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Posted in Kitsilano, Vancouver West Real Estate
Please visit our Open House at 204 1450 Laburnum ST in Vancouver.
OPEN HOUSE: Sat/Sun. Sept 10/11 2-4pm
Welcome to "Kitsilano Point", a well maintained property in a prime location. This 2 bedroom 2 bathroom suite is on the Northwest corner & has beautiful treed outlooks from every window. There is a large balcony & insuite laundry, as well as a shared laundry in the building. The kitchen & guest bathroom were professionally renovated 3 years ago. The location is prime Kits Point, only 1 block to Kits Beach & very convenient to parks, restaurants, shopping, transit & other services. A garage parking spot & a storage locker are included. Rentals are allowed & your pet is welcome.
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Greater Vancouver Home Sales Trend Towards Buyers' Market Over Summer

Real Estate Board of Greater Vancouver NEWS RELEASE
 
Vancouver, BC. September 2, 2011 - August marked the third consecutive month that home sale activity in Greater Vancouver was below the 10-year average for the month. In contrast, home listing activity in the region has exceeded the 10-year norm every month since the beginning of the year.
      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 2,378 in August. This total represents an eight per cent increase compared to the 2,202 sales in August 2010, but also ranks as the third lowest total for August in the last 10 years.
      “MLS® statistics continue to indicate that we’re in a balanced market,” Rosario Setticasi, REBGV president said. “However, with a sales-to-actives listings ratio of 15 per cent, Greater Vancouver is in the lower end of a balanced market and has been trending toward a buyers’ market over the past three months.”
      New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,685 in August. This represents a 24.9 per cent increase compared to August 2010 when 3,750 properties were listed for sale on the MLS® and an eight per cent decline compared to the 5,097 new listings reported in July 2011. Last month’s new listing total was the highest volume recorded for August in 16 years.At 15,437, the total number of residential property listings on the MLS® increased 1.4 per cent in August compared to July 2011 and rose 0.1 per cent 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 8.5 per cent to $625,578 in August 2011 from $576,597 in August 2010.
      “Year over year, prices are up. However, in the detached home category, benchmark prices have come down slightly in each of the past two months,” Setticasi said. “It’s important for people entering the market to understand that activity can differ significantly depending on the area and property type.”
      Sales of detached properties on the MLS® in August 2011 reached 1,020, an increase of 14.2 per cent from the 893 detached sales recorded in August 2010, and a 25.4 per cent decrease from the 1,367 units sold in August 2009. The benchmark price for detached properties increased 11.7 per cent from August 2010 to $888,243.
      Sales of apartment properties reached 955 in August 2011, a 2.1 per cent increase compared to the 935 sales in August 2010, and a decrease of 34.8 per cent compared to the 1,464 sales in August 2009. The benchmark price of an apartment property increased 5.6 per cent from August 2010 to $407,457.
      Attached property sales in August 2011 totalled 403, a 7.8 per cent increase compared to the 374 sales in August 2010, and a 33.9 per cent decrease from the 610 attached properties sold in August 2009. The benchmark price of an attached unit increased 4.5 per cent between August 2010 and 2011 to $511,433.
 

The real estate industry is a key economic driver in British Columbia. In 2010, 30,595 homes changed ownership in the Board's area, generating $1.28 billion in spin-off activity and 8,567 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $21 billion in 2010. The Real Estate Board of Greater Vancouver is an association representing more than 10,000 REALTORS® and their companies. The Board provides a variety of member 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.

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Posted in Consumer Savings, HST, Real Estate Fees

Scrapped B.C. HST Means Consumer Savings!

CBC News - August 26, 2011 - B.C. families can expect to save hundreds of dollars a year once the province returns to the PST and GST system, which the provincial government Friday said would be completed by March 2013.
  
An independent panel appointed by the government reported in May that families earning between $40,000 and $60,000 a year would pay about $350 more annually in sales taxes due to the HST. That amount rose to more than $1,000 a year extra for individuals or families making more than $100,000.
  
"There is a slight benefit to consumers under the old PST system compared to the HST," said Helmut Pastrick, chief economist for the Central Credit Union. One of the biggest objections to the HST — which combined the five-per-cent GST and the seven-per-cent PST — was its application to many items that previously had not been taxed.
 
After the announcement Friday that the HST had been rejected in the provincewide referendum, both Premier Christy Clark and Finance Minister Kevin Falcon promised that all the product and service sales tax exemptions that existed before the HST would be reinstated.

