As inventory scarcity continues to be a major issue in the Fraser Valley real estate market, it may be time for homebuyers to consider purchasing new developments in Mission, BC. According to Larry Anderson, President of the Fraser Valley Real Estate Board, “Home buyers are facing one of the worst supply shortages in Fraser Valley history. Our sales are over 30 per cent above normal, while our housing stock is at levels last seen in the early 80s”. Thankfully, the demand for real estate in Mission has encouraged developers to begin several new housing developments for 2021/2022.
However, before you begin researching new townhome developments in Mission, it’s important to become familiar with a few differences between buying a resale versus buying a new development:
GST Charged on New Developments
Unlike buying a resale home, new developments in Canada are subject to a 5% Goods and Services Tax (GST). For example, if you are considering purchasing a $600,000 new development townhome, you must remember to budget another $30,000 for GST.
Property Transfer Tax (PTT)
Another thing you must budget for when purchasing new townhome developments in Mission is Property Transfer Tax (PTT). The general property transfer tax rate is.
- 1% of the market value of $200,000 or less
- 2% of the market value from $200,000 to $2,000,000
- 3% of the market value for anything over $2,000,000
You may be eligible for a rebate or exception on your Property Transfer Tax when purchasing new developments in Mission, BC. If you purchased a new townhome development in Mission to be used as your principal residence for $750,000 or less on a 1.24 acre or smaller plot of land, you may be eligible for an exemption. If your new development purchase was greater than $750,000, larger than 1.24 acres, and has another building on the property that is not your principal residence, you may be for a partial exemption. Click Here to visit the Government of British Columbia’s website for more information on newly built home property transfer tax exemptions.
Now that you know some of the extra costs involved in purchasing new developments in Mission, BC, let’s look at two upcoming developments:
Archer Green by Polygon
Polygon is one of Vancouver’s leading homebuilders, responsible for the construction of over 30,000 homes across Metro Vancouver. Their latest project in Mission is Archer Green, located on Nelson Street in Mission’s Silverdale Neighbourhood. The final development will include 160 townhomes neighbouring nearly 20 acres of protected forest. There are three floorplans available:
- 2 Bedroom, 2.5 Bathroom ¾ 1,245 sq. ft.
- 3 Bedroom + Den, 2.5 Bathroom ¾ 1,505 sq. ft.
- 3 Bedroom + Den, 2.5 Bathroom ¾ 1,495 sq. ft.
- 4 Bedroom, 2.5 Bathroom ¾ 1,580 sq. ft.
Archer Green is the first clubhouse community in Mission, including access to the residents-only clubhouse, The Archer Club. The Archer Club includes an outdoor pool, fitness centre, fireside lounge bar and more!
This beautiful development is going to sell quickly! If you’re interested in exploring your future at Archer Green by Polygon, contact me today at 604 302 0177. I’d love to help you navigate the process of buying new townhome developments in Mission.
Preston on Fourteenth
Preston on Fourteenth is a new condo development by Redekop Faye, offering 1 and 2 bedroom homes surrounded by nature. Boasting modern features like gourmet kitchens, stainless steel appliances, and white quartz countertops, Preston on Fourteenth is also pet and rental friendly, allowing your investment to grow.
Preston on Fourteenth will also include a dog washing station, a custom-built yoga studio, a home office hub with dedicated workspaces, and a fully equipped games room.
Prices and floorplans are not yet available for this pre-construction development. If you would like to stay up to date with Preston on Fourteenth, or any upcoming new development townhomes in Mission, feel free to contact me personally at 604 302 0177 or send me an email at [email protected]. I look forward to hearing from you!