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

BC Home Sales on Upward Trajectory


Vancouver, BC – October 15, 2013.  

 

The British Columbia Real Estate Association (BCREA) reports that a total of 6,498 residential sales were recorded by the Multiple Listing Service® (MLS®) in BC during September, up 43.2 per cent from September 2012. Total sales dollar volume was 55.7 per cent higher than a year ago at $3.49 billion. The average MLS® residential price in the province was $537,458, up 8.8 per cent from September 2012.

"Consumer demand for housing in September was the strongest in four years,” said Cameron Muir, BCREA Chief Economist. “After declining for most of 2012, BC home sales have increased now for seven consecutive months."

"While a return to a more normal level of demand is good news for buyers and sellers, relatively weak economic conditions and muted provincial job growth will likely limit continued acceleration of home sales over the next few quarters,” added Muir.

Year-to-date, BC residential sales dollar volume was up 5.7 per cent to $30 billion, compared to the same period last year. Residential unit sales were up 3.1 per cent to 56,347 units, while the average MLS® residential price was up 2.6 per cent at $532,745.

 

 



Share:
  Facebook   Twitter   LinkedIn
 
Read

 

Property Type

Area

Benchmark Price

Price Range

3 Month Avg Benchmark Price

Price Index

1 Year Change

%

3 Year Change

%

5 Year Change

%

10 Year Change

%

Residential

Greater Vancouver

$627,568

0.5%

$622,123

265.06

6.2

10.4

33.8

167.1

Detached

Greater Vancouver

$890,833

1.0%

$878, 893

263.1

10.0

15.5

40.1

165.3

 

Burnaby

$907,208

1.8%

$897,654

267.0

15.1

17.3

38.2

164.6

 

Coquitlam

$707,257

4.4%

$700,564

248.8

5.5

5.7

28.5

147.2

 

South Delta

$727,723

3.5%

$716,607

237.8

9.5

8.4

27.2

138.4

 

Maple Ridge

$467,938

2.8%

$464,104

213.5

1.4

1.8

18.9

114.9

 

New Westminster

$651,359

3.4%

$625,971

268.5

5.7

7.4

34.2

165.1

 

North Vancouver

$978,962

2.1%

$960,558

244.5

4.6

5.8

30.4

145.1

 

Pitt Meadows

$552,992

7.1%

$539,727

227.0

6.8

11.7

35.5

128.2

 

Port Coquitlam

$583,054

4.7%

$574,498

246.4

1.4

7.6

23.7

148.9

 

Port Moody

$729,415

11.2%

$721,411

219.3

-8.2

-4.8

25.9

131.5

 

Richmond

$1,122,112

1.9%

$1,108,749

331.3

25.8

40.5

77.7

235.1

 

Squamish

$548,035

8.1%

$496,204

208.2

12.1

-6.9

36.2

115.6

 

Sunshine Coast

$414,141

5.8%

$422,391

235.6

-3.8

-4.2

10.6

146.3

 

Vancouver East

$824,293

1.7%

$812,844

279.2

9.0

18.5

38.8

179.1

 

Vancouver West

$1,921,801

2.0%

$1,935,499

318.9

14.4

35.9

72.2

227.8

 

West Vancouver

$1,713,305

2.9%

$1,625,738

252.4

20.1

14.2

42.2

158.3

Attached

Greater Vancouver

$517,787

0.8%

$514,499

251.1

3.5

8.1

30.6

155.2

 

Burnaby

$512,568

1.4%

$506,280

256.8

4.0

11.5

31.8

162.1

 

Coquitlam

$446,697

2.0%

$445,270

241.0

-1.5

3.8

24.2

145.4

 

South Delta

$478,206

6.9%

$482,787

256.1

2.1

1.5

37.2

185.6

 

Maple Ridge/Pitt Meadows

$311,298

2.0%

$309,179

215.9

-0.2

-2.5

15.9

108.3

 

North Vancouver

$631,743

2.7%

$634,277

247.2

0.4

5.0

24.4

157.0

 

Port Coquitlam

$413,243

2.8%

$409,034

227.2

2.1

4.6

20.5

139.0

 

Port Moody

$425,666

3.9%

$416,300

254.0

1.8

1.1

22.1

152.7

 

Richmond

$562,253

1.4%

$558,233

271.1

8.2

19.5

44.6

176.4

 

Vancouver East

$565,128

3.0%

$554,149

264.2

6.3

7.4

42.1

159.9

 

Vancouver West

$795,768

2.8%

$799,642

284.0

4.0

7.1

30.3

191.2

Apartment

Greater Vancouver

$407,419

0.6%

$406,849

265.0

2.2

4.6

26.7

168.9

 

Burnaby

$368,532

1.1%

$367,898

275.5

3.9

5.5

28.5

179.9

 

Coquitlam

$302,867

2.1%

$301,500

258.3

2.0

1.6

20.9

165.3

 

South Delta

$369,350

4.8%

$378,392

240.5

0.0

2.5

31.7

132.4

 

Maple Ridge/Pitt Meadows

$244,100

3.4%

$247,099

259.2

-4.2

-7.3

15.7

168.7

 

New Westminster

$303,508

2.0%

$307,483

246.5

1.8

-0.2

25.1

144.6

 

North Vancouver

$391,963

2.2%

$390,850

249.4

-3.4

-2.6

20.0

143.5

 