Range of consumer items:

Some of the items that consumers can expect — in 18 months — to once again be PST-exempt include:

  • New homes over $525,000.
  • Real estate fees.
  • Moving services.
  • Home renovations and landscaping.
  • Purchase or lease of a fuel efficient vehicle.
  • Restaurant meals and snack foods.
  • Domestic flights, coach bus, rail and taxi.
  • Sporting events, movie tickets, gym memberships, concerts, camping sites
  • Beauty salon services.
  • Over-the-counter medications.
  • School supplies.
  • Wedding expenses.
  • Telephone and TV service.

Critics of the PST point out that there may not be any real long-term savings under the PST system, because it will provide less government revenue and lead to an increased provincial deficit, which theoretically will have to be paid for eventually with tax dollars.

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Posted in Mount Pleasant VE, Vancouver East Real Estate
I have sold a property at 762 10TH AVE E in Vancouver
Property Photo: 762 10TH AVE E in Vancouver
I have sold a property at 762 10TH AVE E in Vancouver.
Roll up your sleeves & give this home the TLC it deserves! This solid 4 bedroom, 2 bathroom family home is situated in a charming Mt. Pleasant neighborhood on the 10th Avenue Bikeway. 4 bedrooms up & generous family/dining room on mainfloor, kitchen and living space is a blank canvas for your decorating ideas. Basement has bathroom, roughed kitchen, separate entrance & good height for potential mortgage helper. New roof in 2010, newer HE furnace, double garage, RT-5 (2 family dwelling) zoning on a 32 x 122 lot. Try your offer! Open House date: Sat May 7th 2-4 pm. Offers, if any, emailed to LR by 6:00 pm, Sun May 8th. Please allow time for seller response.
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Posted in Home Inspections, Home owners, home renovations, Homeowners, Knob and Tube Wiring

How to Budget for Home Maintenance

Courtesy of Pillar to Post Home Inspection
  
It's important for home buyers to remember that all homes, old or new, need ongoing maintenance.

First, buyers should understand the 1% rule. This rule postulates that normal maintenance on a home is about 1% of the value of the home per year. For example, a $250,000 home would require $2,500 per year to maintain. This would be enough to replace the roof covering...and then, a few years later, to replace a failed hot water tank...and then a few years more until a new central air system is required.

Then there is the 3% rule. Some experts say that home buyers should plan on spending 3% of the value of the home in the first year of ownership. This is because new homeowners will most likely have to buy drapes, blinds, a washer and dryer, a stove, maybe even a new roof covering. Also, new homeowners often customize the environment to their taste, so they need to budget for repairs, replacements and maintenance.

In addition, most home components have fairly predictable life cycles. For example, the typical life cycle of a high-efficiency furnace is 15 to 20 years. What this means is that most high-efficiency furnaces last between 15 and 20 years.

One way to know the extent of the maintenance needed and the costs to repair and/or replace items is to have a home inspection conducted. Home inspectors are required to let the buyer know if a component is significantly deficient or if it is near the end of its life cycle (service life), and a reputable home inspection company may offer up-to-date repair-cost guides to help clients with their planning.

Home inspectors work with Realtors and buyers to help them understand the issues that are found in the home, regardless of age, offering the right perspective and objective information. Home buyers need to understand that it's normal for items in a home to wear out. This should be regarded as normal "wear and tear" and not necessarily a defect.

A good home inspection determines the current condition of the house, offering a report of all the systems and components in need of maintenance, service, repair or replacement.

For example, consider a home inspection that uncovers that the heating system is old and requires replacement. A home buyer may see this as a huge problem. However, this problem may be the only item in the home that requires attention. If a buyer were to look at this situation in perspective, this home could be well above average-a home merely requiring a new furnace.

A good home inspection provides objective information to help the buyer make an informed decision. Knowing what items need to be budgeted for repair or replacement will help home buyers plan or negotiate better and not be stuck with unexpected costs of hundreds, or even thousands of dollars in the long run. Also, fixing these items will make a marked improvement on the performance of a home and minimize issues that could affect its future integrity...and value.
 
