Video Blog | Search BC Real Estate Team | Solomon Yasin, PREC* | Real Estate News From Vancouver

 

April 3, 2024

March 2024 Vancouver Real Estate Market Update:Spring Real Estate Update: More Choices for Buyers in Metro Vancouver!

Exciting news for homebuyers in Metro Vancouver! With spring in full swing, the real estate market is buzzing with increased seller activity, offering you more options than ever before. Here’s a quick rundown of what’s been happening:

1. Increased Inventory: 📈 The number of homes listed for sale on the MLS® has risen nearly 23% year-over-year, providing a wealth of opportunities for eager buyers like yourself.

2. Market Trends: 📉 Despite a slight dip in residential sales compared to last year, the market is showing signs of balance. Andrew Lis, GVR’s director of economics and data analytics, notes that while inventory is up, the demand for well-priced and well-located properties remains strong.

3. Property Listings: 🏠 In March 2024, a whopping 5,002 detached, attached, and apartment properties were newly listed for sale, marking a significant increase from the previous year.

4. Sales-to-Active Listings Ratio: 📊 Across all property types, the sales-to-active listings ratio for March 2024 is 23.8%, indicating a market that continues to favor sellers, yet offers ample opportunities for buyers to find their dream home.

5. Price Dynamics: 💰 While the market isn’t as scorching hot as last year, modest price gains of one to two percent are still observed. However, borrowing costs remain elevated, posing challenges to affordability.

6. Home Price Index: 📈 The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver has seen a 4.5% increase over March 2023, reflecting the overall strength of the market.

7. Property Type Insights: 🏠🏢🏘️ Sales of detached homes, apartments, and attached homes have seen fluctuations, with corresponding benchmark price increases, offering diverse options for buyers across the board.

In summary, while the market may not be as blazing hot as before, it’s still ripe with opportunities for savvy buyers. With increased inventory and favorable market conditions, now might be the perfect time to find your dream home in Metro Vancouver.

For personalized assistance navigating the current market or to explore available listings, feel free to reach out. We’re here to help you every step of the way!

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#MetroVancouverRealEstate #HousingMarketUpdate #RealEstateTrends 🏡📊

Posted in Market Updates
March 13, 2024

Partnering Up: Navigating Joint Ventures in Vancouver's Lower Mainland

Partnering Up: Navigating Joint Ventures in Vancouver's Lower Mainland

🏡🤝

Today, we're exploring the dynamic world of buying a home with your business partner in the bustling Lower Mainland of Vancouver, British Columbia. Joining forces with a colleague or fellow entrepreneur to invest in property can be a lucrative endeavor, especially considering the hefty price tags often associated with Vancouver's real estate market. Let's delve into the advantages and challenges of this joint venture:

Pros:

  1. Combined Financial Strength: Teaming up with a business partner allows you to leverage both of your financial resources, potentially enabling you to afford a more substantial down payment or secure better financing options. In a city where real estate prices can be sky-high, having a partner can significantly ease the financial burden of purchasing a home.

  2. Shared Expertise: Each partner brings their unique skills, knowledge, and experience to the table. Whether it's real estate expertise, financial acumen, or project management skills, collaborating with a partner can enhance your collective decision-making and problem-solving abilities. This shared expertise becomes invaluable when navigating Vancouver's competitive and fast-paced real estate market.

  3. Diversified Risk: Investing in real estate with a business partner can help spread out the risk associated with property ownership. Sharing both the financial burden and potential rewards can provide a sense of security and stability, particularly in a market as volatile as Vancouver's.

  4. Networking Opportunities: Partnering with someone in your industry or professional network can open doors to valuable connections and opportunities. From sourcing off-market properties to finding reliable contractors and tenants, your combined network can be a powerful asset. This network becomes especially crucial in Vancouver, where insider knowledge can make all the difference in securing a desirable property.

  5. Streamlined Responsibilities: Dividing tasks and responsibilities between partners can streamline the home buying process and make managing the property more efficient. Whether it's handling finances, overseeing renovations, or managing rental agreements, sharing the workload can save time and reduce stress. This streamlined approach is particularly advantageous in Vancouver, where the fast-paced market demands quick decision-making and efficient execution.

