Steve Baldwin

REALTOR®

Working with you EVERY Step of the Way! 

Cell: 604.317.7810 |

Categories
RSS

Thanks to strong buyers’ confidence, continued low interest rates and decreased inventory, North Shore home sales for July outpaced 2014 levels.

 

In North Vancouver, 281 properties sold during the past month, representing an increase of 28.3% over last year.

 

In West Vancouver, there were 100 sales in the month of July, with 81 of those being detached properties.  This represents an increase of 17.4% compared to July 2014.

 

The summer months usually bring a slowing trend for home sales and July sales decreased 15% from June, with all homes listed for sale down by 17 % for the month.  However, the month of September generally sees an increase in overall sales activities.

 

Please do not hesitate to contact me to ensure you receive timely updates regarding the North Shore real estate market.  I deliver valuable insight to provide you with the right tools to make an informed decision for all your real estate needs.

 

Following are the monthly market reports published by the Real Estate Board of Greater Vancouver:

 

REPORTS

Read

In an effort to address the lack of affordable housing, the Canada Mortgage and Housing Corporation (CMHC) is going to make it easier for homeowners renting out suites in their principal residence to borrow money.   Effective September 28, 2015, homeowners will be able to count the income from their secondary suite when qualifying for a mortgage loan.  This change will assist more people in taking the first step into homeownership.  It will also allow existing homeowners to take that next step to a bigger property.  However, one key issue will be whether the rental unit is legal or conforms to municipal standards.  But many municipalities across the lower mainland now formally recognize secondary rental suites as a source of affordable housing. 

 

Under the new rules, homeowners can consider up to 100% of gross rental income from a secondary suite for calculating their household income which determines how much they can borrow.  At the moment, homeowners with legal suites can only count 50% of the rental income.  It is thought that this change will have a positive effect on qualifying for a mortgage.  As an example, a potential buyer looking at purchasing a house with a secondary suite that will generate $1,200 in monthly rent, can borrow an additional $72,000.

 

As many homeowners show a strong interest in renting out part of their principal residence, these rule changes could be an effective way to boost affordability.  The change could also further heat up the market in the Lower Mainland.

 

If you have any questions about the new rules please contact me directly and I would happy to assist you, I can be reached at 604-317-7810.

Read
Categories:   Ambleside, West Vancouver Real Estate | Blueridge NV, North Vancouver Real Estate | Boulevard, North Vancouver Real Estate | Braemar, North Vancouver Real Estate | British Properties, West Vancouver Real Estate | Calverhall, North Vancouver Real Estate | Canterbury WV, West Vancouver Real Estate | Canyon Heights NV, North Vancouver Real Estate | Capilano NV, North Vancouver Real Estate | Cedardale, West Vancouver Real Estate | Central Lonsdale, North Vancouver Real Estate | Central Pt Coquitlam, Port Coquitlam Real Estate | Chartwell, West Vancouver Real Estate | Citadel PQ, Port Coquitlam Real Estate | Coquitlam West, Coquitlam | Coquitlam West, Coquitlam Real Estate | Cypress Park Estates, West Vancouver Real Estate | Deep Cove, North Vancouver Real Estate | Delbrook, North Vancouver Real Estate | Dollarton, North Vancouver Real Estate | Downtown VW, Vancouver West Real Estate | Dunbar, Vancouver West Real Estate | Eagle Ridge CQ, Coquitlam Real Estate | East Burnaby, Burnaby East Real Estate | Edgemont, North Vancouver Real Estate | Fairview VW, Vancouver West Real Estate | False Creek, Vancouver West Real Estate | Forest Glen BS, Burnaby South | Forest Glen BS, Burnaby South Real Estate | Forest Hills BN, Burnaby North Real Estate | Fraserview NW, New Westminster Real Estate | Gibsons Real Estate | Glenmore, West Vancouver Real Estate | Glenwood PQ, Port Coquitlam Real Estate | Grouse Woods, North Vancouver Real Estate | Hamilton RI, Richmond Real Estate | Hamilton, North Vancouver Real Estate | Harbour Place, Coquitlam Real Estate | Harbourside, North Vancouver Real Estate | Hastings, Vancouver East | Hastings, Vancouver East Real Estate | Horseshoe Bay WV, West Vancouver Real Estate | Indian River, North Vancouver Real Estate | Kerrisdale, Vancouver West Real Estate | Kitsilano, Vancouver West Real Estate | Langley City, Langley Real Estate | Lower Lonsdale, North Vancouver Real Estate | Lynn Valley, North Vancouver | Lynn Valley, North Vancouver Real Estate | Lynnmour, North Vancouver Real Estate | Maillardville, Coquitlam Real Estate | Marpole, Vancouver West | Marpole, Vancouver West Real Estate | Mosquito Creek, North Vancouver Real Estate | Norgate, North Vancouver Real Estate | North Vancouver Real Estate | Northlands, North Vancouver Real Estate | Northwest Maple Ridge, Maple Ridge Real Estate | Pemberton Heights, North Vancouver Real Estate | Pemberton NV, North Vancouver Real Estate | Point Grey, Vancouver West Real Estate | Port Moody Centre, Port Moody Real Estate | Princess Park, North Vancouver Real Estate | Queensbury, North Vancouver Real Estate | Quilchena, Vancouver West Real Estate | Ranch Park, Coquitlam Real Estate | Roche Point, North Vancouver Real Estate | S.W. Marine, Vancouver West Real Estate | Saunders, Richmond Real Estate | Seymour, North Vancouver Real Estate | Shaughnessy, Vancouver West Real Estate | Simon Fraser Univer., Burnaby North Real Estate | Sunnyside Park Surrey, South Surrey White Rock Real Estate | Upper Delbrook, North Vancouver Real Estate | Upper Lonsdale, North Vancouver Real Estate | Vancouver Real Estate | West Vancouver Real Estate | Westlynn, North Vancouver Real Estate | Windsor Park NV, North Vancouver Real Estate | Woodland Acres PQ, Port Coquitlam Real Estate | Yaletown, Vancouver West Real Estate
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.