To find a licensed Home Inspector near you, contact Lyn at 604-724-4278.
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Posted in market, real estate, real estate market, real estate market report, Vancouver East Real Estate, Vancouver Real Estate blog, Vancouver real estate market

Greater Vancouver Housing Market Sees Typical Spring Activity in April

Courtesy of The Real Estate Board of Greater Vancouver
 
Greater Vancouver saw a typical, solid month of residential home sales on the Multiple Listing Service® (MLS®) in April, in contrast to the near record pace witnessed in the two preceding months.
 
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties in Greater Vancouver reached 3,225 in April 2011, an 8.2 per cent decrease compared to the 3,512 sales in April 2010 and a 21 per cent decline compared to the 4,080 sales in March 2011.
 
Looking back further, last month’s residential sales represent an 8.8 per cent increase over the 2,963 residential sales in April 2009, relatively unchanged compared to April 2008, and a 4.8 per cent decline compared to the 3,387 sales in April 2007.
 
“While it continues to be a seller’s market in Greater Vancouver, last month’s activity brought greater balance between supply and demand in the overall marketplace,” Rosario Setticasi, REBGV president said. “The year-over-year decline in April sales can be attributed to a less active condominium market on our MLS®, as there were more detached and townhome sales this April compared to last year.”
 
New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,847 in April 2011. This represents a 23.5 per cent decline compared to April 2010 when 7,648 properties were listed for sale on the MLS®, which was an all-time record for April. Compared to March 2011, last month’s new listings total registered a 14 per cent decline.
 
At 14,187, the total number of residential property listings on the MLS® increased 8.2 per cent in April compared to last month and declined 10 per cent from this time last year.
 
“There’s considerable variation in activity within the communities in our region. This is causing home price trends to differ depending on the area,” Setticasi said. “Your local REALTOR® is a valuable resource for obtaining the most accurate, up-to-date market evaluation.”
 
The MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver over the last 12 months has increased 5 per cent to $622,991 in April 2011 from $593,419 in April 2010.
 
Sales of detached properties on the MLS® in April 2011 reached 1,402, an increase of 2.3 per cent from the 1,370 detached sales recorded in April 2010, and a 17.8 per cent increase from the 1,190 units sold in April 2009. The benchmark price for detached properties increased 7.4 per cent from April 2010 to $879,039.
 
Sales of apartment properties reached 1,201 in April 2011, a 21.3 per cent decrease compared to the 1,526 sales in April 2010, and an increase of 1.9 per cent compared to the 1,179 sales in April 2009. The benchmark price of an apartment property increased 2.9 per cent from April 2010 to $409,242.
 
Attached property sales in April 2011 totalled 622, a 1 per cent increase compared to the 616 sales in April 2010, and a 4.7 per cent increase from the 594 attached properties sold in April 2009. The benchmark price of an attached unit increased 2.4 per cent between April 2010 and 2011 to $514,670.

 

The real estate industry is a key economic driver in British Columbia. In 2010, 30,595 homes changed ownership in the Board's area, generating $1.28 billion in spin-off activity and 8,567 jobs. The total dollar value of residential sales transacted through the MLS® system in Greater Vancouver totalled $21 billion in 2010.



