A number of different factors, such as the provincial government’s explanation of how the transition from the HST will affect homeowners, to a recent provincial budget that holds the line on spending means real estate lawyers in Victoria are getting set for a busy twelve months.
Apparently, real estate sales were static in February but buyers are kicking tires again, according to the Victoria Real Estate Board. According to the VREB’s statistics for February, days on the market for most properties increased during the first two months of this year compared with the same period in 2011, board figures show. Average prices also slid slightly in those categories for the same period. However, the VREB’s membership (the realtors who help you buy or sell a home) say they are optimistic that new provincial HST transition rules and a New Home First-time Buyers Bonus will stimulate sales of new properties.
For some analysis of the the transition rules, the BC Real Estate Association has published a factsheet of their interpretation - HST to PST: Transition Rules for Real Property
Additionally, the VREB states that not only do sales traditionally pick up in spring, but the sector is anticipating more sales after last month’s provincial budget included an increase in the threshold for the harmonized sales tax rebate on new homes, from $525,000 to $850,000. Homebuyers at the high end can now receive a $42,500 rebate.
Furthermore, says the VREB in its February report, “not only are prices remaining stable, there are enough listings to allow buyers to perform their due diligence without making rash decisions.”
So, how can Dinning Hunter help you?
Putting it plainly, our integrated approach to your real estate needs will help you reach your goals in all types of transactions, including real estate acquisitions and sales, development opportunities, joint ventures, and commercial leasing and financings. We can also assist you with construction and renovation fraud, refinancing, title insurance and all related conveyancing items.
We serve individuals and organizations pursuing joint ventures and limited partnerships as well as public-private partnerships (P3).
For an introductory consultation, contact our team of experienced real estate lawyers in Victoria BC.