Dan Muzzin CA Newsletter -Apr2018.pdf · The Real Estate Board of Greater Vancouver (REBGV) reported total MLS® residential property ... • The speculation tax applies to residential

Dan Muzzin CA604 813 [email protected]

A Fresh Perspective

1575 Marine DriveWest Vancouver BCCanada V7V 1H9

If you find a property you love and you can afford it, it’s ok to buy it regardless of market conditions. You will be living in a home you really like and can pay for.

April 2018

In this issue:

• market update • speculation tax revised • great value – the upside • selected sales details

market update

The Real Estate Board of Greater Vancouver (REBGV) reported total MLS® residential property sales of 2,517 units in March, which represented 14% higher sales than in February and, notably, 30% lower than in March 2017. Total residential sales activity throughout the metro region, for all property-types including apartments, slipped to 23% below the 10-year historical average for March. At 8,380 the total number of residential property listings at March 31 was 7% higher than at the end of February, and about 11% more than at March 31, 2017. At 30%, the metro MLS® sales-to-active-listings ratio was 2% higher than in February.

North Shore home sales in March, at 256 units, was 24% higher than the 206 properties sold in February, and 28% fewer than the 354 sold in March 2017. The sales-to-active-listings ratio on the North Shore rose to 24%, up from 20% in February, reflecting 30% lower-than-normal total sales for March and 17% fewer listings than the normal # of properties for sale as at the end of March (details on page 7). The North Shore detached homes that did sell In March took an average of 10 weeks to sell, 1 week slower than the 9 weeks average it took for those that sold in

February, and 1 week slower than the average of 9 weeks it took for houses that sold in March 2017. At March 31, there were 1,058 North Shore properties listed for sale on MLS® or 3% more than the 1,026 listings at the end of February, and 25% more than the 845 units for sale at March 31, 2017. Benchmark prices of detached homes are higher by 8% in North Vancouver and by 5% in West Vancouver, from 12 months ago.

As prices and market conditions can vary dramatically by neighbourhood, feel free to call Dan to better understand how the market is doing where YOU live. For the entire March 2018 REBGV market report, visit www.danmuzzin.com/news.html.

78%

42%

24%

0%

15%

30%

45%

60%

75%

M A M J J A S O N D J F M A M J J A S O N D J F M

2016 2017 2018

NorthShoreunitssoldas%ofactivelistingsDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604-813-3795

BalancedMarketSellersMarket↑

BuyersMarket↓

a Parent’s Guide to Raising Money-Smart kids

published by the Canadian Institute of Chartered Accountants

this communication is not intended to cause or induce breach of an existing agency agreement danmuzzin.com 2

for a free copy of this marvelous booklet, call Dan at 604-813-3795 or go to danmuzzin.com/resources.html

speculation tax revised

On March 26, 2018, the Ministry of Finance released a Tax Information Sheet containing details of the revised Speculation Tax that was initially announced in February’s BC Government Budget. Some excerpts from that tax information sheet…

• The tax is designed to capture foreign and domestic speculators, satellite families who live in B.C. but do not pay their share of income taxes, as well as homeowners who hold vacant property in designated urban centres. Over 99% of British Columbians are estimated to be exempt, because they will not have a vacant second home in the affected areas.

• The speculation tax applies to residential property in British Columbia’s largest urban centres facing the housing affordability crisis. These are regions with low vacancy rates that are facing severe affordability challenges in which home prices drastically exceed local incomes.

• The tax applies in the Metro Vancouver Regional District (excluding Bowen Island and Electoral Area A, except the part of the electoral area that is the UBC and University Endowment Lands), the Capital Regional District (excluding the Gulf Islands and Juan de Fuca), Kelowna-West Kelowna, Nanaimo-Lantzville (excluding Protection Island), Abbotsford, Chilliwack, and Mission. Most islands are excluded.

• Properties that are used as qualifying long-term rentals are exempt from the tax. Homes will need to be rented out for at least three months to qualify for an exemption in 2018. Starting in 2019, homes will need to be rented out for at least six months, in increments of 30 days or more, to qualify for an exemption.

• In 2018, the tax rate for all properties subject to the tax is 0.5% on the property value.

• In 2019 and subsequent years, the tax rates will be as follows: • 2% for foreign investors and satellite families; • 1% for Canadian citizens and permanent residents who do not live in British

Columbia; and • 0.5% for British Columbians who are Canadian citizens or permanent residents

(and not members of a satellite family).

