Tuesday, October 31, 2006
Commercial REALTORS call for property investment tax changes
FOR IMMEDIATE RELEASE
October 31, 2006
NANAIMO - The Chair of the Commercial Division of the Vancouver Island Real Estate Board (VIREB) is joining the call on the federal government to amend tax laws for real property investors.
"Commercial property investors currently face significant financial penalties when selling or expanding," explains Jay Cousins.
"REALTORS are calling for amendments to the Income Tax Act to promote the rollover of capital gains taxes and capital cost allowance, when an investor sells a property and reinvests in another property."
Cousins says a deferral of the capital gains tax and the capital cost allowance recovery would allow an investor the freedom to change asset classes, locations and /or sizes without penalty.
"Currently, investors are charged capital gains tax as soon as they sell a property. This really is a deterrent to the sale of many investor properties," he says, "because investors can choose to retain the asset instead of paying the tax."
This position was part of the submission to the House of Commons Standing Committee on Finance delivered by the Canadian Real Estate Association (CREA). VIREB will be lobbying the three area MPs directly before the end of November.
"Holding onto commercial and residential investment properties simply to avoid taxes is also disincentive to maintaining the overall quality of these holdings," Cousins says.
"What we're saying, is allowing property investors to sell their holdings and transfer the equity into other properties, while deferring the payable taxes, is an incentive to grow the economy.
"When a property owner reinvests the proceeds, no real economic gain has been realized that provides funds to pay the tax and they are simply retaining the invested money but in a different form."
The suggested timeline for reinvestment should have a provision for sales occurring late in the current tax year, to carry over into the next tax year.
CREA noted in its submission that the intent of the recommendation is to enhance national productivity by directly addressing the key factors weighing down the investment climate in Canada - high taxes, labour force mobility and the fact that the population must now be more financially self-reliant in retirement.
VIREB represents approximately 1,090 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
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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:
Jay Cousins, Chair, Commercial Division, 250-751-1223
Drew Harris, Communications, 250-390-4212
October 31, 2006
NANAIMO - The Chair of the Commercial Division of the Vancouver Island Real Estate Board (VIREB) is joining the call on the federal government to amend tax laws for real property investors.
"Commercial property investors currently face significant financial penalties when selling or expanding," explains Jay Cousins.
"REALTORS are calling for amendments to the Income Tax Act to promote the rollover of capital gains taxes and capital cost allowance, when an investor sells a property and reinvests in another property."
Cousins says a deferral of the capital gains tax and the capital cost allowance recovery would allow an investor the freedom to change asset classes, locations and /or sizes without penalty.
"Currently, investors are charged capital gains tax as soon as they sell a property. This really is a deterrent to the sale of many investor properties," he says, "because investors can choose to retain the asset instead of paying the tax."
This position was part of the submission to the House of Commons Standing Committee on Finance delivered by the Canadian Real Estate Association (CREA). VIREB will be lobbying the three area MPs directly before the end of November.
"Holding onto commercial and residential investment properties simply to avoid taxes is also disincentive to maintaining the overall quality of these holdings," Cousins says.
"What we're saying, is allowing property investors to sell their holdings and transfer the equity into other properties, while deferring the payable taxes, is an incentive to grow the economy.
"When a property owner reinvests the proceeds, no real economic gain has been realized that provides funds to pay the tax and they are simply retaining the invested money but in a different form."
The suggested timeline for reinvestment should have a provision for sales occurring late in the current tax year, to carry over into the next tax year.
CREA noted in its submission that the intent of the recommendation is to enhance national productivity by directly addressing the key factors weighing down the investment climate in Canada - high taxes, labour force mobility and the fact that the population must now be more financially self-reliant in retirement.
VIREB represents approximately 1,090 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
- 30 -
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:
Jay Cousins, Chair, Commercial Division, 250-751-1223
Drew Harris, Communications, 250-390-4212
Tuesday, October 24, 2006
REALTORS applaud Conde Nast: good market sign
FOR IMMEDIATE RELEASE
October 24, 2006
NANAIMO - The President of the Vancouver Island Real Estate Board (VIREB) is thrilled with news that top travel magazine Conde Nast has recognized Vancouver Island yet again.