Port Coquitlam

$257,857

2.0%

$254,226

302.0

2.1

-3.1

22.3

202.2

 

Port Moody

$303,265

3.0%

$301,555

258.8

-4.1

-0.4

13.7

156.0

 

Richmond

$364,432

1.3%

$362,903

296.2

5.7

12.1

36.4

205.3

 

Vancouver East

$343,677

2.0%

$344,876

281.4

1.7

2.8

29.0

190.6

 

Vancouver West

$524,766

1.0%

$523,061

266.9

2.7

6.8

27.3

173.4

 

West Vancouver

$672,903

6.8%

$662,701

241.5

0.8

5.8

10.7

142.5

Read

Greater Vancouver housing market holds steady and favours sellers 
 

VANCOUVER, B.C. – June 2, 2011 – Home sales remained at typical springtime levels on the Multiple Listing Service® (MLS®) in Greater Vancouver in May. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,377 in May 2011, a 7 per cent increase compared to the 3,156 sales in May 2010 and a 4.7 per cent increase compared to the 3,225 sales in April 2011.

 

Looking back further, last month’s residential sales are 8.1 per cent below the ten-year average for sales in May. The three highest selling Mays ever recorded occurred in 2005, 2006 and 2007 when sales exceeded the 4,000 mark each year. “With a sales to active listings ratio of 23 per cent, conditions continue to favour sellers in the Greater Vancouver housing market, but activity has eased away from the near record-setting pace we saw in March,” Rosario Setticasi, REBGV president said.

 

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,931 in May 2011. This represents a 15.4 per cent decrease compared to May 2010 when 7,014 properties were listed for sale on the MLS®, which was the second highest total for May on record. Last month’s new listings increased 1.4 per cent compared to April 2011. At 14,656, the total number of residential property listings on the MLS® increased 2 per cent in May compared to last month and declined 16 per cent from this time last year. The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months increased 6.2 per cent to $627,568 in May 2011 from $590,662 in May 2010.

 

“We’re seeing more activity at the high end of our market this year than we did one year ago. This is causing today’s average prices in the region to be less reflective of the total activity occurring in the marketplace,” Setticasi said. “The Housing Price Index benchmark prices are more accurate, reliable indicators of housing prices compared to averages.” Of all residential properties sold on the MLS® in Greater Vancouver in 2011 to date 21 per cent sold for $1-million or higher and 20 per cent sold for $350,000 or lower. While 77 per cent of the properties that sold for over $1-million were located in West Vancouver, the Westside of Vancouver or Richmond, the properties that sold for $350,000 or lower were

located throughout the entire Board area.

 

Sales of detached properties on the MLS® in May 2011 reached 1,570, an increase of 25 per cent from the 1,256 detached sales recorded in May 2010, and a 12 per cent increase from the 1,402 units sold in May 2009. The benchmark price for detached properties increased 10 per cent from May 2010 to $890,833.

Sales of apartment properties reached 1,228 in May 2011, a 9.3 per cent decrease compared to the 1,354 sales in May 2010, and a decrease of 15.8 per cent compared to the 1,458 sales in May 2009. The benchmark price of an apartment property increased 2.2 per cent from May 2010 to $407,419.

Attached property sales in May 2011 totalled 579, a 6 per cent increase compared to the 546 sales in May 2010, and a 12.8 per cent decrease from the 664 attached properties sold in May 2009. The benchmark price of an attached unit increased 3.5 per cent between May 2010 and 2011 to $517,787.
 
Courtesy of the Real Estate Board of Greater Vancouver.
Read

West Vancouver real estate market out of step with rest of Lower Mainland
 
 

When real estate agent Mike Oxley held an open house on Haywood Avenue last month, he knew that the flat Ambleside view property was going to be a popular item. He didn't know how popular, however.

By the end of a weekend that saw an estimated 500 prospective buyers view the home, the owners had received 26 offers. The house, which as a structure had little value, ultimately sold for $1.57 million -- more than $300,000 over the asking price.

"It was absolutely unbelievable," he said. Oxley's story is one of numerous similar anecdotes to emerge from West Vancouver in recent months in which prospective owners have entered bidding wars over a property and driven the purchase price to well above the listed figure. It points to a frenzy of buying at the high end of the market that appears out of keeping with most of the Lower Mainland.

A home next door to the Haywood house received 10 offers a short while after that first sale and eventually went for $1.65 million -- $360,000 above asking, said Oxley. Another in the 2300-block of Ottawa Avenue recently received eight bids and sold for $2.3 million, again for about $300,000 above the listed price.

"As soon as the quote-unquote spring market came into effect, it's just been a firestorm of activity," said Oxley.

In March, the community saw 189 sales, according to the Real Estate Board of Greater Vancouver, an all-time record for the municipality. In April, home sales hit 176, a 57 per cent increase over last year. The average price of a home has also been on the upswing, with the benchmark price for a detached house hitting $1.67 million in April, well up from the $1.4 million-to-$1.5 million range where it has hovered for the past three years.

While North Vancouver has also seen a surge in activity in recent months, it doesn't appear to be on the same scale. April sales were down about 10 per cent from last year, and the benchmark price of a detached home, $980,000, is only about six per cent above its high before the 2008 market collapse.

