Kristina Eng  BA  MA  MCNE  CIPS

Your Residential and Investment Specialist

Today, the Government of BC released more details regarding the new Speculation Tax. Essentially, the speculation tax will apply to:
  • Metro Vancouver
  • The Capital Regional District (excluding the Gulf Islands and Juan de Fuca)
  • Kelowna and West Kelowna
  • Nanaimo-Lantzville
  • Abbotsford, Chilliwack and Mission

In 2018, the tax rate for all properties subject to the tax is 0.5% of the property value. 

In 2019 and subsequent years, the tax rates will be as follows:

  • 2% for foreign investors and satellite...
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Feeling the pain of high rental costs for your kids attending university or college? Rather than paying someone else’s mortgage through high rents for the next few years, it’s worth checking out investment opportunities for purchasing a condo/townhouse for your student.  Their friends could rent room(s) to help cover the mortgage.

I have a child who’s a first year university student so I know the costs first hand. I’m also anticipating my second to join her in a few years!...

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BC Property Assessment


It's that time of year. You've probably received your new property value assessment in the mail. If not, you can go online to https://www.bcassessment.ca/   Enter your address in the search bar to get the assessment for your property. You can also also look up your neighbours' assessments or the assessment of other properties in BC.


Why is this important?

 

The value assessed for your property is the basis for how much property tax you will pay in 2018. Property...

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resolving water damage image


The majority of strata Annual General Meetings are coming up over the next few months presenting an ideal opportunity for strata lot owners to verify that their home owner insurance policy water deductible coverage matches that of the strata corporation's master building policy and if not advise their insurance broker immediately. 

The BC Strata Property Act requires that any AGM Notice includes a copy of the strata corporation's insurance policy summary. This summary...

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Higher inventory means more selection and more ability to negotiate vigorously with motivated sellers for homes that may include ocean views, are more luxurious, have more amenities, acreage and are in prestigious neighbourhoods.

 

 

The cut off price point from balanced market to buyer’s market varies by area, but in many areas, for example in South Surrey / White Rock and the eastside of Vancouver the pivot point is properties over $1.75 million.

 

The surge of investor...

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Proposed changes to mortgage qualifications are anticipated to take effect in January 2018.

 

How you may be affected?

  1. The major change is the introduction of the Federal Government's required new 'mortgage stress test'. Essentially all borrowers, regardless of how much down payment, would have to qualify at a rate 2% above the contract rate. As of today that rate is 5.34% for a 5 year fixed term. On average it is anticipated that borrowers will qualify for 25% less than what you would...
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There is continuing pressure from buyers for “more affordable” housing – condos up to about $500,000, townhouses up to about $750,000 (threshold prices vary by area).

 

The strong demand is coming from all sectors: families, downsizers, first time buyers, divorces, and investors. Given the limited supply of inventory in this range compared to demand, these types of housing in pretty much all areas of the lower mainland continue to get multiple offers and move quickly....

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Here's a great article by Tony Gioventu, Executive Director of the Condominium Homeowners' Association, published in the Province newspaper.  In it he discusses the importance of the Form B and Form F in strata purchases and sales, and what protections there are for sellers and buyers in terms of debts owed by others to the Strata.

 

http://www.pressreader.com/canada/the-province/20160519/281724088781281

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Get ready for the 2nd Annual Community Garage Sale

in driveways throughout Crescent Beach!

 

Saturday June 4,

 

9:00am to 2:00pm

 

I'm sponsoring the Community Event for the second year - providing signage, advertising and cookies!  

 

It was such fun last year.  Come as a customer to shop for treasures or call me to say you'd like to participate and be put on the Event Map.  

 

Cheers, Kristina

 

Kristina Eng

Cell: 604-365-0991

Email: keng@sutton.com

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New regulations that further protect sellers in residential real estate transactions have been approved and will take effect May 16, 2016, Premier Christy Clark announced today.

 

"Government will not tolerate unethical or predatory conduct in the real estate market," Premier Clark said. "These rules will increase transparency and make sure that sellers' best interests are protected. Real estate licensees must act in the best interests of the client - not themselves."

 

With these new rules,...

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Analysis by Dr. Sherry Cooper

Chief Economist Dominion Lending Centres

 

Budget 2016—Billed As ‘Growing the Middle Class’

 

Today’s budget included everything I expected and nothing that I feared. The fears first—there is no change in the tax treatment of capital gains or stock options, despite continued rumours and speculation. Indeed, in a press conference in the lock-up, Minister Morneau said that stock options tax changes are off the table because they are...

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BC Home Sales Sizzle at Record Pace Vancouver, BC – March 14, 2016.

 

The British Columbia Real Estate Association (BCREA) reports that a total of 9,637 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 44.7 per cent from February of last year.

 

This smashed the previous record of 8,157 unit sales for the month of February recorded in 1992.

 

Total sales dollar volume was $7.51 billion in February, up 76.4 per cent compared to...

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There's an interesting article in today's Vancouver Sun by Ian Mulgrew.  BC is following the lead of many countries in the European Union and making the small claims process more accessible, faster and cheaper for strata and other claims up to $10,000.  90% of small claims are self-represented.  The process will now be going online. Here's the article....

 

Ian Mulgrew: Small claims and strata disputes to move online

 Soon you will be able to settle squabbles without setting...

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Over 20 households are participating on Saturday 6 June 2015 in the Community-Wide Crescent Beach Garage Sale.  It's live on Craigslist and there's a featured ad on Kijiji.  There will be a prominent ad in the Friday garage sale section of the Peace Arch News, and I'll be running around the community early on Saturday morning with signs and balloons!  :)  

There's going to be a cornucopia of treasures available, ranging from a stuffed giant marlin sculpture to furniture, tools,...

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Balanced Housing Market

 

Housing demand in the province has now almost fully recovered from the downturn recorded in 2012. However, the spillover effect of a sluggish provincial economy and stalled employment growth over the past year will likely constrain housing demand over the next few quarters.

 

A more robust economy is expected to put housing demand back on an upward trajectory during the second half of the year and through 2015.

 

While 2013 was the second consecutive year of...

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The City of Surrey is implementing a more vigorous approach for registering secondary suites in the city.  Starting February 1, 2014 the City will charge homeowners a $1000 penalty if they become aware of an unregistered secondary suite. 

There is more information on the City of Surrey web site at

 http://www.surrey.ca/city-government/7617.aspx 

or you can call the Property Tax and Utility Department at 604-591-4181.  

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If you are craving some high quality classical music, but don’t want to travel to downtown Vancouver, then there is a wonderful local opportunity:

 

A new local concert series of duos and soloists by Encore Peninsula Concerts, is starting February 2 at 3pm.  The four concert series will run once a month until May 2 on Sunday afternoons.  It’ll be held in the lovely acoustics of the First United Church at 15385 Semiahmoo Ave, White Rock.  The first concert features pianist...

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