In the first two months of 2014, the Greater Vancouver housing market has maintained the steady pace set throughout 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,530 on the Multiple Listing Service® (MLS®) in February 2014. This represents a 40.8 per cent increase compared to the 1,797 sales recorded in February 2013, and a 43.8 per cent increase compared to the 1,760 sales in January 2014.

Last month’s sales total mirrors the 10-year sales average for February of 2,547, with just 17 sales separating the two figures.

The sales-to-active-listings ratio currently sits at 18.9 per cent in Greater Vancouver, a 4.9 per cent increase from last month.

“Home buyer demand picked up in February, which is consistent with typical seasonal patterns in our housing market,” said Sandra Wyant, REBGV president.  “We typically see home buyers become more active in and around the spring months.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 4,700 in February. This represents a 2.8 per cent decline compared to the 4,833 new listings reported in February 2013 and a 12.1 per cent decline from the 5,345 new listings in January. Last month’s new listing count was 0.5 per cent below the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 13,412, a 9.3 per cent decline compared to February 2013 and a 6.4 per cent increase compared to January 2014.

“With the market continuing to perform at a steady, balanced pace, it’s important for home sellers to ensure their homes are priced correctly for today’s conditions,” Wyant said.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $609,100. This represents a 3.2 per cent increase compared to February 2013.

Sales of detached properties in February 2014 reached 1,032, an increase of 46.6 per cent from the 704 detached sales recorded in February 2013, and a 6.3 per cent decrease from the 1,101 units sold in February 2012. The benchmark price for detached properties increased 3.5 per cent from February 2013 to $932,900.

Sales of apartment properties reached 1,032 in February 2014, an increase of 35.8 per cent compared to the 760 sales in February 2013, and a 1.2 per cent increase compared to the 1,020 sales in February 2012. The benchmark price of an apartment property increased 3.6 per cent from February 2013 to $373,300.

Attached property sales in February 2014 totalled 466, an increase of 39.9 per cent compared to the 333 sales in February 2013, and a 9.9 per cent increase from the 424 attached properties sold in February 2012. The benchmark price of an attached unit increased 0.6 per cent between February 2013 and 2014 to $458,300.

Courtesy of the Greater Vancouver Real Estate Board

If you're like most people, you go to see a doctor when you're not feeling well or have a health concern. However, you may also visit your doctor for a check-up, or to ask questions about healthy living.  In fact, consulting your doctor for anything health-related is a smart 
idea.  The same holds true when it comes to real estate.

Many people only call a REALTOR® when they're planning on selling their property or buying a new home, or both. While that's an important reason to speak to a REALTOR®, it's not the only reason.  Indeed, there are many good reasons for you to give a  
REALTOR® a call.

For example: 

• If you have a question about the state of the local real estate market. (Remember that it may be very different from what you hear on the news about the national market.) 

• If you want to get a sense of what homes are currently selling for in the area.

• If you are thinking of downsizing and need help with where to start?  I have resources to help you with this such as people that declutter, storage solutions, & cleaners.

• If you want to determine the current market value of your property. 

• If you want to find out how much homes cost in neighbourhoods you'd like to consider. 

• If you're thinking about the possibility of making a move, but you’re not sure if it’s the right time.

• If you are thinking of doing renovations prior to listing - I have many contacts to help people whether it be changing out flooring, painting, re-roofing, staging, to name a few!

In other words, don't be afraid to contact a me when you have a question or need some advice about the real estate market.  I'm always here and very happy to help!

First-time home buyers received welcome news in today’s provincial budget!

The government has announced, effective February 19, 2014, under the Property Transfer Tax (PTT) First-Time Home Buyers’ Exemption program, qualifying first-time buyers can buy a home worth up to $475,000. The previous threshold was $425,000.  The partial exemption continues and will apply to homes valued between $475,000 and $500,000.

With this change, the government estimates 1,700 additional first-time buyers will annually be eligible to save up to $7,500 in PTT when they buy their home.  The government estimates this measure will cost $8 million in lost tax revenue each year.  

