GOVERNMENT RELATIONS

What’s your property worth? 

Property owners received their 2015 assessment notices the first week of January from BC Assessment (BCA).

This notice is BCA’s estimate of a property’s value as of July 1, 2014, and for new construction or substantially renovated homes, the physical condition as of October 31, 2014.

BCA is the provincial Crown corporation responsible for determining and reporting property value estimates for the 1,974,120 properties in its database, an increase of 1% from 2014.

BCA has produced the assessment roll since 1974. Local and provincial taxing authorities will use the roll to raise $6.8 billion in property taxes in 2015.

Where you can view your assessment

BCA’s website includes e-valueBC at http://evaluebc.bcassessment.ca.

e-valueBC provides details about every property, including a photo, a property description (land and buildings), the total assessed value, the previous year value, the legal description and property ID.

e-valueBC lets users compare neighbouring properties and sample sold properties to decide whether their property has been correctly assessed.

Useful features on BCA’s website

BCA’s website offers useful features, including:

• an interactive map of BC showing the percentage change for residential and for business property types by community, 2015 compared to 2014. View the map atwww.bcassessment.ca/Pages/ChangeInAssessmentRollMap.aspx;

• real estate market trend graphs with statistics such as median sales prices by quarter for single family homes and strata properties. Visit: www.bcassessment.ca/Pages/AssessmentRollInformation.aspx and select province-wide property trend graphs;

• property identifiers (PID) and the legal descriptions; and

• videos about BC’s 10 assessment areas at www.bcassessment.ca under Social Media.

BCA’s assessment and a REALTOR’S® assessment — why the difference?

BCA’s assessment and the market value determined by a REALTOR® may be different. Why?

Both BCA assessors and REALTORS® calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect value such as size of home, view, location such as on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or parking stalls.

Where every lot and every home on a street are typically the same, both BCA’s value and a REALTOR’S® value will be similar during stable market conditions.

Differences occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changes that BCA hasn’t yet taken into account.

Deadline to appeal assessment is
February 2, 2015

Property owners who disagree with their assessment should do homework by:

• comparing their assessment with neighbouring properties; and

• contacting BCA at 1-866-valueBC (1-866-825-8322) and talking to staff who can make adjustments if there is an obvious error, for example if BCA included a complete renovation, when it was merely a spruce-up.

Property owners who decide to appeal their property assessment must complete a Notice of Complaint (Appeal) form available on www.bcassessment.ca. Under the For Public menu option, select Notice of Complaint (Appeal) Process or go directly to www.bcassessment.ca/public/Pages/AppealingyourAssessment.aspx.

The deadline to file the appeal is February 2, 2015.

Each year less than 1% of BC property owners appeal their assessment.

Note: you can’t appeal your taxes, you can only appeal your assessment.

For information about BC Assessment and to access e-valueBC visit: www.bcassessment.ca or phone 1-866-valueBC (1-866–825–8322) 

“BC experienced a significant increase in housing demand last year,” said Cameron Muir, BCREA Chief Economist. “Not since the post-recession rebound of 2009 has the market posted such a turn around."

Prior to 2009, one would need to look back to the 2001-2002 period to find a stronger year-over-year percentage gain in BC home sales.

Home buyers were out in force in nearly every region of the province, with unit sales climbing 8 to 25 per cent in all BC real estate boards, except Kamloops where the number of transactions dipped nearly 5 per cent. “Stronger consumer demand not only pulled down the inventory of homes for sale, but also firmed market conditions throughout the province,” added Muir.

In December, BC residential sales dollar volume was up 18.2 per cent to $2.97 billion, compared to the same month last year. Residential unit sales were up 14.7 per cent to 4,426 units, while the average MLS® residential price was up 3 per cent at $585,718.

Source: BC Real Estate Association

VANCOUVER, B.C. – January 5, 2015 – It was a typical year for the Metro Vancouver
housing market in certain respects. The region’s home sale and listing totals for 2014 both rank
fifth when compared against the past 10 years of activity, while home prices increased.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached,
attached and apartment properties in 2014 reached 33,116, a 16.1 per cent increase from the
28,524 sales recorded in 2013, and a 32.3 per cent increase over the 25,032 residential sales in
2012.

The number of residential properties listed for sale on the Multiple Listing Service® (MLS®) in
Metro Vancouver increased 2.4 per cent in 2014 to 56,066 compared to the 54,742 properties
listed in 2013. Looking back further, last year’s total represents a four per cent decline compared
to the 58,379 residential properties listed for sale in 2012.

