Mikaila Rhodes Victoria Realtor®

Cell: 778-679-1028 |

Don't forget HOMEOWNERS - The speculation tax is legally approved for residential and recreational property vacancies in designated areas of BC!  *CLAIM YOUR EXEMPTION BY MARCH 31, 2019*


For more information on the designated areas in BC and maps of where the tax applies:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/taxable-regions


The tax will be levied at 0.5% for British Columbians and other Canadian residents who are not members of a satellite family against empty properties. EVERY homeowner in the affected regions must CLAIM YOUR EXEMPTION BY MARCH 31st, 2019! You must complete the form which you will receive by mail or can get online and submit by March 31st, 2019.  


For more information on how to declare and claim your exemption for the speculation and vacancy tax:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/declaration?fbclid=IwAR2ZxXDKHWfE94oDprcJJl5st8Q_GsF1idLkw9Re4NCUpA86jd4tcybONFg


For more information on the individual exemptions for the speculation and vacancy tax:

https://www2.gov.bc.ca/gov/content/taxes/property-taxes/speculation-and-vacancy-tax/exemptions-speculation-and-vacancy-tax/individuals#inherited-bought


Owners are exempt from the tax if it is their principal residence, they rent it at least six months of the year (only three months is required in 2018), they are disabled, the property was just inherited, it’s valued under $150,000, or a person was away and it was vacant due to medical reasons, residential care, work or spousal separation.

Condos and apartments in buildings where stratas ban rentals are also exempt, but only for 2018 and 2019, to give stratas time to change their bylaws, according to the ministry. Exemptions are available for First Nations, local governments, charities, co-ops, some not-for-profit organizations, and developers working on construction or renovation of property.


British Columbians with second homes who aren’t exempt will still get a credit intended to cover the tax on the assessed value up to $400,000, with the remaining value of the property then taxed at the full rate!


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So grateful to receive the Master Sales Award with Royal LePage Coast Capital Realty for 2018! A huge thank you to all my clients, friends, family and colleagues for your continued support! I'm so lucky to be in a career I love, and helping those around me achieve their home ownership dreams. I can't wait for a productive 2019 and an amazing year ahead!



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Victoria Real Estate Market responds as expected to the changing market conditions of 2018

January 02, 2019 A total of 375 properties sold in the Victoria Real Estate Board region this December, 18.8 per cent fewer than the 462 properties sold in December 2017 and a 24.7 per cent decrease from November 2018. Sales of condominiums were down 24.3 per cent from 2017 in December with 103 units sold. Sales of single family homes were down 26.6 per cent from December 2017 with 174 sold.

A grand total of 7,150 properties sold over the course of 2018, 20 per cent fewer than the 8,994 sold in 2017. 2018 sales came in very close to the ten-year average of 7,351 properties sold. Condominium sales totalled 2,162 in 2018, compared to 2,783 in 2017. Single family home sales were down from 4,069 in 2017 to 3,187 in 2018. 

"The story arc in real estate this year has been the impact of government influence on a market which was showing signs of levelling out through the latter part of 2017," says outgoing Victoria Real Estate Board President Kyle Kerr. "All levels of government turned their focus to try to make housing more affordable and attainable across the property spectrum. The federal government's change to mortgage lending qualification rules this year meant many consumers lost 20 per cent of their purchasing power, which contributed to slowing down the pace of the market. On a municipal level, we saw many councils activating how they can influence affordable housing by leveraging current land assets, acquiring new land and creating partnerships to bring new affordable units to market - and that's a very exciting thing for our market in the long term. The provincial government has also promised huge investments into new affordable developments. These developments are important to the long-term growth of our community, because the only way to make more affordable housing in our area is to build it."

There were 1,988 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2018, a decrease of 15.2 per cent compared to the month of November but 43.6 per cent more than the 1,384 active listings for sale at the end of December 2017. 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2017 was $832,000. The benchmark value for the same home in December 2018 increased by 3.2 per cent to $858,600, lower than November's value of $865,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2017 was $464,300, while the benchmark value for the same condominium in December 2018 increased by 8.2 per cent to $502,400, slightly more than November's value of $500,500.

"The market in 2019 will continue to be quieter than in previous years, as buyers and sellers adjust to new market conditions and government policies," adds President Kerr. "Inventory is still quite low when you look at a longer range, which will continue to put pressure on pricing. Our overall economy is predicted to slow slightly, and that will likely mean a slower increase in interest rates but also slower growth. The good news is that savvy buyers will have more time to find their new homes, and that sellers will be under less pressure if they are planning to move within our market. Remember in evolving markets like ours, it's important to enlist the services of a REALTOR® to help you navigate what may be your largest transaction ever."

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NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.