The Real Estate Board, together with BC Real Estate Association, has actively lobbied to make home ownership more affordable for first-time home buyers. This increase in the threshold clearly signals our efforts have paid off as in past years.

In 2008, as a result of industry lobbying, the provincial government increased the threshold to $425,000 from $375,000.  In 2005, the government increased the threshold to $325,000 from $275,000.

The PTT is calculated at a rate of one per cent on the first $200,000 and two per cent on the remaining value of the purchase price.

Here is a link to the Budget.: http://www.bcbudget.gov.bc.ca/2014/default.htm

For information, contact Harriet Permut, Manager, Government Relations at hpermut@rebgv.org

Courtesy of the Greater Vancouver Real Estate Board.

The first month of 2014 saw home sale and listing totals outpace historical averages in the Greater Vancouver housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 1,760 on the Multiple Listing Service® (MLS®) in January 2014. This represents a 30.3 per cent increase compared to the 1,351 sales recorded in January 2013, and a 9.9 per cent decline compared to the 1,953 sales in December 2013.

Last month’s sales were 7.2 per cent above the 10-year sales average for the month.

“The Greater Vancouver housing market has been in a balanced market for nearly a year. This has meant steady home sale and listing activity accompanied by stable home prices,” Sandra Wyant, REBGV president said.

New listings for detached, attached and apartment properties in Greater Vancouver totalled 5,345 in January. This represents a 4.2 per cent increase compared to the 5,128 new listings reported in January 2013.

Last month’s new listing count was 17.7 per cent higher than the region’s 10-year new listing average for the month.

The total number of properties currently listed for sale on the Greater Vancouver MLS® is 12,602, a 4.9 per cent decline compared to January 2013 and a nine per cent increase compared to December 2013.

The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $606,800. This represents a 3.2 per cent increase compared to January 2013.

With the sales-to-active-listings ratio at 14 per cent, the region remains in balanced market territory.  “If you’re looking to sell your home in a balanced market, it’s critical that your list price is reflective of current market conditions,” Wyant said.

Sales of detached properties in January 2014 reached 728, an increase of 34.3 per cent from the 542 detached sales recorded in January 2013, and a 10.5 per cent increase from the 659 units sold in January 2012. The benchmark price for a detached property in Greater Vancouver increased 3.2 per cent from January 2013 to $929,700.

Sales of apartment properties reached 753 in January 2014, an increase of 30.7 per cent compared to the 576 sales in January 2013, and an increase of 14.6 per cent compared to the 657 sales in January 2012. The benchmark price of an apartment property increased 3.7 per cent from January 2013 to $371,500.

Attached property sales in January 2014 totalled 279, an increase of 19.7 per cent compared to the 233 sales in January 2013, and a 6.9 per cent increase from the 261 attached properties sold in January 2012. The benchmark price of an attached unit increased 1.7 per cent between January 2013 and 2014 to $457,700.

Courtesey Greater Vancouver Real Estate Board

You probably look at the market and think things are pretty confusing, maybe even a bit crazy!

 You hear news about the market being a “bubble” and that it’s going to “burst” or about “higher or lower home sales in a particular month”, “new home starts” that are up or down, and it goes on and on.  It’s a lot of news and can definitely be confusing!

If you're thinking of selling your home within the next year or two, you will want to understand what's happening in the market so you can make an educated decision when you’re ready and get a clear sense of what to expect.

So, how do you make sense of it all?  That's where a good REALTOR® can help!

Even if you don't have any definite plans to move in the near future, a REALTOR® who is an expert in the local marketplace can help you understand what homes in a particular neighbourhood are selling for, and what you can expect to get should you decide to list your property.   A good REALTOR® will let you know the pros and cons and will provide you with valuable information to back it up!