Cons:

  1. Financial Disputes: Differences in financial priorities, risk tolerance, or investment strategies can lead to conflicts between business partners. It's crucial to establish clear communication channels and financial agreements to mitigate potential disputes.

  2. Legal Complexities: Entering into a joint venture requires careful consideration of legal agreements and structures, such as partnership agreements, co-ownership agreements, and exit strategies. Seeking legal advice is essential to protect both parties' interests and clarify responsibilities.

  3. Misaligned Goals: Misunderstandings or disagreements over long-term goals, exit strategies, or property management can strain the partnership. It's essential to have honest discussions and align your expectations from the outset.

  4. Dependency on Each Other: Co-owning a property with your business partner means that your financial well-being is tied to their actions and decisions. If one partner faces financial difficulties or makes decisions that affect the property's value, it can impact both parties' investments.

  5. Potential Business Impact: Business partnerships can sometimes be affected by personal dynamics or disagreements related to the property. It's essential to prioritize professionalism, communication, and conflict resolution to maintain a healthy working relationship.

In conclusion, embarking on a joint venture to buy a home with your business partner in Vancouver's Lower Mainland offers both opportunities and challenges. By leveraging each other's strengths, setting clear expectations, and establishing robust legal agreements, you can navigate this journey with confidence and unlock the potential for success. Here's to fruitful partnerships and prosperous investments in Vancouver's vibrant real estate market!

🏡🤝💼🌆


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Posted in Buying a Home
March 7, 2024

Metro Vancouver Real Estate: February Sees Surge in New Listings, Easing Market Pressure

🏡 Metro Vancouver Real Estate: February Sees Surge in New Listings, Easing Market Pressure 📈

VANCOUVER, BRITISH COLUMBIA, March 5, 2024 – The Metro Vancouver real estate market witnessed a notable shift in dynamics in February, with new listings soaring by 31% year-over-year. Despite a somewhat hesitant start by home sellers in January, the surge in newly listed properties is expected to provide a breath of fresh air for prospective buyers in the coming spring and summer markets.

Sales and New Listings Metrics 📊🏠

Greater Vancouver REALTORS® (GVR) reported a total of 2,070 residential sales in February 2024, marking a substantial 13.5% increase from February 2023. However, this figure was 23.3% below the 10-year seasonal average, reflecting the nuanced dynamics at play. Andrew Lis, GVR’s director of economics and data analytics, expressed relief at the 31% year-over-year increase in new listings, providing more choices for buyers.

In February 2024, 4,560 detached, attached, and apartment properties were newly listed for sale on the Multiple Listing Service® (MLS®), indicating a 31.1% increase compared to the same month in 2023.

Inventory and Market Ratios 📉📈

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver rose by 16.3% compared to February 2023, reaching 9,634. The sales-to-active listings ratio for February 2024 stands at 22.4%, with variations by property type – 16% for detached homes, 27.9% for attached, and 25.9% for apartments.

Historical data analysis suggests that sustained ratios below 12% exert downward pressure on home prices, while ratios exceeding 20% over several months indicate upward price pressure.

Price Trends and Market Dynamics 💰🔄

Despite the increase in new listings, the competitive market dynamic has led to modest price growth across all segments. Benchmark prices for all residential properties in Metro Vancouver reached $1,183,300, reflecting a 4.5% increase over February 2023 and a 1.9% increase compared to January 2024.

Detached homes, apartments, and attached homes all experienced sales growth in February 2024, contributing to varying benchmark price increases.

Andrew Lis noted that while the increase in new listings has provided some relief, the competitive dynamic has maintained modest price growth. Benchmark prices, however, remain below the peak observed in the spring of 2022, prior to the full effect of the Bank of Canada’s tightening cycle.

The Metro Vancouver real estate market continues to evolve, presenting opportunities and challenges for both buyers and sellers in the dynamic landscape. 🌆🏠

 

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#MetroVancouverRealEstate #HousingMarketUpdate #RealEstateTrends 🏡📊

Posted in Market Updates
March 5, 2024

Exploring Vancouver on a Budget: Top 10 Free Activities In 2024

Welcome to the vibrant city of Vancouver, where stunning natural landscapes meet urban sophistication. If you're looking to experience the best of Vancouver without breaking the bank, we've compiled a list of the top 10 free activities that showcase the city's beauty and cultural richness.

