Posted on
January 29, 2009
by
Lyn Hart
Please visit our Open House at 404-1990 E. Kent Avenue in Vancouver.
OPEN HOUSE: Sun. Feb. 1st / 1 to 3 pm
Large 1060 sq.ft. top floor southwest facing suite overlooking lagoon and
the mighty Fraser river. 2 bedrooms, 2 baths with vaulted ceilings, gas
fireplace, in-suite laundry, hardwood floors, window seat, custom made drapery,
slate tile entry. AND...this is a rainscreened
building with amazing clubhouse facilities! Enjoy the peace and tranquility of
the view from your balcony, walk or bike along the Fraser River. What a great
lifestyle!
Posted on
January 20, 2009
by
Lyn Hart
Please visit our Open House at 404-1990 E. Kent Avenue in Vancouver.
OPEN HOUSE: Sun. Jan. 25th 2-4 pm
Large 1060 sq.ft. top floor southwest facing suite overlooking lagoon and
the mighty Fraser river. 2 bedrooms, 2 baths with vaulted ceilings, gas
fireplace, in-suite laundry, hardwood floors, window seat, custom made drapery,
slate tile entry. AND...this is a rainscreened
building with amazing clubhouse facilities! Enjoy the peace and tranquility of
the view from your balcony, walk or bike along the Fraser River. What a great
lifestyle!
Posted on
January 20, 2009
by
Lyn Hart
I have listed a new property at 306 2890 POINT GREY RD in Vancouver.
Killarney Manor may be one of the West side's most recognized landmarks. This
4th floor, front facing one bedroom suite occupies one of the best positions in
the building. Throughout this particular condo there are some aspect of
breathtaking views over Point Grey Road to English Bay and the mountains beyond.
There are 9 foot ceilings, original oak floors and several configurations within
the massive 19x14 living room area. Depending on needs, the adjacent dining area
might be used instead as an open or semi-open office or den. The efficient
kitchen and bath have been renovated in the early 1990's with the possibility of
installation of insuite laundry. The bedroom has been modified to allow for a
King-size bed.
Posted on
January 20, 2009
by
Lyn Hart
Please visit our Open House at 306 2890 POINT GREY RD in Vancouver.
OPEN HOUSE: Sat. Jan. 24th 1:30-3 pm
Killarney Manor may be one of the West side's most recognized landmarks. This
4th floor, front facing one bedroom suite occupies one of the best positions in
the building. Throughout this particular condo there are some aspect of
breathtaking views over Point Grey Road to English Bay and the mountains beyond.
There are 9 foot ceilings, original oak floors and several configurations within
the massive 19x14 living room area. Depending on needs, the adjacent dining area
might be used instead as an open or semi-open office or den. The efficient
kitchen and bath have been renovated in the early 1990's with the possibility of
installation of insuite laundry. The bedroom has been modified to allow for a
King-size bed.
Posted on
January 20, 2009
by
Lyn Hart
January 20, 2009 - Nothing but GREAT news today! The Bank of Canada has dropped their rate by .5% to the lowest rate in history, and the Banks are passing on the drop. Prime rate is now at 3%...Keep Floating!
Longer term rates are edging down and will keep on this trend. The Real Estate market appears to be heating up with strong numbers heading to open houses and reports of competing offers.
Bank Prime Rate 3.00%
|
Term |
Best |
Bank Posted |
|
1 year |
3.99% |
5.60% |
|
3 year |
4.64% |
6.25% |
|
5 year |
4.49% |
6.75% |
|
10 year |
6.10% |
7.55% |
|
25 year |
9.75% |
n/a |
Variable mortgages from prime plus .60%
Bold numbers denote change from last posted rates.
Posted on
January 20, 2009
by
Lyn Hart
Earlier this month, BC Assessment (BCA) sent property assessment notices
to property owners who reside within Vancouver.
This annual process is often a confusing one for many commercial and residential property owners. Typically, there is a difference between the property value assessment on the assessment notice and the current market value as determined by a REALTOR®.
This difference is a result of two factors. The first factor involves BCA’s mass appraisal system, which calculates property value by evaluating prices for homes sold in each neighbourhood or for units in
a strata complex and then applies the information to arrive at an assessed value. The variables BCA uses to calculate this value include house type, square footage, age, heating, property classification or use, and additions or demolitions of features such as garages, sheds, pools and spas.
