Property tax breaks and new inventory arrives
It’s election season and that means the vote-buying goodies are starting to flow. First time buyers have long been able to get a break on the property transfer tax, but the purchase price limit of...
Are we building too many condos in Langford?
The median condo went for $540,500 in January, which is down from a very short-lived peak of around $600k in the spring of 2022. Outside of that market mania, prices haven’t really moved since late...
Why more people paid the vacancy tax in 2023
The province recently released new data on the Speculation and Vacancy Tax, and it showed that 1328 people in the CRD paid it last year (for the 2022 tax year), up from 971 the year...
January: Teetering
January was in some ways fairly unremarkable, with market conditions coming in essentially identical to this time a year ago. With 6.3 months of inventory (for all property types) we are in a balanced market,...
How often do owners move?
There was an interesting article in the Globe & Mail recently trying to back the claim that Canadians move approximately every 7 years. They do some digging into where that figure came from and test...
Checking on the AirBnB situation
A few months ago I looked at the potential impact of the province’s AirBnB restrictions, especially the removal of grandfathering that previously allowed owners in a couple dozen buildings downtown to legally operate short term...
Failure to launch?
More young adults have been living with their parents in recent decades. In Canada, the number of young adults living with parents doubled in 20 years, and has continued to expand since then. Its not...
December: Signs of life to end the year
A brief update with the December month-end stats and charts. Generally, not much happens in December, and on the surface of it, the end of 2023 was no exception. Sales were up only 3% from...
2024 Predictions
We’re finished another year, and while there were momentous changes on the policy front, the market did very little, ending not too far off from where it started in terms of prices, with about 25%...
How are things holding up?
It’s no secret that the market is very slow out there. Though relatively modest inventory levels are keeping us in balanced market territory as measured by months of inventory, the sales to new list ratio...
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