The government today announced the HST/PST transitional rules on new homes.
As the province transitions back to the PST, which will replace the HST effective April 1, 2013, measures to ease the HST burden on new home buyers include:
The BC New Housing Rebate threshold will increase to $850,000 from $525,000, so that more than 90% of newly built homes will now be eligible for a provincial HST rebate effective April 1, 2012.
The maximum rebate will increase to $42,500 from $26,250 effective April 1, 2012.
Buyers of new secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts priced up to $850,000 will now be eligible to claim a provincial grant of up to $42,500 effective April 1, 2012.
For newly built homes where construction begins before April 1, 2013, but ownership and possession occur after, purchasers will not pay the 7% provincial portion of the HST. Instead, purchasers will pay a temporary, transitional provincial tax of 2% on the full house price.
HST/PST transition rules will help ensure that whenever purchasers buy a new home they will all pay a consistent and equitable amount of tax, whether the home is built:
entirely under the HST;
entirely under the PST; or
partly under HST and partly under the PST.
The temporary housing transition measures will be in place until March 31, 2015. The tax only applies to homes where construction begins before the transition date and ownership and possession occur after.
For more information contact me or visit the BC Ministry of Finance at: www.pstinbc.ca
Prestigious Westwind Area well cared for 4 bedroom, 2 bathroom home on a 60 by 120 = 7201 Sqft Lot with mature landscaping, a west backyard and front facing the quiet open Agricultural Land Reserve. Close to amenities, walking/biking distance to Steveston Village and trails, near bus route. Westwind and McKinney school catchment. New vinyl windows 2010, new patio 2009 & newer deck, new hot water tank 2008, wood fireplace and wood stove in the family room, security system, chimney upgraded 2009, large storage shed fully wired for workshop, hot tub.
Brunswick Gardens, 3 bedroom and family room townhouse. Great layout spacious rooms, a 3rd level with a huge family room and plenty of storage. Master bedroom with lots of closet space, full ensuite with skylight and large deck off the master. Kitchen with eating area, hot water radiant heating. Gas Fireplace. Fenced backyard with patio and garden, roof deck. Single garage and open parking at door. Steps to Dyke trail and Steveston Village Amenities, Homma Elementary and McMath Schools. One dog or one cat allowed.
Very Popular North West Richmond. Top Quality Custom Design Executive Home 3,773 sq ft of the highest standard of workmanship finishing. All ensuited 5 bedrooms, 5 bathrooms, 2 dens, media room, gourmet kitchen with granite counters and island, Wok kitchen, grand foyer, high ceilings 10' on main and 9' upstairs. Beautiful flooring, high end sub-zero stainless steel appliances, air-conditioning, HRV, radiant heating, steam shower, central vacuum, security monitoring system. Patio and private fenced yard. Close to Terra Nova Shopping, Transit, Schools, walk to dyke and Richmond Oval.
Features List
• 5820 Reeves Road
• Thompson Community
• Terra Nova Shopping
• Burnett Secondary
• Blair School
• River Road
Equal Housing Opportunity.
Posted by: Michael Cowling at 4:05pm
Tags: 5820 reeves road richmond bc, michael cowling
Bright spaciouse 1 bedroom with west outlook to quiet courtyard, great open layout, newer kitchen cabinets, light fixtures, crown molding and some laminate flooring. Building had a new roof in 2008, the siding has been redone in vinyl and the boiler has been replaced. Very well maintained. Recreational facilities include: outdoor pool, swirl pool, saunas, clubhouse with pool and ping pong tables, lounge large screen TV, basketball and tennis courts. Transit very close and steps to shopping and all amenities.
To keep pace with rising property assessments, the BC government has raised the Home Owner Grant threshold to $1,285,000. The threshold is the maximum assessed value a property can reach to allow the property owner to claim the full Home Owner Grant.
BC Assessment estimates the value of all BC homes on July 1 each year. The Ministry of Finance reviews this data and adjusts the Home Owner Grant threshold to ensure at least 95.5% of eligible home owners receive the full amount. Owners of homes valued above the threshold may qualify for a partial grant.
The basic Home Owner Grant gives home owners:
a maximum reduction of $570 in property taxes on principal residences in the Capital, Greater Vancouver and Fraser Valley regional districts;
an additional grant of $770 to rural home owners elsewhere in the province; and
an additional grant of $275 to seniors aged 65+, those who are permanently disabled and war veterans of certain wars.
Basic grant for 2012 – the basic grant is reduced by $5 for each $1,000 of assessed value over $1,285,000, and is eliminated on homes assessed at $1,399,000 or more.
Additional grant for 2012 – the additional grant is reduced by $5 for each $1,000 of assessed value over $1,285,000, and is eliminated on homes assessed at $1,454,000 or more.
Canadian citizens and landed immigrants residing in their principle residence are eligible for the grant.
In November 2011, the government announced plans to create a further grant of up to $275 for low-income Canadian Forces veterans with more recent service in the event they do not already qualify as seniors or persons with disabilities. Details will be announced soon.
The BC Government also provides property tax deferment programs for qualifying property owners including seniors age 55+, persons with disabilities, and families with children. It is advisable for a home owner to seek appropriate financial advice prior to participating in a tax deferment program. For information on BC property tax deferment programs visit: www.sbr.gov.bc.ca
Very well kept partly remodelled 4 bedroom, 2 bathroom. Large kitchen with newer cabinets, eating area, gas fireplace, crown moldings and private fenced south yard. Extra storage area, carport parking and a second space close by, plenty of visitor parking steps away, dyke access nearby. New roofs throughout the complex in 2009. Close to Dixon Elementary, Hugh Boyd and Seafair Shopping Centre
Greater Vancouver home sellers were more active than buyers in January and overall home prices, according to the new MLS® Home Price Index (MLS® HPI), continued to experience more stability and less fluctuation compared to the beginning of 2011.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,577 on the Multiple Listing Service® (MLS®) in January 2012. This represents a 4.9 per cent decrease compared to the 1,658 sales recorded in December 2011, a decrease of 13.3 per cent compared to the 1,819 sales in January 2011 and an 18 per cent decline from the 1,923 home sales in January 2010.
