Last month you should have received your BC Assessment for your property. For most there should be an increase. Vancouver and Squamish, had the largest average increase in value. Their property value went up about 10%. And note this is based on value as of July 2020. And as the market continue to rise in January, the current market value will be higher.
The home sales in January was 52.1% higher than January 2020 and 36.4% above the 10-year average. Another strong month.
The interest continued from December, but it seems like the inventory has not kept pace with demand. This is what insiders are attributing to the rise in prices. There is a surge of new listings but the total inventory is 3.6% less than January 2020.
The sales-to-active listings ratios continue to be above 20% across all property types. This is the level where upward pricing pressure occurs. For detached homes the ratio is 26.3% and correspond to a price increase of 10.8% over January 2020 and 1.4% over December 2020. For apartment homes the ratio is 27.8% and corresponds to a price increase of 2.2% over the last 12 months and 0.6% over the last month. For attached homes the ratio is 37.6% and accompanied by a 4.3% price increase from last year and 0.2% from last month.
While most real estate predictions remain negative, the market does not care. The BC Real Estate Association’s prediction seem to be going with the flow of the market and is forecasting a 15.6 per cent rise in sales over 2020 and a 7.7 per cent rise in the MLS average price for 2021.
While the prices for real estate going forward is uncertain, what is certain is taxes! If you live in Metro Vancouver, the Capital Regional District and other select areas in BC, you will be getting a letter to remind you to file for the exemption to the Speculation and Vacancy Tax sometimes in February. You can check the mailing schedule HERE.
If you live in Vancouver, you would have had to file for exemption to the Empty Home Tax as well. These are two different taxes. Confusing. I know. Annoying. Can’t agree more😊
Have a great month! Happy Valentine’s Day and Happy Lunar New Year. This is the year of the Bull. Maybe that is why both housing and the stock market is going up? Just kidding. I don’t believe in stuff like that.
