BC Home Sales Edge Down
Vancouver, BC – February 18, 2008. British Columbia Real Estate Association (BCREA) reports residential sales dollar volume on the Multiple Listing Service® (MLS®) in BC climbed 8.8 per cent to $2.25 billion in January, compared to the same month last year. Residential unit sales dipped 5 per cent to 4,949 units during the same period. The average MLS® residential price in the province reached $453,648 in January, up 14.5 per cent from January 2007.
“BC home sales edged down in January for the first time in nine months,” said Cameron Muir, BCREA Chief Economist. “The combination of fewer home sales and an increase in active listings is pulling the BC housing market toward balanced conditions. This means upward pressure on home prices is less severe than a year ago.”
“While unit sales are no longer breaking records,” added Muir, “they still reflect strong consumer demand for housing.” The 4,949 units sold last month in the province were well above the ten-year average of 4,230 units for the month of January. “The provincial economy is continuing its expansionary phase,” noted Muir. “While weak demand for BC lumber and exchange rate parity with the US is negatively impacting some resource-dependent communities, strong employment growth and rising wages in other sectors are helping to underpin housing demand in the province.”
BC Budget Assists Housing Affordability and the Environment
Vancouver, BC, February 19, 2008 – First-time homebuyers and current owners will potentially benefit from measures to improve the affordability and sustainability of homes introduced in today’s provincial budget.
Commenting on today’s budget, Tony Joe, Victoria REALTOR® and president of the Victoria Real Estate Board, identified key policy changes for real estate: “The increase in the Property Transfer Tax (PTT) exemption threshold is an important step in the right direction to improve housing affordability. PTT continues to add significant cost to the purchase of a home, and the real estate profession is pleased the thresholds have been increased.”
The PTT exemption threshold has been increased to $425,000 from $375,000, making this the third straight provincial budget in which the threshold has been adjusted. “BCREA has consulted with government about our concerns on housing attainability, and we are encouraged that government has continued to respond to the needs of BC homebuyers,” Joe confirmed.
First-time buyers also benefit from removal of the financing rule, which required them to have at least a 70 per cent mortgage to qualify for the exemption. They can now pay down their mortgages by any amount in the first year of ownership without losing entitlement to the exemption.
The PTT is a registration tax an individual must pay when purchasing or acquiring an interest in property. The amount payable depends on a property’s fair market value, and is charged as one per cent on the first $200,000, plus two per cent on the remainder.
Even with the threshold change, the government will collect more than $1 billion in PTT revenue this fiscal year—a record amount.
Green Initiatives Aid Homeowners
Today’s budget establishes an assortment of Provincial Sales Tax exemptions on home renovations, retrofits and purchases of energy-efficient appliances for current owners. This could help reduce home energy consumption and the related operating costs over a long term.
“Homes that meet a green standard are more energy-efficient and environmentally sustainable,” says Joe. “But they cost four to six per cent more to build, compared to existing housing stock. The real estate profession will continue to work with the government to assist the attainability of affordable and sustainable homes for British Columbians.”
Last September, BCREA recommended the government introduce a pilot program that would encourage the purchase of new homes that meet a green standard through a reduced PTT. The Association also recommended Provincial Sales Tax rebates on purchases for renovations to improve energy efficiency and other environmental aspects. These suggestions are available online at
www.bcrea.bc.ca/govt/2008ProvPre-Budget.pdf. About BCREA
BCREA represents 12 member real estate boards and their approximately 18,000 REALTORS® on all provincial issues, providing an extensive communications network, standard forms, government relations, required post-licensing courses and continuing education.
To demonstrate the profession’s commitment to improving Quality of Life in BC communities, BCREA supports growth that encourages economic vitality, provides housing opportunities, respects the environment and builds communities with good schools and safe neighbourhoods.
For more information about BCREA, please our website at
www.bcrea.bc.ca.
MLS® housing market more balanced in January
MLS® residential new listings in Canada’s major markets surged to a new record in January 2008, according to statistics released by The Canadian Real Estate Association (CREA). This made the MLS® resale housing market more balanced in January 2008 than at any other point in the past seven years.
