Legal or not the "mortgage helper" in West Vancouver?

On March 1, 2010, secondary suites became legal in West Vancouver.

What is a Secondary Suite?

A secondary suite is a separate residential unit within a home, generally located in the basement, and significantly smaller than the dwelling in which it is located. The size must be either 40% of the square footage of the home, up to a maximum of 968 sq.ft., whichever is less.

What Are the Fees to Register a Secondary Suite?

• The application fee is $450, which covers the inspection and the first calendar year licence fee.
• The annual renewal fee for rented suites in non-owner occupied homes is $450
• The annual renewal fee for rental suites in owner-occupied homes is $350
• The annual renewal fee for non-rented (unoccupied or family use) suites is $85

Why Does the District West Vancouver Require an Annual Fee?

The annual fee is intended to cover a portion of the additional costs to the District of West Vancouver of providing services to the tenant of the suite.  Such services include, but are not limited to, the Library, the Seniors' Centre, the Aquatic Centre, the Community Centre and Police and Fire Department Services.

What Are the BC Building Code Requirements?

After May 31, 2012, all owners will be required to comply with the full BC Building Code Standards which may incur extra costs by requiring them to:

• provide a separate heating system for the suite
• add or alter an existing sprinkler system
• provide a 45 minute fire separation between the suite and dwelling
• provide both an ionized and photo-electric interconnected hard wired smoke alarm in the suite and dwelling
• increase the width of the exit stairs or corridors to the suite
• provide a self closing solid core door between the dwelling and the suite
• provide an exit door to the suite which swings on a vertical access (no sliders)
• remove or provide protection to doors and windows of the dwelling that could expose the suite exit stairs to fire
• enclose exposed combustible plumbing piping in the suite as it is not permitted to pass through the rated floor system
• upgrade the electrical and plumbing systems to those code standards
• make any other alterations necessary to bring the suite and the dwelling into compliance with the BC Building Code or other provincial regulations

What Are the Risks of Having an Unregistered Suite?

Unregistered suites are in contravention of the Zoning Bylaw and owners may be subject to fines and/or other enforcement, including:

• Fines may be as high as $10,000
• A lien may be placed on the property to prevent it from being sold with contraventions in place
• A Court Order requiring the owner to take remedial action (stop renting, remove the suite, apply for permits etc.)

Other implications of having an illegal suite:

• The value of the home on the real estate market is decreased
• Illegal suites are not covered by insurance in the case of fire
• Basic life and safety features may not be available including sufficient emergency egress, fire extinguishers and smoke detectors

Alternatives to Registering Your Suite

If a home owner does not wish to register their suite, they have the option to decommission it. This is a simple process which involves the following steps:

• Hiring a qualified electrician to obtain an electrical permit to remove the stove wiring from wall outlet and from electrical panel
• Removing all cooking facilities from the suite, which means equipment, devices or appliances that can be utilized to prepare a meal. i.e. stove, hot plate, microwave, etc.
• Submitting a declaration to the District of West Vancouver once the work has been completed

the information has been provided by city hall of West Vancouver.

The province will transition back to the Provincial Sales Tax (PST), which will replace the Harmonized Sales Tax (HST), on April 1, 2013. Until then, the province has announced transitional rules for new homes which take effect April 1, 2012.

Note: This information is current to today, February 21, 2012 and has been verified with the Canada Revenue Agency, HST Branch. However, we have been advised that the information could change depending on HST rulings to come.

Enhanced New Housing Rebate

Effective April 1, 2012, your clients may be eligible for a provincial enhanced New Housing Rebate if they buy, as their primary residence, priced up to $850,000:

• a new home together with land;

• a new home together with leased land;

• a new mobile home or float home;

• a new home bought through shares in a housing cooperative;

or

• a new home constructed or substantially renovated (more than 90%) by the owner builder.