"For the 7th year in a row, Vancouver Island was rated number one in the North American Island category. This is great news for everyone, including REALTORS," explains Darrell Paysen.
"The magazine is known throughout the travel world, with a circulation of 750,000," Paysen outlines. "For REALTORS this means new people are discovering and coming to Vancouver Island all of the time."
Paysen says those same travelers frequently decide to invest and return as residents down the road.
"This says a lot about the continuing strength of the real estate industry. The favorable view of Vancouver Island by the travel industry is also supported by how many buyers we're seeing coming from outside of the region."
VIREB's latest annual Buyer Profile of 2,100 purchasers (released in July 2006) showed almost 54 per cent were moving to Vancouver Island from outside of the area.
"11 per cent originated from Alberta, 8.9 per cent from Ontario, 9 per cent from Vancouver, 7.2 per cent from Victoria and 4.1 per cent from the Fraser Valley," Paysen explains. "10 per cent came from the rest of BC, 4.5 per cent originated from the rest of the world, 3.4 per cent from Saskatchewan/Manitoba and 2.3 per cent from the rest of Canada."
39 per cent were buying a retirement home.
The Conde Nast survey also named Vancouver as the top city in the Americas category. The poll divides cities into six geographical divisions including the Americas, which covers Canada, Central America and South America. Cities are scored on ambience, friendliness, culture and sites, restaurants, lodging, and shopping.
VIREB represents approximately 1,084 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
- 30 -
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, 250-74
October 24, 2006
NANAIMO - The President of the Vancouver Island Real Estate Board (VIREB) is thrilled with news that top travel magazine Conde Nast has recognized Vancouver Island yet again.
"For the 7th year in a row, Vancouver Island was rated number one in the North American Island category. This is great news for everyone, including REALTORS," explains Darrell Paysen.
"The magazine is known throughout the travel world, with a circulation of 750,000," Paysen outlines. "For REALTORS this means new people are discovering and coming to Vancouver Island all of the time."
Paysen says those same travelers frequently decide to invest and return as residents down the road.
"This says a lot about the continuing strength of the real estate industry. The favorable view of Vancouver Island by the travel industry is also supported by how many buyers we're seeing coming from outside of the region."
VIREB's latest annual Buyer Profile of 2,100 purchasers (released in July 2006) showed almost 54 per cent were moving to Vancouver Island from outside of the area.
"11 per cent originated from Alberta, 8.9 per cent from Ontario, 9 per cent from Vancouver, 7.2 per cent from Victoria and 4.1 per cent from the Fraser Valley," Paysen explains. "10 per cent came from the rest of BC, 4.5 per cent originated from the rest of the world, 3.4 per cent from Saskatchewan/Manitoba and 2.3 per cent from the rest of Canada."
39 per cent were buying a retirement home.
The Conde Nast survey also named Vancouver as the top city in the Americas category. The poll divides cities into six geographical divisions including the Americas, which covers Canada, Central America and South America. Cities are scored on ambience, friendliness, culture and sites, restaurants, lodging, and shopping.
VIREB represents approximately 1,084 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
- 30 -
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, 250-74
Friday, October 13, 2006
Van Island REALTORS say BC housing strategy a good start
FOR IMMEDIATE RELEASE
October 4, 2006
NANAIMO, BC - The Vancouver Island Real Estate Board (VIREB) says the new BC housing strategy announced Tuesday is a "favorable first step".
"It targets those people most in need and that's a good start," says VIREB President Darrell Paysen.
"This follows up the messages BC REALTORS en masse delivered to Victoria last spring during the annual GL Days event. In meetings with MLAs, cabinet ministers, the Premier and Leader of the Opposition, we told them the province remains the least affordable region in Canada to purchase a home," he says.
"We reminded government that housing is the foundation of a solid economy, and that REALTORS are committed to working on access to affordable housing and rental accommodation to help people get ahead and communities to grow."