Kasha Riddle, an agent with North Vancouver's Remax Crest Realty, said she has seen good times in her market, moving 25 properties in three months -- and one of those, on Croydon Place, went for $60,000 above the listed price -- but that North Vancouver has not seen anything like the frenzy that appears to have arisen in the neighbouring municipality.

"In West Vancouver, some of them are selling for $500,000 over asking," she said, pointing to one home on Crestline Road as an example. "West Van is absolutely crazy."

The phenomenon appears to be part of a wider trend in high-end home sales in the region driven in large part by buyers from mainland China, according to some analysts.

A report on the Canadian real estate market released last week by RE/MAX pointed to a surge in the sales of luxury homes across the country, with overseas investment being a driving factor in the West. A May 19 report by Landcor Data Corporation, a company that specializes in B.C. real estate statistics, similarly pointed to China as the major force behind the Lower Mainland's market.

But Tsur Somerville, a professor with UBC's Centre for Urban Economics and Real Estate, cautioned against drawing such conclusions.

"Who knows?" he said. "It becomes very problematic sorting things out."

Somerville did concede, however, that it was a plausible explanation.

"There is grounds for it in the sense that mainland China is the largest source of immigrants (to the Lower Mainland) right now," he said. "Immigrants coming from China are disproportionately in the entrepreneur and investor categories; they're coming in with wealth."

Why it might suddenly be happening now, however, was hard to say, he noted. Somerville scoffed at the notion, floated by Landcor in an interview with the North Shore News last month, that it could be attributed to the Olympics, or to Canada's recent designation as an approved destination by the Chinese government. "I would be very shocked," said Somerville. "The approval by China affects tourism here; that's not the same thing."

One thing is for certain about the flurry of purchases, however, he said: "It's not sustainable."

 
Courtesy of the North Shore News
Read

 

Greater Vancouver housing market sees typical spring activity in April

 
VANCOUVER, B.C. – May 3, 2011 – Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months. The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.


Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.

“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline. At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.

“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-to date market evaluation.”

The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010. Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.

Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.

Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.

 

Courtesy of  the Real Estate Board of Greater Vancouver

Read

Canadians comfortable with their mortgage debt levels; One third have made additional payments in the last 12 months Canadian Association of Accredited Mortgage Professionals releases Annual State of the Residential Mortgage Market in Canada report  
 

Toronto, ON (November 8, 2010) – Canadian homeowners are comfortable with their mortgage debt, have significant home equity and could withstand an increase in their mortgage interest rate, according to the sixth Annual State of the Residential Mortgage Market report from the Canadian Association of Accredited Mortgage Professionals (CAAMP), released today.

 
Highlights:
• The vast majority of Canadians with mortgages are able to afford at least a $300 increase in their monthly mortgage payments.
• One in three (35 per cent) mortgage holders have either increased their payments or made a lump sum payment on their mortgage in the last year.
• 89 per cent of Canadian homeowners have at least 10 per cent equity in their homes and 80 per cent have more than 20 per cent equity.
• Overall home equity is at 72 per cent of the total value of housing in Canada; for homeowners who have mortgages, equity level averages 50 per cent.
• As of August 2010, there was $1.01 trillion in outstanding residential mortgage credit in Canada, an increase of 7.6 per cent from last year.
 
“Canadians are being smart and responsible with their mortgages,” said Jim Murphy, AMP, President and CEO of CAAMP. “They are building equity in their homes and making informed, long-term mortgage decisions. The survey results speak to the strength of our mortgage market, especially when compared to the United States.”
 
Homeownership is a good long-term investment
Most Canadians agree that buying a home is a good long-term investment and are focused on their mortgages to support that investment.
 
Many mortgage holders are making voluntary additional payments: 16 per cent have increased monthly payments during the past year, 12 per cent have made lump sum payments, and 7 per cent did both.
 
Canadians are exercising caution when taking out their mortgages, with a majority choosing a fixed-rate (66 per cent). A five-year fixed-rate mortgage remains the most popular option in Canada. Despite the fact that variable rate mortgages have become much less expensive compared to fixed rates, the majority choice is still fixed rates: this decision is based on people’s individual assessments of risk, not just the cost difference.
 
Potential rate increases won’t be a problem
The CAAMP study found that a vast majority of Canadians have significant capabilities to afford higher payments if and when mortgage interest rates rise. 84 per cent report that they could weather an increase of $300 or more on their monthly payments.
 
Most of the people who have low tolerances for increased payments have fixed rate mortgages, by the time their mortgages are due for renewal, their financial capacity will have expanded and their mortgage principal will have been reduced.
 
Also, Canadians have been able to negotiate better than posted mortgage interest rates. For five year fixed rate mortgages arranged in the past year, the average rate is 4.23%, which is 1.42 points lower than typical, advertised rates.
 
Of the 1.4 million Canadians who renewed their mortgage in the past year, 72 per cent were able to renegotiate a decreased rate: on average, rates are 1.09 percentage points less than the rates prior to renegotiating.
 
Canadians have significant equity in their homes, strengthening the housing market
Canadians’ home equity is impressively high. Among homeowners who have mortgages, the average amount of equity is about $146,000, or 50 per cent of the average value of their homes.
 
The amount of equity take-out in the past year is unchanged from last year with around one in five homeowners, or 18 per cent, taking equity out of their home, at an average of $46,000. The most common purpose for equity take-out is debt consolidation and repayment (45 per cent) followed by home renovations (43 per cent), purchases and education (19 per cent) and then investments (16 per cent).
 