Your clients may also be eligible for a provincial New Housing Rebate if they buy a secondary vacation or recreational homes outside the Greater Vancouver and Capital Regional Districts

priced up to $850,000. Buyers of new homes will be eligible for a rebate of 71.43% of the provincial portion of the HST paid on the new home up to a maximum rebate of $42,500. Homes priced at more than $850,000 will be eligible for a flat rebate of $42,500. HST is payable GST/HST generally becomes payable on the earlier of the day on which ownership is transferred to the recipient and the day on which possession of the property is transferred to the recipient.

Presales

Agreements signed before April 1, 2012, with possession before April 1, 2012 (Current to April 1, 2012)

If your clients buy a presale residential property and they have an agreement dated on or before April 1, 2012 and they take ownership or possession before on or before April 1, 2012, they will pay the 12% HST and be eligible for a rebate of up to $26,250 on homes priced to a maximum of $525,000. Homes priced at more than $525,000 are eligible for a flat rebate of $26,250.

Agreements signed before April 1, 2012, with possession before April 1, 2013

If your clients buy a presale residential property and they have irrespective of whether the agreement of purchase and sale was entered into before April 1, 2013 or whether construction of the new housing began before April 1, 2013. The PST will not apply to sales of real property. However, the PST will apply to certain types of housing which, at the time of purchase are tangible personal property (a mobile home purchased without land) and where possession transfers on or after April 1, 2013. The PST will also apply to construction inputs that are used to improve real property on or after April 1, 2013.

Agreements signed on or before November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 (Doublestraddling, grandparented)

Special transitional rules apply if your client has bought a presale residential property and they have an agreement dated on or before November 18, 2009, or construction began before July 1, 2010 (the HST start date in BC) and for which ownership and possession transfer on or after April 1, 2013 (the HST end date in BC), this is known as a double-straddling home sale. In this situation, your client will pay a 2% transition tax.

Agreements signed after November 18, 2009, or construction began before July 1, 2010, with possession on or after April 1, 2013 (Doublestraddling, non-grandparented)

Special transitional rules apply if your client has bought a presale residential property and they have an agreement dated after November 18, 2009, and construction began before July 1, 2010 (the HST start date in BC) and for which ownership and possession transfer on or after April 1, 2013 (the HST end

date in BC), this is known as a double-straddling home sale. In this situation, your client will pay a 2% transition tax. In this situation, your client will pay a 2% transition tax. However the 2% tax will not apply where construction has been substantially completed before July 1, 2010 and the PST Transitional New Housing Rebate has not been claimed as of February 17, 2012.

Recreational Property

All the same rules apply to recreational property that apply to other residential property. Your clients may be eligible for a provincial enhanced New Housing Rebate if they buy a secondary vacation or recreational home outside Metro Vancouver and Capital Regional Districts priced up to $850,000.

Vacant Land

HST paid on land

For owner-built homes where the HST was paid on the land, the owner may be eligible for a rebate on qualifying construction expenses (including land), up to a maximum of $42,500. There will be no phase-out of this rebate, such that owner-built homes with qualifying construction expenses over $850,000 will qualify for the maximum rebate of $42,500.

No HST paid on land

Where the HST was not paid on the land, the owner will be entitled to a new housing rebate on qualifying construction an agreement dated on or before April 1, 2012 and they take ownership or possession on or before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000. Homes priced are more than $850,000 are eligible for a flat rebate of $42,500.

Agreements signed before April 1, 2012, with possession after April 1, 2013

If your clients buy a presale residential property and they have an agreement dated on or before April 1, 2012 and they take ownership or possession before on or after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will be a temporary transitional provincial tax of 2% on the full house price. This 2% reflects an embedded PST builders pay on materials.

Agreements signed after on or after April 1, 2012 and before April 1, 2013, with possession before April 1, 2013 (This is the transition period)

If your client buys a presale residential property and they have an agreement dated on or after April 1, 2012 and before April 1, 2013, and they take ownership and possession before April 1, 2013, they will pay the 12% HST and be eligible for a rebate of up to $42,500 on homes priced to a maximum of $850,000.

Homes priced are more than $850,000 are eligible for a flat rebate of $42,500.

