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October Market Report

Download the reports shown in the video below

Sales are up but does that mean the market is rebounding?? Should you buy or sell right now to take advantage of the increase in activity. The answer may not be as clear cut as you might think! Our monthly market report will try and help explain what is really going on in the Vancouver and Fraser Valley market.

Have questions? Want to know how all this affects your real estate goals? Reach out and we will be happy to answer any questions at 604-808-1988.

Want to get a preliminary valuation of your real estate from the comfort of your own home with NO appointments, sign up for our Personalized Market Report (http://pmr.mansourgroup.ca). You will get an updated valuation every month delivered right to your inbox.

Mansour Real Estate Group
www.MansourGroup.ca
Sutton West Coast Realty
7832 120 Street, Surrey, V3W 4M3
508 W Broadway #301, Vancouver, BC V6J 1W8

Mortgage Pre-Qualification vs Mortgage Pre-Approval vs Mortgage Approval

What are the differences between each stage of the mortgage process?

In early 2019, several Canadian banks launched digital apps that offer home buyers easy, hassle-free mortgage pre-qualification in 60 seconds or less. Sounds great, right?  The problem is many consumers believe a mortgage pre-qualification is a lot like a mortgage pre-approval or mortgage approval. As a result, prospective home buyers and sellers are left expecting the financial institution associated with the app to lend them hundreds of thousands of dollars, despite the fact they simply keyed their names, addresses, contact information and gross income into various online fields.

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Personalized Market Report- PMR

Personalized Market Report 

CLICK HERE TO DOWNLOAD A PMR Sample Report

Mansour Real Estate Group’s Personalized Market (“PM”) report is designed to help shed some clarity on the real estate market as it pertains to your type of home and your community.

To better understand the implications of this report on your current home and your real estate
goals, please contact us and we would happy to be of service.

Unlike newspapers, radio, and even real estate board stats that aggregate data this PM report includes both a SnapStats Report and a Landcortm Report. Both of these reports are SPECIFIC to your type of home. E.g. Aggregate Surrey housing sales data might show a -5% drop in sales month over month but Fleetwood homes that have 5 bedrooms or more would actually be up
+10%.

SnapStats ™ Report: Contains the coveted and vital Sales Ratio statistic used by Realtors and analysts to determine which communities and type of products are experiencing a Seller’s Market or Buyer’s Market as well as shows the ODDS of your home selling today and at what price band.

Landcor ™ Report: Specifically created for your property by an independent company, this report uses traditional appraisal methodology with proprietary algorithms to create a best guest valuation of your property based on available records** **Please note that there is often a variance between Landcor’s valuation and that of the markets and this report should only be used for information purposes only. Nothing beats the advice and experience of a professional Realtor to properly and accurately assess the value of your home and any features or upgrades you may have done

CLICK HERE TO DOWNLOAD A PMR Sample Report

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PMR


PRIVACY POLICY

MansourRealEstateGroup.ca collects some Personal Data from its Users

BCREA: PRIVACY NOTICE AND CONSENT

To help you sell, buy or lease real estate, REALTORS®, brokerages and real estate boards need to collect, use and disclose some of your personal information.

Please review the below brochure that provides you with information about such information handling practices.

Privacy Notice and Consent

By continuing to use the site, you consent to the collection, use and disclosure of personal information as described in this Privacy Disclosure and Consent brochure. If you contact us through the site, a real estate professional with Re/Max Rossetti Realty may ask you to sign the above mentioned forms.

DATA OWNER AND CONTROLLER

MansourRealEstateGroup is owned and controlled by Mohamed Mansour Real Estate Corporation doing business as Sutton West Coast Realty

If you have questions related to this policy, please contact us.

PLEASE READ THIS PRIVACY POLICY AND OUR TERMS OF USE CAREFULLY BEFORE USING THIS SITE.

MANAGING CONTACTS AND SENDING MESSAGES

This type of services makes it possible to manage a database of email contacts, phone contacts or any other contact information to communicate with the User. These services may also collect data concerning the date and time when the message was viewed by the User, as well as when the User interacted with it, such as by clicking on links included in the message.

