Mikaila Rhodes Victoria Realtor®

Cell: 778-679-1028 |

The Provincial Government announced last week that effective February 22nd, first time home buyers will receive a full exemption on Property Transfer Tax for any purchase up to $500,000, and a partial exemption for purchases up to $525,000!

 

This is an increase from $475,000 for a full exemption and $500,000 for a partial exemption. Although this isn't a large increase it is a step in the right direction, and hopefully they continue to raise this amount over time, but for first home buyers this could now save you $8,000 on your home purchase of $500,000  


The Property Transfer Tax is calculated at a rate of 1% on the first $200,000 of the purchase price and 2% on the balance. 

Do I Qualify?

To qualify for a full exemption, at the time the property is registered you must:

  • be a Canadian citizen or permanent resident
  • have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
  • have never owned an interest in a principal residence anywhere in the world at any time 
  • have never received a first time home buyers' exemption or refund

and the property must:

  • be located in B.C.
  • only be used as your principal residence
  • have a fair market value of:
    • $475,000 or less if registered on or before February 21, 2017, or
    • $500,000 or less if registered on or after February 22, 2017
  • be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption from the tax if the property:

For full details to see if you qualifty for the first time home buyer property transfer tax exemption view the link below:


http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/first-time-home-buyers

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Victoria Real Estate Market Starts the Year with Fewer Listings and Above Average Activity

 

February 1, 2017 -  A total of 478 properties sold in the Victoria Real Estate Board region this January, 11.3 per cent fewer than the 539 properties sold in January last year. 

Inventory levels edged lower, with 1,516 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2017, 38.6 per cent fewer than the 2,471 active listings at the end of January 2016.

"The numbers we saw last year are not the new normal. We know that we are not going to see sales volumes this year that meet or beat last year's record breaking numbers," notes 2017 Board President Ara Balabanian. "When compared to the month of January's ten year average, which is 384 transactions, sales in January 2017 are nearly 25 per cent higher than average. The least active January we saw in the past ten years was in 2009 with 247 sales, and the most active was last year." 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2016 was $616,700. The benchmark value for the same home in January 2017 has increased by 24.4 per cent to $767,000. 

"It's early in the year to make predictions," adds President Balabanian. "Over the last few decades, the historic cycle in Victoria is longer periods of stable activity and price followed by a rapid rise in activity and property values over a relatively short period of time. The coming months will provide us with a better idea of where we are in this cycle."

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On the first day of every month this year I will be announcing a new draw…

Each month will feature a prize for the lucky winner to enjoy “somewhere” or “something” on Vancouver Island! We are truly lucky to live in one of the most beautiful places in the world and I want to share some of the fun with all of you 

For February the winner will receive a one day LIFT TICKET to Mount Washington Alpine Resort to enjoy some (hopefully) fresh snow and a day on the slopes! ❄️

LIKE, SHARE & POST (for a bonus entry)

*Contest Rules*

1. “LIKE” my Facebook page https://www.facebook.com/MikailaRhodesRealtor/


2. “LIKE" and "SHARE” this post 


3. OPTIONAL for a bonus entry: “POST” a picture in the comments of your happy place exploring Vancouver Island!

Good luck to everyone and the WINNER will be announced February 14th as a Valentines Day prize!! 


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