 
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Posted in Mount Pleasant VE, Vancouver East Real Estate
Property Photo: 762 10TH AVE E in Vancouver
I have listed a new property at 762 10TH AVE E in Vancouver.
Roll up your sleeves & give this home the TLC it deserves! This solid 4 bedroom, 2 bathroom family home is situated in a charming Mt. Pleasant neighborhood on the 10th Avenue Bikeway. 4 bedrooms up & generous family/dining room on mainfloor, kitchen and living space is a blank canvas for your decorating ideas. Basement has bathroom, roughed kitchen, separate entrance & good height for potential mortgage helper. New roof in 2010, newer HE furnace, double garage, RT-5 (2 family dwelling) zoning on a 32 x 122 lot. Try your offer! Open House date: Sat May 7th 2-4 pm. Offers, if any, emailed to LR by 6:00 pm, Sun May 8th. Please allow time for seller response.
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Posted in Mount Pleasant VE, Vancouver East Real Estate
Property Photo: 762 10TH AVE E in Vancouver
Please visit our Open House at 762 10TH AVE E in Vancouver.
Open House on Saturday, May 7, 2011 2:00 pm - 4:00 pm
Roll up your sleeves & give this home the TLC it deserves! This solid 4 bedroom, 2 bathroom family home is situated in a charming Mt. Pleasant neighborhood on the 10th Avenue Bikeway. 4 bedrooms up & generous family/dining room on mainfloor, kitchen and living space is a blank canvas for your decorating ideas. Basement has bathroom, roughed kitchen, separate entrance & good height for potential mortgage helper. New roof in 2010, newer HE furnace, double garage, RT-5 (2 family dwelling) zoning on a 32 x 122 lot. Try your offer! Open House date: Sat May 7th 2-4 pm. Offers, if any, emailed to LR by 6:00 pm, Sun May 8th. Please allow time for seller response.
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Posted in Mount Pleasant VW, Vancouver West Real Estate
Property Photo: 704 428 8TH AVE W in Vancouver
Please visit our Open House at 704 428 8TH AVE W in Vancouver.
Open House on Sunday, May 8, 2011 1:00 pm - 3:00 pm
Outstanding urban penthouse loft at renowned XL Lofts! Floor to ceiling windows on two levels with partial western city & mountain views. Private entrance in secure, well-maintained building, open kitchen & living space with cozy gasfireplace, stainless steel appliances, polished concrete floor below, beautiful bamboo hardwood above, high ceilings with custom-designed, spirtal staircase leading up to large master bedroom w/ ensuite & second bedroom. Commercial live/work zoning. Steps to Starbucks, Whole Foods, London Drugs, Liquor Store, Canadian Tire, Home Depot, skytrain. 1 parking and visitor parking. Rentals & pets allowed! PUBLIC OPENS: Saturday/Sunday April 30th/May 1st, 2-4 PM.
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Posted in Mount Pleasant VW, Vancouver West Real Estate
Property Photo: 704 428 8TH AVE W in Vancouver
Please visit our Open House at 704 428 8TH AVE W in Vancouver.
Open House on Sunday, May 1, 2011 2:00 pm - 4:00 pm
Outstanding urban penthouse loft at renowned XL Lofts! Floor to ceiling windows on two levels with partial western city & mountain views. Private entrance in secure, well-maintained building, open kitchen & living space with cozy gasfireplace, stainless steel appliances, polished concrete floor below, beautiful bamboo hardwood above, high ceilings with custom-designed, spirtal staircase leading up to large master bedroom w/ ensuite & second bedroom. Commercial live/work zoning. Steps to Starbucks, Whole Foods, London Drugs, Liquor Store, Canadian Tire, Home Depot, skytrain. 1 parking and visitor parking. Rentals & pets allowed! PUBLIC OPENS: Saturday/Sunday April 30th/May 1st, 2-4 PM.
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Posted in Mount Pleasant VW, Vancouver West Real Estate
Property Photo: 704 428 8TH AVE W in Vancouver
I have listed a new property at 704 428 8TH AVE W in Vancouver.
Outstanding urban penthouse loft at renowned XL Lofts! Floor to ceiling windows on two levels with partial western city & mountain views. Private entrance in secure, well-maintained building, open kitchen & living space with cozy gasfireplace, stainless steel appliances, polished concrete floor below, beautiful bamboo hardwood above, high ceilings with custom-designed, spirtal staircase leading up to large master beroom w/ ensuite & second bedroom. Commercial live/work zoning. Steps to Starbucks, Whole Foods, London Drugs, Liquor Store, Canadian Tire, Home Depot, skytrain. 1 parking and visitor parking. Rentals & pets allowed! PUBLIC OPENS: Saturday/Sunday April 30th/May 1st, 2-4 PM.
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Posted in Mount Pleasant VW, Vancouver West Real Estate
Property Photo: 704 428 8TH AVE W in Vancouver
Please visit our Open House at 704 428 8TH AVE W in Vancouver.
Open House on Saturday, April 30, 2011 2:00 pm - 4:00 pm
Outstanding urban penthouse loft at renowned XL Lofts! Floor to ceiling windows on two levels with partial western city & mountain views. Private entrance in secure, well-maintained building, open kitchen & living space with cozy gasfireplace, stainless steel appliances, polished concrete floor below, beautiful bamboo hardwood above, high ceilings with custom-designed, spirtal staircase leading up to large master beroom w/ ensuite & second bedroom. Commercial live/work zoning. Steps to Starbucks, Whole Foods, London Drugs, Liquor Store, Canadian Tire, Home Depot, skytrain. 1 parking and visitor parking. Rentals & pets allowed! PUBLIC OPENS: Saturday/Sunday April 30th/May 1st, 2-4 PM.
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