Robert Doolan - Realty Info

First Time Home Buyer and Investor Alert!

I have 2 great properties for sale that would work great for first time home buyers and investors looking to put their money somewhere.

Unit #104 -1341 George Street, White Rock is under $500,000 which means that it is under the Property Transfer Tax threshold for first time home buyers exemption. This will save a first time home buyer $8000 in property transfer tax. This is a great 2 bedroom ground floor unit with lots of updates. The building is in good condition with new windows and doors throughout the building. There is a bonus common area roof top OCEAN VIEW deck and common room with pool table. Great central location close to shops, restaurants and transit.

Unit #5 - 1552 Everall Street, White Rock is listed at $780,000 and is the 3rd lowest price per square foot for a townhome in South Surrey / White Rock. This is a great boutique property located in an area that is prime for re-development. Purchase now and hold for the knock on the door from a developer. Excellent location and prime school catchment. Very roomy layout that feels like home.

Just in- BC Government Announces Changes to Property Transfer Tax Exemptions
• The threshold for property transfer tax exemption for first-time home buyers has been lifted from properties worth half a million dollars to $835,000 as of April 1, 2024. Properties with a fair market value of less than $500,000 are completely tax-free.
• Newly constructed homes worth less than $1.1 million will also see a property transfer tax exemption on April 1, raising the threshold for the tax break from $750,000. The Budget estimates that the number of buyers eligible for the exemptions will double, to about 14,500 people each year, with a maximum savings of $8,000 on a single purchase.
Additional measures include the introduction of a property flipping tax in 2025 to further crack down on speculators and those driving up the cost of housing, as well as new investments in BC Builds to speed up the development of housing by bringing together underused land, low-cost financing and grants to deliver more homes for people and families with middle incomes.
New Housing Measures Announced in 2024 Budget

Property Transfer Tax Exemptions: The 2024 budget introduces several changes to the Property Transfer Tax exemptions:

1. First-Time Homebuyers’ Program: The threshold for this program has been increased to reflect current market conditions. Qualifying first-time buyers can now benefit from a complete exemption on the first $500,000 of homes valued up to $835,000, potentially saving up to $8,000. According to the BC Government, this expansion is expected to make approximately 14,500 more individuals eligible for support in purchasing their first homes.

2. Newly Built Homes: Buyers of newly built homes valued up to $1.1 million will also see reduced costs through a newly implemented exemption.

3. Purpose-Built Rental Buildings: Eligible purpose-built rental buildings with four or more units will receive a property transfer tax exemption until 2030.
The BC Government estimates that adjustments to property transfer tax exemptions will save individuals approximately $100 million per year.

BC Home Flipping Tax: Starting from January 1, 2025, the BC Government is introducing the BC Home Flipping Tax as part of the Homes for People plan. This tax aims to deter speculators from inflating property prices by taxing profits made from selling residential properties within two years of purchase. There will be specific exemptions for life circumstances such as divorce, death, illness, and relocation for work. Revenue generated from this tax will be allocated towards building affordable housing across the province.

BC Builds: Budget 2024 allocates $198 million in new funding for BC Builds, a program that supports the development of new housing suitable for middle-income individuals and families. BC Builds utilizes government-owned and underused land, as well as lower borrowing rates, to offer low-cost financing for construction projects. By streamlining the development process and working closely with various stakeholders, BC Builds aims to deliver affordable housing within 12 to 18 months, significantly shorter than the current average timeframe of three to five years. These new units will be income-tested, ensuring that they remain affordable for middle-income earners, thereby addressing the housing needs of BC communities.

Our ongoing efforts: Our Government Relations Committee is actively reviewing these measures and continues to collaborate with industry partners to advise on housing policy that meaningfully supports homeownership and housing affordability in BC.

StrongerBC – Housing B.C. is taking bold action to make sure housing is more accessible and more affordable for people.

Listed and sold start to finish in eight days over list price! Happy sellers and happy buyers just the way it should be! Congratulations to all parties involved! 

1st sale of 2024!
Happy sellers and happy buyers!
Just the way it should be 

Investor/family alert!
Are you looking to get into a home that has a yard and doesn't cost you $1 million? This might be it! We are looking for 2 sets of buyers that want to invest together and both have their own 4 bedroom home with 5500 sq ft lot. This is a legal duplex in North Surrey within walking distance to the elementary and secondary schools and just 5 minutes from Guildford Town Centre Mall. It is located at the end of a quiet street and just steps from beautiful Hawthorne Park! This does not just have to be a rental investment. Two families could buy this together in a numbered company and own equal shares in the company allowing the families to live side by side with their own space. Each side has 4 bedrooms and 2 bathrooms with it's own laundry. Installing a new fence down the middle of the back yard would give both families their own private back yard space.