BC REALTORS started calling for a housing strategy in 2004.
The new announcement contains a mix of new spending, proven programs and some unique approaches that could assist as many as 15,000 low-income families and individuals.
Paysen adds: "This new announcement fits in nicely with the 'Quality of Life' program at the Vancouver Island Real Estate Board that puts a priority on supporting housing opportunities for all in our community.
"We believe housing and all related programs are a huge priority in BC. Government responsibilities are currently split between several Ministries and we'd like to see all housing responsibilities fall under one Minister," Paysen says.
"We look forward to further announcements that address BC's broad housing needs."
- 30 -
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, 250-390-4212
October 4, 2006
NANAIMO, BC - The Vancouver Island Real Estate Board (VIREB) says the new BC housing strategy announced Tuesday is a "favorable first step".
"It targets those people most in need and that's a good start," says VIREB President Darrell Paysen.
"This follows up the messages BC REALTORS en masse delivered to Victoria last spring during the annual GL Days event. In meetings with MLAs, cabinet ministers, the Premier and Leader of the Opposition, we told them the province remains the least affordable region in Canada to purchase a home," he says.
"We reminded government that housing is the foundation of a solid economy, and that REALTORS are committed to working on access to affordable housing and rental accommodation to help people get ahead and communities to grow."
BC REALTORS started calling for a housing strategy in 2004.
The new announcement contains a mix of new spending, proven programs and some unique approaches that could assist as many as 15,000 low-income families and individuals.
Paysen adds: "This new announcement fits in nicely with the 'Quality of Life' program at the Vancouver Island Real Estate Board that puts a priority on supporting housing opportunities for all in our community.
"We believe housing and all related programs are a huge priority in BC. Government responsibilities are currently split between several Ministries and we'd like to see all housing responsibilities fall under one Minister," Paysen says.
"We look forward to further announcements that address BC's broad housing needs."
- 30 -
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, 250-390-4212
Wednesday, October 04, 2006
REALTORS hold Professional Development Day
FOR IMMEDIATE RELEASE
October 3, 2006
NANAIMO, BC - Nearly 225 REALTORS from the Vancouver Island Real Estate Board (VIREB) jammed Nanaimo's Coast Bastion Inn for the association's annual Professional Development Day October 2nd.
VIREB President Darrell Paysen noted the day demonstrates the commitment of REALTORS to continuing education.
"As an industry, we have mandatory continuing education programs and many ongoing professional development opportunities," he says. "There is a lot of commitment to improving knowledge, which ultimately helps our clients."
Seminars offered through the day included a high powered keynote speaker on changing demographics. Break out sessions were offered on retirement planning, tax strategies, BC housing market trends, foreign buyers, selling tenant occupied properties and a technology presentation on the latest equipment.
Paysen says attendees literally ranged from 30 year real estate veterans, to brand new licensees in the business for less than a month.
"We're trying to give our members all of the tools to stay on atop of an ever changing marketplace," he says.
"For example, it's important for REALTORS to understand the changing demographics of the marketplace as aging boomers begin to retire in larger numbers. This directly affects our industry as we're seeing more retirees moving in from elsewhere in BC and from across Canada."
VIREB represents approximately 1,072 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
-30-
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, 250-390-4212
Values stronger in September, volume down
October 3, 2006
NANAIMO, BC - Nearly 225 REALTORS from the Vancouver Island Real Estate Board (VIREB) jammed Nanaimo's Coast Bastion Inn for the association's annual Professional Development Day October 2nd.
VIREB President Darrell Paysen noted the day demonstrates the commitment of REALTORS to continuing education.
"As an industry, we have mandatory continuing education programs and many ongoing professional development opportunities," he says. "There is a lot of commitment to improving knowledge, which ultimately helps our clients."
Seminars offered through the day included a high powered keynote speaker on changing demographics. Break out sessions were offered on retirement planning, tax strategies, BC housing market trends, foreign buyers, selling tenant occupied properties and a technology presentation on the latest equipment.
