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Foreign Buyer Tax: Good News or Bad News for Vancouver Island Real Estate?


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Real Estate Market Update


Vancouver Island

608 single family homes sold. Avg. price $387,333 (up 10% 12 months to date, this year over last). 37 waterfront homes sold, 66 lots sold & 224 condos sold. Single family unit sales volume is up 22%. Average days on market has decreased by 15% to 55 days. The average condo sells for $254,420. Condo unit sales are up 38%, 12 months to date. Condos have seen a 14% decrease in days on market. Average days to sell is 80 days. Lot sales volume is up by 33%. Lot prices have increased by 3% 12 months to date. Average lot sale price is $151,056. Most active region: Nanaimo (147 properties sold); Highest average price: Parksville/Qualicum ($500,929). FULL REPORT HERE


Victoria

449 single family homes sold. Avg. price $684,137 (up 16% 12 months to date, this year over last). 22 waterfront homes sold, 21 residential lots sold & 360 condos sold. Single family unit sales volume is up 37%. Average days on market has decreased by 31% to 34 days. The average condo sells for $402,996. Condo unit sales are up 44%, 12 months to date. Condos have seen a 34% decrease in days on market. Average days to sell is 42 days. Residential lot sales volume is up by 82%. Lot prices have increased by 33%, 12 months to date. Average lot sale price is $341,570. Most active region: Saanich East (92 properties sold); Highest average price: Oak Bay ($1,287,899). FULL REPORT HERE


Nanaimo

147 single family homes sold. Avg. price $418,634 (up 9% from 12 months to date, this year over last). 6 waterfront homes sold,12 lots sold & 94 condos sold. Single family unit sales volume is up 17%. Average days on market has decreased by 19% to 35 days. The average condo sells for $230,727. Condo unit sales are up 36% 12 months to date. Condos have seen a 27% decrease in days on market. Average days to sell is 54 days. Lot sales volume is up by 7%. Lot prices have increased by 1% 12 months to date. Average lot sale price is $168,451. Most active region: North Nanaimo (25 properties sold); Highest average price: Lower Lantzville ($602,000). FULL REPORT HERE


Parksville/Qualicum

100 single family homes sold. Avg. price $457,664 (up 14% 12 months to date, this year over last). 9 waterfront homes sold, 6 lots sold & 33 condos sold. Single family unit sales volume is up 22%. Average days on market has decreased by 13% to 45 days. The average condo sells for $293,662. Condo unit sales are up 27%, 12 months to date. Condos have seen a 27% decrease in days on market. Average days to sell is 51 days. Lot sales volume is up by 119%. Lot prices have decreased by 9% 12 months to date. Average lot sale price is $184,133. Most active region: Qualicum Beach (34 properties sold); Highest average price: Fairwinds ($705,000). FULL REPORT HERE

 

Cowichan Valley

99 single family homes sold. Avg. price $385,015 (up 9% 12 months to date, this year over last). 8 waterfront homes sold, 10 lots sold & 27 condos sold. Single family unit sales volume is up 26%. Average days on market has decreased by 24% to 53 days. The average condo sells for $235,678. Condo unit sales are up 39% 12 months to date. Condos have seen a 32% decrease in days on market. Average days to sell is 74 days. Lot sales volume is up by 27%. Lot prices have increased by 13%, 12 months to date. Average lot sale price is $139,870. Most active region: East Duncan (22 properties sold); Highest average price: Saltair ($590,000). FULL REPORT HERE


Port Alberni/West Coast

49 single family homes sold. Avg. price $248,335 (up 14% 12 months to date, this year over last). 2 waterfront homes sold, 8 lots sold & 8 condos sold. Single family unit sales volume is up 39%. Average days on market has decreased by 22% to 81 days. The average condo sells for $229,201. Condo unit sales are up 99%, 12 months to date. Condos have seen a 3% decrease in days on market. Average days to sell is 173 days. Lot sales volume is up by 45%. Lot prices haven’t changed 12 months to date. Average lot sale price is $100,650. Most active region: Port Alberni (41 properties sold); Highest average price: Tofino ($904,500). FULL REPORT HERE


Is The New Foreign Buyer Tax Good News or Bad News for Vancouver Island?


Photo Credit: Financial Post 
Effective August 3, 2016, the Province of British Columbia introduced a controversial new 15% property transfer tax on all residential real estate purchases in Metro Vancouver and the Greater Vancouver Regional District made by foreign nationals, foreign controlled corporations or trusts. According to the Province, the tax is aimed at addressing the issue of housing affordability for residents, which is attributed in part to foreign investment. Data indicated thatforeign buyers invested more than $1 billion into B.C. property between June 10 and July 14, 2016, with more than 86% of that being invested in the Lower Mainland. Since the introduction of the tax, concerns have arisen as to the effect the tax will have on housing markets outside of the Greater Vancouver area, in particularly Vancouver Island. What will the ramifications be if foreign investors simply change their focus market? According to Finance Minister Mike De Jong, the Province recognizes this concern and is monitoring other markets, particularly south Vancouver Island, but one thing remains clear: the tax will have a serious impact, but no one, including the Province, is entirely sure what that impact will be. The Finance Minister did however issue the following statement: “Government can prescribe regulation in other areas where the additional tax would apply. The Province continues to monitor data on foreign investment and foreign ownership in B.C.’s real estate market."


Seller Tips: How to Leverage a Seller's Market

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Cooper | McLintock & Associates Home Selling Tip #1
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