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Stories Tagged - BC

Due to new taxes in B.C., more Albertans are expected to look within their own province for vacation properties during the rest of 2018.
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June 28, 2018 | Gerald Vander Pyl

Forecasting fun

Industry reports paint positive picture for Alberta recreational property market in 2018

Two major reports on the Canadian recreational property market are forecasting a healthy market across the country and growing demand within the province of Alberta for the rest of 2018.

Royal LePage's annual survey of their recreational property specialists predicts an average price increase of 5.8 per cent for the country as a whole, but varied results in British Columbia and Alberta because of new speculation taxes in B.C.

B.C.’s new speculation tax will impact several real estate markets in the province, including Victoria, Kelowna and Metro Vancouver.
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June 27, 2018 | Barb Livingstone

Up in the air

New B.C. speculation tax could prompt Albertan vacationers to look closer to home for second-property purchases

Scott Henderson has split his work time between clients in the Okanagan and those in his hometown of Calgary for the last 15 years.

Eight months ago, the marketing/communications agency owner got pre-qualified for a mortgage for a second residence in Kelowna. Then, this February, B.C.'s provincial government announced a speculation tax on out-of-province and foreign owners to discourage buy-up of housing by investors who, it claims, leave homes empty and drive up home prices. A homeowner can avoid the tax by living in, or renting out, the home half the year.

An estimated one-third of all sales over the past four months at the Creekstone condo project in 
Canmore’s Spring Creek development have been to foreign buyers. Supplied photo

Oct. 14, 2016 | Barb Livingstone

New homes, new buyers

Homebuilders, developers cite international interest in region

Over the past four months, one-third of the 11 sales at the luxury Creekstone condo project in Canmore's Spring Creek development have been to foreign buyers.

And while there have been no purchasers from China — yet — developer Frank Kernick said it is "just a matter of time" before they come.

Aug. 15, 2016 | CREBNow

National homes sales post third consecutive decline

Prices exhibit resilience, record biggest gain since 2006


National home sales declined for a third consecutive month in July, according to statistics released today by the Canadian Real Estate Association (CREA).


The number of homes trading hands via Canadian MLS® Systems fell by 1.3 per cent month-over-month in July 2016. With similar monthly declines having been posted in May and June, national sales activity in July came in 3.9 per cent below the record set in April 2016. (Chart A)


Sales activity was down from the previous month in slightly more than half of all markets in July, led by Greater Vancouver and B.C.'s Fraser Valley. Transactions in these two markets peaked in February of this year, and have since then dropped by 21.5 and 28.8 percent respectively.



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