Seasonally adjusted MLS® sales activity edged 0.4 per cent lower from the previous month to 28,911 units in January. The small monthly decline reflects fewer sales in Toronto, Calgary, London & St. Thomas, Vancouver, St. Catharines, Halifax and Victoria, offset by a monthly rise in activity in Winnipeg, Edmonton, Saskatoon, Regina, Newfoundland and Labrador, and Ottawa.
Seasonally adjusted transactions in January broke all previous monthly records in Regina and Saskatoon, and reached the second highest monthly level ever in Newfoundland and Labrador.
Seasonally adjusted new MLS® residential listings surged 9.3 per cent from the previous month to 51,716 units in January. This is the highest monthly level ever, and the largest month-over-month increase in seven years. New listings set records in Calgary and Victoria, while also rising strongly in Edmonton, Vancouver, Ottawa and London & St. Thomas.
Record level activity in Regina and Saskatoon made them the tightest major markets in January. The market also tightened in Saint John, Newfoundland and Labrador and Windsor compared to December levels, while becoming more balanced in all other major markets. Edmonton, Calgary and Windsor remain the most balanced major markets.
A more balanced market saw smaller price increases in some markets. The major market MLS® residential average price rose 8.6 per cent year-over-year to $325,183 in January 2008. This is the smallest year-over-year price increase since December 2006.
However, the average price reached new heights in a number of major markets in January, including Victoria, Saskatoon, Kitchener-Waterloo, London & St. Thomas, Sudbury, Ottawa and Saint John.
“The overall increase in new listings stemmed mainly from a jump in listings in some of western Canada’s most active markets,” said CREA Chief Economist Gregory Klump. “Price increases in those markets will be more modest compared to what we saw last year,” he added. “Of Canada’s four most active markets, only Toronto has not become significantly balanced since the middle of last year. CREA will be watching closely to see how the City of Toronto’s new land transfer tax and a proposed property tax increase affect the market,” said Klump.
“The January MLS® reports again show how the Canadian housing market is different than the market in the United States,” says CREA President Ann Bosley. “CREA had expected the growth in average price to slow in 2008, which is reflected in many markets. Sales levels are returning to what we would consider, on an historical basis, as more normal activity.” (CREA 15/02/08)
Prince George compares favourably on property tax front
(News) Wednesday, 13 February 2008, 15:58 PST
MARK NIELSEN Citizen staff
The average Prince George homeowner paid the lowest amount of property tax and user fees to local and provincial governments last year compared to six other B.C. communities of similar size, according to data from the Ministry of Community Services' local government branch.
The average resident in Prince George paid $2,619. Of that, $1,329 was for general municipal plus another $469 in user fees for sewer and water utilities for a total of $1,798 that went to city hall.
Only Langley District paid less for for general municipal at $1,262, but add on user fees of $706 and the total rises to $1,968. And add on the school tax, which goes to the provincial government, property taxes paid to the regional district and other property-related taxes and the total rises to $3,121.
Prince George also came out ahead in comparisons to five other municipalities.
In Nanaimo the average homeowner paid $2,938 of which $1,464 was general municipal, making it second best among the seven. Kelowna was third at $3,063 with $1,373 going to general municipal.
Langley District was fourth for total property taxes and user fees while fifth was Kamloops where the total was $3,217 of which $1,461 went to the municipality. Sixth was Victoria at $3,593 of which $1,684 was general municipal and seventh was North Vancouver District, where $4,350 was the total bill, of which $1,884 was general municipal.
In 2007, the value of the average home in Prince George was $166,404, in Kamloops it was $247,997, in Nanaimo it was $295,422, in Kelowna it was $387,378, in Langley District it was $433,193, in Victoria it was $479,174 and in North Vancouver District it was $738,838.
All those totals will be up substantially for 2008, but the according rates per $1,000 will drop accordingly once the tax levy has been set.
Prince George city council is looking at a levy increase from 2.5 to 7.6 per cent depending on how many additions council members decide to add to the city's list of services.
Prince George's standing in relation to those other communities was made known to council during a presentation at the start of budget discussions earlier this month.
Prince George also compared favourably on a per capita basis according to another set of numbers from the ministry. Home to 77,148 people, Prince George paid the city $434 per person in property tax, the lowest of the seven.
Next lowest was Langley District, where 97,125 people live, at $436, followed by Victoria, population 77,369, at $494, then Kamloops, population 82,714, at $500, then Kelowna, population 109,490, at $514, then North Vancouver District, population 87,073, at $515, and then Nanaimo, home to 79,626, at $540.