Getting to know a REALTOR® also means you’ll have a trusted expert to talk to from time to time, when you or someone you know has real estate-related questions.  When the time comes to sell your property, you won't have to deal with a stranger.  Instead, you'll be able to work with a REALTOR® that you know and who knows YOU.  Overall, that will make the buying and selling process go more smoothly and more successfully.

I’ve been very lucky to have been able to help some wonderful people.  Check out my testimonial page and see what my past clients have to say about the service I provide!  And if you’re looking for a good REALTOR® who wants to get to know you and provide the very best service, just give me a call!

WOW!

Did you know if you are a first time buyer of a home that you can borrow up to $25,000.00 from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home!

The Canadian Government’s Home Buyers Plan (HBP) allows you to borrow up to $25,000.00 from your RRSP for a down payment, tax-free.  If there are two people buying the home together and you are both first time buyers, each of you can withdraw up to $25,000.00! 

Your RRSP contributions must remain in the RRSP for at least 90 days before you can withdraw it. 

Since the HBP is considered as a loan, it must be repaid within a period of no more than 15 years.  You have to repay an amount to your RRSP each year until your HBP balance is zero.  If you do not repay the amount due for a year, it will be included in your income for that year.

For more information give me a call!

Courtesy EGRT Construction

Many people only see a doctor when they're sick or have some other health concern. On the other hand, some people visit a doctor regularly for checkups, to ask questions and get advice, and to maintain good health.

Which do you think is the better approach? Obviously, the second one!  The same thing is true when it comes to real estate. Even if you have no current plans to buy or sell a home, there are many reasons to talk to a REALTOR® regularly in order to maintain your good "real estate" health.

For example, you can:

• Get an assessment of the current market value of your home, so you can make an informed decision about whether to stay or move.

• Ask about the state of the local real estate market (which may be vastly different than what you hear on the national news.)

• Find out what homes are currently selling for in the area.

• Learn what's currently available on the market, especially in neighbourhoods you would like to live in and that are within your budget. 

• Ask for a contractor or other recommendation.

In fact, it's a good idea to have a chat with your REALTOR® once or twice a year, even if it's just to say hello. 

You want to build a relationship with a good REALTOR® who understands (and cares about) you and your needs. That way, when it does come time for you to make a move, you're dealing with a REALTOR® you already know and trust.

Don't have a good REALTOR®? Call today!

First Time Home Buyers' Program

Becoming a home owner for the first time can be very confusing and overwhelming for many people!  You've probably heard many things about buying a home for the first time however you may not be clear about everything you've heard!  

There are many benefits for first time buyers and among them is the First Time Buyers' Program!  I get many questions about the First Tiime Home Buyers' Program!  The First Time Home Buyers' Program reduces or eliminates the amount of property transfer tax (Usually referred to as PPT) you pay when you purchase your first home. If you qualify for the program, you may be eligible for either a full or partial exemption from the tax!

Another question I get often is what if my partner has bought before buy I have not?  If one or more of the purchasers don’t qualify, then only the percentage of interest that the first time home buyer(s) have in the property is eligible!  For example, if you qualify and purchase a property with a fair market value of $400,000 with a person that doesn’t qualify you would still qualify. If you owned a 60% interest in the property, 60% of the tax amount would be eligible for the exemption.

How do I know if I Qualify?

To qualify for a full exemption  at the time the property is registered you must:

• be a Canadian citizen or permanent resident
• have lived in B.C. for 12 consecutive months immediately before the date you register the property or filed at least 2 income tax returns as a B.C. resident in the last 6 years
• have never owned an interest in a principal residence anywhere in the world at any time
• you have never received a first time home buyers' exemption or refund

and ALSO the property must:

• be located in B.C.
• only be used as your principal residence
• have a fair market value of $425,000 or less
• be 0.5 hectares (1.24 acres) or smaller

You may qualify for a partial exemption from the tax if the property:

• has a fair market value less than $450,000
• larger than 0.5 hectares
• has another building on the property other than the principal residence

Also, if you don’t qualify because you are not a Canadian citizen or permanent resident, but you become one within 12 months of when the property is registered, you may apply for a refund of the tax. To apply for a refund call (250) 387-0604.