The report is authored by CAAMP Chief Economist Will Dunning and based on information gathered by Maritz Research Canada in a survey of Canadian consumers conducted in October 2010.
 
The CAAMP survey report contains a wealth of industry information, including consumer choices and borrowing behavior, opinions on current “hot topics” related to housing and mortgages, regional breakdowns of responses, and an outlook on residential mortgage lending.
For a copy of the report, please visit www.caamp.org, ‘Mortgage Industry’, under ‘Resources’.
 
Courtesy of Canadian Association of Accredited Mortgage Professionals.
Read

The B.C. housing market is forecast to stabilize next year, resulting in housing starts close to their ten-year average. Growth in employment and incomes, as well as low mortgage interest rates, will continue to bolster the resale market next year. Following a more stable resale market, starts will be in the range of 21,600 to 29,800 homes next year. The forecast range reflects the potential variability in the economic outlook next year.
Stronger-than-expected economic growth or lower-than-expected mortgage rates would result in housing starts in the upper end of the range. The point forecast of 25,900 starts in 2011 is slightly higher than the projected 25,500 starts expected this year.
Full-time employment growth this year will fuel demand for homeownership next year. Average weekly wages in the province are increasing at a pace faster than the national average. The strong job market compared to other provinces is a key contributing factor to a rising trend in interprovincial migration.
New home construction will increase to meet demand generated by growth in the number of households. CMHC estimates that between 28,000 and 30,000 households will be added in British Columbia on an annual basis this year and next, a level above the number of housing starts. Builders are expected to increase housing starts to meet this demand as resale market conditions improve next year.
Resale market conditions have been volatile during the last two years, but are expected to stabilize as the economy experiences positive economic factors. The number of resale transactions has been trending lower and will stabilize during the remainder of 2010. Average home prices are forecast to move lower during the second half of 2010 reflecting buyers' market conditions.
Modest growth in home prices is expected during 2011. In 2011, the annual average MLS® price in B.C. will be similar to 2010, reflecting an ample supply of homes for sale early in the year. Relatively stable mortgage interest rates and lower home prices early in 2011 are forecast to contribute to increased resales next year.
 
In Detail
 
Single Starts: The annual level of single-detached hom starts will be on par with the ten-year average this year and next. Competition from well-supplied resale market will dampen the level of single-detached home starts during the next six months.
 
Multiple Starts: Apartment condominiums, row and townhouse starts are trending higher and are forecast to reach 14,700 units next year. The focus remains on smaller more phased projects.
 
Resales: The number of existing homes sales recorded on MLS® is expected to increase next year. The forecast is that resales will remain in line with job and population growth, approaching 80,000 resales in 2011. This following a dip to the 75,000 resales level this year.
 
Prices: The average MLS® resale price in B.C. will reach $486,000 by the fourth quarter of 2010, down from $492,619 at the end of 2009. Resale market conditions are forecast to move towards balanced demand and supply in 2011 as new listings are absorbed and resale demand is rejuvenated by growth in employment and real income. Resale prices are expected to increase modestly during 2011, but the annual average will be close to his year's average price.
 
 Compliments of the CMHC Housing Market Outlook, Fourth Quarter 2010.
Read

New Housing Rebate

Q. Does the HST apply to all housing?
Q. How much tax will I pay on new housing before and after July 1?
Q. Is BC providing a rebate for new housing?
Q. How much is the new housing rebate?
Q. Why isn’t there a rebate for all housing?
Q. Which types of housing are eligible for the rebate?
Q. Is there any rebate for new rental housing?
Q. Who is eligible for the new rental housing rebate?
Q. Which types of rental housing are eligible for the rebate?

Does the HST apply to all housing?

The HST only applies to “new” residential housing; used (i.e., resale) residential housing is not subject to HST.

How much tax will I pay on new housing before and after July 1?

Purchasing a newly built home? Insert the current sale price in the new home calculator to find out how harmonization may affect the cost of a new home and the tax you pay.

Is BC providing a rebate for new housing?

BC will provide a rebate for new housing purchased as a primary residence to ensure that, on average, purchasers of new homes up to $525,000 do not pay any additional tax due to harmonization. That is, they will pay no more in provincial HST than is currently embedded as PST in the price of a new home.

The rebate is available whether the new housing is to be owner occupied or rented.

How much is the new housing rebate?

The rebate will be 71.43% of the provincial portion of the HST, up to a maximum rebate of $26,250.

Purchasers of eligible new homes above $525,000 will be eligible for a rebate of $26,250 (i.e. a rebate on the first $525,000 of value).

Why isn’t there a rebate for all housing?

The HST only applies to new housing, so the rebate is only available for new housing.

Which types of housing are eligible for the rebate?

The BC new housing rebate will be available for all types of housing currently eligible for the federal GST/HST new housing rebate and will be subject to the same eligibility conditions.

Qualifying housing generally includes newly constructed and substantially renovated homes used as a primary place of residence by an individual (or qualifying relation of the individual).

Is there any rebate for new rental housing?

To support affordable rental housing in the province, BC will also provide a new rental housing rebate of 71.43% of the provincial portion of the HST, up to a maximum rebate of $26,250 per unit.

Who is eligible for the new rental housing rebate?