January sales in Greater Vancouver were the second lowest January total in the region since 2002, though only 146 sales below the 10-year average.
We’re seeing trends emerge in our market that favour buyers, such as increased selection and more stability in pricing compared to this time last year. Last month’s activity tells us that competition amongst home buyers was reduced in January, which means that individuals looking to purchase a home had more time to do their homework, consult with their REALTOR®, and make a decision.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,756 in January. This represents a 19.9 per cent increase compared to the 4,801 new listings reported in January 2011, and a 253.3 per cent increase compared to the 1,629 new listings reported in December 2011.
Last month’s new listing count was the highest January total in Greater Vancouver since 1995.
The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,544, a 12.5 per cent increase compared to December 2011 and an increase of 20.2 per cent compared to January 2011.
New MLS® Home Price Index launches in Canada
Today marks the launch of the MLS® Home Price Index (MLS® HPI), the best and purest way of determining price trends in the housing market. The MLS® HPI was pioneered by six founding partners: the real estate boards of Calgary, Fraser Valley, Greater Montreal, Greater Vancouver, and Toronto and the Canadian Real Estate Association. The partners contracted with Altus Group to develop the MLS® HPI which measures home price trends in the five major markets serviced by those boards.
The new index replaces the MLSLink Housing Price Index, which had been used by Greater Vancouver and Fraser Valley REALTORS® since the mid 1990s. MLS® HPI statistics should not be compared with previous MLSLink HPI statistics.
The MLS® HPI is a national collaboration intended to give the public a more reliable and comprehensive tool to understand home price trends across the country.
The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $660,600, up 5.7 per cent compared to January 2011 and down 0.1 per cent compared to December 2011. The MLS® HPI also tracks home prices across the Lower Mainland.
The benchmark price for all residential properties in the Lower Mainland is $593,300, an increase of 5 per cent compared to January 2011.
Sales of detached properties on the MLS® in January 2012 reached 659, a decline of 16.9 per cent from the 793 detached sales recorded in January 2011, and a 6.5 per cent decrease from the 705 units sold in January 2010. The benchmark price for detached properties increased 11.3 per cent from January 2011 to $1,034,700.
Sales of apartment properties reached 657 in January 2012, a decline of 7.9 per cent compared to the 713 sales in January 2011, and a decrease of 26.3 per cent compared to the 891 sales in January 2010.The benchmark price of an apartment property increased 2.4 per cent from January 2011 to $371,500.
Attached property sales in January 2012 totalled 261, a decline of 16.6 per cent compared to the 313 sales in January 2011, and a 20.2 per cent decrease from the 327 attached properties sold in January 2010. The benchmark price of a townhome 3 unit declined 0.5 per cent between January 2011 and 2012 to $468,000
Property owners throughout BC received their 2012 assessment notice the first week of January from BC Assessment.
This notice is BC Assessment’s (BCA) estimate of a property’s value as of July 1, 2011, and for new construction or substantially renovated homes, the physical condition as of October 31, 2011.
BCA is the government agency responsible for determining and reporting property value estimates for the 1,917,394 properties in its database, a 0.75% increase in the number of properties since 2011.
BC Assessment and a REALTOR® assessment. Why the difference?
BCA’s assessment and the market value determined by a REALTOR® may be different. Why?
Both BCA assessors and REALTORS® calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect value such as size of home, view, location – on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or parking stalls.
Where every lot and every home on a street are typically the same, both BCA’s value and a REALTOR’s® value will be similar during stable market conditions.
Differences occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changes that BCA hasn’t yet taken into account.
Differences also occur during market instability when prices rise or fall during the six-month period between July 1 and January 1 the following year.
Wake-up call – how to appeal an assessment
Since July 1, 2011 home owners may have seen prices stalling in some neighbourhoods and rising in others. Assessments may reflect these changes.
The deadline to appeal is January 31, 2012
Property owners who disagree with their assessment should do their homework by visiting www.bcassessment.ca and then e-valueBC to compare their assessment with those of their neighbours. Each year, about 1.6% of all BC property owners appeal their assessment.
Property owners should first contact their local assessment office and talk to staff who can make adjustments if there is an obvious error, for example if BCA includes a new swimming pool, when, in fact, the pool is a shallow fish pond.
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Area assessors’ phone numbers:
Property owners who decide to appeal must file a written request by January 31, 2012. For information, visit www.bcassessment.ca and select Learn more about the Notice of Complaint (Appeal) process and the Property Assessment Review Panel.
What can an appeal mean for a property owner?
While BCA determines the assessed value of property tax for tax purposes, it’s the local taxing authorities – both provincial and local governments – which set tax rates each spring according budget requirements.
The formula for calculating taxes on property is:
Tax Rate x Assessed Value / 1,000
If the tax rate is 4.000 and the property assessment is $1 million, then the taxes payable are $4,000.
No notice
Property owners who haven’t received an assessment notice by mid-January should contact the area phone numbers listed above or request their tax notice online at www.bcassessment.ca. (See Receive your assessment notice online - right hand side).
If a property owner has concerns about their local taxes, they should contact their local government office. Taxes aren’t appealable.
New feature - save assessment data
Visit www.bcassessment.ca and select e-valueBC to view and compare the assessed value of any BC property. A new feature this year lets you download and save assessment data as a PDF or an Excel file.
Churchill Downes Central 1 bedroom with bright south east exposure. Updated with new kitchen countertops, sinks, appliances and Vanity. Newer light fixtures and some floor coverings. Larce pantry, spaciouse master with walk in closet. Balcony redone. Recreational facilities include Pool sauna hot tub, tennis and basketball courts, clubhouse with pool tables, table tennis, lounge large screen TV and more. Steps to transit and all amenities. No pending assessments.