 

1. Stanley Park - A Natural Oasis 🌳 Immerse yourself in the beauty of Stanley Park, where lush greenery, scenic seawalls, and Totem Poles await. Whether you prefer a leisurely walk, a bike ride, or simply soaking in nature, Stanley Park offers a rejuvenating experience for all.

2. Grouse Mountain - Hike to the Summit 🏔️ While some activities on Grouse Mountain come with a fee, the Grouse Grind hiking trail is a challenging yet rewarding option. The breathtaking views from the summit make the effort worthwhile, providing a panoramic perspective of Vancouver's skyline.

3. Capilano Suspension Bridge - Nature's Thrill 🌉 While the main attraction may have an admission fee, the surrounding park offers a free suspension bridge experience. Take a stroll through the lush greenery and enjoy the natural beauty surrounding Capilano Suspension Bridge.

4. Granville Island - Artistic Vibes 🛍️ Wander through Granville Island's Public Market, where artisan shops and street performances abound. Embrace the artistic atmosphere, explore the galleries, and enjoy the lively ambiance of this cultural hotspot.

5. Lynn Canyon Park - Suspension Bridge and Beyond 🏞️ Experience the thrill of Lynn Canyon Suspension Bridge and explore the park's hiking trails and natural pool. Lynn Canyon Park offers a perfect blend of adventure and tranquility without costing a penny.

6. Vancouver Art Gallery - Outdoor Art Scene 🎨 While the main gallery may require admission, the outdoor plaza often hosts free events and exhibitions. Engage with Vancouver's art scene in a dynamic and budget-friendly way.

7. UBC Museum of Anthropology - Cultural Exploration 🏛️ Explore the outdoor grounds and totem poles at the UBC Museum of Anthropology without an admission fee. Delve into the rich cultural history of indigenous peoples in the Pacific Northwest.

8. Beaches - Sun, Sand, and Sea 🏖️ Enjoy the breathtaking beauty of Vancouver's beaches, including English Bay, Kitsilano Beach, and Wreck Beach. Whether beachcombing or catching a mesmerizing sunset, these coastal gems offer free relaxation and recreation.

9. Quarry Rock Hike - Scenic Mountain Views 🚶‍♂️🏞️ Embark on the Quarry Rock Hike in Deep Cove for stunning panoramic views of Indian Arm and the surrounding mountains. This short trek is a hidden gem for nature enthusiasts.

10. Vancouver Public Library - Architectural Marvel 📚 Visit the Vancouver Public Library and explore its visually stunning architecture. Utilize the public spaces and, when available, attend free events for a cultural and intellectual experience.

Vancouver's beauty and cultural richness are not limited by budget constraints. These top 10 free activities offer a diverse range of experiences, allowing you to make the most of your time in this incredible city without spending a dime. Explore, enjoy, and embrace the best of Vancouver on a budget!

 

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#MetroVancouverRealEstate #HousingMarketUpdate #RealEstateTrends 🏡📊

Posted in Community News
Feb. 27, 2024

Unveiling the Proposed BC Home Flipping Tax: What You Need to Know

British Columbia is set to introduce a new tax aimed at discouraging short-term property holding for profit. The BC Home Flipping Tax, part of the province's Homes For People plan, targets income from property sales within a specific timeframe. Let's delve into the key details of this proposed tax and its implications.

  1. Overview of the BC Home Flipping Tax: The BC Home Flipping Tax is designed to apply to income generated from the sale of properties in British Columbia owned for less than 2 years. It operates independently from federal property flipping rules and is not harmonized or administered with federal or B.C. income tax.

  2. Effective Date and Scope: The tax is slated to apply to income from B.C. properties sold on or after January 1, 2025. If a property is purchased before this date, income may still be subject to the tax if sold within 2 years of ownership, unless an exemption applies.

  3. Tax Rate Structure: The tax rate varies based on the duration of property ownership. It is highest (20 percent) for properties sold within 365 days of purchase and gradually decreases to zero between days 366 and 730. This progressive rate structure aims to discourage short-term speculative practices.

  4. Exemptions: Exemptions are available for specific life circumstances leading to property sale within 2 years, such as separation, divorce, death, disability, relocation for work, involuntary job loss, change in household membership, personal safety, and insolvency. Sellers of their primary residence may also exclude up to $20,000 from taxable income.

