Sometimes the reason for putting your home on the market is crystal clear. For example, you might have a job relocation and need to move. Or, you might have decided to downsize because the kids have left the nest. However, there are many other motivations to list your home that are not as obvious, and yet are still good reasons to make a move. Here are just a few examples...

• You’re bored with your home and are looking for a change.

• There’s something you’ve always wanted in a home that your current property doesn’t have, such as a wooded backyard.

• You want to be closer to work, or to activities you enjoy, such as golf.

• You want to be closer to family.

• The neighbourhood is changing in a way that no longer fits the lifestyle you want.

• There’s another neighbourhood you’ve always dreamed of living in.

• Your tastes have changed and you want to live in a different type of home.

None of these reasons makes it an absolute necessity to list your property and find a new home. Yet, they’re all worth considering, especially if moving will make you and your family happier, and provide you with a more desirable lifestyle. Want to talk about the possibilities? Call me today!

Greater Vancouver Housing Market Sees Typical Spring Activity in April

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.

1. Home Buyers’ Plan

Qualifying home buyers can withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSPs for a down payment. Home buyers who have repaid their RRSP may be eligible to use the program a second time. Canada Revenue Agency

www.cra.gc.ca. Enter ‘Home Buyers’ Plan’ in the search box | 1.800.959.8287

2. GST Rebate on New Homes

New home buyers can apply for a rebate of the federal portion of the HST (the 5% GST) if the purchase price is less than $350,000. The rebate is up to 36% of the GST to a maximum rebate of $6,300. There is a proportional GST rebate for new homes costing between $350,000 and $450,000. Canada Revenue Agency

www.cra.gc.ca. Enter ‘RC4028’ in the search box | 1.800.959.8287

3. BC New Housing Rebate (HST)

Buyers of new or substantially renovated homes priced up to $525,000 are eligible for a rebate of 71.43% of the provincial portion (7%) of the 12% HST paid to a maximum rebate of $26,250. Homes priced at $525,000+ are eligible for a flat rebate of $26,250.

www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate  1.800.959.8287

Landlords buying new or substantially renovated homes are eligible for a rebate of 71.43% of the provincial portion of the HST, up to $26,250 per unit.

www.hstinbc.ca/making_your_choice/faqs/new_housing_rebate | 1.800.959.8287

5. BC Property Transfer Tax (PTT) First Time Home Buyers’ Program

www.rev.gov.bc.ca/rpt | 250.387.0604

This federal non-refundable income tax credit is for qualifying buyers of detached, attached, apartment condominiums, mobile homes or shares in a cooperative housing corporation. The calculation: multiply the lowest personal income tax rate for the year (15% in 2010) x $5,000. For the 2010 tax year, the maximum credit is $750. Canada Revenue Agency

www.cra.gc.ca/hbtc | 1.800.959.8281

7. BC Home Owner Grant

Reduces school property taxes by up to $570 on properties with an assessed value up to $1,150,000. For 2011, the basic grant is reduced by $5 for each $1,000 of value over $1,150,000, and eliminated on homes assessed at $1,264,000. An additional grant reduces property tax by a further $275 for a total of $845 for seniors, veterans and the disabled. This is reduced by $5 for each $1,000 of assessed value over $1,150,000 and eliminated on homes assessed at $1,319,000+. BC Ministry of Small Business and Revenue

Property Tax Deferment Program for Seniors.

Qualifying home owners aged 55+ may be eligible to defer property taxes.

Financial Hardship Property Tax Deferment Program.

Qualifying low-income home owners may be eligible to defer property taxes.

Property Tax Deferment Program for Families with Children.

Qualifying low income home owners who financially support children under age 18 may be eligible to defer property taxes.

BC Ministry of Small Business and Revenue

www.sbr.gov.bc.ca and enter ‘Property tax deferment’ in the search box or contact your municipal tax office.

9. Canada Mortgage and Housing (CMHC) Residential Rehabilitation Assistance Program (RRAP) Grants

This federal program provides financial aid to qualifying low-income home owners to repair substandard housing. Eligible repairs include heating, structural, electrical, plumbing and fire safety. Grants are available for seniors, persons with disabilities, owners of rental properties and owners creating secondary and garden suites.

www.cmhc-schl.gc.ca/en/co/prfinas/prfinas_001.cfm | 1.800.668.2642 | 604.873.7408

10. CMHC Mortgage Loan Insurance Premium Refund

Provides home buyers with CMHC mortgage insurance, a 10% premium refund and possible extended amortization without surcharge when buyers purchase an energy efficient mortgage or make energy saving renovations.

www.cmhc.ca/en/co/moloin/moloin_008.cfm#reno | 604.731.5733

11. Energy Saving Mortgages

Financial institutions offer a range of mortgages to home buyers and owners who make their homes more energy efficient. For example, home owners who have a home energy audit within 90 days of receiving an RBC Energy Saver™ Mortgage, may qualify for a rebate of $300 to their RBC account.

www.rbcroyalbank.com/products/mortgages/energy-saver-mortgage.html | 1.800.769.2511

12. Low Interest Renovation Loans

Financial institutions offer ‘green’ loans for home owners making energy efficient upgrades. Vancity’s Bright Ideas personal loan offers home owners up to $20,000 at prime + 1% for up to 10 years for ‘green’ renovations. RBC’s Energy Saver loan offers 1% off the interest rate for a fixed rate installment loan over $5,000 or a $100 renovation on a home energy audit on a fixed rate installment loan over $5,000. For information visit your financial institution.

www.vancity.com/Loans/BrightIdeas and www.rbcroyalbank.com and in the search box enter ‘energy saver loan’.