Paysen says attendees literally ranged from 30 year real estate veterans, to brand new licensees in the business for less than a month.
"We're trying to give our members all of the tools to stay on atop of an ever changing marketplace," he says.
"For example, it's important for REALTORS to understand the changing demographics of the marketplace as aging boomers begin to retire in larger numbers. This directly affects our industry as we're seeing more retirees moving in from elsewhere in BC and from across Canada."
VIREB represents approximately 1,072 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
-30-
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, 250-390-4212
FOR IMMEDIATE RELEASE
October 3, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for September 2006, shows average selling values rising and sales volumes declining from the previous month.
The average sale price across the VIREB region for September 2006 was $306,005. This is a 15 per cent increase from the $265,774 posted at the end of September 2005, and a small increase from August 2006 as well. Unit sales volumes in September 2006 were down in all but one of the six VIREB zones from the previous month (August 2006).
VIREB President Darrell Paysen says the market remains active: "September was definitely busier than August. There are lots of buyers out there and things are settling into a more normal, sustainable market which we had been anticipating."
Average sale prices across VIREB's six zones, from September 2005 to September 2006: Campbell River increased 13 per cent (to $266,005), the Comox Valley was up 17 per cent (at $304,961), Nanaimo is up 17 per cent (to $330,4310), Parksville/Qualicum grew 11 per cent (to $357,0140, Port Alberni increased 37 per cent (to $202,241) and Duncan's increased 18 per cent (to $334,572).
"If ever there was a time to work with your local REALTOR, it would be now as market conditions are adjusting," says Paysen.
"With more selection to choose from, Buyers are looking for very specific things. It's very important that Sellers work with their REALTOR, in order for properties to be right priced and buyers need to make their best offers."
Paysen and several other members of the VIREB Board have just returned from national association meetings in Halifax. "We attended several sessions on demographics and we're already seeing the start of baby boomers retiring in large numbers.
"One expert talked about the boomers weren't retiring, but simply making a lifestyle change to become active retirees. They want to golf, boat and hike and not just sit in the easy chair and that's what brings many of them to Vancouver Island."
VIREB represents approximately 1,072 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
-30 -
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.
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, 250-390-4212
October 3, 2006
NANAIMO, BC - Multiple Listing Service (MLS) sales summary data released by the Vancouver Island Real Estate Board (VIREB) for September 2006, shows average selling values rising and sales volumes declining from the previous month.
The average sale price across the VIREB region for September 2006 was $306,005. This is a 15 per cent increase from the $265,774 posted at the end of September 2005, and a small increase from August 2006 as well. Unit sales volumes in September 2006 were down in all but one of the six VIREB zones from the previous month (August 2006).
VIREB President Darrell Paysen says the market remains active: "September was definitely busier than August. There are lots of buyers out there and things are settling into a more normal, sustainable market which we had been anticipating."
Average sale prices across VIREB's six zones, from September 2005 to September 2006: Campbell River increased 13 per cent (to $266,005), the Comox Valley was up 17 per cent (at $304,961), Nanaimo is up 17 per cent (to $330,4310), Parksville/Qualicum grew 11 per cent (to $357,0140, Port Alberni increased 37 per cent (to $202,241) and Duncan's increased 18 per cent (to $334,572).
"If ever there was a time to work with your local REALTOR, it would be now as market conditions are adjusting," says Paysen.
"With more selection to choose from, Buyers are looking for very specific things. It's very important that Sellers work with their REALTOR, in order for properties to be right priced and buyers need to make their best offers."
Paysen and several other members of the VIREB Board have just returned from national association meetings in Halifax. "We attended several sessions on demographics and we're already seeing the start of baby boomers retiring in large numbers.
"One expert talked about the boomers weren't retiring, but simply making a lifestyle change to become active retirees. They want to golf, boat and hike and not just sit in the easy chair and that's what brings many of them to Vancouver Island."
VIREB represents approximately 1,072 licensed REALTOR members in more than 80 member offices on Vancouver Island (north of Victoria).
-30 -
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.
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, 250-390-4212