• British Columbians who are Canadian citizens or permanent residents, and not part of a satellite family, will be eligible for a tax credit that is immediately applied against the speculation tax. This credit will offset a total of $2,000 in speculation tax payable. For homeowners with multiple properties, the tax credit will only apply to one property.

• This tax credit will ensure that British Columbians do not pay tax on a second home valued up to $400,000. For more expensive vacant properties, the credit ensures that tax only applies to the value of the property above $400,000.

great value – the upside

Also, from the tax information sheet… “The speculation tax works to ensure that British Columbians can afford to live in their own province.” Will this be a step in the right direction?

selected sales details Dan Muzzin 604-813-3795

chart data obtained from Real Estate Board of Greater Vancouver danmuzzin.com 3

The following charts show the inventory of North Shore homes for sale on the last day of each month from March 2016 to March 2018, and the sales for each month.

North Vancouver

West Vancouver

170 150

217

160

147

183

0

125

250

375

500

Mar

-16

May

-16

Jul-1

6

Sep-

16

Nov

-16

Jan-

17

Mar

-17

May

-17

Jul-1

7

Sep-

17

Nov

-17

Jan-

18

Mar

-18

attached & apartments Dan Muzzin Macdonald Realty Ltd. danmuzzin.com 604-813-3795

172

240

180

9867

313

0

125

250

375

500

Mar

-16

May

-16

Jul-1

6

Sep-

16

Nov

-16

Jan-

17

Mar

-17

May

-17

Jul-1

7

Sep-

17

Nov

-17

Jan-

18

Mar

-18

activelistings(atmonthend)unitssold

detached Dan Muzzin Macdonald Realty Ltd. danmuzzin.com 604-813-3795

67 67

32 37 16

98

0

125

250

375

500

Mar

-16

May

-16

Jul-1

6

Sep-

16

Nov

-16

Jan-

17

Mar

-17

May

-17

Jul-1

7

Sep-

17

Nov

-17

Jan-

18

Mar

-18

attached & apartments Dan Muzzin Macdonald Realty Ltd. danmuzzin.com 604-813-3795

327

388

146

5926

464

0

125

250

375

500

Mar

-16

May

-16

Jul-1

6

Sep-

16

Nov

-16

Jan-

17

Mar

-17

May

-17

Jul-1

7

Sep-

17

Nov

-17

Jan-

18

Mar

-18

detached Dan Muzzin Macdonald Realty Ltd. danmuzzin.com 604-813-3795

Units Sold

Mar 2016 -180 Mar 2017 - 98 Mar 2018 - 67

Units For Sale

Mar 2016 - 327 Mar 2017 - 388 Mar 2018 - 464

At 256 in total, North Shore residential property sales in March was 24% higher than the 206 sold in February and represents a sales level that is 30% lower than is usual for the month of March.

At 1,058, the # of properties for sale on the North Shore at the end of March rose by 3% from 1,026 at February 28, to a level that is about 17% lower than is usual for the end of March.



20 40 60 80Blueridge-BLBoulevard-BDBraemar-BR

Calverhall-CVCanyonHeights-CY

CapilanoNV-CACentralLonsdale-CL

DeepCove-DCDelbrook-DEDollarton-DOEdgemont-EDForestHills-FH

GrouseWoods-GWHamilton-HM

HamiltonHeights-HHIndianArm-IAIndianRiver-IR

LowerLonsdale-LLLynnValley-LVLynnmour-LYNorgate-NG

Northlands-NLPembertonHeights-PH

PembertonNV-PNPrincessPark-PPQueensbury-QURochePoint-RP

Seymour-SYTempe-TE

UpperDelbrook-UDUpperLonsdale-UL

Westlynn-WLWestlynnTerrace-WT

WindsorPark-WPWoodlands-Sunshine-WS

1212

14

376911

511

2719

35218

23632

158

35

131

16

398

214

12

36

3

3

8

3

4215

2043

11

1

192

1

81

Dan Muzzin

Macdonald Realty Ltd.

