Calgary vs. Victoria Real Estate review

I just spent 2 weeks visiting friends in Calgary.  While there, I reviewed the Real Estate market in what is widely regarded one of the Nation's strongest markets and a thriving economy.  How does Victoria compare in sheer Real Estate sales numbers?  See below- first, let's review the July 2012 local stats to date.


Victoria Real Estate sales statistics, July 30 Month-to-Date

MTD July 2012

Sales                         481

Listings                     1114

Inventory                  4939

July 2011

Sales                         523

Listings                     1374

Inventory                  5094

At best, we'll closely match the sales number of July 2011.  A very interesting result to the month considering how strong it started off.  Let's also remember that the market started improving about this time last year so very soon comparing stats to 12 months ago will be of little value.  We expect the numbers for the rest of the year to match 2011 figures.  Stats which cause pondering are the total inventory which for once may finish below July 2011 and also the fact that new listing numbers are on the decline.

Calgary vs. Victoria Real Estate Review

Several years ago, I attended a spring Real Estate conference in Calgary which seemingly had very few local attendees. The reason was the market was white hot, with properties selling the moment they were listed and Agents scrambling to serve their clients.  Multiple offers were the norm and prices rising daily.  

Fast forward to today.  Every Canadian market saw correction in 2008/2009 with virtually all property values now slightly below the peak of 2007/2008.  In the case of Calgary, the average price for a single family home is around $480,000 or about 5% below the 2007 peak.  In Victoria, the average single family home is now $606,000 or 3.4% below the peak of 2010.  

Peak of 2010?  Most presume prices peaked in Victoria before the 2008/2009 crash but prices did indeed rise afterward and have adjusted little.  Strange town, our little Victoria!

As a native Victorian, I appreciate all of the amenities a city like Calgary has to offer.  Great food (fresh oysters 1000km from shore, anyone?), shopping and entertainment are just a start.  As a parent, I also marvel at available family recreation including rec centres, sports, lakes and skiing not far away.  With a Metro population of 1.2 million vs Victoria's 340,000 it's easy to see that the town has a vast audience to serve.

While in Calgary, we typically stay in a suburb called McKenzie Towne- about 20 minutes from downtown in moderate traffic (an hour during rush hour!).  It's a lovely place with a fine mix of detached homes, town homes and condos and serviced by its own sizeable Town square with Sobey's supermarket, banks, churches, restaurants & pubs, and so much more plus walkways and easy proximity to 130th which has requisite box stores such as Home Depot, Rona, London Drugs and Sport Chek.  To me, it's a fine example of what Westshore should be and likely will be once Victoria's transit issues are addressed.

Calgary area Real Estate statistics are very intriguing.  Take a look below, compared with Victoria:

Calgary June 2012

Sales                        2200

Listings                     3312

Inventory                  5712

Victoria June 2012

Sales                         637

Listings                     1449

Inventory                  5189

Some observations:

• With over 3 times Victoria's population, it makes sense that Calgary generally has just over 3 times the number of monthly sales
• The number of new Calgary sales relative to new listings is low:  a ratio of roughly 1:1.5 versus Victoria's 1:2.3. There is much more "churn" in Calgary's market.
• Most alarmingly, Victoria's total inventory level is very high relative to Calgary's- in fact, it is not far off a city triple it's size!  There is an 8 month supply of Victoria listings (total inventory divided by sales in the month) versus Calgary's 2.6 month supply.

Other observations:

• Calgary sales are currently about 16% above last year yet prices are up only about 4%
• Even with Victoria's massive oversupply of properties, prices remain stable with a minuscule 0.34% drop in its 6 month average

You are likely asking yourself:  With such an oversupply in inventory, why haven't Victoria prices tumbled?