The new rental housing rebate will be provided to landlords who construct or substantially renovate their own rental housing and, as a result, are required to self–assess and pay HST under the self–supply rules.

The rebate will also be provided to landlords who purchase newly constructed or substantially renovated rental housing in BC and pay HST on the purchase.

Which types of rental housing are eligible for the rebate?

The new rental housing rebate will be available for all types of new or substantially renovated rental housing currently eligible for the federal GST/HST rebate for new residential rental properties, and will be subject to the same eligibility conditions.

Why isn’t the rebate rate 100%?

New housing is not directly subject to PST (i.e. the purchaser of a new home does not pay PST on the purchase price). However, builders have to pay PST on most construction materials (e.g. wood, cement, plaster, nails, etc.) used to build a home. The PST is part of the cost of building the home and included (embedded) in the total selling price of the home. It is estimated that the embedded PST in new homes in British Columbia is – on average – equal to about 2% of the price.

Unlike with the PST, under the HST there will be no sales tax embedded in the price of new homes because builders, like most other businesses, will recover the HST they pay on their materials through input tax credits. Without a rebate, the provincial tax on new homes would have effectively increased from about 2% on average (embedded PST) to 7% (provincial portion of the HST).

The rebate rate was set to ensure purchasers of eligible new homes up to the $525,000 threshold pay no more provincial HST on average than under the PST.

Rebate rate: (7% BC HST minus 2% embedded BC PST) / 7% BC HST

Rebate rate = 5/7 = 71.43% of provincial portion of HST paid, to a maximum of $26,250.

Total Sales Tax Payable on New Homes

Read

Kelowna, BC - Residential real estate markets across Canada are set to return to more normal levels of activity after a brief summer pause, but most are unlikely to exceed robust sales posted in the final half of 2009, according to a report released today by RE/MAX.

The RE/MAX Market Trends Report Fall 2010, highlighting trends and developments in 19 major centres, found year-to-date sales (January to August) ahead of 2009 levels in 11 markets (58 per cent).  Prices were up year-over-year in all cities, with five experiencing double-digit gains in 2010 (Vancouver and St. John’s up 16 per cent, Sudbury up 13 per cent, and Winnipeg and the Greater Toronto Area up 11 per cent).  Balanced conditions prevailed in most markets (79 per cent), with St. John’s, Kelowna and Calgary declaring a firm buyer’s market.  By far the most interesting statistic reported was the significant upswing in upper-end sales in both smaller and larger centres between January and August of this year, led by Sudbury at a 193 per cent increase, Kelowna with a 163 per cent increase, Kitchener-Waterloo at 145 per cent, and Winnipeg at 104 per cent.  Last but not least, despite a lot of hype, the threat of higher interest rates, tighter lending policies and the introduction of the Harmonized Sales Tax (HST) in Ontario and British Columbia had a nominal impact on the market.  Economic uncertainty played a much greater role on softer housing conditions over the summer months.

“Conditions are firming up, although comparisons are difficult,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada.   “2009 defied logic in terms of residential housing activity.  It was the best of times, it was the worst of times.   We cleaned up in the first quarter of 2010 because housing activity during the same period one year earlier was dismal.  We’re now comparing the second half of the year to 2009 and falling short of expectations.  Looking at the big picture however, the market remains healthy.”

Read

This years Coho Festival will be held on September 12, 2010.
 
Started in 1980 as a local initiative by West Vancouver Chamber of Commerce, the Annual Coho Festival has grown over the years to be the major environmental happening on the North Shore.
This popular North Shore family affair attracts large crowds of local residents and visitors from across the Lower Mainland and elsewhere. Join in and help restore North Shore salmon streams for present and future generations.
 
Here is a list of the many activities available to you at the festival:
 
-Coho Family Walk
down the Capilano River

- Entertainment
local and visiting performers

- Coho Run
Kitsilano/Stanley Park to Ambleside

- Youth Programs
games and contests

- Blessing of the Salmon Ceremony
by members of the Squamish Nation
 
- Beach & Field Activities
action events and demonstrations

- Famous Salmon Barbecue
with Celebrity Chefs

- Environmental Displays
fish culture challenges

- Beer Garden
refreshments and classic rock band

- Visual Arts Exhibition
displays by North Shore artists and photographers
 
For more information please visit: http://www.westvancouver.com/coho/index.php/festival
Read

Courtesy of: Garry Marr, Financial Post · Wednesday, Jun. 9, 2010

 
'You know, you're making the biggest mistake of your life. The housing market is going to fall."

I got this great piece of advice from another journalist at the Financial Post, who has since left the newspaper, after buying my first home. Not exactly the type of thing you want to hear after taking on huge debt and making the biggest financial decision of your life.

Lucky for me, I didn't heed that advice about Toronto's red-hot real estate market -- in 1998. I'm not going to say I made a shrewd business decision 12 years ago, or even six years later when I bought a larger house.

For me, it wasn't a case of not following what turned out to be bad advice from a fellow business journalist. Nor was it about trying to time the market.

I was simply following the same pattern as most Canadians: I got married and decided to stop renting and buy something. Later came the need for a bigger home when the second kid was on the way.

Which brings us to today. The supply of housing is rising fast as people try to list their homes for sale before the market "crashes." This is happening at the same time that demand is starting to wane. Economists and even the real estate industry are all predicting a correction, the only argument being how severe it will be.