MailChimp (The Rocket Science Group, LLC.)

MailChimp is an email address management and message sending service provided by The Rocket Science Group, LLC.

Personal Data collected: email address.

Place of processing: US – Privacy Policy

REGISTRATION AND AUTHENTICATION

By registering or authenticating, Users allow this Application to identify them and give them access to dedicated services.
Depending on what is described below, third parties may provide registration and authentication services. In this case, this Application will be able to access some Data, stored by these third party services, for registration or identification purposes.

REMARKETING AND BEHAVIORAL TARGETING

This type of services allows this Application and its partners to inform, optimize and serve advertising based on past use of this Application by the User. This activity is performed by tracking Usage Data and by using Cookies, information that is transferred to the partners that manage the remarketing and behavioral targeting activity.

AdWords Remarketing (Google Inc.)

AdWords Remarketing is a Remarketing and Behavioral Targeting service provided by Google Inc. that connects the activity of this Application with the Adwords advertising network and the Doubleclick Cookie.

Personal Data collected: Cookies and Usage data.

Place of processing: US – Privacy Policy – Opt Out

Facebook Remarketing (Facebook, Inc.)

Facebook Remarketing is a Remarketing and Behavioral Targeting service provided by Facebook, Inc. that connects the activity of this Application with the Facebook advertising network.

Personal Data collected: Cookies and Usage data.

Place of processing: US – Privacy Policy – Opt Out

Facebook Custom Audience (Facebook, Inc.)

Facebook Custom Audience is a Remarketing and Behavioral Targeting service provided by Facebook, Inc. that connects the activity of this Application with the Facebook advertising network.

Personal Data collected: Cookies and email address.

Place of processing: US – Privacy Policy – Opt Out

COOKIE POLICY

This Application uses Cookies.

 

TYPES OF DATA COLLECTED

Among the types of Personal Data that this Site collects, by itself or through third parties, there are: Cookies, Usage data, email address, first name, last name, province/state, country, ZIP/Postal code, city, company name, phone number, and various types of Data.

Other Personal Data collected may be described in other sections of this privacy policy or by dedicated explanation text contextually with the Data collection.

The Personal Data may be freely provided by the User, or collected automatically when using this Site. Any use of Cookies – or of other tracking tools – by this Site or by the owners of third party services used by this Application, unless stated otherwise, serves to identify Users and remember their preferences, for the sole purpose of providing the service required by the User. Failure to provide certain Personal Data may make it impossible for this Site to provide its services.

Users are responsible for any Personal Data of third parties obtained, published or shared through this Site and confirm that they have the third party’s consent to provide the Data to the Owner.

MODE AND PLACE OF PROCESSING THE DATA

Methods of processing

The Data Controller processes the Data of Users in a proper manner and shall take appropriate security measures to prevent unauthorized access, disclosure, modification, or unauthorized destruction of the Data.

The Data processing is carried out using computers and/or IT enabled tools, following organizational procedures and modes strictly related to the purposes indicated. In addition to the Data Controller, in some cases, the Data may be accessible to certain types of persons in charge, involved with the operation of the site (administration, sales, marketing, legal, system administration) or external parties (such as third party technical service providers, mail carriers, hosting providers, IT companies, communications agencies) appointed, if necessary, as Data Processors by the Owner. The updated list of these parties may be requested from the Data Controller at any time.

Place

The Data is processed at the Data Controller’s operating offices and in any other places where the parties involved with the processing are located. For further information, please contact the Data Controller.

Retention time

The Data is kept for the time necessary to provide the service requested by the User, or stated by the purposes outlined in this document, and the User can always request that the Data Controller suspend or remove the data.

THE USE OF THE COLLECTED DATA

The Data concerning the User is collected to allow the Owner to provide its services, as well as for the following purposes: Access to third party services’ accounts, Analytics, Advertising, Registration, and authentication, Displaying content from external platforms, Interaction with external social networks and platforms, Managing contacts and sending messages, Contacting the User, Remarketing and Behavioral Targeting, Hosting and backend infrastructure, Infrastructure monitoring and Interaction with data collection platforms and other third parties.