  5. Supporting Housing Supply: The tax is positioned as a measure to support housing supply rather than impede it. Exemptions will be granted to those contributing to housing supply or engaging in construction and real estate development. The list of exemptions will be further detailed in the future.

  6. Relevant Properties and Special Rules: The tax applies to income from the sale of properties with a housing unit, properties zoned for residential use, and the right to acquire such properties (e.g., assignment of a purchase contract). Special rules are in place for properties with non-residential purposes. Properties on reserve lands, treaty lands, and lands of self-governing Indigenous Nations are exempt from the tax.

  7. Contact Information: For any inquiries, you can contact the government at ITBTaxQuestions@gov.bc.ca.

  8. Stay Informed: As the legislation is subject to approval, it is crucial to stay up to date. Subscribe to receive email notifications for website updates to ensure you are well-informed about any changes or additional details.

Conclusion: The BC Home Flipping Tax proposes significant changes to the taxation of property sales in the province. Understanding the nuances of this tax, including exemptions and the progressive rate structure, is essential for property owners and investors alike.

🔗 Learn more on the Government of B.C. website

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Last updated on February 22, 2024

 

Posted in Market Updates
Feb. 5, 2024

Navigating the Strata Scene in Vancouver: A Comprehensive Guide for Buyers and Investors In 2024

🏠💡

Are you considering a strata to purchase or for an investment in Vancouver? The vibrant real estate scene in this iconic city offers numerous opportunities, but understanding the health of the strata corporation is key to a successful and stress-free ownership experience. In this blog post, tailored for Vancouver buyers and investors, we'll explore the specific factors to consider, offering you a quick checklist to ensure your investment thrives in this unique market.

1. Capital Reserve Fund (CRF) Analysis 💰

Vancouver's dynamic climate demands a robust Capital Reserve Fund (CRF). Ensure there's enough in the fund to cover long-term capital obligations like roof repairs, elevator maintenance, envelope improvements, and piping upgrades. Given the coastal environment, it's crucial that the CRF aligns with Vancouver's specific needs.

2. Depreciation Report Check 📋

Vancouver's varied architecture requires a thorough examination of depreciation reports. Confirm that the CRF contains ample funds to address items outlined in the report. The city's diverse buildings may have distinct maintenance needs, making the depreciation report a vital tool for financial planning.

3. Deferred Maintenance Dilemma ⏳

The rainy Vancouver weather can pose challenges, especially if maintenance is deferred. Check AGM minutes for resolutions on maintenance items, such as envelope renovations, and be cautious of repeated voting downs. Deferred maintenance may lead to special levies, affecting your investment down the road.

4. Stability of Strata Council and Management 🤝

Vancouver's eclectic neighbourhoods demand a stable strata council and management. Look for consistency and long-term members who understand the city's unique strata landscape. Frequent turnovers or toxic dynamics may signal issues. Likewise, a pattern of hiring new management companies annually could indicate underlying problems.

5. Financial Health Check 💼

In Vancouver's competitive market, financial transparency is crucial. Regular financial statements should be accurate and reflect the city's fast-paced real estate environment. Assess whether budgets are adhered to, and watch for deficits or overruns. Robust financial planning is essential for navigating Vancouver's dynamic market.

6. Strata Fees Evaluation 💸

While low strata fees are tempting, Vancouver buyers must strike a balance. Low fees may indicate deferred maintenance, a risky proposition given the city's weather. Consider higher fees to fund necessary projects or be prepared for special levies. In Vancouver, investing wisely means finding harmony between cost and value.

7. Special Levies Watch ⚠️

Stay vigilant for special levies. Vancouver's evolving real estate landscape might necessitate additional funding for unforeseen projects. Check the history of special levies in the building and evaluate how the strata has handled them in the past. A well-managed strata will provide clear communication and financial plans for special levies.