So, the question for anyone buying is, should you wait?

Don Lawby, chief executive of Century 21 Canada, thinks the strategy of waiting for a crash is not going to work during this economic cycle. "For a market to crash, you have to have people who are desperate to sell," says Mr. Lawby. "People will [only sell] if they can't afford their mortgage or they don't have a job."

He doesn't see a decline in prices, "unless you are predicting that mortgages will renew at a hefty premium, which is not the case, or a whole bunch of people are going to lose their jobs."

Mr. Lawby believes neither will happen.

And, he adds, you are really into a risky game if you are timing the market. "A house is a home. If all you are doing is looking at it as an investment --that's what happened the last 15 years--it's not just that. It's a place to live and a place to raise a family," says Mr. Lawby.

Even Benjamin Tal, a senior economist with CIBC World Markets, who last month said in a report that Canadian housing is 14% overvalued, has doubts about playing the market. But he suspects that's exactly what some Canadians will do.

"Is there a sense that prices will go down and people will wait? I think it might be an issue," says Mr. Tal. "It won't be the main reason [people don't buy], but it will happen at the margins. The fact that people sell at the peak and wait to buy is a normally functioning market."

But even if you do make the right call on housing prices, it could end up backfiring on you in other ways. For example, if interest rates rise fast enough, any gains you make on price could be erased by interest charges, says Mr. Tal.

Edmonton certified financial planner Al Nagy says you need to think of your house the way you think about any long-term investment. "Whether it's an investment for use in your retirement or a house to live in, it's a long-term thing. The timing becomes less critical than it would be if it is a speculative [investment]."

And he says making a call on the housing market is as tricky as any other investment call. "It's very rare you catch the bottom. You can't let the market dictate when it's time to buy. The time to buy is when you can afford it," says Mr. Nagy.

I'm not sure that philosophy would fly with my former colleague, but the problem with timing the market is, what if your timing is off?

Read

May Market offers buyers greater selection

 

Vancouver, B.C. – June 4, 2010 – The number of properties listed for sale in Greater Vancouver continued to rise in May, while the number of sales showed a year-over-year decrease.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver totalled 3,156 in May 2010, a decline of 10.4 per cent compared to the 3,524 sales in May 2009; 5.1 per cent more than the 3,002 sales in May 2008; and 27.1 per cent less that the 4,331 sales in May 2007. May 2010 sales also represent a 10.1 per cent decline compared to last month’s sales.

In terms of number of property listings, last month marked the third consecutive month during which more than 7,000 homes were listed for sale on the Multiple Listing Service (MLS®) in Greater Vancouver.

New listings for detached, attached and apartment properties totaled 7,014 in May 2010, a 48.2 per cent increase compared to May 2009 when 4,733 new units were listed and an 8.3 per cent decline compared to April 2010 when 7,648 properties were added to the MLS®.

At 17,492 the total number of property listings on the MLS® increased 10 per cent in May compared to last month, and is up 28.2 per cent compared to this time last year.

“Prospective home buyers in today’s market have abroad selection to choose from in every property type. REALTORS® are telling us they’re working with buyers who are not feeling as rushed to make a decision as they did late last year and earlier in the year,” Jake Moldowan, REBGV president said.

Over the last 12 months, the overall MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 16.7 per cent to $590,662 from $506,201 in May 2009.

“It’s important for those looking to buy or sell a home to remember that real estate is local and wise real estate decisions are made by those who understand current market conditions at the neighbourhood level,” Moldowan said.

Sales of detached properties in May 2010 reached 1,256, a decrease of 10.4 per cent from the 1,402 detatched sales recorded in May 2009 and 4.4 per cent increase from the 1,203 units sold in May 2008. The benchmark price for detached properties increased 19.1 per cent from May 2009 to $810,175.

Sales of apartment properties reached 1,354 in May 2010, a decline of 7.1 per cent compared to the 1,458 sales in May 2009 and an increase of 8.8 per cent compared to the 1,244 sales in May 2008. The benchmark price of an apartment property increased 13.9 per cent from May 2009 to $398,783.

Attached property sales in May 2010 totalled 546, a decline of 17.8 per cent compared to the 664 sales in May 2009 and a 1.6 per cent decline from the 555 attached properties sold in May 2008. The benchmark price of an attached unit increased 14.8 per cent between May 2009 and 2010 to $500,339.

  

 

MLSLINK HOUSING PRICE INDEX

May 2010

PROPERTY TYPE

AREA

BENCHMARK PRICE

PRICE RANGE (+/-)

3 MONTH AVG BENCHMARK

PRICE INDEX

1 YEAR CHANGE %

3 YEAR CHANGE %

5 YEAR CHANGE %

Residential

Greater Vancouver

$         500,662

0.5%

 $         589,505

249.5

16.7

12.9

54.3

Detached

Greater Vancouver

$         810,175

1.1%

 $         809,640

239.2

19.1

13.9

54.7

 

Burnaby

$         787,865

2.2%

 $         794,593

231.9

13.0

12.7

51.8

 

Coquitlam

$         670,463

5.1%

 $         690,906

235.9

11.3

5.2

45.6

 

South Delta

$         664,558

3.3%

 $         675,699

217.1

8.5

8

37.6

 

Maple Ridge

$         461,386

2.4%

 $         462,908

210.5

12.5

5.7

35.7

 

