You can read more here;

http://www.bcimmigration.com/details/articles/Ministerial_Update_June2010.php

Here is a recent pdf of BC Immigration Statistics also prepared by David Ajula…

On July 23, 2009, Premier Gordon Campbell and Finance Minister Colin Hansen announced that, effective July 1, 2010, BC will adopt a Harmonized Sales Tax (HST), combining the seven per cent Provincial Sales Tax (PST) with the five per cent federal Goods and Services Tax (GST) for a single sales tax rate of 12 per cent.

An additional seven per cent tax will be charged on a variety of real estate related services, including commissions, appraisals and other services that are currently exempt, as well as adding thousands of dollars in additional costs to new home purchases.

Looking to offset the increase in costs, the Government of BC plans to offer a partial rebate of the provincial portion of the HST for new housing to ensure that new homes up to $400,000 will bear no more tax than under the current PST system, while homes above $400,000 will receive a flat rebate of about $20,000.

What does this mean for REALTORS®?
As proposed, the HST will increase the cost of buying or selling a home and becomes essentially an additional tax on home ownership. Under the HST, REALTOR® commissions will be subject to a 12 per cent tax, replacing the five per cent GST now charged.

New home sales over $400,000 will be dramatically impacted, as buyers will now have to pay an additional seven per cent tax (even with the $20,000 flat rebate). This will act as a disincentive to buyers of new homes in the short term.

Next steps
Although no consultation occurred before the announcement, BCREA is working on recommendations to keep the impact of the HST as neutral as possible with respect to housing attainability. BCREA President John Tillie is preparing an opinion editorial for publication in the Vancouver Sun on Wednesday, July 29.

More information will be available once the BCREA Board of Directors, staff and member boards have had a chance to review and analyze potential strategies.

Copyright British Columbia Real Estate Association. Reprinted with permission. BCREA makes no guarantees as to the accuracy or completeness of this information.

Victoria Real Estate Board President, Randi Masters, says the anticipated increase in interest rates has likely prompted some buyers to make their move now. “With the recently announced increase in some mortgage rates and the expected increase in the Bank of Canada rate later this summer, it is likely that some buyers have decided that now is the time either to get into the market or make a move up or down according to their changing needs,” said Masters. “Further increases in borrowing costs are likely to be gradual, so while there may be some slowing in market activity later in the year, we anticipate this will have only a modest impact on market conditions,” she added.

Masters noted that the number of properties available for sale again increased last month, “As of the end of March, there were 3,712 properties available for sale – up from 3,280 the end of February but still down slightly from 3,859 properties for sale at the end of March a year ago.”

The average price for single-family homes sold in Greater Victoria last month was $633,938 up from $620,833 in February. The median rose to $569,950. The six-month average was $623,508. There were 33 sales of over $1 million including one in Oak Bay for over $3 million. The overall average price for condominiums was $336,779 last month, up from $304,163 in February. The average for the last six months was $322,663. The median price for condominiums in March rose to $305,000. The average price of all townhomes sold last month was $456,446 down from $460,900 in February. The median price, however, rose to $439,800. The six month average was $456,368.

MLS® sales last month included 438 single family homes, 195 condominiums, 91 townhomes and 14 manufactured homes.

The number of properties sold throughout the Victoria area eased slightly compared to December but was still substantially higher than January of last year. A total of 418 homes and other properties sold in January through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 453 sales in December but up nearly 70 percent from the 247 sales in January of last year. Prices, meantime, remained stable but mixed depending on property type.

Victoria Real Estate Board President, Randi Masters, says January’s figures represent a solid start to the year, “After last year’s remarkable recovery in the real estate market, we are pleased to see strong sales for January and look forward to a balanced market in the months to come.” Masters noted that the number of properties available for sale increased last month, “As of the end of January, there were 2,793 properties available for sale – up from 2,557 at the end of December but still down 24 per cent from January of last year. We expect further increases in the number of properties on the market as we head into spring and this will offer a greater choice to buyers.”

The average price for single family homes sold in Greater Victoria last month was $644,678 down from $651,316 in December. Fifteen sales of over $1 million including one sale in Central Saanich of over $2 million and one sale in North Saanich of over $2.5 million affected the overall average in January. The median price of single family homes sold rose to $595,000. The six-month average was $615,271. The overall average price for condominiums was $313,337 last month, down from $345,907 in December. The average for the last six months was $322,775. The median price for condominiums in January rose to $299,900. The average price of all townhomes sold last month was $453,013 down from $485,307 in December. The median price declined to $399,250. The six month average was $452,447.

MLS® sales last month included 220 single family homes, 112 condominiums, 46 townhomes and eight manufactured homes.

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On the lower level of the home, a fantastic rec room/ play room has been created with easy care hardwood floors, tons of built-in storage under attractive window seating and easy access to crawl space storage areas.

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For-sale signs are sprouting around the region as consumer confidence is rising in the wake of the recession.