Steveston’s MCKINNEY CROSSING AT LONDON LANDING Ground 1 level 1,225 square foot 2 bedroom and Den, 2 bathroom townhome. Spacious and well laid out with upgraded appliances gas cooktop, side by side front loading washer and dryer. Granite counter tops. Laminate flooring, gas fireplace. Eating area in the kitchen, 3 patios for lots of sun. 2 secure parking spaces. From your door enjoy a short walk along the riverfront path to Steveston Village.
By 2041, the population in the City of Richmond will double to 280,000 residents and the number of jobs will increase to 180,000. To accommodate newcomers, Richmond will need 46,271 new homes including 26,494 apartments and 19,777 ground oriented units.
Where will those homes be located?
For the past 18 months, the city has been gathering community input through public consultation for the 2041 Update to the Official Community Plan (OCP) which will guide Richmond’s future to 2041, said municipal experts speaking to 200 REALTORS ® who attended Richmond City Hall 2011, a presentation sponsored by the Richmond/South Delta/Gulf Islands Division.
In Keeping with Richmond’s proposed updated OCP and with community input, development will need to be “sustainable, which means it must meet the needs of the present without compromising the ability of future generations to meet their own needs,” according to Richmond planner June Christy.
This could be challenging given that Richmond’s land area is just 31,885 acres and of this, 38% is in the Agricultural Land Reserve, a situation that is unlikely to change given the City’s need for food production.
New development must therefore occur on the remaining 62%, the “urban footprint.” The solution is transit-oriented density.
New development will be focused:
·In the city centre near Canada Line stations (Bridgeport, Capston and Lansdowne) which will see new high density mixed uses, and
·In eight existing neighborhood centres which will see new-mixed and walkable communities with a range of housing types such as townhouses, duplexes, triplexes and fourplexes.
The eight existing neighbourhood centres being considered are: Ironwood, Broadmoor, Garden City, Blundell, Cambie, Hamilton, Seafair and Terra Nova.
All new development will be connected to transportation and accessible to parks, greenspace, businesses, recreation and shopping – in walkable, vibrant, appealing neighborhoods.
Very well kept 4 bedroom, 2 bathroom. New roofs through out the complex in 2009. Carport parking with room for a second car, extra storage area, visitor parking steps away, large deck back onto green space, dyke access nearby. Close to Dixon Elementary, Hugh Boyd and Seafair Shopping Centre
Features List
• 3031 Williams Road
• Richmond BC
• Edgewater Park
• 4 Bedrooms
• 2 Bathrooms
• New roofs
• Large Deck
• Backyard
• Extra Storage Area
• Carport Parking
• Visitor Parking
• Seafair Center
• Dixon Elementary
• Hugh Boyd Secondary
Equal Housing Opportunity.
Posted by: Michael Cowling at 2:53pm
Tags: 3031 williams road richmond bc v7e 4g1, michael cowling
Central Windgate Royal, spacious 2 bedroom and den, 2 bathroom with in suite laundry, gas fireplace and 2 secured underground parking. Eating area in kitchen, north balcony with mountain view, large rooms and extra storage locker. Well maintained. Steps to schools transit and all amenities.
Spectacular city, mountain and ocean views from this well kept 2 bedroom and den, 2 full bathroom concrete condo. Kitchen with eating area and breakfast bar, great layout with 1,252 SQFT. Amenities include pool, sauna, exercise room, lounge, extra storage locker and secured underground parking. Great location, near Kwantlen College, shopping, transit, Canada Line, restaurants, and all amenities.
Prestigious Westwind Area well cared for 4 bedroom, 2 bathroom home on a 60 by 120 = 7201 Sqft Lot with mature landscaping, a west backyard and front facing the quiet open Agricultural Land Reserve. Close to amenities, walking/biking distance to Steveston Village and trails, near bus route. Westwind and McKinney school catchment. New vinyl windows 2010, new patio 2009 & newer deck, new hot water tank 2008, wood fireplace and wood stove in the family room, security system, chimney upgraded 2009, large storage shed fully wired for workshop, hot tub.
Brunswick Gardens, 3 bedroom and family room townhouse. Great layout spacious rooms, a 3rd level with a huge family room and plenty of storage. Master bedroom with lots of closet space, full ensuite with skylight and large deck off the master. Kitchen with eating area, hot water radiant heating. Gas Fireplace. Fenced backyard with patio and garden, roof deck. Single garage and open parking at door. Steps to Dyke trail and Steveston Village Amenities, Homma Elementary and McMath Schools. One dog or one cat allowed.
The 2011 Greater Vancouver housing market began with heightened demand in regional hot spots and concluded with greater balance between seller supply and buyer demand.
The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2011 reached 32,390, a 5.9 per cent increase from the 30,595 sales recorded in 2010, and a 9.2 per cent decrease from the 35,669 residential sales in 2009. Last year’s home sale total was 6.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
The number of residential properties listed for sale on the MLS® in Greater Vancouver increased 2.7 per cent in 2011 to 59,549 compared to the 58,009 properties listed in 2010. Looking back further, last year’s total represents a 12.8 per cent increase compared to the 52,869 residential properties listed in 2009. Last year’s listing total was 11.1 per cent above the ten year average for annual Multiple Listing Service® (MLS®) property listings in the region.
It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below.
Residential property sales in Greater Vancouver totalled 1,658 in December 2011, a decrease of 12.7 per cent from the 1,899 sales recorded in December 2010 and a 29.7 per cent decline compared to November 2011 when 2,360 home sales occurred.
More broadly, last month’s residential sales represent a 34.1 per cent decrease over the 2,515 residential sales in December 2009, a 79.4 per cent increase compared to December 2008’s 924 sales, and a 12.6 per cent decrease compared to the 1,897 sales in December 2007.