Agreements signed on or after April 1, 2012, with possession after April 1, 2013

If your client buys a residential property and they have an agreement dated on or after April 1, 2012 but the construction of the home commenced before April 1, 2013, and they take ownership and possession after April 1, 2013, they will not pay the 7% provincial portion of the HST. Instead, buyers will be a temporary transitional provincial tax of 2% on the full house price. This 2% reflects an embedded PST builders pay on materials.

Agreements signed on or after April 1, 2013, with possession after April 1, 2013

The GST is applicable. The HST will generally cease to apply to sales of real property (including residential real property) if ownership and possession of the property transfer on or after April 1, 2013. This will be the case for sales of new housing, expenses (which would not include land), up to a maximum rebate amount of $28,475 (for example 67% of $42,500).

Enhanced New Rental Housing Rebate

There is an enhanced provincial New Rental Housing rebate. If your clients construct or substantially renovate a residential property to rent to tenants, your clients are eligible for a rebate up to $42,500 on units priced up to $850,000. There is a flat rebate of $42,500 for units priced above $850,000. The first use of the home must be by a renter of the unit or as a primary residence by the owner for at least one year. Eligible units include:

• a detached, attached, condominium apartment or duplexes, with or without a legal secondary suite;

• a mobile or float home;

• units in a multiple unit building including long-term care residential facilities; or

• the land component of a single-unit or multiple-unit housing, where the land is leased or is a housing cooperative.

If your clients buy a new apartment which is not their principal residence and they don’t rent it, for example, if strata prohibit rentals, or your clients buy a new apartment to use on weekends, the unit is not eligible for the New Rental Housing Rebate. But, if you have clients who buy a new rental apartment building so long as they rent all of the units, they will be eligible for a New Rental Housing Rebate for each unit up to a maximum rebate of $42,500 per unit.

If your clients build or substantially renovate rental property, they will be required to self-assess and pay the HST on or after April 2012 and before April 1, 2013.

all information has been provided by real estate board of Greater Vancouver

Bank of Canada announcement, West Vancouver News

Variable rate mortgages, lines of credit and/or student loans are all based on the Prime Rate. Here is your personal update from me on the recent Bank of Canada announcement regarding changes to their Overnight Rate which in most cases impacts the Prime lending Rate.

At 9:00 am EST, January 17th, 2012, the Bank of Canada again did what we expected them to do... they maintained their overnight rate.  It means that the prime rate on your mortgage or line of credit will NOT change and remains at 3.00%.  This is good news that will allow many Canadians to continue to make the most of their low mortgage payments and perhaps pay off unsecured debt or start a savings plan. 

Here is an excerpt of the announcement from the Bank of Canada and what they had to say about their decision:

"The outlook for the global economy has deteriorated and uncertainty has increased... The Bank continues to assume that European authorities will implement sufficient measures to contain the crisis, although this assumption is clearly subject to downside risks. The Bank expects the U.S. recovery will proceed at a more modest pace going forward.  For Canada, net exports are expected to contribute little to growth, reflecting moderate foreign demand and ongoing competitiveness challenges, including the persistent strength of the Canadian dollar.  In contrast, very favourable financing conditions are expected to buttress consumer spending and housing activity."

The outlook hasn't really changed since the last announcement... they expect that growth will slowly continue but it is anticipated that prime rate might not actually increase until into 2013.  When it does start to increase, it is expected to be gradual and controlled in line with economic recovery, both in Canada and globally.  Remember any change to the prime rate since 1992 has only been by 0.25% at any ONE time.  

I have seen fixed rates remain very low at around 3.19% to 3.49% for a five year fixed term.  Four year terms are as low as 2.99% and a three year mortgage is down to 2.89%. 

Based on this recent announcement, and the anticipation that the prime rate will still remain low for the coming months, I am recommending that existing Variable Rate mortgage clients remain with their current variable rate product. The interest rate on these existing contracts is generally very much lower than a fixed term or a new variable rate mortgage right now.   

However, if you have a mortgage and having a fixed payment is important to you, it may make sense to refinance an existing fixed rate mortgage today to lock in these great low rates for the next 4 to 5 years.  

