS® increased 0.8 per cent in July compared to last month and declined 7.3 per cent from this time last year.

“The number of homes listed for sale in the region has increased each month since the start of the year, which is giving buyers more selection to choose from and more time to make decisions,” Rosario Setticasi, REBGV president said.
 
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 9.2 per cent to $630,251 in July 2011 from $577,074 in July 2010.
 
Sales of detached properties on the MLS® in July 2011 reached 1,099, an increase of 21 per cent from the 908 detached sales recorded in July 2010, and an 31.9 per cent decrease from the 1,614 units sold in July 2009. The benchmark price for detached properties increased 13.3 per cent from July 2010 to $898,886.
 
Sales of apartment properties reached 1,040 in July 2011, a 6.2 per cent increase compared to the 979 sales in July 2010, and a decrease of 39.1 per cent compared to the 1,708 sales in July 2009. The benchmark price of an apartment property increased 4.5 per cent from July 2010 to $405,306.
 
Attached property sales in July 2011 totalled 432, a 17.4 per cent increase compared to the 368 sales in July 2010, and a 45.5 per cent decrease from the 792 attached properties sold in July 2009. The benchmark price of an attached unit increased 6.9 per cent between July 2010 and 2011 to $524,909.

Courtesy Real Estate Board of Greater Vancouver.
 
 
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May 2011 Stats
 
Greater Vancouver housing market holds steady and favours sellers in May
 
Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.
 
Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year.
 
“With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011.
 

At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010.
 
 “We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.”
 
Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were located throughout the entire Board area.
 
Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833.
 
Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419.
 
Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787.

 

Stats taken from the Real Estate Board of Greater Vancouver, all rights reserved.
 
 
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Summer housing market trends toward balance after an active spring season

Home sellers outpaced buyers on Greater Vancouver’s Multiple Listings Service® (MLS®) in June, drawing the market back toward balance this summer.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 3,262 in June, a 9.8 per cent increase compared to the 2,972 sales in June 2010 and a 3.4 per cent decline compared to the 3,377 sales in May 2011.
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,793 in June. This represents a 4.5 per cent increase compared to June 2010 when 5,544 properties were listed for sale on the MLS® and a 2.3 per cent decline compared to the 5,931 new listings reported in May 2011.
 
Last month’s new listing total was 9.8 per cent higher than the 10-year average for June, while residential sales were 7.3 per cent below the ten-year average for sales in June.
 

“With sales below the 10-year average and home listings above what’s typical for the month, activity in June brought closer alignment between supply and demand in our marketplace,” Rosario Setticasi, REBGV president said. “With a sales-to-active-listings ratio of nearly 22 per cent, it looks like we’re in the upper end of a balanced market.”

At 15,106, the total number of residential property listings on the MLS® increased 3.1 per cent in June compared to last month and declined 14 per cent from this time last year.

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.7 per cent to $630,921 in June 2011 from $580,237 in June 2010.
 
“The largest price increases continue to be in the detached home market on the westside of Vancouver and in West Vancouver,” Setticasi said. “Since the end of May, the benchmark price of a detached home rose more than $147,000 on the westside of Vancouver and over $80,000 in West Vancouver. Detached home prices in Richmond, however, levelled off slightly, declining $25,000 in June.”
 
Sales of detached properties on the MLS® in June 2011 reached 1,471, an increase of 29.1 per cent from the 1,139 detached sales recorded in June 2010, and an 11.8 per cent decrease from the 1,667 units sold in June 2009. The benchmark price for detached properties increased 13.4 per cent from June 2010 to $901,680.
 
Sales of apartment properties reached 1,266 in June 2011, a 0.6 per cent increase compared to the 1,258 sales in June 2010, and a decrease of 29.3 per cent compared to the 1,790 sales in June 2009. The benchmark price of an apartment property increased 3.5 per cent from June 2010 to $405,200.
 
Attached property sales in June 2011 totalled 525, an 8.7 per cent decrease compared to the 575 sales in June 2010, and a 34.5 per cent decrease from the 802 attached properties sold in June 2009. The benchmark price of an attached unit increased 6 per cent between June 2010 and 2011 to $522,424.

 
Courtesy of Real Estate Board of Greater Vancouver.
 
