Monday, April 10, 2006
REALTORS welcome GST reduction
News Release: April 4, 2006
NANAIMO, BC - The President of the Vancouver Island Real Estate Board is pleased with the federal government's GST reduction plans, announced in Tuesday's federal Throne Speech.
"REALTORS have long advocated a comprehensive review of the tax and regulatory barriers to the affordability of housing. One of those has been the GST as it applies to newly constructed housing," explains Darrell Paysen.
"The GST is charged on professional services used by consumers during the course of a housing transaction, including fees paid to lawyers, appraisers, home inspectors and REALTORS.
"Reducing the GST rate will have the effect of reducing the costs associated with buying or selling a home," Paysen notes. "It would also have an impact on the associated costs of moving house."
REALTORS point out that the Conservative proposal will reduce the cost of new homes, and the cost of services associated with a real estate transaction. A one per cent reduction in the GST rate would save a homeowner $2,500 on a new home selling for $250,000.
"When the proposed five per cent GST rate is combined with the existing new housing rebate, the effective rate of federal sales taxation on new homes would be restored to the level that applied prior to the introduction of the GST in 1991," he outlines.
"The Canadian Real Estate Association has also been calling on the government to adjust the GST thresholds to bring them into line with 2006 housing markets," Paysen says.
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For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212
VIREB REALTORS win national political action award
NANAIMO, BC - The President of the Vancouver Island Real Estate Board is pleased with the federal government's GST reduction plans, announced in Tuesday's federal Throne Speech.
"REALTORS have long advocated a comprehensive review of the tax and regulatory barriers to the affordability of housing. One of those has been the GST as it applies to newly constructed housing," explains Darrell Paysen.
"The GST is charged on professional services used by consumers during the course of a housing transaction, including fees paid to lawyers, appraisers, home inspectors and REALTORS.
"Reducing the GST rate will have the effect of reducing the costs associated with buying or selling a home," Paysen notes. "It would also have an impact on the associated costs of moving house."
REALTORS point out that the Conservative proposal will reduce the cost of new homes, and the cost of services associated with a real estate transaction. A one per cent reduction in the GST rate would save a homeowner $2,500 on a new home selling for $250,000.
"When the proposed five per cent GST rate is combined with the existing new housing rebate, the effective rate of federal sales taxation on new homes would be restored to the level that applied prior to the introduction of the GST in 1991," he outlines.
"The Canadian Real Estate Association has also been calling on the government to adjust the GST thresholds to bring them into line with 2006 housing markets," Paysen says.
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For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212
News Release: March 30, 2006
NANAIMO, BC - The Vancouver Island Real Estate Board's (VIREB) political lobbying efforts have won the national PAC (Political Action Committee) Team Award for 2005, at the annual meeting of the Canadian Real Estate Association (CREA) in Ottawa.
"This truly reflects the growing importance VIREB puts on grassroots government action and relationships, at the local level," explains President Darrell Paysen, who traveled to Ottawa along with Vice President Jennifer Lynch, Government Relations Chair Jim Stewart and Executive Officer Bill Benoit.
"This award truly reflects the efforts of VIREB staff and volunteers over the last year."
Adds CREA President Alan Tennant, in presenting the award to VIREB and to the Greater Vancouver Real Estate Board: "Both of these winners have an impressive list of federal PAC activities over the last year. They held constituency meetings with MPs. They communicated federal issues effectively, both to MPs and to their own members."
99 real estate boards and associations make up CREA. To be considered for the PAC Team Award, VIREB outlined a busy year of political activism and achievement in advancing national REALTOR issues. This included meetings with all Members of Parliament in their local riding offices, distributing VIREB's monthly member and media communications, and copies of the VIREB Buyer Profile (demographic survey of Buyers compiled annually from MLS stats).
"We also presented MPs copies of the Clayton Research Study findings on the significant economic impact of real estate," Benoit adds. "We presented CREA's Pre Budget Submission to the MP's in fall 2005, and then we created a Government Relations staff position to work with the volunteers."
The list of VIREB's political activity also included Stewart lending his name as a candidate in the federal election, a "No Vote, No Voice" sign being placed on the highway in front of Board office, and VIREB partnering with several local Chambers of Commerce in hosting 9 all candidates meetings across the region.