The next announcement on any change to the prime rate is March 8th, 2012 at which time I'll be in touch again.

In the meantime, with these low rates it is a great time to buy a property or consider refinancing especially as you can hold rates for up to six months!

If you know of someone who is looking for advice on their real estate purchase in West Vancouver, North Shore or in Vancouver downtown, with no obligation, would you mind passing along my contact information on to them? As always, your support is very much appreciated.

My clients in West Vancouver while buying or building a home with my company often ask me what is HVAC system.

HVAC (heating, ventilation and air conditioining) refers to technology of environmental comfort.

Heating

There are many different types of heating systems. Central heating is often used in cold climates to heat private houses and public buildings. Such a system contains a boiler, furnace, or heat pump to heat water, steam, or air in a central location such as a furnace room in a home.

Ventilation

Ventilation is the process of "changing" or replacing air in any space to control temperature or remove moisture, odors, smoke, heat, dust, airborne bacteria and/or carbon dioxide, and to replenish oxygen. Ventilation includes both the exchange of air with the outside as well as circulation of air within the building. It is one of the most important factors for maintaining acceptable indoor air quality in buildings. Methods for ventilating a building may be divided into mechanical/forced and natural types.

Mechanical or forced ventilation

"Mechanical" or "forced" ventilation is provided by an air handler and used to control indoor air quality. Excess humidity, odors, and contaminants can often be controlled via dilution or replacement with outside air. However, in humid climates much energy is required to remove excess moisture from ventilation air.

Kitchens and bathrooms typically have mechanical exhausts to control odors and sometimes humidity. Factors in the design of such systems include the flow rate (which is a function of the fan speed and exhaust vent size) and noise level. Direct drive fans are available for many applications, and can reduce maintenance needs.

Ceiling fans and table/floor fans circulate air within a room for the purpose of reducing the perceived temperature by increasing evaporation of perspiration on the skin of the occupants. Because hot air rises, ceiling fans may be used to keep a room warmer in the winter by circulating the warm stratified air from the ceiling to the floor.

Natural ventilation

Can be achieved with openable windows or trickle vents when the spaces to ventilate are small and the architecture permits. In more complex systems warm air in the building can be allowed to rise and flow out upper openings to the outside (stack effect) thus forcing cool outside air to be drawn into the building naturally through openings in the lower areas. These systems use very little energy but care must be taken to ensure the occupants' comfort. In warm or humid months in many climates maintaining thermal comfort solely via natural ventilation may not be possible so conventional air conditioning systems are used as backups. Air-side economizers perform the same function as natural ventilation, but use mechanical systems' fans, ducts, dampers, and control systems to introduce and distribute cool outdoor air when appropriate.

Air conditioning

Air conditioning and refrigeration are provided through the removal of heat. Heat can be removed through radiation, convection, and by heat pump systems through a process called the refrigeration cycle. Refrigeration conduction media such as water, air, ice, and chemicals are referred to as refrigerants.

An air conditioning system, or a standalone air conditioner, provides cooling, ventilation, and humidity control for all or part of a house or building.

The refrigeration cycle uses four essential elements to create a cooling effect. The system refrigerant starts its cycle in a gaseous state. The compressor pumps the refrigerant gas up to a high pressure and temperature. From there it enters a heat exchanger (sometimes called a "condensing coil" or condenser) where it loses energy (heat) to the outside. In the process the refrigerant condenses into a liquid. The liquid refrigerant is returned indoors to another heat exchanger. A metering device allows the liquid to flow in at a low pressure at the proper rate. As the liquid refrigerant evaporates it aborbs energy (heat) from the inside air, returns to the compressor, and repeats the cycle. In the process heat is absorbed from indoors and transferred outdoors, resulting in cooling of the building.

In variable climates, the system may include a reversing valve that automatically switches from heating in winter to cooling in summer. By reversing the flow of refrigerant, the heat pump refrigeration cycle is changed from cooling to heating or vice versa. This allows a residence or facility to be heated and cooled by a single piece of equipment, by the same means, and with the same hardware.