“While home buyer and seller activity created balanced market conditions within the region, we
also experienced some upward pressure on home prices over the course of the year,” Ray Harris,
REBGV president said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro
Vancouver ends the year at $638,500. This represents a 5.8 per cent increase compared to
December 2013. 

“Detached homes continue to be the most sought after property type in our market,” Harris, said.
“Detached homes in Metro Vancouver have increased 8.1 per cent in value over the last 12
months while townhome and condominium properties have increased 4.5 and 3.5 per cent over
the same period.”

December summary
Residential property sales in Greater Vancouver totalled 2,116 in December 2014, an increase of
8.3 per cent from the 1,953 sales recorded in December 2013 and a 15.9 per cent decline
compared to November 2014 when 2,516 home sales occurred.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,888
in December 2014. This represents a 1.7 per cent increase compared to the 1,856 units listed in
December 2013 and a 37.4 per cent decline compared to November 2014 when 3,016 properties
were listed.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver
is 10,320, a 10.7 per cent decline compared to December 2013 and a 17.8 per cent decrease
compared to November 2014.

Sales of detached properties in December 2014 reached 833, an increase of 9.3 per cent from the
762 detached sales recorded in December 2013. The benchmark price for detached properties
increased 8.1 per cent from December 2013 to $1,002,200.

Sales of apartment properties reached 912 in December 2014, an increase of 7.3 per cent
compared to the 850 sales in December 2013.The benchmark price of an apartment property
increased 3.5 per cent from December 2013 to $380,700.

Attached property sales in December 2014 totalled 371, an increase of 8.8 per cent compared to
the 341 sales in December 2013. The benchmark price of an attached unit increased 4.5 per cent
between December 2013 and 2014 to $476,800.

Source: The Real Estate Board of Greater Vancouver

In Canada each year, more than 250,000 immigrants become permanent residents and more than 150,000 foreign workers arrive here, according to lawyer Richard Bell. This number is expected to increase, Bell told more than 200 REALTORS® at a Westside area event on immigration trends on November 12, 2014.

This benefits BC’s economy. “Over the next 10 years, BC will have one million job openings. One-third are expected to be filled by immigrants who will come here and buy homes,” said Bell, a lawyer with Bell Alliance, a firm specializing in real estate, estate planning, business and immigration law.

Government Programs to help immigration

There are more than 60 government programs to bring immigrants to Canada, according to Bell, who highlighted the following major programs.

• January 2014: Parent sponsorship re-opening allowing for 5,000 parents to enter Canada annually.

• February 2014: Automatic Multiple Entry allows applications for visitor visas to be automatically considered for Multiple Entry Visas of up to 10 years or the length of passport.

• May 2014: Federal Skilled Worker Program re-opened allowing up to 25,000 workers in 50 occupations.

• November 2014: The Live-in Caregiver program is reformed so that caregivers are no longer required to live in. This program allows 5,500 caregivers to enter Canada each year.

• January 2, 2015: Express Entry Program: Economic Class applications become a two-stage Online Process where applicants are put into a pool of candidates. Those with valid job offers or in the BC Provincial Nominee Program (PNP) or eligible under the Canadian Experience Class, Federal Skilled Workers or Federal Skilled Trades will be eligible to apply for permanent residence. There is a shorter processing time of approximately six months.

Programs terminated this year include the Investor & Entrepreneur Streams, according to Richard Bell. As well, the age of dependents is now 19 years old instead of the previous 22 years

reports that a total of 5,972 residential unit sales were recorded by the Multiple Listing Service®
(MLS®) in November, up 8.8 per cent from November 2013. Total sales dollar volume was $3.4
illion, an increase of 12.1 per cent compared to a year ago. The average MLS® residential price
in the province rose to $574,694, up 3.1 per cent from the same month last year.

“BC home sales were robust in November,” said Cameron Muir, BCREA Chief Economist. “Improving economic conditions, strong consumer confidence and persistently low mortgage interest rates are providing a solid foundation for elevated consumer demand."

“Market conditions have improved province wide, with most regional markets now in the mid to high range of a balanced market,” added Muir.

Year-to-date, BC residential sales dollar volume was up 22.1 per cent to $44.8 billion, compared to the same period last year. Residential unit sales were up 15.3 per cent to 78,973 units, while the average MLS® residential price was up 6.0 per cent at $567,292.

Source: BCREA Dec 2014

BCREA 2014 Fourth Quarter Housing Forecast

Vancouver, BC – November 18, 2014. The British Columbia Real Estate Association (BCREA) released its 2014 Fourth Quarter Housing Forecast today.

"Consumer demand has ratcheted up this year and is expected to remain at a more elevated level through 2015,” said Cameron Muir, BCREA Chief Economist. “While historically low mortgage rates support demand, the housing market is also being underpinned by a more robust economy and associated job growth, strong net migration and consumer confidence."

BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 15.1 per cent to 83,900 units this year. Stronger economic conditions are expected to be somewhat offset by higher interest rates later next year, and keep home sales from advancing much further. As a result, MLS® residential sales are forecast to edge up a further 1.2 per cent to 84,900 units in 2015. The 15-year average is 80,400 unit sales and a record 106,300 MLS® residential sales were recorded in 2005.  

The average MLS® residential price for the province is forecast to increase 6 per cent to a record $569,800 this year and a further 1.2 per cent to $574,300 in 2015. “New construction activity is generally keeping pace with population and household growth, keeping supply in line with consumer demand,” added Muir. BC housing starts are forecast to increase 4.6 per cent to 28,300 units this year and a further 1.4 per cent to 28,700 units in 2015.

Source: BCREA (British Columbia Real Estate Association

“Consumer demand for housing continues at an elevated level,” said Cameron Muir, BCREA Chief Economist. “There were more homes purchased during the first ten months of the year than during all of 2013”. To the end of October, 73,001 homes have traded hands in the province compared to 72,936 for all of last year."

“Strong year-over-year increases in housing demand were experienced in Chilliwack (up 31 per cent), Victoria (up 21.9 per cent) and the Kootenay (up 19.4 per cent) market areas. Vancouver, Vancouver Island, the Fraser Valley and Okanagan Mainline also posted a marked increase in sales activity last month."

Year-to-date, BC residential sales dollar volume was up 23 per cent to $41.4 billion, compared to the same period last year. Residential unit sales were up 15.8 per cent to 73,001 units, while the average MLS® residential price was up 6.2 per cent at $566,687.

-30-

Hey Vancouver.... it's time to vote. The November Civic elections are an important opportunity to shape how our city looks in the coming years.

Check out the candidates and make your choice.

Vancouver has a miserable record when it comes to municipal elections. Voter turnout has been the lowest of any major Canadian City. Check out the web site below for details on all the candidates and get out there and  vote! 

http://www.govotevancouver.ca/pledge

VANCOUVER, B.C. – August 5, 2014 – The Greater Vancouver housing market continues to

see slightly elevated demand from home buyers, steady levels of supply from home sellers and

incremental gains in home values depending on the area and property type.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in

Greater Vancouver reached 3,061 on the Multiple Listing Service® (MLS®) in July 2014. This

represents a 3.9 per cent increase compared to the 2,946 sales recorded in July 2013, and a 10.1

per cent decline compared to the 3,406 sales in June 2014.

“This is the fourth consecutive month that the Greater Vancouver market has exceeded 3,000

sales,” Darcy McLeod, REBGV president-elect said. “Prior to this, our market had not surpassed

the 3,000 sale mark since June of 2011.”

Last month’s sales were 3.8 per cent above the 10-year sales average for July of 2,948.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro

Vancouver* is currently $628,600. This represents a 4.4 per cent increase compared to July

2013.

“Today’s activity continues to put Metro Vancouver in the upper reaches of a balanced real

estate market,” McLeod said. The sales-to-active-listings ratio currently sits at 19.6 per cent in Metro Vancouver.

This ratio has ranged between 18 and 20 per cent over the last four months.

New listings for detached, attached and apartment properties in Metro Vancouver totalled 4,925

in July. This represents a 1.5 per cent increase compared to the 4,854 new listings in July 2013

and a 7.8 per cent decline from the 5,339 new listings in June.

The total number of properties currently listed for sale on the MLS® system in Metro Vancouver

is 15,617, a six per cent decline compared to July 2013 and a 2.5 per cent decrease compared to

June 2014.

Sales of detached properties in July 2014 reached 1,322, an increase of 5.8 per cent from the

1,249 detached sales recorded in July 2013, and a 68 per cent increase from the 787 units sold inJuly 2012.

The benchmark price for detached properties increased 6.5 per cent from July 2013 to

$980,500.

Sales of apartment properties reached 1,212 in July 2014, an increase of 0.2 per cent compared to

the 1,210 sales in July 2013, and a 30.7 per cent increase compared to the 927 sales in July 2012.

The benchmark price of an apartment property increased 2.2 per cent from July 2013 to

$376,500.

Attached property sales in July 2014 totalled 527, an 8.2 per cent increase compared to the 487

sales in July 2013, and a 37.2 per cent increase over the 384 attached properties sold in July

2012. The benchmark price of an attached unit increased 3.4 per cent between July 2013 and

2014 to $472,400.

-30- Statistics provided by the Greater Vancouver Real Estate Board.