Businesses also got the fairest shake in Prince George. Accounting for 17 per cent of the city's assessment total, they paid 25 per cent of the levy and were charged 2.15 times the residential rate per $1,000.
Next best was Kelowna, where they made up 13 per cent of the assessment total, paid 28 per cent of the levy and were charged 2.59 times the residential rate. Kamloop's businesses also made up 13 per cent of the assessment total and paid 28 per cent of the levy but were charged 3.03 times the residential rate.
In Nanaimo they made up 12 per cent of assessment, paid 29 per cent of the levy and were charged 3.32 times the residential rate. In Langley District, they made up 12 per cent of assessment, 30 per cent of the levy and paid 3.33 times the residential rate.
North Vancouver District businesses were six per cent of the assessment, 18 per cent of the levy and 3.76 times the residential rate and was Victoria at 23 per cent of the assessment, 51 per of the levy and 3.7 times the residential rate.
The numbers can be downloaded from the Ministry of Community Services website,
www.gov.bc.ca/cserv/. Click on local government, then infrastructure and finance, then tax rates.
Saanich real-estate agent murdered
Saanich real-estate agent murdered
Premeditated?: Friends, family fear trap set for talented 24-year-old at upscale listing
Canwest News Service
Monday, February 04, 2008
CREDIT:
Lindsay Buziak, 24, worked for Re/Max Camosun.
SAANICH -- Friends and family of real-estate agent Lindsay Buziak say she was murdered by someone who set a trap for her.
The body of the "beautiful, vibrant" 24-year-old Buziak was found Saturday in a new home listed for sale in the Gordon Head neighbourhood of Saanich.
Police are not saying how Buziak died, but Saanich police Const. Brad Brajcich confirmed the death is being investigated as a homicide. There are no suspects and no one was in custody last night.
Agent Laurie Lidstone, who shares the listing for the $964,900 house with Nancy DiCastri, said the buyer never called either of them for an appointment.
"It really makes you wonder," said Lidstone. "Someone specifically called this girl to show a vacant house. It sounds preplanned. It sounds premeditated."
In a phone call from Calgary, Buziak's distraught father Jeff Buziak said "someone phoned Lindsay to show a house and they killed her."
Police raced to the house, which was vacant, after they received a 911 call asking them to check on someone inside.
"We didn't know what was happening. Then we quickly realized it was a little more serious," said Brajcich. The call is now "a very important part of the investigation," he said.
Police said there's no evidence to show Buziak was targeted because of her occupation, but rumours are circulating in the real-estate community that a number of people at her office knew Buziak had a bad feeling about the appointment.
Family and friends are reeling at the news of her death. Jeff Buziak was to fly to Victoria last night to be with Lindsay's mother, Evelyn Reitmayer, and Lindsay's sister, Sara, who is flying in from the Cayman Islands.
"She was the most beautiful girl you could ever meet," said Buziak.
"I miss her so much. I love her so much. Lindsay was vibrant, full of life, loved by everybody. She had oodles of friends. She was so focused on her career. She thought it was the greatest thing. She was a tremendous young woman."
Buziak was born in Victoria and went to Lakehill Elementary and Reynolds Secondary, her father said. After graduating, she got her real-estate licence, working in Victoria before moving to Vancouver, where she worked for Maverick Real Estate Corp. She returned to Victoria to join Re/Max Camosun.
Lindsay prided herself on the service she gave clients, her dad said.
Jeff Buziak, an industrial real-estate agent in Calgary, said his daughter was not following in his footsteps.
"She found what she loved and that's what she wanted to do," he said.
Buziak's uncle, Gary Reitmayer, described her as a great person.
"I don't think she's ever done anyone wrong," said Reitmayer. "We have no idea what happened. It's a mystery to all of us."
Buziak was among the youngest of the 1,300 real-estate agents working in the region.
Yesterday, staff and agents at her Re/Max office were instructed not to comment about the incident.
Wayne Schrader, who owns the office, said: "Everyone in the office is shell-shocked and our thoughts are with Lindsay's family."
Buziak reportedly was dating someone who worked in the industry.
© The Vancouver Province 2008