Central, 'all-air' air conditioning systems (or package systems) with a combined outdoor condenser/evaporator unit are often installed in modern residences, offices, and public buildings, but are difficult to retrofit (install in a building that was not designed to receive it) because of the bulky air ducts required to carry the needed air to heat or cool an area. The duct system must be carefully maintained to prevent the growth of pathogenic bacteria such as legionella in the ducts.

An alternative to central systems is the use of separate indoor and outdoor coils in split systems. These systems, although most often seen in residential applications, are gaining popularity in small commercial buildings. The evaporator coil is connected to a remote condenser unit using refrigerant piping between an indoor and outdoor unit instead of ducting air directly from the outdoor unit. Indoor units with directional vents mount onto walls, suspend from ceilings, or fit into the ceiling. Other indoor units mount inside the ceiling cavity, so that short lengths of duct handle air from the indoor unit to vents or diffusers around the room or rooms.

Dehumidification in an air conditioning system is provided by the evaporator. Since the evaporator operates at a temperature below dew point, moisture in the air condenses on the evaporator coil tubes. This moisture is collected at the bottom of the evaporator in a pan and removed by piping to a central drain or onto the ground outside. A dehumidifier is an air-conditioner-like device that controls the humidity of a room or building. It is often employed in basements which have a higher relative humidity because of their lower temperature (and propensity for damp floors and walls). In food retailing establishments, large open chiller cabinets are highly effective at dehumidifying the internal air. Conversely, a humidifier increases the humidity of a building.

Air-conditioned buildings often have sealed windows, because open windows would work against an HVAC system intended to maintain constant indoor air conditions.

All modern air conditioning systems, down to small "window" package units, are equipped with internal air filters. These are generally of a lightweight gauzy material, and must be replaced as conditions warrant (some models may be washable). For example, a building in a high-dust environment, or a home with furry pets, will need to have the filters changed more often than buildings without these dirt loads. Failure to replace these filters as needed will contribute to a lower heat-exchange rate, resulting in wasted energy, shortened equipment life, and higher energy bills; low air flow can result in "iced-up" or "iced-over" evaporator coils, which can completely stop air flow. Additionally, very dirty or plugged filters can cause overheating during a heating cycle, and can result in damage to the system or even fire.

It is important to keep in mind that because an air conditioner moves heat between the indoor coil and the outdoor coil, both must be kept just as clean. This means that, in addition to replacing the air filter at the evaporator coil, it is also necessary to regularly clean the condenser coil. Failure to keep the condenser clean will eventually result in harm to the compressor, because the condenser coil is responsible for discharging both the indoor heat (as picked up by the evaporator) and the heat generated by the electric motor driving the compressor.

Outside, "fresh" air is generally drawn into the system by a vent into the indoor heat exchanger section, creating positive air pressure. The percentage of return air made up of fresh air can usually be manipulated by adjusting the opening of this vent.

The best solution to high Metro Vancouver housing prices is to dramatically increase the housing supply, according to UBC professor Michael Goldberg. Goldberg, Professor and Dean Emeritus with the Sauder School of Business at UBC, said that if property developers were allowed to build a surplus of residential units, the costs would come down. And high-rise condominiums is the best product to build. Demographic shift is being seen toward smaller households, older and retired people who have lost interest in single-family homes and a working population who would prefer to live in the city rather than commute from the suburbs. "Foreign purchasers of real estate in Vancouver are making valuable investments here", said Goldberg and Canadians should be creating a favorable environment for these investments. The City of Vancouver should abandon regulations that protect "views of the mountains" said Goldberg. He considers the mountains to be high enough that buildings are not going to interfere sufficiently with the views to bother with a regulation. Building height limits also should be dropped in Vancouver according to Goldberg. He says that market condition should dictate height of buildings, not planning regulations. U.S. cities such as Chicago have minimal planning regulation and no height limits, explained Goldberg. Chicago has about three times more built floor area per square foot of land than in Vancouver. Goldberg contends that planning regulations hold back the efficient construction of new buildings in Vancouver to meet a growing demand for real estate. A restricted supply of residential units is in turn pushing up the cost of property development and housing. Michael Goldberg provided Property Biz Canada with the following list of pluses and minuses for the construction of tall buildings: Tall Building Pluses - Make more efficient use of urban land; - Create customers for Skytrain, Canada Line and buses; - Add to urban built form supply efficiently and lower price per buildable square foot; - Allow for urban core open-space; - Encourage mixed uses further adding to urban efficiency and reduction in traffic; and - The only way to reduce building and occupancy costs without expanding freeways.