Home owners improving the energy efficiency of their homes may qualify for cash incentives through this provincial program provided in partnership with Terasen Gas, BC Hydro, and FortisBC. Rebates are for energy efficient products which replace gas and oil furnaces, pumps, water heaters, wood stoves, insulation, windows, doors, skylights and more. The LiveSmart BC program also covers $150 of the cost of a home energy assessment, directly to the service provider.

www.livesmartbc.ca/rebates | 1.866.430.8765

Home owners and residential landlords buying heating fuel receive a BC government point-of-sale rebate on utility bills equal to the provincial component of the HST.

www.sbr.gov.bc.ca/documents_library/notices/HST_Notice_010.pdf or go to Google and in the search box type in ‘Residential Energy Credit rebate program.’ It is the first item. | 1.877.388.4440

15. BC Hydro Appliance Rebates

Mail-in rebates of $25 - $50 for purchasers of ENERGY STAR clothes washers, refrigerators, dishwashers, or freezers

until March 31, 2011, or when funding for the program is exhausted. www.bchydro.com/rebates_savings/appliance_rebates.html | 1.800.224.9376

16. BC Hydro Fridge Buy-Back Program

This ongoing program rebates BC Hydro customers $30 to turn in spare fridges in working condition.

www.bchydro.com/rebates_savings/fridge_buy_back.html | 604.881.4357

17. BC Hydro Windows Rebate Program

Pay no HST when you buy ENERGY STAR high-performance windows and doors. This offer is available

until March 31, 2011.

www.bchydro.com/rebates_savings/windows_offers/current_offers.

html | 604.759.2759 for a free in-home estimate.

18. BC Hydro Mail-in Rebates/Savings Coupons

To save energy, BC Hydro offers rebates including 10 % off an ENERGY STAR cordless phone. Check for new offers and for deadlines.

www.bchydro.com/rebates_savings/coupons.html | 1.800.224.9376

19. Fortis BC (formerly Terasen Gas) Rebate Program

A range of rebates for home owners include a $50 rebate for upgrading a water heater, $150 rebate on an Ener-Choice fireplace (both good

until March 31, 2011) and a $1,000 rebate for switching to natural gas (from oil or propane) and installing an ENERGY STAR heating system (good until February 29, 2012). http://www.fortisbc.com/NaturalGas/Homes/Offers/Pages/Residential-Water-Heater-Program.aspx| 1.888.224.2710

For commercial buildings, provides a cash rebate of up to 75% of the purchase price of an energy efficient boiler, for new construction or retrofits.

http://www.fortisbc.com/NaturalGas/Business/Offers/Pages/default.aspx. | 1.888.477.0777

21. City of Vancouver Solar Homes Pilot

This rebate of $3,000 (about 50% of the cost) is for a Vancouver home owner upgrading to a solar hot water system from a gas system. Offered by the City of Vancouver, SolarBC, Terasen Gas and Offsetters on a first come, first served basis

until March 2011 or until the City reaches its target of 30 solar homes. www.vancouver.ca/sustainability/SolarHomes.htm | 604.873.7748

22. City of Vancouver Rain Barrel Subsidy Program

The City of Vancouver provides a subsidy of 50% of the cost of a rain barrel for Vancouver residents. With the subsidy, the rain barrel costs $75. Buy your rain barrel at the Transfer Station at 377 W. North Kent Ave., Vancouver, BC. Limit of two per resident. Bring proof of residency.

www.vancouver.ca and in the search box enter ‘rain barrel program.’ 604.736.2250. Other municipalities have similar offers.

23. Vancity Green Building Grant

In partnership with the Real Estate Foundation of BC, Vancity provides grants up to $50,000 each to qualifying charities, not-for-profit organizations and co-operatives for projects which focus on building renovations/retrofits, regulatory changes that advance green building development, and education to increase the use of practical green building strategies.

www.vancity.com/MyCommunity/NotForProfit/Grants/ActingOnClimateChange GreenBuildingGrant | 604.877.7000

24. Local Government Water Conservation Incentives

Your municipality may provide grants and incentives to residents to help save water. For example, the City of Coquitlam offers residents a $100 rebate and the City of North Vancouver, District of North Vancouver, and District of West Vancouver offer a $50 rebate when residents install a low-flush toilet. Visit your municipality’s website and enter ‘toilet rebate’ to see if there is a program.

25. Local Government Water Meter Programs

• Maximum amortization reduced to 30 years from 35 years.
• Maximum refinancing limits reduced to 85% from 90%.
• No more ability for lenders to receive mortgage insurance on lines of credit (beginning April 18th).