Victoria is a seller’s market where home prices will stay strong — particularly in the first two quarters of the year — thanks to low interest rates, tight inventories and rising consumer confidence, says one of Canada’s leading real estate companies.

According to Royal LePage’s market survey forecast, released yesterday, Vancouver’s average price for an existing home is predicted to rise 7.2 per cent this year over last year. Victoria was not included in the forecast of major metropolitan centres, but price increases aren’t expected to be as high here as in Vancouver, said Carol Geurts, president of Royal LePage Coast Capital Realty.

“I think we are going to see our biggest increases in early spring and that might be it for the year,” she said. “So much is tied to what the interest rates are going to do.”

Predictions by Royal LePage line up with those by the Victoria Real Estate Board and other industry watchers, who expect inventories to increase and interest rates to rise later in 2010.

“I think steady-as-she-goes is probably what we’re looking at, at least for the first two quarters of this year.”

Buyers’ confidence is up, she said, adding her office was busy through to the end of December and into this month. “It maintained a good clip all through the holidays.”

The strongest demand is for homes priced at $600,000 or less with revenue potential. These are attracting multiple offers, Geurts said, adding “we are certainly in a seller’s market here.”

Despite the global economic turmoil last year, Greater Victoria sales rebounded in the last half of 2009. The final quarter resulted in an average price for a detached bungalow at $474,000, up by 7.7 per cent from the average price in the final quarter of 2008, Royal LePage said.

The average price for a standard two-storey house moved up by 3.7 per cent in the capital region, to $449,000 in the last quarter of 2009, from $433,000 in the final quarter of 2008.

The average price of a standard condominium in the capital region remained flat for those two quarters, at $265,000, the report said.

Nationally, home prices are expected to moderate in the second half of this year, Royal LePage said.

The country’s real estate market is starting the year with “considerable momentum” from the strong finish to 2009, said Phil Soper, president and chief executive of Royal LePage Real Estate Services.

“The stimulus effect of low borrowing costs has contributed to a sharp rise in demand that has driven activity levels to new highs. This demand… should cause home prices to continue to appreciate significantly during the early months of the year.”

In the last quarter of 2009, the national average price of detached bungalows increased six per cent to $315,055 compared to the same quarter in 2008. The price of standard two-storey homes rose 5.2 per cent to $353,026, and the price of a standard condominium rose 6.4 per cent to $205,756.

Victoria Real Estate Board President Randi Masters says the strength of the recovery came as a welcome surprise, “Given the significant world-wide economic downturn we were very pleased to see the real estate market recovering so quickly. With interest rates expected to remain low in the coming months, we are anticipating a strong and balanced market in the coming year.” Masters noted that while sales rebounded strongly last year, overall average prices showed little change compared to 2008. The overall average price for single family homes declined by less than one per cent, condominium prices declined by less than three per cent and townhome prices remained essentially unchanged.

Masters added that December saw a normal decrease in sales compared to November with some minor fluctuations in prices. The average price of single family homes in Greater Victoria last month was $651,316. Sixteen sales of over $1 million, including one sale in Central Saanich of over $5 million affected the overall average. The six-month average was $601,237 while the median price was significantly lower at $555,000. The average price of all condominiums sold in December was $345,907; the average for the last six months was $324,919 while the median was $289,000. The average price of all townhomes sold last month was $477,998; the six-month average was $450,305 and the median was $422,500.

MLS® sales last month included 246 single family homes, 115 condominiums, 44 townhomes and 12 manufactured homes.

Masters noted there has been a substantial decline in the number of properties available for sale, “As of the end of December, there were 2,557 properties available for sale — down 33 per cent from a year earlier.”

An incredible granite entrance foyer with fountain leads to an oversized living room with huge built-in bar that features double wine fridges, ice-maker and 2 dishwasher ‘drawers’ Beautiful exposed beams are featured in the vaulted ceiling, with wall-to-wall windows showcasing the incredible views. A fabulous open fireplace with copper chimney hood separates the living room from the dining area….which accommodates large dining parties in style! The gourmet kitchen will impress true cooking connoisseurs with massive granite counters, top-of-the-line appliances including a professional built-in pizza oven, Miele gas and electric cooktops and grill, built-in convection oven and vegetable steaming oven, warming drawers, professional Sub Zero fridge and freezer, and outlets for both North American and European appliances. A spacious family room with built-in Plasma TV and generous eating area are conveniently located adjacent to the kitchen with fabulous views and easy access to the outdoor kitchen and patio areas.

British Columbia and Ontario saw the largest Y/Y (year-over-year) gains at 165% and 77% respectively (dollar value).

Vancouver led the way within Canada with an astounding 252%  increase in dollar sales volumes, Victoria was second at +116%, Toronto third (+105%) and Calgary fourth (+67%).

It is important to note that although the 437,507 homes sold through the Canadian MLS® system in the first 11 months of 2009 represents a 5% increase over the same period in 2008, those sales are still lower than the levels seen in the previous 3 years.

Details can be found in CREA’s November Report, and the Vancouver Sun.