"By doing these kinds of activities, PAC remains a valuable source of grassroots strength by establishing and maintaining active and open channels of communication between CREA's 82,000 members and MPs, at the local riding level," Lynch says.
Stewart says with the new federal government set to resume Parliament, they returned from the CREA event armed with three key REALTOR issues to discuss with MPs this spring.
"Over the next 6 weeks we will be meeting with MPs James Lunney, Jean Crowder and Catherine Bell in their local riding offices," he says.
"Our industry is calling on the new government to consider increasing the RRSP withdrawal limits for the Home Buyers' Plan to $25,000, recommending implementing a capital gains rollover provision, and protecting and enshrining property rights in the Constitution."
VIREB's political activity also includes provincial efforts at the annual Government Liaison Days in Victoria in late April.
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VIREB represents approximately 1,010 licensed REALTOR members in more than 80 member offices on Vancouver Island (North of Victoria).
REALTOR is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS is a cooperative marketing system used by Canada's real estate boards.
For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212
Real estate reports hikes continue through March
NANAIMO, BC - The Vancouver Island Real Estate Board's (VIREB) political lobbying efforts have won the national PAC (Political Action Committee) Team Award for 2005, at the annual meeting of the Canadian Real Estate Association (CREA) in Ottawa.
"This truly reflects the growing importance VIREB puts on grassroots government action and relationships, at the local level," explains President Darrell Paysen, who traveled to Ottawa along with Vice President Jennifer Lynch, Government Relations Chair Jim Stewart and Executive Officer Bill Benoit.
"This award truly reflects the efforts of VIREB staff and volunteers over the last year."
Adds CREA President Alan Tennant, in presenting the award to VIREB and to the Greater Vancouver Real Estate Board: "Both of these winners have an impressive list of federal PAC activities over the last year. They held constituency meetings with MPs. They communicated federal issues effectively, both to MPs and to their own members."
99 real estate boards and associations make up CREA. To be considered for the PAC Team Award, VIREB outlined a busy year of political activism and achievement in advancing national REALTOR issues. This included meetings with all Members of Parliament in their local riding offices, distributing VIREB's monthly member and media communications, and copies of the VIREB Buyer Profile (demographic survey of Buyers compiled annually from MLS stats).
"We also presented MPs copies of the Clayton Research Study findings on the significant economic impact of real estate," Benoit adds. "We presented CREA's Pre Budget Submission to the MP's in fall 2005, and then we created a Government Relations staff position to work with the volunteers."
The list of VIREB's political activity also included Stewart lending his name as a candidate in the federal election, a "No Vote, No Voice" sign being placed on the highway in front of Board office, and VIREB partnering with several local Chambers of Commerce in hosting 9 all candidates meetings across the region.
"By doing these kinds of activities, PAC remains a valuable source of grassroots strength by establishing and maintaining active and open channels of communication between CREA's 82,000 members and MPs, at the local riding level," Lynch says.
Stewart says with the new federal government set to resume Parliament, they returned from the CREA event armed with three key REALTOR issues to discuss with MPs this spring.
"Over the next 6 weeks we will be meeting with MPs James Lunney, Jean Crowder and Catherine Bell in their local riding offices," he says.
"Our industry is calling on the new government to consider increasing the RRSP withdrawal limits for the Home Buyers' Plan to $25,000, recommending implementing a capital gains rollover provision, and protecting and enshrining property rights in the Constitution."
VIREB's political activity also includes provincial efforts at the annual Government Liaison Days in Victoria in late April.
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VIREB represents approximately 1,010 licensed REALTOR members in more than 80 member offices on Vancouver Island (North of Victoria).
REALTOR is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS is a cooperative marketing system used by Canada's real estate boards.
For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212
News Release: April 5, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board for March 2006, shows unit sales and average sale prices across the board region are continuing growth trends from previous months.
At the end of March 2006, total unit sales for the board area were up just over 1 per cent from the March 2005 but up almost 29 per cent from a month earlier in February 2006. The average sale price for the total board area increased 26 per cent from March 2005 and increased 4.5 per cent in just the last month alone.
VIREB President Darrell Paysen says there is a lot of consumer confidence in the market.
"Real estate is a major economic barometer and this strength shows the continued health of economy," he says.
