The Real Estate Insider Blog

Back on August 12, 2016 I wrote about the new 15% property tax that was introduced for residential property transfers to foreign entities (non-Canadian Citizen or non-Permanent Resident) in the Greater Vancouver Regional District.  I asked the question... "Will the new foreign tax make Vancouver real estate more affordable?".  It was too early to tell back then and now that 6 months have gone bye... did it? 

I have analyzed all of the listing and sold data. I separated houses from condo & townhomes and calculated their average prices. This is what has happened from August 2016 to January 2017:

In Metro Vancouver (Downtown Vancouver, Vancouver Westside, Vancouver Eastside, North Vancouver, West Vancouver, Richmond, Tsawwassen, and Ladner)

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That is a great question!  As you have most likely heard or read... on July 25, 2016 the Government of British Columbia announced that... as of August 2, 2016, there is an additional 15% property tax that applies to residential property transfers to foreign entities (a non-Canadian Citizen or Permanent Resident) in the Greater Vancouver Regional District.

The Greater Vancouver Regional District includes Anmore, Belcarra, Bowen Island, Burnaby, Coquitlam, Delta, Langley, Lion's Bay, Maple Ridge, New Westminster, North Vancouver, Pitt Meadows, Port Coquitlam, Port Moody, Richmond, Surrey, Vancouver, West Vancouver and White Rock.

The tax is collected at the time the property transfer is registered with the Land Title Office and it does not exempt

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Did the market slow down or are sales still up in November? Here 5 things to know about the Real Estate Market in the Fraser Valley for the month of November 2015:

  1. Supply:  We had 3,713 properties listed thru the month of November which is down -54.5% from this time last year (November 2014) and down -17.0% from last month (October 2015). 
    What this means is.... we have 1.7 months of inventory for detached houses and 3.9 months of inventory for attached homes (condos, townhomes and 1/2 duplex).

  2. Demand: 1,571 properties sold in November which is up +62.1% from this time last year (November 2014) and up +1.6% from last month (October 2015).

  3. Time:  The average time for a detached house to sell was 18.6 daysFor attached homes (condos,
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At a time when the market usually slows down... sales are still going strong.  Here are 5 things to know about the real estate market in Greater Vancouver from November 2015

  1. Supply:  We had 2,277 properties listed thru the month of November which is down -61.4% from this time last year (November 2014) and down -20.4% from last month (October 2015). 
    What this means is .... we have 1.5 months of inventory for detached houses and 1.8 months of inventory for attached homes (condos, townhomes and 1/2 duplexes).

  2. Demand: 1,260 properties sold in November which is up +42.2% from this time last year (November 2014) and is 2% less (28 sales) than last month (October 2015).

  3. Time:  The average time for a detached house to sell was 12.3 daysFor
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The Real Estate market is not taking a winter break here in Metro Vancouver... it is still going strong! Here are 5 things that are important to know about the real estate market in Metro Vancouver: 

  1. Supply:  We had 4,041 properties listed thru the month of November which is down -57% from this time last year (November 2014) and down -19.5% from last month (October 2015). 

    Currently we have 2.1 months of inventory for detached houses and 2  months of inventory for attached homes (condos, townhouses and 1/2 duplex).

  2. Demand: 1,941 properties sold in November which is up +38% from this time last year (November 2014) and is only 88 less than October.

  3. Time:  The average time for a detached house to sell was 18.6 days and for attached homes
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Here are 5 things you should know about the real estate market in the Fraser Valley for October 2015:

  1. Supply:  We had 4,344 properties listed thru the month of October which is down -42.5% from this time last year (October 2014) and down -10.9% from last month (September 2015). 
    If we look into those stats further.... we have 2.1 months of inventory for detached houses and 3.6 months of inventory for attached homes.

  2. Demand: 1,546 properties sold in October which is up +20.2% from this time last year (October 2014) and up +3% from last month (September 2015).

  3. Time:  The average time for a detached house to sell was 15.7 daysFor attached homes (condos, townhouses and 1/2 duplexes) it was 27.6 days.

  4. Prices: The average price of
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It's Movember!  Time for the men to grow out their moustaches for prostate cancer awareness. Speaking of growing... the Vancouver real estate market is still growing strong! Here are 5 things you should know about the real estate market in Greater Vancouver for October 2015:

  1. Supply:  We had 2,741 properties listed thru the month of October which is down -46.6% from this time last year (October 2014) and down -12.4% from last month (September 2015). 
    If we look into those stats further.... we have 1.6 months of inventory for detached houses and 2.4 months of inventory for attached homes.

  2. Demand: 1,288 properties sold in October which is up +27.4% from this time last year (October 2014) and up +8.4% from last month (September 2015).

  3. Time:
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It's Movember! Time for the men to grow out their mustaches for prostate cancer awareness.  The Vancouver real estate market is also still growing! Here are 5 things you should know about the real estate market in Metro Vancouver:

  1. Supply:  We had 4,829 properties listed thru the month of October which is down -45.2% from this time last year (October 2014) and down -13.2% from last month (September 2015). 
    If we look into those stats further.... we have 2.2 months of inventory for detached houses and 1.7 months of inventory for attached homes.

  2. Demand: 2,029 properties sold in October which is up +16.1% from this time last year (October 2014) and is up +12.3% from last month (September 2015).

  3. Time:  The average time for a detached house
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It's Autumn... the hockey season has started and the Blue Jays are making a run to take October!  The Vancouver real estate market is still going strong! Here are 5 things you should know about the real estate market in Greater Vancouver:

  1. Supply:  We had 3,081 properties listed thru the month of September which is down -36.6% from this time last year (September 2014) and down -3.4% from last month (August 2015). 
    If we look into those stats further.... we have 2.3 months of inventory for detached houses and 2.8 months of inventory for attached homes.

  2. Demand: 1,178 properties sold in September which is up +20.1% from this time last year (September 2014) and is down -1.2% from last month (August 2015).

  3. Time:  The average time for a detached
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It's Autumn... the hockey season has started and the Blue Jays are making a run to take October!  The Vancouver real estate market is still going strong! Here are 5 things you should know about the real estate market in Metro Vancouver:

  1. Supply:  We had 5,465 properties listed thru the month of September which is down -39.2% from this time last year (September 2014) and up +1.9% from last month (August 2015). 
    If we look into those stats further.... we have 3.3 months of inventory for detached houses and 2.7 months of inventory for attached homes.

  2. Demand: 1,806 properties sold in September which is up +9.7% from this time last year (September 2014) and is down -4.2% from last month (August 2015).

  3. Time:  The average time for a detached house to
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