The Personal Data used for each purpose is outlined in the specific sections of this document.

DETAILED INFORMATION ON THE PROCESSING OF PERSONAL DATA

Personal Data is collected for the following purposes and using the following services:

Advertising

This type of services allows User Data to be utilized for advertising communication purposes displayed in the form of banners and other advertisements on this Application, possibly based on User interests.

This does not mean that all Personal Data are used for this purpose. Information and conditions of use are shown below.
Some of the services listed below may use Cookies to identify Users or they may use the behavioral retargeting technique, i.e. displaying ads tailored to the User’s interests and behavior, including those detected outside this Application. For more information, please check the privacy policies of the relevant services.

Google AdSense (Google Inc.)

Google AdSense is an advertising service provided by Google Inc. This service uses the “Doubleclick” Cookie, which tracks use of this Application and User behavior concerning ads, products and services offered. Users may decide to disable all the Doubleclick Cookies here.

Personal Data collected: Cookies and Usage data.

Place of processing: US – Privacy Policy – Opt Out

CONTACTING US

Newsletters

By registering for newsletters on the Site, the User’s email address will be added to the contact list of those who may receive email messages containing information of commercial or promotional nature concerning real estate and this Site. Your email address might also be added to this list after making a purchase.

Personal Data collected: Email address, First name, Last name, Phone number, City, Country, Cookies, Province/State, Usage data and ZIP/Postal code.

You may withdraw your consent at anytime by contacting us here.

Contact Form (On This Site)

By filling in the contact form with Personal Data, the User authorizes this Site, the Owner to use these details to reply to requests for information as indicated by the form’s header.

Personal Data collected: Email address, First name, Last name, Phone number, Address, City, Country, Cookies, Province/State, Usage data and ZIP/Postal code.

Phone contact

Users that provided their phone number might be contacted for commercial or promotional purposes related real estate and this Site, as well as for fulfilling support requests.

Personal Data collected: First name, Last name, Phone number, Email Address.

 

ANALYTICS

The services contained in this section enable the Owner to monitor and analyze web traffic and can be used to keep track of User behavior.

Google Analytics (Google Inc.)

Google Analytics is a web analysis service provided by Google Inc. (“Google”). Google utilizes the Data collected to track and examine the use of this Application, to prepare reports on its activities and share them with other Google services. Google may use the Data collected to contextualize and personalize the ads of its own advertising network.

Personal Data collected: Cookies and Usage data.

Place of processing: US – Privacy Policy – Opt Out

Google AdWords conversion tracking (Google Inc.)

Google AdWords conversion tracking is an analytics service provided by Google Inc. that connects data from the Google AdWords advertising network with actions performed on this Site.

Personal Data collected: Cookies and Usage data.

Place of processing: US – Privacy Policy

Display Advertising extension for Google Analytics (Google Inc.)

Google Analytics on this Application might use Google’s Interest-based advertising, 3rd-party audience data and information from the DoubleClick Cookie to extend analytics with demographics, interests and ads interaction data.

Personal Data collected: Cookies and Usage data.

Place of processing: US – Privacy Policy – Opt Out

Facebook Ads conversion tracking (Facebook, Inc.)

Facebook Ads conversion tracking is an analytics service provided by Facebook, Inc. that connects data from the Facebook advertising network with actions performed on this Site.

Personal Data collected: Cookies and Usage data.

Place of processing: US – Privacy Policy

 

DISPLAYING CONTENT FROM EXTERNAL PLATFORMS

This type of services allows you to view content hosted on external platforms directly from the pages of the Site and interact with them. This type of service might still collect web traffic data for the pages where the service is installed, even when Users do not use it.

Bing Maps widget (Microsoft)

Bing Maps is a maps visualization service provided by Microsoft that allows this Site to incorporate content of this kind on its pages.

Personal Data collected: Cookies and Usage data.

Place of processing: US – Privacy Policy

Walkscore

Walkscore is a maps visualization service that allows this Site to incorporate content of this kind on its pages.