In conclusion, Vancouver's real estate market is brimming with potential, but investing in a strata property demands careful consideration. Tailor your approach by keeping an eye on Vancouver-specific factors like climate, architectural diversity, the competitive market, and the potential for special levies. For more insights or specific questions about Vancouver strata investments, feel free to reach out. Your success in Vancouver's strata market begins with a keen understanding of these key elements. Thanks for reading! 🏙️🚀

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#MetroVancouverRealEstate #HousingMarketUpdate #RealEstateTrends 🏡📊

Posted in Buying a Home
Feb. 5, 2024

Top 10 Hiking Spots in Lower Mainland Vancouver - 2024 Edition

Welcome to the breathtaking world of hiking in the Lower Mainland Vancouver in 2024! As the years roll by, the charm and allure of these trails only seem to grow stronger. Nestled between the Pacific Ocean and the Coast Mountains, this region continues to offer a plethora of hiking trails for enthusiasts of all levels. Whether you're a seasoned trekker or a nature lover looking for a leisurely stroll, Lower Mainland Vancouver in 2024 has something for everyone. Join us as we explore the top 10 hiking spots, each with its unique charm and scenic beauty.

  1. Grouse Grind - "The Stairmaster of Vancouver" 🏔️🚶‍♂️ The Grouse Grind remains a timeless classic, challenging hikers to conquer its steep ascent for unparalleled views of the city. As the city skyline evolves, the panorama from the top of Grouse Mountain offers a snapshot of Vancouver's ever-changing landscape.

  2. Lynn Canyon Park - "Nature's Playground" 🌲🏞️ Lynn Canyon Park continues to enchant visitors with its suspension bridge, waterfalls, and inviting trails. The park has seen updates to its facilities, ensuring a seamless blend of nature and accessibility for hikers of all ages.

  3. Pacific Spirit Regional Park - "Urban Oasis" 🌿🚶‍♀️ Pacific Spirit Regional Park maintains its status as an urban oasis, providing a haven for those seeking a tranquil escape. In 2024, ongoing conservation efforts and trail maintenance contribute to preserving the park's natural beauty.

  4. Jug Island Beach - "A Hidden Gem" 🏖️🌅 Jug Island Beach retains its status as a hidden gem in Belcarra Regional Park. In the ever-evolving world of hiking, this secluded beach continues to offer a peaceful retreat, away from the hustle and bustle of city life.

  5. Stawamus Chief Provincial Park - "Climb to the Summit" ⛰️🧗 The Stawamus Chief continues to beckon adventurers, with improved trail markers and facilities. Hikers can still marvel at the breathtaking views of Howe Sound and the surrounding mountains as they conquer the peaks.

  6. Diez Vistas Trail - "Ten Views Trail" 🌄👀 The Diez Vistas Trail remains a favorite, treating hikers to ten stunning viewpoints in the Buntzen Lake Recreation Area. In 2024, the trail's popularity persists, with efforts to maintain its charm while ensuring sustainability.

  7. Golden Ears Provincial Park - "Majestic Mountain Magic" 🌲🏞️ Golden Ears Provincial Park continues to enchant visitors with its majestic mountains, pristine lakes, and diverse trails. Ongoing conservation initiatives aim to preserve the park's natural wonders for generations to come.

  8. Mount Seymour Provincial Park - "Winter Wonderland in Summer" ❄️🏔️ Mount Seymour Provincial Park's transformation into a summer hiking destination remains a testament to the region's adaptability. Hikers can still enjoy alpine meadows, scenic viewpoints, and the refreshing mountain air.

  9. Baden Powell Trail - "Historical and Scenic" 🌲🚶‍♂️ The Baden Powell Trail stands as a historical and scenic journey, with continued efforts to showcase its landmarks and vistas. In 2024, hikers can immerse themselves in the trail's rich history and natural beauty.

  10. Quarry Rock - "Scenic Outlook Over Deep Cove" 🌊🌲 Quarry Rock in Deep Cove continues to attract hikers with its short yet rewarding trail. In 2024, the outlook over Indian Arm remains a must-see, capturing the essence of the region's coastal beauty.

Conclusion: As we embark on another year of hiking adventures in Lower Mainland Vancouver, the trails continue to weave stories of nature's grandeur and human resilience. Lace up your hiking boots, pack some snacks, and let's explore the wonders that await in this beautiful region in 2024. Happy hiking! 🥾🌳

 

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#MetroVancouverRealEstate #HousingMarketUpdate #RealEstateTrends 🏡📊

Posted in Community News
Feb. 2, 2024

Metro Vancouver Real Estate: A January Surprise as Sellers Regain Advantage

The Metro Vancouver housing market, which concluded 2023 in balanced territory, saw a surprising shift in January 2024. While the market favored buyers at the end of the previous year, conditions quickly turned in favor of sellers as newly listed properties struggled to keep up with the surging demand.