danmuzzin.com

604-813-3795

detached(313) attached/apts(183) 20 40 60 80

Altamont-ALAmbleside-AM

Bayridge-BRBritishProperties-BPCanterburyWV-CB

Caulfeild-CACedardale-CDChartwell-CW

ChelseaPark-CPCypress-CY

CypressParkEstates-CEDeerRidgeWV-DR

Dundarave-DUEagleHarbour-EH

Eagleridge-ERFurryCreek-FCGleneagles-GLGlenmore-GM

HorseshoeBayWV-HBHoweSound-HS

LionsBay-LBOldeCaulfeild-OC

PanoramaVillage-PVParkRoyal-PR

PorteauCove-POQueens-QU

Rockridge-RRSandyCove-SCSentinelHill-SH

UpperCaulfeild-UCWestBay-WBWesthill-WH

WestmountWV-WMWhitbyEstates-WE

Whytecliff-WC

21

5612

757

247

2057

16

3116

91816

56128

12

167

318

710815

105

19

1

3

1

41

17

4

12

3

36

17

1

6

Dan Muzzin

Macdonald Realty Ltd.

danmuzzin.com

604-813-3795

detached(464) attached/apts(98)

# of North Shore properties for sale at March 31, 2017 (on MLS®) North Vancouver West Vancouver



properties sold during the month, as a % of properties for sale at end of the month

average # of weeks it took for detached houses to sell

45%

21%7%

0%

25%

50%

75%

100%


2016 2017 2018

WestVancouverDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604-813-3795

unitssoldas%ofactivelistings

detached-6%attached-16%

116%

66%

43%

0%

25%

50%

75%

100%


2016 2017 2018

NorthVancouverDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604-813.3795

BalancedMarketSellersMarket↑

BuyersMarket↓

detached-21%attached-80%

9 7 8 6 9 10 12 6 18 14 21 11 13 17 10 13 11 9 19 9 15 26 24 9 16 0

5

10

15

20

25


2016 2017 2018

weeks WestVancouverDan Muzzin Macdonald Realty Ltd. danmuzzin.com 604-813-3795

2 3 2 3 5 5 6 5 8 9 8 7 7 7 5 5 6 6 10 10 7 12 11 10 7 0

5

10

15

20

25


2016 2017 2018

weeks NorthVancouverDan Muzzin Macdonald Realty Ltd. danmuzzin.com 604-813-3795

avg # weeks to sell (detached houses)



do housing conditions in your neighbourhood favour sellers, buyers or are they in balance?

single-family detached houses sold in March 2018, as % of the number of houses for sale at March 31, 2018

17% 25% 0% 0% 8% 17% 33% 18% 40% 18% 15% 5% 33% 20% 0% 50% 0% 38% 52% 17% 33% 0% 20% 25% 33% 0% 100%100%100% 13% 18% 25% 50% 100% 0% 21%0%

10%

20%

30%

40%

50%

0%

10%

20%

30%

40%

50%

Blueridge

Boulevard

Braemar

Calverhall

CanyonHeights

CapilanoNV

CentralLonsdale

DeepCove

Delbrook

Dollarton

Edgemont

ForestHills

GrouseWoods

Hamilton

HamiltonHeights

IndianArm

IndianRiver

LowerLonsdale

LynnValley

Lynnmour

Norgate

Northlands

PembertonHeights

PembertonNV

PrincessPark

Queensbury

RochePoint

Seymour

Tempe

UpperDelbrook

UpperLonsdale

Westlynn

WestlynnTerrace

WindsorPark

Woodlands-Sunshine

NorthVanTotal

NorthVancouverDan Muzzin Macdonald Realty Ltd. danmuzzin.com 604-813-3795

SellersMarket↑

BuyersMarket↓

BalancedMarket

0% 7% 0% 3% 0% 0% 43% 0% 0% 0% 6% 0% 6% 0% 0% 0% 13% 0% 40% 0% 17% 0% 0% 50% 0% 0% 0% 0% 6% 0% 40% 0% 20% 0% 0% 6%0%