The overall residential benchmark price, as calculated by the MLSLink Housing Price Index®, for Greater Vancouver increased 7.6 per cent to $621,674 between Decembers 2010 and 2011. However, prices have decreased 1.5 per cent since hitting a peak of $630,921 in June 2011.
Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region’s largest communities caused prices in certain areas to rise higher than others. For example, the benchmark price of a single-family detached home experienced double-digit increases in nine areas within the region over the last 12 months.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 1,629 in December 2011. This represents a 4.1 per cent decline compared to the 1,699 units listed in December 2010 and a 49.4 per cent decline compared to November 2011 when 3,222 properties were listed.
Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.
Sales of apartment properties reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.
Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499.
Spacious 1 bedroom in popular STORNOWAY. Very well kept by owner of 30 years. South deck with park like outlook. Great floor plan;new stacking in suite laundry, new electric fire place, hot water heat included in maintenance fee, secured parking, extra storage locker, extensive facilities including 2 pools and Saunas. Located on 4 acres of land right beside South Arm Park. No pets and no rentals, adult oriented building. Close to shopping and all amenities.
Top floor spacious 1 bedroom with in suite laundry and fireplace in popular Lansdowne Grove. Great layout. Big balcony, Maintenance/strata fee includes hot water & heat. Located walking distance to Save-On-Foods, Kwantlen College, Lansdowne Mall, Canada Line Terminal & buses. Underground parking & convenient daycare on site. Great investment in downtown Richmond.
Prestigious Westwind Area well cared for 4 bedroom, 2 bathroom home on a 60 by 120 = 7201 Sqft Lot with mature landscaping, a west backyard and front facing the quiet open Agricultural Land Reserve. Close to amenities, walking/biking distance to Steveston Village and trails, near bus route. Westwind and McKinney school catchment. New vinyl windows 2010, new patio 2009 & newer deck, new hot water tank 2008, wood fireplace and wood stove in the family room, security system, chimney upgraded 2009, large storage shed fully wired for workshop, hot tub.
Brunswick Gardens, 3 bedroom and family room townhouse. Great layout spacious rooms, a 3rd level with a huge family room and plenty of storage. Master bedroom with lots of closet space, full ensuite with skylight and large deck off the master. Kitchen with eating area, hot water radiant heating. Gas Fireplace. Fenced backyard with patio and garden, roof deck. Single garage and open parking at door. Steps to Dyke trail and Steveston Village Amenities, Homma Elementary and McMath Schools. One dog or one cat allowed.
Central Windgate Royal, spacious 2 bedroom and den, 2 bathroom with in suite laundry, gas fireplace and 2 secured underground parking. Eating area in kitchen, north balcony with mountain view, large rooms and extra storage locker. Well maintained. Steps to schools transit and all amenities.
The Greater Vancouver housing market saw relatively typical home sale and listing activity in November.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,360 in November. This represents a 5.9 per cent decline compared to the 2,509 sales in November 2010 and a 1.9 per cent increase compared to the 2,317 sales recorded in October 2011.
Looking back further, last month’s residential sales total is 5.8 per cent below the ten-year average for sales in November.
The pace of home listings entering the market eased slightly in November, compared to recent months, while sale levels remained fairly normal for this time of. November activity helped put our market firmly in balanced territory.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,222 in November. This represents a 26.3 per cent decline compared to the 4,374 new listings reported in October 2011, but a 6.3 per cent increase compared to November 2010 when 3,030 properties were listed for sale on the MLS®.
Looking back further, last month’s new listing total is 2.1 per cent above the ten-year average for November.
The total number of properties currently listed for sale on the Greater Vancouver MLS® sits at 14,090, a decline of 9 per cent compared to October 2011 but an increase of 13 per cent when compared to this time last year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.2 per cent to $622,087 in November 2011 from $580,080 in November 2010.
Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.4 per cent.
Sales of detached properties on the MLS® in November 2011 reached 916, a decrease of 12.8 per cent from the 1,050 detached sales recorded in November 2010, and a 21.3 per cent decrease from the 1,164 units sold in November 2009. The benchmark price for detached properties increased 11.4 per cent from November 2010 to $890,204.
Sales of apartment properties reached 1,000 in November 2011, a 4.9 per cent decrease compared to the 1,052 sales in November 2010, and a decrease of 28.4 per cent compared to the 1,396 sales in November 2009. The benchmark price of an apartment property increased 2.7 per cent from November 2010 to $399,686.
Attached property sales in November 2011 totalled 444, a 9.1 per cent increase compared to the 407 sales in November 2010, and a 15.1 per cent decrease from the 523 attached properties sold in November 2009. The benchmark price of an attached unit increased 4.5 per cent between November 2010 and 2011 to $510,960
Almost a quarter of Canadians renewed or refinanced their mortgages in the past year and the vast majority found themselves with a better rate for doing so, the Canadian Association of Accredited Mortgage Professionals said.
The group found about 32% of Canadians reported making some sort of change to their mortgage in the past year with almost two-thirds of those people saying they were refinancing or renewing their mortgages. Among those who renewed, 78% got a rate reduction.
Canadians who are looking for that better rate appear ready to shop around with 21% of respondents who renewed or refinancing their mortgages in the last year, saying they switched lenders.
Mortgage rates continue to be at or near all-time lows with a flat yield curve reducing the steep discount on variable rates and making locking in more attractive. The website ratesupermarket.ca says the best variable rate product on the market is now 2.48% while a five-year fixed rate closed mortgage is now as low as 3.19%.
“Overall, our survey paints a picture of Canadians generally and homeowners in particular as very focused on their finances,” said Jim Murphy, president of CAAMP. “They are planning ahead, aggressively paying down their mortgage in advance of any economic jolt.”
Despite the shrinking gap between fixed rate and variable rate mortgages, 31% of Canadians are still in variable rate mortgage tied to prime and ultimately any interest rate changes from the Bank of Canada.