Personal Data collected: Cookies and Usage data.

Place of processing: US – Privacy Policy

HOSTING AND BACKEND INFRASTRUCTURE

This type of services has the purpose of hosting data and files that enable this Application to run and be distributed as well as to provide a ready-made infrastructure to run specific features or parts of this Application. Some of these services work through geographically distributed servers, making it difficult to determine the actual location where the Personal Data are stored.

INFRASTRUCTURE MONITORING

This type of services allows this Application to monitor the use and behavior of its components so its performance, operation, maintenance and troubleshooting can be improved. Which Personal Data are processed depends on the characteristics and mode of implementation of these services, whose function is to filter the activities of this Application.

ADDITIONAL INFORMATION ABOUT DATA COLLECTION AND PROCESSING

LEGAL ACTION

The User’s Personal Data may be used for legal purposes by the Data Controller, in Court or in the stages leading to possible legal action arising from improper use of this Application or the related services.
The User declares to be aware that the Data Controller may be required to reveal personal data upon request of public authorities.

ADDITIONAL INFORMATION ABOUT USER’S PERSONAL DATA

In addition to the information contained in this privacy policy, this Application may provide the User with additional and contextual information concerning particular services or the collection and processing of Personal Data upon request.

SYSTEM LOGS AND MAINTENANCE

For operation and maintenance purposes, this Application and any third party services may collect files that record interaction with this Application (System Logs) or use for this purpose other Personal Data (such as IP Address).

INFORMATION NOT CONTAINED IN THIS POLICY

More details concerning the collection or processing of Personal Data may be requested from the Data Controller at any time. Please see the contact information at the beginning of this document.

THE RIGHTS OF USERS

Users have the right, at any time, to know whether their Personal Data has been stored and can consult the Data Controller to learn about their contents and origin, to verify their accuracy or to ask for them to be supplemented, cancelled, updated or corrected, or for their transformation into anonymous format or to block any data held in violation of the law, as well as to oppose their treatment for any and all legitimate reasons. Requests should be sent to the Data Controller at the contact information set out above.

This Application does not support “Do Not Track” requests.
To determine whether any of the third party services it uses honor the “Do Not Track” requests, please read their privacy policies.

CHANGES TO THIS PRIVACY POLICY

The Data Controller reserves the right to make changes to this privacy policy at any time by giving notice to its Users on this page. It is strongly recommended to check this page often, referring to the date of the last modification listed at the bottom. If a User objects to any of the changes to the Policy, the User must cease using this Application and can request that the Data Controller removes the Personal Data. Unless stated otherwise, the then-current privacy policy applies to all Personal Data the Data Controller has about Users.

INFORMATION ABOUT THIS PRIVACY POLICY

The Data Controller is responsible for this privacy policy.

DEFINITIONS AND LEGAL REFERENCES

Personal Data (or Data)

Any information regarding a natural person, a legal person, an institution or an association, which is, or can be, identified, even indirectly, by reference to any other information, including a personal identification number.

Usage Data

Information collected automatically from this Application (or third party services employed in this Application), which can include: the IP addresses or domain names of the computers utilized by the Users who use this Application, the URI addresses (Uniform Resource Identifier), the time of the request, the method utilized to submit the request to the server, the size of the file received in response, the numerical code indicating the status of the server’s answer (successful outcome, error, etc.), the country of origin, the features of the browser and the operating system utilized by the User, the various time details per visit (e.g., the time spent on each page within the Application) and the details about the path followed within the Application with special reference to the sequence of pages visited, and other parameters about the device operating system and/or the User’s IT environment.

User

The individual using this Application, which must coincide with or be authorized by the Data Subject, to whom the Personal Data refers.

Data Subject

The legal or natural person to whom the Personal Data refers.

Data Processor (or Data Supervisor)

The natural person, legal person, public administration or any other body, association or organization authorized by the Data Controller to process the Personal Data in compliance with this privacy policy.