10%

20%

30%

40%

50%

0%

10%

20%

30%

40%

50%

Altamont

Ambleside

Bayridge

BritishProperties

CanterburyWV

Caulfeild

Cedardale

Chartwell

ChelseaPark

Cypress

CypressParkEstates

DeerRidgeWV

Dundarave

EagleHarbour

Eagleridge

FurryCreek

Gleneagles

Glenmore

HorseshoeBayW

V

HoweSound

LionsBay

OldeCaulfeild

Panoram

aVillage

ParkRoyal

PorteauCove

Queens

Rockridge

SandyCove

SentinelHill

UpperCaulfeild

WestBay

Westhill

Westm

ountWV

WhitbyEstates

Whytecliff

WestVanTotal

WestVancouverDan Muzzin Macdonald Realty Ltd. danmuzzin.com 604-813-3795



compare 2009 – 2018 Sales and Listings

for the month of March

69 95 134 121 113 134 189 180 98 67

average120

0

40

80

120

160

200

240

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018

detached Dan Muzzin Macdonald Realty Ltd. danmuzzin.com 604.813.3795

94 116 156 131 93 94 206 217 160 147

141

0

40

80

120

160

200

240

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018

attached & apartments Dan Muzzin Macdonald Realty Ltd. danmuzzin.com 604.813.3795

163 211 290 252 206 228 395 397 258 214

261

0

70

140

210

280

350

420

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018

total Dan Muzzin Macdonald Realty Ltd. danmuzzin.com 604.813.3795

346 294 310 288 400 340 274 172 240 313

average298

0

70

140

210

280

350

420

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018


491 475 482 525 538 587 513 170 150 183

411

0

100

200

300

400

500

600

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018


837 769 792 813 938 927 787 342 390 496

709

0

200

400

600

800

1,000

1,200

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018


North Vancouver units sold monthend listings

35 72 152 78 58 61 101 146 59 26

average79

0

30

60

90

120

150

180

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018


15 24 37 26 19 16 33 32 37 16

26

0

10

20

30

40

50

60

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018


50 96 189 104 77 77 134 178 96 42

104

0

40

80

120

160

200

240

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018


448 423 368 426 516 484 488 327 388 464

average433

0

100

200

300

400

500

600

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018


168 168 138 153 178 154 126 67 67 98

132

0

40

80

120

160

200

240

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018


616 591 506 579 694 638 614 394 455 562

565

0

150

300

450

600

750

900

Mar2009

Mar2010

Mar2011

Mar2012

Mar2013

Mar2014

Mar2015

Mar2016

Mar2017

Mar2018


West Vancouver units sold monthend listings



Lynn Valley housing snapshot – March 31, 2018 For a housing snapshot of your neighbourhood …call Dan

2 1 1 2 2 3 2 1 8 9 2 6 4 7 2 3 3 5 7 3 4 10 9 8 9 0

2

4

6

8

10


2016 2017 2018

weeks LynnValleyDan Muzzin Macdonald Realty Ltd. danmuzzin.com 604-813-3795

avg # weeks to sell (detached houses)

1,600 1,538

1,983

13

2029

13

26

12

0

500

1,000

1,500

2,000

2,500

0

10

20

30

40

50


2016 2017 2018

$000LynnValleyDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

averagesellingprice#housesforsaleatendofmonth#housessoldeachmonth

17% 25% 0% 0% 8% 17% 33% 18% 40% 18% 15% 5% 33% 20% 0% 50% 0% 38% 52% 17% 33% 0% 20% 25% 33% 0% 100%100%100%13% 18% 25% 50%100% 0% 21%0%