One thing Canadians have become more conservative about is taking equity out of their home. Only 10% of equity holders took money out of their home in the last year, a 40% drop from a year ago.
The decline could have something to do with tougher refinancing rules which lowered the level on refinancing to 85% of home’s value, down from 90%.
Hard to find large frontage 2.51 Acres on River Road in Richmond. Huge upside potential for this land neighbouring with commercial/industrial zone. Buy and hold.
Features List
• 17440 River Road
• Richmond BC
• Commercial Zone
• Builders Alert
• Big Lot
• 2.51 Acres
Equal Housing Opportunity.
Posted by: Michael Cowling at 9:01am
Tags: price reduced! 17440 river road richmond bc v6v1l8
Central Windgate Royal, spacious 2 bedroom and den, 2 bathroom with in suite laundry, gas fireplace and 2 secured underground parking. Eating area in kitchen, north balcony with mountain view, large rooms and extra storage locker. Well maintained. Steps to schools transit and all amenities.
Features List
• 8700 Jones Road
• Richmond BC
• Windgate Royal
• Central Location
• 2 Bedrooms
• 2 Bathrooms
• Den
• North Balcony
• Mountain View
• In Suite Laundry
• Storage Locker
• Gas Fireplace
• Underground Parking
• General Currie Elem.
• Palmer Secondary
Equal Housing Opportunity.
Posted by: Michael Cowling at 1:57pm
Tags: price reduced! 8700 jones road richmond bc v6y3x7
Prestigious Westwind Area well cared for 4 bedroom, 2 bathroom home on a 60 by 120 = 7201 Sqft Lot with mature landscaping, a west backyard and front facing the quiet open Agricultural Land Reserve. Close to amenities, walking/biking distance to Steveston Village and trails, near bus route. Westwind and McKinney school catchment. New vinyl windows 2010, new patio 2009 & newer deck, new hot water tank 2008, wood fireplace and wood stove in the family room, security system, chimney upgraded 2009, large storage shed fully wired for workshop, hot tub.
Features List
• 11411 No 2 Road
• Richmond BC
• Westwind
• 4 Bedrooms
• 2 Bathrooms
• 60 x 120 = 7201 Sqft
• Vinyl Windows
• Hot Tub
• Large backyard
• Patio
• Deck
• Storage Shed
• Mature Landscaping
• Near Bus Stop
• Steveston Village
• McKinney School
• Westwind school
Equal Housing Opportunity.
Posted by: Michael Cowling at 11:31am
Tags: price reduced! 11411 no.2 road richmond bc v7e 2e6
With a sales-to-active property listings ratio of 15 per cent, the Greater Vancouver housing market continues to hover at the lower end of a balanced market and has been trending in that direction over the past five months.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) system reached 2,317 in October, a 1 per cent decrease compared to the 2,337 sales in October 2010 and a 3.2 per cent increase compared to the previous month. Those sales rank as the second lowest total for October over the last 10 years.
Right now, prospective home buyers have a good selection of properties to choose from and more time to make decisions. Home sellers should be mindful of local market conditions to ensure they are pricing their properties competitively.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,374 in October, which is on par with the 10-year average. This represents an 18.3 per cent increase compared to October 2010, when 3,698 properties were listed for sale on the MLS®, and a 23 per cent decrease compared to the 5,680 new listings reported in September 2011.
The total number of properties listed for sale on the Greater Vancouver MLS® system currently sits at 15,377, which is 9.3 per cent higher than the 14,075 properties listed for sale during the same period last year. October was the first month that the total number of property listings showed a decrease this year.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 7.5 per cent to $622,955 in October 2011 from $579,349 in October 2010. However, since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 1.3 per cent.
Sales of detached properties in October reached 974, which represents virtually no change from the 976 detached sales recorded in October 2010, and a 34.5 per cent decrease from the 1,487 units sold in October 2009. The benchmark price for detached properties increased 11 per cent from October 2010 to $884,778, but decreased 1.3 per cent compared to the previous month.
Sales of apartment properties reached 958 in October, a 2.6 per cent decrease compared to the 984 sales in October 2010, and a decrease of 40.4 per cent compared to the 1,607 sales in October 2009. The benchmark price of an apartment property increased 3.2 per cent from October 2010 to $402,702, but decreased 0.7 per cent compared to the previous month.
Attached property sales in October totalled 382, a 1.3 per cent increase compared to the 377 sales in October 2010, and a 37.4 per cent decrease from the 610 attached properties sold in October 2009. The benchmark price of an attached unit increased 6.5 per cent between October 2010 and 2011 to $519,455, and increased half a per cent compared to the previous month.
SOUTHWATER Bright spacious 2 bedroom 2 bathroom on the south side with bright pleasant outlook to Marina. Insuite laundry, gas fireplace, secured parking spaces. Large balcony. Steps to dyke, walking paths and Steveston Village. 2 pets allowed, rentals allowed with restrictions.
Top floor spacious 1 bedroom with in suite laundry and fireplace in popular Lansdowne Grove. Great layout, tons of storage, double closets in the master bedroom. Big balcony, Maintenance/strata fee includes heat & hot water. Underground parking. Located walking distance to Save-On-Foods, Kwantlen College, Lansdowne Mall, Canada Line Terminal, buses & all amenities. Great investment in downtown Richmond. Move in or Rent out.
Features List
• 8591 Westminster Hwy
• Richmond BC
• Brighouse
• 1 Bedroom
• 1 Bathroom
• Top Floor
• Insuite Laundry
• Storages
• Big Balcony
• Underground Parking
• Price Smart
• Kwantlen College
• Lansdowne Mall
• Canada Line
Equal Housing Opportunity.