To Apply:

To apply for the First Time Home Buyers' Program you need to complete the First Time Home Buyers' Property Transfer Tax Return when you or your legal professional (normally your lawyer) register the property transfer.

After you have applied you must meet additional requirements during the first year you own the property to keep the tax exemption.

Penalty for False Declaration

All applications are reviewed. You will be charged a penalty equal to double the tax if you falsely declare that:

• you have never owned an interest in a principal residence anywhere in the world at any time, or
• you have never received a first time home buyers' exemption or refund

First Year of Ownership:

At the end of the first year you own the property you will receive a letter. The letter is to conditionally confirm that you meet the occupancy and property value requirements after you:

• purchased an existing home, or
• purchased vacant land and built a home

Courtesy of the Government of BC website-  http://www2.gov.bc.ca/gov/topic.pageid=BBD16E2D7C1841A7BBD420E3AC5380F1

When people renovate or remodel a room, they almost always overlook the door. However, changing the style of an interior door, or adding a new one, can dramatically change the look of a living space – often for the better.  

The most common type of door is the traditional solid 6-panel door. But there are many other choices available. Want to add light and a greater sense of space to a room? Consider a door with glass panels. Do you have an interior door that gets in the way when opened? Change it to a bi-fold door, which cuts the distance of the swing in half.  There are also specialty doors that are designed to block noise, and sliding doors that tuck neatly into the wall when opened.

Interior doors are typically much less expensive than their exterior counterparts. So making the decision to upgrade or add a door to a room is an affordable design option.

Visit a door showroom and explore what's available!

Remember the last time you visited an upscale furniture showroom? The furniture and fixtures on display probably looked great. The colours and textures jumped out at you. It was a feast for the eyes!  There is a good reason for this: lighting!

Of course, the quality of the products has a lot to do with how appealing they look when on display. But smart retailers know that proper lighting is key to making those products look their best. In fact, some retailers even hire lighting consultants!  What does this have to do with selling your home quickly, and for the best price?

Obviously, when showing your property to potential buyers, you want your home to look its very best. Proper lighting can be a big help.  When preparing your home for sale, review the lighting in each room and make sure the space is sufficiently well lit. You want the lighting to be strong enough to prevent dark or shadowy areas, yet not so strong that it's
uncomfortable for the eyes.  

As a rule of thumb, the total wattage of lights in a room should equal the room's square footage times 1.5. So, if a room is 120 square feet and has three light sources (ceiling light and two lamps) then the bulbs in each should be 60 watts.

Pay particular attention to traditionally dark areas, such as the garage, basement, and closets. Make sure those areas are well lit.  If you have a viewing scheduled during the day, take advantage of natural light through windows. Make sure you open the curtains!

Finally, one of the most important areas is the foyer. Always make sure the entrance has sufficient lighting. You don't want buyers to think they've entered the home of classic TV's The Adam's Family!  

Want more ideas for preparing your home for sale? Don't hesitate to give me a call!

Consistent home sale and listing activity has allowed balanced market conditions to prevail in the Greater Vancouver housing market for most of 2013.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,321 on the Multiple Listing Service® (MLS®) in November 2013. This represents a 37.7 per cent increase compared to the 1,686 sales recorded in November 2012, and a 12.8 per cent decline compared to the 2,661 sales in October 2013.

Last month’s sales were 1.2 per cent below the 10-year sales average for the month, while new listings were 1.5 per cent above the 10-year November average.  “We’ve seen steady and consistent trends the Greater Vancouver housing market for much of this year,” Sandra Wyant, REBGV president said. “This year’s activity has resulted in gradual and modest increases in home prices of approximately one per cent over the last 12 months in the region.”

New listings for detached, attached and apartment properties in Greater Vancouver totalled 3,245 in November. This represents a 17.7 per cent increase compared to the 2,758 new listings reported in November 2012 and a 24.8 per cent decline compared to the 4,315 new listings in October of this year.