Data Controller (or Owner)

The natural person, legal person, public administration or any other body, association or organization with the right, also jointly with another Data Controller, to make decisions regarding the purposes, and the methods of processing of Personal Data and the means used, including the security measures concerning the operation and use of this Application. The Data Controller, unless otherwise specified, is the Owner of this Application.

This Site

The hardware or software tool by which the Personal Data of the User is collected.

Cookies

Small piece of data stored in the User’s device.

The Top 6 Things That Will Impact Fall Real Estate in Canada

2019’s fall home buying trends are looking pretty surprising.
By Kara Kuryllowicz August 29, 2019

Back to school and off to work! The post-labour day time usually coincides with supply shopping  and settling in after relaxing summer vibes – but it also tends to kick off Canada’s fall real estate markets, with home buyers and homeowners looking ahead to their next steps.

However, before they make a move, buyers and sellers should get up to speed on the factors that will affect this year’s real estate landscape, ranging from the predictable to the truly surprising. Without further ado, here are the top six things that will impact Canada’s fall real estate season.

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Wondering what sells in Vancouver’s slower market?

Our focus was on which pockets of Greater Vancouver have strong sales. We looked at data during the most active selling months (Sept – Oct 2018 and Feb – Mar 2019) and analyzed areas with the highest sales-to-active listings ratio, a handy benchmark that compares the buyer demand against the supply and shows us the rate at which properties are selling. If an area has a sales-to-active listings ratio greater than 20%, it typically indicates a seller’s market.

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Speculation Tax – Will You Have To Pay??

What is the speculation and vacancy tax?

The speculation and vacancy tax is an annual tax paid by some owners of residential properties in designated taxable regions of B.C.

The tax is designed to discourage housing speculation and people from leaving homes vacant in B.C.’s major urban centres. More than 99% of British Columbians are expected to be exempt from the tax.

All residential property owners in the taxable regions must complete a declaration, even if they’re eligible for an exemption.

Note: The speculation and vacancy tax is distinct from the empty homes tax in the City of Vancouver.

Where does the speculation and vacancy tax apply?

Your residential property might be taxable if it’s located in one of these geographic areas:

Reserve lands, treaty lands and lands of self-governing Indigenous Nations are not part of the taxable regions.

Islands that are accessible only by air or water are not part of the taxable regions.

Some residential properties are excluded from the speculation and vacancy tax, even though they are located within a taxable region. These include residential properties owned by:

  • An Indigenous Nation
  • Municipalities, regional districts, governments and other public bodies
  • Registered charities
  • Housing co-ops
  • Certain not-for-profit organizations

If you’re not sure if your residential property is in a taxable region, contact us to find out:

Toll Free: 1 (833) 554-2323
Outside North America: 1 (604) 660-2421
Email: spectaxinfo@gov.bc.ca

How much is the speculation and vacancy tax if my residential property isn’t exempt?

For properties owned on December 31, 2018, the tax rate is the same for everyone: 0.5% of the assessed value of your residential property on July 1, 2018, as determined by BC Assessment. B.C. owners are eligible for a tax credit of up to $2,000 on secondary properties to offset their tax payable. The credit is limited to $2,000 per owner and $2,000 per property (in the case of multiple owners) per year.

For 2019 and onwards, the speculation and vacancy tax rate will vary, depending on your residency and where you pay income tax:

  • 2% for foreign owners and satellite families
  • 0.5% for British Columbians and other Canadian citizens or permanent residents who are not members of a satellite family

The speculation and vacancy tax applies based on ownership as of December 31 each year.

A satellite family is an individual or spousal unit where the majority of their total worldwide income for the year is not reported on a Canadian tax return.

If a residential property has multiple owners, tax is divided among each owner based on their ownership share. For example, if you and your spouse are equal owners of a residential property in a taxable region, you’ll each owe tax on 50% of the home’s assessed value.

A corporation, trustee or partner will pay tax at the highest rate that would be applicable to any of the corporate interest holders, beneficial owners or partnership interest holders if they held the residential property individually.

What Are the Exemptions to the Speculation and Vacancy Tax?

If my home is in a designated taxable region, will I have to pay the speculation and vacancy tax?