 
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The Best Place on Earth

INFORMATION BULLETIN

2011FIN0051-000598
May 25, 2011

Ministry of Finance

 

 

Government commits to 10 per cent HST

 

VICTORIA –The Province is committing to bold, responsive, and balanced changes to the Harmonized Sales Tax to make British Columbia families better off while ensuring government can meet its commitment to balanced budgets, Finance Minister Kevin Falcon announced today.

 

The plan, which is to be confirmed by legislative motion, is to reduce the total HST rate to 10 per cent from 12 per cent in two stages. The provincial portion would be cut by one percentage point to six per cent from seven per cent on July 1, 2012. A further one percentage point reduction would take effect on July 1, 2014.

 

All British Columbia families will benefit from these changes and, on average, pay less on their routine expenditures under the 10 per cent HST than going back to the PST and GST. To help offset the costs of the HST before the rate reduction in 2012, one-time transition cheques of $175 per child would be issued to families with children under 18 years old. In addition, low- and modest-income seniors will receive a one-time transition cheque of $175. The cost of the transition cheques is expected to be $200 million, and they will be issued by the end of the year.

 

The independent panel that reviewed the HST and the PST plus GST tax systems recently estimated that families now pay an average of $350 more in sales tax under the HST than they paid with the PST plus GST system. With a 10 per cent HST rate, instead of paying $350 more tax, B.C. families will on average pay $120 less tax than under the PST.

 

The independent panel also noted that while consumers are paying more, businesses are saving money. Furthermore, the Province remains committed to balancing the budget in 2013/14 while reducing the HST burden on families and modest income seniors. To help meet this commitment, government will increase the general corporate income tax rate to 12 per cent from the current 10 per cent on Jan. 1, 2012, and postpone the reduction in the small business tax rate planned for April 1, 2012. The measures would be temporary until the fiscal situation allows for further reductions.

 

Proposed changes to the HST will only take effect should British Columbians vote to keep the HST.

 

For more information about the HST, visit: www.HSTinBC.ca

 

Contact:

David Currie

Ministry of Finance

250 387-6591


 

BACKGROUNDER

HST policy change details

 

The Province plans to reduce the total HST rate to 10 per cent from 12 per cent in two stages should British Columbians vote to keep the HST in this summer’s referendum. The provincial portion of the HST would be cut by one percentage point to six per cent from seven per cent on July 1, 2012, and cut one more percentage point to 5 per cent on July 1, 2014. The rate reduction will benefit all B.C. families. The Independent Panel estimated that, on average, harmonization costs B.C. families $350 more per year on their typical expenditures. By reducing the HST rate to 10 per cent, the $350 average cost now becomes a $120 average benefit for B.C. families.

 

10 per cent HST

 

Family Income                        Net increase (Decrease)                    Net increase (Decrease)

                                                Per Independent Panel                     With 10% HST rate (07/14)

 

$10,000 or less                        ($73)                                                    ($170)

$10,001-20,000                       $32                                                      ($159)

$20,001-40,000                       $129                                                    ($155)                         

$40,001-60,000                       $366                                                    ($81)

$60,001-80,000                       $527                                                    ($53)

$80,001-100,000                     $657                                                    ($61)

Over $100,000                                    $1,029                                                 ($45)

Average                                  $350                                                    ($120)

 

2011 Transition Payments

 

All B.C. families will receive $175 for each and every child under 18, and low and modest income seniors will also receive a cheque for $175.

 

HST Referendum Details

 

British Columbians will be voting in a mail-in referendum on the HST. Ballots will be mailed in June and must be returned to Elections B.C. or a Service B.C. office by 4:30 p.m. on Friday, July 22, 2011.

 

For more information about the HST, visit: www.HSTinBC.ca

You can also follow us on Twitter at: http://twitter.com/hstinbc

Connect with the Province of B.C. at www.gov.bc.ca/connect

 

Contact:

David Currie

Ministry of Finance

250 387-6591

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Bob Sethi, B.Comm
Office:604.273.2828
Fax:604.273.0685
RE/MAX Westcoast
#110-6086 Russ Baker Way
Richmond, BC
V7B 1B4 Canada

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Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.