Real Estate Qualicum Beach Parksville & Area to Nanoose Bay Newsletter May 2017

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Real Estate Qualicum Beach Parksville & Area to Fairwinds & Nanoose Bay

  • Photograph of Tom Whitfield
  • Parksville Qualicum Beach REALTOR®
  • Published: Jun 1st, 2017 at 12:31 pm

REAL ESTATE NEWSLETTER MAY 2017

QUALICUM BEACH PARKSVILLE NANOOSE BAY & AREA

VANCOUVER ISLAND, BC

Consumer demand has returned to a more typical level over the first half of this year. In other words, we are not seeing a huge number of buyers coming from the Lower Mainland like we did last spring. The average sale price of a single family home in the local area reached $548,696 in May with the median sale price of $508,000. This represents an increase of 13% over May of last year. The sale price of a patio-home style of condominium made $391,281 representing an increase of a whopping 14% over last year. Low inventory and high demand persists and continues to push real estate pricing higher. Compared to last year at this time we see decreased inventory for single family homes, patio-style condos and building lots by 42%, 56% and 42% respectively. An overall lack of inventory continues to be the story....There is yet another story emerging in that as the single family home prices increase, more buyers are switching to purchasing less expensive condos thereby pushing condo sale prices higher.

The overall average days to sell a single family home is about 32 days. However, about 50% of homes are selling in under 2 weeks, many within a couple of days and with multiple offers. With even a few homes taking a lot longer to sell, perhaps as priced too high, the overall average days to sell ends up being higher. The list to sell ratio is 99%. Compared to last year, the overall sales dollar volume for single family homes is down 15%. Again, this is a reflection of a tight inventory. But... let's not forget that the real estate market set new records last spring!

Our coastal weather patterns have recently returned to normal with warmer, sunny days and golfers are again 'hitting the links' in earnest. In 2016, we saw such a large increase in the number of people 'cashing out' and ‘escaping’ from the Lower Mainland market. The difference in real estate pricing between here and there is huge! Sell there and buy here for much less for a big win plus the quality of life here is so very good. Hiking and biking trails are everywhere and it's a golfers and gardeners paradise! Events in our local small towns wouldn't be what they are without the level of enthusiastic volunteerism that exists. Join in and get involved if you wish.

We are only an hour and a half ferry ride or a 25 minute plane ride away from the world-class city of Vancouver. Couple that with being a 2 hour drive from Victoria and Tofino plus being situated within a 'stone's throw' from the enchanting Gulf Islands and Discovery Islands for day trips, makes this a highly desirable place to retire to and enjoy life. That's the really big win! Call Tom!

VANCOUVER SYNOPSIS

I am including a short discussion about the Vancouver and Lower Mainland real estate market because we are ‘downstream’ of that market. What happens in the Lower Mainland does impact us here. The following are short snippets taken from the Vancouver Sun newspaper over April, May and June of this year. Municipal, provincial and even the federal governments have been struggling with how to best address the soaring cost of real estate over there.

Vancouver Sun - April 1, 2017 – Douglas Todd – Capital Gains Tax

It is being proposed to ensure the following:
That offshore property speculators pay capital gains taxes on Canadian sales and that non-resident sellers can’t evade capital gains taxes by claiming they are “residents of Canada for tax purposes” when they are not.  A property seller who does not pay income taxes here is required to pay a capital gains tax on 25% on their profit on a house sale. A simple solution is to require a seller to produce proof that they paid their income taxes as a Canadian tax resident.

Vancouver Sun - May 20, 2017 – Douglas Todd – Astronaut Families

‘Astronaut families’ were identified as early as 1989. Astronaut families are those who were granted permanent residence status for their families and, after buying homes and installing children in schools, the principal breadwinner then tries to claim no Canadian tax liability – often by relinquishing their immigration status (or by) claiming they’re non-resident of Canada for tax purposes. Creative rich people travelling the world to work, invest and run businesses, would be satisfied holding two passports while still paying their share of income taxes to Canada, in return for “a stable and safe place for their global operations.” It should be recommended to rate people on whether they pay significant income taxes in Canada – regardless of which country they spend most of their time in.

Vancouver Sun - June 24, 2017 – Dan Fumano – Empty Home Tax

A July 1st deadline approaches for Vancouver dwellings to be out or be hit with the country’s first vacancy tax. The tax is set at 1% of the assessed property value for the year on any home deemed to be unoccupied. No one can argue against the stated goals of the new tax – raising money for affordable housing the country’s most expensive city and boosting rental stock in a city with a vacancy rate below 1%. This has never been done before in Canada and Toronto is now considering a similar approach.

Central Vancouver Island Market Statistics:

http://www.tomwhitfield.ca/mkt/May2017MarketTrends.pdf

http://www.tomwhitfield.ca/mkt/May2017MonthlySales.pdf

Testimonials:

See the following link to testimonials from Tom’s clients http://www.tomwhitfield.ca/testimonials.html

Remember, if the type of listing you want isn’t on Tom’s website then please let me know and I will search it out for you. If you are coming to look at properties with me please let me know ahead of time and I will schedule adequate time to show you both the local region and suitable properties. A hearty thank you goes out to all of my past clients who receive this newsletter. Please remember that I am never too busy for the referral of your friends and family.

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