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REAL ESTATE NEWS AND UPDATES

Data taken from FVREB

In April, Fraser Valley's total Active inventory increased to 5387 units and total number of sales dropped by 36.6% compared to March 2022. We appear to be trending towards a more balance market, the average days on market is about 15 days, easing the pressure on buyers. Spring is typically when we see the most activity in our market. Both in terms of sales as well as listings. For the first time in a long time, our real estate market is showing signs of fatigue with the rising interest rates and lack of affordability. That said, the lack of supply remains a concern for which there is no quick remedy.

If you need a Langley Realtor to help you find your next home or to sell your place while sellers are still in control, give me a call.

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The Federal Budget 2022, released April 7, 2022, had a significant focus on housing for Canadians. Finance Minister Chrystia Freeland laid out how the government is planning to address housing affordability by adopting policies in three categories: building, saving and anti-flipping/foreign investment.

Here’s an initial summary of the housing measures announced on April 7, 2022.

BUILDING

The goal is to double housing construction by 2032. 

SAVING

  • A new Tax-Free First Home Savings Account: first-time home buyers can save up to $40,000 tax-free. Like RRSPs, contributions would be tax-deductible, and withdrawals to buy a first home, including investment income, would be non-taxable, like a TFSA. Tax-free in, tax-free out.
  • First-Time Home Buyers’ Tax Credit: double the amount to $10,000, providing up to $1,500 in direct support to home buyers, applying to homes bought on or after January 1, 2022.
  • Home Accessibility Tax Credit: double the qualifying expense limit to $20,000 for 2022 and subsequent tax years. This tax credit of up to $3,000 is an increase from the previous tax credit of up to $1,500 for important accessibility renovations or alterations.

ANTI-FLIPPING/FOREIGN INVESTMENT

  • Flipping tax: anyone selling a property they’ve held for less than 12 months will be taxed on their profits as business income, applying to residential properties sold on or after January 1, 2023. There will be exceptions for Canadians selling their home due to life circumstances such as a death, disability, the birth of a child, a new job, or a divorce.
  • Foreign ownership restrictions: to prohibit foreign commercial enterprises and non-Canadian citizens or permanent residents from acquiring non-recreational, residential property in Canada for a period of two years. This will apply to detached homes and stratas. Permanent residents, foreign workers, foreigners buying their primary residence, and students will be excluded from the new legislation.

The government will have the power to implement penalties for non-compliance.

  • Review of housing as an asset class: to better understand the role of large corporate players in the market and the impact on renters and homeowners, the government plans to look at options and tools, including potential changes to the tax treatment of large corporations investing in residential real estate.

AFFORDABLE HOUSING

  • $1 billion for the construction of affordable housing units; and
  • $2.9 billion in loans and funding for co-op housing to accelerate the creation of up to 4,300 new units and the repair of up to 17,800 units.

NEW TAXES

GST/HST on assignment sales: Budget 2022 proposes to make all assignment sales of newly constructed or substantially renovated residential housing taxable for GST/HST purposes, effective May 7, 2022. The federal government wants homes to be lived in and not commodities to be traded and profited upon by housing speculators. The GST/HST has not been applied if the buyer initially intended to live in the home, which may have led to speculator dishonesty and the uneven application of GST/HST to the full and final prices of new homes.

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Data taken from FVREB

Summary: Overall, there were 2580 total sales in the Fraser Valley for March, up 41% from February 2022 but down 22.5% from the previous year. The Average sold price across all property types was $1,207,218 an increase on 18% over the previous year. Inventory shortage remains the biggest issue facing buyers, with 1.8 months on inventory remaining, its still a seller’s market with properties selling on average in 12 days. For the third consecutive month, new listings in the Fraser Valley continued to climb in March giving buyers more to choose from, helping to increase overall active inventory to levels not seen since last July, all good news for the home-buying public.  With fixed rates nearly double what they were a year ago, new homebuyers will likely be more impacted than other segments of the home-buying public, as mortgage stress test conditions become more stringent. If you need a Langley Realtor to help you find your next home or to sell your place while sellers are still in control, give me a call.
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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.