The reality is, many of Victoria's current listings will not sell just based on sheer numbers.  While sales continue, it is just a clear indicator that most properties are priced beyond what the local market will support.  Whether these are sellers simply speculating, Agents who take listings just for something to post or a combination of both, the reality is that many current listings need not be on the market.  Even when compared to Calgary, a strong but by no means "white hot" market, the number of Victoria listings should be closer to 2000, not 5100.

In comparison, the number of monthly sales relative to population is appropriate.  This is especially impressive when considering Calgary is a growth town with increasing population and many economic attractions.

I've said this countless times before:  Victoria has a diverse economic makeup.  We are not a "One Industry" town, rather one which benefits from net migration as a result of :

-Government

-Tourism

-Military

-Lifestyle (weather, anyone?)

-Education

-Technology

Those who are waiting for significant price drops will be disappointed.  If you are in the market for a home, do yourself a favour and buy now while inventory is high so you can move in sooner and enjoy home ownership!

What is exactly is happening in Victoria Real Estate??

July 23, 2012 Victoria Real Estate Board statistics Month to Date

MTD July 2012

Sales                          371

Listings                       857

Inventory                   4900

July 2011

Sales                          523

Listings                      1375

Inventory                   5094

From the stats above, sales in Victoria seem to be doing just fine.  All may not be as it seems, however. The statistics from last week, July 16, reported 258 sales so far in the month meaning there were only 113 sales for the week- in other words, July started strong but has slowed.  Even the number of listings is coming in slowly, at just 857 currently versus July 2011's total of 1375.

Just what exactly is happening?

Those who have read my posts before know I am not prone to "doom and gloom" reporting.  I have, in fact, been criticized for an annoying positive outlook (I learned this from Googling my own name!) although strangely my assessments tend to be congruent with market trends and results.  So here's my opinion about the current market:

Sellers

Don't dispair.  Properties DO sell.  Even though above I've said "only" 113 sales transpired in the past 7 days, that's still 16 sales each day on average.  The key is that not every property sells.  Just because a property is listed on the MLS system does not guarantee a sale, as is evidenced in the weak listings-to-sales ratio this entire year.

In a strong seller's market, we were accustomed to seeing 5-10 viewings per week (or more) until a sale transpired weeks later.  Today, the sale still comes weeks later but traffic can be as little as 1 per week or every 10 days.  A reminder that heavy traffic does not guarantee a sale.

The key to sell today is and always remains price.  There is no amount of marketing, promotion, packaging or agent effort which will overcome an overpriced listing.  In today's market, being anything less than sharply priced will result in a long market time and worse- an expired, unsold listing.

Also, price reductions after 30 days or so on market have little effect, as do reductions in small increments ie. $5000 steps.  This is a market where a seller literally has to venture into a totally different price level in order to succeed.  In other words, there's no point going from $565,000 to $559,000:  it is wise to drop to the next segment which is $549,900.  Your next step would be a potentially painful $525,000 so best find that sale sooner rather than later.

So, price your property correctly from the start for an expedient sale at top value and beware of Agents competing for your business by quoting high or unrealistic pricing.  You really do need to be the first sale in the area, otherwise other sales at lower prices will set your maximum achievable value.

Watch our YouTube video "Pricing your home"

Buyers

How much cheaper can interest rates become?  Many overlook the opportunities now available for the very first time.  You are experiencing record low interest rates combined with high inventory + great selection = ideal buying condition.

Seize the day and go ahead with the purchase of that property which ticks most of the boxes on your list.  I can't tell you how many times I've seen in the past 21 years people regret not acting on a purchase just because they thought better opportunities lay ahead.

By the way, just because inventory is high and prices softer doesn't mean sellers are compelled to take massive losses on their properties.  We received an offer last week 20% below list price!  Guess what:  in almost every case, if a seller can't get what they need to move (i.e. paying off their mortgage and other fees), they'll simply decide to stay.  Just because you made an offer doesn't mean the seller is obliged to either accept it or work with it.