Oleg Tsaryov

North Shore Realtor

Articles are from various sources and courtesy to Real Estate By Weekly and others.

As we approach the end of 2011 real estate prices in most urban areas of British Columbia continue to rise. The Real Estate Board of Greater Vancouver is showing gains in average price of over 10% from 2010.Yet many clients, especially those in the under $500,000 price point in Greater Vancouver, are wondering why their properties are not reflecting this increase.

Vancouver is still in a recovery phase from the drop in price in the lower end of the market which occurred during the financial crisis of 2008. The increase in price seen "on average price" is greatly affected by the higher end of the market, which has seen significant gains over the past year. These gains are reflected in the increase of purchasers from Asia, particularly China.

This influx of buyers, not seen on this scale since the 1990s, has created a market which is a "top down" market. Most real estate markets are supported by the bottom of the market. This means the first time buyers buy an apartment from someone who is moving up to a townhouse who is buying from someone moving from the townhouse to a house.

In a top down market, offshore buyers purchase more expensive homes from existing owners who may be downsizing or making a sideways move. When prices hit a certain point, these offshore buyers have to look at smaller houses as they can no longer afford what they may have purchased a year ago. Thus the market is now supported from the top down.

With net-inmigration still over 50,000 per year, Vancouver should do very well over the next 5 years. The lower end of the market is just starting to react to the top down conditions. Especially as turbulent stock markets push investors back to brick and mortar investments such as real estate and precious metals.

Most of the buyers now consentrating to purchase real estate in West Vancouver. The most popular areas in West Vancouver today are Ambleside, Dundarave and British Properties.

West Vancouver Realtor

Oleg Tsaryov

November 2, 2011
Greater Vancouver at lower end of balanced housing market 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,” Rosario Setticasi, REBGV president said. “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. Download the complete stats package by clicking here.

all info has been provided by real estate board of Greater Vancouver

A positive close to this week on Friday, as a plan to deal with the European sovereign debt crisis started to come together. Other positive news is that the US retail sales figures for September beat the market expectations.

Canada’s factories were working steady in August, and U.S. consumers were buying last month, strong indicators that the North American recovery is alive and kicking.

Fresh data released Friday shows Canada’s manufacturers posted a surprisingly robust 1.4 per cent jump in sales, almost three times the expectations, while in the U.S. consumers bought enough autos, clothing and furniture in September to boost retail sales by 1.1 per cent.

The new numbers ended a week and a half of mostly positive news, including jobs, export and housing numbers in Canada and rebounding equity markets globally.

“It actually looks like the economy did rebound with some authority in the third quarter,” said BMO’s deputy chief economist Douglas Porter.

On the local level, “MLS® home sales edged up 3 per cent in September compared to August on a seasonally adjusted basis,” said Cameron Muir, BCREA Chief Economist. “Housing demand last month was bolstered by persistent low mortgage interest rates and a surge in employment."

The above is an excerpt from the Globe and Mail, BC Real Estate Association (BCREA) and the Mortgage Brokers Association of BC.

Your West Vancouver Realtor

Fixed mortgage rates keep going down, variable rates keep going up... the gap between the two hasn't been this narrow in a long time. Unless a buyer is buying for the short term it's getting pretty hard to recommend anything but a fixed rate.

B.C.'s real estate market may be slowing down, but there is no sign Vancouver's sky high prices are caught up in a bubble that is about to burst, according to a new report

The Central 1 Credit Union report forecasts the Vancouver's real estate market will slow this year and total sales will drop slightly from 2010, but prices will continue to rise an estimated 6.8 per cent in 2012.