If you are interested in one side or the whole property please let me know and we can talk about putting something together.

Call me at 604-767-3243 for more information.

Tax Assessed Value vs Market Value What is the Difference?

Whether you’re a homeowner looking to sell your home or are a prospective buyer hoping to get into the real estate market, there are certain key terms you should be familiar with, including “assessed value” and “market value”. Basically, these terms refer to how much a home is worth.

Since they both involve the value of a home, how do assessed value and market value differ? Read on to find out what each term means and why it’s important to differentiate between the two.

What Is Assessed Value vs. Market Value?

While both assessed value and market value involve determining how much a property is worth, they each serve different purposes.

Assessed Value
The assessed value is used by local governments to determine how much homeowners are required to pay in property taxes. It’s basically the value that property assessors establish before applying the municipality’s assessment rate. Every city has its own tax rate, which typically changes every year and is based on the cost of paying for services in the community, such as policing, fire departments, road maintenance, and education, among others.
Municipal tax assessors will evaluate multiple factors when assessing the value of a home.
This may include:
-Comparable properties in the area
-Recent improvements
-The cost to replace the home if it is ever destroyed whether or not the homeowner is collecting rent

The assessed value of the home is then multiplied by the jurisdiction’s tax rate. This results in the property tax amount that homeowners must pay every year. The higher the assessed value of a home, the more property taxes the homeowner must pay.

What Is Market Value?
Market value is used by real estate agents, lenders, sellers, and buyers to determine the value of a property for the purpose of estimating how much a home is worth based on current market conditions. Essentially, the market value represents a price that a qualified buyer would be willing to pay for a specific home today.

How Do Real Estate Agents Use Market Value?

Real estate agents typically use the comparative market analysis method to estimate the current value of a property, though there are other methods available. With the comparative market analysis tactic, agents compare similar homes in the vicinity of the subject property that have recently sold. They then use the sale prices of these properties to come up with a competitive listing price for the home they’re selling.

Buyer agents also use the market value of a home to determine a fair offer price.

How Do Lenders Use Market Value?

Lenders typically hire professional home appraisers to determine the market value for homes when homebuyers apply for a mortgage to finance the properties. That way, lenders are assured that they’re not loaning out more than what the properties are worth.

What Is Fair Market Value vs. Market Value?

Fair market value refers to the highest price a home could sell for in an open housing market between a seller and buyer who have all the information needed to make an informed decision. Ultimately, it’s the buyer or seller who determines the fair market value of a home.

Market value, on the other hand, is determined by the real estate agent or appraiser. It refers to the price a home should sell for based on current market conditions.

Wondering what your homes Market Value is?
Call 604-767-3243 for your confidential Market Evaluation
www.RobertDoolan.com

Information provided by Mortgage Maestro
Wondering what your homes Tax Assessed Value is? www.bcassessment.ca

Coldwell Banker Marquise Realty
103 - 3088 Croydon Dr. S. Surrey V3Z0T1

This communication is not intended to solicit anyone under contract with another Agent of Brokerage.

Robert Doolan : Coldwell Banker Marquise Realty : Home Relocation, need a larger house or ready for something new? Let me help position you for an easy sale getting you top dollar.

Market update!

Metro Vancouver residential sales end year on a balanced note Home affordability under pressure as home prices hold onto gains

BC Government making changes to legislation to reduce costs for builders increasing much needed housing density.

Fraser Institute: B.C.’s attempt to reduce cash-for-density deals may fall short Addressing the issue of community amenity contributions is commendable, but it might not reduce relatively astronomical fees paid to build housing units

Vacancy Rate in Surrey hits 0.6% in May!!!

Read the full article here:

https://www.cbc.ca/news/canada/british-columbia/surrey-unaffordable-housing-1.6858688 #:~:text=According%20to%20Atkey%20and%20her,cent%2C%20which%20is%20dangerously%20low.

BC makes changes to rental restriction Bylaws in strata units.

B.C. strata changes open door to condo speculators, experts say B.C. NDP government is removing rental restrictions in residential stratas, which will increase investor interest and the insurance needed by strata groups, critics argue