There is a chance that whatever property you buy will devalue slightly over the course of time (ever heard a Real Estate Agent say that before?) but one thing is for certain:  as long as you need a place to live, it makes sense being your own landlord.  The longer you live in your home, the less the effects of the market will have on you.  Even if values go down 5% (BTW it has not gone down more than 5.5% in any given year in 25 years- values reduced in only 5 annual periods for detached homes since 1988 ranging from 0.04%-5.47% vs 9 annual periods of double digit growth), your loss is only on paper as long as you stay in your home.  PLUS- low interest rates mean less of your payment goes toward interest so your principal is being chipped away quicker than before.

Don't let pride stand in the way of your next move.  I'm not suggesting you overpay for a property but rather don't waste your time seeking steals or giveaways.  This is Victoria after all and there are many reasons why we remain the second highest priced Real Estate in Canada.

Watch our YouTube video "How much of a price discount can I expect?"

and "I want to wait until prices hit rock bottom

Buyers who need to Sell first

This is the third and often overlooked demographic in the marketplace.

Unlike your first home purchase, you are now burdened with the fact that you need to sell your home first in order to free up equity to purchase your next home.

Do yourself a favour and avoid "subject to sale" offers.  You need to realize that with such a condition in place, you have no negotiation strength whatsoever and even worse- the "Time Clause" aspect means at any time the seller can sell the property to another party without your ability to defend  your position.  The very best you'll have is 24, 48 or 72 hours to decide if you will step away or if you have the resources to continue.  And if you had those resources, why didn't you utilize them to begin with?


Always sell first for these reasons: 1. you'll know exactly how much money you have to spend, 2. you will be in a liquid position and in a strong negotiation position, 3. you will not live in fear of someone else snatching your dream home just because you couldn't act fast enough.

As mentioned above, the reality is you may need to take less for your home than expected in order to move upward in today's market.  Statistically, consumers buy 50% upwards meaning those selling their $400,000 home buy a $600,000, those selling their $600 buy $900, etc.  If statistically prices are down on your $400,000 home, they will be on your $600,000 purchase as well.

Watch our YouTube video "Buying Up in a Down Market"

Summary

I have said many times in presentations, seminars and reports that people do not move because the market says so or solely because of market conditions.  People move because something in their lives can be made better by a change in address.  Growing family, retirement downsize, changes in family dynamic: these are the reasons why people sell and buy.

Watch our YouTube videos:

Buying Up in a Down Market

Home Buyers: Buy using your head or with your heart?

Market Timing

How changes in mortgage rules will affect your buying power

TonyJoeRealEstate on YouTube

Housing Market favour buyers: Times Colonist

http://www.timescolonist.com/business/Housing+market+favours+buyers/6881507/story.html

From the Times Colonist July 4, 2012

Headlines are meant to draw attention.  For some reason, this particular article generated far more calls from clients and past customers than any other in recent past.  "Is the market taking a nosedive?" asked a friend.  "Sounds like prices are tanking" said a client.

In particular, this article pointed out the drop in average sale price of single family homes from $622,387 in May 2012 to $591,464 in June 2012.  It was $629,292 in June 2011.  Sure does sound like a major drop!

Facts and figures can be interpreted in many ways but it is important to understand the basis of the numbers.  Average prices are skewed any given month by the number of low priced or high priced sales.  In March of 2006, two $10 Million dollar sales caused an increase which showed a spike of $40,000 in the average price.  Also, it is important to review numbers based on a time frame i.e. over 3 or 6 months, since one single month is not an accurate indicator of activity.

A good indicator comes from the man/woman "on the street":  what is going on with Real Estate Agents?  Have they seen multiple offers, are their listings getting traffic and activity, are they needing to adjust prices, what is their average days on market to sell, etc.  What is Buyer motivation?

Even when such headlines are released, people still buy.  Why?  Because something in their lives requires a change in address.  I've said many times before people don't buy homes because the news tells them its a good time.  Changes in finances, family, job and other factors cause people to move- regardless of the market.