For 2018, most British Columbians will be exempt if they either live in their home as their principal residence or rent out their property for at least three months of the year. Short-term rentals for periods of less than one month do not count towards the three-month total.

For 2019 and onwards, over 99% of  British Columbians will continue to be exempt. A home that is not a principal residence must be rented for at least six months per year to be exempt from the speculation and vacancy tax. Short-term rentals for periods of less than one month do not count towards the six-month total.

What other exemptions could I be eligible for?

You may be eligible for other exemptions, even if your residential property isn’t your principal residence and you don’t rent it out for the minimum number of months per year.

If you’re not exempt, you’ll receive a tax notice with the amount you owe.

Review the full list of exemptions and exclusions.

What if I am the co-owner of a taxable residential property?

Exemptions are based on how each person uses each residential property. If you’re the co-owner of a residential property in a taxable region and are exempt, but the other owner isn’t exempt, the other owner will have to pay tax based on their percentage ownership of the residential property as listed with the Land Title Office.

What if the owner is a corporation, trustee or partner?

Many of the exemptions available to individuals are also available to corporations, trustees or partners that own residential property.

How do the tax credits work?

If you’re not eligible for an exemption, you may qualify for a tax credit.

B.C. owners – B.C. owners are eligible for a tax credit of up to $2,000 on a secondary property. This means an owner of a home assessed at up to $400,000, who would otherwise pay the tax, will be exempt, since the value of the tax credit is equal to or more than the amount they would owe. This also means an owner of a home assessed at above $400,000 will only pay tax on the amount over $400,000 (for example, for a $500,000 property, the owner will only pay tax on $100,000). The credit is limited to $2,000 per owner and $2,000 per property (in the case of multiple owners) per year. The tax credit cannot be carried forward or transferred to a spouse.

Foreign owners and satellite families – Foreign owners and satellite families can claim a tax credit equal to 20% of their B.C. income to reduce the 2% speculation and vacancy tax owing. The tax credit cannot reduce the tax rate below the rate for an equivalent B.C. resident (zero on a principal residence or 0.5% on other properties). Unused B.C. income may be carried forward for up to two years or transferred to a spouse. The tax credits are pro-rated in 2018, when the tax rate is 0.5% for all owners.

Other Canadians – Non-B.C. resident Canadians will be eligible for a tax credit based on that income claimed in B.C. The tax credit cannot reduce the tax rate below the tax rate for an equivalent B.C. resident. Unused tax credits may be carried forward for up to two years or transferred to a spouse. The tax credits are pro-rated in 2018, when the tax rate is 0.5% for all owners.

How Do I Complete My Declaration for the Speculation and Vacancy Tax?

What is a declaration for the speculation and vacancy tax?

All residential property owners in a designated taxable region have to complete an annual declaration to claim any relevant exemptions.

If you own residential property in a designated taxable region, the Province will send you a speculation and vacancy tax declaration letter telling you how to complete your declaration. The letter will list all the residential properties you own.

Does everyone have to complete a declaration?

If you don’t own residential property in a designated taxable region, you don’t need to complete a declaration because the tax doesn’t apply to you.

If you own residential property in a designated taxable region, you will need to complete a declaration. Even if you won’t be required to pay the tax, you need to complete a declaration to claim any relevant exemptions.

How Do I Pay the Speculation and Vacancy Tax?

When do I have to pay my speculation and vacancy tax?

If you owe speculation and vacancy tax, your payment is due by July 2, 2019.

What methods of payment can I use?

You will be able use our online payment system or you can also pay through your financial institution, by cheque, or in person at a Service BC centre.

What happens if I don’t pay all or part of what I owe?

If you are charged the speculation and vacancy tax but don’t pay what you owe, you may be charged a penalty and interest in addition to the amount of tax you owe.

What happens if I pay the speculation and vacancy tax, then find out later I’m exempt? Can I get a refund?

Yes. You’ll be able to receive a refund if you paid the speculation and vacancy tax but learn later that you’re exempt. You will need to contact us to request the refund or the credit will be applied to your next year’s speculation and vacancy tax.

 

Information courtesy of the Government of BC