More details regarding these changes will no doubt trickle out over the next few days. Although the first two points are directly aimed at high ratio financing involving the mortgage insurers it will be interesting to see if any lenders eliminate 35 year amortizations even on conventional financing deals.

Take note that CMHC purshases with 5% down are not affected by these rules because a purchase is treated differently than a refinance. There was substantial concern in the industry that the government was going to increase minimum downpayment requirements from the current 5% level to possibly as high as 10%. Thankfully, this didn't  happen although it may down the road.

Real Estate Market Stable at 2009 Year-End

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2010 reached 30,595, a 14.2 per cent decrease from the 35,669 sales recorded in 2009, but a 24.2 per cent increase from the 24,626 residential sales in 2008. Last year’s number of housing sales was 10.3 per cent below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.

“The last two years have been a bit of a rollercoaster for the real estate market. However, sales over the past six months have definitely shown a trend toward stability. We think that’s good news for home buyers and sellers,” Jake Moldowan, REBGV president said. “The Greater Vancouver housing market experienced a modest increase in home prices in 2010, and a continual decrease in the number of properties being listed for sale.”

“Although we saw some pressure on home prices throughout the year, home values in 2010 remained relatively steady in the region compared to the last few years when we witnessed much more fluctuation,” Moldowan said.

Dropping...

Baby Steps...

Mortgage Rate Forecast

No Surprise Hikes.

Not much movement with interest rates this week. All lenders raised their prime rate last week with the Bank of Canada...but we were all ready for that move. The bond market has left room for lenders to bring down their longer term rates. The 5 year rate could come down by another .5%. The Banks are charging 4.49% for their 5 year rate while others are willing to discount further. Low rates are here for awhile longer. Still a great time to keep floating!

Bank of Canada Increases Overnight Rate Target to 1/2 per cent and Re-establishes Normal Functioning of the Overnight Market
OTTAWA - June 1, 2010

Wednesday, May 5, 2010 - The first survey ranking Canada's top real-estate brokerages is being released today and industry executives are already squabbling over the top rankings.

      The top firm in the country by dollar value of transactions is Vancouver-based Macdonald Realty Group, which had more than $4.7-billion in sales in 2009, says the survey by Real Trends Inc., which provided an advance copy to the Financial Post.

      But the results are being challenged by Royal LePage Real Estate Services Ltd. chief executive Phil Soper, who said they are "self-reported."

      Colorado-based Real Trends, which has been doing the survey for 20 years in the United States, said all the data were verified by either an external accountant's letter certifying the accuracy or, if the firm was part of a branded chain, explicit approval by the franchisor.

      Dan Scarrow, the vice-president of strategy with Macdonald Realty, said since most of the transactions go through the Multiple Listing Service, they are public and easily verifiable. Any brokerage making up a number is sure to be called on it, he said.

      "We are the largest independent brokerage in a very large market and the market is very fragmented," said Mr. Scarrow in explaining his No. 1 ranking on the list.

      The No. 2-ranked firm in terms of dollar value was Re/Max Real Estate Central in Calgary, with $2.75-billion in sales. That Re/Max brokerage, with 242 agents, finished more than $200-million ahead of Mr. Soper's fifth-placed Royal LePage Real Estate Services Ltd., which has 1,258 agents.

      "It's grossly wrong," said Mr. Soper, casting doubt on the findings that did place his firm No. 1 in the country by volume of transactions, with 9,849 sales concluded. Royal LePage operates a franchise model and also has 15 offices that are corporately owned.

      "We sent out announcements multiple times to everybody, from [the Canadian Real Estate Association] to all the national brands. Every single one of them.

"We talked to other brokerages who do business in Canada," said Steve Murray, editor of Real Trends. "I'm sure somebody will be left out, but we tried to make sure every broker who does 500 transactions in Canada had a chance to apply."

      Real Trends does not charge brokers to be part of the list, but does try to sign up companies for its subscription service. "Brokerages can benchmark themselves against others and see the general trends among different brands and provinces," Mr. Murray said. "The large brokers can see whether they are doing better than the market, as well as the market or trailing the market. There is all kinds of statistical stuff that has never before been available to the Canadian market."

      He admitted there has been some resistance to the rankings in the Canadian market because some brokerages have never revealed such information before.

Of the 200 firms that participated, there were 392,898 transactions, Real Trends says. That represents only about 42% of total transactions in Canada. There were 465,251 transactions in Canada conducted through the MLS in 2009, according to CREA, and each transaction has a buyer and a seller.

      Michael Polzler, executive vice-president of Re/Max Ontario Atlantic-Canada, said those not on the list this year because they chose not to participate might think twice in 2010 as the survey becomes more well-known.

      "Our market performance speaks for itself," said Mr. Polzler. Brokerages under the Re/Max brand had four of the top 10 spots in terms of sales and dollar value of transactions.

Number of Listings Rise to Start Off the Spring Season!

“With a sales-to-listing ratio of 23%, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said.