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January Housing Market Update

February 1, 2019

 

January Stats

  • 216 total sales down 40% from 2018 of 363

  • 787 New Listings taken. 2,736 total listings (up 23%).

  • 80 Residential Home sales (down 44%), 282 new listings (up 12%)  with the current inventory at 807. On average spending 77 days on the market.

  • 60 Apartment Condo sales (down 45%), 180 new listings (up 23%) with the current inventory at 478. On average spending 78 days on the market.

  • 33 Townhouse Sales (down 10%), 122 new listings (up 60%) with a current inventory of 335. On average spending 86 days on the market.

Speculation Tax

I had the privilege to listen to Zach Pashley with Pushor Mitchell speak regarding the speculation tax. Here are some highlights from his presentation

  • Tax, generally, only applies to Class 1 property: Property Tax assessment class; Residential land + house on the land;  Vacant residential land (even if no house on it); Residential property on farmland

  • EVERY registered owner of the property is liable for speculation tax in proportion to their ownership interest in the property e.g. 50% owners each owe 50% of the tax

  • Each owner must qualify separately for any exemptions

  • March 31st is deadline day. Everyone should have received the declaration form in the mail

Let me know if you have questions specific to your situation or if you are looking to be more informed. I have the notes from his presentation and would be happy to pass them along.

Consumer Purchasing Power
TThe image below shows how the government of Canada's stress test has affected consumer purchasing power.

Why this matters? if you were planning to move up to a newer, bigger, more expensive home you may no longer be able to get the home you were dreaming of. First-time homebuyers are also greatly affected when trying to get into the market. If your household income is $100,000 in the last 2 years consumer purchasing power has decreased by $156,000.

This was from a presentation by Andrew Ramlo with UDI Okanagan.

 

Click here for the full presentation

 

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