According to the report's author economist Brian Yu, low interest rates that show no sign of rising quickly and the limited supply of land will keep values rising – all familiar arguments.

But Yu says there is another important reason to believe prices in Vancouver are unlikely to collapse. Market speculation —commonly known as flipping — currently accounts for only about two or three per cent of the market.

Yu says that is a normal level, which shows most people are living in the homes they buy.

"Our research shows few signs that speculators are overly active in the Vancouver market, which means we are unlikely to see a speculation-induced bust," he said.

"Even if the economy slows and employment slows, we expect to see individuals hold on to their homes, rather than sell them in a weaker market," he said.

Prices may be way up for detached homes in Richmond, Vancouver and Burnaby, but Yu insists there hasn't been a price surge across the region and concerns about a possible dramatic price drop in Vancouver are overblown.

"Price jumps that have received media attention have been in localized areas and we have not seen a region-wide price surge," he said.

Market balanced.

That's backed up the Canadian Real Estate Association's monthly report, also issued on Thursday, that found a record 70 per cent of all local markets across the country are considered to be in balance.

Vancouver share of provincial and national sales activity reached "unusually elevated" levels earlier 2011, but has since pulled back into normal seasonal variations, the group said.

However, some observers said the market is eventually headed for a drop.

Fannie Fong of TD Economics said a peak-to-trough drop of roughly 10 per cent for both home sales and prices is expected, though that change isn't expected until the Bank of Canada begins hiking interest rates in earnest in early 2013.

BMO Capital Markets raised the spectre of a Vancouver price correction, but with a caveat: as long as immigrants with money continue coming to Vancouver, and interest rates stay low, prices in will stay high, said the BMO report.

Canada Mortgage and Housing Corporation says housing starts should hold steady for the rest of 2011 and into next year.

The agency said its national point forecast is for 183,200 units started in 2011, with about 183,900 next year.

It's third-quarter housing market outlook says starts have been strong in the last few months, but are expected to moderate closer in line with demographic fundamentals.

It said that immigration and low mortgage rates are supporting Canada's housing sector, despite the recent financial turmoil in the markets.

CMHC's point forecast for existing home sales is 446,700 units, which is essentially the same level as last year.

It says sales are expected to grow “modestly” in 2012, with a point forecast of 458,000 units.

The average price increased in the first half of the year due to more higher-end homes being sold, but the average price is expected to moderate in the end of 2011.

It says growth next year should be more modest.

September 2, 2011
Greater Vancouver home sales trend toward buyers’ market over summer 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. Download the complete stats package by clicking here.

all real estate information has been provided by real estate board of Greater Vancouver

This idea of revitalizing Ambleside– the traditional heart and gateway of West Vancouver community – is not new. It has been under debate for many years, with lots of thoughtful, citizen-led reports outlining possibilities for enhancing the village and enriching the quality of life we treasure.

Along the 1300 block Marine, plans include a walk-through atrium, new four-storey mixed use buildings with commercial space below and housing apartment/condos above, new storefronts, new waterfront amenities and retention of the arts corridor and parks along the beach. West Vancouver municipality will continue to acquire the beachfront properties along Argyle for public use. The West Van Police station would be moved up by municipal hall. Opening hours would be extended beyond 7 pm.

Developers are also planning a 138 residential seniors housing building on the former Wetmore Motors site (2200 block Marine).

Plans for the rezoning and revitalization of the Safeway store site (1600-1700 block Marine) are also in the works. Count on a high rise proposal with the de rigueur mixed-use policy in full swing.

Rounding out the mix is Park Royal. Their  recent council approval for a new “at grade” street level intersection across Marine Drive indicates their intent to pursue several new developments. Their first project will be the removal of the westernmost vehicular overpass and the installation of the above mentioned street level intersection across Marine Drive.

Also on the horizon for Park Royal is their plans for a new multi-million dollar VIP movie theatre to be built on a new third level located at what can best be described as the back of the mall adjacent to the current Brick store location. This new third level mall structure will have eight new theatres, three of them VIP with liquor licensed concierge service, luxury “motion” seats and more.