New Westminster

$         615,981

3.6%

 $         608,275

253.9

15.0

11.2

50.3

 

North Vancouver

$         935,538

2.5%

 $         933,632

233.7

19.6

10.2

44.7

 

Pitt Meadows

$         517,794

6.1%

 $         527,544

212.5

9.0

10.8

39.6

 

Port Coquitlam

$         574,761

3.6%

 $         563,021

242.9

17.6

10.7

49.1

 

Port Moody

$         794,933

13.6%

 $         720,937

239

22.8

32.4

70.4

 

Richmond

$         892,150

1.9%

 $         902,415

263.4

29.0

27.8

76

 

Squamish

$         488,815

10.0%

 $         498,646

185.7

1.2

-0.3

14.2

 

Sunshine Coast

$         430,390

5.4%

 $         422,012

244.9

7.9

5

36.6

 

Vancouver East

$         756,067

1.9%

 $         745,705

256.1

22.0

17

61.2

 

Vancouver West

$     1,679,797

2.3%

 $     1,670,888

278.8

31.9

26.4

87.1

 

West Vancouver

$     1,426,456

4.7%

 $     1,422,550

210.1

22.8

1.5

39.3

Attached

Greater Vancouver

$         500,339

0.8%

 $         498,667

242.7

14.8

13.9

53.6

 

Burnaby

$         492,628

1.3%

 $         490,782

246.8

13.8

16.5

54.2

 

Coquitlam

$         453,510

2.0%

 $         450,526

244.6

21.3

15.4

50.9

 

South Delta

$         468,460

6.5%

 $         461,095

250.9

5.1

16.1

57.9

 

Maple Ridge & Pitt Meadows

$         312,059

2.4%

 $         313,494

216.5

6.8

1.4

39.2

 

North Vancouver

$         629,312

2.5%

 $         622,481

246.3

15.7

12.1

45.3

 

Port Coquitlam

$         404,744

2.6%

 $         406,160

222.6

10.2

8.9

40.9

 

Port Moody

$         418,281

3.4%

 $         411,305

249.6

16.8

9.3

51.2

 

Richmond

$         519,734

1.4%

 $         514,334

250.6

19.2

22.4

64.8

 

Vancouver East

$         531,614

2.9%

 $         536,563

248.6

11.9

12.6

57.1

 

Vancouver West

$         765,044

2.7%

 $         770,588

273

16.0

13.4

60.7

Apartment

Greater Vancouver

$         398,783

0.5%

 $         397,356

259.4

13.9

11.3

54.3

 

Burnaby

$         354,638

1.1%

 $         353,686

265.1

13.1

12.5

51.7

 

Coquitlam

$         296,909

2.2%

 $         295,785

253.2

17.1

6.8

52.8

 

South Delta

$         369,269

4.8%

 $         363,955

240.5

11.4

14

55.4

 

Maple Ridge & Pitt Meadows

$         254,830

3.3%

 $         252,423

270.6

4.4

-2.2

53.6

 

New Westminster

$         298,287

1.7%

 $         298,988

242.3

10.6

5.8

58.3

 

North Vancouver

$         405,553

1.9%

 $         401,424

258

17.5

9.5

49.3

 

Port Coquitlam

$         252,621

2.0%

 $         253,226

295.9

8.4

7.3

48.4

 

Port Moody

$         316,326

3.0%

 $         308,321

269.9

10.9

7.4

50.6

 

Richmond

$         344,716

1.2%

 $         339,918

280.2

16.4

17.8

59.9

 

Vancouver East

$         337,906

1.9%

 $         336,525

276.6

10.2

12.7

65.6

 

Vancouver West

$         510,885

1.0%

 $         510,794

259.9

15

12.1

52.3

 

West Vancouver

$         667,398

8.8%

 $         682,221

239.5

11.3

0.9

45.1

 

Read

 

How will the HST impact the Real Estate sector?

 
As proposed, the HST will increase the cost of buying or selling all types of property and becomes essentially an additional tax on home ownership. REALTOR® commissions, appraisals and other services will be subject to a 12% HST, replacing the 5% GST now charged, and new homes will be subject to the full HST.

The HST would generally apply to a supply of a service to the extent that the service is performed on or after July 1, 2010. The HST would generally not apply, however, to a supply of a service if all or substantially all (90% or more) of the service is performed before July 2010.

 
How will the proposed rebate for new and substantially renovated existing homes work?
 

Proposed to Take Effect on July 1, 2010

Tax: 12 per cent HST

New Home Price Level

Rebate

Up to $350,000

Partial Rebate on Federal Portion of HST (GST)

71.43% Rebate on Provincial Portion of HST

Government expects total impact to be equivalent to existing tax system before July 1, 2010

$350,000 t0 $450,000

Rebate on Federal Portion of HST (GST) clawed back (straight-line method)

71.43% Rebate on Provincial Portion of HST

Government expects total impact to be equivalent to existing tax system before July 1, 2010

$450,000 to $525,000

71.43% Rebate on Provincial Portion of HST

Government expects total impact to be equivalent to existing tax system before July 1, 2010

Over $525,000

$26,250 Fixed Rebate on Provincial Portion of HST

 

Existing System Before July 1, 2010

Tax: 5 per cent GST

New Home Price Level

Rebate

Up to $350,000

Partial Rebate on Federal Portion of HST (GST)

$350,000 to $450,000

Partial Rebate on Federal Portion of HST (GST) gradually eliminated

Over $450,000

No Rebate

 
How will the HST work with the Property Transfer Tax?
 