Are we scared?  I think I would be if we saw an overnight drop in prices over 10%.  Since 1988, there have only been 5 periods of downward price movement, with a range between -0.51% and -5.37%.  This includes the nasty economy of 2009!  I think we're doing just fine, thank you.

www.tonyjoe.ca

"A Tale of 2 Twenties"

See video here

Recently, I met a home seller in a nice area of Victoria.  Her home was similar to one property down the street in configuration, size and age.  It was not similar in condition:  hers was dated, worn, smelly (wet dog!) and presented itself poorly.

She was not able to understand the difference in homes and consequently expected the same amount for her home as the other (which has not yet sold so may actually also be overpriced- this is another story altogether!).

Luckily for me, I had 2 $20 bills in my wallet of similar different condition and showed her how 2 items of identical value can have completely different reactions in the marketplace based on condition.  She understood fully after the demonstration!

2012 Real Estate stats month to date Feb 20

 

	MTD	February
	2012	2011
Net Unconditional Sales:	311	488
New Listings:	818	1,276
Active Listings:	3,676	3,714

View Tony's video report for the week here

Provincial changes in HST

February sales stats to date- Feb 13 2012

Monday, February 13, 2012 8:00am

	MTD	February
	2012	2011
Net Unconditional Sales:	179	488
New Listings:	557	1,276
Active Listings:	3,629	3,714

Watch the weekly video report here

CMHC predicts little change in Canadian housing market in 2012 and 2013

OTTAWA - Canada Mortgage and Housing Corp. is predicting the Canadian housing market will remain fairly stable this year and next, with little change from 2011 in prices, new home construction and sales of existing homes.
The national housing agency said Monday in its first-quarter 2012 report that the foreseen stability stems from an economy that appears set to expand at only a moderate pace over the next two years. The Bank of Canada's key overnight rate — which affects mortgages tied to prime rates — will likely remain low until mid-2013, which should also act to keep activity on an even keel.
"With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing homes will stay close to levels seen in 2011," CMHC deputy economist Mathieu Laberge said in a statement.
Low mortgage rates and high demand have driven housing prices sharply higher in large urban centres such as Toronto and Vancouver, leading many experts to warn that a housing bubble could burst when rates finally do rise.
Despite those warnings and alarms from top government officials that Canadians are taking on too much debt overall, the housing market has seen little change over the past few years, with price growth slowing but not retreating in most areas.
The CMHC says it expects the average house price in Canada to hit $368,900 for 2012, with a projected range between $330,000 and $410,000, according to data from the Canadian Real Estate Association's MLS service.
For 2013, that number rises to $379,000, with a range between $335,000 and $430,000.
"The moderate increases in the average MLS price are consistent with the balanced market conditions that occurred in 2011, and that are expected to continue in 2012 and 2013," CMHC said.
Housing starts are expected to be around 190,000 units this year and 193,800 units in 2013, while existing home sales are expected at about 457,300 units in 2012 and moving a little higher to 468,200 units in 2013.
The CMHC predicted that housing starts will be in the range of 164,000 to 212,700 units in 2012, and between 168,900 to 219,300 units in 2013. Existing home sales are expected in a range from 406,000 to 504,500 units in 2012, rising to 417,600 to 517,400 units in 2013.
Western Canada is expected to see strong growth in new housing starts, with Alberta leading the way with a 13.2 per cent increase. However, the agency said it expects housing starts in Saskatchewan to contract by about 2.7 per cent in 2013.
In Eastern Canada, all provinces are expected to see a contraction in housing starts for 2012, with "modest growth" returning to Quebec and Ontario in 2013.
The agency noted that the fate of an economic recovery in the United States, Canada's largest single trading partner, could have an immediate affect on Canada's housing industry —
"Some upsides include the potential that the U.S. could recover more quickly than anticipated, which would be positive for U.S. employment and economic growth," CMHC said.
"In turn, this could boost employment growth in Canada and thus lead to a stronger than expected housing market."
Conversely, if the U.S. recovery hits a snag and emerging economies see their growth slow while Europe suffers a slowdown, that could lead to slower employment growth in Canada and place a chilling effect on the demand for housing.