Posted by: Michael Cowling at 10:08am
Tags: 8591 westminster hwy richmond bc v6x 3e2, michael cowling
Prestigious Westwind Area well cared for 4 bedroom, 2 bathroom home on a 60 by 120 = 7201 Sqft Lot with mature landscaping, a west backyard and front facing the quiet open Agricultural Land Reserve. Close to amenities, walking/biking distance to Steveston Village and trails, near bus route. Westwind and McKinney school catchment. New vinyl windows 2010, new patio & deck 2009, new hot water tank 2008, large storage shed fully wired for workshop hot tub.
Features List
• 11411 No 2 Road
• Richmond BC
• Westwind
• 4 Bedrooms
• 2 Bathrooms
• 60 x 120 = 7201 Sqft
• Vinyl Windows
• Hot Tub
• Large backyard
• Patio
• Deck
• Storage Shed
• McKinney School
• Westwind school
• Steveston Village
Equal Housing Opportunity.
Posted by: Michael Cowling at 3:11pm
Tags: 11411 no 2 road richmond bc v7e 2e6, michael cowling
Spacious 1 bedroom in popular STORNOWAY. Very well kept by owner of 30 years. South deck with park like outlook. Great floor plan;new stacking in suite laundry, new electric fire place, hot water heat included in maintenance fee, secured parking, extra storage locker, extensive facilities including 2 pools and Saunas. Located on 4 acres of land right beside South Arm Park. No pets and no rentals, adult oriented building. Close to shopping and all amenities.
Features List
• #213 - 10160 Ryan Rd
• Richmond BC
• Stornoway
• 1 Bedroom
• 1 Bathroom
• South Arm Community
• Electric Fireplace
• New In Suite Laundry
• Secured Parking Lot
• South Deck
• Storage Locker
• Extensive Facilities
• 2 Pools
• 2 Saunas
• Broadmoor Shopping
• McRoberts Secondary
• Whiteside Elementary
Equal Housing Opportunity.
Posted by: Michael Cowling at 3:15pm
Tags: 10160 ryan road richmond bc v7a 2g7, michael cowling
As was universally anticipated, the Bank of Canada opted to hold its target overnight rate at 1 per cent this morning. Ongoing uncertainty in the Euro-zone continues to weigh heavily on the Bank's outlook. In its statement accompanying the interest rate decision, it was noted that the bank is now projecting a contained Euro-crisis, but also a brief recession in the Euro-area due to ongoing deleveraging and fiscal austerity. The Bank also expects continued weakness, but no recession, in the United States through the first half of 2012 before a resumption of stronger growth. Given various challenges in the global economy, the Bank of Canada trimmed its outlook for Canadian economic growth to 2.1 per cent in 2011, 1.9 per cent in 2012 and 2.9 per cent in 2013 which is in line with our own forecast. On inflation, the Bank now expects slack in the economy to persist longer than originally forecast, leading to a closing of the output gap at the end of 2013. This implies softer than expected inflation in coming quarters, with consumer price growth moderating before returning to the Bank's 2 per cent target by the end of 2013.
Overall, this morning's statement shows a very cautious Bank of Canada that is unlikely to make any significant movements on interest rates over the next two to three quarters. Further monetary tightening will be highly contingent on a brighter growth outlook in the United States and a credible solution to the Euro sovereign debt crisis. Therefore we expect the Bank of Canada to remain on the sidelines through the end of 2011 and the first half of 2012.
Top floor spacious 1 bedroom with in suite laundry and fireplace in popular Lansdowne Grove. Great layout. Big balcony, Maintenance/strata fee includes hot water & heat. Located walking distance to Save-On-Foods, Kwantlen College, Lansdowne Mall, Canada Line Terminal & buses. Underground parking & convenient daycare on site. Great investment in downtown Richmond.
Top floor spacious 1 bedroom with in suite laundry and fireplace in popular Lansdowne Grove. Great layout. Big balcony, Maintenance/strata fee includes hot water & heat. Located walking distance to Save-On-Foods, Kwantlen College, Lansdowne Mall, Canada Line Terminal & buses. Underground parking & convenient daycare on site. Great investment in downtown Richmond.
Features List
• 8591 Westminster Hwy
• Richmond BC
• Brighouse
• 1 Bedroom
• 1 Bathroom
• Top Floor
• Insuite Laundry
• Big Balcony
• Underground Parking
• On Site Daycare
• Price Smart
• Kwantlen College
• Lansdowne Mall
• Canada Line
Equal Housing Opportunity.
Posted by: Michael Cowling at 12:22am
Tags: #317-8591 westminstery hwy richmond bc v6x 3e2, michael cowling
Take the next step! Contact us today for all your real estate needs.
Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please take some time to explore my website and make use of the resources available to you.
Bright spacious 2 bedroom 2 bathroom on the South west corner with bright pleasant outlook to Marina In suite Laundry, gas fireplace 2 secured parking spaces Large Covered Balcony. Steps to Dyke and Steveston Village.
Features List
• #230-5500 Andrews Rd
• Steveston Village
• Japanese School
• McMath Secondary
• Homma Elementary
Equal Housing Opportunity.
Posted by: Michael Cowling at 10:08am
Tags: sold! #230 - 5500 andrews road richmond bc v7e 6m9, michael cowling
Take the next step! Contact us today for all your real estate needs.
Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please take some time to explore my website and make use of the resources available to you.Â
Tiffany Grand, Bright spacious top floor 1,122 sqft 2 bedroom with vaulted ceilings, gas fireplace, in suite laundry, eating area in kitchen, plenty of storage with extra storage locker and 2 parking spaces. Building just rain-screened and includes new balconies. Central location just steps to No.3 Rd, shopping, restaurants & Canada Line
Take the next step! Contact us today for all your real estate needs.
Whether you are relocating within Richmond, searching for an investment property, or leaving Richmond for another area, my experience can help you make the right decisions. Please take some time to explore my website and make use of the resources available to you.