In the case of new housing, where GST applies, the GST is not included for the purposes of determining the fair market value of the property. Similarly, the HST would not be included in the fair market value of the property for the purposes of determining the PTT payable. (Source: BC Government website, www.gov.bc.ca/hst/faq.html, accessed July 28, 2009)

This additional layer of taxation enhances the already heavy burden carried by BC homebuyers. Therefore, BCREA is focused on achieving fairness for consumers.

 
For more information or FAQ’s please visit: http://www.bcrea.bc.ca/hst/hstaction.htm
Read

Recurring credit card charges might be legitimate, or a company might trick you into signing up for an ongoing club or service that you do not want. David Miller of Fox News says that online shopping sites entice people into clicking "yes" for discounts without realizing that they are signing up for ongoing charges. Either way, you can follow certain steps to cancel a legitimate membership or stop an unknown charge.
 
Instructions:
 
Step One:
 
Call the company that is putting the recurring charges on your credit card, advises The Money Saving Expert website. You cannot just stop paying the charges yourself unless you file a dispute. A contact number should be listed on your credit card statement next to the charges, if you don't already have information about the company.
 
Step Two:
 
Ask the company to cancel whatever club, service or membership it is billing to your credit card, and tell it to stop the charges immediately. Ask the company to credit any previous charges if you have been billed for several months for something you unknowingly authorized.
 
Step Three:
 
Tell the company you will dispute the charges with your credit card company if it is reluctant to stop the recurring charges. Say you also will report the company to the Federal Trade Commission (FTC) and the Better Business Bureau (BBB), especially if you were tricked into signing up for something you did not want.
 
Step Four:
 
Call your credit card issuer if the company refuses to stop the charges or says it will but bills you again the next month. Tell the customer service representative at the credit card company that you want to file a dispute because you tried to resolve the issue directly with the company and were not successful. In most cases the card issuer will help you, although it could involve changing your account number to keep the charges from going through.
 
Step Five:
 
Report the problem to the FTC and the BBB if your credit card issuer will not help you. Credit card companies sometimes side with the company if it can prove you authorized the charges, even if you did not knowingly do so. Send a copy of your complaints to the company. Most will stop future charges, and often credit you for previous charges, if you involve outside agencies.
 
 
 
Read

Dine Out Vancouver 2010 is a continuation of annual event that allows thousands of local food enthusiasts and tourists to dine at some of Vancouver's top restaurants at equally attractive prices. Last years edition involved each participating restaurant featuring a special three-course menu at a fixed price of $18, $28, or $38. The menus highlighted BC VQA wine pairing suggestions that delighted the discerning palate and complimented each restaurant's outstanding culinary expertise.
 
For more information, restaurant listings, contests and more information please visit the Tourism Vancouver website for Dine Out Vancouver:
http://www.tourismvancouver.com/visitors/dining/dine_out_vancouver
Read

Former B.C. premier Bill Vander Zalm has been given the green light to launch a petition that could one day derail the province's looming HST — but first the petition needs to overcome some very challenging stipulations.

 
British Columbia's Chief Electoral Officer Harry Neufeld approved the initiative on Thursday, giving the opponents of B.C.'s harmonized sales tax 90 days — starting on April 6 — to collect signatures from 10 per cent of voters in each of the 85 electoral ridings.
 
So far six other initiative petitions have been launched in B.C., and none have been successful, but Vander Zalm says he's confident this initiative will succeed where others have failed.

"This is different because we have people of all political persuasions involved in the process, not just NDP. We have former Liberals, we have Conservatives, we have people with no party affiliation. They're all in there," he said.

 
Vander Zalm says teams of volunteers are ready to hit the streets with the petition on Apr. 6.

"Eight-five per cent of the people are opposed to the HST. We've kept the issue alive and now we're going to go ahead like gangbusters and work on it," said Vander Zalm.

 
Protest organizer Chris Delaney says the HST will hurt British Columbians at a time when they can least afford it.
 
"Every citizen will pay an average $500 per year more in sales tax. Major industries such as construction, real estate, restaurants and funeral services will be hit hard. Services like spas, haircuts, packaged foods, airline tickets and professional fees will go up, causing consumers to cut back and hurting our economy," said Delaney.

Stringent requirements for initiative to pass

Everyone involved in collecting signatures, conducting advertising or opposing the petition will first have to register with Elections BC by Mar. 8.

 
If the petition is successful, it could trigger a province-wide referendum.
 
For the initiative to pass, more than 50 per cent of registered voters in at least two-thirds of the electoral districts in the province would have to vote in favour of it.

If that happened, the government would be required to introduce the draft bill contained in the petition to withdraw the HST.

 
The government also has the option of sending the draft bill directly to the legislature without a referendum.
 
But if either of those options succeed, there is no requirement for the government, which has a majority in the legislature, to pass the draft bill after it is introduced, and it could die on the floor of the house, just like many private member's bills.
 
Vander Zalm launched the initiative when B.C.'s Liberal government announced the new tax shortly after the May 2009 election. It is due to come into effect on July 1st, replacing the current GST and PST with a 12 per cent tax on all goods and services.
Read
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.