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B.C. government moves ahead with speculation tax on vacant homes

B.C.'s finance minister has introduced legislation to move ahead with a controversial speculation tax on vacant or underutilized properties.
The bill ends months of speculation about how the province planned to use the new levy to help deal with runaway housing prices in some B.C. communities, outlining a range of tax rates from 0.5 to two per cent and a number of exemptions.
If the legislation is passed, the new tax will apply to all properties in designated regions of B.C. These include most parts of Metro Vancouver and the Capital Regional District (excluding the Gulf Islands), along with Abbotsford, Mission, Chilliwack, Kelowna, West Kelowna, Nanaimo and Lantzville.
Homeowners who live at their properties — or rent them out — will receive an exemption by filing an annual declaration form.
To read the full article, click the link below:
Tibor Bogdan & Associates
*Personal Real Estate Corporation
Sutton Showplace Realty
cell: 604-855-2521
TF: 1-877-858-2408
This past 7 days there were 69 new listings in Abbotsford.
32 Residential Detached and 37 Attached (Condo's & Townhomes)
Residential Detached Listings:
Priced Below $700,000 - https://goo.gl/rjG5Zy
$700,001 to $800,000 - https://goo.gl/q8xB5J
$800,001 to $900,000 - https://goo.gl/A9tj5r
$900,001 to $1,000,000 - https://goo.gl/5YdPtV
$1,000,001 to $1,500,000 - https://goo.gl/d6DYqh
$1,500,001 to $2,000,000 - https://goo.gl/oNPZqP
$2,000,000 and up - https://goo.gl/HZ2pzY
Detached Foreclosures (from Hope to Whistler) - https://goo.gl/HJQ2bj

Residential Condo's / Townhomes:

Below $250,000 - https://goo.gl/Kc514C
$250,001 to $400,000 - https://goo.gl/iWSDKb
$400,001 to $500,000 - https://goo.gl/UUCbca
$500,001 and up - https://goo.gl/PyaayF
Foreclosures (from Hope to Whistler) - https://goo.gl/GDzjs2
I'll be back next week to report all of the new listings.


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What is a pre-sale?

Example scenario: When the developer intends to build an apartment building and applies for financing, the bank will grant financing under certain conditions. One of them will likely be a certain percentage of pre-sales the developer will need to secure before receiving the funds.
It is common practice for a developer to approach several real estate investors and offer them an opportunity to purchase units of the non-existent building at a discounted price, and on good terms.

Once the number of pre-sales is accomplished, the developer goes ahead with the construction, which will likely take two years or longer to complete. During construction, their marketing team offers the remainder of the units for sale at market value to the public.

If you are a RE investor, you know that it is preferable to be buying at the pre-sale prices, not market value prices.

The question is, how do you get the invitation to buy a pre-sale?
In the past many years, investors have made substantial income by buying at wholesale prices and selling at retail prices even before they needed to complete their purchase. I saw many of them lining up and sometimes even camping overnight in front of the sales center to get a chance to buy at lower prices, but not everyone was lucky enough. You needed to be well-connected to get an opportunity, and you had to act fast.

Today is a bit of a different story. Several projects in the Lower Mainland and Fraser Valley offer really good prices and incentives to secure a unit now and complete the purchase two or three years later. The list of incentives varies from one project to the next. Besides attractive prices, you can get low deposit amounts (5-15%), low or no assignment fees, free updates, a mortgage rate buy-down program, extra parking and more.

A month ago, I helped a few of my clients purchase a presale in Surrey that sold out in 2 days, and I know of another good developer that will be offering a few units for sale as well.

If you would like to know more about these opportunities, I would encourage you to call or email me, and I’ll be happy to send you details on those projects.
Kind regards,
Tibor Bogdan
Century 21 Creekside Realty Ltd.
45428 Luckakuck Way #190, Chilliwack, BC V2R 3S9
cell: 604-855-2521
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