By: The Canadian Press

Posted: 02/13/2012 8:07 AM

Feb 2012 month to date stats

Monday, February 6, 2012 8:00am

	MTD	February
	2012	2011
Net Unconditional Sales:	80	488
New Listings:	245	1,276
Active Listings:	3,539	3,714

Nothing much to report so far this month:  new sales files are bound to be incoming during the next few days.  We anticipate another increase over Feb 2011!

www.tonyjoe.ca
tony@tonyjoe.ca

January Month to Date sales stats

Monday, January 30, 2012 8:00am

	MTD	January
	2012	2011
Net Unconditional Sales:	328	339
New Listings:	978	1,187
Active Listings:	3,551	3,283

See Tony's video report here

www.tonyjoe.ca
tony@tonyjoe.ca

Home Buyers: How much of a discount can I expect?

We are commonly asked by buyers whether there is a specific formula to apply to determine how much off list price they can expect to pay.

Watch this video for the answer!

Tony Joe
RE/MAX Camosun
www.tonyjoe.ca
tony@tonyjoe.ca
250-370-7788

January sales stats month to date- January 23, 2012

View Tony's weekly video here

	MTD	January
	2012	2011
Net Unconditional Sales:	240	339
New Listings:	717	1,187
Active Listings:	3,456	3,283

I was surprised to see these stats, considering the snow surprise the region encountered last week.  As you are likely aware, our little town shuts down at the slightest sign of white flakes with schools closed and businesses on hiatus.

That being said, remember that sales take 7-14 days to be confirmed so many of the week's sales will have originated just before the snow.  As a result, we may see a softer coming week however the market is not dead!  Even during the week of snow, our phones were busy with people wanting to buy or sell Real Estate. 

Stay tuned for next week's stats!

Tony
tony@tonyjoe.ca
http://www.tonyjoe.ca/

2.99% interest rate. How much lower can it get?

http://www.vancouversun.com/business/lock+Pondering+merits+rate+financing/6025780/story.html

In 1991, my very first clients secured an excellent rate of 13.5%.  Over the years, I've heard economists, consumers and financial experts say "it can't get any lower" when rates dropped past 7%, 6%, 5% and even the 4% in the not to distant past.


There are some who believe that high inventory, low rates and uncertain global economy will translate to plummeting prices but Victoria market fundamentals have always proven those to be incorrect assumptions.


I'll never forget a gentleman I met about 10 years ago:  he wanted to sell his house because he felt Victoria prices would drop 50% in the next 6 months.  Another agent sold his house and he ended up in the rental market only to watch prices DOUBLE in the 5 year span of 2002-2007.  He effectively removed  himself from an upward moving market and had to repurchase at a drastically higher price.  I would call that a massive error- the economists and opinons he believed in betrayed him!

Last night I had a chat with Ken Strattford, www.businessvictoria.net who mentioned an article last week written by an economist in Florida who was quoted saying Victoria Real Estate prices will drop 60-70% in the next 12 months.  What?????  I'm not sure where he's getting this idea:  we have the lowest vacancy rate in Canada, strong annual net migration of 3500 or so persons, and have a diverse economy including Government, Tourism, Military, Universities, Lifestyle (weather) and a growing Technology sector. 

I need to find this Floridian economist and invite him to a game of blackjack.  I may be totally unskilled at gambling but with a guestimate like his I'd stand to make some money!

Then and Now: Oak Bay Theatre

From the Oak Bay News:
http://www.oakbaynews.com/community/137701443.html

Here's a photo I just snapped moments ago.  It is now a Starbuck's and an art gallery however the sign remains!