Bright spacious 1 bedroom and den in the heart of Steveston Village. Engeneered hardwood flooring, high end stainless steel appliances, fireplace, in suite laundry, plenty of storage and a bonus mostly cover 200+ square foot deck with views to water, mountains and sunsets. Recreational facilities include huge amenity room with media and conference room, large fully equipped gym, library , guest suites and more. Located a few steps from all of Steveston’s amenities including restaurants coffee shops, boutiques, community center, park, pool, medical, dental, its all here within a short walking distance.
Features List
• 4211 Bayview Street
• Richmond BC
• Steveston
• 1 Bedroom
• 1 Bathroom
• 1 Den
• Large Deck
• Mountain/Water View
• Parking Lot
• In Suite Laundry
• Hardwood Flooring
• Amenity Room
• Media Room
• Conference Room
• Gym
• Library
• Guest suites
• Steveston Amenities
Equal Housing Opportunity.
Posted by: Michael Cowling at 9:35am
Tags: sold! #305 - 4211 bayview street richmond bc v7e 6t6, michael cowling
Hard to find large frontage 2.51 Acres on River Road in Richmond. Huge upside potential for this land neighbouring with commercial/industrial zone. Buy and hold.
Hard to find large frontage 2.51 Acres on River Road in Richmond. Huge upside potential for this land neighbouring with commercial/industrial zone. Buy and hold.
Prestigious Westwind Area well cared for 4 bedroom, 2 bathroom home on a 60 by 120 = 7201 Sqft Lot with a west backyard. Westwind and McKinney school catchment. New vinyl windows 2010, new patio & deck 2009, new hot water tank 2008, large storage shed fully wired for workshop hot tub.
Prestigious Westwind Area well cared for 4 bedroom, 2 bathroom home on a 60 by 120 = 7201 Sqft Lot with a west backyard. Westwind and McKinney school catchment. New vinyl windows 2010, new patio & deck 2009, new hot water tank 2008, large storage shed fully wired for workshop hot tub.
Features List
• 11411 No 2 Road
• Richmond BC
• Westwind
• 4 Bedrooms
• 2 Bathrooms
• 60 x 120 = 7201 Sqft
• Large backyard
• Hot Tub
• Patio
• Deck
• Storage Shed
• Westwind school
• McKinney
Equal Housing Opportunity.
Posted by: Michael Cowling at 1:48pm
Tags: 11411 no. 2 road richmond bc v7e 2e6, michael cowling
Consistent increases in property listings and fewer home sales over the summer months has helped move the Greater Vancouver housingmarket into the upper end of a buyers’ market.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties on the region’s Multiple Listing Service® (MLS®) reached 2,246 in September, a 1.2 per cent increase compared to the 2,220 sales in September 2010. Those sales also rank as the third lowest total for September over the last 10 years.
There's more competition amongst home sellers in today's market, providing more options for prospective buyers. Buyers now have more properties to choose from and more time to make decisions compared to the spring season.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,680 in September, the third highest volume for September in 17 years. This represents a 20.1 per cent increase compared to September 2010 when 4,731 properties were listed for sale on the MLS® and a 21.2 per cent increase compared to the 4,685 new listings reported in August 2011.
The number of properties listed for sale on the Greater Vancouver MLS® system has increased each month since the beginning of the year. At 16,085, the total number of residential property listings on the MLS® increased 4.6 per cent in September compared to August 2011 and rose 4.4 per cent compared to this time last year.
Our sales-to-active-listing ratio currently sits at 14 per cent, which is the lowest it’s been this year. Generally analysts say that a buyer’s market takes shape when the ratio dips to about 12 to 14%, or lower, for a sustained period of time.
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 8.8 per cent to $627,994 in September 2011 from $577,174 in September 2010.
Since reaching a peak in June of $630,921, the benchmark price for all residential properties in the region has declined 0.5 per cent.
Sales of detached properties on the MLS® in September 2011 reached 957, an increase of 10.5 per cent from the 866 detached sales recorded in September 2010, and a 32.8 per cent decrease from the 1,423 units sold in September 2009. The benchmark price for detached properties increased 13.4 per cent from September 2010 to $896,701.
Sales of apartment properties reached 922 in September 2011, a 5 per cent decrease compared to the 971 sales in September 2010, and a decrease of 38.1 per cent compared to the 1,489 sales in September 2009. The benchmark price of an apartment property increased 4.4 per cent from September 2010 to $405,569.
Attached property sales in September 2011 totalled 367, a 4.2 per cent decrease compared to the 383 sales in September 2010, and a 43.3 per cent decrease from the 647 attached properties sold in September 2009. The benchmark price of an attached unit increased 5.4 per cent between September 2010 and 2011 to $516,697
Windgate Royale is a central, spacious 2 bedroom and den, 2 bathroom with newer kitchen cabinets and counter tops, eating area in kitchen, engineered hardwood flooring, vaulted ceilings, in suite laundry, gas fireplace and 2 secured underground parking. North balcony with Mountain View, large rooms and extra storage locker. Well maintained. Steps to schools transit and all amenities.
Windgate Royale is a central, spacious 2 bedroom and den, 2 bathroom with newer kitchen cabinets and counter tops, eating area in kitchen, engineered hardwood flooring, vaulted ceilings, in suite laundry, gas fireplace and 2 secured underground parking. North balcony with Mountain View, large rooms and extra storage locker. Well maintained. Steps to schools transit and all amenities.
Features List
• 8700 Jones Road
• Richmond BC
• Windgate Royal
• Central Location
• 2 Bedrooms
• 2 Bathrooms
• Den
• North Balcony
• Mountain View
• In Suite Laundry
• Storage Locker
• Gas Fireplace
• Underground Parking
• General Currie Elem.
• Palmer Secondary
Equal Housing Opportunity.
