Hi Everyone!
Some exciting news from the Bastien Group!
Since 2006 I have been licensed to provide real estate under the banner of Keller Williams Realty. Recently, my office ownership group has decided against renewing their franchise agreement with Keller Williams International. As of March 29th, The Bastien Group and Keller Williams Elite Realty will become part of the Royal LePage family. All business will remain the same and office locations and contact info do not change. Our new office name will be Royal LePage ELITE West and I am beyond excited to become part of a nationally recognized Canadian brand. While I am thankful for all of the memories with Keller Williams over the last 18 years, Nicole and I are very excited to be part of this new chapter in the ELITE story.
As the first quarter of 2024 comes to an end I hope all is well in your world and you are gearing up for spring. It seems like that is what the housing market is doing!
After yet another Bank of Canada meeting where the current interest rate remains unchanged, we are seeing buyer confidence return to the market. Listings that are well priced are seeing heavy interest and we are seeing the beginning return of multiple offer bidding war scenarios. Although they are not as elevated as before (i.e. lineups for open houses, 30+ offer submissions etc) I can only surmise that should the BOC decide to cut rates in coming meetings…it will be a return to the Wild Wild West of heavy bidding wars and shocking results. Keep an eye on upcoming BOC meetings on April 10th or July 24th as both of those sessions are meetings in which the Monetary Policy Reports are published.
The provincial government has also inputted/proposed some changes to our real estate regulations. Whether these will help or hinder the housing market remains to be seen but here is a brief synopsis with links for further info:
Property Transfer Tax Exemption
The threshold for Property Transfer Tax for first time buyers will be raised from a fair market value of $500,000 to $835,000 if the property is being purchased as a primary residence. Additionally, the exemption for purchasing newly built homes has increased to $1,100,000 from it’s previous $750,000 benchmark. FIRST TIME HOME BUYER EXEMPTION INFO
Home Flipping Tax
The provincial government has also proposed a tax which will penalize buyers who sell their properties within two years of purchasing. For income earned within 365 days of purchase a 20% tax will be applied with a decreasing percentage scale for income earned between 365 days and the two year period. There are exemptions to this tax that can be found at BC HOME FLIPPING TAX
As usual, our Lower Mainland/Fraser Valley markets change quickly and often defy logic. If you or anyone you know of has any questions about buying, selling or investing in real estate please do not hesitate to reach out. We are here to help!
With gratitude,
Matt Bastien