Future Park Royal plans also include the development of the current White Spot corner into a high-rise, multi-use building with commercial on the lower level and condo apartments, similar to the adjacent West Royal Towers, on the higher floors.

West Vancouver will be 100 years old in 2012. In a century we have evolved from a quiet mill town, once connected to Vancouver by a single rowboat, to one of the most desirable and affluent municipalities on the West Coast. Yet we retain the ethos that makes us a place of excellence – a city nestled between the rain forest and the ocean, a community that embraces its First Nation heritage and preserves our unique lifestyle on the edge of a burgeoning metropolis of more than two million people.

Generations of civic participation and slow, thoughtful and financially prudent growth is how we and those before us built the West Vancouver that exists today. The Memorial Library built in 1950 to commemorate the soldiers of World War II, the 1975 policy to purchase waterfront lots in Ambleside to preserve the waterfront for the public and the new community centre in 2009 are just a few examples of West Vancouver’s quiet evolution as a community that inspires excellence and leads by example.

Years of thoughtful studies and plans, brought together by the Ambleside Town Centre Strategy Working Group, are ready to be brought to life. Successive Councils have listened to the community interest in having a village that builds on the local successful businesses we have today and brings residents closer to the village centre through the creation of smaller housing options.

In a revitalized Ambleside there will be more locals living close to the village centre, additional small retailers, pedestrian enjoyment, office space,  a strengthened arts scene and more to do in the evening. Ambleside must retain the village life we cherish, and it should not have to shut down after 7pm.

Oleg Tsaryov,

I am dedicated to helping my clients buy and sell luxury residential and investment property in West Vancouver.

I have just recently sold this Townhouse at # 12 7788 ASH ST, Richmond.

First-time buyers becoming landlords, Vancouver, BC

After years of paying rent, first time homebuyers in B.C. say it's time they started collecting it. According to the 2011 TD Canada Trust First Time Homebuyers Report, 56 per cent of first-time homebuyers in B.C. are looking for a home with a rental unit. Eighty-five percent think the unit will generate between $500 - $1,000 per month and seven-in-ten say the extra income will go towards paying their mortgage. Taking in a tenant can be an effective way to supplement your income and pay off your mortgage faster. The survey also found B.C. buyers to be saving up the longest for their first home and putting down the largest down payment. Nearly six-in-ten say that they have been saving for their first home for three years or more (57 per cent versus 47 per cent nationally) and they are twice as likely to be putting down a down payment of more than 25 per cent compared to buyers in other provinces. Not surprisingly, buyers in B.C. are most likely to need a mortgage to finance their purchase (93 per cent versus 87 per cent.) In B.C., 47 per cent of first-time buyers plan to purchase their first home on their own (rather than with a co-purchaser). Nationally, nearly six-in-ten men will buy on their own, along with 33 per cent of women. B.C. first time homebuyers are most likely to say they would not compromise on: - Price (53 per cent); - Number of bedrooms (44 per cent); or - Number of bathrooms (35 per cent). They are most willing to make concessions about: the proximity to recreational activities, features of the home and the home's layout, the survey found. British Columbian first buyers were most likely to research mortgage options, calculate closing costs, and estimate the cost of heating and water this year than in 2010. The survey was done from April 29 to May 16, 2011 results were collected by Environics Research Group. Data was collected from 1,000 Canadians, including 131 from B.C. who had either bought their first home in the past 24 months or intend to buy their first home in the next 24 months.

Articles are from various sources and courtesy to The Vancouver Sun, The Vancouver Province, The Vancouver Courier, and others.

I have just recently sold this Townhouse at # 30 7540 ABERCROMBIE DR, Richmond.

About the building, February 2009.

The name of the complex which was built in 1985 in Richmond is NEWPORT TERRACE. There are totally 54 townhouses in the development. You can buy one or two level townhouse with the size starting from 1,200 sf and over. The exteriour of the building is STUCCO, rentals NOT allowed and pets allowed with restrictions. The management company is C21 Prudential, 604-273-1745.