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Attached and apartment homes are in demand across Metro Vancouver while detached home buyers are facing less competition today.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,818 in January 2018, a 19.4 per cent increase from the 1,523 sales recorded in January 2017, and a 9.8 per cent decrease compared to December 2017 when 2,016 homes sold.

 

Last month’s sales were 7.1 per cent above the 10-year January sales average. By property type, detached sales were down 24.8 per cent from the 10-year January average, attached sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period.

 

Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver.


Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.


For all property types, the sales-to-active listings ratio for January 2018 is 26.2 per cent. By property type, the ratio is 11.6 per cent for detached homes, 32.8 per cent for townhomes, and 57.2 per cent for condominiums.

 

Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

 

Detached home sales in January 2018 reached 487, a 9.7 per cent increase from the 444 detached sales recorded in January 2017. The benchmark price for detached properties is $1,601,500. This represents an 8.3 per cent increase from January 2017 and a 0.3 per cent decrease compared to December 2017.

 

Apartment home sales reached 1,012 in January 2018, a 22.7 per cent increase compared to the 825 sales in January 2017. The benchmark price of an apartment property is $665,400. This represents a 27.4 per cent increase from January 2017 and a 1.5 per cent increase compared to December 2017.

 

Attached home sales in January 2018 totalled 319, a 25.6 per cent increase compared to the 254 sales in January 2017. The benchmark price of an attached unit is $803,700. This represents a 17.5 per cent increase from January 2017 and unchanged compared to December 2017.



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What is the Home Renovation Tax Credit (HRTC) & How Can I take Advantage of It?

March 13th, 2009

The Home Renovation Tax Credit (HRTC)

·         Implemented in the 2009 Federal Government Budget

·         Is a non-refundable tax credit for work performed or goods acquired in respect to an Eligible dwelling?

·         An Eligible Dwelling is one’s principal residence, a cottage or summer home occupied personally.

·         A property you own that family members reside in during the time period from January 27th, 2009 to February 1st, 2010. 

·         Eligibility is family based.  A family is an individual and his/her spouse/common law partner including children less than 18 years of age by the end of 2009.

·         If 2 or more families own and occupy the same residence, then both families will be eligible for their own separate tax credit.

·         Eligible expenses must fall between $1,000 and $10,000.  The maximum tax credit is $1,350 (15% of $9,000).

·         The Tax Credit is ONLY for the 2009 Taxation year. 

 

What Qualifies as an Eligible Expense?

 

·         Expenses incurred with respect to a renovation must be of an enduring nature and integral to the home.

·         This includes cost of labor, professional services, building materials, fixtures, rentals and permits.

·         You MUST have documentation to prove this.  Agreements, Contracts, Invoices, or Receipts.

·         The type and quantity of goods purchased or services received must be listed.

·         The Contractor’s name, business address, gst/hst registration number as well as the address where the work was performed must be on the Documentation. 

·         Proof of Payment must be noted as well.

 

Eligible Expenses:

 

·         Renovations to a Kitchen, Bathroom or Basement.  *(appliances are not eligible nor is renovations to a tenanted basement suite in your principal residence)*

·         New Carpets or Hardwood Flooring.

·         Building of an addition, garage, deck, shed or fence.

·         Painting of the exterior and interior of your homeRe-shingling of a roof.

·         A new furnace, woodstove, boiler or water heater.

·         A new driveway or the re-surfacing of an existing one. 

·         Laying of new sod.

·         Swimming pools both in ground and above.

·         Costs of permits, equipment rentals and incidental expenses related to the renovation.

·         *If you own a condo and a special levy is approved for the upgrading of a Common Area and a special assessment is passed for this levy, you would be eligible for a tax credit based on your unit entitlement.*  Please check with your Strata Management Company, Accountant and Lawyer for specifics. 

·         Expenses are not eligible if the work performed or the goods acquired are provided by a person not dealing at arm’s length. For example, if your brother-in-law helps you re-shingle your roof and is not registered with gst/hst and you pay him in cash or cheque, then you can’t claim the expenses.

·         Renovations that qualify for the Medical Expense Tax Credit (METC) is an eligible expense and one can claim both the (HRTC) & (METC).

·         Eligible expenses will not be reduced by other qualifying Government grants or Tax Credits.

 

Please note that the above information is just a guideline and for complete details or information, please contact the CRA Canada Revenue Agency, www.cra-arc.gc.ca or speak to your Accountant prior to renovating. 

 

If you or anyone you know are thinking about Selling and wish to renovate prior to doing so, please call me for a no obligation consultation of which renovations will increase the property’s value more than others. Also, should you hear of anyone thinking of buying or selling real estate, please keep me in mind as I am never too busy for any of your referrals!

 

Regards,

 

 

 

Robert Britch

www.robbritch.com

www.vancouverbcrealestate.ca

Email:  robbritch@telus.net

Tel:  604-240-5813

Quality Service since 1993!

                                                   

 

 

Not intended to Solicit Properties Already Listed for Sale.