Weekly stats, January 16 2012 (Video)

Victoria Real Estate Board weekly stats

Weekly Victoria Real Estate stats: Jan 16 2012

Monday, January 16, 2012 8:00am

	MTD	January
	2012	2011
Net Unconditional Sales:	154	339
New Listings:	497	1,187
Active Listings:	3,428	3,283

There's lots of activity out there, even though the numbers may not give that impression.  Looks like we will (again!) exceed last year's sale figures but the dusting of snow we've had has definitely caused a few rescheduled appointments or delays in activity.

We are fielding many calls from owners who put off listing their home for sale in 2011, being ready to go now.  As a result, the inventory for January will again be high- many options for those looking to buy!

Surrey woman ordered to sell condo over strata complaints: Times Colonist

New precedence set in the Province of BC.  This answers concerns that buyers occasionally have about what happens with problematic neighbours.  It will be interesting to see where this decision goes with time.


Link to Times Colonist article here

Tips on selecting an agent

There are 1300 Real Estate professionals serving Greater Victoria.  Here are some pointers on how to find the right person for you:

·         Do you feel a connection with the agent?

Buying or Selling a home is a complicated process.  Does the agent give you the sense of competence, experience and knowledge?  Do you feel you can trust this person and does rapport exist?

·         Is he/she a Buyers Agent or a Sellers Agent?

Most agents do both.  But many specialize in exclusively working with buyers or with sellers.  Be sure to ask.

·         Does the agent have recent experience in this price range and market area?

An agent who specializes in condo sales may not be able to provide valuable advice on commercial properties or vice versa.  A true professional will explain their scope of expertise.

·         How accessible is the agent?

If you require someone who can respond quickly to emails and text messaging, you need to determine in advance how the agent handles contact from you.

·         What are the agent’s previous successes?

Testimonials from recent customers is a great way to gauge the agent’s dealings with other people.  Good agents keep testimonials and often will provide contact information for you to speak directly with previous customers.  You do background checks on employees or tenants- why not on your agent too?

If you are interviewing agents to serve you, please add us to your list.  We’d be pleased to show you our results with buyers and sellers and demonstrate how we can help you reach your Real Estate goal.     

info@tonyjoe.ca

250-370-7788

Ocean View suite at "The Pier"

Just listed!  2007 built luxury condo at "The Pier" residences and resort.

Media link here

Arbutus one level home

Just listed!

One level home in the Arbutus area.

Media Link here

Nine out of 10 condo owners like to be smoke free- Times Colonist

I actually had this question posed not long ago.  See this article on the topic:

http://www.timescolonist.com/technology/Nine+condo+owners+like+smoke+free/5978259/story.html

Hot MLS Pick of the Day

Buyer Agent Susan Froher thinks this lovely property in Fernwood is a hot buy- I agree!  2 beds and 1 bath on 1042 square feet on a 6400sqft lot.  Great intown location- only $465,000.

If interested or if you know someone who might be, call us at 250-370-7788 or info@tonyjoe.ca for more info.

"The Pier" in Sidney

Just Listed!  Luxury 2 bedroom, 2 bath suite in immaculate as-new condition available at The Pier residences and Spa at the waterfront in Sidney.  $639,900.

ASSESSED VALUE: TRUTH OR FICTION?

Whenever dramatic changes occur in our Real Estate Market, one of the most hotly debated topics among consumers and Real Estate professionals is the applicability of a property’s Assessed Value (referred to as ‘AV’ in this article) relative to pricing in the open market.

The double-standard relating to AV is just amazing.  People want their AV to be as low as possible while living in their home, the idea being that lower Assessment means lower property taxes (FYI mill rates determine this, not necessarily the AV).  When they want to sell, they want their AV to be high as it reflects well on their asking price.