"Overall, at the local levels, I think people are happy and confident. My feeling continues that buyers and sellers aren't too terribly worried about recent small interest rate hikes," he says.
On the issue of interest rates, Paysen says the topic was covered in depth at the recent convention of the Canadian Real Estate Association in Ottawa.
"Many financial and industry speakers addressed this topic. The overall feeling was that rates were moving to a natural comfort zone at around 5 per cent, which is what we have been expecting and what has happened."
From March 2005 to March 2006, Campbell River increased 36 per cent (to $284,247), Comox Valley 28 per cent (to $291,410), Nanaimo 23 per cent (to $303,279), Parksville/Qualicum 23 per cent (to $339,143), Port Alberni 16 per cent (to $171,788) and Duncan's increased 38 per cent (to $312,315).
With the exception of Campbell River, unit sales for March 2006 increased in every VIREB zone from the previous month in February 2006. The largest gain in volume was in Parksville/Qualicum posting a 50 per cent unit sales increase from February 2006.
Paysen says the true message of the economic strength on Vancouver Island, is looking at the longer term trends and forecasts.
"These views call for more balanced conditions to start returning, with prices to start leveling off a bit next year. The BC Real Estate Association (BCREA) has said it predicts 2006 overall will be the 2nd busiest year on record, after the record year in 2005."
"As well, it's springtime, which is traditionally one of the busiest times of the year. I would remind all buyers and sellers that as a member of their local real estate Board, REALTORS have their finger on the pulse of the housing market. Consumers should contact their REALTOR if they are considering buying or selling a home."
VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighborhoods or account for price differential between geographic areas.
VIREB represents approximately 1,000 licensed REALTOR members in more than 80 member offices on Vancouver Island (North of Victoria).
REALTOR is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS is a cooperative marketing system used by Canada's real estate boards.
- 30 -
For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board for March 2006, shows unit sales and average sale prices across the board region are continuing growth trends from previous months.
At the end of March 2006, total unit sales for the board area were up just over 1 per cent from the March 2005 but up almost 29 per cent from a month earlier in February 2006. The average sale price for the total board area increased 26 per cent from March 2005 and increased 4.5 per cent in just the last month alone.
VIREB President Darrell Paysen says there is a lot of consumer confidence in the market.
"Real estate is a major economic barometer and this strength shows the continued health of economy," he says.
"Overall, at the local levels, I think people are happy and confident. My feeling continues that buyers and sellers aren't too terribly worried about recent small interest rate hikes," he says.
On the issue of interest rates, Paysen says the topic was covered in depth at the recent convention of the Canadian Real Estate Association in Ottawa.
"Many financial and industry speakers addressed this topic. The overall feeling was that rates were moving to a natural comfort zone at around 5 per cent, which is what we have been expecting and what has happened."
From March 2005 to March 2006, Campbell River increased 36 per cent (to $284,247), Comox Valley 28 per cent (to $291,410), Nanaimo 23 per cent (to $303,279), Parksville/Qualicum 23 per cent (to $339,143), Port Alberni 16 per cent (to $171,788) and Duncan's increased 38 per cent (to $312,315).
With the exception of Campbell River, unit sales for March 2006 increased in every VIREB zone from the previous month in February 2006. The largest gain in volume was in Parksville/Qualicum posting a 50 per cent unit sales increase from February 2006.
Paysen says the true message of the economic strength on Vancouver Island, is looking at the longer term trends and forecasts.
"These views call for more balanced conditions to start returning, with prices to start leveling off a bit next year. The BC Real Estate Association (BCREA) has said it predicts 2006 overall will be the 2nd busiest year on record, after the record year in 2005."
"As well, it's springtime, which is traditionally one of the busiest times of the year. I would remind all buyers and sellers that as a member of their local real estate Board, REALTORS have their finger on the pulse of the housing market. Consumers should contact their REALTOR if they are considering buying or selling a home."
VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighborhoods or account for price differential between geographic areas.
VIREB represents approximately 1,000 licensed REALTOR members in more than 80 member offices on Vancouver Island (North of Victoria).
REALTOR is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS is a cooperative marketing system used by Canada's real estate boards.
- 30 -
For more information, please contact:
Darrell Paysen, President, 250-748-5000
Drew Harris, Communications Coordinator, 250-390-4212