10%

20%

30%

40%

50%

0%

10%

20%

30%

40%

50%

Blueridge

Boulevard

Braemar

Calverhall

CanyonHeights

CapilanoNV

CentralLonsdale

DeepCove

Delbrook

Dollarton

Edgemont

ForestHills

GrouseWoods

Hamilton

HamiltonHeights

IndianArm

IndianRiver

LowerLonsdale

LynnValley

Lynnmour

Norgate

Northlands

PembertonHeights

PembertonNV

PrincessPark

Queensbury

RochePoint

Seymour

Tempe

UpperDelbrook

UpperLonsdale

Westlynn

WestlynnTerrace

WindsorPark

Woodlands-Sunshine

NorthVanTotal

NorthVancouverDan Muzzin Macdonald Realty Ltd. danmuzzin.com 604-813-3795

balancedmarketunitssoldas%oflistingsatmonthend

SellersMarket↑

BuyersMarket↓

BalancedMarket

sales details for selected North Vancouver neighbourhoods

chart data obtained from Real Estate Board of Greater Vancouver danmuzzin.com

9

1,493 1,674

1,537

2

77

5

7

2

0

500

1,000

1,500

2,000

2,500

0

5

10

15

20

25


2016 2017 2018

$000BlueridgeDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

1,692

2,206 2,057

6

17

9

4

14

30

600

1,200

1,800

2,400

3,000

0

5

10

15

20

25


2016 2017 2018

$000BoulevardDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

2,073 2,188

1,942

2531

21

12

34

3

0

600

1,200

1,800

2,400

3,000

0

15

30

45

60

75


2016 2017 2018

$000CanyonHeightsDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

1,642 1,794 1,793

6

119

6

11

3 0

500

1,000

1,500

2,000

2,500

0

7

14

21

28

35


2016 2017 2018

$000CentralLonsdaleDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

1,815 1,556

1,975

9

5

7

2

8

20

500

1,000

1,500

2,000

2,500

0

7

14

21

28

35


2016 2017 2018

$000DeepCoveDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

2,605

3,084

3,760

4

12

2 3

17

1

0

850

1,700

2,550

3,400

4,250

0

5

10

15

20

25


2016 2017 2018

$000ForestHillsDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

1,600 1,538

1,983

13

2029

13

26

12

0

500

1,000

1,500

2,000

2,500

0

10

20

30

40

50


2016 2017 2018

$000LynnValleyDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

2,167 2,410

2,082

5

115

1

13

2

0

700

1,400

2,100

2,800

3,500

0

5

10

15

20

25


2016 2017 2018

$000UpperDelbrookDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

2,293

2,771

2,505

18 19

89

26

4

0

800

1,600

2,400

3,200

4,000

0

7

14

21

28

35


2016 2017 2018

$000EdgemontDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

1,808 1,943 1,856

14 14

127

38

70

500

1,000

1,500

2,000

2,500

0

10

20

30

40

50


2016 2017 2018

$000UpperLonsdaleDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

0"50"$25"25"J" F"

"average"selling"price" "#"houses"for"sale"at"end"of"month" "#"house"sales"for"month"

sales details for selected West Vancouver neighbourhoods

[email protected] danmuzzin.com

This communication is not intended to cause or induce breach of an existing agency agreement

10

6,451

4,350

15 15

91

20

0

0

1,800

3,600

5,400

7,200

9,000

0

6

12

18

24

30


2016 2017 2018

$000AltamontDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

3,126 3,399 2,818

32

42

22 8

54

4

0

1,000

2,000

3,000

4,000

5,000

0

15

30

45

60

75


2016 2017 2018

$000AmblesideDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

4,809 4,260

6,124

49 73

188

77

2

0

1,400

2,800

4,200

5,600

7,000

0

25

50

75

100

125


2016 2017 2018

$000BritishPropertiesDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

3,949

4,615

18 17

62

23

0

0

1,200

2,400

3,600

4,800

6,000

0

10

20

30

40

50


2016 2017 2018

$000CaulfeildDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

6,085 5,500

12

20

61

23

0

0

1,800

3,600

5,400

7,200

9,000

0

10

20

30

40

50


2016 2017 2018

$000ChartwellDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

4,725 3,887

3,644

18

34

8 7

30

2

0

1,200

2,400

3,600

4,800

6,000

0

10

20

30

40

50


2016 2017 2018

$000DundaraveDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

2,075 1,944

8

13

26

14

00

800

1,600

2,400

3,200

4,000

0

7

14

21

28

35


2016 2017 2018

$000EagleHarbourDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

1,467 1,407 1,613

4

8

4 4

15

2

0

500

1,000

1,500

2,000

2,500

0

7

14

21

28

35


2016 2017 2018

$000LionsBayDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

3,854

2,495 2,240

14

10

6 1

19

1

0

800

1,600

2,400

3,200

4,000

0

6

12

18

24

30


2016 2017 2018

$000SentinelHillDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

8,175

811

2 2

10

0

0

1,800

3,600

5,400

7,200

9,000

0

7

14

21

28

35


2016 2017 2018

$000WhitbyEstatesDanMuzzinMacdonaldRealtyLtd.danmuzzin.com604.813.3795

0"50"$25"25"J" F"

"average"selling"price" "#"houses"for"sale"at"end"of"month" "#"house"sales"for"month"

Documents

Dan Muzzin CA Newsletter -Apr2018.pdf · The Real Estate Board of Greater Vancouver (REBGV) reported total MLS® residential property ... • The speculation tax applies to residential