Posted by: Michael Cowling at 2:00pm
Tags: 8700 jones road richmond bc v6y 3x7, michael cowling
Very well kept 4 bedroom, 2 bathroom. New roofs through out the complex in 2009. Carport parking with room for a second car, extra storage area, visitor parking steps away, large deck back onto green space, dyke access nearby. Close to Dixon Elementary, Hugh Boyd and Seafair Shopping Centre.
Very well kept 4 bedroom, 2 bathroom. New roofs through out the complex in 2009. Carport parking with room for a second car, extra storage area, visitor parking steps away, large deck back onto green space, dyke access nearby. Close to Dixon Elementary, Hugh Boyd and Seafair Shopping Centre.
Features List
• 3031 Williams Road
• Richmond BC
• Edgewater Park
• 4 Bedrooms
• 2 Bathrooms
• New roofs
• Large Deck
• Backyard
• Extra Storage Area
• Carport Parking
• Visitor Parking
• Seafair Center
• Dixon Elementary
• Hugh Boyd Secondary
Equal Housing Opportunity.
Posted by: Michael Cowling at 2:58pm
Tags: 3031 williams road richmond bc v7e 4g1, michael cowling
Brunswick Gardens, 3 bedroom and family room townhouse. Great layout spacious rooms, a 3rd level with a huge family room and plenty of storage. Master bedroom with lots of closet space, full ensuite with skylight and large deck off the master. Kitchen with eating area, hot water radiant heating. Gas Fireplace. Fenced backyard with patio and garden, roof deck. Single garage and open parking at door. Steps to Dyke trail and Steveston Village Amenities, Homma Elementary and McMath Schools. One dog or one cat allowed.
Brunswick Gardens, 3 bedroom and family room townhouse. Great layout spacious rooms, a 3rd level with a huge family room and plenty of storage. Master bedroom with lots of closet space, full ensuite with skylight and large deck off the master. Kitchen with eating area, hot water radiant heating. Gas Fireplace. Fenced backyard with patio and garden, roof deck. Single garage and open parking at door. Steps to Dyke trail and Steveston Village Amenities, Homma Elementary and McMath Schools. One dog or one cat allowed.
Features List
• 12438 Brunswick Pl
• McMath Secondary
• Homma Elementary
• Steveston Village
• West Cannery Park
• Dyke trail
Equal Housing Opportunity.
Posted by: Michael Cowling at 8:33am
Tags: price reduced! #16-12438 brunswick pl. richmond bc 3 bedroom townhouse
Bright spacious 2 bedroom 2 bathroom on the South west corner with bright pleasant outlook to Marina In suite Laundry, gas fireplace 2 secured parking spaces Large Covered Balcony. Steps to Dyke and Steveston Village.
Bright spacious 2 bedroom 2 bathroom on the South west corner with bright pleasant outlook to Marina In suite Laundry, gas fireplace 2 secured parking spaces Large Covered Balcony. Steps to Dyke and Steveston Village.
Bright spacious 2 bedroom upper townhome in the popular Ironwood Area. Tastefully remodelled with newer flooring and light fixtures, crown mouldings, windows, appliances and more. In suite laundry, fireplace and plenty of storage space. Quiet private outlook. Close to Ironwood Mall, Silver City and easy access to Vancouver.
Bright spacious 2 bedroom upper townhome in the popular Ironwood Area. Tastefully remodelled with newer flooring and light fixtures, crown mouldings, windows, appliances and more. In suite laundry, fireplace and plenty of storage space. Quiet private outlook. Close to Ironwood Mall, Silver City and easy access to Vancouver.
11411 No 2 Road Richmond BC V7E 2E6 Westwind 4 Bedroom House
Prestigious Westwind Area well cared for 4 bedroom, 2 bathroom home on a 60 by 120 = 7201 Sqft Lot with a west backyard. Westwind and McKinney school catchment.
Prestigious Westwind Area well cared for 4 bedroom, 2 bathroom home on a 60 by 120 = 7201 Sqft Lot with a west backyard. Westwind and McKinney school catchment.
Features List
• 11411 No 2 Road
• Richmond BC
• Westwind
• 4 Bedrooms
• 2 Bathrooms
• 60 x 120 = 7201 Sqft
• Large backyard
• Hot Tub
• Westwind school
• McKinney School
Equal Housing Opportunity.
Posted by: Michael Cowling at 1:59pm
Tags: 11411 no 2 road richmond bc, michael cowling
West Cambie is located between the City Centre and Highway 99. There are a few neighbourhoods with a range of housing options, but West Cambie is mainly a commercial area. In West Cambie, the secondary school catchment is MacNeill School. The designated elementary feeder schools are Anderson, Cook, Talmey, and Tomsett.
As for East Cambie, it also has a range of services, housing and open space. Like West Cambie, East Cambie is mainly comprised by commercial services such as the Auto Mall. The focus in East Cambie is the Cambie Plaza neighbourhood service centre and the Cambie Community Centre. The secondary school catchment is Cambie School. The designated elementary feeder schools are McNeely, Mitchell, and Tait.
Posted by: Michael Cowling at 1:35pm
Tags: richmond bc community - west and east cambie, michael cowling
City Centre is located in the centre core and around the south-eastern portions of Richmond. Some of the main attractions in the City Centre are the Richmond Shopping Mall, Lansdowne Shopping Mall, Aberdeen Shopping Centre, Richmond Oval, and Garden City Shopping Centre. The Richmond Public Library, Minoru Park, Minoru Swimming Pool and skating arena are also located in the City Centre which can be easily accessed for Richmond residents. Adding to the local character of City Centre, the Canada Line Skytrain connects Richmond to downtown Vancouver in just about 25 minutes. In the City Centre area, there is also a post-secondary institution, Kwantlen Polytechnic University. It offers educational programs and services available for full and part-time students. Kwantlen University is within walking distance from bus stops, Lansdowne skytrain station, and local residents. The secondary catchment in the City Centre area is Richmond High school. The designated elementary feeder schools for Richmond Secondary school are Blundell, Brighouse, and Ferris.
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