The total number of properties currently listed for sale on the MLS® in Greater Vancouver is 13,986, a 10.9 per cent decrease compared to November 2012 and an 8.3 per cent decline compared to October 2013.

The sales-to-active-listings ratio currently sits at 16.6 per cent in Greater Vancouver.

The MLS® Home Price Index composite benchmark price for all residential properties in Greater Vancouver is currently $603,000. This represents a 1 per cent increase compared to November 2012.

Sales of detached properties reached 926 in November 2013, an increase of 47.2 per cent from the 629 detached sales recorded in November 2012, and a 1.1 per cent increase from the 916 units sold in November 2011. The benchmark price for detached properties increased 1.1 per cent from November 2012 to $924,800.  Sales of apartment properties reached 969 in November 2013, an increase of 29.2 per cent compared to the 750 sales in November 2012, and a decline of 3.1 per cent compared to the 1,000 sales in November 2011. The benchmark price of an apartment property increased 0.8 per cent from November 2012 to $367,800. 

Attached property sales in November 2013 totalled 426, an increase of 38.8 per cent compared to the 307 sales in November 2012, and a 4.1 per cent decline compared to the 444 attached properties sold in November 2011. The benchmark price of an attached unit is currently $458,000, which is a 0.8 per cent increase from November 2012.

Courtesy of the Real Estate Board of Greater Vancouver 

- See more at: http://www.bchousing.org/Initiatives/Renovating/HAFI#sthash.RM8BXtMD.dpuf

Courtesy of Canada Mortgage and Housing - Click here for more information!

Did you know that 86% of home owners agreed that home ownership is a good investment?  

81% of home buyers relied on a mortgage lender, broker or other professional for advice!

AND Canadians take on average 11 months to plan the purchase of a home!

If you're thinking of buying in the future, contact me and let's get the process started!

Courtesy of Canada Housing and Mortgage 

If you don't own one already, you may be tempted to purchase a widescreen digital television to enjoy your favourite movies, shows and sports programs. However, it can be difficult to select the right screen size, especially if you've been accustomed to viewing a TV with a traditional 4:3 screen.

When it comes to size, there are many factors that come into play, such as screen resolution and personal preference. However, the last thing you want is to purchase an HDTV that is too small for the room, or so big that it dominates the space.

Here's a tip!

The rule of thumb is to take the distance you'll be sitting from the television and multiple by five to get the screen size you need. So if you'll be sitting eight feet away, you'll want to look at HDTVs with screens that are in the 35- 45 inch range.

A good electronics dealer can help you make the best choice!

Check back often for other helpful tips!

What's one of the most important rooms in your home? When it comes to selling your property quickly, and for the best price, the answer is clearly the kitchen!  In fact, did you know that one of the most common explanations a particular buyer gives for not making an offer is, "I liked the house, but I wasn't too keen on the kitchen."

 
That doesn't mean you must do a major renovation. However, you should do what you can to make the kitchen as attractive as possible to buyers. Here are some ideas:

First, clear the countertops. Put away the toaster and other items. You want to make the entire countertop area seem as spacious as possible.  If the cabinetry is old, you can spruce it up by installing new knobs, handles and other hardware. A fresh coat of paint on the walls and ceiling can also make the kitchen look like it has had a major renovation – and it will only cost you a few hundred dollars. According to an article on the website HDTV.com, "The fastest, most inexpensive kitchen updates include painting and new
cabinet hardware."  Replacing the countertops is a more expensive renovation, but it may be worth it if the current counters are old and worn.  

Finally, when preparing your kitchen for a viewing, make sure it's clean and tidy. The garbage and recycling bins should be empty. Buyers will open cabinets so make sure items on shelves are neatly organized with the front labels facing forward.  There are many other ways to make the most important room in your home look great to potential buyers.

Don't hesitate to call me if you have any questions!