January 2024: Seller's Market Resurgence 🔄🏠

The Real Estate Board of Greater Vancouver (REBGV) reported a significant uptick in residential sales in January 2024, totaling 1,427 – a remarkable 38.5% increase from January 2023. Andrew Lis, REBGV’s director of economics, expressed astonishment at the strong sales figures, especially after a quieter December where major decisions were delayed by both buyers and sellers.

“If sellers don’t step off the sidelines soon, the competition among buyers could tilt the market back into sellers’ territory as the available inventory struggles to keep pace with demand,” warned Lis.

Listings and Inventory Dynamics 📊🏡

In January 2024, 3,788 properties were newly listed for sale, marking a 14.5% increase from the previous year. However, this figure was still 9.1% below the 10-year seasonal average, emphasizing the challenges in matching supply with the growing demand.

The total number of properties currently listed for sale in Metro Vancouver is 8,633, reflecting a 9.8% increase compared to January 2023. The sales-to-active listings ratio for January 2024 is 17.2%, indicating a market that's leaning towards sellers. The ratio by property type varies, with detached homes at 11.9%, attached at 22.9%, and apartments at 19.9%.

Market Outlook and Forecast 📈🔮

Looking ahead, the REBGV's 2024 forecast predicts a 2-3% increase in prices by the year-end, driven by demand confronting limited inventory. Lis commented, “If the January figures are indicative of what the spring market has in store, our forecast may already be off to an overly conservative start.”

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,161,300 – a 4.2% increase over January 2023. The market experienced a 0.6% decrease compared to December 2023, showcasing the dynamic nature of the real estate landscape.

Property Type Performance 🏠💼

In January 2024, detached home sales reached 379, marking a 28% increase from the previous year. Apartment sales increased by 30.6%, totaling 746, while attached home sales saw a staggering 82.7% increase, reaching 285.

The benchmark prices for detached, apartment, and attached homes demonstrate varying trends, with detached homes showing a 7.3% increase, apartments at 4.4%, and townhouses at 4.3%.

As Metro Vancouver experiences an unexpected surge in seller advantage, the real estate landscape is poised for an exciting and potentially robust year. 🌆🏠💼

 

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#MetroVancouverRealEstate #HousingMarketUpdate #RealEstateTrends 🏡📊

Posted in Market Updates
Jan. 26, 2024

Unlocking Homeownership Dreams with the FHSA: A Tax-Free First Home Savings Account Journey!

Unlocking Homeownership Dreams with the FHSA: A Tax-Free First Home Savings Account Journey! 🏡💰

Ready to transform homeownership dreams into reality? The First Home Savings Account (FHSA) is the key to overcoming the hurdle of saving for a down payment. 🌟

1. Understanding the FHSA: A Unique Approach to Savings 🏦 The FHSA, introduced in the 2022 Federal budget, is a groundbreaking registered plan that combines the best of RRSP and TFSA features. With an annual contribution limit of $8,000 and a lifetime limit of $40,000, it's a powerful tool to expedite your savings.

2. FHSA Eligibility: Your Gateway to Homeownership 🇨🇦 To embark on your FHSA journey, you must be a Canadian resident, aged between 18-71, and a first-time home buyer. Let the FHSA pave the way to homeownership for you!

3. Top Benefits of the FHSA: Empowering Your Savings Journey 💪 The FHSA offers four compelling incentives:

  • Tax-sheltered savings for up to 15 years.
  • Tax-deductible contributions to lower your annual tax bill.
  • Ability to transfer funds to an RRSP or Registered Retirement Income Fund.
  • Compatibility with the Home Buyers' Plan for an even larger down payment.

4. Unveiling Contributions and Deductions: Navigating the Fine Print 📜 Dive into the details of contribution limits and deductions:

  • Lifetime limit of $40,000 with annual contributions capped at $8,000.
  • Carry-over contributions for unused amounts from the previous year.
  • Tax-deductible contributions that reduce your overall taxable income.