The second factor depends on the time at which a property is assessed. Normally, a 2009 assess-ment notice is BCA’s estimate of a property’s market value as of July 1, 2008, whereas a REALTOR®’s market value reflects the current state of the market, not the market six months ago.
Whats New?
Temporary changes to the assessment process by the provincial government makes the 2009 assessment roll somewhat unique.
For this year only, assessment notices will show the assessed value of a property as of both July 1, 2007 and July 1, 2008. The lower of these two values is the official 2009 property assessment.
For most properties, this means there will be no change between the 2008 and 2009 assessment. The lower value is the basis upon which 2009 property taxes will be calculated.
The provincial government believes this measure will help stabilize the provincial economy.
Assessments are Up!
Provincially, property values increased by 1.4 per cent over the 2008 assessment roll, to $953 billion from $940 billion last year. Jason Grant, area assessor for the Vancouver Sea to Sky Region, attributes this increase to new construction, though stresses that the new government regulations ensure that property values remain virtually unchanged over last year.
“About 94 per cent of property owners in British Columbia will see identical or lower assessed values on their 2009 property assessment notices compared to last year,” Grant explains.
There is an appeal process for those who think their assessments don’t reflect market value as of July 1, 2008 or July 1, 2007. To appeal your assessed value or correct information on the assessment notice, contact the BCA office indicated on your assessment notice as soon as possible.
Posted on
January 15, 2009
by
Lyn Hart
Welcome to a new year of possibilities! Interest rates on mortgages have been edging down and should continue this trend for many months as the economy works the bugs out. The Bank of Canada meets on January 20th and should lower rates by .25%-.50%.
The Canadian Government is hammering on the banks to quit hoarding money by increasing their spreads they charge and so we should see more long term rate decreases as well.
Bank Prime Rate 3.50%
|
Term |
Best |
Bank Posted |
|
1 year |
4.00% |
5.60% |
|
3 year |
4.69% |
6.25% |
|
5 year |
4.75% |
6.75% |
|
10 year |
6.10% |
7.55% |
|
25 year |
6.75% |
n/a |
Bold numbers denote change from last posted rates.
Posted on
January 9, 2009
by
Lyn Hart
Please visit our Open House at # 1105-248 SHERBROOKE ST in New Westminster.
OPEN HOUSE: Sat/Sun. Jan. 17th &18th, 2-4 pm
HOT NEW PRICE and PERFECT for 1st TIME BUYERS! This well laid out 805 sf 2 bedroom & den/2 bath ground floor Copperstone suite has an open floor plan & all the nicest finishing touches incl upgraded pine cabinetry. Master bedroom has large walk-in closet leading to full ensuite bathroom wluxurious soaker tub. Den can serve as home office or flex storage space. Good sized patio is on the quiet side of the building sharing future landscaped green space & just waiting for your BBQ. The revitalized Sapperton area is fast becoming an ideal location w/its close proximity to Royal Columbian Hospital, shopping, easy commuter access & just 2 blks from new Sapperton skytrain. $269,000.
Posted on
January 9, 2009
by
Lyn Hart
Royal LePage Foresees
National Home Prices Declining Three Percent This Year
January 6, 2009 - THE CANADIAN PRESS
TORONTO - The average price of a house in Canada is likely to decline by three per cent this year, according to Royal LePage Real Estate Services (TSX:BRE.UN). The number of residential resale transactions is forecast to decline 3.5 per cent nationally, though the country's largest realty operator expects that there will still be local warm spots.
The forecast issued today follows a "significant reset" in 2008 - which Royal LePage predicted a year ago would see a 3.5 per cent average increase across the country.
In the event, preliminary numbers show a 1.1 per cent decline for 2008. Royal LePage says this came as "emotional reaction to recent economic and political instability did much to dampen consumer confidence during the latter part of 2008, causing a marked slowdown in house sales activity."
However, it predicts that "a more rational understanding of the issues" along with government corrective measures will cause activity to pick up in the latter half of 2009.
Overall, Royal LePage sees "only modest price and unit sales corrections." Nationally, the average house price is forecast to dip to $295,000, off from $304,000 in 2008, which in turn was down from $307,265 in the peak year of 2007.