Human nature has it that a consumer generally wants to sell for higher than AV but come time for that exact same person to purchase they want to buy below Assessed Value.  We hear arguments daily from agents commenting on pricing as it relates to AV, usually at the time an offer is being presented.  “Homes in this area are all selling below AV”, said an agent to me recently.  Strange, I couldn’t help but notice her own listing in the area was listed $120,000 above AV!  When confronted about this discrepancy, her defense was “…the house has been totally renovated…”.

Therein lies the true issue with using Assessed Value to determine pricing.  When was the last time an Assessor actually visited the property noting all of the upgrades and value enhancements to the house?  Virtually all (at least 90%) of the homeowners I ask have tell me they’ve never had anyone from the British Columbia Assessment Authority (BCAA) through their home.  One client had owned their house for 42 years and never once had such a visit!  So how is the AV established?

Generally, BCAA takes the last sale price of the property and adjusts annually based on increases or decreases in the marketplace.  Permits taken out for renovations at the Municipality are also accounted for.

Problem is, many homes have had cosmetic upgrades and redecorations which would not be known to the BCAA since they neither have access to a permit nor have visited the property.  The ensuing effect is that Assessed Values are all over the map, being higher or lower than eventual Sale Price with little or no pattern or justification.

As a Home Buyer, would you pay a Seller a price based on AV?  Of course not.  You would survey recent sales history in the area to determine a true market value.  Market Value is what consumers are willing to pay for properties at a given time.

The bottom line is that the Assessed Value is useful for Municipalities to fairly determine annual Property Taxes but mean little, if anything, to a Buyer or knowledgeable Agent at the time of purchase.

Lovely Gordon Head Townhome- $589,900

Perfect family townhouse just around the corner from UVIC, schools and close to shopping and amenities.  Quality built in 2004 and well kept.  Call us for more info at 250-370-7788 or info@tonyjoe.ca.  A sound investment with rental ability as well!

Media link here

New Listing- 2726 Asquith in Oaklands/Fernwood

Seldom have we seen such impeccibly well maintained homes!  Owned by the same family for over 30 years, the property has been lovingly kept and awaits being enjoyed by its next family. 

2 bedrooms on the main, large eat in kitchen, gleaming hardwood floors in the livingroom plus full basement with guest bedroom, full bath and extra space- ideal configuration for inlaws, teens or extended family.

One of the first agents who showed it said "you could eat off the kitchen floor- and I mean it!!"

See media link here

For more info call 250-370-7788 or info@tonyjoe.ca

Calculator for New Construction HST & PTT

The British Columbia Real Estate Association has an excellent online resource for calculating both the Harmonized Sales Tax and Property Transfer Tax on newly constructe homes.  Of particular note is the calculation of the portion of New Home Rebate.

http://www.bcrea.bc.ca/government-relations/shelter-taxes/shelter-tax-calculator

Naturally, this will change next year with the reimplementation of the GST & PST however this applies to all current new construction.

Please contact us for more discussion at 250-370-7788 or info@tonyjoe.ca.

Team Leader Tony Joe Profiled in Douglas Magazine

http://www.douglasmagazine.com/profiles/16147-tony-joe.html

What is a "Buyer Advocate"?

A licensed Real Estate professional who works strictly with clients looking to purchase property. Team member and 3rd generation Victorian Angie Hill has proven herself an expert in the field and we constantly receive glowing reviews on her level of service, expertise, negotiation strength and in the overall home buying process. Thinking of buying? angie@tonyjoe.ca or call 250-370-7788

Weekly Victoria Real Estate stats month to date: Jan 9, 2012

	MTD	January
	2012	2011
Net Unconditional Sales:	52	339
New Listings:	228	1,187
Active Listings:	3,358	3,283

Although the numbers may appear that it's been a slow start to the year, we are aware that there are many active files in play:  we ourselves handled 3 successful sales on the first "work" day of the year, Jan 3!  Remember, the above numbers represent Unconditional sales meaning the buyer has satisfied all of their due dilligence and paid their deposit- generally, sales become unconditional 7-14 days after acceptance.  I expect next week to have a stronger showing.