5. Qualifying Withdrawals: What Can You Use the Money For? 🏡 Ensure tax-free withdrawals by meeting specific conditions:

  • Be a first-time home buyer and a Canadian resident.
  • Have an agreement to buy or build a qualifying home.
  • Intend to occupy the home as your principal residence.

6. Distinguishing FHSA from the Home Buyers' Plan: A Comparative Overview 🔄 Contrast the FHSA with the Home Buyers' Plan – no repayment required for FHSA, and you can use both plans for your first home!

7. Adapting to Change: What if You Don't Buy or Build? 🔄 Adjust to changes by transferring savings to an RRSP or RRIF on a tax-free basis. No taxes until withdrawal!

8. Real-Life Scenario: Meet Alex, a 30-Year-Old Dreamer! 🧑‍💼 Explore the story of Alex, a dreamer using the FHSA to save tax-free for 15 years. If plans change, Alex can transfer funds to an RRSP with tax implications upon withdrawal.

9. Key Takeaway: Unlocking Your Dreams with the FHSA 🗝️ With the potential to save up to $40,000 (or $75,000 combined with the Home Buyers' Plan) tax-free, the FHSA is a game-changer in the face of soaring real estate prices. It's an investment tool that's definitely worth considering.

10. Further Exploration: Where to Learn More? 🤔 Visit the Tax-Free First Home Savings Account information page on the Government of Canada website for more details and updates.

Dream big, plan ahead, and with the FHSA, you're one step closer to the keys of your new home! 🌈🏡✨

 

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Posted in Real Estate News
Jan. 3, 2024

December Year End 2023 Vancouver Real Estate Market Update

Resilience in Metro Vancouver Housing Market: A 2023 Recap 🏠📈💪

The Metro Vancouver housing market faced a challenging 2023, marked by the highest borrowing costs in over a decade. Despite this, the Real Estate Board of Greater Vancouver (REBGV) reveals a surprising story of resilience, concluding the year with balanced market conditions.

Overview of 2023: A Year of Strength Despite Challenges

In 2023, residential sales totaled 26,249, showing a 10.3% decrease from the previous year. However, this figure doesn't reflect the underlying strength seen throughout the year. Andrew Lis, REBGV’s director of economics, notes that the market defied expectations, with a five-plus percent increase in home prices across all segments. This signals Metro Vancouver's enduring appeal, proving that even elevated borrowing costs couldn't deter determined buyers.

Properties listed on the Multiple Listing Service® (MLS®) in 2023 decreased by 7.5% compared to 2022, highlighting a 20.2% drop from 2021. Currently, 8,802 homes are listed for sale, showing a 13% increase compared to December 2022. The MLS® Home Price Index composite benchmark price for all residential properties is $1,168,700, indicating a 5% increase over December 2022.

2023 in Retrospect: Too Few Homes, Record-Low Inventory 🏠📉

The story of 2023 revolves around a scarcity of homes relative to willing and qualified buyers. Sellers hesitated to list early in the year, resulting in fewer sales initially. However, this led to near record-low inventory levels in the spring, driving prices higher as buyers competed for limited options.

Andrew Lis reflects, "Looking back on the year, it’s hard not to wonder how we’d be closing out 2023 if mortgage rates had been a few per cent lower than they were." Insights into this question may unfold in 2024, as bond markets and forecasters project lower borrowing costs and modest rate cuts in the New Year. 🕵️‍♂️📅

December 2023: A Balanced Close to the Year 🎉

In December 2023, residential sales increased by 3.2% compared to the previous year, totaling 1,345. New property listings saw a 9.9% rise, reaching 1,327. The sales-to-active listings ratio for December 2023 is 16%, with ratios for detached homes, attached, and apartments at 11.1%, 18.7%, and 19.6%, respectively.

Sales of detached homes in December 2023 rose by 1.3%, reaching 376, with a benchmark price of $1,964,400. Apartment sales increased by 2.4%, totaling 719, with a benchmark price of $751,300. Attached home sales saw a 7.2% increase, totaling 238, with a benchmark price of $1,072,700.

The Metro Vancouver housing market's resilience and balanced conditions at the close of 2023 set an optimistic tone for the New Year. 🌟🏡📊

 

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Posted in Market Updates