Royal LePage Awards Gala 2015 in Vancouver BC

Russ, Terri and I were honoured last week with Royal LePage Director’s Platinum Award! Our clients helped us reach the top 5% of sales in our brokerage on the Sunshine Coast BC for 2015.

4 Things You Need To Know About Property Transfer Tax And Home Owner’s Grant

Yesterday, the BC government passed a new budget and there are important changes to Property Transfer Tax and the BC Home Owner Grant that home buyers and home owners that take effect today, Wednesday February 17, 2016. Read more or watch a short video…

Property Transfer Tax (PTT)

  1. a New Housing exemption will apply to newly built homes or newly subdivided units priced up to $750,000, saving buyers up to $13,000; and
  2. a partial exemption will apply on newly built homes priced $750,000 to $800,000.
  3. a new 3% PTT rate will apply to the portion of a home sale that exceeds $2 million. For homes that sell for below $2 million, the PTT will continue to apply at a rate of 1% on the first $200,000 and 2% on the balance.

Home Owner Grant

Good news for home owners!

4.  the Home Owner Grant threshold will increase from $1.1 million to $1.2 million for the tax year 2016.

 

 

Real Estate Board of Greater Vancouver,. BC Budget 2016 – The Impact On You And Your Clients. 2016. Print.

 

Mortgage Minute – New Rules For Minimum Downpayment On High-Ratio Mortgages

Good morning! Ria Qureshi here with your Mortgage Minute for Monday February 15 2016.

Anyone looking to make a home purchase with a high-ratio mortgage new rules apply to you. So what does that mean?

Any purchases are up to $500,000 have a minimum down payment requirement of 5 percent as of today and purchases over $500,000 are now required to have a minimum payment of 10% down payment on top of your first five percent on the first five hundred thousand. Any portion over $500,000 for every $100,000 over $500,000 you are now required to have a minimum down payment of $10,000 per $100,000 purchase

Let’s look at an example:

Let’s say you found a beautiful home on the Sunshine Coast and it’s a $600,000 price tag – the first $500,000 would require you to have a minimum down payment of $25,000 plus a 10% portion of $100,000 over the threshold of $500,000 now requires 10% down payment for a total of $10,000.

Your total minimum down payment today on a $600,000 purchase would be $35,000 whereas a yesterday that would have been a $30,000 minimum down payment.

If you have any questions don’t hesitate to give me a call at 604-989-2253 or send me an email.

I am real estate agent, Ria Qureshi, live from the Sunshine Coast Royal LePage Sussex beautiful British Columbia.

Vancouver downtown building reflection

Sunshine Coast Real Estate Market Activity Rivals 10-Year High

January takes it’s usual dip in sales and increase in inventory after the winter holidays. Overall, the real estate market on the Sunshine Coast continues to rise with today’s market activity rivalling the 10-year high.

Sales of detached, attached homes and land reached 71 properties at the end of January 2016, a 42% increase over January 2015 starting 2016 as the busiest year on record for the Sunshine Coast real estate market.

Total number of newly listed homes for sale was 119 in January 2016, a 19% drop over the same time last year. The average days on market across all property types is 122 days.

The average price of a residential property was $396,843 this month, a 1% drop over last year.

The MLS® Home Price Index composite benchmark price for residential properties on the Sunshine Coast is up 21.2% to $428,100 compared to January 2015.

 

Detached Home Sales

Detached home sales dollar volume for the month of January 2016 on the Sunshine Coast is down 23% from last month to $22,034,864. Unit sales are also down 25% to 42 homes sold in January.

Average price of a detached home is up 2% to $524,639 over last month.

The number of active homes for sale reached 316 along with 42 home sales puts the sales-success ratio of 13% keeps the home-seller driving the market.

Year-to-date sales were $22,034,864 in the detached market, an increase of 49% and unit sales were up 20% over last year at this time to 42 detached homes sold so far this year.

 

Condo, Townhome and Apartment Home Sales

Condos, townhomes and apartments total sales on the Sunshine Coast were $2,757,611 in January, a decrease of 49% over last month. Unit sales dropped 40% to 12 units.

Average price of an apartment, condo and townhome was $226,857 down 16% percent compared to last month.

Sales-success ratio of 11.5% dropped to put the attached market back into a buyer’s market on the Sunshine Coast for the month of January.

Year-to-date sales volume, compared to the same time last year rose 36% to $2,757,611. Unit sales of townhomes, condos and apartments year to date on the Sunshine Coast grew 71% over the same period last year.

 

Land Only Sales

Sales for the Sunshine Coast land only market for the month of January 2016 went down 15% to $3,383,400 compared to last month. Unit sales edged up less than 1% to 17 units sold this month.

The average price of bare land property on the Sunshine Coast BC this month is down to $199,023 a decrease of 24%.

Sales-success ratio on bare land inched up to 5% remaining in the land buyer’s corner. The average days on market were 164.