Archive for November, 2007
A Sunny Day in Coal Harbour, Vancouver
November 28th, 2007 Categories: Coal Harbour, Vancouver Real Estate
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Today’s Stats
November 28th, 2007 Categories: Vancouver Real Estate
Vancouver west side condos and townhomes
29 new listings. 9 price changes - all down. 24 sales.
yesterday’s stats 49 new listings, 18 price changes - all down. 40 sales.
Best mortgage rate today 5.5% on 5year variable.
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Wanted!
November 26th, 2007 Categories: Coal Harbour, Vancouver Real Estate
I have a delightful lady from Germany who wishes to purchase a Coal Harbour studio (or West End if its located near Alberni corridor). We have written 5 offers without success. please call me if you wish to sell your studio. 604-328-0077. Thank you.
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Today’s Stats
November 26th, 2007 Categories: Coal Harbour, Downtown, Kitsilano, Vancouver Real Estate
In my area there are 16 new listings and 15 price adjustments (all down) and 29 sales…more sales than listings. 7 sold at list price and 4 sold over list price, so nearly half of the sales still selling at or above list. We shall have to watch carefully and see if this is a trend. Traditionally as we approach Xmas the number of listings will drop, as will the sales.
It was a very busy last two weekends, the buyers are buying and there’s insufficient product. The buyers are both local and from out of town, including the US.
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Home Owner’s Property Taxes
November 23rd, 2007 Categories: Vancouver Real Estate
“The race is not always to the swift nor the battle to the strong, but that’s the way to bet”. Damon Runyan
I thought i’d do a few posts on property taxes.
Do you know what your property tax bill includes? Here’s what -
-Municipal Tax, which is set by the municipality and is based on revenue needs set by city council and staff in their annual budget. Revenue funds local infrastructure and services
-Regional District Tax, municipalities belong to a regional district, such as the GVRD. Regional services include water and sewer. Municipalities collect taxes for regional districts.
-School Tax, set by the BC Government to fund schools, this tax varies by school district and is paid by residential and non residential property owners
-Hospital tax, set by the BC Government to help fund health authorities. In the GVRD, hospitals are funded by the BC Government, not by property taxes
-Other Taxes - set by other local taxing authorities, but collected by the municipality to fund BC Assessment, the Municipal Finance Authority and TransLink
In fact, property taxes pay for Archives, Community Centres, Fire Departments, Historic Sites, Libraries, Local road maintenance, Museums, Parks, Police, Sewers, Skating rinks, Swimming pools and Water
Do you agree with what the governments spend your property taxes on?
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Changes to the Homeowner Protection Act
November 22nd, 2007 Categories: Real Estate Definitions, Vancouver Real Estate
Buying a new home in BC? here’s new legislation to be aware of
Effective November 19, 2007 these changes became law:
-an owner builder is not permitted to sell a home during construction “as is” without permission from the HPO
-an owner builder must occupy the new home for at least one year after obtaining an occupancy permit. the home cannot be sold or rented during this one year period.
-home buyers should understand that only owner builders who purchase 2-5-10 home warranty insurance from a warranty provikder have the backing of a new home warranty
-owner builders must provide a disclosure notice from the HPO to prospective buyers within the first 10 years after occupancy. Subsequent buyers are also required to provide a disclosure notice if they sell the home within the 10 year period. The disclosure states that the home was built by an owner builder. It also states whether or not there is a home warranty insurance policy.
-owner builders who sell their home within the first 10 years are obligated to subsequent purchasers for defects in the new home during that 10 year period.
-new homes under construction but not complete cannot be listed or sold unless the home is covered by home warranty insurance or has received an exemption.
Registry of new Homes - a searchable registry of new homes will soon be available to home buyers on the HPO website.
For more info in home warranties, visit www.hpo.bc.ca
Ever bought a new home? was it a good experience?
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Thursday’s Stats
November 22nd, 2007 Categories: Vancouver Real Estate
In my market area there were 19 new listings today and 15 sales, two sold at list and one above list, all but 2 were under $600K. 7 price reductions. total of 1169 west side condos for sale.
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Today’s Stats
November 21st, 2007 Categories: Coal Harbour, Downtown, Kitsilano, Vancouver Real Estate
In the west side condo stats for the day, there were 26 new listings and 20 sales. 5 of those sales sold over list price and 4 at list price - so almost 50% of the sales for the day are still selling with multiple offers.
total condo and townhome listings 1357, of those 130 in coal harbour, 391 downtown, 150 false creek north, 158 in the west end, 115 in kits and 125 in farview.
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Vancouver Downtown Condo Prices
November 21st, 2007 Categories: Coal Harbour, Downtown, Kitsilano, Vancouver Real Estate
| DOWNTOWN VANCOUVER CONDO PRICES 2007 |
Coal Harbour $793,741, False Creek North $824,442, Downtown $414,034, West End $475,981
CMHC says apartment starts in Downtown Vancouver drop by 37% and Vancouver Westside by 42% this year. However, condo construction picks up at a rapid rate of 93% in Vancouver Eastside.
According to analysts, Vancouver’s housing market is still considered healthy as only about 20% of properties are resold within a year, indicating speculation remains low.
Among the 8% of Vancouverites who are planning to buy a property, 35% are first time buyers and 64% are repeat buyers, according to CMHC’s survey.
Mortgage rate outlook is flat, according to CMHC’s regional economist Carol Frketich, at around 7%, down from the mid-2000 peak of 8.75%.
However, while still low by historical norms, mortgage rates are expected to rise .25 to .50% in 2008. The one year posted mortgage rate is forecast to be in the 6.50-7.50% range, while three and five year posted mortgage rates are forecast to be in the 6.75-7.75% in 2008.
I am finding there is a shortage of inventory, still lots of multiple offers happening, in all price ranges under $1 million. The buyers are first timers, investors and offshore people looking for vacation homes.
How are you finding the market? Do you think the above forecast is accurate and that prices will rise again next year?
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Proposed New Money Laundering and Terrorist Financing Regulations
November 21st, 2007 Categories: Vancouver Real Estate
“A man must live like a great brilliant flame and burn as brightly as he can. In the end he burns out but this is far better than a mean little flame”. Boris Yeltsin
What do you know about money laundering and terrorist financing regulations compliance that realtors must adhere to?
CREA set out a Call to Action Campaign regarding the new proposed regulations that apply only to REALTORS and not to other professionals who can sell real estate, such as lawyers. The new regulations are slated to become law in June 2008.
Realtors across the country responded by sending more than 12,000 e-letters to their MP. 12% were from BC.
As a result CREA representatives were able to meet with Federal Finance Minister Jim Flaherty to discuss our concerns. The Minister agreed to revisit the proposed new rules.
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