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Nothing for home buyers in Budget 2019


BC Budget 2019, tabled on February 19, 2019 by Finance Minister Carole James, offers nothing to help home buyers – whether they’re first-timers or trading up.

The government is forecasting Property Transfer Tax (PTT) revenue to remain at $1.910 billion, despite a significant slowdown in home sales and housing starts.

 

Housing starts

Housing starts fell 6.4 per cent in 2018 and are forecast to drop 16.7 per cent to 34,000 units in 2019 from 40,857 units in 2018 and 43,664 in 2017. Starts are forecast to decline even further to 30,517 units in 2021.

 

The Speculation and Vacancy Tax

  • Forecast to bring in $87 million in 2018/2019 and $185 million in each of the three fiscal years following.

The Real Estate Board of Greater Vancouver recommendations

  • increase the First-Time Home Buyers’ Program PTT exemption threshold to $750,000 from $500,000.
  • increase the 1% PTT threshold to $525,000 from $200,000 for all home buyers.
  • index PTT thresholds using the consumer price index, and make adjustments annually for the:expand the exemption for the additional 20% foreign buyers’ PTT to include everyone with a work permit in BC, and don’t increase this tax or expand it beyond its current geographical scope.
    • 2% and 3% thresholds;
    • First-Time Home Buyers’ Program exemption threshold; and
    • Newly Built Home Exemption threshold.
    • expand the exemption for the additional 20% foreign buyers’ PTT to include everyone with a work permit in BC, and don’t increase this tax or expand it beyond its current geographical scope.
    • The government did not implement any of these recommendations.

Other Budget highlights

Anti-money laundering
  • $6 million for Anti-money laundering, cannabis legislation and gun and gang violence.
Speculation and Vacancy Tax – retroactive to November 27, 2018:
  • There’s an exemption for property that's uninhabitable due to a natural disaster or a hazardous condition for at least 60 days.
Renters
  • Funding to community organizations to operate rent banks to help tenants in danger of losing their homes.
  • Funding for short-term loans with low/no interest to low-income tenants in financial crisis who can’t pay rent.

Although the government promised to introduce a $400 annual renters’ rebate, this is missing from this budget.

CleanBC
  • Additional funding of $679 million for the CleanBC plan includes $58 million to make homes/ buildings more energy efficient. This covers rebates up to $14,000 for energy efficiency home improvements and $700 for high-efficiency natural gas furnaces. Rebates up to $6,000 apply to new zero-emission vehicles.

Provided by: REBGV

Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

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.