"While Canada's housing market is anticipated to continue to move through a period of adjustment over the next six months, we should expect modestly lower home prices, not a U.S.-style collapse, which was brought on by a structural failure of the entire American credit system," stated Royal LePage CEO Phil Soper. "Most consumers are not aware that nationally, Canadian housing market activity peaked in 2007 and has been adjusting lower since. We are well into this inevitable cyclical correction."
In spite of the cooling trend on a national level, price and activity gains are still anticipated in some provinces, the Royal LePage report added. In mid-sized cities where prices remain below the national average, such as Regina and Winnipeg, prices are expected to increase moderately. Meanwhile, the steepest decline is forecast for Canada's most expensive city, Vancouver - "a natural cyclical reaction to an extended period of high price appreciation."
Posted on
January 5, 2009
by
Lyn Hart
Improved Housing Affordability
to Greater Vancouver in 2008
VANCOUVER, B.C. – January 5, 2009 –
The record-breaking real estate market cycle in Greater Vancouver, longer than normal at seven consecutive years, ended in 2008 amidst global economic challenges. The change brought relief from rising prices that saw benchmark prices escalate from $357,770 for a single family detached home in December 2001 to $648,421 by December 2008.
The Real Estate Board of Greater Vancouver (REBGV) reports that sales of detached, attached and apartment properties decreased 35.3 per cent in 2008 to 24,626 sales compared to 38,050 sales in 2007. Property listings for the year increased 13.9 per cent to 62,561 compared to 2007 when 54,945 new properties were listed.
“Trends in the latter half of 2008 showed a consistent month-over-month decrease in residential housing prices, a departure from the rising home prices and record-breaking sales that were experienced in Greater Vancouver for much of this decade,” said REBGV president, Dave Watt. “It’s also important to note that our December statistics show a third consecutive month of a decrease in active
property listings in Greater Vancouver. That means supply is coming down,” Watt said. “Last month was also the first time in 27 years that Greater Vancouver homes sales for December were higher than November.”
Residential benchmark prices, as calculated by the MLSLink Housing Price Index®, declined 10.9 per cent between Decembers 2007 and 2008. Since May 2008, the overall residential benchmark price has declined 14.8 per cent in Greater Vancouver to $484,211 from $568,411.
“For buyers, lower prices haven’t been a concern as much as the perception that prices are falling. It’s difficult to identify the ‘bottom’ of the market. The reality is that people tend to buy when prices are going up, not when they’re going down,” Watt said.
In December 2008, sales of detached, attached and apartment properties totalled 924, a decrease of 51.3 per cent compared to the 1,897 sales in December 2007. New listings for detached, attached and apartment properties declined 8.6 per cent to 1,550 in December 2008 compared to December 2007 when 1,695 new units were listed. Total listings in December declined 17.2 per cent to 15,193 from the 18,348 total active listings in Greater Vancouver in November 2008. Sales of detached properties in December 2008 declined 48.7 per cent to 348 from the 679 units sold during the same period in 2007.
The benchmark price for detached properties declined 11.2 per cent from $730,399 in December 2007 to $648,421 in December 2008. Since May 2008, the benchmark price for a detached property in Greater Vancouver has declined 15.9 per cent. Sales of apartment properties declined 53.7 per cent last month to 417 compared to 901 sales in December 2007.
The benchmark price of an apartment property declined 11.7 per cent from $377,579 in December 2007 to $333,275 in December 2008. Since May 2008, the benchmark price for an apartment property in Greater Vancouver has declined 14.5 per cent. Attached property sales in December 2008 decreased 49.8 per cent to 159, compared with the 317 sales in December 2007. The benchmark price of an attached unit declined 7.4 per cent from $456,941 in December 2007 to $423,338 in December 2008.
Since May 2008, the benchmark price for an attached property in Greater Vancouver has declined 11.6 per cent.
The Real Estate Board of Greater Vancouver is an association representing more than 9,500 REALTORS®. The Real Estate Board provides a variety of membership services, including the Multiple Listing Service®. For more information on real estate, statistics, and buying or selling a home, contact a local REALTOR® or visit www.rebgv.org.
To read the REBGV latest news release in its entirety, including the latest statistics, click here!
According to the most recent Real Estate Board of Greater Vancouver’s 
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.
